Brown to Experian: Give more details about data breach

Brown to Experian: Give more details about data breach

NEW YORK

The top Democrat on the Senate Banking Committee is calling for the credit agency Experian to disclose more details about a data breach in which personal information on millions of T-Mobile customers was stolen.

In a letter obtained by The Associated Press, Sen. Sherrod Brown of Ohio asks Experian to explain how the breach occurred and what changes Experian was making to its systems to stop it from happening again.

“Protection of this information is of the utmost importance, especially because the scope of the information is vast, and virtually no consumer can apply for credit without entering your system,” Brown wrote in the letter, which was sent to the company Wednesday.

Experian said earlier this month that hackers had broken into a server containing data on T-Mobile customers. The breach potentially exposed personal information of 15 million customers and possible customers, including Social Security numbers, who might have applied for T-Mobile cell service between Sept. 1, 2013, and Sept. 16, 2015.

Wal-Mart stock takes a nosedive

NEW YORK

Wal-Mart stock had its biggest one-day drop in nearly three decades after the world’s largest retailer said it’s bracing for its profit to take a hit as it works to fend off competition.

The company is forecasting its profit to fall by as much as 12 percent in its next fiscal year as it perks up customer service and adapts to changing shopping habits. It also expects sales for this full fiscal year to be flat, hurt by unfavorable currency exchange rates. Wal-Mart previously had forecast sales growth of 1 to 2 percent.

Its stock closed down $6.70, or 10 percent, at $60.03 Wednesday.

Car-buying fuels bump in retail sales

WASHINGTON

Americans spent cautiously at retailers in September, with stepped-up spending for cars, clothes and restaurants tempered by sales declines for gasoline, building materials and online outlets.

Retail sales rose just 0.1 percent last month after being unchanged in August, the Commerce Department said Wednesday. Over the past 12 months, sales have climbed 2.4 percent.

Auto purchases shot up 1.8 percent in September, while spending rose 0.7 percent at restaurants and 0.9 percent at clothiers.

More Americans are buying cars and dining out as the U.S. economy has entered its seventh-straight year of expansion. Spending increased amid a surge in hiring – 2.8 million jobs in the past year — that has slowed in recent months. The slowdown, caused largely by global pressures, has raised questions about whether retail sales and consumer demand can sustain economic growth in the coming months.

The September retail sales report hinted at lukewarm demand, with spending unchanged for the month once autos and gasoline sales are excluded.

Associated Press