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Oct 04, 2017 07:51 AM IST IST | Source: Moneycontrol.com
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highlights
Yahoo said all 3 billion of its accounts were hacked in a 2013 data theft, tripling its earlier estimate of the size of the largest breach in history, in a disclosure that attorneys said sharply increased the legal exposure of its new owner, Verizon Communications, reports Reuters. The company, the early face of the internet for many in the world, already faced at least 41 consumer class-action lawsuits in US federal and state courts. The company said the investigation indicated that the stolen information did not include passwords in clear text, payment card data, or bank account information.
President Donald Trump’s tax reform plan came under new criticism on Tuesday from two towering Wall Street figures, including billionaire investor Warren Buffett, who called into question a Republican drive to slash the US corporate rate, reports Reuters. With the White House and top Republicans in Congress already on the defensive over claims the plan would not cut taxes for many middle-class Americans, Buffett and BlackRock Chief Executive Larry Fink suggested in separate interviews that the corporate rate may not have to be cut as deeply as proposed.
“We have a lot of businesses... I don’t think any of them are non-competitive in the world because of the corporate tax rate,” Buffett, the chairman and CEO of Berkshire Hathaway, said. Fink said a corporate rate as high as 27% could satisfy US businesses’ need for tax relief, while avoiding an increase in the federal deficit. “What is being proposed is a pretty large expansion of our deficits,” Fink said.
Yahoo said all 3 billion of its accounts were hacked in a 2013 data theft, tripling its earlier estimate of the size of the largest breach in history, in a disclosure that attorneys said sharply increased the legal exposure of its new owner, Verizon Communications, reports Reuters. The company, the early face of the internet for many in the world, already faced at least 41 consumer class-action lawsuits in US federal and state courts. The company said the investigation indicated that the stolen information did not include passwords in clear text, payment card data, or bank account information.
Good Morning Moneycontrol users. This blog will keep track of key global and local developments impacting business and markets through the day. Important local and global political developments will also find resonance here.
The government has cut basic excise on petrol and diesel by Rs 2 per litre, effective today. The Finance Ministry said the cut will result in a loss of Rs 13,000 crore this fiscal.
In the world of commodities, crude oil prices dipped as speculators took profits for a second day after big third-quarter gains, but prospects for reducing the global crude glut lent support. Meanwhile the American Petroleum Institute reported that US crude supplies fell for a second week in a row, by 4.1 million barrels for the week ended September 29. From the precious metals space, gold rebounded from a seven-week low as the dollar came off its highs.
A coalition of 40 Catholic institutions on Tuesday announced a decision to pull their money from — or block future investment in — fossil fuels, reports CNBC. The Global Catholic Climate Movement called it the biggest collective announcement of divestment by Catholic organisations ever. The group comes from all over the world — they include financial institutions such as Germany's Bank für Kirche und Caritas eG, and the Episcopal Conference of Belgium, which is the policy arm of the Catholic church in that country. Groups from the UK, the United States, Australia and Italy were also among those divesting.
Uber said on Tuesday that it will accept an investment from Japanese tech investor SoftBank, joining a growing portfolio of US technology investments made by intrepid mogul Masayoshi Son, reports CNBC. The investment will be between USD 1 billion and USD 1.25 billion at the company's last reported valuation of USD 69 billion. An investment in Uber would double up with SoftBank CEO Masayoshi Son's investment in Didi Chuxing, which co-owns Uber's China operations. Son has also invested in Grab, a ride-hailing company in Southeast Asia and Ola, an India ride-hailing giant.
Japan’s services sector expanded in September at the slowest rate in 11 months as the pace of new orders eased, though a raft of other data suggest the economic recovery remains intact even as momentum may have ebbed slightly in the third quarter, reports Reuters. The Markit/Nikkei survey released on Wednesday showed its Japan Services Purchasing Managers Index (PMI) fell to a seasonally adjusted 51.0 from 51.6 in August.
Japanese shares climbed on Wednesday led by auto stocks as US demand for cars ballooned following damage from recent hurricanes, while the dollar traded cautiously amid speculation over the next head of the Federal Reserve. Across Asia this week, trade has been generally subdued and volumes thin with China and South Korea closed for week-long holidays and analysts cautioning against reading too much into index moves. Japan's Nikkei climbed to the highest since August 2015 to 20,669.86 points, aided by strong gains in Toyota Motor and Mazda Motor Corp. The SGX Nifty is trading flat up 17 points.
President Donald Trump’s tax reform plan came under new criticism on Tuesday from two towering Wall Street figures, including billionaire investor Warren Buffett, who called into question a Republican drive to slash the US corporate rate, reports Reuters. With the White House and top Republicans in Congress already on the defensive over claims the plan would not cut taxes for many middle-class Americans, Buffett and BlackRock Chief Executive Larry Fink suggested in separate interviews that the corporate rate may not have to be cut as deeply as proposed.
“We have a lot of businesses... I don’t think any of them are non-competitive in the world because of the corporate tax rate,” Buffett, the chairman and CEO of Berkshire Hathaway, said. Fink said a corporate rate as high as 27% could satisfy US businesses’ need for tax relief, while avoiding an increase in the federal deficit. “What is being proposed is a pretty large expansion of our deficits,” Fink said.
The three major US stock indexes and the Russell 2000 posted record high closes for the second straight day on Tuesday, helped by gains in airlines and as carmakers rose after strong September vehicle sales. The Dow Jones Industrial Average rose 84.07 points, or 0.37%, to close at 22,641.67, the S&P 500 gained 5.46 points, or 0.22%, to 2,534.58 and the Nasdaq Composite added 15.00 points, or 0.23%, to 6,531.71.