“Global Breach, AI Dispute, and Market Moves”

20th June 2025

A record 16 billion passwords have been leaked, prompting urgent cybersecurity warnings. The BBC is threatening legal action against AI startup Perplexity over alleged content scraping. Global trading giants are expanding in India’s derivatives market. Meanwhile, Fidelity is betting on midcap stocks, saying tariff shocks are now behind us. Find out more as you read.

• 16 Billion Passwords Exposed in Massive Breach

  
  

• A staggering 16 billion login credentials  including passwords for major platforms like Apple, Google, Facebook, and Telegram  have been leaked in what researchers are calling the largest data breach to date. Investigators say this fresh data likely comes from multiple infostealer campaigns and poses a serious risk of widespread phishing and account takeovers.

• Unlike past breaches that recycled old data, most of these exposed credentials appear to be new. Experts say the breach is more than just a leak, it's a blueprint for large-scale cyber exploitation, giving bad actors easy access to email accounts, social media, developer tools, and even government services.

• Cybersecurity professionals are urging both individuals and organizations to take action. For individuals, that means updating passwords, using a password manager, enabling multi-factor authentication (MFA), and switching to passkeys where supported. Tools like dark web monitoring can also help alert you if your data has been compromised.

• Ultimately, this is a reminder that cybersecurity is a shared responsibility. Organizations must strengthen defenses with zero-trust models and better access controls, while individuals must stay vigilant about their digital hygiene. Don’t wait until your login shows up in one of these datasets, take steps now to protect yourself.

  
  

• BBC Warns AI Start-Up Perplexity Over Alleged Content Scraping

• The BBC is threatening legal action against AI search start-up Perplexity, accusing the company of using its content without permission to train its AI model, according to the Financial Times. In a letter sent to Perplexity CEO Aravind Srinivas, the broadcaster reportedly demanded the company stop scraping BBC content, delete any material already used, and offer a proposal for financial compensation.

• Perplexity has pushed back on the claims, calling them “manipulative and opportunistic,” and accusing the BBC of misunderstanding both how the technology works and the legal landscape surrounding it. The BBC and Perplexity haven’t commented publicly beyond the FT’s reporting, and Reuters has not independently confirmed the details.

• Since the rise of generative AI tools like ChatGPT, publishers have grown increasingly vocal about AI firms using their content without proper licensing. Perplexity, which has already faced similar complaints from outlets like Forbes, Wired, and The New York Times, recently introduced a revenue-sharing model aimed at easing tensions with media organizations. Financial Times 

  
  
  
  

• Global Trading Giants Flock to India, Fueling Talent Hunt and Tech Upgrades

• Global trading powerhouses like Citadel Securities, IMC Trading, Millennium, and Optiver are ramping up their presence in India’s fast-growing derivatives market driving a wave of hiring and prompting local exchanges to step up their tech game.

• These expansion plans, being reported for the first time, reflect growing confidence in India’s resilience amid global market uncertainty, especially with U.S. policy shifts under President Trump on the horizon. India now accounts for nearly 60% of global equity derivatives volume, according to the Futures Industry Association, and local regulators say the market has expanded 48-fold since 2018.

• With impressive gains like Jane Street’s $2.34 billion from its India strategy last year, Western firms see India as a can’t-miss opportunity. “We’re seeing more competition for trades and talent,” said Jocelyn Dentand, MD of IMC India, which plans to grow its local team by over 50% by 2026.

• Citadel Securities, Millennium, and Optiver are all expanding, either directly or through regional hubs like Dubai and Singapore. Optiver, for instance, aims to scale from 70 to 100 staff by year-end. Meanwhile, firms like Da Vinci and Qube Research are actively recruiting for quant roles, adding to the growing rush for tech and talent in the Indian market.

• With over 300 new hires across functions in the past two years alone, according to Aquis Search, global players are clearly betting big on India’s potential and they’re not slowing down anytime soon. Reuters 

  
  

• Fidelity Bets Big on Midcaps, Says Tariff Turbulence Is Behind Us

• Fidelity International is leaning into midcap stocks, confident that the worst of the tariff-related market shocks are now in the rearview mirror. George Efstathopoulos, who helps manage around $3 billion from Singapore, says midcaps in Japan, Germany, and China now make up about 11% of Fidelity’s growth and income fund — a major shift from just 18 months ago when exposure was minimal.

• “The worst of the shock is behind us,” Efstathopoulos said, referring to April’s U.S. tariff announcement, which sent global markets into a brief tailspin. Despite looming risks like the potential end of the current tariff truce and rising Middle East tensions, he’s holding firm, pointing to solid gains across Japan and Germany’s midcap indices since April.

• The fund manager sees strong reasons for optimism: Germany’s pivot toward fiscal spending, Japan’s shift to healthier inflation and rising consumption, and China’s ongoing stimulus efforts. All of it, he says, adds up to a compelling case for midcap stocks that are more focused on domestic growth — and less vulnerable to global trade disruptions. Finance.Yahoo 

  
  

• Minor Headlines 

  
  

• South Korea Confirms $5B Data Center Investment from SK and Amazon. Reuters 

• Australia's Teen Social Media Ban Trial Shows Promising Tech Results, Organizers Say. Bloomberg 

• SoftBank’s Masayoshi Son Unveils Ambitious $1 Trillion AI Project in Arizona. Reuters 

• Tesla Strikes $557M Deal with Shanghai for Major Energy Storage Facility. Reuters 

• EU Bank to Invest €70 Billion in Tech Innovation from 2025 to 2027, Officials Reveal. TechCrunch 

• US and China Oil Stockpiling May Balance Global Surplus, Says Gazprom Neft. Financial Times 

• U.S. Leads the World with 23.8 Million Millionaires, Says UBS Report. Morning Brew

• UK Government Plans to Lower Energy Costs for Domestic Manufacturers. CityAM 

  
  

• Gen Z Word of the Day 

•  Drag

• If you drag someone, you're criticizing or making fun of them. This can be equated to roasting someone.

•