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Finance

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Finance

Hackers behind $6.3bn Binance heist ‘used malware and bogus job interviews’

Firm reveals details about how its cryptocurrency exchange was compromised, saying operation began in June The hackers behind the $6.3bn (£4.7bn) Binance heist used bogus job interviews, malicious software and an internal AI tool, the company has revealed. The world’s largest cryptocurrency exchange was compromised in an operation that began with an inadvertent download of malware in June, led to a recruitment scam in September and then a raid last week of “hot wallets” where billions of dollars worth of crypto-assets were taken. Continue reading...

The Guardian
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Finance

Primark lacks fizz as it approaches its go-it-alone moment

After a profits dip, the chain’s demerger from its sister food company still makes sense but is unlikely to reveal tons of value Primark brings forward home deliveries plan by two years as profits slide The business logic for demerging Primark from Associated British Foods’ greater Ovaltine-to-Twinings empire – an event due to happen by the end of next year – is impeccable. Read this year’s results statement and you wonder why the controlling Weston family took 20 years to get behind the idea. One paragraph can be about a yeast plant in India or the impact of high gas prices on sugar-refining

The Guardian
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Finance

Protect Poundland from predatory capitalism, MPs tell government

Budget retailer and 12,000 jobs at risk after US owner fails to accept buyout offers MPs have called on the government to protect Poundland and other high street stores from “predatory capitalism” and asset-stripping. The fate of the retail chain and its 12,000 staff remains uncertain after it filed a notice of intention to appoint administrators at the high court last Thursday. Continue reading...

The Guardian
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Finance

Datacentres are deeply unpopular – so the geniuses at OpenAI are rebranding them | Arwa Mahdawi

These resource-guzzling centres drive up utility bills and are hated across the political spectrum. Cue a clunky, but potentially influential, new name for them Jesus may have turned water into wine, but Donald Trump has done one better: he turned Lake Ontario into Lake America and the Gulf of Mexico into the Gulf of America. And then, for his next trick, he insisted we all stop talking about artificial intelligence (AI) and call it superintelligence (SI) instead. Those, of course, are only a few of the name changes the president has ushered in. When he’s not golfing or commenting on senators’

The Guardian
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Finance

Primark brings forward home deliveries plan by two years as profits slide

Retailer acquires robot-assisted warehouse and intends to have UK service up and running before end of 2027 Primark is to begin making home deliveries by the end of next year as it aims to win new shoppers after a slide in profits. George Weston, the boss of the cut-price fashion chain’s owner Associated British Foods (ABF), said it had brought forward the launch of Primark’s home delivery plans by about two years. Continue reading...

The Guardian
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Finance

Snap and crackle but no pop: Rice Krispies reformulated due to lack of rice

Kellogg’s substitutes ingredient with rice flour, as climate crisis affects availability of some grains They will snap and they will crackle, but they may no longer pop, as Kellogg’s has removed rice from its Rice Krispies and Coco Pops cereals due to “changing weather conditions”. Rice Krispies has been reformulated to use rice flour instead of rice, while Coco Pops now contain a blend of rice flour and corn flour instead of rice in order to maintain consistent quality. Kelloggs’ said the shift reflected how the climate crisis had affected the quality and availability of some rice and grains

The Guardian
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Finance

Brent crude slides 3% after Trump says US will stop military funding to Israel ‘by end of this year’ – as it happened

US president tells Fox News he made deal with Netanyahu ‘months ago’ Dearden responded to Snell’s question: It is deeply concerning to see the uncertainty about Poundland’s future. That’s why I, the Secretary of State and the Prime Minister, have been keeping a close eye on what is an extremely worrying situation for the staff, their families and communities up and down the country. We’ve been demanding to know what is happening, particularly for Gordon Brothers to explain why they haven’t accepted any offer to keep the company going. We continue to establish the facts. Continue reading...

The Guardian
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Finance

Guaranteed pension income ‘resurrected’ for 17m private sector workers

Ministers propose new guided retirement scheme to help give savers protection for life Millions of private sector workers will be offered a guaranteed pension income for life under new rules designed to help them get the most out of their retirement savings. Over the past 30 years, the majority of final salary pension schemes offering a set payout for life have closed. Workers have instead saved into a scheme and arrived at retirement with a pot of money they have to decide what to do with. Continue reading...

The Guardian
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Finance

Car finance: Barclays becomes first big lender to offer payouts for mis-selling of loans

Bank to make ‘early settlement’ offers before outcome of legal battle, with those who accept likely to get money before Christmas Barclays will this month start offering compensation to tens of thousands of people who claim they were mis-sold car loans, with some of those who accept likely to see the money land in their account before Christmas. Amid an ongoing legal battle over an industry-wide compensation scheme for victims of the UK’s car finance scandal, Barclays has become the first big UK lender to break cover and begin offering payouts to some customers who have complained. Continue re

The Guardian
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Finance

Virgin Media O2 to cut thousands of jobs as it plans £800m cost savings

Up to 25% of 16,000 workforce could go as telecoms group says it will increase use of AI in areas including customer service Business live – latest updates Virgin Media O2 is to cut thousands of jobs in an £800m cost-cutting drive as the telecommunications company aims to tackle its £22bn debt pile. VMO2, which is jointly owned by Liberty Global and Telefónica, said £300m of the savings target will come from job cuts that will reduce the company’s employee wage bill by 30% over the next two years. Continue reading...

The Guardian
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