Red, Orange, White and Chilled: The 13 Best Wines for Summer
If you tuned in last month for advice from billionaire Bill Koch, here's an update: The 1,500 lots from his cellar brought in a whopping $28.8 million at the mid-June Christie's auction.
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Yahoo
17 minutes ago
- Yahoo
Microsoft warns businesses, governments of cyber attack
Microsoft has issued an alert about "active attacks" on server software used by government agencies and businesses to share documents within organisations. The tech company is recommending security updates that customers should apply immediately. The FBI said it is aware of the attacks and is working closely with its federal and private-sector partners, but offered no other details. In an alert issued on Saturday, US time, Microsoft said the vulnerabilities apply only to SharePoint servers used within organisations. It said that SharePoint Online in Microsoft 365, which is in the cloud, was not hit by the attacks. The Washington Post, which first reported the hacks, said unidentified actors in the past few days had exploited a flaw to launch an attack that targeted US and international agencies and businesses. The hack is known as a "zero day" attack because it targeted a previously unknown vulnerability, the newspaper said, quoting experts. Tens of thousands of servers were at risk. Microsoft did not immediately respond to a request for comment. In the alert, Microsoft said a vulnerability "allows an authorised attacker to perform spoofing over a network". It issued recommendations to stop the attackers from exploiting it. In a spoofing attack, an actor can manipulate financial markets or agencies by hiding the actor's identity and appearing to be a trusted person, organisation or website. Microsoft said it issued a security update for SharePoint Subscription Edition, which it said customers should apply immediately. It said it is working on updates to 2016 and 2019 versions of SharePoint. If customers cannot enable recommended malware protection, they should disconnect their servers from the internet until a security update is available, it said.
Forbes
19 minutes ago
- Forbes
Credit Cracks Are Now Fractures: The Next Phase Is Here
stack of multicolored credit cards on black background Credit Cracks Are Spreading: Rising Delinquencies And Recession Signals To Look Out For In 2025. In earlier pieces, I focused on what most of Wall Street had been overlooking. Mortgage delinquencies were the first signal. Then came auto loan defaults, reaching a 15-year high where even subprime borrowers began missing payments on the one item that often determines employment: their vehicle. Credit cracks are appearing. These weren't isolated issues. They marked a shift from stretched to strained across consumer credit. Now that strain is expanding steadily and across layers of the market. And still, most investors aren't pricing it in. Credit stress doesn't erupt. It spreads. We've moved from warning signs to a broader spillover. Repricing is the next phase and it's already in motion. Credit Is Weakening From The Middle This is no longer just about subprime risk. A Bankrate report shows credit card balances have jumped over 50% since early 2021. But more telling is who's under pressure now. Prime borrowers with strong credit and stable income are starting to slip. Experian's Q3 2024 data reports that while average FICO scores remain at 715, monthly non-mortgage debt payments have climbed 5.2% year-over-year. That tension is showing up in student loans and other floating-rate debt. Buy Now, Pay Later platforms are adjusting. Klarna, Affirm, and Afterpay are shortening repayment terms and tightening approval standards. They're reacting to real-time data from their own books. Stress is moving up the credit curve, and the signs are visible. Lending Standards Are Tightening Fast Defaults are rising and lenders are pulling back. That much is expected. What stands out now is how early and broadly this retrenchment is happening. Regional banks, still vulnerable after the SVB collapse, are quietly retreating from consumer credit. The Fed's latest Senior Loan Officer Survey shows tightening across personal credit, auto loans, and cards. Fintech lenders dependent on securitization see funding slow as ABS market appetite weakens. In some cases, new loan originations have stalled altogether. Consumer loan growth has gone flat. In certain sectors, it's shrinking. When credit access disappears, risk spikes, not always due to income loss, but from the absence of rollover liquidity. Liquidity is vanishing. And as it dries up, consumer behavior turns fast. Earnings Will Show The Stress The numbers are about to reflect what the data has already been suggesting. Starting in Q3 and continuing through Q4, we'll likely see pressure in three key areas: Retailers will also feel it, especially those exposed to private-label credit. Think Best Buy, Target, or any business with embedded financing models. The Risk Is Micro, Not Macro Despite mounting signals, investor positioning hasn't changed much. Regional banks still trade at 1.2–1.4x tangible book. Consumer lenders remain priced for smooth conditions. Auto ABS spreads remain tight, even as default risk increases. The disconnect lies in the story markets are telling themselves. Wages are stagnant. Pandemic savings are exhausted. Credit growth is stalling. But investor optimism hasn't caught up to this reality. It's about slow erosion through liquidity withdrawal and shifting consumer behavior. By late 2023, we saw early signs: rising balances, spending fatigue, and payment slippage. Now we're in the broader stress phase: credit cards, auto loans, BNPL, and even prime borrowers are under pressure. Next comes institutional reaction: reserve builds, risk repricing, and M&A among overstretched lenders. Where Dislocation Creates Opportunity When data and narrative diverge, opportunity emerges. How To Protect Yourself The popular narrative that the consumer is fine is already outdated. Behavior is shifting. Defaults are spreading. Liquidity is contracting. Markets haven't priced it in yet. But the repricing phase is underway. This is a moment for positioning, not reaction. The advantage belongs to those who act early while others are still watching lagging indicators. The credit cracks are widening. And those who are tracking the underlying behavior already know what's next.
Bloomberg
19 minutes ago
- Bloomberg
China Stops US Commerce Worker From Leaving Country, Media Say
China has stopped a US citizen who works for America's Commerce Department from leaving the nation for several months, according to media reports, an episode that comes as Beijing and Washington try to arrange a leaders' summit so they can address their differences on trade. The Chinese-American individual who works for the Patent and Trademark Office had traveled to the Asian nation to meet relatives, the Washington Post reported, citing four people familiar with the matter. The newspaper said it didn't know the name of the man facing a so-called exit ban, adding that the incident was over a failure to disclose on a visa application that he worked for the US government.
