EtherealNews

Future cyber attacks could be deadlier than actual wars if rogue elements in the digital underworld take aim at critical infrastructure and connected devices, the chief executive of the world's biggest private cyber security company, Forcepoint, has said. Shutting down important entities such as utilities or taking over connected cars are among the possible scenarios cyber criminals can exploit, should they decide to engage in digital warfare in the future, Manny Rivelo told The National in an interview. “As the world becomes much more connected, the vulnerabilities grow. A war in the future doesn’t have to be bombs or missiles; it could be shutting down [the] electrical power grid of a country in the middle of winter or shutting down the capabilities of having clean water,” he said. “These are as severe, potentially, even more severe, you could argue, because they can completely shut down environments.” The dangers of turning technology into a weapon have been flagged in the past...

Oil prices climbed after the Opec+ alliance agreed to reduce output by 2 million barrels per day, its biggest production cut since the start of the coronavirus pandemic in 2020, as it vies to boost the energy market amid a global economic slowdown that is weighing on fuel demand. Brent, the benchmark for two thirds of the world’s oil, was up 0.19 per cent at $93.55 a barrel at 8.52am UAE time on Thursday. West Texas Intermediate, the gauge that tracks US crude, was trading 0.18 per cent higher at $87.92 a barrel. After registering their worst quarter in two years last month, oil prices gained more than 10 per cent over the past week in the run-up to the first in-person meeting of the 23-member supergroup of crude producers in Vienna since March 2020. The rally was largely driven by media reports that signalled a large production cut was on the table. The US Energy Information Administration weekly report, which was released on Wednesday, also fed into the rally as it showed that Americ...

  ADC will look to acquire businesses in the UAE or the broader Mena region ADC Acquisition Corporation, the UAE’s first special purpose acquisition company (Spac) that seeks to acquire fast-growing technology companies, began trading on the Abu Dhabi Securities Exchange on Friday. The Spac, which was set up by Abu Dhabi-based holding company ADQ and private investment firm Chimera Investments, raised Dh367 million ($99.9m) through an initial public offering of 36.7 million shares at an offer price of Dh10 a share. ADC shares were trading at Dh10.80 at 1.30pm on Friday. “The UAE’s first Spac represents a major endorsement of Abu Dhabi as a financial centre anchored with strong market principles and capital raising potential,” said Mohamed Al Suwaidi, ADQ managing director and chief executive and ADC chairman. Along with supporting Abu Dhabi’s capital markets, private companies will also have the ability to capitalise to pursue further transactions easily and efficiently, he s...