CL Kee Wah has sold moon cakes in the same red tins since 1938, and this morning the Privacy Commissioner wants to know how many of those loyal customers had their details copied before anyone noticed the ransomware. The breach falls on a week Five Eyes told boards directly that frontier AI is now criminals' first tool. For a heritage bakery, the gap between IT budget and that threat is real and growing.-- CL

MB Britain is on its seventh Prime Minister in a decade and the institutional response has been to call it a transition, which is one way to describe a system that has run out of road but not out of language. Elsewhere the Strait of Hormuz is closed again, or claimed to be, which markets are treating as a negotiating posture rather than a blockade. They may be right.-- MB