2016 September

Yahoo hack may become test case for SEC data breach disclosure rules

September 30, 2016 By admin

By Dustin Volz WASHINGTON (Reuters) – Yahoo's disclosure that hackers stole user data from at least 500 million accounts in 2014 has highlighted shortcomings in U.S. rules on when cyber attacks must be revealed and their enforcement. Democratic Senator Mark Warner this week asked the U.S. Securities and Exchange Commission to investigate whether Yahoo and its senior executives properly disclosed the attack, which Yahoo blamed on Sept. 22 on a “state-sponsored actor.” The Yahoo hack could become a test case of the SEC's guidelines, said Jacob Olcott, former Senate Commerce Committee counsel who helped develop them, due to the size of the breach, intense public scrutiny and uncertainty over the timing of Yahoo's discovery.

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Yahoo hack may become test case for SEC data breach disclosure rules

Filed Under: Latest News Tagged With: angeles, beverly-center, commerce, from-at-least, hackers-stole, helped-develop, intense-public, senator, showed-signs

Wall Street rallies, led by Deutsche Bank, financials

September 30, 2016 By admin

By Lewis Krauskopf NEW YORK (Reuters) – Wall Street rallied on Friday, lifted by a surge in Deutsche Bank shares and financial stocks after concerns eased about the health of the German bank. Deutsche Bank's U.S.-listed shares jumped 14 percent a day after sinking to a record low. French news agency AFP reported that Deutsche Bank was nearing a $5.4 billion settlement with U.S. officials over charges related to selling toxic mortgage bonds.

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Wall Street rallies, led by Deutsche Bank, financials

Filed Under: Latest News Tagged With: after-concerns, charges-related, deutsche, deutsche-bank, floor, german, health, lewis-krauskopf, nyse, officials-over, selling-toxic, shares-jumped, street, york

Wells Fargo chief Stumpf heads to Hill with pressure mounting

September 29, 2016 By admin

Wells Fargo & Co's Chief Executive John Stumpf returns to Capitol Hill on Thursday with his job still under threat and the bank facing rising political pressure over a sales scandal that has become a major issue in Washington and on Wall Street. The bank's move earlier this week to claw back $41 million in stock awarded to Stumpf, an unprecedented rebuke for a major U.S. bank CEO, is unlikely to silence calls for him to resign over revelations Wells Fargo's branch staff opened as many as two million unauthorized credit card and deposit accounts to meet sales quotas. California, Wells Fargo's home state, suspended business relationships with the bank for a year on Wednesday and said it would work with the state's two giant public pension funds to change the management structure at the bank, including separating the roles of CEO and chairman.

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Wells Fargo chief Stumpf heads to Hill with pressure mounting

Filed Under: Latest News Tagged With: bank, capitol, chicago-federal, chief-executive, committee, fargo, federal, immediate-hike, senate-banking, stance-on-arch, strong-enough, stumpf, tokyo, wells-fargo

Wall Street rises in wake of first presidential face-off

September 27, 2016 By publisher

Amazon.com increased 1.98 percent and the consumer discretionary index gained 0.93 percent higher after a report showed that the consumer confidence index for September rose to its highest level in nine years. Following the first of three presidential debates on Monday, Trump vowed to hit Clinton harder after she put him on the defensive. “From a market perspective, rightly or wrongly, there is an understanding that Mrs Clinton would be a safe pair of hands, that there's very little uncertainty there,” said Brad McMillan chief investment officer for Commonwealth Financial in Waltham, Massachusetts.

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Wall Street rises in wake of first presidential face-off

Filed Under: Latest News Tagged With: clinton, commonwealth, consumer, defensive, floor, increased-1-98, nyse, the-consumer, very-little

WTO cuts 2016 world trade growth forecast to 1.7 percent, cites wake-up call

September 27, 2016 By admin

The World Trade Organization cut its forecast for global trade growth this year by more than a third on Tuesday, reflecting a slowdown in China and falling levels of imports into the United States. The new figure of 1.7 percent, down from the WTO's previous estimate of 2.8 percent in April, marked the first time in 15 years that international commerce was expected to lag the growth of the world economy, the trade body said. The figures should be a wake-up call for governments, WTO Director-General Roberto Azevedo said in the six-monthly trade outlook report.

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WTO cuts 2016 world trade growth forecast to 1.7 percent, cites wake-up call

Filed Under: Latest News Tagged With: china, debate-between, prices-fell, the-six-monthly, trade-zone, water-port, world-trade, yangshan

Yahoo says hackers stole data from 500 million accounts in 2014

September 22, 2016 By publisher

The attack on Yahoo was unprecedented in size, more than triple other large attacks on sites such as eBay Inc , and it comes to light at a difficult time for Yahoo. Chief Executive Officer Marissa Mayer is under pressure to shore up the flagging fortunes of the site founded in 1994, and the company in July agreed to a $4.83 billion cash sale of its internet business to Verizon Communications Inc . “This is the biggest data breach ever,” said well-known cryptologist Bruce Schneier, adding that the impact on Yahoo and its users remained unclear because many questions remain, including the identity of the state-sponsored hackers behind it.

Filed Under: Latest News Tagged With: attack-on-yahoo, evanston, fargo, federal, hackers-behind, large-attacks, new-account, seen-on-top, the-building

Wall Street rallies as Fed holds fire on rates

September 21, 2016 By creative

NEW YORK (Reuters) – Wall Street racked up gains on Wednesday, and the Nasdaq closed at a record high, after the U.S. Federal Reserve kept interest rates unchanged, for now leaving intact the low-rate environment that has helped underpin the bull market.

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Wall Street rallies as Fed holds fire on rates

Filed Under: Latest News Tagged With: chair-yellen, federal-open, federal-reserve, helped-underpin, left-interest, nasdaq, nyse, rates-unchanged, record-high, street, the-bull, the-floor

Len Blavatnik the philanthropist

September 21, 2016 By admin

Written by Access Industries

Len Blavatnik is known for many things. The first and most recent is that he was named the 42nd richest man in the world by Business Insider magazine. His rise to fame and fortune started when he formed Access Industries back in 1986. He is also known for his turnaround of Lyondell Basell that made him billions. He then became a force in Hollywood with his 2011 purchase of Warner Music. Blavatnik U.S. Citizen was initially born in the Ukraine and went to University in Russia. What sets him apart of other billionaires are charitable deeds and contributions to science education.

Tel Aviv University
The Blavatnik Family Foundation has contributed 20 million dollars to the Blavatnik initiative of the university of Tel Aviv. This is a multi-year program focused on interdisciplinary scientific research student film production and faculty recruitment.

Harvard University
His foundation contributed 50 million dollars to Harvard University for early stage medical research. This will also provide support to graduate business students to pursue entrepreneurial projects related to the life sciences.

New York Academy of Sciences
Over the next ten years, the New York Academy of Sciences will get 30 million dollars for the establishment of the Blavatnik awards for young scientists. Scientists who are under the age of 42 will be eligible to win the 250,000 dollar prize.

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These are just a few of many contributions that the Blavatnik billionaire‘s Access Industries and Blavatnik Foundation has made to the world.

Filed Under: Hardware, Industrial, Manufacturing

Wells Fargo CEO to take ‘full responsibility’ in Senate hearing: NY Times

September 20, 2016 By admin

Stumpf will strike a contrite tone in a testimony over the fake accounts at a Senate Banking Committee hearing on Tuesday morning, the New York Times said, citing a copy of his prepared remarks. “We never directed nor wanted our employees, whom we refer to as team members, to provide products and services to customers they did not want or need,” the Times quoted Stumpf as saying.

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Wells Fargo CEO to take ‘full responsibility’ in Senate hearing: NY Times

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Wells Fargo faces proposed class action over bogus accounts

September 16, 2016 By admin

Wells Fargo & Co, embroiled in a scandal over the opening of sham accounts, was sued on Friday by customers who accused the bank of fraud and recklessness for its behavior. The lawsuit was filed in the U.S. District Court in Utah, and seeks class-action status on behalf of hundreds of thousands of customers nationwide.

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Wells Fargo faces proposed class action over bogus accounts

Filed Under: Latest News Tagged With: economic, evanston, evanston-illinois, fargo, federal-reserve, floor, medical-center, opening, sham-accounts, steady-build-up, wells-fargo