Is Apple about to launch an $85,000 Macbook McLaren laptop that transforms into a self-driving electric supercar at the touch of a button? Maybe not yet — but Apple is coming in for an awful lot of ridicule these days, as illustrated by Robert Shrimsley's latest column in the FT mocking the company as it turns its attention to "Car".
Reuters reports that Caixabank sold shares worth €1.32 billion ($1.48 billion) on Thursday in an accelerated share sale to boost its capital reserves for its takeover bid for Portugal's Banco BPI. The sale of shares will boost CaixaBank's core capital ratio to between 13.6 and 14.2 percent, the bank said.
Another day, another hack — this time from Yahoo. The Guardian reports that 'state-sponsored' hackers stole the personal data associated with 500 million accounts. The theft took place in 2014, with Yahoo admitting yesterday that it only found out about the hack two days earlier. According to the Guardian, "Details including names, passwords, email addresses, phone numbers and security questions were taken from the company's network in late 2014 by what was believed to be a state-sponsored hacking group." It is not yet clear which state was involved. Security analysts warned that the breach could include answers to personal security questions, which would enable hackers to retrieve passwords through the common 'Forgot Password?' feature.
The Times of London reports that the Bank of England will subject UK banks to another stress test, with growing fears over British banking exposure to China, and worries about the rapid growth of debt. British banks have the greatest exposure to China, and the Bank of England's Financial Policy Committee said that assessing the impact of a Chinese crisis would be an "important element" of the latest banking industry stress tests.
Warren Buffett has been conspicuously silent on the Wells Fargo story, although Buffett's Berkshire Hathaway is the largest owner of the bank, with a share of around ten percent. Mr Buffett told reporters that he won't be making comments on anything until after the November election, which some see as a silence speaking volumes. Meanwhile, the bank's CEO, John Stumpf, resigned from an advisory position at the Federal Reserve on Thursday in continuing fallout from the sham accounts scandal at the giant US lender. The FT reports today that five senators wrote to the San Francisco reserve board, calling on its chair not to re-nominate Mr Stumpf.
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