Major International Business Headlines Brief::: 01 November 2018

Thu Nov 1 09:19:09 CAT 2018

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Major International Business Headlines Brief::: 01 November 2018

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*  Zimbabwe's RioZim shuts mines over forex shortages

*  World Bank approves $1.2 bln in grants, loans to Ethiopia

*  South African arms firm Denel makes loss in 2017/18, eyes turnaround

*  Angola expects economy to grow 2.8 pct in 2019 - minister

*  Kenya lowers domestic power tariffs after consumer complaints

*  Kenya's 2018/19 foreign borrowing to depend on global financial markets

*  Kenya's inflation at 5.53 pct yr/yr in October

*  Barrick Gold woos Randgold shareholders with higher dividend

*  Pound up over reports of EU financial services deal

*  US attacks UK plan for digital services tax on tech giants

*  Ryanair passengers brace for new bag rules

*  Jaguar Land Rover makes loss as sales slide 13%

*  Royole's bendy-screen FlexPai phone unveiled in China

*  Facebook: MPs in new attempt to question Mark Zuckerberg

*  Eurostar resets customer passwords after hack attack

 <mailto:info at bulls.co.zw> 

Zimbabwe's RioZim shuts mines over forex shortages

HARARE (Reuters) - Zimbabwe’s gold miner RioZim has closed its three mines due to a shortage of dollars, the company said in a letter to the central bank seen by Reuters on Wednesday.

RioZim is the southern African nation’s third biggest gold producer and early this month threatened legal action to force the Reserve Bank to pay it more U.S. dollars for part of its output.

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World Bank approves $1.2 bln in grants, loans to Ethiopia

NAIROBI (Reuters) - The World Bank has approved $1.2 billion in grants and loans to Ethiopia.

The bank said in a statement posted on its website late on Tuesday that the funds — a $600 million grant and a $600 million loan — would go towards supporting reforms in the financial sector including improving the investment climate.

In response to the reform pledges made by the government since Prime Minister Abiy Ahmed took office in April, the bank is providing new financial and technical support, it said in the statement.

The support will promote public-private partnerships “to improve efficiency in key sectors” including telecom, power, and trade logistics, the bank said.

In these sectors, the bank said its support would also help the government “reduce inefficiencies and operating costs and improve financial performance” to help Ethiopia attract more foreign direct investment and raise export revenues.

Until Abiy took office and began announcing sweeping political and economic reforms, the country of 105 million had an economy tightly controlled by the state. Investors hope the economic reforms announced in June could significantly loosen the state’s grip on the economy.

South African arms firm Denel makes loss in 2017/18, eyes turnaround

JOHANNESBURG (Reuters) - South Africa’s struggling state-owned defence firm Denel said on Wednesday that it had made an operating loss of 1.7 billion rand ($115 million) in the 2017/18 financial year and that its short-term outlook was under pressure due to cash constraints.

Denel, which makes military kit for the South African armed forces and clients in Africa, the Persian Gulf and Europe, added that it was working on a turnaround plan which included joint venture partnerships at a product and divisional level.

“While Denel has posted modest profits for the past seven years, the significant losses in the company’s 2017/18 results clearly show a business that has had a difficult year, marked by lapses in governance, mismanagement and poor contract execution,” Denel said in a statement.

($1 = 14.8091 rand)

Angola expects economy to grow 2.8 pct in 2019 - minister

LUANDA (Reuters) - Economic growth in Angola, Africa’s No. 2 crude producer, is expected to quicken to 2.8 percent in 2019 from 1.1 percent this year, the Economic Development Minister Manuel Nunes Junior said on Wednesday.

The economy would improve due to higher oil prices and growth in non-oil economy, he told reporters.

Kenya lowers domestic power tariffs after consumer complaints

NAIROBI (Reuters) - Kenya’s energy watchdog has cut retail electricity prices for some domestic customers and small businesses following complaints about a tariff introduced in July.

Although the previous tariff reduced the cost of electricity for Kenya’s 3.6 million low income consumers, it almost doubled the monthly bill for higher income households, triggering complaints, including from President Uhuru Kenyatta who ordered the energy minister to review prices within a month.

The new prices will apply to approximately 5.7 million customers who use below 100 kilowatt units per month.

“Some domestic customers had an increase in their bills so the need to review the tariff,” Energy Regulatory Commission Director General Pavel Oimeke told a news conference.

The amendment effective from Nov.1 to July 2019 lowers the retail price to 10 shillings ($0.098) per kilowatt hour from 15.80 shillings per kilowatt hour, the commission said.

Kenya, which has more than 6.5 million customers connected to the power grid, says it has installed generation capacity of 2,359 megawatts (MW) with peak demand of 1,802 MW.

The new prices will not apply to commercial and industrial customers such as manufacturers operating in Special Economic Zones who got an average reduction of 4 percent in July in addition to a previous 50 percent cut in their night time electricity tariff.

This is meant to boost economic growth by making energy costs competitive compared with other African nations such as Ethiopia, South Africa and Egypt.

Kenya’s government has been trying to boost investment in the power-hungry manufacturing sector in recent years, including the opening of light vehicle assembly plants by Peugeot and Volkswagen.

($1 = 102.0000 Kenyan shillings)

Kenya's 2018/19 foreign borrowing to depend on global financial markets

NAIROBI (Reuters) - Kenya will make a final decision on the amount of foreign borrowing in its 2018/19 (July-June) fiscal year after it has studied conditions in global financial markets, the finance minister told Reuters on Wednesday.

The borrowing from international capital markets will also depend on the amount of revenue the government will be able to collect as the year progresses, and the amounts it will be able to raise from the domestic debt market, Henry Rotich said.

Kenya's inflation at 5.53 pct yr/yr in October

NAIROBI (Reuters) - Kenya’s inflation fell to 5.53 percent year-on-year in October from 5.70 percent a month earlier, the statistics office said on Wednesday.

On a monthly basis, inflation was -0.79 percent.

Barrick Gold woos Randgold shareholders with higher dividend

LONDON (Reuters) - Canada’s Barrick Gold has sought to woo Randgold Resources shareholders with sweetened dividend terms to mollify investors unhappy with its nil-premium takeover offer for the Africa-focused mining company.

Toronto-listed Barrick announced in September that it had agreed to buy Randgold to create the world’s largest gold company, but some analysts were critical of the lack of a premium in the $6.1 billion deal.

However, Randgold investors have now been promised a 35 percent increase on their share dividends. They will receive $2.69 cents per share in 2018, up from an initial $2 per share, Barrick said on Wednesday.

“Based on Randgold’s dividend policy and its financial performance in 2018 to date, Randgold has determined that a dividend of $2.69 per share for 2018 would be consistent with that dividend policy,” Barrick said in a statement.

The dividend will be declared and paid prior to the merger closing, it added.

“I assume it followed pushback from Randgold investors, who had been looking for sweeter dividends in light of (Randgold CEO) Mark Bristow’s pledge to return all cash above $500 million, barring new project development,” said Investec analyst Hunter Hillcoat, adding that the original dividend “perhaps seemed a bit mean and investors must have told them so”.

Randgold has steadily increased its payout to shareholders over the years as it generated cash through operating its African gold mines cheaply while rivals struggled with big debts taken on to fund acquisitions and expansion.

Barrick’s executive chairman John Thornton has said that Randgold has the “agility and swift-footedness of a younger and smaller company, much like Barrick in its early years”.

Shares in Randgold are up about 26 percent since the deal was announced on Sept. 24. Barrick shares are up 24 percent.

The takeover represents the sector’s biggest transaction in years and is expected to close in the first quarter of 2019.

“Today’s 35 percent increase in the proposed final dividend from the group is a positive and should seal the deal,” RBC Capital Markets analyst James Bell said in a note.

“Today’s positive bump could also be seen as a nice sweetener for the small number of European and UK-only funds that may be forced sellers of Barrick shares on deal closure.”

Meanwhile, Barrick said it would raise its own fourth-quarter dividend by 40 percent to 7 cents per share and will target an ongoing annual dividend of 16 cents per share from a previously stated 12 cents.

Pound up over reports of EU financial services deal

Sterling has jumped by as much as 0.6% against the US dollar amid reports the UK has struck a deal with the EU on post-Brexit financial services.

The Times newspaper said London had agreed in negotiations with Brussels to give UK financial services firms continued access to the bloc.

Sources said a tentative agreement had been reached on all aspects of a future partnership on services.

An initial deal on exchange of data had also been agreed, the paper said.

It added the deal was expected to be completed within three weeks.

Britain's departure from the European Union is expected to take place in March next year, but many UK based business have expressed concern over the lack of progress in Brexit talks.

UK firms 'near point of no return'

At-a-glance: The UK's four Brexit options

Brexit divorce cost 'uncertain'

Despite various reassurances from Prime Minister Theresa May that definite trade terms between firms in the UK and the EU will be finalised by March next year, businesses across the board are already preparing for the worst.

Mrs May's senior advisor on Europe, Oliver Robbins, was continuing the negotiations in Brussels, The Times said.--BBC

US attacks UK plan for digital services tax on tech giants

The US has hit back against a UK plan to impose a new tax on sales by technology giants.

US political leaders and business groups say the proposal would violate tax agreements by targeting US firms.

They warned the tax could spark US retaliation and hurt prospects for a US-UK trade deal.

In a statement on Wednesday, Representative Kevin Brady, a Republican from Texas, called the measure "troubling".

"If the United Kingdom or other countries proceed, that will prompt a review of our US tax and regulatory approach to determine what actions are appropriate to ensure a level playing field in global markets," said Mr Brady, who helped shepherd US tax cuts through Congress last year.

His statement echoed comments last week by US Treasury Secretary Steven Mnuchin, who voiced "strong concern" about different countries' efforts to develop digital sales tax.

A slew of business groups - including the US Chamber of Commerce and the US Council for International Business - have also come out against the UK plan.

EU pushes for new tax on tech giants 'by Christmas'

Budget 2018: Who will pay the Digital Services Tax?

If enacted, the tax measure could "complicate the United Kingdom's push for deeper US-UK trade relations", said Rufus Yerxa, president of the National Foreign Trade Council.

The UK plan, announced as part of the Budget, would place a 2% tax on sales by large social media platforms, internet marketplaces and search engines from April 2020.

In response to Mr Brady's comments, a UK Treasury spokesman said: "As the chancellor said, this tax is a proportionate and targeted interim response that reflects the changing global economy, and how digital businesses derive value from users - it's not targeted at any country and seeks to ensure the tax system is fair."

It comes as wider efforts to capture more tax from multinational tech giants - which are now typically taxed based on their physical presence in a country - gain steam.

The European Commission in March introduced a proposal for a 3% tax on revenues of internet companies with global revenues above €750m (£660m) a year.

While some EU member states are opposed, a vote could come before the end of the year. Separately, Spain introduced a digital service measure in its budget that mimics the EU's.

Elsewhere, Colombia, Australia and India are among several countries debating new tax measures that target the digital giants, according to the Internet Association, a US trade association with members that include Amazon, Microsoft and Uber.

The 36-member OECD has also been discussing the issue, with a report on reforms due in 2020.

The slew of measures, after years of discussion, explains the alarm in the US, said Lilian Faulhaber, a law professor at Washington's Georgetown University.

"There's a sense in the United States that this digital services tax is becoming more of a real possibility," she said.

'Pure cash grab'

Under President Donald Trump, the US has been supportive of OECD efforts to update the corporate tax system for the global era, said Itai Grinberg, another law professor at Georgetown University.

But many in the US - not just the internet giants - have concerns about proposals, like the UK's, that tax turnover, he added.

"It's a kind of tax that everyone abandoned half a century ago because it's thought of as very economically inefficient and functions basically like a tariff," he said.

He said such taxes do little to make the international tax system more fair: "It's just a pure cash grab".

In announcing the UK tax, UK Chancellor Philip Hammond said progress in global arenas to update tax laws had been "painfully slow".

But the move has irked some in the US.

Josh Kallmer, executive vice president of policy at the Information Technology Industry Council, said the tech industry recognises the need for tax laws to change, but opposes revenue taxes and wants to see the OECD process play out.

"The responses that the UK and EU are poised to take are not helpful," he said. "This is a genuinely global challenge.... Countries have got to coordinate and develop shared principles."

Professor Grinberg said the UK's decision to go it alone gives license to other countries to follow suit, undermining efforts to reach an international solution.

The move is particularly risky for the UK, he added, because the logic for taxing tech firms could be extended other industries important to the UK, especially financial services and pharmaceuticals.

"I think it will go badly for the UK," he said.

Should tech companies be paying more tax?

Corbyn: Tech firm tax could fund journalism

The US has a range of options should it want to retaliate, in addition to simply making the issue a focus in US-UK trade talks, he added.

The US could complain to the WTO. Under US law, the president could also act to raise taxes on UK firms as a retaliatory measure.

Professor Faulhaber described the responses being floated as "nuclear options".

"I don't know how likely they are but I do think they're pretty dramatic," she said. "They... suggest that at least some people in the US see these proposals as fairly dramatic."--BBC

Ryanair passengers brace for new bag rules

Brace, brace. The latest changes to Ryanair's baggage policies take effect today, meaning passengers who want to take anything more than a small bag on board must pay for the privilege.

Only those paying £6/€6 for priority boarding will be able to take a small suitcase of up to 10kg in the cabin.

That option is cheaper than the £8/€8 charge to check in a 10kg bag.

Ryanair says the changes - the second this year - are intended to reduce flight delays.

The problem faced by the Irish carrier - along with many other airlines - is the lack of overhead locker space on the Boeing 737 and the Airbus A320 aircraft used for short-haul routes.

Gerald Khoo, an analyst at Liberum, says Ryanair planes have room for about 90 "wheelie" suitcases, considerably fewer than the 189 passengers it can hold.

As the airline's flights are on average 95% full, there clearly isn't enough space for everyone's luggage.

"They are effectively rationing scarce capacity and saying if you want that space in the cabin, then you have to pay for it," Mr Khoo says.

Since January, Ryanair passengers have been allowed to take one small bag on board and one wheelie bag free of charge.

However, that often required up to 120 larger bags to be tagged at the gate and put in the hold, delaying departures (every minute counts, given the airline's 25-minute turnaround target).

Larger checked-in luggage will still cost £25 per bag.

The small bag that non-priority passengers can take on board is now 40% larger than previously allowed at 40x20x25cm. It must fit under the seat in front of you - not ideal if you value your leg room.

Easyjet is slightly more generous, as all passengers can take a bigger bag - up to 56x45x25cm - in the cabin, with the caveat that some may have to be checked in the hold free of charge.

Depending on when you book your flight, paying the higher price may be the only option. That's because priority boarding is limited to 95 customers per flight - about half the number of seats.

Sophie Griffiths, editor of Travel Trade Gazette, fears some passengers may only learn of the new rules when they get to the gate.

"I'm not sure everyone will be aware of the changes - it could result in massive confusion," she says. "It's just one more thing for passengers to get their heads around."

Travellers who do try to board with a wheelie case but have not paid will have to hand over £25/€25 to have it put in the hold.

Ms Griffiths said one winner from the move could be British Airways, whose standard fares include a checked-in bag.

This is the second time Ryanair has changed its baggage rules this year. The revision may not be the last, says Mr Khoo.

How the airlines compare on cabin hand baggage:

British Airways

One cabin bag up to 56x45x25cm and 23kg and one handbag/laptop bag (max. 23kg and up to 40x30x15cm) for standard fares. The smaller bag is guaranteed to go in the cabin, but on busy flights, the larger bag may be put in the hold free of charge.

easyJet

One cabin bag up to 56x45x25cm with no weight limit, but you must be able to lift it into the overhead locker. EasyJet says only about 70 cabin bags can fit in the overhead lockers, so all others will be put in the hold.

Any bags larger than the specified size will be checked into the hold for a fee.

Ryanair

Non-priority passengers: One small bag such as a handbag, laptop bag or small backpack up to 40x20x25cm that must fit under the seat in front of you.

Priority passengers: One small bag up to 40x20x25cm and one bag of 55x40x20cm and up to 10kg

Wizz Air

All passengers can take a carry-on bag up to 40x30x20cm onboard to be placed under the seat in front.

Those who pay for priority boarding can also bring an extra wheelie bag of up to 55x40x23cm in the cabin.--BBC

Jaguar Land Rover makes loss as sales slide 13%

Sales of Jaguar Land Rover cars have fallen sharply, taking the firm into a loss for the three months to the end of September.

The firm blamed lower sales in China for the decline, as well as uncertainty in Europe over diesel and Brexit.

Jaguar Land Rover made a pre-tax loss of £90m for the quarter, compared to a profit for the same period a year ago.

JLR said as a result, it was launching a "far-reaching" cost-cutting programme to improve profitability.

Jaguar Land Rover said the £2.5bn turnaround programme would include reducing investment and taking out inventory and working capital.

The new strategy would "lay the foundations for long-term sustainable, profitable growth", said chief executive Ralf Speth.

The firm's Solihull plant, where it makes Range Rover and Jaguar models, is currently closed for a two-week shutdown in response to "fluctuating demand". That follows a move to a three-day week at JLR's Castle Bromwich plant.

JLR is the jewel in the crown of the UK car industry, making top-end luxury models with an unmistakable British appeal. That has seen it win huge export markets in Europe, the US and increasingly in China.

But it has been hit by a series of problems; many of its models have diesel engines and have therefore been affected by recent environmental worries and it is seen as having been too slow to adapt to demands for new hybrid and electric versions.

The North American market is slowing down, but it is in China that it has had its biggest problems. JLR says sales there have been hit by consumer uncertainty following import duty changes and escalating trade tensions with the US, but other luxury car brands are increasing sales there, so it is not clear why JLR is suffering so badly.

The company has already responded by cutting back production at two plants and laying off agency staff, but now it has announced it is aiming to save £2.5bn in costs and improved cash flow over the next 18 months. Which is likely to mean a tough time for JLR and its suppliers.

Jaguar said the fall in sales reflected "challenging" market conditions in China, where demand was affected by consumer uncertainty over changes to import duties and escalating trade tensions between the US and China.

*         Jaguar Land Rover plans two-week closure as demand falls

*         Jaguar workers put on three-day week until Christmas

*         China car sales slump ripples globally

*         aBrexit: Jaguar boss issues stark warning for jobs and profits

The firm said sales in Europe had been depressed by weaker demand for diesel vehicles, the introduction of new emissions-testing rules and uncertainty related to Brexit. Chief executive Mr Speth has also been outspoken on the risks to the car industry posed by Brexit.

JLR was bought by India's Tata Motors a decade ago. It now employs around 40,000 people in the UK. It also has manufacturing facilities in China, Brazil, India and Austria, and a major new production site in Slovakia.

Job losses

David Bailey, motor industry specialist at Aston Business School, said after years of strong performance, including weathering the financial crisis, JLR was now facing a "perfect storm" which would inevitably lead to more job losses.

"We've seen 1,000 job cuts already. I think we'd expect to see more in the New Year. I can't see how they'd make £2.5bn of savings without laying off workers," he said.

He said while management could be criticised for not moving away from diesel and into hybrids quickly enough, the main factors affecting sales were outside their control.

JLR's revenues were £5.6bn on sales of 129,887 vehicles in the three months to October.

As a result JLR's parent company, Tata Motors, reported a net loss £110m for the quarter. Tata Motors is part of the Tata conglomerate, which operates in sectors from tea to steel.--BBC

Royole's bendy-screen FlexPai phone unveiled in China

A little-known California-based company has laid claim to creating the "world's first foldable phone".

Royole Corporation - a specialist in manufacturing flexible displays - unveiled the FlexPai handset at an event in Beijing.

When opened, the device presents a single display measuring 7.8in (19.8cm) - bigger than many tablets.

But when folded up, it presents three separate smaller screens - on the front, rear and spine of the device.

The six-year-old company said it would hold three "flash sales" to consumers in China on 1 November to offer the first product run.

The phones will be priced between 8,999 and 12,999 yuan ($1,290 to $1,863; £1,011 to £1,460) depending on the memory and storage specifications selected.

In addition, Royole said it would also offer a slightly different version of the devices to developers across the world the same day.

It intends to start deliveries in "late December".

The launch has caught many industry watchers by surprise.

It was widely believed Samsung or Huawei would be the first to sell such a device to the public.

Samsung was expected to preview its efforts at an event in San Francisco on 7 November, but is not understood to be ready to put a product on sale.

Venturebeat reporter Evan Blass has also claimed LG intends to unveil a foldable phone of its own at the CES trade show in January.

Videos posted to social media of the FlexPai in action, however, indicate the version of Android they run still needs some work.

In particular, the display is shown to flick between different orientations after being switched from one mode to another before settling.

Purchasers will also need to be mindful that the device weighs 320g - more than 50% more than the iPhone XS Max or Galaxy Note 9.

Huawei promises foldable phone within a year

Samsung: Time for folding smartphones

Why do smartphones look so alike?

However, Royole says the FlexPai has been tested to withstand more than 200,000 open-and-shut movements, meaning it should offer many years of use before the action damages the picture.

One expert said the smartphone was unlikely to become a bestseller but was impressive nonetheless.

"Royole gets the bragging rights to being first, and it's quite astonishing that someone you've never heard of is doing this," said Carolina Milanesi, from the Creative Strategies consultancy.

"What's great is that it's putting this into the hands of developers, who will be able to start the legwork that will result in apps for flexible devices that will eventually be sold by Samsung and whoever else.

"You need developers to think through how they can best take advantage of screens that double in size."

She added that Royole might ultimately become an acquisition target for one of the mainstream consumer electronics brands.

Another company-watcher added that he doubted the FlexPai would ever be produced in large numbers.

"Royole has carried out several publicity stunts over the years to showcase its flexible OLED [organic light-emitting diode] displays," said Dr Guillaume Chansin from Irimitech Consulting.

"The FlexPai is probably another stunt.

"Royole is building its first OLED factory and it is now trying to compete directly with other display manufacturers such as Samsung and LG."--BBC

Facebook: MPs in new attempt to question Mark Zuckerberg

MPs are stepping up their campaign to get Facebook boss Mark Zuckerberg to appear before them to answer questions on data privacy and disinformation.

The Commons Digital Culture is joining forces with its Canadian counterpart to hold a joint hearing on 27 November.

Its chair Damian Collins has urged Mr Zuckerberg to appear, saying his "evidence is now overdue and urgent".

The tech boss, who has appeared before the US Congress and EU Parliament, has previously sent a representative.

Next month's hearing, to take place in Westminster, will involve both British and Canadian politicians.

Mr Collins and Bob Zimmer, the chairman of the Canadian standing committee on access to information, privacy and ethics, have written a joint letter requesting Mr Zuckerberg's presence.

"Over the past year, our committees have both sought evidence from a Facebook executive with sufficient authority to give an accurate account of recent failures of process, including the recent Cambridge Analytica scandal and subsequent data breaches," they wrote.

"Given your self-declared objective to 'fix' Facebook, and to prevent the platform's malign use in world affairs and democratic process, we would like to give you the chance to appear at this hearing.

"We call on you to take up this historic opportunity to tell parliamentarians from both sides of the Atlantic and beyond about the measures Facebook is taking to halt the spread of disinformation on your platform, and to protect user data."

Facebook was fined £500,000 earlier this year after the UK's data protection watchdog found it had given app developers access to up to 87 million users' data "without clear consent".

Some of the data was shared with Cambridge Analytica, which used it to target political advertising in the US.

Mr Collins told Sky News that Mr Zuckerberg was the ultimate decision maker in the company and he must account for mistakes which left people's data "so available and vulnerable".

After Mr Zuckerberg sent his chief technology officer, Mike Schroepfer, to appear before the committee in April, MPs threatened to issue his boss with a formal summons to appear himself when next in the UK.

Explaining his decision, the Facebook boss said Mr Schroepfer had extensive experience and was well placed to answer MPs' questions on the company's business practices.

In a letter to MPs at the time, he said Facebook "fully recognises" the level of public and Parliamentary interest in these issues and agreed that they must be addressed "at the most senior levels of the company by those in an authoritative position".--BBC

Eurostar resets customer passwords after hack attack

Eurostar has reset its customers' login passwords after detecting attempts to break into an unspecified number of accounts.

The rail service said it had notified those whose accounts had been targeted.

Other passengers will be told they have been blocked the next time they try to log in and will be asked to reset their details.

The firm declined to say whether any of the hack attacks were successful but said payment details were not affected.

"We believe this to be an unauthorised automated attempt to access customer accounts," a spokesman told the BBC.

Credit cards 'not compromised'

"As a result, we blocked access and asked customers to reset their passwords as a precautionary measure.

"We deliberately never store any bank card information, so there is no possibility of compromise to credit card or payment details."

The firm said the attacks had taken place between 15 and 19 October and involved a "small number" of internet protocol (IP) addresses.

It is not disclosing whether their origin has been traced.

Customers who previously asked why their passwords had been reset had been told it was the result of "maintenance" to the firm's website.

The Information Commissioner's Office said it had been made aware of the incident.

"We've received a data breach report from Eurostar and are making enquiries," said a spokeswoman.

Under the General Data Protection Regulation (GDPR) - which came into force in May organisations must let regulators know about serious personal data breaches involving EU citizens within 72 hours of becoming aware of them or face a fine, even if they do not yet have all the details.

In recent weeks, a number of airlines have revealed they have also been targeted by hackers.

Cathay Pacific said personal data belonging to up to 9.4 million passengers had been accessed

British Airways said it had discovered two attacks, one involving 380,000 transactions made via its website, the other affecting more than 185,000 people whose payment card details had been stolen

Air Canada confirmed that 20,000 of its customer accounts might have been breached

It is not clear whether any of this activity is linked.--BBC

INVESTORS DIARY 2018

Company

Event

Venue

Date & Time

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