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A hedge fund profit hack, Huawei Resilience

This is a hedge fund profit hack - hedge funds hacked into a live audio feed of Bank of England press conferences, so they could profit by hearing the words of governor Mark Carney slightly before everyone else. The central bank has referred the case to the Financial Conduct Authority (TechCrunch).

The UK’s financial watchdog has launched an investigation into a security breach at the Bank of England that allowed hedge funds early access to an audio feed of Mark Carney’s market-moving press conferences.

In a breach casting a shadow over the governor’s final weeks at the Bank before he stands down at the end of next month, Threadneedle Street confirmed that its back-up audio feed for press conferences had been misused by a third party supplier.

Meanwhile, Huawei continues on its profit path and now does not rely on U.S. firms for parts and materials.

Huawei chairman Liang Hua said the contentious Chinese telecoms giant plans to manufacture components at a European production site, following a feasibility study to figure out which country will get the factory. The move might help assuage European fears over the security implications of using Huawei equipment. Liang also said the firm no longer relies on chips and other components from American companies, following Trump-administration restrictions on U.S. firms supplying Huawei. (Fortune)

But these firms want to trade with Huawei.

U.S. tech firms are pushing back against the Trump administration's desire for them to stop sourcing supplies from Chinese companies such as Huawei. An industry executive told the Financial Times: "This was the latest attempt by the Trump administration to get us to shut out Huawei. But if we had come together to act against a global competitor like this, we would almost certainly have been sued [under competition laws]." (Fortune)