Newsworthy – Oct 5th, 2018

Malicious Chinese chips, another Facebook breach, California requiring corporate boards to include women, and the US government struggling to provide shelter for over 13,000 migrant children.

Here are the top newsworthy items from this past week as shared on our Facebook page.

  • Malicious chips inserted in servers during the manufacturing process gave China a stealth doorway into U.S. networks. Investigators found that it eventually affected almost 30 companies, including a major bank, government contractors, and the world’s most valuable company, Apple.

From Bloomberg

  • The US Navy’s Pacific Fleet has drawn up a classified proposal to carry out a global show of force as a warning to China and to demonstrate the US is prepared to deter and counter their military actions, recommending the US Pacific Fleet conduct a series of operations during a single week in November.

From CNN

  • Facebook, third-party apps and regulators are scrambling to understand a breach that gave hackers access to 50 million accounts — a week after it was first discovered and four days after it was revealed.

From Axios

  • About 44,000 Verizon employees, or more than a quarter of the company’s workforce, were offered voluntary severance packages last month, as the carrier sought to cut $10 billion in costs and upgrade to a faster, 5G network.

From The Wall Street Journal

  • Costs of employer-provided health coverage continue to increase, rising 5% for a family plan in 2018 to about $19,616. Employers continued to boost deductibles that workers pay out of pocket to blunt growing premiums. Experts say rising prices for health care are connected to this premium growth.

From The Wall Street Journal

  • About 83% of U.S.-listed initial public offerings in 2018’s first three quarters involve companies that lost money in the 12 months leading up to their debut. The prior high-water mark for money-losing companies going public was 2000, when 81% of stock-market debutantes were unprofitable. Some analysts see similarities with the dot-com bubble of nearly two decades ago that left many investors with enormous losses.

From The Wall Street Journal

  • Fed Chairman Jerome Powell said tax cuts and spending increases could hobble the government if it has to respond to a downturn.

From The Wall Street Journal

  • The Federal Reserve could increase the number of banks receiving regulatory relief under an initiative that changes how it defines a big bank. The Fed is preparing to revise asset-size and other thresholds in its capital and liquidity rules, which could reduce regulatory costs for some large U.S. banks.

From The Wall Street Journal

  • Gov. Jerry Brown yesterday signed a bill into law that makes California the first state to require corporate boards of directors to include women. The new law requires publicly traded corporations headquartered in California to include at least one woman on their boards of directors by the end of 2019. By the end of July 2021, a minimum of two women must sit on boards with five members, and there must be at least three women on boards with six or more members.

From Los Angeles Times

  • The Trump administration is struggling to provide shelter and find homes for a record-breaking 13,000+ migrant children in its custody, up from 2,400 detained migrant children last year. The federal government is struggling to house them, resulting in traumatic forced moves from established shelters to spartan tent cities. An increasing number of kids under 18 years old are being detained by the U.S. government for an average of almost two months — where previously, the average had only been 34 days.

From The New York Times

 

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