More data was at risk in Equifax breach
Equifax has disclosed to lawmakers that its data breach exposed more of consumers' personal information than the company first made public last year.
The credit reporting company submitted paperwork to the Senate Banking Committee showing criminals accessed information such as tax identification numbers, email addresses, phone numbers and more.
That is beyond the information the company disclosed in September when it reported that a data breach exposed the personal information of 145.5 million consumers. The company originally said that the information accessed included names, Social Security numbers, birth dates, addresses and -- in some cases -- driver's license numbers and credit card numbers.
Atlanta-based Equifax said it was not trying to mislead consumers, it simply decided to share the information that affected the greatest number of people.
Equifax's disclosure, which it has not made directly to consumers, underscores the depth of detail the company keeps on individuals that it may have put at risk.
-- The Associated Press
Asia becomes No. 1 buyer of U.S. crude
Asia pushed past the rest of the world last year to become the biggest buyer of America's crude oil -- and it's poised to do it again in 2018.
Just two years after Washington ended its crude-export ban, the continent soaked up 37 percent of the oil the U.S. sent abroad in 2017, up from about 9 percent in 2016, U.S. Census Bureau data show. And Asia's appetite for U.S. supply is only expected to grow. China, which became the world's largest crude importer last year, took in Asia's largest share of U.S. oil. Its government-owned refineries are adding half a million barrels a day of capacity in 2018, and independent refiners, known as teapots, are also expanding, said Elisabeth Murphy, an analyst with Wakefield, Mass.-based ESAI Energy Inc.
The North American shale boom is expected to provide plenty of U.S. oil to export, with the government forecasting production will top 11 million barrels a day in nine months, rivaling powerhouses Saudi Arabia and Russia. But ultimately, the price of U.S. crude will determine the strength of exports, and "Asia is definitely the market for where exports will grow," Murphy said.
-- Bloomberg News
Shale-boom concerns weigh on oil prices
The last time oil had such a bad week -- two years ago -- the commodity was trading near a $26 bottom.
On Friday alone, futures in New York lost almost $2, settling below $60 a barrel for the first time this year as the unraveling of global equity markets added to concerns that a new shale boom is in the making.
American crude output is soaring so fast that the U.S. is on the verge of elbowing Saudi Arabia and Russia aside as the top supplier.
"The supply backlash that we have been expecting in the U.S. because of higher prices became very real in the market psyche," Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas SA in London, said by telephone.
Crude had been on a steady rally since June as the Organization of the Petroleum Exporting Countries and Russia curtailed output to prop up prices, while American stockpiles shrank. But with some prime shale areas delivering profits with oil at $50 or even less, the U.S. is producing the most crude since the 1970s.
-- Bloomberg News
L.L. Bean tightens its policy on returns
L.L. Bean is no longer interested in replacing the ratty sweatshirts or worn-down boots shoppers bought from the company decades ago.
The purveyor of outdoor products, famous for its 100 percent satisfaction guarantee, said a growing number of customers had abused the policy by treating it as a "lifetime product-replacement program." The retailer will immediately begin enforcing stricter rules for shoppers seeking to exchange items or get refunds.
Under the new policy, consumers will have a year to make returns and will be required to provide proof of purchase, L.L. Bean, based in Freeport, Maine, said in a Facebook post Friday. The company said it would work with customers to provide a "fair solution" if products show defects after the return window has closed.
Shawn Gorman, L.L. Bean's executive chairman and the great-grandson of Leon Leonwood Bean, the company's founder, wrote in the post that the changes would affect a small percentage of returns and would have "no impact for the vast majority" of customers.
"A small but growing number of customers has been interpreting our guarantee well beyond its original intent," he wrote, adding that some people had sought "refunds for heavily worn products used over many years. Others seek refunds for products that have been purchased through third parties, such as at yard sales."
-- The New York Times
Amazon tests delivery service for sellers
SEATTLE -- Amazon is planning to test a program this year that would replace some delivery services now done by United Parcel Service and FedEx.
Under the new service, known inside the company variously as Ship With Amazon and Shipping With Amazon, company couriers would pick up products from businesses that sell goods through the Internet retailer and deliver that merchandise to Amazon warehouses. Now, those goods are delivered to the warehouses by UPS, FedEx and other companies.
Amazon's test, which could start in several months, will probably include only a handful of independent Amazon sellers in Los Angeles. A person briefed on the program, who asked for anonymity because the plans are confidential, provided details about the project.
The Wall Street Journal first reported Amazon's plans for the test.
As is often the case with experiments by Amazon, the program will be limited in scope at the start. But it could expand over time into more of a threat to established delivery companies.
-- The New York Times
Business on 02/10/2018