July, 2019

• 30 July

  NY probes Capital One data breach

  Bloomberg New York state is opening an investigation into a data breach at Capital One Financial Corp that involves the personal information of 100 million consumers. The breach allowed for illegal access to names, Social Security numbers, dates of birth, addresses and other highly sensitive personal information, New York Attorney General Letitia James said in a statement.

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• 30 July

  Surescripts terminates contract with vendor to Amazon unit, citing misuse

  

  Bloomberg Surescripts, a company that enables electronic prescribing of drugs, terminated its contract with a vendor that it says improperly requested access to patients’ medication histories to give to Amazon.com’s PillPack subsidiary. Surescripts, which is partially owned by two of the largest pharmacy-benefit managers, said in a statement it has alerted the FBI and stopped its vendor, ReMy Health, from ...

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• 30 July

  Europe’s privacy rules hurt small firms, not tech giants

  

  The European Commission is largely hap-py with the first year of its sweeping digital privacy rules. Evidence moun-ts, however, that the General Data Protection Directive, or GDPR, as applied today hur-ts smaller firms and has no effect on tech giants, which are the least interested in preserving user privacy. The directive went into effect in May 2018, demanding companies provide ...

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• 30 July

  Investors could drive global debt crisis

  

  Some investors are fretting that the massive global buildup of debt since the financial crisis a decade ago can’t be sustained. It can, at least for a bit longer — but only at the risk of a more severe correction in the future. That’s because this particular credit cycle may not be typical. The current expansion is largely policy-driven. Governments ...

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• 30 July

  $1.6tn Amundi fund warns of ticking liquidity bomb

  Bank of England Governor Mark Carney says investment funds that promise to allow customers to withdraw their money on a daily basis are ”built on a lie.” The chief investment officer of Europe’s biggest independent asset manager agrees with him. “There is no point denying we are faced with a looming liquidity mismatch problem,” says Pascal Blanque, who oversees more ...

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• 30 July

  Debt ceiling deal shows both parties love debt

  As you’ve probably heard, House Democrats have cut a two-year budget deal with Senate Republicans and President Donald Trump to suspend the federal debt ceiling and increase federal spending by $320 billion. The debt ceiling is an arbitrary and possibly counterproductive construct, while the spending increases aren’t all that big if you assume that inflation will continue at about 2 ...

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• 30 July

  China to conquer global used-car export market

  

  A Chinese company in Guangzhou recently exported 300 used cars to buyers in Cambodia, Nigeria, Myanmar and Russia. The shipment was a first for China, which till now had restricted large-scale exports of used cars in deference to manufacturers, who feared that poor vehicle quality could damage their reputations. There will be more such shipments — and their impact will ...

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• 30 July

  Protest data breaches threaten Hong Kong’s data-centre hub goal

  

  Hong Kong’s ambitions to be an international data-center hub are a potential casualty of the city’s mass protests. Privacy brea-ches stemming from a summer of clashes between demonstrators and police threaten to erode confidence in the city as a base for foreign companies to set up storage facilities. To alleviate concerns, the government needs to improve security and regulation in ...

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• 30 July

  India’s dollar bond has made too many enemies

  

  An abrupt reshuffle at the top of India’s finance bureaucracy makes it unlikely that country’s inaugural issue of a controversial sovereign bond overseas will happen now. It’s just as well. Borrowing in a foreign currency, possibly dollars, would have set back New Delhi’s attempt to drum up more global interest in rupee debt. An unexpected meeting of minds for-med between ...

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• 30 July

  Citi plans to cut hundreds of trading jobs

  

  Bloomberg Citigroup Inc is preparing to cut hundreds of jobs in its trading division — stark new evidence that an industrywide slump in revenue this year may be more permanent than the tweets and policy moves rattling clients. The New York-based bank plans to slash jobs across its fixed-income and stock-trading operations over the course of 2019, according to people ...

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