Chinese spies breached hundreds of public, private networks, security firm says
The U.S. cybersecurity firm Mandiant says suspected state-backed Chinese hackers exploited a vulnerability in a popular email security appliance to break into the networks of hundreds of public and private sector organizations globally, nearly a third of them government agencies including foreign ministries.
Fifty-five percent of the targets were from the Americas and 24% from the Asia Pacific region. They included foreign ministries in Southeast Asia and foreign trade offices and academic organizations in Taiwan and Hong Kong, Mandiant said. The activity exploiting the hacked Barracuda Networks’ Email Security Gateway dated back as early as October.
Breaking News
CAVA IPO
Cava Group Inc.
$
43.915
| Symbol | Price | Change | %Change |
|---|---|---|---|
| CAVA | $44.45 | 2.45 | 5.83 |
Mediterranean restaurant chain CAVA's shares spiked over 80% in its IPO, a sign of demand for restaurant stocks.
Shares priced at $22 per share and opened at $42 mid-day with the listing on the New York Stock Exchange.
Breaking News
Bitcoin beat down
Bitcoin is taking a beating after the Federal Reserve outlined what's ahead for the rest of 2023.
Doom & Gloom
America's CFO's are a pessimistic bunch when it comes to the economy, according to a new survey from Deliotte.
GameStop Meeting
| Symbol | Price | Change | %Change |
|---|---|---|---|
| GME | $25.66 | -0.04 | -0.16 |
GameStop investors will be listening for fresh updates at the video game maker's annual meeting. The company recently fired its CEO Matt Furlong with Ryan Cohen taking over. The founder of Chewy is the largest single shareholder.
UPS - Teamsters
United Parcel Service Inc.
$
176.62
The UPS and the Teamsters continue to negotiate the next contract. The delivery giant is the largest employer for the union.
Retail sales
European Central Bank hikes rates again to battle inflation after US Fed hits pause
The European Central Bank has pressed ahead with another interest rate hike and is pledging more are on the way.
The quarter-percentage point increase Thursday aims to crush inflation that’s driving up the cost of groceries, utility bills and summer vacations.
It comes a day after the U.S. Federal Reserve took a break from its own string of increases. In Europe, it was the eighth straight rise since July 2022 as the bank seeks to bring down inflation from 6.1%.
ECB President Christine Lagarde says the bank “will continue to hike at our next meeting" in July and it's "not thinking about pausing.”
Starbucks suit
A Starbucks manager was awarded millions after she claims she was fired for being White.
Starbucks Corp.
$
101.16
Canada suspends work with Chinese-founded development bank while it investigates complaints
Canada's finance minister says it is suspending activity with a Chinese-founded development bank while it investigates complaints by a Canadian who resigned from the lender that it is dominated by “Communist Party hacks" and his country shouldn't be a member.
The Asian Infrastructure Investment Bank, seen by some as a Chinese rival to the World Bank and Asian Development Bank, was founded in 2016 to finance railways and other infrastructure. It has 106 member governments including most Asian countries and Australia, Canada, Russia, France and Britain. Japan and the United States aren’t members.
“The government of Canada will immediately halt all government-led activity at the bank,” Chrystia Freeland, who also is deputy prime minister, told reporters in Ottawa. “I have instructed the Department of Finance to lead an immediate review of the allegations raised and of Canada’s involvement in the AIIB.”
“As the world’s democracies work to de-risk our economies by limiting our strategic vulnerabilities to authoritarian regimes, we must likewise be clear about the means through which these regimes exercise their influence around the world,” Freeland said.
Bill Gates visits China as leaders try to revive foreign business interest
| Symbol | Price | Change | %Change |
|---|---|---|---|
| MSFT | $337.34 | 3.01 | 0.90 |
Microsoft Corp. co-founder Bill Gates says he is visiting Beijing. He joins a series of foreign business figures who have visited China as the ruling Communist Party tries to revive investor interest in the country.
Gates, who stepped down as Microsoft chairman in 2014, said on Twitter he would meet partners who have worked with his charitable foundation.
However, Gates is revered in China as an entrepreneur, giving Chinese leaders a chance to show their interest in foreign business by publicizing any meetings with him.
The ruling party is trying to revive foreign interest in China’s slowing economy and reassure companies that have been rattled by anti-monopoly and data-security crackdowns, raids on consulting firms and tension with Washington.
West Coast dockworkers, shippers reach tentative contract agreement
The union for thousands of West Coast dockworkers has reached a tentative agreement on a new contract after more than a year of negotiations and several work disruptions that snarled shipping traffic at some of the largest ports.
On Wednesday the dockworkers union announced a tentative deal for a new six-year contract with the Pacific Maritime Association, a trade group for cargo carriers and terminal operators. However, details weren't released.
If ratified, the agreement will affect 22,000 dockworkers at 29 ports from Washington state through California. The dockworkers have been without a contract since last July.
They were demanding higher wages, noting that shippers and terminal operators made record profits during the COVID-19 pandemic.
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