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Showing posts with label Analisis. Show all posts

Oct 29, 2019

Analysis | The Finance 202: U.S., Chinese investors complicate Trump hawks' push to sever economic ties

By Tory Newmyer


An investor walks by an electronic screen displaying stock prices at a brokerage house in Beijing. (AP Photo/Andy Wong)
U.S. and Chinese investors keep plowing capital into each other’s countries despite the economic battle lines drawn by the trade war. 
The phenomenon illustrates the deeply entangled relationship between the world’s two largest economies and the difficulty Trump administration hawks face as they push for a decoupling. 
Consider Silicon Valley. Chinese investors continue pumping money into start-ups and venture capital funds there, in spite of a 2018 law intended to curb foreign access to technologies that could compromise U.S. national security.
“Key rules for implementing the law are yet to be defined, often leaving investors and entrepreneurs to determine what deals are permissible,” the Wall Street Journal’s Heather Somerville reports. “Also, many U.S. tech entrepreneurs want to nurture connections to China.”
The investments are flowing the other way across the Pacific, too. 
And this has some members of Congress and the Trump administration crying foul, arguing American dollars shouldn’t be underwriting investments that run counter to U.S. interests. And, as the New York Times’s Ana Swanson reports, they want to do something about it by seeking to block the federal government’s employee retirement fund from making a planned switch in the mix of its investments next year that would boost its Chinese holdings.
It’s part of a wider effort by American policymakers to apply greater scrutiny to the investment ties between the countries. “In recent months, officials have been making more frequent calls to re-examine China’s presence in the stock portfolios of American investors,” Swanson writes. “Administration officials, including members of the National Security Council, have begun pressing the Securities and Exchange Commission to increase scrutiny of Chinese firms, which have long skirted the auditing and disclosure requirements of American stock exchanges, putting investors at risk. Chinese law restricts the company documentation that auditors can transfer out of the country, limiting their visibility to American regulators.”

Hikvision cameras in an electronic mall in Beijing. (Fred Dufour/AFP)
A bipartisan group of senators led by Sens. Marco Rubio (D-Fla.) and Jeanne Shaheen (D-N.H.) have zeroed in on the Thrift Savings Plan, the retirement vehicle for federal workers. They wrote the board governing the plan last week asking it to reverse a decision allowing workers to invest in a fund that includes Chinese companies, per Swanson. The Trump administration recently blacklisted one of them, Hikvision, which makes surveillance gear Beijing used to target Muslim Uighurs.
“Business leaders and Wall Street executives have started pushing back, saying efforts to restrict investment constitute government interference and could destabilize financial markets,” Swanson writes. “When policymakers begin to pull the threads of financial connections between the United States and China, it’s not clear how much they will unwind, they say."
And efforts by lawmakers to tighten the screws on incoming Chinese investment appear to have come up short so far. The 2018 law to expand the powers of Committee on Foreign Investment in the U.S. initially chilled Chinese venture investment in the U.S.: It dropped 27 percent in the first six months of this year compared to the second half of last year, as the Journal’s Somerville reports. “But Cfius appears ill-equipped to police the venture-capital industry, current and former government officials say,” Somerville writes. “The government also hasn’t codified which technologies are off-limits to foreigners, so some startups and investors don’t see the need to file with Cfius.”
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Trader Michael Capolino works on the floor of the New York Stock Exchange. (AP Photo/Richard Drew)
S&P 500 sets new record. The Post's Thomas Heath: "U.S. stocks soared to new heights as the busiest week of earnings season kicked into gear, buoying anxious investors who are anticipating key news on jobs and interest rates this week. The Standard & Poor’s 500 index closed at 3,039, up almost 0.5 percent, eclipsing the broad market’s previous high of 3,025 from July 26. The Dow Jones industrial average and Nasdaq composite index were close behind, sending stocks upward in what is historically a bumpy month for markets. The Dow closed at 27,090, up about 0.6 percent on the day.
"The Dow is short about 1 percent from its record close of 27,359, set July 15. The tech-rich Nasdaq closed at 8,325, up 1 percent but short of its all-time high of 8,330 from July 26.All three indexes are racing toward finishing October on the upside. The tenor of the earnings season, so far, has bucked worries about corporations underperforming, with technology leading the way on upbeat reports from Microsoft, Intel and AT&T. The new economy fueled markets despite last week’s downbeat forecast from industrial bellwether Caterpillar, and big misses by Wells Fargo and Goldman Sachs."
Jay Powell faces another tricky meeting. WSJ's Nick Timiraos: "Federal Reserve Chairman Jerome Powell will walk a tightrope this week over whether and how to signal a potential timeout in rate cuts following an expected reduction on Wednesday. Markets largely expect another quarter-percentage-point rate cut at the Fed’s Oct. 29-30 meeting. It is the Fed’s next step that is uncertain, and investors will closely watch for clues in the central bank’s policy statement and Mr. Powell’s press conference...
"Without signs of a sharper deterioration in economic data, officials on Wednesday may seek to tamp down on expectations that they will keep cutting rates—including at their final scheduled meeting of the year in December—absent broader signs of weakening in the economy. At the same time, soft economic data of late could make officials uncomfortable delivering an 'all clear' signal, particularly because any residual damage from the U.S.-China trade war may not yet be fully reflected."



A truck carrying a cargo shipping container enters a shipping terminal at the Port of Los Angeles. (Patrick T. Fallon/Bloomberg News)
Trump sounds bullish note on U.S.-China talks. Politico's Allie Bice: "Trump said Monday that negotiations for the so-called phase one of the United States' trade deal with China were 'ahead of schedule.' 'We are looking probably to be ahead of schedule to sign a very big portion of the China deal, and we’ll call it Phase One but it’s a very big portion,' Trump said. 'That would take care of the farmers. It would take care of some of the other things. It will also take care of a lot of the banking needs.' The comments come ahead of Trump’s meeting with Chinese President Xi Jinping for the Asia-Pacific Economic Cooperation summit in Chile on Nov. 16-17."
— Exports, imports drop: “U.S. exports and imports of goods both slumped in September to the weakest levels in more than a year, the latest sign [Trump’s] tariffs are weighing on the economy,” Bloomberg News’s Reade Pickert reports.
“The steeper decline for imports unexpectedly narrowed the merchandise trade deficit to $70.4 billion from $73.1 billion in August, according to Commerce Department data released Monday that compared with a projected gap of $73.5 billion in Bloomberg’s survey. The figures add to indications that Trump’s trade policies are challenging American companies as rising tariffs aimed at China muddle supply chains and add to uncertainty. Other data have shown that the tensions with China have helped to reduce business investment and slow the pace of hiring.”
— Huawei and ZTE might be barred from key government subsidy: “The U.S. telecommunications regulator plans to vote in November to designate China’s Huawei Technologies and ZTE Corp. as national security risks, barring their U.S. rural carrier customers from tapping an $8.5 billion government fund to purchase equipment or services,” Reuters’s David Shepardson reports.
“The Federal Communications Commission also plans to propose requiring those carriers to remove and replace equipment from such designated companies, FCC officials said ... [the agency said] a meeting said it plans to vote to ask carriers how much it would cost to remove and replace Huawei and ZTE from existing networks and to establish a reimbursement program to offset the costs of removing the equipment [at a meeting set for Nov. 19].”
A view from China: “Slowing economic growth. A rancorous trade war. Recalcitrant protesters in Hong Kong. A mass die-off of pigs and surging food prices. The frustrations are piling up for China’s leader, Xi Jinping,” the New York Times’ Chris Buckley reports before a major Communist Party meeting later this week.


Neighborhoods in Las Vegas as seen in 2009. (Jacob Kepler/Bloomberg News)
— Number of home equity lines continues to dwindle: “A once-popular loan Americans use to finance home renovations and college tuition is slowly dying, slashing a lucrative source of revenue for the nation’s largest banks,” Bloomberg News’s Gwen Everett and Shahien Nasiripour report.
“Home equity lines of credit, open-ended loans that homeowners tap for cash using their properties as collateral, exploded in the run-up to the housing crash a decade ago, doubling in volume from 2003 to 2006, according to the Federal Reserve Bank of New York. But a resurgent housing market after the Great Recession hasn’t brought with it a return to Helocs, as they’re commonly known.”
  • Meanwhile, the mortgage market is sizzling: “The mortgage market turned red hot over the summer, posting its biggest three months since the financial crisis,” the WSJ’s Ben Eisen and Laura Kusisto report. “Lenders extended $700 billion of home loans in the July-to-September quarter, the most in 14 years, according to industry research group Inside Mortgage Finance. Mortgage originations for the full year are on pace to hit their highest level since 2006, the peak of the last housing boom.”
— Former top Bush economic adviser quits GOP: "The Republican Party has largely become the Party of Trump," Greg Mankiw, Harvard professor and former head of the Council of Economic Advisers under George W. Bush, wrote in a blog post on his decision to become an unenrolled (independent) voter in Massachusetts. "Too many Republicans in Congress are willing, in the interest of protecting their jobs, to overlook Trump's misdeeds (just as too many Democrats were for [Bill] Clinton during his impeachment). I have no interest in associating myself with that behavior. Maybe someday, the party will return to having honorable leaders like Bush, [John] McCain, and [Mitt] Romney. Until then, count me out."
  • He plans to vote in the Democratic primary now: "The Democratic Party is at a crossroads, where it has to choose either a center-left candidate ([Joe] Biden, [Pete] Buttigieg, [Amy] Klobuchar, [Andrew] Yang) or a far-left populist ([Elizabeth] Warren, [Bernie] Sanders) as their nominee for president. I intend to help them choose the former. The latter propose to move the country too far in the direction of heavy-handed state control. And in doing so, they tempt those in the center and center-right to hold their noses and vote for Trump's reelection."

AT&T CEO Randall Stephenson. (Reuters/Carlos Barria)
— AT&T reaches truce with hedge fund: “AT&T Inc. reached an agreement with an activist investor that had been pressuring the telecom giant to revamp its strategy, and said its chief executive would stay at the helm through next year,” the WSJ's Drew FitzGerald and Corrie Driebusch report.
“Chairman and CEO Randall Stephenson has used big acquisitions of Time Warner and DirecTV to turn AT&T into a major media provider, a shift that activist Elliott Management Corp. had called into question. Mr. Stephenson said … that AT&T would forgo big takeovers in the coming years to focus on improving the bottom line. The company reported another quarter revealing the challenges of moving beyond its traditional telephone business. Overall, quarterly profit and revenue declined from a year earlier. AT&T’s core cellphone business gained subscribers, but more than one million customers abandoned the company’s DirecTV unit.”
— How a New York securities law could doom Exxon: “The trial of New York’s $1.6 billion securities-fraud lawsuit against Exxon Mobil begins its second week Monday, after a series of witnesses failed to provide any concrete evidence that the oil giant knowingly misled shareholders about its climate change accounting,” Bloomberg News’s Erik Larson reports.
“New York has argued that Exxon intentionally misled investors by publicizing a ‘sham’ proxy cost, tricking the market and thus inflating the company’s stock price. Exxon contends that the two costs are used for different purposes, and that New York is conflating them to show a discrepancy where there is none. [New York Attorney General Letitia] James sued under New York’s Martin Act, which empowers officials to target a wide range of corporate behavior that may negatively impact shareholders. While New York claims Exxon intentionally misled shareholders, under this securities law it doesn’t have to prove intent to win.”
— Local governments try to regulate guns with taxes: “Tacoma, Wash., could soon become one of a handful of U.S. cities to levy high taxes on gun sales, opening a new front in the battle over how much power local governments have to regulate firearms,” the WSJ’s Zusha Elinson reports.
“Washington and 44 other states ban cities and towns from making their own gun laws. But the proposed tax in Tacoma, which would collect $25 per gun sale to fund violence prevention programs, is modeled on a law in neighboring Seattle that has already passed muster with the state supreme court. Opponents of the proposal, which would also collect taxes on ammunition, have said it would force gun shops out of the industrial port city of 215,000. In Seattle, lawmakers projected $300,000 to $500,000 a year in gun taxes, but last year received only $77,642 because gun stores moved away.”


Boeing CEO Dennis Muilenburg. (Shannon Stapleton/Reuters)
— Looking ahead to this week’s Boeing hearings, which start today: “Boeing Co. President Dennis Muilenburg faces lawmakers this week outraged over a pair of disasters that raise questions about the safety of the company’s marquee jet and could result in tightened oversight of the world’s biggest planemaker,” Bloomberg News’s Ryan Beene and Courtney Rozen report.
“The hearings will test the strength of Boeing’s relationships in Washington, where the company is seen as an American success story. It’s also become a power player due to its lavish contributions to politicians of both parties and an army of lobbyists that advance its commercial and military business lines.”
  • What Muilenburg will say: “Muilenburg plans to acknowledge that his company made mistakes when he faces lawmakers this week who are looking for answers …,” my colleague Ian Duncan reports. “‘We know we made mistakes and got some things wrong,’ Muilenburg said in prepared testimony to a Senate committee reviewed by The Washington Post. ‘We own that, and we are fixing them.’ For Muilenburg, who was recently stripped of his role as chairman of Boeing’s board, the planned testimony is part of a campaign to win back public trust and to satisfy regulators — even as experts say the company is following its typical playbook after a crash, earning it a reputation for withholding information and pointing to others as blameworthy.”
AIG was feted on the Hill, and nobody mentioned its bailout. Politico's Zachary Warmbrodt: "American International Group — once one of the most scorned corporations on Capitol Hill for its pivotal role in the financial crisis — got a Washington birthday bash on Monday night with help from House lawmakers. Little more than a decade after the U.S. government committed $180 billion to avert the collapse of the insurance giant, AIG used the hearing room of the House Ways and Means Committee to host a 'centennial congressional reception' to mark the New York-based company's first century in business...
"Ways and Means Committee Chairman Richard Neal (D-Mass.) presided over the event, which featured AIG CEO Brian Duperreault and other company leaders... More importantly, it had bipartisan support, with senior House members from both parties in attendance alongside finance industry lobbyists."

Lobbying expenditures by Facebook, Amazon and Apple are on pace to hit records this year. The companies are taking steps to present a positive message to Washington.


Mark Calabria, director of the Federal Housing Finance Agency. (Zach Gibson/Bloomberg)
Fannie, Freddie regulator pushes privatization plan. WSJ's Andrew Ackerman: "Fannie Mae’s and Freddie Mac’s federal regulator took new steps to privatize the mortgage-finance companies on Monday, telling the firms to help lay the groundwork for their own transitions out of an 11-year government conservatorship. In new policy goals, the Federal Housing Finance Agency for the first time released formal objectives calling for Fannie’s and Freddie’s return to the private sector. The companies have been in government conservatorship since the 2008 financial crisis. FHFA Director Mark Calabria, who took over the agency in April, is pressing to privatize the mortgage-finance companies, which back around half the nation’s mortgage market."


Washington Post Fact Checker Glenn Kessler says Trump earns Two Pinocchios for his claim that household median income has surged under his presidency after modest increases under his two predecessors. While the pace of growth appears to have picked up, Trump is mostly enjoying a continuation of a trend: "When we compare the last 31 months of Obama to the first 31 months of Trump, the trend is even clearer," Kessler writes. I"n those 31-month periods, median household income rose 5.6 percent under Obama and 7.1 percent under Trump, respectively. That gives a slight edge to Trump but remember these monthly numbers bounce around a lot, so it’s unclear whether the recent pace under Trump can be maintained. In any case, the economic record of the two presidents is far closer than suggested when including the effect of the recession under Obama’s numbers."


  • The House Financial Services Committee is scheduled to mark up a 10-year extension of the Export-Import Bank
  • General Motors, BP, Amgen, Kellogg, Pfizer, MasterCard, Mattel, Electronic Arts, Allstate, ConocoPhillips, Yum China, Xerox, Denny’s and GrubHub, report their earnings
  • The Financial Services Committee continues its markup
  • Apple, Facebook, AK Steel, Lyft, Sony, Starbucks, Yum! Brands, McKesson, General Electric, MetLife and MGM Resorts are among the notable companies reporting their earnings
  • CFTC Chairman Heath Tarbert keynotes the annual Futures & Options Expo. in Chicago
  • Fiat Chrysler, Re/Max Holdings, Bristol-Myers, Clorox, Cigna, DuPont, Altria, Royal Dutch Shell, Sirius XM and Sanofi are among the notable companies reporting their earnings


From The Post's Tom Toles:


May 22, 2019

Analysis | The Cybersecurity 202: Baltimore's slow recovery shows far-reaching consequences of ransomware

By Joseph Marks


Bernard C. Jack Young gives his acceptance speech after being sworn in as Baltimore's 51st mayor. (Marvin Joseph/The Washington Post)
Baltimore still isn’t able to provide basic city services two weeks after a powerful ransomware attack. And a full recovery may take months, Mayor Bernard C. “Jack” Young says.
The damage includes police surveillance cameras that are shut down and utilities payment systems that were forced offline. Broad phone and email outages are also forcing city workers to do what work they can with personal laptops and email accounts, Ars Technica’s Sean Gallagher reports.
Baltimore’s real estate market was effectively shut down for two weeks, leaving people unable to buy or sell homes before the city developed a paper-based workaround Tuesday, the Baltimore Sun’s Ian Duncan reports.
The Baltimore damage highlights the far-reaching consequences of ransomware — which hackers use to lock up a victim’s computer systems and data and demand a hefty fine to release them — on U.S. cities and the costs to American citizens.
It also raises the specter of how outdated city computer systems are vulnerable to even worse attacks. One of the greatest fears is that ransomware could affect emergency services -- including, say, crippling police and ambulances -- and endangering public safety. While those services were unaffected in the recent Baltimore attack, the city knows it’s vulnerable because it's been hit before. A ransomware attack in 2018 shut down for several hours an automated system Baltimore emergency workers use to locate people who call 911 and pinpoint the nearest police car or ambulance.
It's a major problem across the U.S. There have been more than 170 ransomware attacks that hit state and local governments since 2013, according to the research firm Recorded Future. And once ransomware attackers realize they’ve compromised a city, they often “take advantage of the fact by targeting the most sensitive or valuable data to encrypt,” the Recorded Future report states.
And there's a big financial cost no matter which direction city leaders choose. It's expensive either to pay the ransom, or stand up to them and deal with the eventual damage. Baltimore has been tight-lipped about how the attack occurred because the FBI is investigating it. But officials did say they refused to pay the ransom, which totaled about $100,000 in bitcoin.
In the best-known case, a ransomware attack against Atlanta — which prosecutors pinned on Iranian government-linked hackers — cost that city’s taxpayers more than $9 million. The attack shut down online city services, required police and courts to file paperwork by hand and forced the city to halt court proceedings for anyone who wasn't already in jail.
The FBI now says it “doesn’t support paying a ransom.”  But that guidance came out following a backlash after a top official acknowledged the bureau sometimes did suggest companies pay if there was no better way to unlock their systems. According to Recorded Future, 17 percent of cities attacked with ransomware pay the ransom.
Cities are especially vulnerable to digital attacks because their IT systems tend to be older and more complex than those of private-sector organizations. And they’re often struggling with tight budgets that result in too few staff charged with keeping those systems secure.
Things are especially bad in Baltimore.
“According to a 2018 strategy document, Baltimore spends about half of what other cities budget for IT, and the Office of Information Technology only controls about 1 percent of the total budget,” Sean reported. The city also burned through four IT chiefs who were all fired or forced to resign within five years before Chief Information Officer Frank Johnson took the helm in 2017, Sean reported.
Cybersecurity experts were quick to point out how that shortsighted IT management may cost the city a lot of pain in the future.
Here’s the Center for Democracy and Technology’s Maurice Turner:
Gov math is funny: won’t budget $ for prevention but always find $$$ for recovery.
Worst part is “many city workers have had to resort to using their own laptops w/o a connection to city networks, as well as personal e-mail & cell phones”.
So secure 🙄
— Maurice Turner (@TypeMRT) May 20, 2019
And former NSA hacker Jake Williams:
There are some serious problems with Baltimore's DR plan. It's obvious that investment was missing across city infrastructure before the ransomware attack. What is it going to take to get municipalities to pay attention?
— Jake Williams (@MalwareJake) May 20, 2019
Some cities are trying to hedge against ransomware attacks by buying insurance that pays out in the event of cyberattacks. Baltimore, however, lacks that coverage, Sean reported. “So the cost of cleaning up … will be borne entirely by Baltimore's citizens.”
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Journalists attend the presentation of Huawei's smartphone, the Ascend P7, launched by China's Huawei Technologies in Paris. (Philippe Wojazer/Reuters)
PINGED: The Trump administration is considering blacklisting another Chinese company from U.S. markets over digital spying concerns, my colleague David J. Lynch reports.
The possible move against Hikvision, the world’s largest maker of video surveillance technology, comes less than a week after the Commerce Department added the Chinese telecom Huawei to a list that will restrict U.S. companies from selling it software or components. Commerce later granted companies a 90-day reprieve to finish up business with Huawei. “Hikvision supplies surveillance cameras that the Chinese government has deployed throughout the Muslim-majority Xinjiang region to combat what it describes as separatist terrorism,” David reported.
The company was among five Chinese firms Congress banned from selling to the government in a defense policy bill last year citing national security concerns. The others were: Huawei, ZTE, Hytera and Dahua.
Huawei, meanwhile, is taking its case to European governments and describing the United States as a bully, the Wall Street Journal’s Emre Peker and Dan Strumpf report. “Now it is happening to Huawei. Tomorrow it can happen to any other international company. This is dangerous,” Huawei’s Vice President for the European Region Abraham Liu told reporters in Brussels, according to the report.
European governments may be receptive. They have a history of pushing back on U.S. pressure where Huawei is concerned and have been especially resistant to U.S. pleas to ban the telecom from their next-generation 5G wireless networks. “Europe, along with the Middle East and Africa, generated 28 percent of Huawei’s $107 billion in revenue last year and was the company’s fastest-growing region,” the Journal reported.
“European telecom companies — which have used Huawei gear in their networks and often also sell Huawei smartphones — have so far stuck by the company. Vodafone Group PLC and BT Group PLC, two big U.K. carriers, have publicly said they want to continue using Huawei gear in their 5G networks,” according to the report.

Congressional Black Caucus Chairman Cedric Richmond (D-La.) speaks during a news conference with members of the caucus and members of the House Judiciary Committee at the Capitol on January 18, 2018. (Win McNamee/Getty Images)
PATCHED: The lack of diversity among government cybersecurity workers could lead to groupthink and not spotting new threats, Rep. Cedric Richmond (D-La.) said Tuesday.
During the opening of a hearing by the House Homeland Security Committee's cybersecurity subcommittee, which he chairs, Richmond cited studies that found just 11 percent of the cybersecurity workforce is female and less than 15 percent is African American or Hispanic.
My concern is that having such a homogenous workforce could lead to blind spots and, potentially, intelligence failures — particularly for federal agencies like the Department of Homeland Security,” Richmond said.
He also criticized the Trump administration for producing an executive order focused on enlarging the cybersecurity workforce this month without making explicit efforts to improve its diversity.
"Officials reportedly explained that they ‘hoped diversity would be a natural byproduct’ of the order,” he said. “This is exactly the type of thinking we cannot afford to have if we are serious about reversing trends.”
Here’s more on the hearing from Nextgov’s Brandi Vincent.

Republican Brian Kemp speaks after being sworn in as Georgia's governor. (John Bazemore/AP)
PWNED: A federal judge is allowing to move forward a lawsuit challenging Georgia’s outdated voting machines and demanding that hand-marked paper ballots be used across the state, the Associated Press’s Kate Brumback reported Tuesday.
“The lawsuit argues that the paperless touchscreen voting machines Georgia has used since 2002 are unsecure, vulnerable to hacking and unable to be audited,” Brumback reported.
“The state’s voting system drew national scrutiny during last year’s midterm election in which Brian Kemp, a Republican who was the state’s chief election officer at the time, narrowly defeated Democrat Stacey Abrams to become Georgia’s governor,” the report notes.
Since the election, Georgia approved a new set of voting machines statewide that include a paper record but aren’t marked by hand.
Here’s more on the case from election security reporter Kim Zetter.
The plaintiffs assert that the state's continued use of paperless DRE
machines is an undue burden on their fundamental
right to vote in violation of their constitutional rights to due process and equal
protection. Here's the ruling and opinion:
— Kim Zetter (@KimZetter) May 21, 2019
Cybersecurity news from the public sector:

In advance of the 2020 elections, a new federal law proposed on Tuesday seeks to remove impediments faced by national political committees when seeking to help shore up the cybersecurity of their state-level counterparts.

The move benefited a Chinese-backed company with a plant in the House minority leader’s California district.
Damian Paletta and Erica Werner

Lawyers for a decorated Navy SEAL accused of murder want a prosecutor and judge removed over allegations of spying on defense emails to find the source of news leaks
Brian Melley and Julie Watson | AP
Cybersecurity news from the private sector:

A dive into vulnerability data shows even big districts' servers still offering up SMB v. 1.
Ars Technica

On the heels of embarrassing disclosures from Facebook and Twitter, Google reveals its own password bugs—one of which lasted 14 years.

Source: The Washington Post

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