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Category Archives: Economy

Ryanair Wins Legal Case Against Booking.Com Over Screen Scraping & Reselling Tickets

Bloomberg via MSN: “Ryanair, a major player in European aviation, has won a case in the US court against Booking.com, one of the world’s largest online travel agencies. The US court has ruled that the Dutch agency violated the Computer Fraud and Abuse Act by accessing the Ryanair website without permission. Court documents identified that Booking.com would on-sell unauthorized tickets by screen scraping the airline’s website. This isn’t the first time that Ryanair, the largest carrier in Europe and one of the world’s biggest low-cost carriers, has taken legal action against third-party booking platforms, to which they sell the carrier’s tickets at a higher markup, without permission. Ryanair is renowned for its low fares for travel across its network, and the airline noted that screen scraping software then finds and resells tickets to passengers with extra fees. It is also alleged that third parties limit personal contact information, making it difficult for the airline to contact the passengers directly…”

 

Massive IT outage spotlights major vulnerabilities in the global information ecosystem

Via LLRX – Professor Richard Forno highlights the fragility of our enterprise IT systems against the backdrop of the global information technology outage on July 19, 2024 that paralyzed organizations ranging from airlines to hospitals and the delivery of uniforms for the Olympic Games, representing a growing concern for cybersecurity professionals, businesses and governments. Continue Reading

Donald Trump wants to reinstate a spoils system in federal government by hiring political loyalists regardless of competence

Via LLRX – Donald Trump wants to reinstate a spoils system in federal government by hiring political loyalists regardless of competence – If elected to serve a second term, Donald Trump says he supports a spoils system, a plan that would give him the authority to fire as many as 50,000 civil servants and replace them… Continue Reading

US financial regulators, banks, industry groups remain cautious on Supreme Court’s “Chevron” deference ruling

Thomson Reuters: “The Supreme Court’s recent decision that overturns the decades-old “Chevron deference” doctrine will likely have an enormous impact on the financial industry, and only time will tell how it fully plays out US financial institutions, the regulators who oversee them, and the industry groups that advocate for them have largely maintained a curious… Continue Reading

How a little-known tool is sweeping the real estate industry by giving instant access to vast amounts of homebuyer data

The Record: “…Forewarn is primarily marketed to and used by the real estate industry, and it has been penetrating that market at a rapid clip. Although some real estate agents say the financial information it returns saves time when finding clients most likely to have the budget for the houses they’re looking at, most agents… Continue Reading

U.S. Treasury Shared Cloud Lexicon and Terminology

“The Shared Cloud Lexicon and Taxonomy (Lexicon) was created in response to the 2023 US Treasury cloud report, Adoption of Cloud Services in the Financial Sector. The Treasury report noted a lack of common definition for terms related to cloud services and technology, critical services, and terms associated with contract negotiation and service level agreements.… Continue Reading

The Fraud of Plastic Recycling

Center for Climate Integrity – “Underpinning the plastic waste crisis is a campaign of fraud and deception that fossil fuel and other petrochemical companies have created and perpetuated for decades. Through new and existing research, “The Fraud of Plastic Recycling” shows how Big Oil and the plastics industry have deceptively promoted recycling as a solution… Continue Reading

The Donald Trump Interview Transcript

Bloomberg – Full text, fact-checked – unpaywalled – “Bloomberg Businessweek interviewed former US President Donald Trump at his golf club, Mar-a-Lago in Palm Beach, Florida, on June 25, two days before the first 2024 presidential debate and about two weeks before a failed assassination attempt. In a discussion focused on business and the global economy,… Continue Reading

Goldman Sachs: AI Is Overhyped, Wildly Expensive, and Unreliable

404 Media, July 14, 2024. Goldman Sachs: AI Is Overhyped, Wildly Expensive, and Unreliable. “Investment giant Goldman Sachs published a research paper about the economic viability of generative AI which notes that there is “little to show for” the huge amount of spending on generative AI infrastructure and questions “whether this large spend will ever… Continue Reading

AI In Finance and Banking – July 15, 2024

AI In Finance and Banking – July 15, 2024 – This semi-monthly column by Sabrina I. Pacifici highlights news, government documents, papers by NGO/IGO organizations and economists, speeches, and industry white papers on the subject of AI’s fast paced impact on the banking and finance sectors. The chronological links provided are to the primary sources,… Continue Reading

The World’s Power Grids Are Failing as the Planet Warms

Bloomberg [unpaywalled] – Outages from Albania to Texas show how electricity networks aren’t ready for climate change. “…The climate crisis exposes electricity networks to flash floods ripping down transmission towers, droughts drying up hydro reservoirs and demand spikes from cooling during searing heat. “The whole power system was built and designed in one climatic era… Continue Reading

(Almost) 200 Years of News-Based Economic Sentiment

(Almost) 200 Years of News-Based Economic Sentiment Jules H. van Binsbergen, Svetlana Bryzgalova, Mayukh Mukhopadhyay & Varun Sharma – Working Paper 32026. DOI 10.3386/w32026  Issue Date January 2024. “Using text from 200 million pages of 13,000 US local newspapers and machine learning methods, we construct a 170-year-long measure of economic sentiment at the country and state… Continue Reading