Brexit Britain Is Failing EU’s Data-Privacy Test, Activist Warns

U.K. privacy protections were criticized by an activist who told the European Union that the British shouldn’t be trusted to protect user data after Brexit.

The personal data of EU citizens “do not at present have an adequate level of protection in the U.K.,” Johnny Ryan, a senior fellow at the Irish Council for Civil Liberties, wrote in a letter to the European Commission on Monday.

The U.K. “lacks an effective independent supervisory authority that is capable of enforcing compliance with data protection law and vindicating data subjects’ rights,” added Ryan.

Without a so-called adequacy decision from the EU by the end of the year, companies would be thrown into legal limbo and no longer be able to transfer data safely across the English Channel. At the risk of hefty fines under the EU’s strict data protection rules, U.K. companies that rely on data flows to and from the bloc would have to quickly find alternatives, involving more paperwork.

An EU adequacy decision would be a green light for such transfers without restrictions. To get there, the U.K. will have to meet a number of strict conditions. One of them is “the existence and effective functioning of one or more independent supervisory authorities,” according to the EU’s General Data Protection Regulation, or GDPR.

EU Regulators Take Tough Data-Transfer Approach After Ruling

The Information Commissioner’s Office, or ICO, said it’s “already equipped for its new role as U.K. data-protection supervisory authority both during transition and beyond” and is “supporting businesses in the run-up to the transition period with guidance and advice.”

The U.K.’s Department for Digital, Culture, Media and Sport said in an emailed statement that it’s “committed to high data protection standards and the U.K. is a global leader in protecting people’s personal data.”

The ICO “already meets the

Head of cyber security alliance warns not to put off updating security software, changing passwords

With more people working from home, it’s never been more important to make your home safe from cybercriminals.

The FBI recently reported that the number of complaints about cyberattacks to their Cyber Division is up to as many as 4,000 a day.

National Cyber Security Alliance Executive Director Kelvin Coleman said it’s simple math, more people online has caused a sharp uptick in cybercrime.

He’s seen a 400% increase from what the FBI was seeing before the coronavirus pandemic.

“We wanted to have access to our files and access to our work and now we are seeing the consequences of that,” Coleman said.

He said many of us made the mistake of not beefing up our home computer security software when the pandemic forced millions of people to work from home.

Here’s Coleman’s advice for staying safe online.

Don’t put off updating security software

Pop-ups alerting users to the latest security software updates are easily ignored, but Coleman said doing so puts users at risk to the latest tactics from hackers.

“That’s sending you the latest security updates for whatever challenges may be out there so we want people to update sooner than later,” Coleman said.

Enable multi-factor authentication

“For those that may not be as familiar, that’s the extra check-point or two beyond your username or password,” Coleman said. “Perhaps it’s a picture you’re clicking on or a code you have to verify.”

You’ll get fraud alerts on your device to confirm or stop the activity, from bank transactions to a hijacking of your food order.

Change your passwords

October is Cybersecurity AwarenessMonth and a good reminder to change your passwords.

“Believe it or not, ‘password’ or ‘password1’ arestill popular passwords for people to use. It seems unbelievable in this day and age,” Coleman said. “Those types of easy

Goldman Sachs senior strategist warns stocks could see ‘considerable’ pre-election downside that isn’t being factored into models

Abby Joseph Cohen


  • Goldman Sachs’ Abby Joseph Cohen told Bloomberg on Thursday that markets could see “considerable downside” before the election due to factors that financial models aren’t picking up. 
  • These factors include the outcome of the election and what Congress and the president will do next before election day, Cohen said. 
  • The senior investment strategist added that the market is vulnerable to volatility and disappointment given the”wide gaps” in the relative valuation of stocks.

Goldman Sachs’ Abby Joseph Cohen told Bloomberg on Thursday that markets could soon see “considerable downside” based on factors that financial models cannot predict.

What Congress will do next, what the president will say, and how the election will end cannot be forecasted by modeling, the senior investment strategist said.

“Those of us who have lived our professional lives really focusing in on the math, I think should feel very humble right now,” Cohen said. “Because what we recognize is that the models may not be able to properly reflect all of the volatility not just in the markets, but in the economy, in policy, and of course in investor sentiment.”

Read more: Warren Buffett’s Berkshire Hathaway shocked investors with its Snowflake and Barrick Gold bets. A veteran shareholder explains why they might be part of a new strategy

While Cohen said that it’s not unusual for volatility to rise before an election, there’s also been “erratic movement” with regard to fiscal policy. Stocks quickly sold off on Tuesday after Trump tweeted that negotiations for the next stimulus plan would be halted until the election. 

The famed strategist also said there are “wide gaps” in the relative valuation of stocks. Just a handful of stocks drove the market’s record rally following its March lows. Cohen said this can make the market more volatile, and

EasyJet warns first ever annual loss could top $1 billion

By Sarah Young



a large passenger jet sitting on top of a tarmac: FILE PHOTO: EasyJet restarts its operations amid the coronavirus disease (COVID-19) outbreak at Gatwick Airport, in Gatwick


© Reuters/Peter Cziborra
FILE PHOTO: EasyJet restarts its operations amid the coronavirus disease (COVID-19) outbreak at Gatwick Airport, in Gatwick


LONDON (Reuters) – British airline easyJet warned on Thursday its first ever annual loss could be as much as 845 million pounds ($1.1 billion) as the pandemic meant it was flying just 25% of planned capacity.

The airline has signalled to the government it may need more financial support, according to media reports.

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The headline loss before tax forecast for the year ended Sept. 30 of 815-845 million pounds was worse than the loss of 794 million expected by analysts, Refinitiv Eikon data showed.

That is the first time easyJet, which was founded in 1995, has ever made a full-year loss.

With travel at very low levels, most European airlines are bleeding cash. EasyJet’s larger low-cost rival Ryanair has called this winter a “write-off”.

EasyJet said ongoing travel restrictions meant it would fly just 25% of planned capacity for the rest of 2020, behind Ryanair which is aiming for 40% in October.

At such levels and with no recovery in sight, easyJet’s finances will continue to remain under pressure. CEO Johan Lundgren called on Thursday for Britain to “step up with a bespoke package of measures” to help airlines.

To survive the pandemic so far, easyJet has taken a 600 million pound loan from the government, cut 4,500 jobs, raised 608 million pounds from selling aircraft and tapped shareholders for 419 million pounds. It said it might have to do more.

“EasyJet will continue to review its liquidity position on a regular basis and will continue to assess further funding opportunities, including sale and lease backs, should the need arise,” the airline said in a statement.

Bernstein analyst Daniel Roeska said easyJet was managing the

PhosAgro Warns of Billions in Losses from EU Carbon Tax

(Bloomberg) — PhosAgro PJSC, Russia’s biggest producer of phosphate fertilizer, is calling for the government to help mitigate potentially billions in losses for the country’s raw-materials producers if Europe introduces a carbon tax.



a close up of a snow covered mountain: Granules of monoammonium phosphate (MAP) sit inside a storage warehouse at the PhosAgro-Cherepovets fertilizer plant, operated by PhosAgro PJSC, in Cherepovets, Russia, on Wednesday, Aug. 9, 2017. Phosphate fertilizer prices may be supported in the 2H by "high season in India, pre-winter buying activity in the Northern hemisphere and risks of further potential production cuts in China," PhosAgro chief executive officer Andrey Guryev said in a statement.


© Bloomberg
Granules of monoammonium phosphate (MAP) sit inside a storage warehouse at the PhosAgro-Cherepovets fertilizer plant, operated by PhosAgro PJSC, in Cherepovets, Russia, on Wednesday, Aug. 9, 2017. Phosphate fertilizer prices may be supported in the 2H by “high season in India, pre-winter buying activity in the Northern hemisphere and risks of further potential production cuts in China,” PhosAgro chief executive officer Andrey Guryev said in a statement.

The European Union is looking at how a potential carbon tax could help meet its 2050 goal of climate neutrality. If imposed, the levy would hit imports, including raw materials and products produced in countries without duties on emissions, such as Russia. The European Commission, the bloc’s executive arm, will next propose a draft regulation on the levy in June 2021.

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A European carbon tax could potentially cost Russian companies between $1.8 billion to $8 billion every year “depending on the scope of the processes and products to which the tax may be applied,” Andrey Guryev, PhosAgro’s chief executive officer, said in an interview in Moscow.

“Europe is a big export market for all of us,” Guryev said.

Here’s How the EU Could Tax Carbon Around the World: QuickTake

While the precise rules of a Europe-wide carbon tax haven’t been worked out yet, EC President Ursula von der Leyen warned in January that fossil fuel producers must pay a levy on pollution at home or risk being hit with a planned greenhouse gas duty on products imported into the EU.

Video: U.K. Clean Energy Goes To U.S. (QuickTake)

U.K. Clean Energy Goes To U.S.