World shares retreat…EU-US data sharing invalidated
LONDON (AP) – Shares retreated in Europe and Asia today as investors sold on worries Beijing might cut back on stimulus after China’s economy returned to growth in the last quarter. The Shanghai Composite index led today’s declines, dropping 4.5%. Benchmarks also fell in Tokyo, Hong Kong and Sydney. In early trading, Germany’s DAX skidded 0.7% while the CAC 40 in Paris also shed 0.7%. Britain’s FTSE 100 lost 0.8%. Wall Street looks set for a retreat, with Dow and S&P futures both lower.
LONDON (AP) – The European Union’s top court has ruled that an agreement that allows big tech companies to transfer data to the United States is invalid, and that national regulators need to take tougher action to protect the privacy of users’ data. Today’s ruling does not mean an immediate halt to all data transfers outside the EU, as there is another legal mechanism that some companies can use. But it means that the scrutiny over data transfers will be ramped up and that the EU and U.S. may have to find a new system that guarantees that Europeans’ data is afforded the same privacy protection in the U.S. as it is in the EU.
LONDON (AP) – Unemployment across the U.K. has held steady during the coronavirus lockdown as a result of a government salary support scheme, but there are clear signals emerging that job losses will skyrocket over coming months. The Office for National Statistics says there were 649,000 fewer people, or 2.2%, on payroll in June when compared with March when the lockdown restrictions were imposed. That’s an indication that the country’s unemployment rate is set to rise from the still historically low level of 3.9% recorded in May. So far, Britain has been spared sharp rises because of the Job Retention Scheme, whereby the government has paid the majority of the salaries of workers who have not been fired.
BERLIN (AP) – Industrial conglomerate Siemens says it plans to allow more than 100,000 of its employees to work away from the office for two or three days a week on a permanent basis. The Munich-based company says the coronavirus crisis has “shown that working independently of a fixed location offers many advantages and is possible on a much wider scale than originally thought.” It says that surveys of Siemens employees worldwide had shown a desire for greater flexibility. It said that the new arrangement applies to more than 140,000 employees at over 125 locations in 43 countries.
HONG KONG (AP) – Experts say a breach in Twitter’s security that allowed hackers to break into the accounts of leaders and technology moguls is one of the worst attacks in recent years and may shake trust in a platform politicians and CEOs use to communicate with the public. The ruse discovered Wednesday included bogus tweets from Barack Obama, Joe Biden, Mike Bloomberg and a number of tech billionaires. Hackers used social engineering to target some of Twitter’s employees and then gained access to the high-profile accounts, sending out tweets in an apparent Bitcoin scam. Cybersecurity experts say such a breach could have dire consequences since the attackers were tweeting from verified, globally influential accounts with millions of followers.