Economists polled by Reuters had expected Chinese exports denominated in the U.S. dollar to fall by 3% and imports to decline by 5.2% in September, compared to a year ago.China Economyread more
The U.S. had plans to hike duties on at least $250 billion in Chinese goods to 30% from 25% on Tuesday. Despite the partial trade deal, some banks on Sunday wrote that tariff...Marketsread more
The industry has pulled in $322 billion over the past six months, the fastest pace since the second half of 2008.Marketsread more
A technical recession occurs when there are two consecutive quarters of economic contraction.Asia Economyread more
"Deepfakes" are being used to depict people in fake videos they did not actually appear in, and can potentially affect elections, diplomacy and how markets move, experts say.Technologyread more
A spokesperson for the U.S.-backed Syrian Democratic Forces (SDF) has issued a stark warning to the international community.World Newsread more
The potential deal would shift Neumann's already diminished voting power to the Japanese conglomerate, according to the Journal.Technologyread more
U.S. President Donald Trump said that both sides reached a "very substantial phase one deal" that will address intellectual property and financial services concerns and...Asia Marketsread more
On Friday, Zedd tweeted about the ban, and CNBC verified the claim with his publicist on Saturday.China Politicsread more
Hunter's vows to forgo any foreign work follow a slew of unsubstantiated attacks by President Donald Trump accusing him of corruption.Politicsread more
Apple, the company that created the modern-day smartphone, is relying on technology customers are already extremely familiar with, like cameras, and taking a backseat when it...Technologyread more
Moody's has just slashed its rating outlook on Equifax, the first time cybersecurity issues have been cited as the reason for a downgrade.
"We are treating this with more significance because it is the first time that cyber has been a named factor in an outlook change," Joe Mielenhausen, a spokesperson for Moody's, told CNBC. "This is the first time the fallout from a breach has moved the needle enough to contribute to the change."
Equifax could not immediately be reached for comment.
The decision is significant because investors increasingly look to ratings firms and insurance companies to adequately predict the longer-term fallout of some of the biggest breaches, a difficult task given the relative lack of historical data on these incidents.
Moody's cited Equifax's recent $690 million first-quarter charge for the breach as contributing to the downgrade. The expense represents the company's estimate for settling ongoing class action cases, as well as potential federal and state regulatory fines.
The note also cited Equifax's hefty cybersecurity investments as problematic for its future strength.
"We estimate Equifax's cybersecurity expenses and capital investments will total about $400 million in both 2019 and 2020 before declining to about $250 million in 2021," the note says. "Beyond 2020, infrastructure investments are likely to remain higher than they had been before the 2017 breach."
Moody's also said Equifax may not be alone.
"The heightened emphasis on cybersecurity for all data oriented companies, which is especially acute for Equifax, leads us to expect that higher cybersecurity costs will continue to hurt the company's profit and free cash flow for the foreseeable future," Moody's said.
The firm recently said it's working on building cyber risk into its credit ratings, which would put corporations on the hook for their cybersecurity practices. Moody's has indicated that the types of companies most at risk include financial firms, securities firms, hospitals, market infrastructure providers and electric utilities.
As CNBC previously reported, the stolen Equifax data has never been found and intelligence officials largely believe it has been collected and used for foreign intelligence purposes.