Latest Developments

Europe
BBC Business

Victims of 23andMe data breach to get $47m payout, judge rules

Victims of a 2023 data hack at genetics testing company 23andMe are set to receive a multi-million payout from the firm. A California bankruptcy court judge ruled on Tuesday that Chrome Holding, which last year took control of 23andMe after its bankruptcy, should pay out $46.75m (£35m) in compensation. 23andMe compiles genetic profiles of people through DNA testing kits, but it was heavily criticised after as many as 6.9 million people had their data breached in the 2023 hack. Chrome Holding, which operates under the name TTAM Research Institute, is operated by 23andMe's co-founder, Anne Wojcicki. She won the company's assets last year through a bankruptcy auction with a bid of $305m. The ruling said the settlement will be first paid to Kroll Restructuring, which is representing the victims, within five business days from Tuesday. The appointment of companies like Kroll is typical in corporate bankruptcy proceedings. The BBC has contacted the legal team representing the victims to ask how many people will receive the payout. 23andMe early last year filed for bankruptcy, about 18 months after hackers were able to access roughly 14,000 user accounts. Because the company offered "comprehensive" genetic profiles of people who submitted their DNA, including genetic markers related to their health and family history, some of the information accessed by hackers was highly personal. While the number of accounts accessed directly in the breach only represented a small fraction of 23andMe's total users, the hackers were able to access the profiles of those users' relatives. That gave them access to millions of profiles that 23andMe hosted. The breach led to investigations and fines, including a £2.31m fine by the Information Commissioner's Office (ICO), a UK watchdog. The ICO said 23andMe had failed to put adequate measures in place to secure sensitive user data prior to the incident.

Victims of 23andMe data breach to get $47m payout, judge rules
North America
CNBC Economy

Private payrolls rose by 98,000 in June, less than expected, ADP reports

Companies added slightly fewer workers than expected in June, with hiring targeted heavily toward healthcare-related sectors, ADP reported Wednesday. Private sector employment grew by a seasonally adjusted 98,000 for the month, down from an unrevised 122,000 in May and a bit below the Dow Jones consensus forecast for 110,000, the payrolls processing firm reported. The ADP report serves as a precursor to the more widely watched nonfarm payrolls count due Thursday from the Bureau of Labor Statistics. ADP's count in recent months has generally undershot the official government report, which has shown mostly solid job creation this year. Nearly half the growth in June — 48,000 — came from the education and health services sector, a consistent leader for payroll growth. All but 2,000 of the new jobs came from services. Other sectors posting gains included trade, transportation and utilities (15,000), financial activities (14,000), and other services (8,000). Natural resources and mining lost 5,000 jobs, the only sector in the red. Leisure and hospitality added just 2,000 positions, continuing a slow year for an industry seen as an indicator of underlying consumer demand. "The pace of hiring is telling a story of both supply and demand. We know it's taking people longer to find work, but there also are signs of labor supply constraints in certain industries," said Nela Richardson, ADP's chief economist. "For now, the overall effect is a slowdown in job creation." Annual pay gains for those staying in their jobs held steady at 4.4% while edging higher to 6.6% for job switchers. Employment gains were tilted toward small businesses. Establishments with fewer than 50 employees added 53,000, while companies that employ 500 or more saw a gain of 25,000 and those in between rose by 29,000. The Wall Street consensus is for U.S. nonfarm payrolls to rise by 115,000 for June, with the unemployment rate steady at 4.3%. Average hourly earnings are expected to show a pickup of 0.3% monthly and 3.5% annually. Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

Private payrolls rose by 98,000 in June, less than expected, ADP reports
Europe
BBC Business

Virgin Media fined after hanging up on customers trying to cancel contracts

Virgin Media has been fined £28m for repeatedly preventing customers from cancelling contracts, Ofcom said. The communications regulator said it uncovered tactics including agents deliberately hanging up calls, and customers being put on hold "for no reason". It said millions of calls from customers were "likely mishandled" over a three-year period which prevented or delayed them from switching to a better broadband, landline or pay-TV deal. The penalty was reduced by 30% as Virgin Media admitted its failing and agreed to settle, Ofcom added. Virgin Media apologised to the "small proportion who experienced an issue when contacting us to agree a new deal or cancel their service in the past". Ofcom's investigation uncovered behaviour including: excessive and unnecessary call transfers, deliberately hanging up calls, repeated attempts to pressure customers to stay, and unnecessarily and repeatedly keeping customers on hold. It said Virgin Media's commission scheme "effectively encouraged" and financially rewarded call centre agents for "behaving in this way". Virgin Media said it had "resolved all formal customer complaints from this period providing redress where appropriate". Ofcom said Virgin Media would need to check every affected customer who complained has received compensation or other remedies they were entitled to within six months. It said its rules "are clear that the conditions or procedures telecoms providers have in place must not act as a disincentive for customers who wish to cancel their contract" - and that Virgin Media's failings likely acted as a disincentive for customers in million of calls. The calls investigated were between 1 January 2022 and 11 September 2024 and were found to have likely been mishandled by call agents "in order to delay or prevent customers from cancelling and switching to a competitor". Natalie Black, Ofcom's group director for infrastructure and connectivity, told the BBC's Today programme that Virgin Media's actions were "pretty shocking" and showed "poor behaviour". "Right at the beginning of this problem, a number of years ago in 2022, we tried to resolve this informally. There wasn't the will to do that," she said.

Virgin Media fined after hanging up on customers trying to cancel contracts
Asia-Pacific
The Straits Times

50 cents a day: Arki Finance CEO saved his allowance to buy his mum a watch

Staying invested consistently over the past 15 years has been one of his best financial decisions, says Arki Finance CEO David Ng. Sign up for ST InvestMe and unlock full access to exclusive insights and financial literacy courses today. SINGAPORE – When David Ng was 10, he spent months squirrelling away his 50-cent daily allowance to save $50 to buy his mother a watch. “I passed her the money, never knowing how much the watch really cost or if she actually bought one,” says the 46-year-old co-founder and chief executive of Arki Finance. “There’s joy in putting someone else’s happiness above my own... And that mindset of intentional saving and giving has stuck with me in adulthood.” The Singaporean started digital wealth advisory platform Arki after more than two decades working in global financial institutions like Bank of America and Morgan Stanley, as well as a stint as a national rugby player from 1996 to 1997. Arki, which received its Capital Markets Services licence from the Monetary Authority of Singapore earlier in 2026, is preparing for its public launch later in the year. The firm is targeting the mass affluent segment with a simplified wealth platform built on a three-part framework: cash, income and growth. Ng has a Master of Business Administration from the University of Chicago’s Booth School of Business. He is married with two sons. My portfolio is a mix of equities, exchange-traded funds (ETFs) and private investments. About half is in public equities focused on global and thematic strategies – sectors that I believe will define the future. Around 30 per cent is in ETFs and index funds, and the remaining 20 per cent is in private investments such as early-stage fintechs and private credit. Arki Finance, which I started building about two years ago, is my biggest financial and emotional investment.

50 cents a day: Arki Finance CEO saved his allowance to buy his mum a watch
Asia-Pacific
The Straits Times

Caught by IRAS: Doctor earned millions but reported monthly salaries of $5k and $6k

The doctor paid himself below market salaries but received huge amounts in dividends and loans. Sign up for ST InvestMe and unlock full access to exclusive insights and financial literacy courses today. SINGAPORE – A doctor declared monthly salaries of around $5,000 and $6,000 from his companies, but did not pay any personal tax on additional payouts averaging over $2 million a year. He claimed there was no need to declare the additional income because the sum was received as tax-exempt dividends and “shareholders’ loans” after his companies paid the standard corporate tax of 17 per cent on their profits. This doctor, a private specialist, thought he had a foolproof arrangement that would shield him from higher personal income taxes. Income beyond the $1 million mark would have hit the highest personal tax bracket of 24 per cent. After scrutinising past assessments between 2013 and 2018, the Inland Revenue Authority of Singapore (IRAS) deployed its most powerful weapon – Section 33 of the Income Tax Act – which can shoot down any arrangements that are created mainly to avoid tax. It imposed additional taxes on the doctor’s overall income, which the High Court upheld despite the doctor’s challenge. Under the personal income tax regime, someone earning $6,000 monthly would have been taxed less than $3,000 a year, but taking home $2 million could entail over $400,000 in taxes annually. The decision has likely sent shockwaves through the league of high-income earners who have been using company structures to avoid paying more personal taxes. The doctor was among 279 high-income earners IRAS has caught to date for using sham arrangements to avoid paying more taxes. An example of such an arrangement involves setting up companies to receive income but paying owners salaries below market rate so that they can pay lower taxes. As companies enjoy various concessions to encourage entrepreneurship, the owners will end up paying less tax on their profits than individuals earning the same amount.

Caught by IRAS: Doctor earned millions but reported monthly salaries of $5k and $6k
Asia-Pacific
The Straits Times

Planning my wedding taught me to spend on what matters, and not what is expected

The writer says that intentional saving has helped her a lot when planning wedding expenditures. Sign up for ST InvestMe and unlock full access to exclusive insights and financial literacy courses today. SINGAPORE – While planning for my wedding in November, I’ve been feeling a lot of invisible pressure to spend on what everyone else is spending on. One such area is the Chinese tradition of Guo Da Li, a ritual where the groom’s family presents the bride’s family with betrothal gifts that symbolise fertility, prosperity, abundance and a harmonious marriage. These gifts often include gold jewellery, so as gold prices have climbed over the decades, the cost of Guo Da Li has also risen. Because my parents really want traditions to be upheld, I felt obligated to go along with it. My husband and I managed to find a shop with affordable jewellery, but the process made me think about how important intentional spending is when it comes to milestones like weddings. While looking for a wedding venue, some vendors we spoke to had strong opinions about what we were “supposed” to do, such as the number of guests to invite and the type of food to serve, and even on the sequence of events. People around me often held their weddings at expensive hotels, and my mother didn’t want me to have mine at a venue that would make me look “poor” by comparison. But I didn’t want to spend for appearances’ sake – to me, that isn’t what a wedding is about. My husband and I eventually settled on a venue that isn’t a lavish hotel but offers something I really want – a view of the blue sea during the solemnisation. I’ve never enjoyed being cooped up indoors, so having a beautiful outdoor view on the most important day of my life is a priority. The venue we have chosen is also relatively small, ensuring we can celebrate our marriage with only the people who matter.

Planning my wedding taught me to spend on what matters, and not what is expected
Europe
BBC Business

Trains and emergency calls affected after major outage at Australia's largest telecoms company

A major outage at Australia's largest telecommunications company has led to cancelled train services, left thousands of customers without mobile coverage, and sparked an investigation into emergency calls that were not connected. Telstra's chief financial officer Michael Ackland apologised for the issue which began at 04:30 local time on Wednesday and affected "some mobile calls and data services". Services were fully restored about 12 hours later, he said. A software defects related to time-keeping servers at data centres in Sydney and Melbourne was to blame - not a cyber attack, Ackland added. Australia's Prime Minister Anthony Albanese said the outage was "deeply concerning". Telstra described the outage as "intermittent" but acknowledged the impact had been "national". Ackland said the telecoms company had conducted welfare checks on customers who had called emergency services during the outage, with six requiring immediate help. Back-up systems, which divert emergency calls through other mobile carriers, largely worked as they should, he added. Asked if the country could still rely on its largest mobile network, Ackland said: "Australia can absolutely have faith in its biggest telco... we take these outages very very seriously. "Our investment in resilience and cyber security and redundancy in our network is significant but it is a big and complex network and from time to time, issues do occur." confirmed that welfare checks were being made for about three dozen calls to emergency services that did not go through but that the "core triple-zero system remains operational". Communications Minister Anika Wells said the country's telco regulator, the Australian Communication and Media Authority, will investigate the outage. In Victoria, all regional train services were cancelled due to the outage while some regional services in New South Wales were also disrupted. National freight services were also affected.

Trains and emergency calls affected after major outage at Australia's largest telecoms company
Asia
The Hindu BusinessLine

Q1 Results Today Highlights: Jindal Saw Q1 PAT tumbles, LTTS profit up 13%, Tata Elxsi profit grows 18%

Business people using pen,tablet,notebook are planning a marketing plan to improve the quality of their sales in the future. istock photo for BL | Photo Credit: Jirapong Manustrong SG Finserve Q1 net profit rises to ₹43.68 crore; board approves evaluating a stake buy in Succesship Technologies and a GIFT City finance arm. Design and technology services provider Tata Elxsi on Tuesday reported an 18.17 per cent increase in net profit to Rs 170.59 crore during the June quarter of FY27, driven by growth in key verticals and strong deal execution. The company had posted a profit of Rs 144.36 crore in the same quarter of the preceding fiscal, according to a regulatory filing. Tata Elxsi’s revenue from operations rose 14.46 per cent to Rs 1,021.1 crore in Q1 FY27, compared to Rs 892.09 crore in Q1 FY26. On a quarter-on-quarter basis, the company’s revenue grew by 2.7 per cent. However, its net profit declined by 22.58 per cent. L&T Technology Services (LTTS) on Tuesday posted around 13 per cent increase in June quarter consolidated net profit at Rs 357 crore. The company had posted a net profit of Rs 316.1 crore in June quarter FY26, a regulatory filing said. Revenue from operations increased by 11.5 per cent to Rs 2,940 crore during the quarter from Rs 2,637.5 crore a year ago. “The strategic actions undertaken as part of our Lakshya 31 agenda are beginning to translate into tangible business outcomes, reflected in healthy quarterly growth and sustained margin improvement. EBIT margins improved 200 basis points year-over-year to 15.7 per cent,” CEO and Managing Director, Amit Chadha said. - PTI Manaksia Coated Metals & Industries reported standalone net profit for the quarter ended June 2026 at Rs 14.16 crore compared to Rs 14.10 crore in the same quarter last year. Tata Elxsi shares ended 3.30% lower at Rs 3,697.30 on the NSE. Company to declare Q1 earnings today

Q1 Results Today Highlights: Jindal Saw Q1 PAT tumbles, LTTS profit up 13%, Tata Elxsi profit grows 18%
Asia
The Hindu BusinessLine

Markets stage comeback amid global sell-off, IT earnings boost

Markets defied a sharp global sell-off on Monday, staging a dramatic intraday comeback after opening deep in the red, as a robust earnings beat from the IT sector gave investors reason to buy the dip rather than flee. The Nifty 50 closed at 24,211.65, up just 4.75 points or 0.02 per cent, after recovering more than 250 points from its intraday low of 24,000.20. The BSE Sensex ended at 77,616.40, gaining 47 points or 0.06 per cent. The Nifty IT index was the session’s standout, surging 3.60 per cent, with TCS, Infosys, HCL Technologies, and Tech Mahindra among the top Nifty gainers. LTIMindtree reported a 17 per cent jump in profit and 18 per cent revenue growth over the weekend, extending the positive momentum from TCS’s recent results. With much of Asia crumbling — Seoul’s market fell 9 per cent and Tokyo dropped nearly 2 per cent following fresh US strikes on Iran and Iranian retaliations across four countries — India’s resilience stood out. “Monday’s session was more impressive than the flat close suggests... India ended flat. That is a statement,” said Sarvam Goel, Founder, Pocketful. The recovery, however, masked a difficult backdrop. Brent crude surged roughly 5 per cent to around $79.5 per barrel amid renewed fears of supply disruptions from West Asia. The US also revoked Iran’s oil export waiver, effective July 17 — a date markets will watch closely. Elevated crude weighed on the Indian rupee, which weakened 30 paise to close at 95.62 against the dollar, breaching the 96-mark intraday for the first time in 21 sessions, and emerging as the weakest performer among Asian currencies. On the sectoral front, gains were concentrated. IT, Media, and Consumer Durables outperformed, while FMCG, Metals, Cement, and Healthcare ended in the red, with FMCG the worst performer of the day. Grasim Industries and Tata Steel were among the key Nifty laggards. The broader market tracked the benchmarks — Nifty Midcap 100 edged up 0.01 per cent and Nifty Smallcap 100 gained 0.03 per cent, with both indices forming bullish candles after recovering from early lows. Notably, the Nifty Midcap 100 registered a fresh all-time high during the session. The market breadth was largely neutral, with the BSE advances-declines ratio at 1.13 and 236 stocks within the Nifty 500 universe closing in positive territory. The India VIX rose around 10 per cent, reflecting the underlying nervousness. The Q1 FY27 earnings season has so far provided some relief. “The initial batch of broader Q1 earnings has come in better than expected, suggesting that earnings downgrades for the quarter may be less severe than previously anticipated,” noted Siddhartha Khemka, Head of Research at Motilal Oswal Financial Services. HCL Technologies was set to report results after market hours on Monday, with investor expectations high following back-to-back IT beats. The week ahead is dense with event risk. Over 140 companies are scheduled to report Q1 FY27 results, including Reliance Industries, HDFC Bank, ICICI Bank, Axis Bank, Wipro, and Tech Mahindra — together accounting for over 31 per cent of the Nifty 50’s weight. Domestically, India’s June CPI and WPI inflation data are due, alongside trade balance figures and foreign exchange reserves. Globally, US inflation numbers and Federal Reserve Chair Jerome Powell’s semi-annual testimony will be closely watched, as will China’s second-quarter GDP. Three IPOs targeting to collectively raise nearly ₹10,100 crore are also lined up in the primary market. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Markets stage comeback amid global sell-off, IT earnings boost