Daily Market Update

Daily Market Update

Daily Market Update $10 billion of Californian coastal property at risk
California’s coast is at increasing risk of flooding from rising sea levels which could see $10 billion of property destroyed. A new study from climate change researchers Risky Business warns that by 2050 the state is at risk of more droughts, increasing numbers of hot days and altered rain and snow fall patterns. The report states: “Extreme heat will fuel large and costly wildfires, endanger water resources, drive up energy costs, exacerbate air pollution, and threaten human health.”

The study was commissioned by former New York mayor Michael Bloomberg, among others, who said that every city in the state should be concerned about the possible impacts, especially as 85 per cent of Californians live in coastal areas. San Diego is especially vulnerable the report says with seal level predicted to rise by up to 3.4 feet.

Businesses will suffer too of course with farming in particular being hit by the current severe drought. Outdoor workers will find heat intolerable more frequently and businesses will face increased energy costs. The study calls for action from policymakers and businesses: "Every year that goes by without a comprehensive public and private sector response to climate change is a year that locks in future climate events that will have a far more devastating effect on our local, regional, and national economies. Read the full report.
 
Workplace accidents are set to increase warn lawyers
Accidents in the workplace are set to increase as more people work into what would normally be their retirement years. The Australian Lawyers Alliance says that changes to retirement benefits and pensions are meaning more people working until they are 70 or more. The lawyers’ group report says that older employees are more likely to suffer non-serious injuries in the workplace, especially in businesses where heavy lifting or other physical work is required.
 
IBM discovers new scam targeting bank transfers
Bank transfers are under threat from a newly-discovered cyber threat. IBM’s security group found that an organized criminal gang from Eastern Europe had stolen funds of up to $1 million on each occasion using malware, phishing emails and phone calls. Victims are targeted with emails that then link to fake websites that appear to be genuine but stating that the bank’s main website is offline for maintenance. Users are then requested to call a support number. At that point they are connected to a fake operator who takes the details needed to steal the funds. Caleb Barlow, IBM Security vice president, warned that in circumstances like these a company’s employees can be its biggest risk. Read the full story.