Stock markets have retreated again over worries of further US interest rate rises after the Federal Reserve defied Donald Trump to increase rates for the fourth time this year.

The EU has confirmed it is “actively investigating” a potential breach of its diplomatic communications network, following reports that secret cables had been stolen by hackers.

The Bank of England has welcomed a “crucial and positive” move by the EU to help keep a key part of the financial system functioning in the event of a “no-deal” Brexit.

A handful of banks will be forced to write multimillion pound cheques to buy shares in the construction giant Kier Group after some of its biggest investors snubbed the chance to take part in a £250m fundraising.

GlaxoSmithKline (GSK) is to merge its consumer healthcare unit with that of rival Pfizer, to create a new market leader with almost £10bn in annual sales.


Santander has been fined more than £30m for “serious failings” in processing the accounts of dead customers, the Financial Conduct Authority (FCA) says.


Facebook faces potential $1.63 billion fine in Europe

Facebook faces potential $1.63 billion fine in Europe

The social media giant faces the fine from the European Union (EU) privacy watchdog over its latest data breach, reported the media

The Wall Street journal reported that Ireland’s Data Protection Commission, which is Facebook’s lead privacy regulator in Europe, has asked the social media company to submit more details in the incident where data of over 50 million udders were hacked via “Access Tokens” or digital keys.

The report added that the “privacy watchdog could fine Facebook as much as $1.63 billion for the data breach.”

The regulator was quoted as saying: “ We are concerned at the fact that this breach was discovered on Tuesday (last week) and affects many millions of user accounts but Facebook is unable to clarify the nature of the breach and the risk for users at this point.”

A Facebook spokeswoman stated that the social media giant will respond to questions from the EU watchdog. The company on Friday admitted hackers broke into nearly 50 million users’ accounts by stealing their “access tokens” or digital keys, in the biggest-ever security breach after the Cambridge Analytica scandal.

This allowed the hacker to steal Facebook access tokens which they could then use to take over people’s accounts.  Access tokens are the equivalent of digital keys that keep people logged in to Facebook so that they do not need to re-enter their password every time they use the app.

Senator Mark R. Warner has also called for a full probe into the incident. 

Vice Chairman of the Senate Select Committee on Intelligence and co-chair of the Senate Cybersecurity Caucus, Warner said it was high time the Congress stepped up and took action to protect privacy and security of social media users. 

Facebook also stated it was taking precautionary step to reset access tokens for another 40 million accounts that have been subject to a “View As” look-up in the 2017. 

As a result, around 90 million people will now have to log back into Facebook, or any of their apps that use Facebook login. 

Reacting to the new data breach, CEO Mark Zuckerberg stated: “While I’m glad we found this, fixed the vulnerability, and secured the accounts that may be at risk, the reality is we need to continue developing new tools to prevent this from happening in the first place.” 

Zuckerberg and Facebook COO Sheryl Sandberg have already faced hearings at US Congress over Cambridge Analytica data breach that had affected 87 million users.

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