Capital One to pay $80m fine over hack last year
Capital One has agreed to pay an $80 million fine to US regulators over a major hack last year in which authorities say about 100 million credit card applications were illegally accessed. The Virginia-based bank with a popular credit card business said it had taken steps to tighten security around its customer information even before the July 2019 arrest of the suspected hacker, but under the terms of an order issued by the Office of the Comptroller of the Currency, the bank will be required to take additional steps to show that its computer system has sufficient security. The Capital One hack was one of the largest data breaches ever to hit a financial services firm. In 2017, the credit-reporting company Equifax disclosed that hackers had stolen the personal information of 147 million people. Equifax reached a $700 million settlement with regulators over that breach. — WASHINGTON POST
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Chief investment officer for nation’s largest public pension leaves abruptly
Less than two years after joining the California Public Employees’ Retirement System, the country’s largest public pension fund, chief investment officer Ben Meng left abruptly this week. The California state controller said in a statement Thursday that Meng’s departure followed an unspecified lapse in both judgment and adherence to standard conflict-of-interest policies. Meng said in an interview that his resignation was entirely his choice, and that he left for health reasons. Controller Betty Yee said she has “called for an emergency board meeting to discuss this situation, review these policies, the CEO’s oversight and implementation of these policies, and any additional safeguards necessary to ensure this does not happen again.” She didn’t elaborate. A spokeswoman for Calpers declined to comment. — BLOOMBERG NEWS
H & M suspends employees over racist name for hat
H & M suspended several employees after a new hat for the Swedish retailer’s chain & Other Stories was given an internal product name that contained a racist slur. The incident, first reported by CNN, comes two years after a controversy over a hoodie H&M advertised with a Black child and a caption that read “coolest monkey in the jungle.” After pulling the hoodie, which provoked protests at some stores in South Africa, H&M appointed a global head of diversity and inclusiveness, saying the retailer needs to avoid racism in any form, deliberate or accidental. — BLOOMBERG NEWS
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INTERNATIONAL
ECB said it had no role in determining Wirecard was not a financial holding company
The European Central Bank denied any involvement in deciding that Wirecard wasn’t a financial holding company, a crucial determination that gave authorities limited powers in scrutinizing the firm ahead of its spectacular collapse. The decision was instead the sole responsibility of German supervisor BaFin, according to Andrea Enria, the head of the ECB’s supervisory arm. German lawmakers have said that the failure to classify Wirecard as a financial holding was a key shortcoming of supervisors, as such an assessment would have allowed for much stricter accounting controls. BaFin President Felix Hufeld told the parliament in Berlin that “all previous decisions were taken in consensus with the involved institutions, the German Bundesbank and the ECB,” a spokeswoman said after he gave testimony last month. — BLOOMBERG NEWS
ENTERTAINMENT
Most ticket holders for canceled concerts don’t want a refund; they want a concert
Music fans aren’t ready to give up on concerts.The vast majority of customers who bought tickets for shows from No. 1 promoter Live Nation Entertainment Inc. — about 86 percent — are holding onto their tickets in hopes that events canceled because of COVID-19 will be rescheduled, rather than taking refunds. The live-music industry has been shuttered for several months due to the coronavirus, putting thousands of people out of work and depriving artists, promoters, and ticket sellers of their primary source of funds. — BLOOMBERG NEWS
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AUTOMOTIVE
Toyota bucks a pandemic trend and posts a profit
Toyota reported a surprise operating profit and kept its outlook for the full year intact, showing its resilience to the global automotive slowdown that has forced other major carmakers to post deep losses. Japan’s biggest automaker reported a profit of 13.9 billion yen ($132 million) in the April-June quarter, even though analysts projected, on average, a loss of 207 billion yen. For the fiscal year through March, Toyota kept its operating profit outlook of 500 billion yen. Although slim for an automaker with an annual output of 10 million vehicles, the results deliver on President Akio Toyoda’s vow to remain profitable during the pandemic. Volkswagen, Ford, and other automakers have reported billions in losses as the pandemic decimated demand, underscoring Toyota’s expertise in containing costs during both good and bad times.
— BLOOMBERG NEWS
Nintendo’s profit soars as those stuck at home play
Nintendo Co.’s profit multiplied more than sixfold in April-June as people stuck at home during the pandemic turned to playing video games. The Japanese manufacturer of Pokemon and Super Mario games, as well as the Switch console, reported Thursday a profit of 106.4 billion yen ($1 billion) in the fiscal first quarter, up from 16.6 billion yen last year. Quarterly sales at Kyoto-based Nintendo jumped, doubling to 358 billion yen ($3.4 billion) on-year. Especially popular was “Animal Crossing: New Horizons,” of which 10 million were sold during the three months, reaching cumulative sales of 20 million. Also popular was “Mario Kart 8 Deluxe.” — ASSOCIATED PRESS
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Rates fall to a record low again
US average rates on long-term mortgages fell this week, pushing the key 30-year loan to a record low for the eighth time this year. Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year home loan dropped to 2.88 percent from 2.99 last week. The average rate on the 15-year fixed-rate mortgage fell to 2.44 percent from 2.51 percent last week. — ASSOCIATED PRESS
Hilton’s occupancy rates inch up
Hilton lost $432 million in the second quarter, but occupancy rates began to improve as hotels reopen and coronavirus restrictions were lifted around the world. Occupancy levels rose 20 percentage points in the United States and 15 percentage points in Asia between April and June. Tourism in beach towns like Norfolk, Va., have recovered more quickly in the United States than cities like New York and Seattle, according to STR, a hospitality data and consulting firm. — BLOOMBERG NEWS
ATHLETIC GEAR
Adidas’ sales return with surge in sandals and yoga pants
Adidas’ sales are bouncing back faster than expected, with a surge in e-commerce and hot demand for casual items like sandals and yoga pants helping the German sportswear company ride out the coronavirus pandemic. Store operations are starting to return to normal and the 34 percent sales drop the company reported for the second quarter beat analysts’ estimates, prompting a rally in the stock. In the third quarter, revenue will probably fall by a mid to high single-digit percentage from a year earlier, the company said. After closing 70 percent of its stores globally because of the pandemic, Adidas is grappling with the new normal between online shopping and physical retail as it seeks to rekindle growth. With more than nine out of 10 stores open again globally, fewer customers are coming in but more of them are buying.
— BLOOMBERG NEWS
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Capital One to pay $80m fine over hack last year - BetaBoston
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