Major International Business Headlines Brief::: 09 October 2018

[Bulls n Bears]

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Major International Business Headlines Brief::: 09 October 2018

 


 

 


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*  Strike halts some Toyota operations in South Africa

*  Egypt's Hassan Allam plans to list shares in Cairo, London

*  Egypt has strategic sugar reserves to last until April

*  South Africa's MTN shares up 2 percent on possibility of reduced
repatriation demand

*  Kenyan shilling stable against the dollar

*  Gold slips as dollar gains after China eases policy

*  Nigeria central bank could alter demands in MTN dispute - governor

*  S.Africa's Eskom won't need more government cash over next year: Minister

*  Trump tariffs make world 'poorer and more dangerous'

*  Google+ shutting down after users' data is exposed

*  Hope Hicks: Trump's ex-adviser joins Fox

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

*  Google iPhone data privacy case blocked by High Court

*  Facebook Portal video chat screens raise privacy concerns

*  Heathrow fined for USB stick data breach

 


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Strike halts some Toyota operations in South Africa

CAPE TOWN (Reuters) - Toyota South Africa operations were halted on Monday
at its Durban assembly plant and a Johannesburg warehouse because of a
strike by the National Union of Metalworkers of South Africa (NUMSA), a
company spokesman said.

 

“The strike has resulted in the suspension of operations today,” Clynton Yon
said in a statement.

 

The union said it would continue the strike until its demands are met,
adding that the action would spread to other Toyota factories over disputes
on issues including staff recruitment, bonuses and transport allowances.

 

“The strike which began today will affect all Toyota plants nationally. Our
members are resolute and disciplined. They will not back down until all
their demands are met,” said NUMSA.

 

Labour strife has hobbled the production of cars in Africa’s largest
automotive manufacturing sector, where Toyota, Ford, BMW and Chinese
carmaker BAIC have invested heavily to boost output.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

South Africa's MTN shares up 2 percent on possibility of reduced
repatriation demand

JOHANNESBURG (Reuters) - South Africa’s MTN Group shares rose as much as
2.55 percent after the Nigerian central bank governor said on Sunday the
bank may reduce the amount it has ordered the telecoms firm to repatriate as
part of an ongoing disagreement.

 

MTN and the central bank are in a dispute over the transfer of $8.1 billion
of funds which the bank said the company had sent abroad in breach of
foreign-exchange regulations. At 0837 GMT shares in MTN were up 2.03 percent
to 85.50 rand.

 

 

 

Egypt's Hassan Allam plans to list shares in Cairo, London

CAIRO (Reuters) - Egyptian construction and engineering group Hassan Allam
said on Monday that it would float up to 44.3 percent of its shares on the
Egyptian Exchange and the London Stock Exchange.

 

The company said it intended to use the proceeds to develop solar assets,
fund its water platform, acquire a speciality engineering company, and
support continued growth in construction and building materials businesses.

 

Hassan Allam is a general contractor operating in Egypt, where it employs
more than 34,000 people, and through subsidiaries in Saudi Arabia and
Algeria, according to an announcement of the sale on the company’s website.

 

It did not give a date or pricing information for the share offer.

 

Renaissance Capital and EFG Hermes will be joint global coordinators for the
sale, and together with Arqaam Capital will also act as joint bookrunners,
the company said.

 

It said the selling shareholders were the Hassan Allam family, which
collectively owns an 86.2 percent stake in the company, as well as the
International Finance Corporation, which owns a 13.8 percent stake.

 

The announcement of the sale comes amid a surge of private and public
offerings that will test investor appetite in Egypt at a time of emerging
market turbulence.

 

 

Egypt has strategic sugar reserves to last until April

CAIRO (Reuters) - Egypt’s strategic sugar reserves are enough to last up to
the start of April, the supply ministry said on Monday.

 

Sugar is available in local markets and there are no problems with supply,
said ministry spokesman, Ahmed Kamal.

 

 

 

Kenyan shilling stable against the dollar

NAIROBI (Reuters) - The Kenyan shilling was stable against the dollar on
Monday with inflows from horticulture exports matching light demand from
merchant importers, traders said.

 

At 0855 GMT, commercial banks quoted the shilling at 100.80/101.00 per
dollar, the same as Friday’s close.

 

 

Gold slips as dollar gains after China eases policy

BENGALURU (Reuters) - Gold fell on Monday as the dollar firmed after China’s
central bank eased its domestic policy to support the economy amid concerns
that an escalating trade dispute with the United States could hurt growth.

 

The People’s Bank of China (PBOC) on Sunday announced a steep cut in the
level of cash that banks must hold as reserves, stepping up moves to lower
financing costs and spur growth.

 

Spot gold was down 0.6 percent at $1,195.61 an ounce at 0725 GMT. U.S. gold
futures fell 0.5 percent to $1,199.8 an ounce.

 

“Although the dollar index has not gained much, the decision by China might
be seen by some market participants as some sign of softness as a result of
the trade war, which could benefit the dollar,” said John Sharma, an
economist at National Australia Bank.

 

The dollar was up 0.2 percent against a basket of six major currencies, as
China followed an easing in domestic policy by allowing yuan to fall, though
the drop was not as sharp as some had feared. [USD/]

 

“Maybe, the trade war is affecting China more than realised and therefore
the need to ease on policy, which dampened demand for gold there,” a
Singapore-based trader said.

 

Shares in Asia slumped as China’s markets stumbled in their first trading
day after a week-long holiday. [MKTS/GLOB]

 

Gold prices have fallen more than 12 percent from a peak in April largely
due to strength in the dollar, which has benefited from a vibrant U.S.
economy, rising U.S. interest rates and fears of a global trade war.

 

U.S. unemployment rate fell to near a 49-year low, as per the Labor
Department’s monthly employment report on Friday, which also showed a steady
rise in wages, suggesting moderate inflation pressures, that could keep the
Federal Reserve on a path of gradual interest rate increases.

 

“After very rosy comments from Fed Chair Powell earlier in the week and a
decidedly hawkish post-FOMC presser, this data needed only to avoid an
improbable disaster to unlock further steepening of the priced-in Fed
outlook,” said Ilya Spivak, a currency strategist for Dailyfx.

 

“To that end, its passing seemed to give the green light to traders
withholding directional conviction until after event risk has passed.”

 

Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded
fund, fell 0.20 percent to 730.17 tonnes, on Friday.

 

Speculators cut their net short position in COMEX gold by 4,186 contracts to
73,128 in week to Oct. 2. [CFTC/]

 

Meanwhile, spot silver fell 1 percent to $14.44 and palladium declined 0.6
percent to $1,062.85. Platinum inched 0.4 percent lower to $817.50 an ounce.

 

S.Africa's Eskom won't need more government cash over next year: Minister

LONDON (Reuters) - South African state-owned power firm Eskom does not
require government cash injections over the next 12 months, the country’s
Public Enterprises Minister Pravin Gordhan said on Monday.

 

Cash-strapped Eskom is critical to Africa’s most industrialised economy as
it supplies more than 90 percent of its power but is also one of its most
indebted state firms.

 

“They (Eskom) have got enough liquidity for the next year, and they don’t
require any cash from the government side,” Gordhan told Reuters on the
sidelines of the FT Africa Summit in London.

 

He added that job losses weren’t currently on the table at the power firm
either.

 

 

 

Nigeria central bank could alter demands in MTN dispute - governor

LONDON (Reuters) - The Nigerian central bank may alter the amount it has
ordered South African telecoms firm MTN to repatriate as part of a dispute,
central bank governor Godwin Emefiele said on Sunday.

 

“I don’t think it will be staying at $8.1 billion,” Emefiele said during a
visit to London. “This issue will be dealt with amicably and equitably.”

 

Emefiele said the central bank had received documents from MTN and four
banks involved in the case. “The central bank will be examining these, then
it will be escalated up to my level,” he said.

 

He said he expected to get the results in a couple of weeks.

 

The central bank filed a counter-claim on Friday to a court request by MTN,
which is seeking to stop the bank from forcing it to bring back the money,
according to MTN’s lawyer.

 

Emefiele also said Nigeria’s central bank would continue to intervene in the
foreign exchange markets, adding that he believed in a stable exchange rate
regime. Nigeria’s current stance of monetary tightening would continue, he
said.

 

 

 

Trump tariffs make world 'poorer and more dangerous'

The International Monetary Fund has warned a trade war between the US and
China risks making the world a "poorer and more dangerous place" in its
latest assessment of the global economy.

 

The IMF has lowered its forecast for global growth this year and next.

 

It said that a full-blown trade war between the US and China would put a
significant dent in economic recovery.

 

Its chief economist said further trade barriers would hit households,
businesses and the wider economy.

 

"Trade policy reflects politics and politics remain unsettled in several
countries, posing further risks," said Maurice Obstfeld.

 

US-China trade war: a tale of two Chinas

US-China trade row: The story so far

Most recently, China announced new trade tariffs on $60bn of US goods,
including products such as liquefied natural gas, produced in states loyal
to the US President Donald Trump.

 

In a tweet, Mr Trump warned Beijing against seeking to influence the
upcoming US midterm elections.

 

"There will be great and fast economic retaliation against China if our
farmers, ranchers and/or industrial workers are targeted!" he said.

 

US tariffs on $200bn of Chinese imports came into effect last month.

 

What are the risks to global growth?

Global economic growth is now expected to reach 3.7% in 2018 and 2019, down
from the IMF's previous prediction of 3.9% in July.

 

It said that risks to the short-term outlook had "shifted to the downside".

 

Downgrades to global growth also reflected predictions of a slower expansion
in the eurozone as well as turbulence in a number of emerging market
economies.

 

Crisis-hit Venezuela is expected to enter its sixth year of recession in
2019, with inflation predicted to hit ten million per cent next year.

 

Argentina, which recently agreed an IMF bailout, is also predicted to see
its economy shrink in 2018 and 2019.

 

How bad could the trade war get?

The US and China's escalation of trade tariffs is expected to hit growth in
both countries in 2019, when the boost from President Trump's sweeping tax
cuts will also start to wane.

 

Mr Obstfeld said the world would become a "poorer and more dangerous place"
unless world leaders worked together to raise living standards, improve
education and reduce inequality.

 

The IMF warned that the world faced a permanent hit to growth if the US
followed through on a threat to impose a 25% on all imported cars, and
global tariffs hit business confidence, investment and borrowing costs.

 

In this worst case scenario, the US economy would take a significant hit,
while economic growth in China would drop below 5% in 2019, compared with a
current prediction of 6.2%.

 

What about the UK and Brexit?

The UK economy is expected to expand by 1.4% this year and 1.5% in 2019.

 

The IMF said a "no-deal" Brexit remained a risk.

 

It believes Brexit will fundamentally change parts of the UK economy,
leaving some workers out of a job.

 

It said the government would need to do more to retrain or relocate workers
in industries that are "likely to be more affected by higher trade barriers
after Brexit".

 

While the IMF said UK interest rate rises would need to rise over the next
few years to keep a lid on inflation, it urged the Bank of England to remain
"flexible" and ready to move in either direction depending on the outcome of
Brexit negotiations.

 

The IMF predicts that UK public borrowing will keep falling over the next
few years.

 

However, Chancellor Philip Hammond is still expected to borrow around £16bn
in 2023 to plug the gap between tax revenues and public spending.--bbc

 

 

Google+ shutting down after users' data is exposed

Google is shutting down much of its social network, Google+, after user data
was left exposed.

 

It said a bug in its software meant information that people believed was
private had been accessible by third parties.

 

Google said up to 500,000 users had been affected.

 

According to a report in the Wall Street Journal, the company knew about the
issue in March but did not disclose it.

 

The WSJ quoted an internal Google memo that said doing so would draw
"immediate regulatory interest".

 

In a statement, the firm said the issue was not serious enough to inform the
public.

 

"Our Privacy and Data Protection Office reviewed this issue, looking at the
type of data involved, whether we could accurately identify the users to
inform, whether there was any evidence of misuse, and whether there were any
actions a developer or user could take in response.

 

"None of these thresholds were met here."

 

Failed venture

Google+ was launched in 2011, quickly becoming known as a failed attempt to
compete with Facebook.

 

Now, after several years of speculation that it was going to be shut down,
Google is bringing Google+ for consumers to an end.

 

Google said it would continue to offer private Google+ powered networks for
businesses currently using the software.

 

"It has not achieved broad consumer or developer adoption, and has seen
limited user interaction with apps," wrote Ben Smith, Google's vice
president of engineering, in a blog post on Monday.

 

In the past, the company had been reluctant to share data on how often
Google+ was used, but now, facing the fall out of exposed data, the firm
appears keen to play down its importance.

 

"The consumer version of Google+ currently has low usage and engagement: 90%
of Google+ user sessions are less than five seconds."

 

Shares in Google's parent company Alphabet fell by 1.23%.--bbc

 

 

 

Hope Hicks: Trump's ex-adviser joins Fox

Hope Hicks, the former communications director for the White House, is
joining Rupert Murdoch's media empire.

 

Ms Hicks, 29, will serve as chief communications officer for Fox, the parent
company of Fox News and other news outlets.

 

She left the White House in April, after rising to prominence as a close
Trump adviser during the 2016 presidential campaign.

 

Fox News is President Donald Trump's favourite cable channel.

 

This summer he named former Fox News co-president Bill Shine as assistant
and deputy chief of staff for communications.

 

Mr Shine resigned from Fox News last year as the network's handling of
sexual misconduct scandals came under scrutiny, though Mr Shine himself was
not accused of any harassment.

 

Mr Trump is also reported to have a close relationship with host Sean
Hannity, a leading cable news cheerleader of the president.

 

Ms Hicks had worked for the Trump Organization since 2014.

 

She kept a low profile while at the White House but was said to be one of Mr
Trump's most trusted confidantes.

 

The announcement that she will take a role at Fox is the latest in a series
of appointments 21st Century Fox has been making in anticipation of a major
reorganisation.

 

The firm is preparing to sell a big portion of the existing company to Walt
Disney Co and spin off its news assets, including Fox News, into a new
company called Fox.

 

Those deals are expected to be completed in the first half of 2019, pending
regulatory approval.--bbc

 

 

Jaguar Land Rover plans two-week closure as demand falls

Jaguar Land Rover (JLR) is planning a two week shutdown of its Solihull
plant at the end of October.

 

Britain's biggest carmaker blamed weakening global demand, especially in
China, and has faced falling diesel sales in recent months.

 

JLR said employees at the West Midlands plant would be paid for the duration
of the shutdown and no jobs would be lost.

 

The Unite union called the news deeply troubling, and said government
policies were to blame.

 

Unite national officer Des Quinn said: "Government ministers' trashing of
diesel, despite the UK making some of the cleanest engines in the world,
combined with their shambolic handling of Brexit is damaging the UK car
industry and the supply chain.

 

"Add into the mix the government's half-hearted support for the transition
to electric and alternatively powered cars and you have a triple whammy
facing the UK's car workers."

 

BMW to shut Mini plant for month post-Brexit

JLR cuts Land Rover production

In a statement on Monday, parent company Tata Motors said total sales at the
firm fell 12.3% in September to 57,114 vehicles.

 

It blamed a 46% slide in China, its biggest market, where rising competition
ongoing trade tensions held back demand.

 

"As part of the company's continued strategy for profitable growth, Jaguar
Land Rover is focused on achieving operational efficiencies and will align
supply to reflect fluctuating demand globally as required," the firm said in
a statement.

 

"The decision to introduce a two-week shutdown period later this month at
Solihull is one example of actions we are taking to achieve this.

 

"Customer orders in the system will not be impacted and employees affected
will be paid for the duration of the shutdown."

 

The Solihull plant, where the firm makes Range Rover and Jaguar models, will
close from 22 October.

 

It follows a move to a three day week for 2,000 workers at the firm's Castle
Bromwich plant and an announcement in April to lay off 1,000 workers across
its West Midlands' plants.

 

The UK car industry has been struggling in recent months, as diesel sales
fall and carmakers face tougher new emissions standards.

 

New car sales plunge 20% in September

JLR cuts Land Rover production

The number of new cars registered in the UK dived by 20.5% in September,
according to industry figures, following an unusually strong August and a
turbulent first eight months of the year.

 

Manufacturers are also increasingly vocal about the potential risks of
Brexit. They fear that an end to frictionless trade would disrupt their
"just-in-time" supply chains, hurting production.

 

In the last few weeks, Japanese carmakers Nissan, Toyota and Honda have
warned that a no-deal Brexit could hit output and profits.

 

And in September, BMW said it would have to shut the Mini factory in Oxford
for a month after Brexit if the UK failed to secure a trade deal with the
bloc.--bbc

 

 

Google iPhone data privacy case blocked by High Court

The High Court has blocked a bid to sue Google for allegedly unlawfully
taking data from 4.4 million UK iPhone users.

 

The legal case was mounted by a group called Google You Owe Us, led by
former Which director Richard Lloyd.

 

It sought compensation for people whose handsets were tracked by Google for
several months in 2011 and 2012.

 

Mr Lloyd said he was "disappointed" by the ruling and his group would
appeal, but Google said it was "pleased" and thought the case was "without
merit".

 

The campaign was believed to be the first mass legal action of its kind in
the UK.

 

Mr Justice Warby who oversaw the case explained that it was blocked because
the claims that people suffered damage were not supported by the facts
advanced by the campaign group.

 

Another reason for blocking it, he said, was the impossibility of reliably
calculating the number of iPhone users affected by the alleged privacy
breach.

 

Mr Lloyd said in a statement: "Today's judgement is extremely disappointing
and effectively leaves millions of people without any practical way to seek
redress and compensation when their personal data has been misused."

 

He added that he would seek permission to appeal against the verdict on
behalf of the 20,000 people who signed up to the campaign.

 

'More than 600 apps had access to my iPhone data'

Google faces mass legal action in UK over data snooping

In response to the court ruling, Google said: ""The privacy and security of
our users is extremely important to us. This claim is without merit, and
we're pleased the court has dismissed it."

 

The case revolved around how Google used what are known as cookies - small
computer text files that log information as people browse the web and use
online services.

 

The complaint made by Google You Owe Us alleged that the cookies were used
by Google to track people and get around settings on Apple's Safari browser
that blocked such monitoring.

 

Ads were sold on the basis of the personal information gathered by Google's
cookies.

 

The Safari workaround was used by Google on lots of different devices but
the UK case centred on iPhone users. The group hoped to win £1bn ($1.3bn) in
compensation for affected users.

 

The first stage of the legal case was getting the UK courts to recognise
that the group had a legitimate complaint.

 

In an earlier court appearance, Google argued that the type of action being
brought by Mr Lloyd was unsuitable and should not be given the go-ahead.

 

Google has paid $39.5m in the US to settle earlier claims against it over
similar data-gathering claims.---bbc

 

 

 

Facebook Portal video chat screens raise privacy concerns

Facebook is launching two video call machines for the home in the midst of
its latest data breach scandal.

 

The Portal products automatically zoom in on users and follow them as they
move, to offer a superior experience to existing smartphone and tablet apps.

 

The devices rely on Facebook Messenger to make and receive calls and also
feature Amazon's Alexa smart assistant.

 

But consumers may have privacy concerns and a rival device-maker suggested
the very concept was "tech clutter".

 

"It's staggeringly unfortunate timing," commented Jeremy White, product
editor at Wired UK magazine.

 

"News of the accounts being hacked broke the day before [Facebook's] product
briefings.

 

"The question is whether people will ignore security concerns for the sake
of a really convenient device."

 

Andrew Bosworth, the executive responsible for the launch, acknowledged the
issue.

 

"We understand that inviting a camera and microphone into your home is the
kind of thing that will give a consumer pause, especially for a new category
of products around video calling that haven't been really common for
consumers to have access to," he told the BBC.

 

"And so not one week ago nor six months ago, but two years ago we started on
a privacy-first plan for this product."

 

The devices will go on sale in the US in November.

 

Facebook intends to release them elsewhere but has yet to say when.

 

The chief executive of Sonos - which makes voice-controlled speakers - is
among those to have questioned whether there is an appetite for Portal or
other similar products.

 

"At this point I'm pretty sceptical that consumers need another screen in
their homes," Patrick Spence told the BBC.

 

Facebook probe launched by Irish watchdog

Up to 50 million Facebook accounts attacked

Seven smart speakers put to the test

How do the Portals work?

Both of the Portals are designed to be used from a distance of between 5ft
to 10ft (1.5m to 3m) - further than video calls are typically made from
using smartphones and other computers.

 

They use a 140-degree 12 megapixel camera to capture a relatively wide
field-of-view, providing scope for on-device software to zoom in and track
the users' movements.

 

In SmartCamera mode, the machines automatically reframe the image to take
account of additional people entering the room.

 

But by tapping on a person's face, the user on the other end of the call
enters Spotlight mode. This allows them to focus on an individual of their
choosing, letting - for example - a grandmother follow her grandson even if
his parent is the one talking.

 

Augmented reality graphics can be overlaid on to the image. Some are for
comedic effect - for instance putting cat hats on people's heads. But the
tech is also used for a selection of stories, which a parent can read from
afar while relevant visual effects appear.

 

Users can also trigger songs from Spotify or Pandora to be played
simultaneously on both their own Portal and the one receiving the call
without causing an echo effect.

 

In addition to one-on-one calls, up to seven Portals can take part in group
chats.

 

Calls can also be routed to the Messenger app on other kinds of devices
although some functionality is lost.

 

The flagship device - the Portal+ - features a 15.6in (39.6cm) 1080p display
that can be rotated on its stand to appear in landscape or portrait mode. It
is priced at $349 (£270).

 

The lower-end model - which is just called Portal - has a 10.1in 720p
display and less powerful speakers. It costs $199.

 

Both support up to four accounts, allowing family members to maintain
separate contacts and call records that can be password-protected.

 

What are their privacy features?

Tapping the top of the devices allows users to switch off their microphones
and cameras. In addition, a plastic camera cap is included to ensure no
images are recorded when owners just want to use voice commands.

 

Facebook says it does not record, listen to, view or otherwise analyse the
content of calls on its servers, and the data involved is encrypted.

 

But it does log metadata, including who called who, the length of the calls
and any performance issues.

 

And while the call data is digitally scrambled to make it difficult to hack,
the encryption method used is not "end-to-end".

 

This means, in theory, that Facebook could allow the authorities to tap into
a call if ordered to do so.

 

"It would be better if this had end-to-end encryption, and you have to
wonder why it doesn't when you recognise that WhatsApp - another part of the
Facebook empire - uses it," said Wired's Mr White.

 

Facebook did reveal that it was investigating whether to offer WhatsApp as
an alternative to Messenger.

 

"WhatsApp would certainly help a lot with an international launch," said Mr
Bosworth.

 

Last month, it emerged US law officers had recently tried and failed to
force Facebook to let them wiretap a criminal gang's Messenger voice calls.

 

More apps... and ads?

At launch, there will only be a small number of apps available, including:

 

Facebook's video show service Watch

recipes from the Food Network

video news updates from Newsy

For now, the firm has opted not to provide access to its Facebook or
Instagram News Feeds or to provide an app store for other third-party
products.

 

It also says adverts are not on its roadmap, although it acknowledged that
in time on-device software could, for example, trigger a cat food promotion
if it spotted a pet in shot.

 

"We're not doing anything today and we'll be very transparent and clear
publicly if we do start to do something beyond that," said a spokesman.

 

Is there a gap in the market for this?

Amazon's Echo and Google's Home smart speakers have been surprise hits.

 

A recent survey by Adobe indicated that 32% of US homes own such a device,
and predicted 50% would by the year's end.

 

But the appetite for video-enabled equivalents is still unclear.

 

Sonos's chief is among those who are unconvinced.

 

"The industry is in that tech clutter phase where it's like: 'What else can
we do? We've got a screen and we've got a speaker, let's put them together
and put them in your house'," said Mr Spence.

 

"What we've seen is that people are getting a bit of screen fatigue and
instead are looking for the technology industry to be more thoughtful about
how their existing screens might work with other devices in their home, as
opposed to putting another screen in another room."

 

But one industry watcher was more positive.

 

"Facebook is pricing these Portals at a level that should certainly appeal
to a large number of households and individuals," said Jonathan Collins,
from the consultancy ABI.

 

"What is key to adoption is the network effect of knowing that there are
people and homes that can be called by the device if one opts to
invest."--bbc

 

 

 

Heathrow fined for USB stick data breach

Heathrow Airport has been fined £120,000 by the Information Commissioner's
Office for "serious" data protection failings.

 

It comes after a staff member lost a USB stick last October containing
"sensitive personal data", which was later found by a member of the public.

 

Reports at the time claimed this included the Queen's security and travel
arrangements, although the ICO would not confirm this.

 

Heathrow said it regretted the breach.

 

The Information Commissioner's Office (ICO) said the memory stick, which
contained 76 folders and more than 1,000 files, was not encrypted or
password-protected.

 

It said only a small amount of files contained "sensitive" information,
including a training video that exposed the names, dates of birth and
passport numbers of 10 people. Personal data of up to 50 Heathrow aviation
security personnel was also revealed.

 

However, a report in the Mirror newspaper at the time suggested the breach
had also posed a risk to national security.

 

It reported a man had found the memory stick on a West London street and
viewed its contents at a local library, discovering information including:

 

A timetable of patrols that was used to guard the site against suicide
bombers and terror attacks

Routes and safeguards for Cabinet ministers and foreign dignitaries

The exact route the Queen took when using the airport and security measures
used to protect her.

The ICO confirmed the memory stick had been passed on to an unnamed national
newspaper.

 

However, it would not comment on the national security claims, saying that
the scope of its investigation had been to look at "personal data" only.

 

Steve Eckersley, ICO director of investigations, said: "Data protection
should have been high on Heathrow's agenda. But our investigation found a
catalogue of shortcomings in corporate standards, training and vision that
indicated otherwise."

 

Action taken

The ICO added that only 2% of the airport's 6,500-strong workforce had been
trained in data protection.

 

Heathrow also declined to comment on the national security claims.

 

However, a spokeswoman said: "Following this incident, the company took
swift action and strengthened processes and policies.

 

"We accept the fine that the ICO have deemed appropriate and spoken to all
individuals involved.

 

"We recognise that this should never have happened and would like to
reassure everyone that necessary changes have been implemented, including
the start of an extensive information security training programme which is
being rolled out company-wide."--bbc

 

 

 


 

 


 

INVESTORS DIARY 2018

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
constitute an offer to sell or the solicitation of an offer to buy or
subscribe for any securities. The information contained in this report has
been compiled from sources believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
the securities of more established companies. Neither Faith Capital nor any
other member of Bulls ‘n Bears nor any other person, accepts any liability
whatsoever for any loss howsoever arising from any use of this report or its
contents or otherwise arising in connection therewith. Recipients of this
report shall be solely responsible for making their own independent
investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and sourced from third parties.

 


 

 


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