MPs holding emergency meeting on massive Desjardins data breach - Canadanewsmedia
Connect with us

Business

MPs holding emergency meeting on massive Desjardins data breach

Published

on

OTTAWA – MPs on the House of Commons Public Safety and National Security are back in Ottawa today for an emergency summer meeting to decide whether or not to study the breach of millions of Canadians’ personal information at Quebec-based credit union Desjardins.

In June, the major financial institution revealed that a since-fired employee had improperly accessed and shared the personal information of 2.7 million Canadians and 173,000 businesses. The leaked information included the names, addresses, birth dates, social insurance numbers, email addresses, and transaction habits of Desjardins clients.

On the joint request of opposition members, the Commons committee is convening on Parliament Hill on Monday at 1 p.m. to discuss the breach and possible remedies, including issuing new Social Insurance Numbers (SIN) for all impacted clients.

“Quebecers, and all Canadians, affected by the theft of their personal data and information are anxious and need solutions. We must act quickly to help them and ensure this unacceptable situation never occurs again,” Conservative public safety critic and committee member Pierre Paul-Hus said in a statement last week.

Liberal MP Francis Drouin, who was one of the clients who had his personal information leaked as part of this incident, is in Ottawa today to take part in the meeting.

In an interview on CTV News Channel, Drouin said that while he is supportive of the breach being studied by the committee, he doesn’t want it to “compromise” the police investigation underway.

“It will require patience from me and from the 2.7 million customers out there, but I think it’s important that they gather evidence and that we charge this person and they be criminally charged,” he said.

In a letter requesting the special meeting the Conservatives say that should a study be launched, they’d want to hear from representatives from the bank, the RCMP, Public Safety Canada, the Canadian Centre for Cyber Security, and other policy experts.

Monday’s meeting begins behind closed doors but is scheduled to last for five hours so it is possible that public hearings with witnesses could begin this afternoon.

Since the breach became public, both the Privacy Commissioner of Canada and his Quebec counterpart have launched a collaborative investigation into whether Desjardins acted in compliance with the relevant privacy protection laws.

Desjardins is now offering its clients free identity theft insurance and other financial and legal assistance for those who may have their identities stolen as a result of this breach. On Monday chief executive Guy Cormier announced that Desjardins will offer permanent data protection to all its members. Affected clients have launched class-action lawsuits.

Let’s block ads! (Why?)

Continue Reading

Business

Hudson’s Bay Company agrees to taken company private

Published

on

By

Hudson’s Bay Co. will go private in a deal valuing the Canadian retailer at $1.9 billion in a bid by a group of investors led by executive chairman Richard Baker to try their hand at reinvigorating the fading 349-year-old department-store chain.


Hudson Bay Company executive chairman Richard Baker

The board of Hudson’s Bay said it entered into an agreement with investors led by Baker after the group raised its offer price to $10.30 a share, up from $9.45 a share. It approved the offer after a recommendation by a committee of independent directors.

Hudson’s Bay shares rose 7 per cent to $10.11 at 9:35 a.m. in Toronto.

Attention will now turn to minority shareholders who came out against Baker’s earlier proposal. The company needs a majority of them to approve the new deal for it to go through.

Catalyst Capital Group and other investors had said Baker’s original offer undervalued a company that’s rich in real estate holdings. Representatives for Catalyst and for Jonathan Litt, an activist investor who’s also been critical of Baker, were not immediately available for comment.

“The special committee is confident that this transaction represents the best path forward for HBC and the minority shareholders,” David Leith, head of the special committee, said in a statement.

Baker and his investment group want full control of the retailer, which also owns Sak’s Fifth Avenue, to turn the business around outside the glare of public markets. While Saks has been the group’s bright star of late, the Canada-based Hudson’s Bay chain, the oldest company in North America, is removing 300 “unproductive” brands and bringing in another 100 in a turnaround effort.


Mannequins sit on display inside a Saks Fifth Avenue.

Daniel Acker/Bloomberg News

A number of traditional retailers are struggling and closing stores as consumer preferences change and shoppers increasingly migrate online to competitors like Amazon.com Inc.

Department stores in particular have struggled to attract new consumers and maintain sales.

Luxury focused chains haven’t been exempt from the fallout: Barneys New York Inc. filed for bankruptcy protection in August amid rising rent costs and a decline in visitors. A consortium led by Authentic Brands Group LLC has been selected as its initial bidder, with the group planning to open Barneys shops inside Saks Fifth Avenue stores owned by Hudson’s Bay, Bloomberg reported on Oct. 16, citing people with knowledge of the matter.

Hudson’s Bay has been trying everything to lower debt and stop its stock’s slide, most recently selling selling the operations of its Lord & Taylor department store chain to clothing rental subscription company Le Tote.

Chief executive Helena Foulkes, who was brought in last year, also sold flash-sale e-commerce site Gilt and cashed out of European operations.

The stock traded as high as $10.72 in August on expectations the bid would be raised. It was back at $9.45, the original offer price, at the end of last week. Over the last five years, the stock has lost about half of its value.

“It’s good to see that there’s a resolution with a good, formal take-private offer and a cash bid, and I think that should be a good resolution for a lot of people,” Greg Taylor, chief investment officer at Purpose Investments, said on BNN Bloomberg.

“Certainly a lot of people would have wanted a lot more from this but in the current dynamics around department stores in North America, I think this is probably as good as they could have hoped.”

Let’s block ads! (Why?)

Source link

Continue Reading

Business

Energy regulator says crude-by-rail shipments fell to 310000 bpd

Published

on

By

The Canada Energy Regulator says exports of crude oil by rail from Canada fell slightly in August to 310,000 barrels per day from 313,000 bpd in July.

The August number is up 35 per cent from 230,000 bpd reported in August of 2018 but still well below the record high of 354,000 bpd set last December.

The small change in crude-by-rail shipments came despite a threat by Imperial Oil Ltd. CEO Rich Kruger to throttle back the company’s rail movements in August and September to protest the ongoing Alberta oil production curtailment program.

He says the program damages the economic case for crude-by-rail by artificially lowering the difference in oil prices between Alberta and the end market on the U.S. Gulf Coast.

Imperial reported moving 80,000 bpd by rail in June. It co-owns an oil shipping rail terminal at Edmonton with capacity to load 210,000 barrels of crude per day.

Alberta has gradually eased the curtailment program designed to better align production with tight pipeline capacity from an initial withholding of about 325,000 bpd last January to 125,000 bpd in September.

Let’s block ads! (Why?)

Source link

Continue Reading

Business

Hudson Bay Company agrees to pay more to shareholders for takeover bid

Published

on

By

Hudson Bay Company

The board of Hudson Bay Co. has agreed to a sweetened offer by a shareholder group led by executive chairman Richard Baker.

The retailer says the group has agreed to pay $10.30 per share in cash to take HBC private. The bid is up from an earlier offer of $9.45 per share.

The agreement values HBC at about $1.9 billion.

HBC says the price offered represents a premium of 62 per cent compared with where its shares were trading before the shareholder group’s initial privatization proposal in the summer.

The Baker-led group holds a 57 per cent stake in the retailer and includes Rhone Capital, WeWork Property Advisors, Hanover Investments (Luxembourg) and Abrams Capital Management.

The deal is subject to the approval by a majority of the minority of HBC shareholders, excluding the shareholder group and its affiliates, and approval by a 75 per cent majority vote at a special meeting of shareholders.

Let’s block ads! (Why?)

Source link

Continue Reading

Trending