Six months after the war in the Gulf first shut the world's busiest oil corridor, the strait is still only half-open, insurance markets are still repricing risk by the hour, and the cost is still moving through the global economy — all the way down to the price on a café menu board. This is what second-order risk looks like when it stops being theoretical. The next time you buy a flat white on the way to work, consider this: one of the biggest risks to its price has not been

When Indonesian aquaculture start-up eFishery collapsed into fraud, criminal charges and a fire-sale liquidation, it wiped out roughly US$300 million in investor capital. It punctured a decade-old myth: that a strong balance sheet, a Big Four auditor's signature and blue-chip co-investors were proof enough that a company was what it claimed to be. Founder Gibran Huzaifah's nine-year prison sentence for embezzlement and money laundering closed one chapter. The more uncomfortab