Global shares mixed…Twitter hack…Eurozone economy
TOKYO (AP) – Global shares are mixed today, with European indexes rising in early trading, after Asian benchmarks mostly tumbled, as investors looked ahead to central bank meetings and corporate earnings reports. France’s CAC 40 is 0.6% higher, while Germany’s DAX is up nearly 0.8%. Britain’s FTSE 100 has jumped 0.6%. Japan’s benchmark Nikkei closed 2.8% lower, while South Korea’s Kospi slipped 0.8%7. Hong Kong’s Hang Seng dipped 0.5%, while the Shanghai Composite recouped earlier losses to gain 0.7%. U.S. futures are higher.
LONDON (AP) – Twitter says the hackers responsible for a recent high-profile breach used the phone to fool the social media company’s employees into giving them access. The company revealed more details late Thursday about the hack earlier this month, which it said targeted “a small number of employees through a phone spear phishing attack.” The company says the “attack relied on a significant and concerted attempt to mislead certain employees and exploit human vulnerabilities to gain access to our internal systems.” The embarrassing July 15 attack compromised the accounts of some of its most high profile users.
PARIS (AP) – The economy of the 19-country eurozone shrank by a devastating 12.1% percent during the second quarter from the quarter before as coronavirus lockdowns froze business and consumer activity. It was the largest drop on record. Spain, which suffered a severe virus outbreak that devastated its tourism industry, was the hardest hit with a drop of 18.5%. Italy and Portugal were also hard hit but no country escaped. It was the biggest decline since the records started in 1995. The decline in Europe compares to a 9.5% quarter on quarter decline for the United States.
HELSINKI (AP) -Nokia has reported better than expected second-quarter earnings on the back of improved margins for telecoms equipment and software despite the coronavirus crisis causing a substantial drop in revenue. The Finnish maker of new-generation 5G mobile and other networks said Friday that its net profit for the April-June period was up 22% at 316 million euros ($376 million), against 258 million euros a year earlier. Sales were down 11% at 5.1 billion euros. Friday marked the last day as a CEO for Rajeev Suri, a Nokia veteran with 25 years in service and head of the company since 2014, as his appointed successor Pekka Lundmark takes over on Aug. 1.
AMSTELVEEN, The Netherlands (AP) – Dutch carrier KLM will cut between 4,500 and 5,000 jobs because of the coronavirus crisis. The company said in a statement Friday that some 1,500 temporary contracts won’t be renewed and that 2,000 jobs will be suppressed via a voluntary departure scheme. The group also expects “natural attrition through retirement” to help cut an extra 500 jobs. Earlier this month, the European Commission approved a bailout package of 3.4 billion euros ($4 billion) in loans offered by the Dutch government to help the company navigate the crisis.