Facebook employees had access to millions of user passwords

Facebook stored up to 600 million user account passwords without encryption and viewable as plain text to tens of thousands of company employees, according to a report Thursday by cybersecurity journalist Brian Krebs. The 600 million users represents a significant portion of Facebook’s user base of 2.7 billion people. The company said Thursday it planned to start notifying those affected so they could change their passwords. “As part of a routine security review in January, we found that some us


Facebook stored up to 600 million user account passwords without encryption and viewable as plain text to tens of thousands of company employees, according to a report Thursday by cybersecurity journalist Brian Krebs. The 600 million users represents a significant portion of Facebook’s user base of 2.7 billion people. The company said Thursday it planned to start notifying those affected so they could change their passwords. “As part of a routine security review in January, we found that some us
Facebook employees had access to millions of user passwords Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-21  Authors: kate fazzini, david paul morris, bloomberg, getty images
Keywords: news, cnbc, companies, employees, passwords, report, user, users, stored, scandals, security, access, millions, company, facebook, systems


Facebook employees had access to millions of user passwords

Facebook stored up to 600 million user account passwords without encryption and viewable as plain text to tens of thousands of company employees, according to a report Thursday by cybersecurity journalist Brian Krebs.

Facebook confirmed the report in a blog post. Facebook shares were down less than 1 percent Thursday.

The 600 million users represents a significant portion of Facebook’s user base of 2.7 billion people. The company said Thursday it planned to start notifying those affected so they could change their passwords.

“As part of a routine security review in January, we found that some user passwords were being stored in a readable format within our internal data storage systems,” Facebook said in a statement. “This caught our attention because our login systems are designed to mask passwords using techniques that make them unreadable. We have fixed these issues and as a precaution we will be notifying everyone whose passwords we have found were stored in this way.”

Facebook’s blog post did not say how many users were affected.

The incidents date back to as early as 2012, according to the report. A Facebook software engineer named Scott Renfro was quoted by Krebs as saying the company hasn’t found any misuse of the data in question and that “there was no actual risk that’s come from this.”

Facebook, however, has been under intense scrutiny due to several years of privacy and security scandals that have earned the company criticism from customers and inquiries and fines from several regulatory agencies, particularly in the European Union.

But Facebook’s scandals haven’t significantly dented the company’s count of active daily users, which rose last quarter despite an extended social media campaign by Facebook critics encouraging privacy minded customers to delete their accounts.


Company: cnbc, Activity: cnbc, Date: 2019-03-21  Authors: kate fazzini, david paul morris, bloomberg, getty images
Keywords: news, cnbc, companies, employees, passwords, report, user, users, stored, scandals, security, access, millions, company, facebook, systems


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Facebook employees had access to millions of user passwords

Facebook stored up to 600 million user account passwords without encryption and viewable as plain text to tens of thousands of company employees, according to a report Thursday by cybersecurity journalist Brian Krebs. The 600 million users represents a significant portion of Facebook’s user base of 2.7 billion people. The company said Thursday it planned to start notifying those affected so they could change their passwords. “As part of a routine security review in January, we found that some us


Facebook stored up to 600 million user account passwords without encryption and viewable as plain text to tens of thousands of company employees, according to a report Thursday by cybersecurity journalist Brian Krebs. The 600 million users represents a significant portion of Facebook’s user base of 2.7 billion people. The company said Thursday it planned to start notifying those affected so they could change their passwords. “As part of a routine security review in January, we found that some us
Facebook employees had access to millions of user passwords Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-21  Authors: kate fazzini, david paul morris, bloomberg, getty images
Keywords: news, cnbc, companies, employees, passwords, report, user, users, stored, scandals, security, access, millions, company, facebook, systems


Facebook employees had access to millions of user passwords

Facebook stored up to 600 million user account passwords without encryption and viewable as plain text to tens of thousands of company employees, according to a report Thursday by cybersecurity journalist Brian Krebs.

Facebook confirmed the report in a blog post. Facebook shares were down less than 1 percent Thursday.

The 600 million users represents a significant portion of Facebook’s user base of 2.7 billion people. The company said Thursday it planned to start notifying those affected so they could change their passwords.

“As part of a routine security review in January, we found that some user passwords were being stored in a readable format within our internal data storage systems,” Facebook said in a statement. “This caught our attention because our login systems are designed to mask passwords using techniques that make them unreadable. We have fixed these issues and as a precaution we will be notifying everyone whose passwords we have found were stored in this way.”

Facebook’s blog post did not say how many users were affected.

The incidents date back to as early as 2012, according to the report. A Facebook software engineer named Scott Renfro was quoted by Krebs as saying the company hasn’t found any misuse of the data in question and that “there was no actual risk that’s come from this.”

Facebook, however, has been under intense scrutiny due to several years of privacy and security scandals that have earned the company criticism from customers and inquiries and fines from several regulatory agencies, particularly in the European Union.

But Facebook’s scandals haven’t significantly dented the company’s count of active daily users, which rose last quarter despite an extended social media campaign by Facebook critics encouraging privacy minded customers to delete their accounts.


Company: cnbc, Activity: cnbc, Date: 2019-03-21  Authors: kate fazzini, david paul morris, bloomberg, getty images
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JP Morgan and Goldman Sachs are getting more bullish on India

That comes as Goldman Sachs also became more bullish on India, raising its rating on Indian stocks to “overweight” in a Monday report, an indication that it expects a stock or index to outperform its peers. Speaking to CNBC on Tuesday, J.P. Morgan’s James Sullivan predicted that oil prices will stay “relatively stable” at around $60 to $65 per barrel. He said that markets are projecting India’s earnings growth at around 20 percent, while J.P. Morgan is expecting it to be slightly lower, at about


That comes as Goldman Sachs also became more bullish on India, raising its rating on Indian stocks to “overweight” in a Monday report, an indication that it expects a stock or index to outperform its peers. Speaking to CNBC on Tuesday, J.P. Morgan’s James Sullivan predicted that oil prices will stay “relatively stable” at around $60 to $65 per barrel. He said that markets are projecting India’s earnings growth at around 20 percent, while J.P. Morgan is expecting it to be slightly lower, at about
JP Morgan and Goldman Sachs are getting more bullish on India Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-19  Authors: weizhen tan, dhiraj singh, bloomberg, getty images
Keywords: news, cnbc, companies, sachs, goldman, growth, report, sullivan, indias, india, jp, stable, markets, earnings, getting, prices, morgan, bullish


JP Morgan and Goldman Sachs are getting more bullish on India

India has the “best growth story” among global emerging markets, said J.P. Morgan’s head of equity research for Asia excluding Japan, as he pointed to relatively stable oil prices and positive earnings projections for the country.

That comes as Goldman Sachs also became more bullish on India, raising its rating on Indian stocks to “overweight” in a Monday report, an indication that it expects a stock or index to outperform its peers.

Speaking to CNBC on Tuesday, J.P. Morgan’s James Sullivan predicted that oil prices will stay “relatively stable” at around $60 to $65 per barrel.

Oil is key to India, a net importer of crude, as higher prices lead to a higher import bill and a widening current account deficit — a measure of the flow of goods, services and investments in and out of the country.

Sullivan was optimistic on India’s overall growth. He said that markets are projecting India’s earnings growth at around 20 percent, while J.P. Morgan is expecting it to be slightly lower, at about 15 percent

“That’s really the best growth story we’ve got among global emerging markets,” Sullivan added.

The critical factor will be India’s general elections, set to take place over April and May, said Sullivan. However, he said that markets have performed quite strongly even amid rather “volatile” elections in the past.

In raising its rating on Indian stocks, Goldman Sachs said that foreign investors are coming back amid expectations of a more stable government and earnings growth.

“We raise it back to ‘overweight’ given sharp underperformance in January/February, better Q3FY19 earnings and a pick-up in (foreign institutional investors) positioning from lows amid rising market expectations of a potentially stable government,” it said in a report dated March 18.

India’s benchmark index Nifty 50 has shot up 8 percent in the past month, according to Goldman, and the investment bank expects earnings to grow 16 percent this year. Goldman expects the Nifty50 index to reach 12,500 in 12 months — that’s nearly 9 percent higher than its last close on Monday.

— CNBC TV18 contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-03-19  Authors: weizhen tan, dhiraj singh, bloomberg, getty images
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Deutsche Bank loaned $2 billion to Donald Trump over two decades: NYT

Deutsche Bank loaned more than $2 billion to Donald Trump before he became U.S. president — despite multiple red flags surrounding Trump, The New York Times reported on Monday. The Times report comes after Germany’s two largest lenders, Deutsche Bank and Commerzbank, confirmed on Sunday that they were in talks about a merger. Over the years, Trump used loans provided by Deutsche Bank to build skyscrapers and other high-end properties, the Times reported. Deutsche Bank declined to comment on the


Deutsche Bank loaned more than $2 billion to Donald Trump before he became U.S. president — despite multiple red flags surrounding Trump, The New York Times reported on Monday. The Times report comes after Germany’s two largest lenders, Deutsche Bank and Commerzbank, confirmed on Sunday that they were in talks about a merger. Over the years, Trump used loans provided by Deutsche Bank to build skyscrapers and other high-end properties, the Times reported. Deutsche Bank declined to comment on the
Deutsche Bank loaned $2 billion to Donald Trump over two decades: NYT Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-19  Authors: yen nee lee, jonathan ernst, toni l sandys, the washington post, getty images
Keywords: news, cnbc, companies, trump, president, relationship, reported, bank, donald, nyt, report, german, york, billion, decades, loaned, deutsche, times


Deutsche Bank loaned $2 billion to Donald Trump over two decades: NYT

Deutsche Bank loaned more than $2 billion to Donald Trump before he became U.S. president — despite multiple red flags surrounding Trump, The New York Times reported on Monday.

The Times interviewed more than 20 former and current executives and board members at Deutsche Bank for the report, which outlined how Trump managed to secure financing from the German bank for nearly two decades despite his bankruptcies and being considered a risky client by other lenders.

The Times report comes after Germany’s two largest lenders, Deutsche Bank and Commerzbank, confirmed on Sunday that they were in talks about a merger. German-traded shares of both banks jumped higher on Monday.

According to the newspaper, in some instances, Trump exaggerated his wealth and promised to reward bankers with a weekend at Mar-a-Lago — his private club in Palm Beach, Florida — in order to get loans.

Over the years, Trump used loans provided by Deutsche Bank to build skyscrapers and other high-end properties, the Times reported. For the German bank, its relationship with Trump was key in building its investment-banking business, the report said.

Deutsche Bank declined to comment on the Times report. The Trump Organization and the White House did not immediately reply to CNBC’s request for comment.

Trump’s relationship with Deutsche Bank has come under scrutiny in the U.S. The New York attorney general’s office and the Democratic-controlled Intelligence Committee and Financial Services Committee in Congress have been looking into the president’s financial ties with the German bank.

For the full report on U.S. President Donald Trump’s relationship with Deutsche Bank, read The New York Times.


Company: cnbc, Activity: cnbc, Date: 2019-03-19  Authors: yen nee lee, jonathan ernst, toni l sandys, the washington post, getty images
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Dow set to rise more than 100 points as investors await Fed meeting

ET, Dow Jones Industrial Average futures indicated a gain of 128 points at the open. The Fed is set to kick off its two-day policy meeting later in the day. Market expectations for a rate hike are at zero, with most investors pricing in no change in policy. At its January meeting, the Fed indicated it will be “patient” in raising rates. That shift came after the central bank raised rates in December, sparking concern the Fed may be tightening too fast.


ET, Dow Jones Industrial Average futures indicated a gain of 128 points at the open. The Fed is set to kick off its two-day policy meeting later in the day. Market expectations for a rate hike are at zero, with most investors pricing in no change in policy. At its January meeting, the Fed indicated it will be “patient” in raising rates. That shift came after the central bank raised rates in December, sparking concern the Fed may be tightening too fast.
Dow set to rise more than 100 points as investors await Fed meeting Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-19  Authors: fred imbert, spriha srivastava
Keywords: news, cnbc, companies, expectations, market, dow, report, rise, points, rate, investors, 100, policy, fed, set, futures, meeting, await, rates, tightening


Dow set to rise more than 100 points as investors await Fed meeting

U.S. stock index futures traded higher on Tuesday, broadly supported on expectations the Federal Reserve could strike a dovish tone at its latest monetary-policy meeting.

At around 7 a.m. ET, Dow Jones Industrial Average futures indicated a gain of 128 points at the open. Futures on the S&P 500 and Nasdaq 100 also rose.

The Fed is set to kick off its two-day policy meeting later in the day. Market expectations for a rate hike are at zero, with most investors pricing in no change in policy. However, investors will look for clues on the Fed’s economic outlook.

The Fed is also expected to lower its interest rate forecasts — or “dot plots” — to show little or no further tightening in 2019. With global economic growth appearing to slow, most market participants anticipate the U.S. central bank to adopt a cautious tone.

At its January meeting, the Fed indicated it will be “patient” in raising rates. That shift came after the central bank raised rates in December, sparking concern the Fed may be tightening too fast.

“My expectations are that the Fed will maintain their dovishness,” said Gregory Faranello, head of rates at Roberts & Ryan. “The eyes will be on the dot plot, so I expect some tempering there as well.”

“The one potential are of concern would be if the data was not cooperating with the pivot,” Faranello said. “When we look at what’s going on on a global basis, [Fed Chairman Jerome Powell] has pointed to the headwinds, and those headwinds are still there.”

On the data front, January factory orders numbers are due at 10 a.m. ET.

Meanwhile, on the earnings front, FedEx and Tencent Music are expected to report after the bell.

—CNBC’s Sam Meredith contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-03-19  Authors: fred imbert, spriha srivastava
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Today’s technology lets terrorists ‘become their own mass media,’ analyst says

A lot of people scoff at saying ‘see something, say something’ but it really works,” he said, adding that there should be tools made available for people to report instances of radicalism on social media, chat rooms or even in real life. Last Friday, a gunman opened fire at two mosques in Christchurch, and killed 50 people in what is said to be the country’s worst ever peacetime mass killing. The attacker left behind a lengthy document that stated he was a white nationalist who hates immigrants


A lot of people scoff at saying ‘see something, say something’ but it really works,” he said, adding that there should be tools made available for people to report instances of radicalism on social media, chat rooms or even in real life. Last Friday, a gunman opened fire at two mosques in Christchurch, and killed 50 people in what is said to be the country’s worst ever peacetime mass killing. The attacker left behind a lengthy document that stated he was a white nationalist who hates immigrants
Today’s technology lets terrorists ‘become their own mass media,’ analyst says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-18  Authors: saheli roy choudhury, -scott stewart
Keywords: news, cnbc, companies, todays, media, social, press, mass, reportedly, technology, report, things, lets, videos, attacks, analyst, video, terrorists, reported


Today's technology lets terrorists 'become their own mass media,' analyst says

In the past, terrorists relied on mass media to propagate their messages but the internet has made it easier for them to spread their agenda, said Stewart, previously a special agent for the U.S. State Department who was involved in numerous terrorism investigations.

“One of the things that does need to be done is for people to shout out when they see things developing, and when they see these attacks coming down the pipe. A lot of people scoff at saying ‘see something, say something’ but it really works,” he said, adding that there should be tools made available for people to report instances of radicalism on social media, chat rooms or even in real life.

“I think everybody shares a little bit of the responsibility.”

Last Friday, a gunman opened fire at two mosques in Christchurch, and killed 50 people in what is said to be the country’s worst ever peacetime mass killing. Dozens more were wounded, some of them critically. Prime Minister Jacinda Ardern called the attack an act of terrorism.

The attacker left behind a lengthy document that stated he was a white nationalist who hates immigrants and was set off by attacks in Europe that were perpetrated by Muslims, the Associated Press reported. He was charged with murder on Saturday.

The shooter livestreamed the attacks on Facebook for 17 minutes using an app designed for extreme sports enthusiasts and copies of that video have reportedly been circulated around various social media platforms such as Twitter, Alphabet’s YouTube and Facebook-owned Whatsapp and Instagram.

That led to many calling on social media giants to do more to crack down on online extremism.

Facebook reported in the first 24 hours since the shootings, that it had removed 1.5 million videos of the attack globally — 1.2 million of those were blocked during uploads. In a series of tweets, the social network said it is also removing all edited versions of the video that do not show graphic content.

The social network giant is reportedly building its own artificial intelligence chips that can help the company filter videos that violate its terms of services quicker.

For her part, Ardern said she plans to hold discussions with Facebook over the issue of livestreaming.

— The Associated Press and Reuters contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-03-18  Authors: saheli roy choudhury, -scott stewart
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US DOT probes FAA’s approval of Boeing 737 Max planes in crashes: WSJ

Earlier this month, on March 10, a second Boeing 737 Max 8 plane crashed shortly after take-off, killing all 157 people on board the Ethiopian Airlines plane. The subpoena, which reportedly involves a prosecutor from the Justice Department, was said to seek relevant documents, such as emails and other messages. The Justice Department did not immediately respond to CNBC’s request for comment which was sent outside U.S. office hours. When contacted for comment on the Journal report, an FAA spokesm


Earlier this month, on March 10, a second Boeing 737 Max 8 plane crashed shortly after take-off, killing all 157 people on board the Ethiopian Airlines plane. The subpoena, which reportedly involves a prosecutor from the Justice Department, was said to seek relevant documents, such as emails and other messages. The Justice Department did not immediately respond to CNBC’s request for comment which was sent outside U.S. office hours. When contacted for comment on the Journal report, an FAA spokesm
US DOT probes FAA’s approval of Boeing 737 Max planes in crashes: WSJ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-18  Authors: yen nee lee, stephen brashear, getty images
Keywords: news, cnbc, companies, 737, dot, crashes, boeing, planes, investigation, probes, approval, department, journal, report, max, plane, wsj, faas, justice, reported


US DOT probes FAA's approval of Boeing 737 Max planes in crashes: WSJ

The U.S. Department of Transportation is investigating whether there were lapses in the Federal Aviation Administration’s approval of Boeing planes involved in two recent fatal crashes, The Wall Street Journal reported on Sunday.

The DOT probe was launched after a new Boeing 737 Max 8 operated by Indonesia’s Lion Air crashed into the Java Sea in October last year, according to the Journal, which cited people familiar with the inquiry. None of the 189 people on board survived.

Earlier this month, on March 10, a second Boeing 737 Max 8 plane crashed shortly after take-off, killing all 157 people on board the Ethiopian Airlines plane. Ethiopian Transport Minister Dagmawit Moges said on Sunday that preliminary data retrieved from the plane’s flight data recorder showed “a clear similarity” with the Indonesian incident.

The Journal reported in an update to the article that a grand jury in Washington issued a broad subpoena one day after the Ethiopian Airlines crash to at least one person involved in the development of the Boeing 737 Max. The subpoena, which reportedly involves a prosecutor from the Justice Department, was said to seek relevant documents, such as emails and other messages.

It is not clear whether the probe by the Justice Department is related to the DOT’s investigation, according to the Journal report. The Justice Department did not immediately respond to CNBC’s request for comment which was sent outside U.S. office hours.

Shares of Boeing, a component of the Dow Jones Industrial Average, rose 1.52 percent to $378.99 on Friday but have fallen sharply from their 52-week high of $446.01 reached earlier this month.

The DOT investigation is concentrated on a flight safety system suspected of playing a role in the fatal crash in Indonesia, the Journal reported. The WSJ reported in November last year that Boeing failed to warn the airline industry about a potentially dangerous feature in its new flight-control system.

When contacted for comment on the Journal report, an FAA spokesman referred CNBC to the DOT instead. The transportation department did not immediately reply to CNBC’s request for comment, which was sent outside U.S. office hours.

After two fatal crashes in less than six months involving the same plane model, authorities around the world — including the U.S., Europe, China and Indonesia — grounded Boeing 737 Max planes.

For the full report on the DOT’s investigation, read The Wall Street Journal.


Company: cnbc, Activity: cnbc, Date: 2019-03-18  Authors: yen nee lee, stephen brashear, getty images
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Today’s technology lets terrorists ‘become their own mass media,’ analyst says

A lot of people scoff at saying ‘see something, say something’ but it really works,” he said, adding that there should be tools made available for people to report instances of radicalism on social media, chat rooms or even in real life. Last Friday, a gunman opened fire at two mosques in Christchurch, and killed 50 people in what is said to be the country’s worst ever peacetime mass killing. The attacker left behind a lengthy document that stated he was a white nationalist who hates immigrants


A lot of people scoff at saying ‘see something, say something’ but it really works,” he said, adding that there should be tools made available for people to report instances of radicalism on social media, chat rooms or even in real life. Last Friday, a gunman opened fire at two mosques in Christchurch, and killed 50 people in what is said to be the country’s worst ever peacetime mass killing. The attacker left behind a lengthy document that stated he was a white nationalist who hates immigrants
Today’s technology lets terrorists ‘become their own mass media,’ analyst says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-18  Authors: saheli roy choudhury, -scott stewart
Keywords: news, cnbc, companies, todays, media, social, press, mass, reportedly, technology, report, things, lets, videos, attacks, analyst, video, terrorists, reported


Today's technology lets terrorists 'become their own mass media,' analyst says

In the past, terrorists relied on mass media to propagate their messages but the internet has made it easier for them to spread their agenda, said Stewart, previously a special agent for the U.S. State Department who was involved in numerous terrorism investigations.

“One of the things that does need to be done is for people to shout out when they see things developing, and when they see these attacks coming down the pipe. A lot of people scoff at saying ‘see something, say something’ but it really works,” he said, adding that there should be tools made available for people to report instances of radicalism on social media, chat rooms or even in real life.

“I think everybody shares a little bit of the responsibility.”

Last Friday, a gunman opened fire at two mosques in Christchurch, and killed 50 people in what is said to be the country’s worst ever peacetime mass killing. Dozens more were wounded, some of them critically. Prime Minister Jacinda Ardern called the attack an act of terrorism.

The attacker left behind a lengthy document that stated he was a white nationalist who hates immigrants and was set off by attacks in Europe that were perpetrated by Muslims, the Associated Press reported. He was charged with murder on Saturday.

The shooter livestreamed the attacks on Facebook for 17 minutes using an app designed for extreme sports enthusiasts and copies of that video have reportedly been circulated around various social media platforms such as Twitter, Alphabet’s YouTube and Facebook-owned Whatsapp and Instagram.

That led to many calling on social media giants to do more to crack down on online extremism.

Facebook reported in the first 24 hours since the shootings, that it had removed 1.5 million videos of the attack globally — 1.2 million of those were blocked during uploads. In a series of tweets, the social network said it is also removing all edited versions of the video that do not show graphic content.

The social network giant is reportedly building its own artificial intelligence chips that can help the company filter videos that violate its terms of services quicker.

For her part, Ardern said she plans to hold discussions with Facebook over the issue of livestreaming.

— The Associated Press and Reuters contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-03-18  Authors: saheli roy choudhury, -scott stewart
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S&P places Kraft Heinz on CreditWatch negative

Standard & Poor’s on Monday placed Kraft Heinz on CreditWatch negative after the struggling food giant failed to file its annual report with the Securities and Exchange Commission even after an extended deadline. Kraft Heinz shares, which are valued at nearly $39 billion, fell more than 1 percent on the news, at one point sinking to a 52-week low of $31.53. Since that announcement, shares of Kraft Heinz have dropped more than 33 percent. The commission granted Kraft Heinz a 15-day extension to f


Standard & Poor’s on Monday placed Kraft Heinz on CreditWatch negative after the struggling food giant failed to file its annual report with the Securities and Exchange Commission even after an extended deadline. Kraft Heinz shares, which are valued at nearly $39 billion, fell more than 1 percent on the news, at one point sinking to a 52-week low of $31.53. Since that announcement, shares of Kraft Heinz have dropped more than 33 percent. The commission granted Kraft Heinz a 15-day extension to f
S&P places Kraft Heinz on CreditWatch negative Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-18  Authors: amelia lucas, getty images
Keywords: news, cnbc, companies, file, company, kraft, creditwatch, report, places, issuer, heinz, annual, negative, sec, sp, shares, rating


S&P places Kraft Heinz on CreditWatch negative

Standard & Poor’s on Monday placed Kraft Heinz on CreditWatch negative after the struggling food giant failed to file its annual report with the Securities and Exchange Commission even after an extended deadline.

Kraft Heinz shares, which are valued at nearly $39 billion, fell more than 1 percent on the news, at one point sinking to a 52-week low of $31.53.

Last month, the company wrote down $15.4 billion on its namesake Kraft and Oscar Mayer brands, slashed its dividend and disclosed a subpoena from the SEC. Since that announcement, shares of Kraft Heinz have dropped more than 33 percent.

Executives told investors when they were delivering the bad news in February that the company is planning to use divestitures to pay down its debt. CNBC has previously reported that it is weighing sales of its Maxwell House coffee brand and its dairy business.

The following week, it announced that it would not be able to meet the SEC deadline to file its annual report for fiscal 2018. The commission granted Kraft Heinz a 15-day extension to file the report, but the company missed the extended deadline Thursday.

“We are working toward filing our 10-K in the coming weeks once we complete our internal reviews of our accounting practices and procedures related to the procurement area,” Kraft Heinz spokesman Michael Mullen said in a statement.

The rating agency could lower or affirm its ratings for Kraft Heinz, including its BBB long-term issuer credit rating and A-2 short-term issuer credit rating, after it concludes a review. S&P said it plans to resolve the CreditWatch after analyzing the annual report once it is filed, in addition to its filing for the first quarter of fiscal 2019.


Company: cnbc, Activity: cnbc, Date: 2019-03-18  Authors: amelia lucas, getty images
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Boeing shares rise on report 737 Max fix could come sooner than expected

Shares of Boeing rebounded Friday after a report that the plane manufacturer plans to roll out a software upgrade for its 737 Max aircraft in the coming weeks. The report from Agence France-Presse, citing sources, comes after the U.S. grounded all Boeing 737 Max jets this week. The software upgrade is expected to roll out in 10 days, according to AFP. Ethiopian Airlines Flight 302 crashed on Sunday, less than five months after the crash of Lion Air Boeing 737 Max 8 flight from Jakarta, Indonesia


Shares of Boeing rebounded Friday after a report that the plane manufacturer plans to roll out a software upgrade for its 737 Max aircraft in the coming weeks. The report from Agence France-Presse, citing sources, comes after the U.S. grounded all Boeing 737 Max jets this week. The software upgrade is expected to roll out in 10 days, according to AFP. Ethiopian Airlines Flight 302 crashed on Sunday, less than five months after the crash of Lion Air Boeing 737 Max 8 flight from Jakarta, Indonesia
Boeing shares rise on report 737 Max fix could come sooner than expected Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-15  Authors: kate rooney
Keywords: news, cnbc, companies, max, upgrade, boeing, airlines, report, months, shares, 737, week, software, stock, fix, come, sooner, rise, expected


Boeing shares rise on report 737 Max fix could come sooner than expected

Shares of Boeing rebounded Friday after a report that the plane manufacturer plans to roll out a software upgrade for its 737 Max aircraft in the coming weeks.

The report from Agence France-Presse, citing sources, comes after the U.S. grounded all Boeing 737 Max jets this week. The software upgrade is expected to roll out in 10 days, according to AFP. Still, the company told CNBC the overall timeline has not changed.

The Federal Aviation Administration followed the lead of dozens of other countries, citing links between two fatal crashes as grounds to cancel those flights. Boeing’s stock has tanked more than 10 percent this week in the aftermath.

Shares rose roughly 3 percent Friday afternoon following the report, its best day in more than a month. The stock is still having its worst week since early 2016.

A weeks-long turnaround would come much sooner than some on Wall Street had estimated. Bank of America predicted this week that it would take the aircraft manufacturer three to six months to “certify the fix.”

Ethiopian Airlines Flight 302 crashed on Sunday, less than five months after the crash of Lion Air Boeing 737 Max 8 flight from Jakarta, Indonesia, killing all 189 people on board. Both planes were new, delivered from Boeing just months before those flights.

Of the more than 350 Boeing 737 Max jets in global fleets, 74 are flown by U.S. airlines United Airlines, American Airlines and Southwest Airlines, according to the FAA.

— CNBC’s Leslie Josephs , Meghan Reeder and J.R. Reed contributed reporting.


Company: cnbc, Activity: cnbc, Date: 2019-03-15  Authors: kate rooney
Keywords: news, cnbc, companies, max, upgrade, boeing, airlines, report, months, shares, 737, week, software, stock, fix, come, sooner, rise, expected


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