WhatsApp sues Israeli firm over phone hacking claims - BBC News

Facebook-owned WhatsApp has filed a lawsuit against Israel's NSO Group, alleging the firm was behind cyber-attacks that infected devices with malicious software.

WhatsApp accuses the company of sending malware to roughly 1,400 mobile phones for the purposes of surveillance.

Users affected included journalists, human rights activists, political dissidents, and diplomats.

NSO Group, which makes software for surveillance, disputed the allegations.

In a court filing, WhatsApp said NSO Group "developed their malware in order to access messages and other communications after they were decrypted on target devices".

It said NSO Group created various WhatsApp accounts and caused the malicious code to be transmitted over the WhatsApp servers in April and May.

"We believe this attack targeted at least 100 members of civil society, which is an unmistakable pattern of abuse," WhatsApp said in a statement.

The affected users had numbers from several countries, including Bahrain, the United Arab Emirates and Mexico, according to the lawsuit.

WhatsApp said it is seeking a permanent injunction banning NSO from using its service.

The firm, which was acquired by Facebook in 2014, said it was the first time an encrypted messaging provider had taken legal action of this kind.

WhatsApp promotes itself as a "secure" communications app because messages are end-to-end encrypted. This means they should only be displayed in a legible form on the sender or recipient's device.

• WhatsApp discovers surveillance attack
• Why the WhatsApp spies may have eyes on Iran

NSO Group said it would fight the allegations.

"In the strongest possible terms, we dispute today's allegations and will vigorously fight them," the company said in a statement to the BBC.

"The sole purpose of NSO is to provide technology to licensed government intelligence and law enforcement agencies to help them fight terrorism and serious crime."

Let's block ads! (Why?)

https://www.bbc.com/news/business-50230431

2019-10-30 05:10:01Z
52780422415614

S&P 500 rises further into record territory; Google miss weighs on tech shares - MarketWatch

U.S. stocks traded on either side of unchanged Tuesday, a day after the S&P 500 index scored a record close, as investors kept their attention on a stream of corporate earnings and awaited a two-day Federal Reserve meeting that’s expected to deliver another interest rate cut on Wednesday.

What are major indexes doing?

The Dow Jones Industrial Average  DJIA, +0.04% rose 4 points, or less than 0.1%, at 27,094, while the S&P 500 index SPX, +0.16% rose 4 points, or 0.1%, to 3,044, after it notched an all-time intraday high just shy of 3,048. The Nasdaq Composite Index COMP, -0.33% retreated 26 points, or 0.3%, at 8,300.

The S&P 500 ended in record territory for the first time in three months on Monday, with the large-cap index rising 16.87 points, or 0.6%, to close at a record 3,039.42, taking out the previous all-time closing high of 3,025.86 set on July 26. Other major indexes weren’t far behind, with the Dow ending just 1% from its record close set on July 15 and the Nasdaq Composite finishing just shy of its record close of 8,330.21 set on July 26.

What’s driving the market?

Investors parsed another round of corporate earnings reports Tuesday.

Shares of Google parent Alphabet Inc. GOOG, -1.98% GOOGL, -2.06%  were down 2% after the search giant reported a third-quarter earnings miss late Monday, helping weigh on technology shares and the broader S&P 500.

Corporations, however, largely continued a trend of reporting better-than-feared third quarter results, though expectations were lowered significantly heading into earnings season. Dow components Merck & Co. Inc. MRK, +4.26% and Pfizer Inc. PFE, +3.10%  were both on the rise. Merck reported third-quarter profit and revenue that beat expectations and Pfizer said that third-quarter earnings rose more than expected, while upgrading guidance for the full-year 2019.

The drug companies combined to give the Dow a 15-point boost in early Tuesday trade.

U.S.-China trade was also on the radar, with equities getting a lift Monday from positive noises out of Beijing and Washington late last week and over the weekend on prospects for concluding a deal. Stocks pulled back Tuesday afternoon, however, after a Reuters report that a “phase one” trade deal may not be ready for signing by the time President Trump and President Xi Jinping meet next month in Chile.

The focus was also turning to the Fed, with investors pondering whether the central bank will move to dampen expectations for further monetary easing beyond Wednesday’s expected interest rate cut.

Read: 3 things to watch when the Fed meets this week

“Before the Fed releases its decision tomorrow and top-tier economic data begin to trickle in, today is likely to show a lackluster session, although we doubt the positive mood will come to an abrupt end,” wrote analysts at UniCredit Bank, in a note.

Related: Why would the Fed cut interest rates a 3rd time even as stocks near records?

The highlight of this week’s economic calendar comes Friday with the October U.S. employment numbers. On Tuesday, investors were watching the Case-Shiller home-price index, which fell 0.2% in August while rising 2% year-over-year.

U.S. consumer confidence edged lower in October, with the Conference Board’s consumer confidence index printing at 125.9, from 126.3 in the prior month. Economists polled by MarketWatch had forecast a reading of 128.0.

Pending home sales rose for the second month in September, with the National Association of Realtors reporting they climbed 1.5%.

What companies are in focus?

Boeing Co. BA, +0.87%  shares were on investors radar as chief executive officer Dennis Muilenburg appeared before the U.S. Senate Commerce Committee as part of its investigation into the company's 737 Max which were involved in 2 deadly crashes in the last year. Boeing’s stock was up 0.5%.

General Motors Co. GM, +5.10%  reported third-quarter profits that were well above expectations, despite a month long strike, and revenue that fell less than forecast, sending shares 5.1% higher Tuesday morning.

Shares of Mastercard Inc. MA, -0.11%  rose 0.1% early Tuesday after the payments company beat forecasts for profits and sales in the third quarter.

Shares of ConocoPhillips COP, +3.09%  fell 1.6% after the energy company beat estimates for earnings-per-share but did not report a revenue figure.

HCA Healthcare Inc. HCA, +6.37%  shares rose 6.3% Tuesday morning after the hospital operator reported earnings that fell more than expected in the third quarter, but revenue that rose more than expected.

Xerox Holdings Corp. XRX, +11.72%  shares were also up more than 14.1%, lifted after the copier maker reported third-quarter profit and revenue that topped expectations and said it had decided not to sell its consumer financing business.

Grubhub Inc. GRUB, -43.13%  shares were off 41% after the online food delivery company reported disappointing sales figures and a downbeat outlook.

A first-time quarterly profit wasn’t providing a lift for meat-substitute purveyor Beyond Meat Inc. BYND, -18.99%. Shares were down 17.3% Tuesday after the company reported results after Monday’s closing bell.

How are other markets trading?

The yield on the 10-year U.S. Treasury note TMUBMUSD10Y, -0.43%  fell about 1 basis point to 1.840%.

In commodities markets, the price of West Texas Intermediate crude oil for December delivery CLZ19, -0.16%  fell $1 to $54.82 a barrel and the price of an ounce of gold GCZ19, -0.31%  retreated $8.20 to $1,487.60.

In Asia overnight, stocks traded mixed, the China CSI 300 000300, -0.42%  falling 0.4%, Japan’s Nikkei 225 NIK, +0.47%  gaining 0.4% and Hong Kong’s Hang Seng Index HSI, -0.39%  falling 0.4%. In Europe, stocks were mostly lower, as reflected by the Stoxx Europe 600 SXXP, -0.16%, which fell 0.3%.

Let's block ads! (Why?)

https://www.marketwatch.com/story/stock-index-futures-edge-lower-after-sp-500-notches-record-2019-10-29

2019-10-29 17:12:32Z
52780420361996

Australia sues Google over alleged misuse of location data - CNN

The Australian Competition and Consumer Commission (ACCC) filed a lawsuit against Google on Tuesday, alleging that the company "engaged in misleading conduct and made false or misleading representations to consumers" related to location data.

Regulators around the world are subjecting Google to increased scrutiny over its search and data practices. The European Union has gone after the tech giant with tough new regulations, court battles and massive antitrust fines. Google (GOOGL) and its parent company, Alphabet, are also involved in a broad antitrust review launched by the US Department of Justice.

The lawsuit filed in Australia is the first major court case resulting from an 18-month inquiry into tech platforms such as Google and Facebook that recommended more regulation for tech companies and efforts to improve competition in media.

The regulator claimed that on-screen messages on Android mobile phones and tablets made it seem as though users had stopped Google from collecting location data even though they hadn't.

"We are taking court action against Google because we allege that as a result of these on-screen representations, Google has collected, kept and used highly sensitive and valuable personal information about consumers' location without them making an informed choice," ACCC Chair Rod Sims said in a statement.

A Google spokesperson told CNN Business that the company is reviewing the allegations.

"We continue to engage with the ACCC and intend to defend this matter," the spokesperson said.

The ACCC alleges that from January 2017 to late 2018 Google made users setting up a Google Account on Android mobile phones and tablets believe that switching off "Location History" would prevent location data collection.

In fact, users had to switch off both "Location History" and "Web & App Activity" settings to prevent their location data from being collected.

From mid-2018 to late 2018 Google also made it seem that users could only prevent the collection, storage and use of location data by ending their use of certain Google services, such as Google Search and Google Maps, according to the regulator.

However switching off both settings would have made this possible.

"Many consumers make a conscious decision to turn off settings to stop the collection of their location data, but we allege that Google's conduct may have prevented consumers from making that choice," said Sims.

The ACCC is asking the court to impose penalties, declarations and orders requiring the publication of corrective notices, as well as a compliance program, according to a statement.

Let's block ads! (Why?)

https://www.cnn.com/2019/10/29/tech/google-location-data-australia-scli-intl/index.html

2019-10-29 11:55:00Z
52780421795799

Saudi Aramco aims to begin planned IPO on Nov. 3: sources - Reuters

DUBAI/RIYADH (Reuters) - Saudi Aramco aims to announce the start of its initial public offering (IPO) on Nov. 3, three people with direct knowledge of the matter told Reuters, after delaying the deal earlier this month to give advisers time to secure cornerstone investors.

The people also said Aramco’s chief executive officer, Amin Nasser, was not present at the conference on Tuesday as he was meeting investors abroad ahead of the offering.

Aramco is looking to float a 1% to 2% stake on the kingdom’s Tadawul market, in what would be one of the largest ever public offerings, worth upwards of $20 billion.

Aramco, in response to queries by Reuters, said on Tuesday the oil company “does not comment on rumour or speculation. The company continues to engage with the shareholders on IPO readiness activities. The company is ready and timing will depend on market conditions and be at a time of the shareholders’ choosing.”

The people declined to be identified due to commercial sensitivities.

The company will soon have more shareholders from institutions, the head of the kingdom’s sovereign wealth fund, Yassir al-Rumayyan, said.

Al-Rumayyan, governor of the Public Investment Fund (PIF) and chairman of Aramco’s board of directors, was speaking at a panel at the conference in Riyadh.

Aramco will start subscription for investors in its initial public offering on Dec. 4, Saudi-owned news channel Al-Arabiya said in a news flash on Tuesday citing sources.

The oil giant plans to announce the transaction’s price on Nov. 17, it added. The company will begin trading on the local stock market, the Tadawul, on Dec. 11, the broadcaster reported.

The prospect of Aramco selling a piece of itself has had Wall Street on tenterhooks since Crown Prince Mohammed bin Salman first flagged it three years ago.

However, his desired $2 trillion valuation has always been questioned by some financiers and industry experts, who note that countries have been accelerating efforts to shift away from fossil fuels to curb global warming, putting oil prices under pressure and undermining producers’ equity value.

Russia’s sovereign wealth fund, the Russian Direct Investment Fund (RDIF), is working on a consortium of investors for Aramco’s IPO, its chief executive said.

FILE PHOTO: The Saudi Aramco logo pictured at the company's oil facility in Abqaiq, Saudi Arabia, October 12, 2019. REUTERS/Maxim Shemetov

“There are several Russian pensions funds who are interested to invest in the Aramco IPO and we have also received indications from our Russia-China fund of some Chinese major institutions also interested in Aramco IPO,” Russian Direct Investment Fund (RDIF) head Kirill Dmitriev told reporters on Tuesday.

Separately, Aramco has not approached the Kuwait Investment Authority (KIA) to invest in the IPO, the sovereign wealth fund’s managing director Farouk Bastaki said on Tuesday.

“KIA has not been approached by Aramco or its advisers for the IPO, and KIA will look at the IPO like any other investment,” Bastaki told reporters on the sidelines of an investment conference in Riyadh.

Reporting by Hadeel Al Sayegh in Dubai, Davide Barbuscia and Saeed Azhar in Riyadh; Additional reporting by Rania El Gamal and Marwa Rashad in Riyadh, and Asma AlSharif in Dubai; editing by Giles Elgood and Jason Neely

Our Standards:The Thomson Reuters Trust Principles.

Let's block ads! (Why?)

https://www.reuters.com/article/us-saudi-aramco-ipo/saudi-aramco-aims-to-begin-planned-ipo-on-nov-3-sources-idUSKBN1X80JH

2019-10-29 12:08:19Z
52780419153375

Australia Says Google Misled Consumers Over Location Tracking - The New York Times

SYDNEY, Australia — Australian regulators on Tuesday accused Google of misleading consumers about its collection of their personal location information through its Android mobile operating system, the latest government action against a tech company over its handling of vast quantities of user data.

The Australian Competition and Consumer Commission alleged in a lawsuit that Google falsely led users to believe that disabling the “Location History” setting on Android phones would stop the company from collecting their location data. But users were actually required to also turn off a second setting, “Web and App Activity,” that was enabled by default.

Google did not properly disclose the need to disable both settings from January 2017 until late 2018, the suit alleges. The company changed its user guidance after The Associated Press revealed in August 2018 that it was continuing to collect the data even after the Location History setting was switched off.

The commission also said that while Google made it clear to users what features they would lose by turning off location services, the company did not inform them adequately about what it would do with the data collected.

“This is part of a system of not being able to make informed choices about what’s being done with your data,” said Rod Sims, the commission’s chairman.

Mr. Sims called the lawsuit the first of its kind by a national government against a tech company over its use of personal data. The agency is seeking what he called significant financial penalties against Google, among other corrective measures. He added that he hoped the case would raise awareness among consumers over how much data is being collected.

“We need to be getting ahead of them, because this is a whole new world,” he said of data collection issues.

A Google spokeswoman said in a statement that the company was reviewing the allegations. She said Google would continue to engage with the commission over its concerns but intended to defend itself.

The action by Australian regulators comes as governments and consumer groups around the world have expressed growing concern about the power of tech companies, including their collection of personal data from devices that are indispensable to the lives of billions of people.

Consumer groups from several European countries had already sued Google over the location tracking issue under a comprehensive data privacy law adopted in Europe last year. Under that law, a French agency fined Google 50 million euros, or about $55 million, in January for not properly disclosing to users how it collected data to create personalized ads.

In the United States, regulators approved a $5 billion fine against Facebook this year over its role in allowing Cambridge Analytica, a political data firm hired by President Trump’s 2016 election campaign, to gain access to private information on more than 50 million Facebook users.

While Google has made changes to Android in later iterations that limit the location data it gathers, the business incentives for collecting as much personal data as possible remain great. Location-targeted advertising is worth an estimated $21 billion a year, and Google, along with Facebook, dominates the mobile ad market.

The Australian lawsuit is in part the product of a 19-month investigation by the consumer commission into the market power of Google and Facebook. It issued 23 recommendations, including an overhaul of privacy laws, to limit their reach and force them to take more responsibility for the content they disseminate.

The Australian government has also passed legislation challenging the power of tech companies, including a law in 2018 that compelled tech-industry giants to disable encryption. And under a new law criminalizing “abhorrent violent material” online, Australia is using the threat of fines and jail time to pressure platforms like Facebook to block such content, and it is moving to take down websites that hold any illegal content.

Let's block ads! (Why?)

https://www.nytimes.com/2019/10/29/world/australia/australia-google-location.html

2019-10-29 10:07:00Z
CAIiEOUrwRGhzFUwlKxXP-x1cXAqFwgEKg8IACoHCAowjuuKAzCWrzww5oEY

Stocks Slip Ahead of Earnings, Fed; Bonds Steady: Markets Wrap - Yahoo News

U.S. Futures Dip, Europe Stocks Drop as Bonds Rise: Markets Wrap

(Bloomberg) -- U.S. index futures drifted lower and European stocks dropped as investors awaited a possible Federal Reserve interest-rate cut and some of the season’s biggest corporate earnings. Treasuries edged higher and most European bonds rose.

Contracts on the S&P 500 nudged down a day after the U.S. equity benchmark hit a record, and ahead of results from drug giants Pfizer Inc. and Merck & Co. The Stoxx Europe 600 Index slipped after six straight sessions of gains, led lower by energy producers. BP Plc shares declined even as the driller’s profit beat estimates. In Asia, Japan’s Topix benchmark closed at a 2019 high, while equities dropped in Hong Kong and Shanghai.

Yields on Japanese 10-year bonds hit the highest since June and their Australian counterparts jumped almost nine basis points, while peers in the U.S. and Germany halted a surge that’s lasted several days.

Investors are struggling to find fresh impetus to extend the record-breaking rally in U.S. stocks. Optimism on the China trade front from President Donald Trump is aiding the bull case, and an anticipated Fed rate cut on Wednesday may add further fuel. Still, recent data has come in mixed and while corporate earnings are topping estimates on average, the bar has been set low.

“What we’ve had happening in markets in the last few weeks is a lifting of that perceived uncertainty” about U.S.-China trade and Brexit, with central bank easing providing a lift, Sue Trinh, a global macro strategist at Manulife Investment Management, told Bloomberg TV. “The real risk is that we’re seeing a boost to asset prices but no real uptick in the real economy,” she said.

Meanwhile, the pound weakened as U.K. Prime Minister Boris Johnson said he’ll keep pushing for an early election despite failing for a third time to trigger a snap poll. In metals, spot palladium slipped after a record close Monday.

Here are some key events coming up this week:

Earnings include: Pfizer and Merck on Tuesday; Airbus, Apple, Credit Suisse, Facebook and PetroChina on Wednesday; Mitsubishi Heavy on Thursday; Exxon Mobil and Macquarie Group on Friday.The Fed is expected to lower the main interest rate when policy makers decide on Wednesday.U.S. economic growth is forecast to have slowed to 1.6% in the third quarter. GDP data are due Wednesday. The Fed’s preferred inflation metric, the core PCE deflator, is due Thursday.The Bank of Japan sets policy on Thursday and Governor Haruhiko Kuroda will hold a news conference.Friday brings the monthly U.S. non-farm payrolls report.

These are some of the main moves in markets:

Stocks

Futures on the S&P 500 Index fell 0.1% as of 6:29 a.m. New York time.The Stoxx Europe 600 Index sank 0.5%.Japan’s Topix index climbed 0.9%.India’s Sensex Index surged 1.5%.

Currencies

The Bloomberg Dollar Spot Index rose 0.1%.The U.K. pound weakened 0.1% to 86.411 pence per euro.The euro decreased 0.2% to $1.1075.The South Korean Won jumped 0.6% to 1,163.19 per dollar.

Bonds

The yield on 10-year Treasuries declined two basis points to 1.83%.Britain’s 10-year yield decreased three basis points to 0.696%.Germany’s 10-year yield fell two basis points to -0.35%.Australia’s 10-year yield jumped nine basis points to 1.1855%.

Commodities

The Bloomberg Commodity Index dipped 0.2%.Gold was little changed at $1,492.50 an ounce.West Texas Intermediate crude decreased 1.3% to $55.07 a barrel.

--With assistance from Andreea Papuc, Tian Chen and Livia Yap.

To contact the reporter on this story: Todd White in Madrid at twhite2@bloomberg.net

To contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, ;Samuel Potter at spotter33@bloomberg.net, Yakob Peterseil

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.

Let's block ads! (Why?)

https://news.yahoo.com/stocks-slip-ahead-earnings-fed-083259622.html

2019-10-29 08:32:00Z
52780420361996

Google joins in Amazon’s spending spree, but to a lesser degree - MarketWatch

MarketWatch First Take

By Therese Poletti

Published: Oct 28, 2019 8:51 pm ET

Earnings from two of tech’s biggest names are hit by return to investing in the future of the businesses

The cost of new hires and real estate added up for Google last quarter.

Alphabet Inc.’s big earnings shortfall was not just the result of its equity investment losses: Continued heavy spending on hiring and real estate by the internet search and advertising behemoth also played a role.

Google’s parent company reported third-quarter profit far lower than Wall Street’s estimates Monday afternoon. Alphabet GOOG+1.97% GOOGL+1.95%  reported net income of $7.07 billion, or $10.12 a share, a year-over-year profit decline of more than 22% that missed estimates by nearly 18%. The stock fell by more than 1% in after-hours trading following the results.

Full earnings results: Alphabet earnings miss estimates, driving shares down

Alphabet executives blamed the profit decline on free spending, a longtime habit for Google that has declined since Chief Financial Officer Ruth Porat arrived from Wall Street. That is the same reason another big name in tech, Amazon.com Inc. AMZN+0.89% gave for its earnings downturn this year, as the two companies battle in new arenas — such as Amazon’s growing ad business and Google’s rising enterprise-cloud offering — for a more promising future.

Hiring was a big part of Google’s spending, Porat said in Monday’s conference call, along with investments in cloud data centers and offices to house all the new employees. Alphabet added 19,724 workers in the past year, and 6,450 in the third quarter.

“Head-count growth on an absolute basis in the third quarter was unusually high, reflecting the addition of new college hires,” Porat said, while promising that employee count will “be in line with growth in 2018.”

The company also said it spent $7.2 billion on capital expenditures, up from $5.3 billion a year ago. The spending this quarter included building out data centers and spending on new offices and campuses in the Bay Area and in Seattle. Technical infrastructure, such as data-center technology, accounted for only 60% of capex in the quarter, Porat said.

“Investments in office facilities included the $1 billion acquisition of a portfolio of buildings in Sunnyvale and in the purchase of two buildings to expand our presence in the Seattle area,” the CFO said.

Going forward, however, Porat said she expects that the primary driver of its capital expenditures will continue to be expanding its data centers and increasing the compute requirements to support machine learning, cloud search and YouTube.

Compared with Google’s rival in Seattle, Alphabet’s spending still seems anemic. Amazon added nearly 100,000 employees in the third quarter, which means that it hired roughly as many people every week as Alphabet did in the entire quarter. It also said it spent $4.7 billion in the quarter on purchases of property and equipment, which ostensibly includes its data center and warehouse build-outs.

Neither company has made a big splash in acquisitions recently, though Alphabet is reportedly eyeing a well-known name: Fitbit Inc. FIT+30.86%  . Reuters on Monday reported that Alphabet was considering purchasing the wearables company to round out its growing hardware offerings, which could lead to a lot more money heading out the door.

Alphabet definitely was on a big spending spree last quarter, and it is worthwhile to keep an eye on Google’s costs as potential antitrust litigation becomes a bigger factor in the next year or two. But if the tech titans are going to keep spending amid tariff fears and whispers of the end of the current tech boom, investing in the future is a much better target than even more stock repurchases.

See original version of this story

Let's block ads! (Why?)

https://www.marketwatch.com/amp/story/guid/5DD68FCC-F9D0-11E9-8CE0-D87A385750D5

2019-10-29 01:51:00Z
52780421281642