Business news in brief

Uber faces 3 inquiries in data breach

Uber Technologies faces at least three investigations in Europe after revelations that the company kept quiet for more than a year after hackers stole vast amounts of personal data about customers and drivers.

Italy's data protection chief said Wednesday that his service opened an investigation into "the obvious lack of adequate security measures." The Dutch privacy watchdog, Uber's lead regulator in Europe, and the British Information Commissioner's Office also said the ride-hailing firm is in their cross hairs.

Hackers stole the personal data of 57 million customers and drivers from Uber, a major breach that the company concealed for more than a year. This week, the ride-hailing firm ousted its chief security officer and one of his deputies for their roles in keeping the hack under wraps, which included a $100,000 payment to the attackers.

Compromised data from the October 2016 attack included names, email addresses and phone numbers of 50 million Uber riders around the world, the company told Bloomberg on Tuesday. The personal information of about 7 million drivers was accessed, as well, including some 600,000 U.S. driver's license numbers. No Social Security numbers, credit card information, trip location details or other data were taken, Uber said.

At the time of the incident, Uber was negotiating with U.S. regulators investigating separate claims of privacy violations.

-- Bloomberg News

Nucor plans steel mill in Missouri city

JEFFERSON CITY, Mo. -- Steel producer Nucor is building a steel mill in the mid-Missouri city of Sedalia.

Missouri Gov. Eric Greitens on Tuesday announced that the company is investing at least $250 million on the micro-mill. Greitens' administration says more than 250 new jobs will be created once the mill is built.

Economic Development Department spokesman Maggie Kost said the company could get as much as $27.3 million in economic incentives over the next 15 years.

She says it's likely that, without a law passed this summer, the company would not have chosen Missouri. The law allows steel mills and other major electricity users to negotiate lower electricity rates for longer contracts.

A Noranda aluminum smelter's closure last year in southeastern Missouri eliminated more than 900 jobs.

-- The Associated Press

Unemployment filings down by 13,000

WASHINGTON -- The number of Americans filing applications for unemployment benefits fell for the first time in three weeks, pushing total applications down to 239,000, further evidence of the strength of the labor market.

The Labor Department on Wednesday reported that applications dropped by 13,000 last week after rising by 13,000 the previous week. The four-week average, which smooths out volatility, rose by 1,250 to 239,750.

The number of people receiving benefits rose by 36,000 to 1.9 million, still near a 44-year low.

Applications for unemployment benefits are a proxy for layoffs. The level of unemployment benefits has been below 300,000 for more than two years, a stretch not equaled in more than four decades. Employers added 261,000 jobs in October as the unemployment rate fell to 4.1 percent.

-- The Associated Press

30-year mortgage rate dips to 3.92%

The 30-year fixed mortgage rate average slipped to 3.92 percent with an average 0.5 point, Freddie Mac reported Wednesday. (Points are fees paid to a lender equal to 1 percent of the loan amount.) It was 3.95 percent a week ago and 4.03 percent a year ago.

The 15-year fixed-rate average edged up to 3.32 percent with an average 0.4 point. It was 3.31 percent a week ago and 3.25 percent a year ago. The five-year adjustable rate average increased to 3.22 percent with an average 0.4 point. It was 3.21 percent a week ago and 3.12 percent a year ago.

Bankrate.com, which puts out a weekly mortgage rate trend index, found that more than half of the experts it surveyed say rates will remain relatively stable in the coming week. Greg McBride, chief financial analyst at Bankrate.com, disagrees. He predicts that home loan rates are headed up.

"Strong earnings, solid economic data, an upcoming Fed rate hike and the continued downsizing of the Fed's balance sheet all point to higher rates," he said.

-- The Washington Post

Durable goods orders slip in October

WASHINGTON -- Orders for long-lasting manufactured goods fell last month for the first time since July, pulled down by plummeting orders for commercial aircraft. A category that tracks business investment posted the biggest drop in more than a year.

The Commerce Department said Wednesday that orders for durable goods, which are meant to last at least three years, slid 1.2 percent in October after rising 2.2 percent in September and 2.1 percent in August.

But the figure was warped by an 18.6 percent drop in orders for commercial planes, a category that bounces around from month to month.

October's drop in overall orders was the first decrease since a 6.8 percent slide in July.

-- The Associated Press

Rockwell shuns Emerson's third offer

Rockwell Automation Inc. spurned a third takeover offer from Emerson Electric Co., saying the sweetened bid of $29 billion doesn't outweigh the risks in bringing together the factory-robot specialists.

The proposed merger would stunt Rockwell's growth and "create a company that is not well-positioned to compete successfully in the evolving market," the Milwaukee-based company said Wednesday.

"Bigger is not always better for driving growth and value creation," said Blake Moret, Rockwell's chief executive officer. Rockwell's board was unanimous in its decision to reject a merger, according to its statement.

The move "likely marks the end" of the talks between the companies after Rockwell rejected Emerson's two previous merger proposals, said Sawyer Rice, an analyst with Morgan Stanley.

Rockwell, which has attempted to move into the process automation area in which Emerson has a stronghold, has maintained that it is better off alone with its successful Logix product that gives customers a single software platform to build on instead of learning multiple ones.

-- Bloomberg News

Business on 11/23/2017

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