Business

Hackers raid eBay in historic breach, access 145 million records

BOSTON (Reuters) – EBay Inc said that hackers raided its network three months ago, accessing some 145 million user records in what is poised to go down as one of the biggest data breaches in history, based on the number of accounts compromised. It advised customers to change their passwords immediately, saying they were among the pieces of data stolen by cyber criminals who carried out the attack between late February and early March. EBay spokeswoman Amanda […]

Credit Suisse escapes worst as it pleads guilty to U.S. charges

  (Reuters) – Credit Suisse on Monday became the largest bank in 20 years to plead guilty to a U.S. criminal charge, and will pay a $2.5 billion fine to authorities for helping Americans evade taxes, Attorney General Eric Holder said. But the Swiss bank escaped the worst for its business – its top management stayed in place, and the New York state bank regulator said it had decided not to revoke the bank’s license […]

AstraZeneca rejects Pfizer’s take-it-or-leave-it offer

(Reuters) – Britain’s AstraZeneca on Monday rejected a sweetened and “final” offer from Pfizer, undermining the U.S. drugmaker’s plan for a merger to create the world’s biggest pharmaceuticals group. The rebuff came nine hours after Pfizer said on Sunday it had raised its takeover offer to 55 pounds a share, or around 70 billion pounds ($118 billion) in total, and would walk away if AstraZeneca did not accept it. The rejection left some major shareholders fuming as […]

AT&T makes bet on video with $48.5 billion DirecTV bid

(Reuters) – AT&T Inc plans to pay $48.5 billion to buy DirecTV, in the latest sign that the wireless industry and the U.S. television market are set to converge as customers consume more video on their mobile devices. The deal, announced on Sunday, highlights AT&T’s pressing need for fresh avenues of growth beyond the maturing U.S. cellular business, which has become increasingly competitive. The combination with DirecTV, the No.1 U.S. satellite TV provider with 20 million customers, would […]

Japan March machinery orders soar, tax hike pain seen temporary

(Reuters) – The record 19.1 percent month-on-month rise in core orders, a leading indicator of capital spending in the coming six to nine months, blew past a 6.0 percent gain forecast by economists in a Reuters poll. Companies surveyed by the Cabinet Office forecast that core orders will rise 0.4 percent in April-June from the previous quarter, which would mark the fifth straight quarter of gains. In January-March, core orders rose 4.2 percent, the data […]

Kingdom Tower will soon be the world’s tallest building

[youtube id=”UII3ALDrUYw”] The Kingdom Tower in Saudi Arabia, which will be the world’s tallest tower at 3,280 feet, is set for a December 2018 completion. Kingdom Tower will be 568 feet taller than Khalifa Tower, the current Guinness World Record holder in neighboring Dubai, once it is completed. Clem Orjaliza reports from the Middle East Bureau

GM to pay $35 million maximum penalty in U.S. transportation probe

(Reuters) – General Motors will pay a $35 million fine as part of the U.S. Transportation Department’s investigation into the handling of faulty ignition switches in some of its vehicles, the automaker and department officials said on Friday. As part of the agreement, GM also agreed to take part in “unprecedented oversight requirements,” including notifying federal transportation officials of any changes to the company’s schedule for completing repair parts by October 4, the department’s National […]

Jobless claims hit seven-year low, inflation ticks up

(Reuters) – Factory activity in New York state expanded at its quickest pace in nearly four years in May, but the otherwise bright growth picture was dimmed by another report on Thursday showing a surprise slump in industrial output last month. “It’s still consistent with the view that the economy is going to show stronger growth in the second quarter. The underlying momentum is improving but it’s not definitive,” said Josh Feinman, chief global economist […]

Skills-jobs mismatch harming U.S. labor market: Fed’s Plosser

(Reuters) – “We are seeing a mismatch of skills in the workforce and the jobs that are being created,” Philadelphia Fed President Charles Plosser said of the so-called STEM-trained workers who are in high demand. “Sadly, we are not doing an adequate job of preparing our workforce for these jobs,” he said in remarks prepared for delivery to a conference on reinventing older communities, hosted by his branch of the U.S. central bank. Plosser did […]

Oracle wins copyright ruling against Google over Android

(Reuters) – Oracle Corp won a legal victory against Google Inc on Friday as a U.S. appeals court decided Oracle could copyright parts of the Java programming language, which Google used to design its Android smartphone operating system. The case, decided by the U.S. Court of Appeals for the Federal Circuit in Washington, is being closely watched in Silicon Valley. A high-profile 2012 trial featured testimony from Oracle’s chief executive, Larry Ellison, and Google CEO Larry Page, and the legal issues […]