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<ul class="summary-list"><li>Stock valuations are not near dot-com bubble era levels, said Deutsche Bank's chief US equity strategist. </li><li>In a Tuesday webinar <keyword id="3300575" type="PERSON" weightage="60" keywordseo="Binky-Chadha">Binky Chadha</keyword> said valuations are supported by strong earnings. </li><li>He also reiterated his view that the <keyword id="123873" type="PERSON" weightage="60" keywordseo="SP-500">S&amp;P 500</keyword> is due for a 10% pullback as economic growth peaks. </li></ul>Stock valuations today are nowhere near levels seen in the late 1990s dot-com era, said Deutsche Bank's Binky Chadha. In a Tuesday webinar, the bank's chief US equity strategist said that stock valuations are "unambiguously high" on multiple metrics, but levels seem justified given where we are in the recovery cycle. Chadha said his clients ask whether equities are in a bubble almost "every day." Investor fears that the stock market is in bubble have grown as the S&amp;P 500 continues to make new records, though many strategists have tried to quell those concerns.<a href="https://markets.businessinsider.com/news/stocks/stock-market-bubble-outlook-goldman-sachs-not-valuations-speculation-retail-2021-3-1030265481">Goldman Sachs recently conducted a study</a> that looked back at over 300 years of market data and concluded that while some characteristics of a <keyword id="6916369" type="UNKNOWN" weightage="60" keywordseo="Stock-market-bubble">stock market bubble</keyword> are indeed present, a full-fledged bubble has not yet formed, and high stock prices are justified by historically low interest rates. According to Chadha, equity valuations are always high at this point in a recovery cycle, and earnings have been very strong. During the dot-com era, measurements of overvaluation were much higher relative to now, and the overvaluation occurred much later in the cycle.He also explained that valuations are high, not because of over exuberance but because of the involvement of retail investors during the pandemic. But as the COVID-19 crisis begins to wind down, that level of retail participation should also come down.The strategist reiterated his viewpoint that the <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-analysis-sp500-pullback-binky-chadha-ism-growth-2021-4-1030278173">S&amp;P 500 is likely to pull back up to 10% in the near-term as economic growth peaks</a>.

Stocks are nowhere near dot-com bubble levels and earnings justify current valuations, Deutsche Bank's US stock chief says

It is the second time that India has become the partner country for the prestigious <keyword id="2516490" type="UNKNOWN" weightage="20" keywordseo="Hannover-Messe-2015">Hannover Messe 2015</keyword>. With the new government in place and a paradigm shift in the policies, <keyword id="2587191" type="UNKNOWN" weightage="20" keywordseo="Marco-Siebert">Marco Siebert</keyword>, Director, International Relations at <keyword id="2319960" type="COMPANY" weightage="20" keywordseo="Deutsche-Messe">Deutsche Messe</keyword>, speaks to BI India and share his views on the opportunities for Indian companies at the fair, Make in India campaign and his expectations. Here are the excerpts: 
 
Hannover Messe is the world’s largest fair. How did Deutsche Messe choose India as a partner? 
 
Well, choosing a partner country is a long term planning and normally takes two to three years. Becoming a partner country is not just our decision but also of our major exhibitors and also from the German government. The decision to make India as the partner country is also because it’s an interesting, growing key market for the industries as well as the good relations that exists between German and Indian enterprises. 
 
The decision of choosing India as a partner country also comes from the positive experience that we had when India was the partner country at Hannover Messe 2006. Besides, we also look for political stability, which was a little bit of challenge last year as we knew there could be a change in the government. So, all the discussions happened under the umbrella of the former government. But the new government too was very open and quick to accept. 
 We also know the associations in India very well such as Engineering Export Promotion Council India (<keyword id="219563" type="ORGANIZATION" weightage="20" keywordseo="EEPC">EEPC</keyword>), Confederation of Indian Industry (<keyword id="6358345" type="ORGANIZATION" weightage="20" keywordseo="CII">CII</keyword>) and Indian Brand Equity Foundation (<keyword id="2535642" type="ORGANIZATION" weightage="20" keywordseo="IBEF">IBEF</keyword>) among others. Besides, we have a large number of exhibitors from India who are very experienced in export business. So, all these factors together brought us to India. 
 
India has been participating in the fair for a long time now. So how different is it going to be for Indian exhibitors this time especially since India is the partner country? 
 
Normally, the Indian companies come here as individual exhibitors. They have to bring a lot of things on their own. But since India is the partner country, all exhibitors from India will get full support from the government as it is strategic project under the umbrella of the Prime Minister and the Ministry of Commerce and Industries. Normally, there are only a couple of pavilions but this time, they will have nearly 10 pavilions where the government associations will offer support to the companies in terms of training, preparations among others. Besides, there will be conferences, wherein they can learn as well as get to network with exhibitors from other countries. 
 
India does not have a matured manufacturing sector. How do you think this fair will benefit the manufacturing sector? And what do you think of India as the manufacturing hub and Narendra Modi’s ‘Make in India’ campaign? 
 
First of all, when an industrial company wants to export to another country, they have to look at the need of that industry. India is one of the developing countries in the world with a fast growing market. There are a lot of opportunities for foreign industrial companies to come to India to do business as well as make investments in the country. Of course, there should be a lot of emphasis on the manufacturing sector within the country to grow, to develop better and to do a lot of research work. Hannover Messe can help if they are coming to find new cooperations or partnerships. They can meet people from Germany, Europe, the US and other parts of the world and invite them to join forces in India to learn and develop. 
 
As far as Make in India campaign is concerned, I found the topic to be perfect. It is a very strong and clear message. This campaign covers all sides of business, which is export and import. The campaign clearly asks people to produce in India for exports as well as invest in India so that it can be made in India. The market is big and has a lot of potential. 
 
You have mentioned that there are a lot of opportunities of collaborations and co-operations in India. According to you, which are the sectors that can have strategic tie-ups between Indian and foreign players? 
 
My experience has always been that if there are challenges, then there are a lot of chances. If there are a lot of challenges, then there are many chances. And Prime Minister Modi has spoken about a lot of chances in the infrastructure sector. I believe, he totally understands the need to partner with other countries. For example, German railway company Deutsche Bahn AG has entered into partnership with the Indian railways to share and explore information on technology and business developments. Another sector is the energy. I believe there is a very interesting process in India, but there is a scope of cooperation in this sector as well. Again, the target of experienced firms is to work in such countries. 
 
Another area where I can see a possibility of cooperation is water and waste management. The new Indian government is keen on cleaning river Ganga and I believe it is a great area where associations can be made in terms of technology solutions, which is required to carry out the work. 
 
Also, skill development and education offer great opportunities to foreign companies for investments. India is young country with largely young population. Millions of these young people want to learn and become more international in their education and skills. Universities can come in and work together to impart the required education as well as skills. 
 
What according to you are the sectors in engineering products where India can learn from Germany and vice-versa? 
 
I think one sector in the industry regarding the industrial automation is energy efficiency. We are very limited in energy. We do not have our own oil and have very limited gas. So, to grow and be successful, Germany has to be successful in energy efficiency research work. I see a potential here for a partnership with India in the field of research and development. India can use our research to produce more efficiently, as well as competitively, in the market. 
 
And in the other way round, India has several young, intelligent and highly educated engineers, whom we have already invited to come to Germany and participate in government programmes. I believe Germany can mutually take the expertise and intelligence of these young engineers. Also, India has a stronghold in the IT sector, which I think Germany can learn from. 
 
Lastly, what kind of participation do you expect from India at the fair? Also, kindly tell us about your expectations from the fair? 
 
Of course, we are expecting a lot of more visitors from Indian delegation this time. Also, there is a huge programme by the government to support the exhibitors. Besides, everyone has this project on their mind so that ways we expect to see a enormous participation from India. 
 
We are closely working together with the Indian embassy in Berlin as well as the German embassy in New Delhi. Also, the Indo-German Chamber of Commerce is also involved with us. Our goal is to find out where our respective companies can tie up. In the next couple of months, along with the EEPC, we are planning road show to promote our goals. The German embassy will be involved and will be participating in the show. 
 
Finally, we are expecting institutions and companies to sign Memorandum of Understanding (MoU) for collaborations at the fair. Last year, there were about 122 exhibitors and close to 3,000 visitors from India.

Make In
India Is A Very Strong And Clear Message To The World: Marco Siebert

<ul class="summary-list"><li>An old aircraft bomb exploded at a train station in Munich, Germany, on Wednesday. </li><li>Three people were injured in the incident.</li></ul>Three people were injured after an old aircraft bomb exploded at a train station in Munich, Germany, on Wednesday, local police said.The explosion happened during construction work near the Donnersbergerbrücke S-Bahn station, the Munich police said.One of the three injured people was seriously injured in the incident, the Munich fire department <a href="https://twitter.com/BFMuenchen/status/1466026186006540294">said</a>.Rail travel to and from the train station was temporarily suspended, but had resumed at 2:30 pm local time, <a href="https://twitter.com/DB_Info/status/1466037647852322823">Deutsche Bahn tweeted.</a><a href="https://www.bild.de/regional/muenchen/muenchen-aktuell/donnersberger-bruecke-zwei-verletzte-nach-verpuffung-in-muenchen-78408612.bild.html">Bild</a>, <a href="https://www.augsburger-allgemeine.de/bayern/Donnersbergerbruecke-Fliegerbombe-explodiert-an-S-Bahn-Station-in-Muenchen-Zugverkehr-eingeschraenkt-id61172901.html">Augsburger Allgemeine</a>, and <a href="https://www.sueddeutsche.de/muenchen/muenchen-donnersbergerbruecke-hauptbahnhof-fliegerbombe-1.5477637">Süddeutsche Zeitung</a> reported that the bomb was an aircraft bomb from <keyword id="11938566" type="UNKNOWN" weightage="60" keywordseo="world-war-ii" source="Orion">World War II</keyword>.More than 2,000 tonnes of live bombs and munitions are found every year in Germany, Reuters reported.

3 people injured after World War II aircraft bomb exploded at a Munich train station, reports say

<ul class="summary-list"><li>Lufthansa has canceled hundreds of Wednesday flights to and from Munich and Frankfurt.</li><li>Over 130,000 domestic, European, and intercontinental passengers will be impacted by the cancellations.</li></ul><a href="https://www.businessinsider.com/work-flight-attendant-lufthansa-collapse-travel-chaos-cancellation-delay-airport-2022-6?r=US&amp;IR=T">Lufthansa</a> has canceled almost all of its Wednesday flights from its hubs in Munich and Frankfurt — two of Germany's biggest airports — because of staff strikes.<a href="https://www.businessinsider.com/travel-chaos-lufthansa-airline-ground-staff-plans-strike-germany-airports-2022-7?r=US&amp;IR=T">Lufthansa ground crew who are members of the ver.di trade union are striking on Wednesday</a> in cities including Frankfurt, Munich, Berlin, Cologne, Dusseldorf, and Hamburg over pay and other benefits.Because of the strike, "there will be major restrictions in the Lufthansa flight schedule" that day, Germany's flag carrier <a href="https://www.lufthansa.com/xx/en/flight-information.html">said</a>.<div type="image" title="Screenshot of Lufthansa site showing flight cancellations" height="589" width="570" msid="93139796" hostid="261" sizebytes="10784"></div>Lufthansa confirmed to Insider that it had canceled 678 flights to and from Frankfurt and 345 to and from Munich across both Tuesday and Wednesday, impacting a total of around 134,000 passengers.The flights impacted include domestic and European routes, as well as intercontinental journeys to <a href="https://www.lufthansa.com/de/en/timetable-and-flight-status#/SEARCH_RESULTS_LIST">the US, Egypt, India, and Saudi Arabia</a>.A spokesperson told Insider that some further cancellations and delays on Thursday and Friday were still possible.Lufthansa said that it would try to offer alternative routes for passengers whose flights have been canceled.Customers affected by cancellations shouldn't travel to airports to inquire about alternatives as "only a few or no service counters are open at the airports due to the strike and you will probably not be offered an immediate alternative there either," Lufthansa warned.The airline advised passengers whose international connecting flights from Frankfurt or Munich are canceled to rebook both parts of the journey for another day. Affected passengers should keep their receipts for alternative transport and hotel stays for compensation, the airline said."Should you still take your flight to Frankfurt or Munich without a confirmed alternative for the onward flight, there is a risk that you will not be able to continue your journey there for several hours or days," the airline said.Passengers whose domestic flights were canceled can convert them to train tickets with Deutsche Bahn — Germany's national rail provider — free of charge, Lufthansa said. The airline's <a href="https://www.lufthansa.com/de/en/timetable-and-flight-status#/SEARCH_RESULTS_LIST">flight-status tracker</a> now lists dozens of train journeys.Ver.di <a href="https://readyfor.verdi.de/++co++a958a890-09d1-11ed-8d59-001a4a160129">said</a> that the airline laid off too many staff during the pandemic, causing a shortage of workers. The union <a href="https://www.verdi.de/presse/pressemitteilungen/++co++f690399c-f203-11ec-a3e7-001a4a16012a">wants</a> a salary increase of 9.5%, or at least 350 euros ($355) a month, as well as a minimum hourly wage of 13 euros ($13.20). In mid-July, it <a href="https://www.verdi.de/presse/pressemitteilungen/++co++c7fff666-034d-11ed-a3cd-001a4a16012a">rejected</a> an offer by Lufthansa for a three-stage increase in pay.Michael Niggemann, Chief Human Resources Officer and Labor Director for Lufthansa said in a statement that the strikes were "causing enormous damage," and "putting an additional heavy strain on our employees in an already difficult phase for air traffic."The strikes at Lufthansa come amid <a href="https://www.businessinsider.com/american-airlines-lost-luggage-heathrow-stranger-texted-passenger-airport-bag-2022-7">mounting travel chaos worldwide</a>. A combination of understaffing and soaring demand for travel means that airlines and airports are delaying and canceling thousands of flights, <a href="https://www.businessinsider.com/british-airways-passenger-no-hold-luggage-suitcase-flight-heathrow-plane-2022-7?r=US&amp;IR=T">losing luggage</a>, and <a href="https://www.businessinsider.com/lobby-shock-may-surprise-airline-passengers-this-summer-2022-7?r=US&amp;IR=T">facing huge lines for check-in and security</a>.In June, <a href="https://www.businessinsider.com/lufthansa-cancels-flights-labor-staff-shortage-airline-germany-transport-europe-2022-6?r=US&amp;IR=T">the airline announced that it was canceling around 900 weekend flights</a> scheduled to depart from its hubs in Frankfurt and Munich in July — around 5% of its average weekend schedule. Eurowings, Lufthansa Group's budget airline brand, also took "several hundred flights" out of the system for July.

Lufthansa canceled almost all its flights from 2 of Germany's biggest airports for a day as strikes deepen Europe's airline chaos

Berlin, Jul 15 (AP) Germany's national railway operator is ordering 30 new high-speed trains from industrial conglomerate Siemens for some 1 billion euros ($1.1 billion). State-owned Deutsche Bahn said Wednesday that the new ICE trains will go into service from 2022, initially between the populous western North Rhine-Westphalia region and Munich. The company said the order means that its long-distance fleet will expand by 20% in the coming years. It also has an option to buy 60 more high-speed trains. "Even though demand declined strongly because of the coronavirus pandemic, in the longer term everything speaks for climate-friendly railways," Deutsche Bahn CEO Richard Lutz said in a statement. "So we are staying on a course of growth and investment." Deutsche Bahn cut long-distance ticket prices at the beginning of this year when the German government reduced value-added tax on train tickets as part of a package of measures aimed at combating climate change. The government cut all VAT rates on July 1 for six months as part of a stimulus package to boost the economy after the coronavirus shutdown, which resulted in another reduction in ticket prices.(AP) RUP RUP

German railway orders 30 high-speed trains for $1.1 billion

The Baden start-up Volocopter is one of those companies that top politicians like Dorothee Bär repeatedly praise as a great hope for Germany as a technology location.The start-up is considered a prime example of so-called "moonshot" ideas that address seemingly insoluble problems. "From the very beginning, our great vision was that everyone should be able to fly," is the motto <a href="https://www.businessinsider.de/tech/der-deutsche-elon-musk-macht-elektrische-lufttaxis-2018-2/">of Volocopter founder Alexander Zosel.</a> And in a climate-neutral way.The company from Bruchsal in Baden, founded in 2011, has now come a step closer to this vision.On Wednesday, Volocopter announced that it would start commercial scheduled flights in the Asian city-state of Singapore over the next three years. The plan is to start with a tourist route along the skyline of the port.Later, commuter connections, such as neighboring economic centers, are to be added. If the plan works out, Singapore would be the first metropolis in the world where electric air taxi services in public transport are about to be introduced.<h2>Use in local traffic</h2>By 2026, the startup says it plans to hire a total of 200 employees, including pilots, engineers, and operations managers to build a route network on site. Volocopter CEO Florian Reuter explained the fact that Singapore - and not a German metropolis - had been chosen as the location of choice by citing the regulatory environment."The city's research institutes play an essential role in this respect. Topics such as route validation for autonomous operation, materials science and research on battery technology are very important for our long-term business success," Reuter said.<h2>Permission not yet certain</h2>The company still needs approval from the civil aviation authority in Singapore and the European Union Aviation Safety Agency (EASA). Since the two authorities have recently concluded a working agreement, the company is optimistic that the permit will be in place within three years. In an earlier announcement, Volocopter had even brought 2021 into play as the launch date - but later rejected that.For industry insiders, the debut in Singapore is hardly a surprise, since the city-state is considered much more aggressive when it comes to implementing new mobility concepts due to its traffic density.Volocopter already has good contacts there. In 2019, the company completed the first manned flight of a passenger drone in urban areas. Around the same time, it opened an office there and inaugurated its first air cab station.<h2>Range of 35 kilometers</h2>At the center of the plans is <a href="https://www.businessinsider.de/gruenderszene/automotive-mobility/volocopter-flugtaxi-stadt-volocity/">the Volocity air cab model</a>, which, unlike its three predecessor models, is intended for series production. It is to have a range of 35 kilometers and an airspeed of up to 110 kilometers per hour and offer space for two people and hand luggage.In recent years, the startup has <a href="https://www.businessinsider.de/gruenderszene/automotive-mobility/db-schenker-volocopter-series-c/">attracted renowned investors</a> for the development, including Deutsche Bahn, Daimler and the Chinese car manufacturer Geely.With its "moonshot" idea, the start-up is not alone. Several companies worldwide, including Lilium GmbH in Weßling near Munich and the aircraft manufacturer Airbus, are working on the development of such passenger drones.The German competitor Lilium also had news on Wednesday. The company announced that it would train the pilots for its electric vertical take-off aircraft in cooperation with Lufthansa. A job that promises little future: in the long term, the air cabs are to fly autonomously.

Volocopter announces first scheduled air cab flights in Singapore

<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div><ul class="summary-list"><li>Six people were killed in a train crash in Denmark on Wednesday, caused by debris that fell from a freight train.</li><li>The crash occurred on the Great Belt Bridge, which connects Denmark's two biggest islands.</li><li>Officials confirmed that the debris came from a freight train, which was carrying trucks loaded with Carlsberg beer.</li><li>Police have said they do not know exactly what the debris was, and are still investigating exactly what happened.</li></ul>Six people were killed dead and 16 more injured in a train crash on Wednesday morning in Denmark, caused by debris that fell from a freight train carrying Carlsberg beer.The train, operated by Danish state railway firm DSB, had 131 people on board. It came to a sharp stop on the Great Belt Bridge, which connected Denmark's two biggest islands, Zealand and Funen, officials said.According to the Reuters news agency, it was hit by debris from a passing freight train on the bridge that connects the country's two biggest islands, Zealand and Funen, officials said, according to Reuters.<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>A Carlsberg spokesperson <a href="https://edition.cnn.com/2019/01/02/europe/denmark-train-crash-intl/index.html">confirmed to CNN</a> that the freight train was carrying beer for the company. Police have said they do not know exactly what the debris was.Banedanmark, the company which controls the rail network, said that something like a tarpaulin may have fallen from the train.Photos from the scene show a train carrying Carlsberg, which has its headquarters in Copenhagen, the Danish capital.Funen chief of police Lars Bræmhøj told a news conference that police "still do not know exactly what happened," CNN reported.He said the police knew that goods came off the freight train which the passenger then hit, and promised a "thorough" investigation to find out more.Police have not named any of the deceased. They said none of the injuries sustained by the other passengers are life-threatening.<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>The freight train was run by Deutsche Bahn Cargo Scandinavia, Carlsberg spokesman Kasper Elbjorn told CNN.Jan Wildau, of Deutsche Bahn Cargo Scandinavia, said he was unable to say exactly what happened. "We drive beer daily between Fredericia and the capital," he said. "We have never had anything like this happen before."Emergency services struggled to reach the crash site due to bad weather, Reuters reported.Around 21,000 train passengers and more than 27,000 vehicles cross the bridge, called the Great Belt Bridge, every day.<div></div> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/gumball-3000-rally-josh-cartu-win-ferrari-2018-12">What it's like to win the Gumball 3000 where drivers party until 2 am every night and drive 3,000 miles in 7 days</a></h3> <div> </div> </div>

6 people died in a train crash in Denmark caused by debris from a freight train full of beer

Pablo Blazquez Dominguez/Getty Images<ul><li>The crypto whiz kid who bailed on a $4.6 million lunch with Warren Buffett has pledged $1 million in support of Greta Thunberg's campaign against climate change.</li><li>Tron and BitTorrent CEO Justin Sun said he was inspired by the 16-year-old activist's efforts to sound the alarm on rising global temperatures.</li><li>"As a young entrepreneur, I share @GretaThunberg's passion to change the world," <a href="https://twitter.com/justinsuntron/status/1207162739149262848">he tweeted</a>. "I would like to personally commit USD$1 Mil to @GretaThunberg's initiative."</li><li><a href="https://www.businessinsider.com/?IR=C">View Business Insider's homepage for more stories</a>.</li></ul>The crypto whiz kid who bailed on a $4.6 million lunch with Warren Buffett has pledged $1 million in support of Greta Thunberg's campaign against climate change.Tron and BitTorrent CEO Justin Sun - who postponed <a href="https://markets.businessinsider.com/currencies/news/warren-buffett-justin-sun-timeline-crypto-lunch-china-donald-trump-2019-9-1028522523">three days before his charity meal</a> with the famed investor, sparking conspiracies he was in trouble with the Chinese government - said he was inspired by the 16-year-old activist's efforts to sound the alarm on rising global temperatures."As a young entrepreneur, I share @GretaThunberg's passion to change the world," <a href="https://twitter.com/justinsuntron/status/1207162739149262848">he tweeted</a>. "Crypto will contribute immensely on reducing carbon footprint by implementing decentralized settlement. I would like to personally commit USD$1 Mil to @GretaThunberg's initiative."Sun added the hashtag "#cop25," referring to the 25th Conference of the Parties, <a href="https://www.businessinsider.com/united-nations-cop25-climate-conference-in-madrid-by-the-numbers-2019-12?r=US&amp;IR=T">a UN climate-change summit</a> that Thunberg attended earlier this month.His pledge might be timed to piggyback on Thunberg's intense media coverage this month. Tron didn't immediately respond to a request for comment.Thunberg <a href="https://www.businessinsider.com/greta-thunberg-apologizes-for-against-the-wall-comment-2019-12?r=US&amp;IR=T">apologized</a> after calling for politicians to be put "against the wall," explaining that she meant they should face tough questions, not be hurt. She <a href="https://www.businessinsider.com/greta-thunberg-claps-back-at-german-railway-over-tweet-2019-12?r=US&amp;IR=T">quarreled with Deutsche Bahn</a> after the rail group accused her of staging <a href="https://twitter.com/GretaThunberg/status/1205969006982815751?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1205969006982815751&amp;ref_url=https%3A%2F%2Fwww.insider.com%2Fgreta-thunberg-claps-back-at-german-railway-over-tweet-2019-12">a photo of herself</a> sitting on the floor of one of its trains during her trip home to Sweden.Moreover, after Time chose Thunberg as its 2019 Person of the Year, Donald Trump <a href="https://twitter.com/realDonaldTrump/status/1205100602025545730?s=20">tweeted</a> that she should work on her "Anger Management problem" and "chill." Thunberg <a href="https://www.businessinsider.com/greta-thunberg-donald-trump-twitter-bio-person-of-the-year-2019-12?r=US&amp;IR=T">clapped back at the president</a> by updating her Twitter bio with his suggestions.Sun <a href="https://markets.businessinsider.com/currencies/news/warren-buffett-lunch-justin-sun-invited-trump-binance-litecoin-execs-2019-9-1028506590">invited Trump and several blockchain bosses</a> to attend his lunch with Buffett, where he planned to convert Berkshire Hathaway's billionaire boss, a cryptocurrency skeptic, into a true believer. The president hasn't yet responded.<a href="https://www.businessinsider.com/intelligence/10-up-and-coming-fintechs-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=finance&amp;itm_campaign=10-up-and-coming-fintechs-2019-2"></a> <h3>NOW WATCH: <a href="https://www.businessinsider.com/bill-gates-warren-buffett-billionaires-donate-money-2017-10">On Giving Tuesday, see how Bill Gates and Warren Buffett are changing the world like no other humans in history</a></h3>

The crypto whiz kid who bailed on a $4.6 million lunch with Warren Buffett pledged $1 million to support Greta Thunberg

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="http://commons.wikimedia.org/wiki/File:12-07-12-wikimania-wdc-by-RalfR-010.jpg">Wikimedia Commons</a></div></div></div><ul><li>Last year's WannaCry cyber attack hit 200,000 victims from over 150 countries.</li><li>The ransomware showed cyber attacks don't merely stay in the virtual world but can have real, and potentially devastating consequences in the physical world.</li><li>Experts say attacks could easily target critical infrastructure, even take over trains in a railway system.</li><li>It's more important than ever to protect the physical, not just virtual, parts of railway systems.</li></ul>In early May of last year, the world was rocked by the <a href="http://www.thisisinsider.com/everything-you-need-to-know-about-the-wannacry-ransomware-attack-2017-5">WannaCry</a> cyber attack, which affected more than 200,000 victims and spread to over 150 countries. Computers had essentially been taken hostage by ransomware, and users were asked to pay up in the form of bitcoin.Law enforcement agencies, health services, telecommunication networks, universities, businesses, and railway systems were all affected by the attack. Estimates of the total damage ranged from hundreds of millions to billions of dollars. While a fluke in the coding allowed the attack to be stopped in a matter of days, the ordeal was a prescient reminder that cyber attacks don't merely stay in the virtual world - they can have real, and potentially devastating consequences in the physical world.Particularly when hackers begin targeting vital systems."The next kind of attacks we will see will target critical infrastructure in the form of electrical networks, water companies, and other transportation systems," Amir Levintal, former director of the Israel <keyword id="6354810" type="UNKNOWN" weightage="60" keywordseo="defense">Defense</keyword> Forces' cyber research and development unit and CEO of cybersecurity firm <a href="https://cylus-security.com/">Cylus</a>, told Business Insider.But railway networks are particularly at risk because rail companies often operate with modern technological components but archaic physical components. That disconnect, Levintal said, leaves their systems vulnerable to hacking.Modern command centers use wireless connections to control activities, like monitoring train speeds or regulating traffic signals. It's these types of wireless signals can expose a network's vulnerabilities and leave the infrastructure wide open for attack. "Some train networks use Wi-Fi connections to control critical components of the train, like brakes and doors. Attackers can find ways to access the wireless network to send commands to those components and change the behavior of the train," Levintal said."Once attackers succeed in breaching a network to gather information, they can attack the physical elements of the network," he said.Hackers, Levintal said, "might change the controls on the train or could even access commands in order to derail the train. These kinds of attacks are probable, and once a system is breached it's just a matter of deciding what commands a malicious actor wants to send." The scenario isn't that far-fetched. In the WannaCry attacks, Germany's rail network, <a href="https://www.telegraph.co.uk/news/2017/05/13/cyber-attack-hits-german-train-stations-hackers-target-deutsche/">Deutsche Bahn</a>, was incapacitated by its ticketing and information systems going down.<h2>Complex systems have made it easier than ever</h2><div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="http://www.flickr.com/photos/35034362831@N01/1465289559/">joi / Flickr</a></div></div></div>Yet hackers don't need to rely on obvious flaws within a major railway system."Attackers can find one company that is not secure, access its tools and software, and find similarities in other components in other countries and companies, allowing them to attack more 'secure' companies," Levintal said.The key to preventing future attacks, Levintal said, is protecting the physical components."We must converge old and new technologies and close a complicated security gap," Levintal said."We can no longer think that attacks like these won't happen in the future. Rail networks are huge, complex and connected. It's easier than ever to find ways to get into the systems." <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/jeff-bezos-interview-axel-springer-ceo-amazon-trump-blue-origin-family-regulation-washington-post-2018-4">Jeff Bezos reveals what it's like to build an empire and become the richest man in the world - and why he's willing to spend $1 billion a year to fund the most important mission of his life</a></h3> <div> </div> </div>

Railway systems could be hackers' next big target - and derailing trains wouldn't be that hard

<div class="KonaFilter image-container display-table float_right"><div><div class="image">Christian Hartmann/Reuters</div></div></div>Queen Elizabeth gamely saluted "la combinaison de l'élan français et du pragmatisme britannique". 
President François Mitterand countered with a courteous nod to Britain's help in two world wars. 
A centuries-old dream of connecting Britain to France was formally realised on May 6th 1994 with the opening of Eurotunnel under the English Channel, la Manche.
But the project, so inspiring on the drawing board, was a nightmare on (and under) the ground. It cost twice as much to build as budgeted.
Even 20 years on, only half as many people use it as were expected to. A first dividend to shareholders, promised in 1995, was paid in 2009. By that point the 750,000 investors, mainly French, who poured their savings into shares had seen most of them vanish in the restructuring of Eurotunnel's unpayable debt in 2007.
Slowly, however, Eurotunnel is coming good. As Britain's economy grows, it is pulling the company up. In 2013, 20.4m people used the tunnel, either in their own vehicles aboard the tunnel shuttle or as passengers on Eurostar's high-speed trains.
The year before it was 19.9m. Rail freight increased, too. Revenues in 2013, at EUR1.1 billion ($1.5 billion), were 12% higher than in 2012. Next year Eurotunnel, which is headquartered in Paris, may begin to pay French corporate-profits taxes.
Even now, the tunnel is operating at only a bit over half of its capacity. But the next two decades are likely to transform it from a useful bilateral link into a thoroughfare through which the rest of Europe can travel. The reason is more competition.
The European Commission is keen to open rail infrastructure to train operators from all member states. That is already happening in freight, with companies from various countries running trains through the tunnel. Eurotunnel is cutting its freight charges from June after the commission threatened to go to court, so volumes should increase.
But passenger travel has been reserved for the high-speed trains operated by Eurostar, which is 55% owned by France's state rail operator, SNCF. Britain owns 40% (though the government is thinking of selling) and Belgium has 5%. That monopoly is about to end.
Deutsche Bahn, the German rail company and SNCF's great rival, has been agitating for years to run its trains through the tunnel, connecting London with Germany and the Netherlands. In June 2013, after serious nudging from the commission, Britain and France, which formally supervise Eurotunnel, said it could.
Delays in getting new rolling stock from Siemens have pushed back the date of Deutsche Bahn's likely tunnel debut. Eurostar itself is not standing still. It has tested connecting London with Lyon and the south of France and announced plans to extend the network to Marseille and Amsterdam. Other countries' operators will soon join in.
Dieter Helm of Oxford University says it is time to scrap Eurostar's monopoly. The important thing with infrastructure, he thinks, is to keep tracks, networks, pipelines and so on separate from the stuff that goes through them to allow competition to lower prices and improve service.
As Eurotunnel opens up to new operators, he says, "over the next 20-30 years it only needs a little imagination to think you will be able to get on a train in any city in Europe and go to any other city." Imagination, and a big whack of investment.
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