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Financial stability risks are rising as AI fuels cyber-attacks, IMF warns; oil below $100 on Iran peace hopes – business live | Business
IMF warns AI tools such as Mythos threaten financial stability
Newsflash: The International Monetary Fund is warning that financial stability risks are rising as artificial intelligence fuels cyber-attacks.
In a new blogpost, just published, the IMF singles out Claude Mythos as an example of how quickly risks are increasing.
The Fund is calling for “resilience, supervision, and international coordination” to safeguard global financial markets, and protect them against attackers with new AI tools.
It warns that AI tools such as Mythos can “dramatically” cut the time and cost needed to identify and exploit vulnerabilities, which raises the risk of weaknesses in key systems being discovered and exploited.
IMF experts Tobias Adrian, Tamas Gaidosch and Rangachary Ravikumar write:
Mythos could find and exploit vulnerabilities in every major operating system and web browser—even when used by non-experts.
This foreshadows how fast‑moving, AI‑driven cyber risks could destabilize the financial system if not managed carefully, and why authorities must focus on building resilience through supervision and coordination—rather than treating these developments as purely technical or operational issues.
AI firm Anthropic announced the existence of Mythos on 7 April but said it would not be released publicly because of its ability to identify unknown flaws in IT systems, which could be exploited by hackers.
But on 22 April Anthropic confirmed it is investigating a report that unauthorised users have gained access to Mythos
The IMF says “The Mythos episode” highlights the governance challenges surrounding AI, explaining:
Cyber risk does not respect borders. As AI capabilities spread across countries, inconsistent oversight could weaken a globally interconnected system.
The Fund is also concerned that emerging and developing economies may be disproportionately exposed to attackers targeting regions with weaker defenses
Key events
In its new blogpost, the IMF cites three ways that AI‑enabled cyber tools threaten financial stability:
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Risks are systemic. Attacks become more dangerous when discovery and exploitation scale rapidly, with implications for financial stability.
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Risks cut across sectors. The financial sector shares digital foundations with energy, telecommunications, and public services. That means AI‑assisted attacks can propagate across sectors that rely on the same infrastructure.
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AI may further concentrate risk and failures with one vulnerability rippling across many institutions. Reliance on a small number of software platforms, cloud providers, or AI models increases the impact of any single exploited weakness.
IMF warns AI tools such as Mythos threaten financial stability
Newsflash: The International Monetary Fund is warning that financial stability risks are rising as artificial intelligence fuels cyber-attacks.
In a new blogpost, just published, the IMF singles out Claude Mythos as an example of how quickly risks are increasing.
The Fund is calling for “resilience, supervision, and international coordination” to safeguard global financial markets, and protect them against attackers with new AI tools.
It warns that AI tools such as Mythos can “dramatically” cut the time and cost needed to identify and exploit vulnerabilities, which raises the risk of weaknesses in key systems being discovered and exploited.
IMF experts Tobias Adrian, Tamas Gaidosch and Rangachary Ravikumar write:
Mythos could find and exploit vulnerabilities in every major operating system and web browser—even when used by non-experts.
This foreshadows how fast‑moving, AI‑driven cyber risks could destabilize the financial system if not managed carefully, and why authorities must focus on building resilience through supervision and coordination—rather than treating these developments as purely technical or operational issues.
AI firm Anthropic announced the existence of Mythos on 7 April but said it would not be released publicly because of its ability to identify unknown flaws in IT systems, which could be exploited by hackers.
But on 22 April Anthropic confirmed it is investigating a report that unauthorised users have gained access to Mythos
The IMF says “The Mythos episode” highlights the governance challenges surrounding AI, explaining:
Cyber risk does not respect borders. As AI capabilities spread across countries, inconsistent oversight could weaken a globally interconnected system.
The Fund is also concerned that emerging and developing economies may be disproportionately exposed to attackers targeting regions with weaker defenses
US stock market hits new highs
Zing! The US stock market has hit new record highs at the start of trading in New York.
With the oil price falling, hopes of a US-Iran peace agreement are spurring shares higher.
The S&P 500 share index has reached a new peak of 7,376 points, while the tech-focused Nasdaq Composite also hit a new high.
Oil price hits two-week low on Iran deal optimism
Brent crude has now sunk to its lowest level in over two weeks.
The benchmark oil measure is now down 5% today at $96.19 a barrel, its lowest level since 21 April.
Investors appear to remain hopeful that Iran might give a positive reaction to the peace deal proposed by the US yesterday, after US President Donald Trump predicted that the war in Iran will be “over quickly”.
Fawad Razaqzada, market analyst at Forex.com, explains:
The latest developments surrounding Iran have kept investors focused firmly on the risk-on trade.
Reports indicate Tehran is reviewing a US proposal that could eventually lead to the reopening of the Strait of Hormuz, while broader nuclear discussions may be delayed until later stages. At the same time, President Donald Trump has continued to strike a relatively optimistic tone, suggesting a deal could potentially be reached within a week ahead of the upcoming summit with Chinese President Xi Jinping on May 14-15.
The number of Americans filing new claims for jobless support has risen, but remains low.
Last week there were 200,000 new ‘initial claims’ for unemployment insurance, up from 190,000 in the previous week.
That’s lower than expected (economists forecast a rise to 205,000), and suggests US firms are still holding into workers despite the jump in energy prices since the Iran war began (although the Challenger jobs report earlier suggested job cuts were rising….)
Oil near two-week low
Oil is dropping closer to a two-week low, as Iran continues to ponder the US’s latest peace proposal.
Brent crude is now down more than 3% to just over $98 a barrel, near the lows seen yesterday after Tehran said the strait of Hormuz could reopen under new procedures.
There don’t appear to be any major breakthroughs yet, but key mediator Pakistan remains optimistic.
The Pakistani foreign ministry spokesperson, Tahir Andrabi, would not disclose details of the ongoing diplomatic efforts but said a deal could be reached soon.
He told a news briefing:
“What I can tell you and this is what I have stated before that we remain positive, we remain optimist, and we hope the settlement will be soon rather than later.”
Our Middle East crisis liveblog has the latest developments:
Sterling is having a calm election day.
The pound has gained 0.15% against the US dollar, which is generally weaker amid hopes of a US-Iran peace breakthrough.
The UK currency could be more volatile tomorrow as local election results from England, Scotland and Wales are announced.
There are forecasts that the Labour Party could lose as 1,800 council seats, or 75% of the seats it is defending. The worse the result, the greater the pressure on prime minister Keir Starmer – potentially creating fresh political instability.
Malaysia has joined the ranks of central banks leaving interest rates on hold while it assesses the impact of the Iran war.
Unike Norway, which hiked borrowing costs today (see earlier post), the Bank of Malaysia left its Overnight Policy Rate unchanged at 2.75%.
It also warned that sharp increases in energy and commodity prices from the Middle East crisis, and supply chain disruptions, are beginning to hurt global growth momentum, adding:
Downside risks to global growth remain elevated stemming from the uncertainties surrounding the length and severity of the conflict, tighter global financial conditions and concerns over valuations in financial markets.
The surge in building materials costs following the Iran war may make some UK construction projects unviable, warns Kelly Boorman, national head of construction at audit, tax and consulting firm RSM UK:
“Today’s figures show sentiment in the sector has fallen significantly as the industry braces for the impact of the Middle East conflict. Mobilisation is slowing as UK construction faced cost pressures on slim margins further challenged by the weakening economic backdrop.
“Pipelines are currently strong, particularly for large infrastructure projects including defence, healthcare and data centres. There are however some significant challenges around reassessing the viability of projects and extending mobilisation start dates, as oil price increases hit the supply chain, increasing material and fuel costs.
“With the increased volume of infrastructure projects committed to in prior years, outputs remain strong. However, local elections this week could cause further uncertainty among contractors around where future infrastructure spending will be focused. Uncertainty around planning decisions and concerns around new work to replace completed projects in April could create a shrinkage in the pipeline in the future that will create further instability for the industry. There is a significant risk that some planned projects will become unviable in the current economic climate, particularly for long-term fixed price projects, so we may see some large infrastructure projects put on hold.
Barclays’ AGM disrupted
Pro-Palestinian and climate protesters have interrupted the opening minutes of Barclays’ annual general meeting in Westminster, London, PA Media report.
The disruption broke out as chairman Nigel Higgins delivered his opening remarks, with several protesters standing up holding Palestinian flags and shouting “Free free Palestine”, “Everyone here is profiting from genocide” and “Barclays bank, you can’t hide, you’re supporting genocide”.
Mr Higgins responded that the board had “heard your point” and would take questions on the topic during a later Q+A section.
Security staff escorted, and in some cases carried, the protesters out of the meeting room as they continued shouting.
A few minutes later, climate protesters rose from their seats at the AGM and started singing: “Stop, in the name of love, before you break this Earth.”
One shouted:
“This bank is financing the climate and nature crisis that we have to stop. Softly-softly, slowly-slowly is not good enough. You are endangering life on Earth.”
China’s central bank loaded up on gold for an 18th straight month in April, Reuters reports.
They cite data from the People’s Bank of China which shows that China’s gold reserves rose to 74.64m fine troy ounces at the end of April, up from 74.38m at the end of March.
The total value of China’s gold mountain has risen too – to $344.17bn, up from $342.76bn a month earlier. The gold price stabilised in April after falling by 11.5% in March.
UK News
Billie Eilish – Hit Me Hard and Soft: The Tour review – style trumps substance in James Cameron’s 3D oddity | Billie Eilish
For a long time concert tour films were seen as a cash-in. Ask a music fan for their favorite, and they’ll probably answer with something that isn’t really a concert film at all, such as Madonna’s deliciously gloves-off documentary Truth or Dare or Stop Making Sense, Jonathan Demme’s high-concept performance art classic starring Talking Heads.
But in recent years the concert film has become a bona fide cinematic event for super-fans wishing to relive the experience as well as those who draw the line at paying a month’s rent to see their favorite musician. In 2023, Taylor Swift: The Eras Tour became the genre’s biggest-grossing film of all time, taking over $250m at the global box office. (Swift herself took home an estimated third of that figure thanks to an exclusive distribution deal with AMC Theaters). Beyoncé’s Renaissance film extended her album as a cultural moment, while this year Baz Luhrmann’s Epic: Elvis Presley in Concert has packed out multiplexes and a concert documentary from the K-pop boyband Stray Kids topped the global box office.
Billie Eilish’s Hit Me Hard and Soft: The Tour in 3D is the biggest and most anticipated concert film since Swift’s: a reported $20m production co-directed by James Cameron and Eilish and billed as “reinventing the concert experience”. Cameron and his team filmed Eilish’s tour over four nights in Manchester, UK, last summer with 17 cameras strategically hidden around the singer’s stark, minimal stage, which is erected in the center of arenas. Without any of the dancers, costume changes or moveable set pieces of her A-list pop peers, Eilish’s show rests on her undeniable onstage magnetism and the near religious devotion of her fans. The new film gives you more than a front-row seat to the show: it plunges you into the arena, swooping from the cheap seats to up close by Eilish’s side. But the technical wizardry largely feels like the emperor’s new clothes in a film that hits the familiar beats of every straight-to-DVD concert movie out there.
When Cameron and Eilish stray beyond that, Hit Me Hard and Soft: The Tour in 3D can dazzle. At the beginning of her show, a white cube glows in mid-air before turning transparent to reveal Eilish inside. After the song ends, the movie runs it back to show how the moment came to life from the singer’s point of view via a camera intricately rigged inside the fake-out floating platforms and a moment where Eilish folds herself into a crate and is secretly transported to the stage. A shot from the singer’s perspective while she is wheeled across the arena floor is the most memorable in the film: Swift should have done the same from her Eras Tour cleaning cart.
The crowd explodes into a frenzy for Bad Guy, as the singer pogos around and picks up a handheld camera to shoot herself and fans in fish-eye that bursts from the screen. During the pounding Over Now edit of L’Amour de Ma Vie, she majestically rises above the audience, singing in near-assaultive Auto-Tune while bathed in devil red lighting. Her thunderous 2021 song Happier Than Ever is accompanied by blinding strobes and camerawork that whizzes around Eilish and special guest Finneas as if it was a Red Hot Chili Peppers concert.
The film sags during the subtler moments of the setlist, which is a problem when half of it is composed of ballads performed at a mic stand or while lying on the floor. I will freely admit to not being particularly fond of Cameron’s recent work, but I couldn’t help wishing for a Na’vi to swoop from the rafters on a tetrapod to liven things up. And while it’s a trip to see Eilish bounding across the stage in 3D, the technology only seems to be capable of making people in the foreground look normal. There was something uncanny about the backup singers, who moved as if they were in The Sims. The technology also can’t quite immersively render the show’s lasers, which leaves Guess feeling slightly flat. I wondered what the point of 3D technology is if it doesn’t make you feel like lasers are flooding your face.
Eilish’s pyrotechnic moments on stage are peppered with off-book backstage moments that show the singer hugging rescue puppies, doing vocal warm-ups and joking around with her team. “You are the architect of this show,” Cameron informs Eilish reverently, in one of a few fawning moments where Hit Me Hard and Soft: The Tour in 3D would have benefited from a little distance from its subject. (The impact of What Was I Made For? is nearly undone by the on-the-nose choice to have it follow an interview with Eilish about body image: the song has never sounded more like it is from the Barbie soundtrack.)
When there is little happening on stage, the film over-relies on shots of fans singing along, or, most often, racked with heaving sobs. I found myself wishing that Cameron had teamed up with an artist like Lady Gaga or Sabrina Carpenter, whose extravagant world-building on recent tours had the theatrical oomph to deserve the extra dimension.
Eilish’s music connects with audiences powerfully, as the rare artist that gets plaudits from teens as much as industry gatekeepers (at 24 years old, she has 10 Grammy awards). The film is interspersed with interviews and earnest testimonials from fans about how Eilish’s music guided them through tough times, or helped them embrace who they are. Cameron and Eilish aren’t focused on exploring why her particular mix of ballsiness and introspection has resonated so deeply with millions. That would have made for a fascinating follow-up to RJ Cutler’s exceptional documentary on Eilish instead of this splashy style experiment.
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Woman and teen arrested for murder after two die in BMW and motorbike crash
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