World News – GB – Coercive action taken against Experian after personal data investigation


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Experian has been ordered to make fundamental changes to the way it processes users’ personal data in its direct marketing services

An enforcement notice from the Information Commissioner’s Office (ICO) requires the credit reference agency (CRA) to notify people that it holds their personal data and how it uses or has it intention to use them for marketing purposes

This follows a two-year investigation by the ICO which found that millions of adults in the UK are likely to be affected by ‘invisible’ data processing

The ICO examined how Experian, Equifax and TransUnion use personal data in their data brokerage activities for direct marketing purposes

As a result of the ICO’s work, the three credit bureaus improved their direct marketing services

Equifax and TransUnion have also withdrawn certain products and services and the ICO is taking no further action against them

The investigation looked at how the three rating agencies marketed, enriched and improved the personal data of people without their knowledge.This resulted in products that were used by business organizations, political parties and charities to find new customers, identify the people most likely to be able to afford goods and services and create profiles of people

The ICO said the processing was invisible because people were unaware that an organization is collecting and using their personal data

He also revealed that some rating agencies use profiling to generate new or previously unknown information about people, which is often an invasion of privacy.

The watchdog said that while Experian has made progress in improving compliance, it hasn’t gone far enough

Experian did not accept that it was necessary to make the changes set out by the ICO and, as such, was not prepared to provide privacy information directly to individuals or cease to do so. use credit reference data for direct marketing purposes

As a result, Experian received a notice of execution requiring them to make changes within nine months or risk taking other action This could include a fine of up to £ 20million or 4% of the organization’s total annual turnover worldwide

Information Commissioner Elizabeth Denham said: ‘Our investigation revealed data protection gaps that have likely affected millions of adults in the UK

« The data brokerage industry is a complex ecosystem where information appears to be widely exchanged, with no regard for transparency, giving millions of adults in the UK little or no choice or control over their own. personal data

« The lack of transparency and the absence of a legal basis, combined with the intrusive nature of profiling, have resulted in a serious violation of individuals’ rights to information

« Trade in personal data with other organizations has implications beyond the industry The disruption of the flow of non-compliant personal data will have a significant impact not only in the industry, but will generate benefits for individuals and businesses. organizations wherever this data is used

« I am encouraged by Equifax and TransUnion’s willingness to change their practices and put people’s legal rights first. I am now waiting for the data brokerage industry to make the same commitments »

From the beloved, « Heard there was a secret deal, » the opening lines of Leonard Cohen’s « Hallelujah » to the Rolling Stones’ catchy, choral conclusion « You Can’t Always Get What You Want, ”President Donald Trump’s campaign rallies were filled with classic songs that writers and their heirs loudly reject, him and his politics The Trump campaign can hardly play a song without the artist denouncing its use and sends cease and desist letter To the nightclub and Leonard Cohen estates, Tom Petty and Prince are just a few of those who objected

Acquisition Corp (NASDAQ: ACACU, the “Company”) today announced the closing of its initial public offering of 20,000,000 units at a public price of $ 10.00 per unit The units began trading on the Nasdaq Capital Market under the symbol « ACACU » on October 23, 2020 Each unit consists of one Class A common share and one third of a warrant, each entire warrant giving the right to purchase one Class A common share priced at $ 11.50 per share Once the securities comprising the units begin to trade separately, the common shares and warrants are expected to trade on the Nasdaq Capital Market under the symbols « ACAC » and  » ACACW ”, respectively No split warrants will be issued upon separation of the units and only whole warrants will be traded

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Italy braced for more protests in cities across the country on Tuesday against virus-fighting measures such as regional curfews, evening closures for restaurants and bars and the closure of gymnasiums, swimming pools and theaters – a sign of growing discontent across Europe with renewed coronavirus restrictions Police in Milan’s financial capital have arrested 28 people after protests turned violent on Monday evening when police reported blocked their procession to the seat of regional government Italy is not the only country facing unrest

« They want to make a movie, they asked us if we were interested and of course we all said yes », said Bette Midler

The Kroll Bond Rating Agency (KBRA) assigns a preliminary rating to a class of notes of Driven Brands Funding, LLC, (the “issuer”) a full commercial securitization

Global wine production will remain below the five-year average this year, affected by low South American volumes and European Union production ceilings after the coronavirus crisis caused sales to plummet, said Tuesday an international industry body In early 2020 production estimates, the International Organization of Vine and Wine (OIV) set this year’s global wine production at between 2,539 million and 2,622 million hectoliters (mhl), with an average estimate at 258 mhl

(Bloomberg) – President Jair Bolsonaro’s stimulus spending spree has been widely hailed for saving Brazilians from the worst economic suffering of the pandemic But now, as the worst of the health crisis recedes, the concern is mounting in financial circles about how he will pay for it Investors have offloaded currency and stocks, causing almost unprecedented routs around the world this year, and they are increasingly refusing to buy further thing than the shortest short-term government bondAt $ 107 billion, Bolsonaro’s relief package looks more like massive stimulus packages crafted by the world’s richest countries than those cooked up by Brazilian peers poorly ranked in emerging markets Equal to 84% of the country’s annual economic output, it’s even proportionately larger than the plans adopted by the UK and New Zealand All of this makes Brazil a sort of economic case study Covid-19: a country in middle-level development mimic the fiscal and monetary response of the world’s most creditworthy countries and get away with it? Or will it sink into a financial crisis? « I can see mature economies making all kinds of acrobatic moves with their central banks That’s good, they can, » says Fraga, who helped avert a default in 1999 and now runs a hedge fund , Gavea Investimentos, in Rio de Janeiro « Here in Brazil, it’s different We have a lot of debt » Of course, most rich countries also have a lot of debt The International Monetary Fund predicts that the US and Canada will end this year with debt-to-domestic product ratios gross over 100% and says Japan will hit 266%, all well above the 95% ratio that the Bolsonaro administration is predicting for year-end But Brazil, with its long history of defaults and runaway inflation, lacks the hard-earned credibility in the markets that these countries have.In addition, the rate at which the debt ratio is increasing – it has increased by 30 percentage points in the past five years alone – Investors worried Inflation expectations in Brazil, though nothing even vaguely resembles the hyperinflation years of the mid-1990s, are rising rapidly amid fears that the government does not have the political will to curb spendingAmid the pandemic, other developing countries, like Peru and Chile, have actually produced more stimulus for the size of their economies, but they enjoy blue chip credit ratings and have started with much lower debtIn Brazil, the lion’s share of the stimulus – some $ 57 billion – went to monthly allowances for the poorest, who stayed fed and continued to spend as the economy contracted Cash transfers, which became known as good corona, ultimately brought down poverty and propelled Bolsonaro’s popularity The IMF applauded the response to avert a deeper economic recession and stabilize financial markets What economists are wringing their hands on is what is how the president, a self-proclaimed budget hawk, balances a record primary deficit with a sudden desire to make some aid permanent after the stimulus expires on December 31. IMF officials, in the same report praising the initial aid, warned that rising levels of public debt posed a risk to BrazilA primary budget deficit estimated at 121% of GDP and growing doubts about Bolsonaro’s ability to find a way to pay more social spending have rocked the markets Demand from premium traders to hold longer-term debt has skyrocketed in the past. Amid heightened risk, with swap rates expiring in about five years at 682%, down from 539% in July The Brazilian real has fallen nearly 30% this year, leading to lower dollar returns on equities The currency , already under pressure as record lows eroded its appeal for carry trade, saw volatility soar as traders react to headlines on government spending Inflation expectations have also exploded, with investors now forecasting 44% annual price hikes over the next decade, down from 38% just 12 months earlier Perhaps the most worrying sign is the difficulty in selling debt to the g term, even when countries like the US flirt with the idea of ​​offering securities with a maturity of 50 to 100 years In Brazil, the average maturity of local government bonds auctioned was 236 years in August, up from 495 years a year earlier Since then, the switch to short-term notes has only grown In bond auctions so far this month, for example, six-month notes – the longest term. available at a fixed rate – accounted for 44% of fixed rate debt sold, compared to just 11% in October 2019″Without reforms, the country may face another serious macroeconomic crisis, » said Alberto Ramos, economist at Goldman Sachs Group Inc in New York « High public spending has been a problem for Brazil for decades The deterioration fiscal policy has led to high inflation, low growth and the need for IMF assistance in the past Today the situation is no better « Budget deficit The shift to selling short-term bonds these months stems from investor concerns about the amount of government spending, admitted Jose Franco de Morais, the Treasury Department’s Under-Secretary for Public Debt, in an interview He expects things to normalize in the coming months as investors believe spending will be cutBut the problem investors have with Brazil is its track record of overspending and allowing consumer price hikes to inflate its debt. Brazil has defaulted nine times on its external debt since 1800, according to the book « This Time Is Different: Eight Centuries of Financial Folly. » It is tied for third in the world during this period. The country defaulted in 1987 and could only resume payments in 1994, when inflation peaked at 4,923% During the 2008 financial crisis, Brazil pumped money into public banks and cut taxes to help get out of the recession But temporary relief became permanent, leading to budget deficits and possible downward revisions of its debt, which ultimately cost the government billions in higher borrowing costs “Our own internal dynamics n ‘is not sustainable, « said Fraga in an interview » The answer has to be broad and deep and it has to cover tax issues, which is difficult « Almost a decade after the 2008 crisis, Bolsonaro’s predecessor instituted a deposit limit enses constitutionally provided to help regain investor confidence But Congress has given Bolsonaro a one-time pass to overtake him this year, and investors are eagerly watching for signals he will put the country back on track to fiscal stability.Future generations « The spending cap is a symbol, a flag that some of us in the trenches use to defend future generations, » Economy Minister Paulo Guedes said at an event this month. this « We can’t go on with snowballing debt, high interest rates and high taxes » But so far it’s hard to say what Bolsonaro is planning His latest speech to pay for post-pandemic aid whipped up the markets last month, leaving its own economics team to handle damage control, growing fears that the commitment to limit spending was not seriousHe has since put aside future talks until the end of next month’s municipal elections, leaving him only a short window to strike a deal between the close of polling stations and the start of the new year.Morais said the fiscal rule will be respected and the next stimulus package will be smaller than some investors had feared He added that there was plenty of liquidity in the local bond market « Time will work against the government » said Roberto Secemski, Brazil economist at Barclays Plc Investors finally want a plan « that tells us public debt will stabilize » For more articles like this, please visit us at bloombergSubscribe now to stay ahead with the most trusted source of business news © 2020 Bloomberg LP

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Harley-Davidson (NYSE: HOG) shares jumped 20% on Tuesday morning after the motorcycle maker reported third-quarter results well above expectations Before markets opened on Tuesday, Harley-Davidson announced reported adjusted earnings of $ 1.05 per share on revenue of $ 1.17 billion, easily beating the Wall Street consensus estimate of $ 0.28 per share in profit on revenue of $ 862 million is under new management and CEO Jochen Zeitz said in a statement that efforts to streamline operations and reduce dealer inventories are having a positive impact

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Sesame Workshop on Tuesday named COO Steven Youngwood as its next CEO, effective January 1 Current CEO Jeff Dunn will assume the new role of Executive Chairman, Sesame Workshop The nonprofit education and media organization that produces Sesame Street and other broadcasts have said the move is part of the leadership transition that […]

Experian PLC, Personal Data, Office of the Information Commissioner, LON: EXPN

News from around the world – UK – Law enforcement action taken against Experian after personal data investigation


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