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CYBER ATTACK: World’s biggest meat supplier under threat

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The world’s biggest meat supplier is the victim of a cybersecurity attack in the latest threat to global food supply chains.

JBS SA shut its Australian and North American computer networks after an organised assault on servers.

JBS says the incident may delay certain transactions with customers and suppliers.

There are reports staff have been sent home as a result.

The attack sidelined two shifts and halted processing at one of Canada’s largest meatpacking plants.

JBS Foods Australia is the country’s largest meat and food processing company, operating technologically advanced production and value-added facilities and feedlot.

Federal government takes action to minimise impact on supply chain

Federal Agriculture Minister David Littleproud confirmed the government was aware of the hack and was working to get the company nationally back online.

“We’re obviously working with law enforcement here in Australia and we’re also working with our international partners,” Mr Littleproud said, as reported by ABC.

“It’s under investigation and it’s important that we respect that process.

“The technology that [JBS] use, the systems they use, go to the heart of the quality assurance of the beef that they process. 

“So we need to make sure that we can get that up and going to give confidence, not just to consumers here in Australia, but also to our export markets.”

Concerns after cyber attack on U.S pipeline impacted gas supply

JBS has 47 facilities across Australia and operates the largest network of production facilities and feedlots in the country.

Hackers have the commodities complex in their crosshairs with the JBS attack coming just three weeks after the operator of the biggest U.S. gasoline pipeline was targeted.

The Colonial Pipeline experienced a cyberattack that shut down its nationwide network on 7 May. As such, millions of barrels of petrol, diesel and jet fuel stopped flowing.

The hackers are from Russia’s “DarkSide”, who allegedly steal from larger corporations and give the ransom funds to charity.

After the cyberattack, President Joe Biden signed an executive order to strengthen cybersecurity defences across the US.

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Money

Fed cuts rates, signals more potentially ahead

Fed lowers rates amid job market concerns, signalling potential further cuts in upcoming meetings

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Fed lowers rates amid job market concerns, signalling potential further cuts in upcoming meetings

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In Short:
– The Federal Reserve cut interest rates by a quarter-point to address job market concerns.
– Officials expect at least two additional rate cuts by year-end amid ongoing economic uncertainties.
The Federal Reserve has reduced interest rates by a quarter-point, addressing concerns about a weakening job market overshadowing inflation worries.
A majority of officials anticipate at least two additional cuts by year-end during the remaining meetings in October and December.Banner

Fed Chair Jerome Powell noted a significant shift in the labour market, highlighting “downside risk” in his statements.

The recent rate cut, supported by 11 of 12 Fed voters, aims to recalibrate an economy facing uncertainties from policy changes and market pressures.

Policy Dynamics

The decision comes amid intense political scrutiny, with President Trump openly criticising Powell’s reluctance to lower rates.

Despite the controversy, Powell asserts that political pressures do not influence Fed operations.

The current benchmark federal-funds rate now sits between 4% and 4.25%, the lowest since 2021, providing some reprieve to consumers and small businesses. Economic forecasts indicate ongoing complexities, including inflation trends and the impact of tariffs on labour dynamics, complicating future policy decisions.


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Fed faces unusual dissent amid leadership uncertainty

Fed’s Powell navigates contentious meeting amid Trump-appointed dissenters as rate cut looms and succession contest heats up

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Fed’s Powell navigates contentious meeting amid Trump-appointed dissenters as rate cut looms and succession contest heats up

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In Short:
– This week’s Federal Reserve meeting faces unusual dissent as Chair Powell approaches his term’s end.
– Analysts predict dissent over expected rate cuts due to political pressures from Trump-appointed officials.
This week’s Federal Reserve meeting is set to be particularly unusual, with Chair Jerome Powell facing significant disagreements over future policy as he approaches the end of his term in May.Tensions began before the meeting when Fed governor Lisa Cook won a court ruling allowing her to attend, despite opposition from President Trump, who is attempting to remove her.

The situation is further complicated by the recent swearing-in of Trump adviser Stephen Miran to the Fed’s board, following a Senate confirmation.

Analysts believe Powell may encounter dissent on an expected quarter-percentage-point rate cut from both Trump-appointed officials and regional Fed presidents concerned about inflation.

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Potential Dissent

Trump has urged significant rate cuts and for the board to challenge Powell’s decisions.

Some analysts predict dissenting votes from Miran and other Trump appointees in favour of larger cuts. Federal Reserve veterans express concerns that political motivations may undermine the institution’s integrity, with indications that greater dissent could become commonplace.


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RBA plans to ban credit card surcharges in Australia

Reserve Bank of Australia plans to ban credit card surcharges despite banks warning of potential higher fees and weaker rewards

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Reserve Bank of Australia plans to ban credit card surcharges despite banks warning of potential higher fees and weaker rewards.

In Short:
– The RBA plans to ban surcharges on debit and credit card transactions, supported by consumer group Choice.
– Major banks oppose the ban, warning it could lead to higher card fees and reduced rewards for credit card users.

The Reserve Bank of Australia (RBA) intends to implement a ban on surcharges associated with debit and credit card transactions. Consumer advocacy group Choice endorses this initiative, arguing that it is unjust for users of low-cost debit cards to incur similar fees as credit card holders.Banner

The major banks, however, are opposing this reform. They caution that the removal of surcharges could prompt customers to abandon credit cards due to diminished rewards.

A final decision by the RBA is anticipated by December 2025.


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