The world this week--Business
A whistleblower claimed that Twitter had “egregious deficiencies” in data privacy and other sensitive areas, and had misled regulators over its cyber defences.
Peiter Zatko was head of security at Twitter from late 2020 until his sacking earlier this year.
The company said his allegations were full of “inconsistencies”.
Mr Zatko’s claims about the handling of fake accounts parallel Elon Musk’s reasons for wanting to ditch his takeover of Twitter.
Mr Musk’s lawyer said a subpoena had been issued to Mr Zatko.
A subpoena has also been handed to Jack Dorsey, Twitter’s former boss, ahead of a trial that will determine if the deal should go ahead.
Vodafone decided to sell its operations in Hungary to 4iG, a telecoms firm, and a state holding company.
Concerns have been raised that the deal will tighten the grip of Viktor Orban, Hungary’s autocratic prime minister, on the country’s telecoms industry.
In Russia the government strengthened its hold over the internet when VK, the state-controlled social-media company, agreed to buy the news assets and homepage of Yandex, the country’s biggest search engine.
Yandex has been criticised for complying with the Kremlin’s line on Ukraine on its news site.
It now wants to focus on other aspects of its business.
The euro fell below parity with the dollar again to its lowest level in two decades.
The weaker euro increases the cost of imports, pushing up prices, notably for energy.
These are factors that may help tip Germany into recession over the coming months, according to the country’s Bundesbank.
Turkey’s president, Recep Tayyip Erdogan, once again ruled out increasing interest rates, despite annual inflation running at 80%.
He spoke after the central bank surprised markets by cutting its main rate by one percentage point, to 13%, the latest in a series of unorthodox moves.
“Economics theories aren’t valid everywhere”, snorted Mr Erdogan.
Revised figures showed that the British economy shrank by 11% in 2020, the largest fall in GDP since 1709.
The economy fared worse in the second quarter, the start of the pandemic, than had been thought; the recovery in subsequent months was also weaker.
A regulator gave Warren Buffett’s Berkshire Hathaway permission to buy up to 50% of Occidental Petroleum.
Mr Buffett backed Occidental’s takeover of Anadarko in 2019.
This year he has spent around $10bn buying Occidental’s shares, giving his investment company a stake of 20%.