Financial News

Tuesday, October 25th
October 25, 2021
AP-NC Newswatch
October 25, 2021
Financial News

 

Financial News:

 

Wall St higher…Russian-backed hackers target the cloud
UNDATED (AP) – Stocks are climbing into positive territory after mostly lower trading earlier this morning on Wall Street. At 10:36 a.m. Eastern Time, the S&P 500 index was up 8 points, to 4,553. The Dow was up 14 points, to 35,692. And the Nasdaq was up 63 points, to 15,153.

 

NEW YORK (AP) – Microsoft says the same Russia-backed hackers responsible for the 2020 SolarWinds breach continue to attack the global supply chain and have been targeting cloud service resellers and others. Microsoft says the group, which it calls Nobelium, has employed a new strategy to piggyback on the direct access that resellers have to their customers’ IT systems, hoping to “more easily impersonate an organization’s trusted technology partner to gain access to their downstream customers.” Microsoft says it has been observing Nobelium’s latest campaign since May and has notified more than 140 companies targeted by the group, with as many as 14 believed to have been compromised.

 

BERLIN (AP) – Officials say a target for rich countries to provide poor nations with $100 billion in aid each year to tackle global warming will be missed, dealing a blow to the upcoming U.N. climate talks in Glasgow. Senior officials from Canada and Germany were tasked with breaking a deadlock in negotiations ahead of next week’s summit. They say that current data shows the goal for climate finance won’t be reached until 2023 – three years later than agreed. Poor nations have insisted that the original target be met.

 

LONDON (AP) – The British government is looking to give millions of low-pay workers an inflation-busting pay increase next year. The government says it will legislate to raise the National Living Wage to 9.50 pounds ($13) an hour from the current rate of 8.91 pounds ($12.25). Britain’s Treasury says the 6.6% increase will apply to workers age 23 and up starting in April and means a full-time worker making the living wage would get an increase of more than 1,000 pounds ($1,374.90) per year. For workers ages 21 and 22, the government says it would increase the minimum wage to 9.18 pounds an hour ($12.62) from 8.36 pounds ($11.49).

 

DETROIT (AP) – Car rental company Hertz is ordering 100,000 electric vehicles from Tesla. The company says it’s buying the Tesla Model 3s by the end of 2022, and it also will buy electric vehicle chargers. No price was given for the order, but it has to be worth around $4 billion because each Model 3 has a base price of around $40,000. Hertz emerged from bankruptcy protection in June and named former Ford CEO Mark Fields as interim CEO this month.