Business
Harrods says customers’ data stolen in IT breach
Luxury department store Harrods has warned customers their personal data may have been taken in an IT systems breach.
It said information like names and contact details of some online customers was taken from the systems of a third-party provider.
Harrods described the breach in an email sent to customers on Friday evening as an “isolated incident”, and that no passwords or payment details were taken.
It said in a statement: “The third party has confirmed this is an isolated incident which has been contained, and we are working closely with them to ensure that all appropriate actions are being taken. We have notified all relevant authorities.”
A spokesman for the store said that its own system had not been compromised, and that the breach is not connected to a cyber attack in May, when it restricted internet access across its sites as a precautionary measure following an attempt to gain unauthorised access to its systems.
A loosely linked group of hackers who claimed to be behind that cyber attack also claimed responsibility for high profile attacks on Marks & Spencer and the Co-op earlier this year.
In July the National Crime Agency arrested four people in connection to the hacks.
A 20-year-old woman was arrested in Staffordshire, and three males – aged between 17 and 19 – were detained in London and the West Midlands. All have since been released on bail.
Another group claimed they were behind a cyber attack in August which halted the global production lines of Jaguar Land Rover (JLR) until earlier this week.
Richard Horne, chief executive of National Cyber Security Centre, said cyber attacks may sound theoretical and technical, but have “real world impact on real people”.
“Increasingly the attackers are getting good at causing those impacts, they’re refining their techniques,” he told BBC Radio 4’s Today programme on Saturday.
“These criminal attackers… they don’t care who they hit, and they don’t care how they hurt them.
“All organisations, big and small, regardless of whether you think of yourself as critical to the nation or not, to protect you and to protect your customers there are things that have to be done to secure your system.”
Business
‘Failings at every level’ led to botched insulation scheme
A botched net zero scheme which has caused damp issues in thousands of homes was the result of ”serious failings at every level”, a UK government official has said.
Last month, the National Audit Office found that 98% of the 23,000 homes that had external wall insulation installed under two separate schemes will result in damp and mould if left unaddressed.
Its damning report also found that hundreds of homeowners’ health and safety had been put at immediate risk because the insulation work had not been done correctly.
Appearing before Parliament, Jeremy Pocklington, the most senior civil servant at the Department for Energy Security and Net Zero, said the failures were “unacceptable”.
These schemes commonly used external wall insulation, which involved fixing insulation boards to the exterior brickwork and then applying render to make it waterproof. It can go wrong when water becomes trapped behind the boards.
The damage also applies to about a third of homes which had internal insulation installed under the ECO4 scheme and the Great British Insulation Scheme, available to residents in England, Scotland and Wales.
More than three million homes have been insulated under a variety of government schemes over the last 20 years. Billions of pounds of public money have been spent on it.
Appearing before the Public Accounts Committee, Mr Pocklington began his evidence session by saying his thoughts were with the families and households affected.
The chair of the Public Accounts Committee, Sir Geoffrey Clifton-Brown MP, said the NAO report findings were the ”worst” he’d seen in 12 years of chairing the committee and accused the department of negligence.
Mr Pocklington said there had been poor oversight of the ECO4 and the Great British Insulation Scheme by Trustmark, the body responsible for overseeing the quality of the insulation work.
However, he added that the department ”did not oversee these schemes in the way that they should have done”.
Independent MP Rupert Lowe said this amounted to ”systemic failure of a government department”.
Acknowledging this remark, Mr Pocklington, said ”there are serious failings at every level of the system that are systemic”, and that the department “didn’t take enough steps to ensure that Trustmark was set up to deliver appropriately”.
Simon Ayers, the chief executive of Trustmark, earlier told the panel of MPs that his organisation had raised the issue of faulty installations with the Department for Energy Security and Net Zero from late-2022, but they were “informal operational meetings” and minutes were not taken.
Mr Pocklington explained that the department had been under pressure after dealing with the Covid pandemic and the effect on energy prices of the war in Ukraine.
Labour MP Clive Betts asked Mr Pocklington whether the department would take responsibility for all of the homeowners that have been ”badly treated” under all of the government’s energy efficiency schemes, not just those carried out since 2022.
Mr Pocklington said the focus was on the two schemes which had taken place since 2022.
Asked by Mr Betts if the government would “stand behind” affected homeowners, Mr Pocklington said the government’s responsibility was ”to ensure that the schemes we put in place operate effectively and that there are appropriate systems of consumer protection in place”.
Business
New foreclosures jump 20% in October, a sign of more distress in the housing market
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Foreclosure filings climbed again in October, after sitting at historic lows in recent years, according to new data released Thursday.
While the numbers are still small, the persistent rise in foreclosures may be a sign of cracks in the housing market.
There were 36,766 U.S. properties with some type of foreclosure filing in October — such as default notices, scheduled auctions or bank repossessions, according to Attom, a property data and analytics firm. That was 3% higher than September and a 19% jump from October 2024, and marked the eighth straight month of annual increases, Attom said.
Foreclosure starts, which are the initial phase of the process, rose 6% for the month and were 20% higher than the year before. Competed foreclosures, the final phase, jumped 32% year over year.
“Even with these increases, activity remains well below historic highs. The current trend appears to reflect a gradual normalization in foreclosure volumes as market conditions adjust and some homeowners continue to navigate higher housing and borrowing costs,” said Attom CEO Rob Barber in a release.
Florida, South Carolina and Illinois led the nation in state foreclosure filings. On a metropolitan area level, Florida’s Tampa, Jacksonville and Orlando had the most filings, with Riverside, California, and Cleveland rounding out the top five.
Looking specifically at completed foreclosures, Texas, California and Florida had the most, suggesting those states will see more inventory coming on the market at distressed prices. There is still very strong demand for homes, especially in lower price ranges, so it is likely those foreclosed properties will find buyers quickly.
At the peak of the Great Recession, more than 4% of mortgages were in foreclosure, according to Rick Sharga, CEO of CJ Patrick Co., a real estate market intelligence firm. Today, less than 0.5% are in foreclosure, well below the historic average of between 1% and 1.5%. In addition, 4% of mortgages are delinquent; at the peak of the financial crisis, almost 12% were.
“So, no foreclosure tsunami to worry about,” said Sharga. “That said, there are a few areas of concern. [Federal Housing Administration] delinquencies are over 11%, and account for 52% of all seriously delinquent loans; we’re likely to see more FHA loans in foreclosure in 2026.”
He also noted that states where home prices have been falling while insurance premiums have been soaring — Florida and Texas, in particular — are seeing an uptick in defaults.
While home prices nationally are easing, they remain stubbornly high. Meanwhile, mortgage rates, which were expected to fall more sharply after the Federal Reserve started to cut rates, are still within a percentage point of their recent highs. Some recent buyers who thought they might have been able to refinance to lower rates by now may be feeling pressure, especially with still stubborn inflation.
Consumer debt is at an all-time high, delinquencies are rising in other types of consumer credit and the job market appears to be weakening — all of which could contribute to cracks in the housing market.
“None of these issues have impacted mortgage performance – yet, but it would be unrealistic to assume that these trends, along with slow home sales and declining home price appreciation, won’t lead to at least a slight increase in delinquencies and defaults in the months ahead,” added Sharga.
Business
$100 billion trade target by 2030: India, Russia discuss ways to boost bilateral ties; marine and pharma products in focus – The Times of India
India has urged Russia to expedite the approval of domestic establishments and registration of marine and pharmaceutical products to further strengthen bilateral trade ties.During his visit to Moscow, Commerce Secretary Rajesh Agrawal highlighted opportunities for expanding trade and proposed measures to improve market access, the commerce ministry said in an official statement on Thursday.“The issues included expedited listing of Indian establishments and a systems-based approach with FSVPS in agriculture, especially marine products, and a time-bound pathway in pharmaceuticals covering registration, regulatory reliance, and predictable timelines,” it said, as quoted by news agency PTI.FSVPS refers to the Federal Service for Veterinary and Phytosanitary Supervision of Russia.According to the ministry, a comprehensive protocol for trade and economic collaboration across various sectors was finalised and signed during Agrawal’s meeting with Vladimir Ilyichev, Deputy Minister of Economic Development of Russia.Agrawal was in Moscow to attend the 26th Meeting of the India-Russia Working Group on Trade and Economic Cooperation.Currently, bilateral trade stands at $25 billion, with both nations aiming to raise it to $100 billion by 2030.The working group identified several potential areas for trade expansion, including engineering goods, chemicals and plastics, electronics, pharmaceuticals, agriculture, leather, and textiles. It also underscored India’s strengths in smartphones, motor vehicles, gems and jewellery, organic chemicals, textiles, and leather, which could complement Russia’s trade diversification strategy.In the services sector, India encouraged greater participation of Russian entities in IT-BPM, healthcare, education, and creative industries, while seeking smoother mobility for Indian professionals to meet Russia’s labour market needs.India also showcased its Global Capability Centre (GCC) ecosystem, comprising over 1,700 centres employing around 1.9 million professionals, as a platform for Russian firms to enhance business continuity, cybersecurity, design and analytics, and shared services.The ministry added that India acknowledged Russia’s interest in a bilateral investment treaty. “Both sides agreed to explore payments solutions to meet the needs for businesses, especially medium, small and micro enterprises,” it said.
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