Business
Gold heist at Toronto Pearson needed insider knowledge: expert
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The theft of more than $20 million worth of gold and other valuables from Toronto Pearson International Airport this week likely required insider knowledge of the airport and its operations, a security expert says.
Phil Boyle, associate professor of sociology and legal studies at the University of Waterloo, said the theft would have required detailed information on where the high-value cargo was going to be and when.
“They knew what they were after and where to get it, and that involves having some sort of insider knowledge,” he said in an interview Friday.
“Certainly it was not an opportunistic smash-and-grab.”
Peel Regional Police said Thursday that they are investigating a “rare” cargo theft from an airport holding facility after the gold and other items were reported missing on Monday.
Insp. Stephen Duivesteyn said the crime took place in the early evening after a plane that arrived at the airport was unloaded and its cargo was transported to a holding facility.
The force revealed no specifics on how the valuables were stolen or potential suspects. It’s also not clear which airline shipped the cargo, where the gold was headed or where the plane came from.
Duivesteyn said the theft is believed to be an isolated incident and there are no concerns for travel or public safety at the airport.
The Greater Toronto Airports Authority wrote in a statement that thieves accessed the public side of a warehouse leased to a third party outside its “primary security line.”
“This did not involve access to Toronto Pearson itself and did not pose a threat to passengers or GTAA staff,” it wrote.
But the crime presents a larger concern about institutional weaknesses that allowed the theft to occur at Canada’s largest and busiest airport, said Boyle.
“I don’t see this being a lapse of airport security per se,” he said.
“But certainly it is a lapse of information control and how somebody working either directly for the airport or customs or for the shipping company had to have provided some information to tip people off to the opportunity that was there.”
Boyle said the thief or thieves were likely experienced criminals.
Whoever they are, they’re likely looking for quick ways to offload the high-value goods, which would likely involve organized crime groups who are able to liquidate items like diamonds or jewelry quickly and without detection, he said.
“That’s one thing the police will be looking for, unusual movements in those markets where people are trying to offload large amounts of merchandise fairly quickly,” said Boyle.
“That stuff could probably have left the country already just to make it a little bit easier.”
Police did not say whether the gold and other items are still in Canada or had been moved to another country.
Boyle anticipated a long-term investigation, but said police should eventually be able to come to some idea of who committed the crime, based on the high level of security present at airports. Whether they’re able to make arrests will be based on whether the perpetrators have left the country, he said.
“Really what’s at stake is not so much the perpetrators per se,” he said, “but what sort of institutional weaknesses allowed this to happen in the first place.”
This report by The Canadian Press was first published April 21, 2023.
Suncor Energy Inc. says it will cut 1,500 jobs by the end of the year in an effort to reduce costs and improve the company’s lagging financial performance.
Spokeswoman Sneh Seetal confirmed the cuts, saying they will be spread across the organization and will affect both employees and contractors.
Seetal says employees were informed of the cuts in a companywide email from Suncor CEO Rich Kruger earlier this afternoon.
Suncor has been under pressure from shareholders – including activist investor Elliott Investment Management – to improve its financial and share price performance, which has lagged its peers.
Kruger, the former CEO of Imperial Oil Ltd., took the reins at Suncor earlier this spring and has been tasked with turning around the oilsands giant.
Suncor employs people across the country, in the U.S., and the U.K. Its corporate head office is located in Calgary.
This report by The Canadian Press was first published June 1, 2023.
Business
Amazon ordered to pay more than $30M for privacy violations related to Alexa, Ring devices – CBC News
Amazon agreed Wednesday to pay a $25 million US civil penalty to settle Federal Trade Commission (FTC) allegations it violated a child privacy law and deceived parents by keeping for years kids’ voice and location data recorded by its popular Alexa voice assistant.
Separately, the company agreed to pay $5.8 million US in customer refunds for alleged privacy violations involving its doorbell camera, Ring.
The Alexa-related action orders Amazon to overhaul its data deletion practices and impose stricter, more transparent privacy measures. It also obliges the tech giant to delete certain data collected by its internet-connected digital assistant, which people use for everything from checking the weather to playing games and queueing up music.
“Amazon’s history of misleading parents, keeping children’s recordings indefinitely, and flouting parents’ deletion requests violated COPPA (the Child Online Privacy Protection Act) and sacrificed privacy for profits,” Samuel Levine, the FTC consumer protection chief, said in a statement. The 1998 law is designed to shield children from online harms.
FTC Commissioner Alvaro Bedoya said in a statement that “when parents asked Amazon to delete their kids’ Alexa voice data, the company did not delete all of it.”
The Current22:19Amazon losing billions on Alexa voice assistant
The agency ordered the company to delete inactive child accounts as well as certain voice and geolocation data. That order will apply to Canadian customers, as well, the company confirmed in an email to CBC News.
Amazon kept the kids’ data to refine its voice recognition algorithm, the artificial intelligence behind Alexa, which powers Echo and other smart speakers, Bedoya said.
The FTC complaint sends a message to all tech companies who are “sprinting to do the same” amid fierce competition in developing AI datasets, he said.
Amazon said last month that it has sold more than a half-billion Alexa-enabled devices globally and that use of the service increased 35 per cent last year.
Hackers able to access Ring accounts
In the Ring case, the FTC says Amazon’s home security camera subsidiary let employees and contractors access consumers’ private videos and provided lax security practices that enabled hackers to take control of some accounts.
Amazon bought California-based Ring in 2018, and many of the violations alleged by the FTC predate the acquisition. Under the FTC’s order, Ring is required to pay $5.8 million US that would be used for consumer refunds.
Amazon said it disagreed with the FTC’s claims on both Alexa and Ring and denied violating the law. But it said the settlements “put these matters behind us.”
“Our devices and services are built to protect customers’ privacy, and to provide customers with control over their experience,” the Seattle-based company said.
In addition to the fine in the Alexa case, the proposed order prohibits Amazon from using deleted geolocation and voice information to create or improve any data product. The order also requires Amazon to create a privacy program for its use of geolocation information.
The proposed orders must be approved by federal judges.
FTC commissioners had unanimously voted to file the charges against Amazon in both cases.
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US stocks closed lower Wednesday as investors kept a watchful eye on the prospects for the debt-limit deal in an expected House floor vote. Meanwhile, strong US jobs data and China’s economic woes pressured global markets.
The S&P 500 (^GSPC) fell 0.60% while the Dow Jones Industrial Average (^DJI) dipped 0.40% or more than 130 points. The technology-heavy Nasdaq Composite (^IXIC) slipped 0.63%.
US bond yields weakened as investors fretted over the potential impact of the debt-limit deal and reviewed the release of fresh jobs data. The yield on the benchmark 10-year Treasury dropped to 3.62%. The two-year note yields, which are more rate sensitive, slipped to 4.3%, while that on the 30-year bond dropped to 3.84%.
Equities lost steam as the Labor Department reported the number of job openings rose to over 10.1 million, up from economists’ expectations of 9.4 million openings.
The figures underscores “the tightness in the labor market is unlikely to fall off a cliff but rather continue downward on a bumpy path,” Oxford Economics wrote in a note on Wednesday. “While there are some concerns over the veracity of the JOLTS survey due to historically low response rates, the upshot remains that labor market strength remains robust.”
In light of recent economic data, markets are pricing in an increase of 25 basis points in interest rates from the Fed at policymakers’ meeting on June 13-14. On the commodities side, the dollar index rose, while crude oil slid below $70 a barrel.
Still, investors are still very keen on the latest developments in Washington. The debt ceiling agreement negotiated by President Joe Biden and House Speaker Kevin McCarthy passed its first key test on Tuesday when it gained approval from the Republican-led House Rules Committee despite opposition from hard-liners. That cleared the way for the deal to go before the House on Wednesday.
The clock is ticking down, as Congress must race to pass the deal to avoid a catastrophic default by June 5. That so-called X-Date is when the US will run out of money to pay its bills, Treasury Secretary Janet Yellen has warned.
Meanwhile, both Federal Reserve Governor Philip Jefferson and Philadelphia Federal Reserve President Patrick Harker signaled Wednesday that the central bank could pause rate hikes at its next policy meeting. Separately, the economy showed signs of cooling as hiring and inflation slowing, the Federal Reserve said in its Beige Book survey of regional business contacts.
Elsewhere, China’s factory activity slumped to its weakest level for a second straight month, another sign its post-pandemic economic recovery is losing steam. Asian markets tumbled after the release of the data.
On the housing front, mortgage demand dropped to its lowest level since March, while refinancing activity also dampened to another low, the MBA data showed Wednesday.
Meanwhile, in corporate news, Hewlett Packard Enterprise Company (HPE) sank more than 7% after the company posted a revenue miss in its second quarter earnings and slashed its full-year sales guidance.
Still, the run-up in stocks linked to AI was losing momentum, after the buzz around the technology helped boosted the Nasdaq 100 Index (^NDX) on Tuesday. Shares of ChargePoint Holdings, Inc. (CHPT) was flat, while C3.ai, Inc. (AI) dipped more than 8% Wednesday.
In single-stock moves, SoFi Technologies, Inc. (SOFI) shares rallied more than 15% in the wake of the debt ceiling deal. The bill would reinstate government student loan repayments, benefiting the online personal finance company.
Shares of HP Inc. (HPQ) sank more than 5% after the computing giant posted better-than-expected quarterly earnings on Tuesday, but reported sales that fell more than analysts estimated.
Intel Corporation (INTC) shares rose more than 4% after the chipmaker said current quarter revenue is on track to be at the high end of its guidance.
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Dani Romero is a reporter for Yahoo Finance. Follow her on Twitter @daniromerotv
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