Stock markets have retreated again over worries of further US interest rate rises after the Federal Reserve defied Donald Trump to increase rates for the fourth time this year.

The EU has confirmed it is “actively investigating” a potential breach of its diplomatic communications network, following reports that secret cables had been stolen by hackers.

The Bank of England has welcomed a “crucial and positive” move by the EU to help keep a key part of the financial system functioning in the event of a “no-deal” Brexit.

A handful of banks will be forced to write multimillion pound cheques to buy shares in the construction giant Kier Group after some of its biggest investors snubbed the chance to take part in a £250m fundraising.

GlaxoSmithKline (GSK) is to merge its consumer healthcare unit with that of rival Pfizer, to create a new market leader with almost £10bn in annual sales.

 

Santander has been fined more than £30m for “serious failings” in processing the accounts of dead customers, the Financial Conduct Authority (FCA) says.

TECHNOLOGY TOP STORIES

US intel official says that China is ‘compressing’ technology gains

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A senior US intelligence stated that the country is making technological advances in a far shorter timeframe than it took United States, rapidly narrowing the gap between the two countries

The official told journalists on condition of anonymity that the country had reaped the benefits of sending tens of thousands of students and researchers to the United States, and a determined policy to buy and steal US technology. With it, Beijing had “compressed the timeframe” for catching up and now possessed “remarkable” capabilities.

This was one of the key challenges for the United States, according to the new US National Intelligence Strategy. In unveiling the strategy, Director of National Intelligence Dan Coats stated that it set a focus for the US intelligence community in a time of rapid technological change.

“Today, we face the most diverse and complex set of threats that we have ever seen,” Coats said in a speech to the intelligence community.

“The question then becomes what do we need to do now … We must become more agile.” He added.

The strategy, first drafted in five years, noted major changes in the world led by the weakening of the post- World War II global order, China’s rapid global and economic emergence and the rise of cyber threats.

Coats named China, Iran, North Korea and Russia as key state threats, but said a broad range of non-state actors – jihadist groups, organised crime and others – are empowered by new technologies and could find common interests among themselves.

“Our greatest concern comes from those forces merging together,” Coats stated.

“You’re going to see interests aligned,” between non-traditional allies, warned the senior official from the Office of the Director of National Intelligence.

That goes for the United States as well, the official stated: “We need partnerships with non-traditional partners, state, local and tribal.”

During the time of previous strategy in 2014, cyber attacks were relative afterthoughts. Now, they are at the forefront, underscored by persistent attacks from Russia and China in recent years—with cyber security paramount, according to the new strategy.

“Cyber hygiene is 90% of the issue” in confronting these challenges, the official stated.

The other area that deeply worries US intelligence is the loss of America’s longstanding lead in space.

China and Russia especially are aiming for parity with the United States in space, but technology and commercialisation have given many countries and non-state actors space capabilities as well.

“We worry a lot about advantage,” the official said.

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