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Yahoo to pay USD 117.5 million in latest settlement of massive breach

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San Francisco: Nearly 200 million people who had sensitive information snatched from their Yahoo accounts will receive two years of free credit-monitoring services and other potential restitution in a legal settlement valued at USD 117.5 million.

The deal revises an earlier agreement struck last October, only to be rejected by US District Court Judge Lucy Koh in San Jose, California. The value of that settlement had been pegged at USD 50 million, but Koh questioned the calculations. A more detailed breakdown used in the revised settlement drove up the estimated cost.

The money will be paid by Yahoo’s current owner, Verizon, and Altaba, a holdover from Yahoo’s past that still owns a stake in Chinese internet company Alibaba Group worth billions of dollars.

 

If approved, the settlement will become part of the financial fallout from digital burglaries that stole personal information from about 3 billion Yahoo accounts in 2013 and 2014 — believed to be the biggest data breach ever.

And now the USD 117.5 million settlement could become largest amount ever doled out for a data breach, a recurring problem in an increasingly digitally driven world. It eclipses a USD 115 million settlement that Koh approved last year to cover 79 million people who had personal information stolen in a 2015 breach at health insurer Anthem Inc.

Yahoo didn’t begin to disclose the extent of its security breakdown until 2016 amid an FBI investigation that eventually linked some of the hacking to Russia. The revelations brought a mortifying end to the reign of Yahoo CEO Marissa Mayer, eventually prompting the company to reduce its selling price to Verizon by USD 350 million.

Verizon has since written off much of the nearly USD 4.5 billion price for the Yahoo acquisition in sign of the eroding value of that business. Lawyers representing the Yahoo accountholders estimate about 194 million people in US and Israel will be eligible to make claims, according to court documents. Those people collectively may have had about 896 million of the Yahoo accounts hit in the break-ins.

The biggest piece of the revised Yahoo settlement disclosed in documents filed Tuesday consists of the free credit-monitoring services that will be offered to everyone covered by the deal to protect them from identity theft and other potential problems.

The service from AllClear usually costs USD 14.95 per month, or USD 359 for two years. People who already have a credit-monitoring service will be eligible for cash payments instead.

Yahoo accountholders who paid anywhere for USD 20 to USD 50 annually for premium email accounts will be eligible for refunds of up to 25 per cent.

People who had to spend time protecting their identities or dealing with other issues caused by the breach can be seek to be paid at a rate of USD 25 per hour for up to 15 hours.

The settlement will also pay up to USD 32.5 million in fees and other expenses to the lawyers representing Yahoo accountholders, down from the USD 37.5 million sought in the earlier agreement — another sticking point for Koh.


A hearing on the revised settlement is scheduled for June 27.


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US to eliminate Iran oil sanctions waiver for India, 7 others:Report

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Washington: The United States is expected to announce that all importers of Iranian oil will have to end their imports shortly or be subject to US sanctions, a source familiar with the situation told Reuters.

The source confirmed a report by a Washington Post columnist that the administration will terminate the sanctions waivers it had granted to some importers of Iranian oil late last year.

US President Donald Trump has been clear to his national security team over the last few weeks that he wants the waivers to end, and national security adviser John Bolton has been working the issue within the administration.

 

The US reimposed sanctions in November on exports of Iranian oil after Trump unilaterally pulled out of a 2015 nuclear accord between Iran and six world powers Washington is pressuring Iran to curtail its nuclear program and stop backing militant proxies across the Middle East.

Along with sanctions, Washington has also granted waivers to eight economies that had reduced their purchases of Iranian oil, allowing them to continue buying it without incurring sanctions for six more months

They were China, India, Japan, South Korea, Taiwan, Turkey, Italy and Greece.

But on Monday, Secretary of State Mike Pompeo will announce “that, as of May 2, the State Department will no longer grant sanctions waivers to any country that is currently importing Iranian crude or condensate,” the Post’s columnist Josh Rogin said in his report, citing two State Department officials that he did not name
Frank Fannon, US Assistant Secretary of State for Energy Resources, repeated the administration’s position that “Our goal is to get to zero Iranian exports as quickly as possible.

“Other countries have been watching to see whether the United States would continue the waivers. Last Tuesday, Turkish presidential spokesman Ibrahim Kalin said that Turkey expects the United States to extend a waiver granted to Ankara to continue oil purchases from Iran without violating US sanctions.

Turkey did not support US sanctions policy on Iran and did not think it would yield the desired result, Kalin told reporters in Washington.

Washington has a campaign of ‘maximum economic pressure’ on Iran and through sanctions, it eventually aims to halt Iranian oil exports and thereby choke Tehran’s main source of revenue.

So far in April, Iranian exports were averaging below 1 million barrels per day (bpd), according to Refinitiv Eikon data and two other companies that track such exports and declined to be identified.

That is lower than at least 1.1 million bpd as estimated for March, and down from more than 2.5 million bpd before sanctions were reimposed last May. Brent crude futures , the international oil benchmark, were up nearly 2 per cent at USD 73.25 a barrel, on the report that the waivers were to end.

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Maruti drives in Baleno with BS VI compliant petrol engine

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New Delhi: The country’s largest carmaker Maruti Suzuki India (MSI) Said it has launched its premium hatchback Baleno with BS VI emission norms compliant petrol engine, priced between Rs 5.58 lakh and Rs 8.9 lakh (ex-showroom Delhi).

The auto major has also introduced two variants of the car with smart hybrid technology. The trim with 1.2 litre DUALJET, DUAL VVT petrol engine is priced at Rs 7.25 lakh, while the Zeta variant is tagged at Rs 7.86 lakh. As per the company, the models with smart hybrid technology would deliver a fuel efficiency of 23.87 km/litre.

“At Maruti Suzuki, we strive to bring newer, better and environment friendly technologies to our products. Baleno Smart Hybrid with BS VI stands testament to the same. We are confident that the premium hatchback Baleno will present a complete package in line with aspirations of evolving customers,” MSI Senior Executive Director Marketing & Sales R S Kalsi said in a statement.

 

The company said in order to achieve the stringent emission regulation requirement, it has upgraded both engine hardware and software along with exhaust system.”Baleno is country’s first premium hatchback to be offered with Smart Hybrid technology,” it added.

MSI has sold over 5.5 lakh Baleno units since its launch in 2015. It sold more than 2 lakh units of the hatchback in the last fiscal year.

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SpiceJet, Emirates sign MoU for code share partnership

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Mumbai: Budget carrier Spicejet announced signing of an initial pact for code share partnership with Gulf carrier Emirates.

The reciprocal partnership will allow opening of new routes and destinations for passengers of the two airlines, SpiceJet said in a statement.

“I am delighted to announce that as part of SpiceJet’s international expansion strategy, we have signed a Memorandum of Understanding (MoU) for a code share agreement,” SpiceJet Chairman and Managing Director Ajay Singh said in the statement.

 

SpiceJet passengers from 51 domestic destinations will be able to access Emirates’ network across the US, Europe, Africa and Middle East, it added.

Code-sharing allows an airline to book its passengers on its partner carriers and provide seamless travel to destinations where it has no presence.

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