Business

Uber admits covering up 2016 hacking, avoids prosecution in U.S. settlement

Uber Technologies Inc (UBER.N) on Friday accepted responsibility for covering up a 2016 data breach that affected 57 million passengers and drivers, as part of a settlement with U.S. prosecutors to avoid criminal charges. In entering a non-prosecution agreement, Uber admitted that its personnel failed to report the November 2016 hacking to the U.S. Federal […]

Business

Wall Street closes lower as ad tech, social media stocks drop

U.S. stocks ended lower on Friday as disappointing earnings from Snap spooked investors and shares in social media and ad tech firms dropped, offsetting gains from card issuer American Express following an upbeat forecast. Still, all three major indexes posted weekly gains despite Friday’s losses with the tech heavy Nasdaq closing out the week 3.3% […]

Business

T-Mobile to pay $350 mln in settlement over massive hacking

T-Mobile US Inc (TMUS.O) agreed on Friday to pay $350 million and spend an additional $150 million to upgrade data security to settle litigation over a cyberattack last year that compromised information belonging to an estimated 76.6 million people. The preliminary settlement was filed with the federal court in Kansas City, Missouri. It requires a […]

Business

WWE chief Vince McMahon to retire amid probe into misconduct claims

World Wrestling Entertainment Inc’s (WWE.N) Vince McMahon said on Friday he would retire as the company’s chief executive and chairman, about a month after stepping back from those roles due to an investigation into his alleged misconduct. McMahon, 76, was being investigated by the board for agreements to pay $12 million over the past 16 […]

Business

Hyundai subsidiary has used child labor at Alabama factory

A subsidiary of Hyundai Motor Co has used child labor at a plant that supplies parts for the Korean carmaker’s assembly line in nearby Montgomery, Alabama, according to area police, the family of three underage workers, and eight former and current employees of the factory. Underage workers, in some cases as young as 12, have […]

Business

Stocks fall after touching six-week high, dollar weaker after U.S. data

A gauge of global stocks fell on Friday to end the trading week on a down note after five straight sessions of gains, while the dollar dipped against a basket of major currencies after soft data on U.S. business activity. Wall Street posted modest losses in early trading but declines on the S&P 500 accelerated […]

Business

Herbert Diess, Volkswagen’s disruptor-in-chief, runs out of road

Herbert Diess took over at Volkswagen AG (VOWG_p.DE) four years ago when the German automaker was in crisis, under pressure to make dramatic changes in strategy and culture, and the former BMW (BMWG.DE) executive offered a new vision. Diess will leave Volkswagen on Sept. 1, three years before his contract was supposed to end, with […]