Latest Developments

Europe
BBC Business

Asos hackers took more personal details than first revealed, BBC finds

Image source, AlamyByJoe TidyCyber correspondent, BBC World ServicePublished8 October 2026, 10:29 BSTUpdated 56 minutes agoAsos has told its customers that hackers are in possession of detailed profiles of potentially millions of the online store's users. It issued the update after BBC News told the retailer it had been contacted by cyber criminals who said this week's breach went beyond the "basic contact details" Asos previously said might have been accessed. Names, addresses, phone numbers, emails and customer numbers are now in the hands of cyber criminals. So too are the searches customers have made on the website. Terms like "reclaimed vintage", "glamorous wide fit" and "Asos petite" are visible in the data. With this information, scammers may be able to craft potent phishing attack emails or phone calls. The risk to individuals is now higher and customers are being warned about potential impersonation scams. In its email to customers, Asos confirmed data profiles were taken but said no bank details or passwords were accessed. "Please remain cautious of unexpected messages or calls claiming to be from Asos," it said. "We will never ask you to share passwords, security codes or payment details through an unsolicited message or call." The high profile hack made global headlines on Tuesday when cyber criminals used Asos's own app system to send a pop up notification to potentially millions of people. Later that day the firm confirmed to shareholders via the London Stock Exchange that the pop up was sent by an "unauthorised third party" and "basic personal information including name and contact details may have been accessed." On Wednesday evening the cyber criminals responsible contacted the BBC sharing a sample of the stolen data which showed the true extent of the hack.

Asos hackers took more personal details than first revealed, BBC finds
Europe
The Guardian

Paramount completes $111bn acquisition of Warner Bros to form new media empire Skydance

The Paramount water tower in Los Angeles, California. Photograph: Mario Tama/Getty ImagesView image in fullscreenThe Paramount water tower in Los Angeles, California. Photograph: Mario Tama/Getty ImagesBusinessParamount completes $111bn acquisition of Warner Bros to form new media empire SkydanceDavid Ellison and ex-Mattel CEO Ynon Kreiz to oversee both film studios, HBO Max, CNN and CBS News as co-executives Paramount completed its $111bn acquisition of Warner Bros Discovery on Tuesday, consolidating some of the world’s most recognizable studios and news outlets after a bidding war with Netflix and months of legal turmoil. The new company, now called Skydance, will have David Ellison, the son of a billionaire tech mogul, at its helm, with the former CEO of Mattel, Ynon Kreiz, as co-executive. They will oversee Paramount and Warner Bros’ movie studios, HBO Max, CBS News and CNN. “Today is a historic day, not just for Skydance but for our entire industry,” Ellison said in a statement. “From the start, our ambition was to bring these two storied studios together and create a stronger competitor, with the talent, resources, and reach to tell great stories in every genre, on every platform, for audiences everywhere. Now that ambition is a reality.” The consolidation of Paramount and Warner Bros combines two of the last five legacy studios in Hollywood, which includes Disney, Universal Pictures and Sony Pictures. Though the merger was approved in June, California, New York and 10 other states sued Paramount over concerns that the move would “extinguish” competition and lead to fewer movie theaters in theaters and at home. As part of the settlement agreement reached last month, Skydance is required to release a minimum of 30 films each year and more than 180 television shows. CBS News and CNN will also be required to maintain independent editorial boards. A trustee will monitor Skydance’s compliance with the terms of the settlement. Rob Bonta, the California attorney general, said he would be prepared to go to court if the company ever fails to comply. “This settlement is not a vote of support for this merger; it’s not a blessing of the broader merger,” he said on 21 September, when the settlement was announced. “Broadly speaking, we believe further consolidation in markets that are essential to American economic life doesn’t serve the American economy, consumers or competition well.” The merger has also raised concerns about Ellison’s influence over CNN after his overhaul of CBS News. Ellison is the son of Larry Ellison, the co-founder of Oracle who was a Trump megadonor in the 2024 presidential election. The elder Ellison’s net worth is $193bn, according to Bloomberg. When David Ellison’s Skydance Corporation acquired Paramount last year, he appointed Bari Weiss, a former New York Times opinion writer who launched an “anti-woke” media outlet, as the head of CBS News, despite her lack of television experience. Since then, the television network has faced accusations of bias toward the Trump administration, though Ellison has defended his stewardship of both CBS and now, CNN. On Monday, CNN’s CEO, Mark Thompson, announced that he would remain in his role under its new parent company, saying that he had spoken with Ellison and Skydance leadership and that he has “real confidence that they both understand and will fully support the principle and practice of the kind of independent news that CNN has always stood for”.

Paramount completes $111bn acquisition of Warner Bros to form new media empire Skydance
Europe
BBC Business

Former Barclays traders have rate-rigging convictions quashed

Image source, Getty ImagesByAndy VerityFinancial investigations correspondent Published13 minutes agoFive former Barclays traders who were jailed in one of the biggest scandals of the financial crisis have had their convictions overturned following a long-running legal battle. Jay Merchant, Jonathan Mathew, Philippe Moryoussef, Alex Pabon, Colin Bermingham were convicted following trials for manipulating the interest rates used for loans between banks. But their convictions were quashed on Wednesday by the Court of Appeal. The ruling came after two other former City traders had their convictions overturned last year, which has paved the way for others to appeal. The traders were cast by prosecutors as a symbol of banker greed amid public backlash and anger during the 2008 financial crisis.

Former Barclays traders have rate-rigging convictions quashed
Europe
BBC Business

How oil-rich Alberta's economy might fare if it broke away from Canada

For Alberta independence supporter Keith Wilson, the western Canadian province is in a league of its own. With its wealth of rich oil and gas reserves, a significant agricultural sector and a young and skilled workforce, its economy is one to be reckoned with, says Wilson. The province will hold a referendum on 19 October, giving residents two options: vote to stay in Canada, or vote to move ahead with a formal binding referendum on independence at a later date. The vote, despite not being a cut and dry "stay or leave", still stands to be among the most consequential in recent Canadian history, and a significant test of national unity. One key issue has become central to the debate: Would Alberta be richer if it were to become an independent country? "Alberta's economy is unique. is fundamentally different than the rest of Canada's - we have the people, the institutions, the infrastructure to excel," he says. Alberta separatists have long argued that the province has been short-changed by being part of Canada, and that more of the oil and gas wealth would be kept within its borders instead of being shared with Ottawa, delivering it tens of billions in savings. Alberta Premier Danielle Smith, who opposes independence, predicts a more sober outcome. She says the province could risk paying C$400bn ($283bn; £213bn) in transition costs alone, while bleeding billions more in lost investments and trade due to the political upheaval. A report commissioned, external by her government released earlier this month calculated the costs of separation as between C$50bn and C$170bn over five years - and a highly unpredictable outlook over the long term. The report cautions that the to-do list for a newly independent Alberta would be long and costly. It would have to set up agencies to manage taxes and national security, develop its own constitution, legal and court systems, and pension plans, and negotiate the division of federal assets like national parks and military bases. Lennie Kaplan, a former finance official in Alberta, says the province would be expected to take on a share of Canada's national debt, among many other fiscal challenges and responsibilities.

How oil-rich Alberta's economy might fare if it broke away from Canada
Asia
The Hindu BusinessLine

Crude oil futures brace for volatility amid geopolitical uncertainties: Analysts

In global markets, Brent futures for December delivery rose $2.47, or 2.41%, to $104.72 per barrel, while West Texas Intermediate crude gained 1% to settle at $91.85 per barrel in New York. Crude oil futures are likely to remain volatile next week as uncertainty over US-Iran negotiations and escalating tensions in West Asia keep supply risks elevated, even as hopes of a deal to reopen the Strait of Hormuz offer scope for a correction, analysts said. Investors will track the monthly oil market reports from the Organization of the Petroleum Exporting Countries and the International Energy Agency, along with the American Petroleum Institute's weekly inventory numbers and US government data on crude inventories and imports, they added. The geopolitical situation remains fluid after US President Donald Trump said Washington was considering joining Saudi strikes against Iran-backed Houthi rebels in neighbouring Yemen, following an attack on Riyadh's international airport. "The widening conflict has heightened concerns over energy shipments through the region, including the strategic Bab el-Mandeb Strait," said Navneet Damani, Head of Research - Commodities at Motilal Oswal Financial Services Ltd. On the Multi Commodity Exchange (MCX), crude oil futures for October delivery fell ₹35, or 0.4 per cent, last week to settle at ₹8,881 per barrel. The November contract, however, gained ₹82, nearly 1 per cent, to close at ₹8,828 per barrel. "Crude oil is caught between diplomatic optimism and persistent physical supply risks. MCX crude holding above ₹8,500, against pre-war levels near ₹6,500, highlights the significant supply-risk premium still embedded in prices," Damani said. He added that any positive response from Iran to the US proposal could trigger further near-term correction, but past experience shows that diplomatic progress alone rarely ensures a lasting recovery in supplies. Earlier, Trump said discussions between Washington and Tehran were constructive, and the US would not launch a military strike against Iran before the November 3 midterm elections. "Globally, developments around US-Iran diplomacy and crude oil prices will remain critical. Any progress on a framework for reopening the Strait of Hormuz could ease energy prices and provide some relief to India’s import bill and the rupee, while renewed geopolitical tensions could keep volatility elevated," Ajit Mishra, SVP – Research, Religare Broking, said. Iran, meanwhile, is evaluating the US response to its proposal on reopening the Strait of Hormuz. Damani said the Strait of Hormuz remained severely constrained, with September's recovery in exports largely driven by alternative routes that are costly, stretched and vulnerable to disruption.

Crude oil futures brace for volatility amid geopolitical uncertainties: Analysts
Asia
The Hindu BusinessLine

Q2 earnings, inflation data, oil prices to guide stock markets this week: Analysts

Last week, the BSE benchmark Sensex jumped 562.63 points, or 0.78%, and the NSE Nifty was up 98.5 points, or 0.43%. Major quarterly earnings from companies like Wipro and HCL Tech, along with inflation figures, global trends, and crude oil price movements, will drive stock market movement this week, analysts said. Market investors will also watch foreign investor trading activity, rupee movement, US Treasury yields, and geopolitical developments. "September CPI inflation will be the first major domestic test this week. A stronger-than-expected reading could revive concerns over further RBI tightening, putting rate-sensitive sectors such as banking, automobiles and real estate under pressure while raising the risk of a broader drag on consumer demand. "A softer print could ease concerns over the eventual peak in interest rates, but any relief may prove short-lived if Brent crude remains above $100 a barrel. Wholesale price inflation data will offer a further indication of how elevated energy and logistics costs are filtering through to producer prices," Hariselvan Radhakrishnan, Founder & CEO of HST Wealth, a research analyst firm, said. US inflation and retail sales data will influence Treasury yields and the dollar, he said. "The IT sector will remain in focus as HCL Technologies, Wipro and Tech Mahindra report their September quarter results. The sector staged a sharp rebound on Friday following TCS's better-than-expected earnings, but whether the recovery gains traction will depend on the performance of its peers and their outlook for the coming quarters," Radhakrishnan added. IT stocks emerged as major catalysts behind the market's sharp recovery on Friday, following an over 4 per cent rally in TCS after it reported better-than-expected September quarter results. Indian IT companies largely brushed aside the news regarding the US suspending eight IT firms, including TCS, Infosys, Wipro, Cognizant and Microsoft, from a programme that allowed applications for green cards for foreign workers, contending that the practice has shut out Americans from the job market. TCS on Friday said it does not expect the US action on the green card programme to affect its workforce strategy or customer engagements, as India's largest IT services company cited its single-digit applications under the programme over the past two years and its focus on local hiring. "Indian equities are expected to consolidate this week as markets balance improving domestic earnings momentum against elevated global risks. Brent crude remains above $100 per barrel and sustained FII selling continues to weigh on sentiment. After eight consecutive weeks of declines, the Nifty-50 gained 0.4 per cent last week, suggesting some stabilisation at lower levels, although the broader market is likely to remain selective," Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd, said. Domestically, September CPI and WPI inflation data will be closely tracked for signs of further price pressures, while the 2QFY27 earnings season gathers pace, he said.

Q2 earnings, inflation data, oil prices to guide stock markets this week: Analysts
Asia-Pacific
The Straits Times

Mary Chia admits disclosure lapses over CPF arrears at four subsidiaries after SGX queries

Mary Chia Holdings has admitted that it failed to disclose CPF arrears and court proceedings involving four of its five subsidiaries. SINGAPORE – Cash-strapped beauty and wellness group Mary Chia Holdings has admitted that it failed to disclose CPF arrears and court proceedings involving four of its five subsidiaries, despite its chief executive being aware of the court notices earlier on. The admission came in an Oct 9 response to queries from Singapore Exchange Regulation (SGX RegCo), which questioned why the four subsidiaries and their involvement in court proceedings were not disclosed in the company’s Sept 11 announcement, and when the company first became aware of these matters. Mary Chia’s Sept 11 announcement disclosed $50,208 in outstanding CPF contributions at one subsidiary but omitted arrears and court proceedings involving four others. All five subsidiaries’ cases had already been heard together on Sept 10, and the CEO knew of their court notices. The Catalist-listed company attributed this omission to shortcomings in its internal information consolidation and disclosure assessment processes, saying it failed to sufficiently consolidate information across its human resources, finance and management functions when preparing its Sept 11 announcement. The group said its earlier disclosure assessment had focused primarily on Mary Chia Beauty & Slimming Specialist, whose CPF arrears and court appearance were the subject of SGX RegCo’s initial query. It said it had not undertaken a comprehensive assessment of similar issues involving other group entities, resulting in the omission of four other subsidiaries from the announcement. Mary Chia also revealed that the outstanding CPF contributions across the five subsidiaries had been revised to $103,727 as at Oct 9, down from approximately $153,000 stated during a court hearing a day earlier. The revised figure was provided by the CPF Board following a reconciliation of outstanding contributions, taking into account payments made by the subsidiaries towards their arrears. The latest filing also shed light on when the group’s management and independent directors became aware of the CPF issues. Mary Chia said its CEO Ho Yow Ping and the group’s human resources manager were aware of the respective notices to attend court upon receiving them.

Mary Chia admits disclosure lapses over CPF arrears at four subsidiaries after SGX queries
North America
Yahoo Finance

Fortinet Turned $1,000 Into $24,579 in a Decade While the S&P 500 Delivered $3,585

Fortinet built its own chips when rivals wouldn't, kept its founder at the helm, and sat through a brutal two-year slump that punished investors who blinked. Whether the stock's explosive comeback signals a new chapter or a valuation trap worth… This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them. Fortinet (NASDAQ:FTNT | FTNT Price Prediction) protects corporate networks. Its main product is the FortiGate firewall. It sits between a company’s systems and the internet, checks the traffic that passes through, and stops attackers. The company has been public since its November 2009 IPO. It is still led by founder Ken Xie. Over the past decade, Fortinet grew that firewall into a full platform. Everything runs on one operating system, FortiOS, and on custom FortiASIC chips that most rivals don’t make. Xie said on the July call: “Sometimes the payback may take 10 years, but we feel after 10 years we have a huge advantage.” The company also added cloud-delivered security (SASE) and AI-driven security operations. It bought Lacework and Linksys along the way. Each hardware sale tends to bring recurring service subscriptions with it, and that helped push FY25 revenue to $6.80B with record free cash flow of $2.21B. Prices are split-adjusted, covering a 5-for-1 split in 2022. The S&P 500 figures are price-only. Fortinet beat the index over all three periods, but the five-year path was uneven. Shares sat at $59.60 in October 2021 and ended 2025 at just $79.41 after a slowdown in firewall upgrades during 2023 and 2024. Since then they’ve risen 127.87% year to date. Anyone who sold during the slump missed most of the five-year gain. The catalyst was Q2 FY26. Product revenue rose 52% and billings climbed 33%. Management also raised full-year revenue guidance to $8.02B-$8.18B, driven by companies upgrading security for AI workloads and ransomware threats. The case for Fortinet today depends on whether the SASE firewall push and spending on AI data centers can keep product growth near current levels into 2027. The main risk is that this upgrade cycle fades the way the last one did. Bull case: Non-GAAP operating margin reached 38%, FortiSASE billings grew over 100%, and Fortinet has beaten EPS estimates in six consecutive quarters. Bear case: The stock trades at 63x trailing earnings, and at $180.95 it sits above the average analyst target of $164.32. Analysts lean cautious: 31 hold ratings against eight buys and one strong buy. Palo Alto Networks (NASDAQ:PANW), Zscaler (NASDAQ:ZS) and Cisco (NASDAQ:CSCO) are all competing for the same budgets. The business looks stronger than the valuation. Fortinet earned its run, but after the stock more than doubled in a single year, the price already reflects much of that performance. Product revenue growth and billings against the raised guidance are the next figures to track.

Fortinet Turned $1,000 Into $24,579 in a Decade While the S&P 500 Delivered $3,585
Europe
BBC Business

Five reasons India's stock market is sinking even when its economy is growing

India's economy is growing at an enviable rate of over 7% despite global energy shocks, rising interest rates, tariff uncertainties and weather-related disruptions. But the world's fastest growing major economy also has one of the worst performing major equity markets in 2026. The correction in Indian stocks has, in fact, only intensified in recent weeks. The benchmark Sensex and Nifty indices, which represent the country's largest companies, have inched up slightly since Monday after posting losses for eight straight weeks - the longest losing streak in 25 years, according to Reuters. Indian mom-and-pop investors who put their money into the Nifty have seen their wealth erode by about 15% this year. In comparison, they would have made 62% returns on Korea's Kospi index since January or 170% in the last two years. On aggregate, the money foreign investors have put into Indian markets in the past decade - after subtracting what they sold or withdrew - is nearing zero. In the past two years alone, foreign institutional investors have withdrawn a staggering $40bn, according to data from Bernstein Research. It is the large pool of domestic institutional and retail money, flowing into instruments like mutual funds, that have helped the markets avoid a sharper fall. Domestic assets under management of mutual funds have grown from about $125bn in 2016 to some $900bn this year, with the number of Indians parking money in stocks and mutual funds more than tripling to 150 million individuals. This makes the recent fall in the markets more worrying - since households, already struggling from a weak job market, high inflation and faltering consumption, are now seeing their equity savings take a beating too. Crude oil prices have hovered between $90 and $100 a barrel as the disruption to shipping through the Strait of Hormuz enters its eighth month, far longer than analysts had expected. Moreover, there's little visibility on when normalcy will return. "This single variable tends to influence the markets quite negatively," Hari Shyamsunder, a fund manager with Franklin Templeton Asset Management India, told the BBC. "Markets can absorb crude between $70 and $90, but when prices move above $100 a barrel, it starts putting stress on macro-economic variables such as inflation and also company earnings and margins." India imports over 90% of its requirements - nearly half of its crude oil imports, along with a large share of its liquified petroleum gas (LPG) and liquified natural gas (LNG) shipments, come through the Strait of Hormuz. While Delhi has diversified its energy sources, tapping Russian oil markets, US President Donald Trump recently threatened up to 100% tariffs on countries doing trade with Moscow, further complicating matters.

Five reasons India's stock market is sinking even when its economy is growing