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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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India’s trade deficit narrows by 7.98% to $15.28 billion in June, exports falls by 9.71%

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New Delhi: India’s trade deficit for June 2019 narrowed by 7.98 percent to USD 15.28 billion as against the deficit of USD 16.60 billion in June 2018, government data showed.

The country’s exports registered a negative growth of 9.71 percent during June 2019 to USD 25.01 billion as compared to USD 27.70 billion in June 2018. Non-POL exports for June 2019 declined by 5.73 percent; non-POL and non-gems and jewelry exports declined by 4.86 percent.

India’s imports in June 2019 too fell 9.06 percent to USD 40.29 billion in June 2019 as compared to USD 44.30 billion in June 2018, data further showed.

 

The major commodities which contributed towards decline exports in June 2019 have been Petroleum products (-32.85 percent), Rice (-28.05 percent), Cotton yarn/Fabrics/made-ups (-19.73 percent), Gems and Jewellery (-10.67 percent), Readymade garments (-9.18 percent), Organic & inorganic chemicals (-8.17 percent), and Engineering goods (-2.65 percent), data showed.

Import of petroleum crude & products in June 2019 (USD 11.03billion) has recorded a negative growth of 13.33 percent as compared to June 2018 (USD 12.73billion). In this connection it is mentioned that the global Brent price ($/bbl) has decreased by 15.81 percent in June 2019 vis-à-vis June 2018 as per data available from World Bank, official data said.

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It will take 2-3 days for scheduling to use Pakistani airspace: AI

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New Delhi: Hours after the Pakistan Civil Aviation Authority ordered its airspace to be opened to all civilian traffic for flights between India and Pakistan, Air India official said that it will take 2 to 3 days for scheduling to use Pakistani airspace.

Indian airlines resumed flight operations over the Pakistan airspace, after the latter removed access restrictions, following Balakot airstrikes by the Indian Air Force in February. Air India was saddled with heavy financial losses following this.

The Ministry of Civil Aviation wrote on Twitter, “After cancellation of NOTAMS by Pakistan and India in the early hours of Tuesday, there are no restrictions on airspaces of both countries, flights have started using the closed air routes, bringing a significant relief for airlines”.

 

In March, Pakistan partially opened its airspace but did not allow Indian flight to fly over its airspace.

Since then, foreign carriers had been using Indian airspace have been forced to take costly detours because they cannot fly over Pakistan. The closure mainly affects flights from Europe to Southeast Asia.

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RBI slaps Rs 7 cr penalty on SBI for violating various norms

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Mumbai: The Reserve Bank of India said it has slapped a penalty of Rs 7 crore on the country’s largest bank SBI for non-compliance with norms related to NPA identification and fraud risk management, among others.

The penalty has been imposed on the bank for non-compliance of income recognition and asset classification (IRAC) norms, code of conduct for opening and operating current accounts and reporting of data on Central Repository of Information on Large Credits (CRILC), and fraud risk management and classification and reporting of frauds.

Giving details of the case, it said the statutory inspection of SBI with reference to its financial position as on March 31, 2017, revealed, non-compliance with IRAC norms, sharing of information about customers with other banks, reporting of data on CRILC, fraud risk management, and classification and reporting of frauds.

 

Based on the inspection report and other relevant documents, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for non-compliance with directions issued by the RBI.

“After considering the bank’s reply and oral submissions made in the personal hearing, RBI came to the conclusion that the aforesaid charges of non-compliance with RBI directions were substantiated and warranted imposition of monetary penalty,” the RBI said.

The penalty, RBI said, is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

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