Global cyberattack could spur $53 billion in losses, warns Lloyd’s of London

Insurers are struggling to estimate their potential exposure to cyber-related losses amid mounting cyber risks and interest in cyber insurance. A lack of historical data on which insurers can base assumptions is a key challenge. “Because cyber is virtual, it is...

Poll: With earnings season kicking off, which sector will have the most beats?

Earnings season kicked off in the U.S. last week with major banks beating the Street on Friday and setting a positive tone for what’s to come. JPMorgan and Citigroup posted solid quarterly results, beating on both the top and bottom lines. Wells Fargo beat...

High-flier in Chinese politics under investigation ahead of power reshuffle, sources say

A top contender for a role in China’s next leadership is being investigated by the anti-graft agency of the Communist Party, according to people familiar with the matter. Sun Zhengcai, at 53 the youngest member of the party’s 25-strong Politburo, is...

Base closings ‘hot potato’ issue again as fight to save military costs goes into high gear

An effort by the Trump administration to get a new round of military base closures faces an uphill battle after the House rejected it this week. “This is one the few political third-rail items because lawmakers are essentially voting for a process that would...

US seeks to recover $144 million in Nigeria oil industry bribery case

The Justice Department on Friday filed a civil complaint seeking to recover about $144 million in assets obtained through paying bribes to a former Nigerian oil minister, the department said in a statement. The complaint said that from 2011 to 2015 two Nigerian...

How this teen retailer is bucking the downward retail trend

The Urban Outfitters concept shop in Williamsburg, Brooklyn, known as Space Ninety8, was bustling on a recent Saturday afternoon. It was an unseasonably warm day, and small groups of young women, having finished their brunches at nearby faux diners and French-bistro...