The news at a glance

last updated 8 January 2015

Cyberattacks: From bad to worse at the IMF

The troubled International Monetary Fund acknowledged last week that it had become the latest global giant to suffer “a sophisticated cyberattack whose dimensions are still unknown,” said David Sanger and John Markoff in The New York Times. The fund maintains highly confidential information about the fiscal condition of many nations. The news comes as the IMF seeks to replace former Managing Director Dominique Strauss-Kahn, who quit last month after being charged with the attempted rape of a hotel maid.

In recent weeks, hackers have also attacked Google, Sony, Citibank, and Lockheed Martin. Security experts and some targets point the finger at China. Leaked U.S. diplomatic cables published by WikiLeaks said top officials in the Chinese government’s security apparatus directed an attack in 2009 on the computers of at least 20 major U.S. companies. Security specialists say the only way to effectively combat the threat is for the public and private sectors to work across borders for better regulation. “Clearly we are losing the battle,” Indian cybersecurity expert Vijay Mukhi told Reuters.com. “Every year we hope things will change, but now people like me have turned cynical. It requires cooperation on a global scale.”

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Jobs: Companies are spending, but not on payroll

Two years into the economic recovery, U.S. companies are investing in equipment, not in jobs, said Catherine Rampell in The New York Times. Since June 2009, business payroll spending has grown just 2 percent, while purchases of equipment and software swelled by 26 percent, according to the Commerce Department. With “workers getting more expensive while equipment is getting cheaper,” the trend is not likely to reverse anytime soon, particularly since the same Commerce data show that the economy is producing as much as it was before the downturn—but with 7 million fewer jobs.

Airlines: Friendly skies, unless you want a snack

It may seem hard to believe if you’re reading this while waiting for a late flight, but satisfaction with airline service is on the rise, said Hugo Martín in the Los Angeles Times. Airline rankings in 2011 improved to an average of 682 on a 1,000-point scale, up 10 points from 2010, according to a new survey by J.D. Power and Associates. But the results weren’t all good news for the industry. When it came to fees for “checking bags, changing reservations, or requesting a snack,” passengers gave most airlines low marks.

Autos: A heavy-duty verdict against Ford

Ford will appeal “the largest lawsuit verdict ever” against the automaker, a $2 billion award won by 3,100 dealers who claimed they had been overcharged for heavy trucks, said Fred Meier in USA Today. An Ohio judge ruled that Ford must pay the dealers $781 million in damages and about $1.2 billion in interest, based on a jury verdict in February that Ford had overcharged the dealers for 474,000 600-series and heavier trucks from 1987 through 1997.

Retail: A steering wheel cover for dear old Dad?

’Tis the season for Father’s Day shopping. But most dads can expect the same thing they get every year: second billing, says Jason Notte in TheStreet.com. Consumers will spend about $10.8 billion on the June 19 holiday, nearly $5 billion less than they spent on Mother’s Day. The gap isn’t new. “Kids of all ages have made an annual tradition of shortchanging Dad” by as much as $50, as compared with Mom. One problem: Gifts for dads are “about as exciting as watching oil drain or plaster dry.” This year gift givers will spend $470 million on automotive accessories and $1.3 million on tools and home-improvement products.

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