Business software company Sage hit by data breach

Technology

Sage Group (LON:SGE), a provider of accounting, payroll and payments software for businesses, said an internal login had been used to gain unauthorized access to the data of some of its British customers.

The personal details of the employees of about 280 British companies were potentially exposed in the breach, a company source said. It was working to ascertain whether any data had been stolen, the source added.

"We are investigating unauthorized access to customer information using an internal login," the company said in a statement.

"We cannot comment further whilst we work with the authorities to investigate but our customers remain our first priority and we are speaking directly with those affected," it added.

Sage, one of Britain's largest technology companies, says it has more than 6 million small and medium-sized businesses using its software worldwide.

It said last month it was confident its revenue would increase by at least 6 percent in the current year ending next month, continuing a pace set in the six months to end-March, when revenue rose 6.2 percent to 747 million pounds ($966 million).

In the same period its operating profit rose by 1.9 percent on a like-for-like basis to 189 million pounds.

Source by Reuters

Gold / Silver / Copper futures - weekly outlook: August 15 - 19

Commodities

Gold prices ended Friday's session in the red, after spending most of the day in positive territory as a raft of disappointing U.S. economic data reduced the probability of an interest rate hike from the Federal Reserve in the coming months.

Gold for December delivery on the Comex division of the New York Mercantile Exchange jumped to a daily peak of $1,362.50 a troy ounce, before turning lower to settle at $1,343.20 by close of trade, down $6.80, or 0.5%.

U.S. retail sales were flat in July, the Commerce Department said, disappointing forecasts for a 0.4% rise and slowing sharply from growth of 0.8% in the preceding month.

Meanwhile, the July reading of the producer price index showed a decline of 0.4%, the largest drop since September 2015 and confounding expectations of a 0.1% gain.

Other data released Friday included business inventories, which rose more than expected in June, and consumer sentiment for August, which came in below expectations.

The downbeat data led investors to push back expectations for the next U.S. rate hike. Fed funds futures are currently pricing in just a 9% chance of a rate hike by September. December odds were at around 45%.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, slumped to a one-week low of 95.19 in wake of the disappointing data. It was at 95.68 by late Friday, down almost 0.25% for the day.

For the week, gold dipped $1.20, or 0.08%, as market players continued to speculate over the timing of the next U.S. rate hike.

The yellow metal flirted with a more than two-year high above the $1,370-level earlier this month before coming under pressure as a robust U.S. employment report revived speculation of a U.S. interest rate hike in the coming months. But those hopes were dashed following the release of a recent string of unexpectedly weak data.

Gold is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion. A gradual path to higher rates is seen as less of a threat to gold prices than a swift series of increases.

For the year, the precious metal is up nearly 26%, boosted by concerns over global growth and expectations of monetary stimulus.

Also on the Comex, silver futures for September delivery tumbled 31.7 cents, or 1.58%, on Friday to settle at $19.70 a troy ounce. On the week, silver lost 11.5 cents, or 0.55%.

Elsewhere in metals trading, copper for September delivery sank 5.1 cents, or 2.33%, on Friday to end at $2.140 a pound after touching a session low of $2.135, a level not seen since July 8.

For the week, New York-traded copper prices slumped 1.4 cents, or 0.64%, the third weekly loss in a row, amid ongoing concerns over the strength of China's economy.

Data released Friday showed that Chinese industrial production gained 6.0% in July, below expectations for 6.1%, fixed asset investment rose 8.1%, missing forecasts for 8.8%, while and retail sales increased 10.2%, a tad worse than analyst projections of 10.5%.

The Asian nation is the world’s largest copper consumer, accounting for nearly 45% of world consumption.

In the week ahead, market players will be turning their attention to Wednesday’s minutes of the Federal Reserve’s July policy meeting for fresh clues on the timing of the next U.S. rate hike.

U.S. inflation data will also be in focus, as investors attempt to gauge if the world's largest economy is strong enough to withstand an increase in borrowing costs in the coming months.

Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets.

Monday, August 15

Japan is to release preliminary data on second quarter economic growth.

Financial markets in Italy will be closed for a national holiday.

The U.S.is to release a report on manufacturing activity in the New York region.

Tuesday, August 16

The Reserve Bank of Australia is to publish the minutes of its latest monetary policy meeting, giving investors insight into how officials view the economy and their policy options.

The U.K. is to produce what will be closely watched data on consumer prices.

In the euro zone, the ZEW Institute is to report on German economic sentiment.

The U.S. is to release report on building permits and housing starts, consumer prices and industrial production.

Wednesday, August 17

New Zealand is to release its quarterly employment report.

Later in the day, the U.K. is to release its monthly jobs report.

The Federal Reserve is to publish the minutes of its latest monetary policy meeting.

Thursday, August 18

Australia is to publish its monthly employment report.

The U.K. is to report on retail sales.

The euro zone is to produce revised data on consumer inflation.

The European Central Bank is to publish its monetary policy meeting minutes.

The U.S. is to report on jobless claims and manufacturing activity in the Philadelphia region.

Friday, August 19

The U.K. is to release a report on public sector borrowing.

Canada is to round up the week with reports on retail sales and consumer inflation.

Source by Investing.com

VW gets approval for fixes on another 460,000 diesel cars

Business

Volkswagen (DE:VOWG_p) has received regulatory approval for technical fixes on an additional 460,000 diesel cars, the German carmaker said on Sunday.

Approval granted by Germany's motor vehicle authority KBA affects models with smaller 1.2-litre diesel engines such as Volkswagen's Polo subcompact and Spanish division Seat's Ibiza model, VW said.

Chief Executive Matthias Mueller said at the company's June 22 annual shareholder meeting that technical solutions on more than 3.7 million cars had been cleared by the KBA.

An emissions scandal affects 11 million VW vehicles globally including about 8.5 million VW group cars in Europe.

Source by Reuters

Crude oil futures - weekly outlook: August 15 - 19

Commodities

Oil futures soared for the second day in a row on Friday, ending at a three-week high as investors continued to cover short positions after Saudi Arabia's oil minister hinted that the kingdom could be open to discussions next month aimed at stabilizing the market.

Crude pared some gains after a report showed the number of U.S. oil rigs rose for the seventh straight week, underling concerns over a global supply glut.

On the New York Mercantile Exchange, crude oil for delivery in September rose to an intraday peak of $44.78 a barrel, the most since July 22. It closed the day at $44.49, up $1.00, or 2.3%.

For the week, New York-traded oil futures rallied $2.69, or 6.04%, the largest weekly gain since April.

Elsewhere, on the ICE Futures Exchange in London, Brent oil for October delivery jumped $1.15, or 2.5%, on Friday to settle at $46.97 a barrel by close of trade. It touched a daily high of $47.25, a level not seen since July 21.

On the week, London-traded Brent futures tacked on $2.70, or 5.74%, marking the best weekly gain in over four months.

Crude futures spiked nearly 5% on Thursday as investors returned to the market to cover short positions after Saudi Oil Minister Khalid al-Falih said OPEC members and non-members would discuss potential action to stabilize oil prices during a meeting next month in Algeria.

OPEC announced that the 14-member bloc will meet on the sidelines of an energy conference in Algeria from September 26-28, reviving the idea of a coordinated production cap.

However, market players remained skeptical that the meeting would result in any concrete actions to freeze output. An attempt to jointly freeze production levels earlier this year failed after Saudi Arabia backed out over Iran's refusal to take part of the initiative.

Indications of an ongoing recovery in U.S. drilling activity kept a lid on oil prices. According to oilfield services provider Baker Hughes, the number of rigs drilling for oil in the U.S. last week increased by 15 to 396, the seventh consecutive weekly rise and the 10th increase in 11 weeks.

Oil prices have recovered since U.S. crude fell below $40 last week, but are still more than 12% below their recent peak in June.

Despite recent gains, elevated stocks of fuel products amid slowing global demand growth is expected to keep prices under further pressure in the near-term.

In the week ahead, oil traders will be focusing on U.S. stockpile data on Tuesday and Wednesday for fresh supply-and-demand signals.

Market players will also continue to monitor supply disruptions across the world for further indications on the rebalancing of the market.

Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets.

Tuesday, August 16

The American Petroleum Institute, an industry group, is to publish its weekly report on U.S. oil supplies.

Wednesday, August 17

The U.S. Energy Information Administration is to release its weekly report on oil and gasoline stockpiles.

Friday, August 19

Baker Hughes will release weekly data on the U.S. oil rig count.

Source by Investing.com

Pokemon craze challenges Rio Games for popularity

Technology

Forget beach volleyball, soccer or tennis, not to mention the steeplechase or discus. Pokemon Go is challenging the Olympics for most popular game among some young Brazilians.

Hundreds of them turned out in a Rio de Janeiro park on Saturday holding their mobile phones to hunt for virtual creatures in the hyper-reality game app that has become a craze in Brazil since its release two days before the Games.

"I went to a football game to see Brazil play Sweden, but after Pokemon Go started I lost interest," said student Lourdes Drummond at the Quinta da Boa Vista park, once the gardens of the Brazilian royal family.

The blockbuster game developed by Niantic, in which Japan's Nintendo Co (T:7974) has a large stake, uses augmented reality and GPS mapping to make animated characters appear in the real world. Players see creatures overlaid on the nearby landscape that they see through a mobile phone camera.

Brazil's third largest mobile phone company Claro estimates that close to 2 million of its users have downloaded the game just in the Rio area since it was released on Aug. 3. An executive of the company owned by Carlos Slim's America Movil said more than half of those users had been inside or near Olympic venues hunting for Pokemon.

Even athletes have been addicted to the game. Japanese gymnast Kohei Uchimura downloaded the app when he got to Brazil for pre-Games training before Pokemon Go was launched in the country. He ran up almost $5,000 in international phone charges.

That did not stop him winning two gold medals and becoming the first man to claim back-to-back all around titles in over 40 years, and only the fourth in history.

As Rio residents rode paddle boats on the lake of the Boa Vista park, youths explored the grounds seeking Dragonite and other prized Pokemon to add to their collection. They huddled in the shade of the 19th Century royal palace to swap tips.

"There is no interest in the Olympics here, just how to get to the next stop where there are the most Pokemon," said sociologist Joao Carlos Barssani, 31, himself joining the hunt.

When a boy shouted "I found one!" dozens sprinted after him in pursuit.

It may not be a physical sport, but the novelty of Pokemon Go is the mobility involved compared to traditional video games. You have to get up and go outside to search your city cellphone in hand to accumulate as many Pokemon as you can.

"Before I never left home. Now every time my mother wants me to do any shopping, I'm out the door," said Rafael Moura Barros, an IT student who believes the game will help reduce obesity in Brazil.

Barssani said the game was changing the way Brazilian were using their urban space in cities long plagued with high crime rates. People are frequenting parks and squares that had been abandoned for fear of getting mugged, he said.

"It's good to have lots of people around you, so your phone doesn't get robbed," said student Leonardo Perreira.

Source by Reuters