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BRIEF-Impax reports FDA approval of its AB rated generic concerta extended-release tablets CII (IPXL) | 07/17/17

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July 17 (Reuters) – Impax Laboratories Inc:

* Impax announces FDA approval of its AB rated generic
concerta® (methylphenidate hydrochloride) extended-release
tablets CII

* Says don’t anticipate sales of generic concerta to
meaningfully impact earnings in 2017​

* Says ‍preparing for launch including working to secure api
quota and currently expect to launch by end of this year​
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Asian Tradebuddy.onlines Extend Gains Ahead Of Fed Minutes

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(RTTNews) – Asian stocks finished broadly higher on Wednesday after the major U.S. averages hit fresh record closing highs overnight, buoyed by upbeat corporate earnings results and higher commodity prices.

Investors remained focused on the minutes from the latest Fed and ECB meeting due today and tomorrow, respectively.

China’s Shanghai Composite index rose by 20 points or 0.59 percent to 3,430.46 while Hong Kong’s Hang Seng index was up 0.6 percent to breach the 30,000 mark for the first time in a decade.

Japanese shares edged higher after Wall Street’s record overnight finish. The benchmark Nikkei ended up 106.67 points or 0.48 percent at 22,523.15 while the broader Topix index gained 0.34 percent to close at 1,777.08. TDK, Toshiba, Japan Steel Works, Fuji Electric and Mitsubishi UFJ Financial climbed 2-6 percent.

Australian shares finished higher as rising oil and metals prices helped lift commodity-related stocks. The benchmark S&P/ASX 200 index gained 22.90 points or 0.38 percent to end at 5,986.40 while the broader All Ordinaries index closed 0.39 percent higher at 6,067.60.

Santos, Oil Search, Woodside Petroleum and Origin Energy climbed 1-2 percent as oil hovered near a two-year high on expectations of a production cut next week at an OPEC meeting. Higher iron ore prices helped lift miners, with BHP Billiton rising 1.4 percent and Rio Tinto closing up 0.9 percent.

Banks ended mostly lower. Webjet shares fell as much as 11.6 percent after the online travel booking company issued a disappointing earnings forecast.

On the economic front, the latest survey from Westpac Bank revealed that Australia’s economy continued to expand in October. Another report from the Australian Bureau of Statistics showed that the value of total construction work done in Australia surged a seasonally adjusted 15.7 percent sequentially in the third quarter of 2017.

South Korea’s Kospi average rose 9.81 points or 0.39 percent to 2,540.51, with tech stocks once again leading the surge. Samsung Electronics, SK Hynix and LG Electronics jumped 1-3 percent.

In economic releases, South Korea’s household debt grew at a slower pace in the third quarter, figures from Bank of Korea showed today. The annual growth in household credit eased to 9.5 percent from 10.4 percent a quarter ago.

New Zealand shares eked out modest gains as milk marketer A2 Milk rallied for the second straight session on the back of analyst upgrades.

The benchmark S&P/NZX-50 index rose 16.51 points or 0.20 percent to 8,104.99 while A2 Milk shares jumped as much as 5.2 percent to close at $8.69. Fisher & Paykel Healthcare fell nearly 5 percent to extend Tuesday’s losses.

Singapore’s Straits Timex index was up 0.4 percent, extending gains for the fourth straight session. Malaysia’s KLSE Composite index was rising 0.2 percent ahead of the October inflation data due later in the day.

Benchmark indexes in India, Indonesia and Taiwan were up between 0.4 percent and 0.6 percent.

Overnight, U.S. stocks rose sharply to reach fresh record closing highs in the wake of upbeat earnings news and better-than-expected housing data. The Dow and the S&P 500 rose about 0.7 percent each while the Nasdaq Composite rallied as much as 1.1 percent.


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Uber admits data breach cover up in 2016

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Uber’s CEO said Tuesday that the company had covered up a severe data breach in 2016. In a blog post, CEO Dara Khosrowshahi, detailed the breach and the cover up. It involved the online driver service paying hackers some $100,000, (£75,500) to keep the breach secret.

Uber Technologies Inc. isn’t a publicly listed company. However, there are private shareholders of the business. This news is the latest blow to the company which is expected to launch an IPO in 2019.

Recent discovery

While the data breach and cover up – where Uber paid hackers to delete the data of some 57 million user accounts they had hacked – occurred in 2016, Khosrowshahi said he only learned of it recently.

“I recently learned that in late 2016 we became aware that two individuals outside the company had inappropriately accessed user data stored on a third-party cloud-based service that we use,” the CEO said in his blog post. “The incident did not breach our corporate systems or infrastructure.”

Two employees were fired after the incident, in which 600,000 Uber driver’s names and license numbers were also obtained.

While it may seem strange that Uber is admitting to this breach now, a year after it happened, Khosrowshahi said transparency is important.

A more secure future

In his post, the Uber CEO details his thinking behind going public, now.

Following a thorough security investigation – ordered by Khosrowshahi – Uber is taking action to protect those involved. The driver app firm is also making plans to shore up its online security measures.

They include:

  • Notifying all 600,000 drivers.
  • Seeking advice from cybersecurity expert Matt Olsen on how to further tighten Uber’s online security.
  • Providing drivers with credit monitoring and identify theft protection
  • Notifying the regulatory authorities.

“None of this should have happened, and I will not make excuses for it,” Khosrowshahi said. “While I can’t erase the past, I can commit on behalf of every Uber employee that we will learn from our mistakes.”

Uber’s response to the breach, albeit a delayed one, continues to suggest the business still intends to become a public traded company. However, a lot more work still needs to be done to guarantee future profits and growth, to ensure enough investors are willing to take a punt on them. 

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