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7-Eleven Hacked

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Hackers nabbed $500K from customers from 7-Eleven mobile app.

The company has now suspended use of its mobile payment service while it investigates 7Pay’s security procedures, or lack thereof. In a statement released at the end of last week, 7-Eleven admitted that hackers had accessed the app and made bogus transactions affecting 900 customers to the tune of $506,000.

On Saturday, July 6, the Japan Times reported the arrest of two Chinese men who may be connected to the hack, with one of them suspected of attempted fraud after paying 730,000 yen (about $6,750) to purchase nearly 150 cartons of e-cigarette cartridges from a 7-Eleven store in Tokyo, allegedly using stolen IDs.

7Pay working using a bar code that appeared on the customer’s smartphone, with a cashier scanning it to charge the cost of the items to the customer’s linked debit or credit card.

ZDNet reported that the app was so poorly designed that it allowed anyone with knowledge of a customer’s email address, date of birth, and phone number to take over an account.

The hacker did this by using the data to reset an account’s password, with the reset link able to be sent to the hacker’s email address instead of the account owner’s. The hacker could then take control of the account.

Japanese government to got involved, with the Ministry of Economy, Trade, and Industry accusing 7-Eleven of failing to properly adhere to guidelines preventing such unauthorized access. The company, which operates more than 20,000 stores in Japan, has apologized for the mishap and promised to fully reimburse those affected.

Huawei Ban Partially Lifted

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After speaking with President Xi Jinping on Saturday, President Donald Trump said he’ll allow Huawei Technologies Co. to buy products from U.S. suppliers, in a concession to China after talks with the country’s. Trump met with Xi on Saturday on the sidelines of the Group of 20 summit in Osaka, Japan, and agreed to pause the trade war between their countries.

 

Women & African Americans Affected Most By Declining Jobs?

 

Google Suspends Ties With Huawei and Huawei Fires Back

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Huawei says bans will not slow them down and it’s” full steam ahead”.

Info retrieved from Digital Trends

 

 

 

 

 

 

 

 

 

 

 

 

 

African American Wealth & Racism

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When reflecting on the progress African Americans have made, the reality is that when it comes to wealth — according to the paramount indicator of economic security — there has been virtually no progress in the last 50 years.

Based on data from the Federal Reserve’s Survey of Consumer Finance, the typical black family has only 10 cents for every dollar held by the typical white family.

 

Until the end of legal slavery in the U.S., enslaved people were considered valuable assets and a form of wealth. In the South, entrepreneurs and slave owners took loans out against the collateral value of their property in the form of people to fund new businesses.

The U.S. government has a long history of facilitating wealth for white Americans. From at least the Land Act of 1785, Congress sought to transfer wealth to citizens on terms that were quite favorable.

While the 1866 Homestead Act sought to include blacks specifically in the transfer of public lands to private farmers, discrimination and poor implementation doomed the policy. Black politicians during Reconstruction attempted to use tax policy to force land on the market, but this was met with violent resistance.

While blacks did make gains in wealth acquisition after chattel slavery ended, the pace was slow and started from a base of essentially nothing. Whites could use violence to force blacks from their property via the terrorism of whitecapping, where blacks were literally run out of town and their possessions stolen. This includes the race riots, as in Memphis in 1866 and Tulsa in 1921, which systematically destroyed or stole the wealth blacks had acquired, and lowered the rate of black innovation. Black wealth was tenuous without the rule of law to prevent unlawful seizures.

By 1915, black property owners in the South had less than one-tenth of the wealth of white landowners.

This trend remained stable for the next 50 years. In 1965, 100 years after Emancipation, blacks were more than 10% of the population, but held less than 2% of the wealth in the U.S., and less than 0.1% of the wealth in stocks. Wealth had remained fundamentally unchanged and structurally out of reach of the vast majority of blacks.

These racially exclusionary systems endured well into the 20th century.

A complicit Federal Housing Administration permitted the use of restrictive covenants, which forbade home sales to blacks; redlining, which defined black communities as hazardous areas, directly reducing property values and increasing rates; and general housing and lending discrimination against African-Americans through the 20th and 21st centuries.

Moreover, blacks were largely excluded from the New Deal and World War II public policies, which were responsible for the asset creation of an American middle class.

 

Huawei Sues The United States Government

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Huawei sues the US government over ban, says it’s unconstitutional

Huawei  is fed up with the US government. Whether it will emerge victorious or humiliated is something the tech industry will be watching closely. Huawei has filed a lawsuit in Texas suing the US government over a new law that banned Huawei’s products from use in federal agencies. It has labeled the ban as unconstitutional and seeks to have that part of the law overturned.

There might be little chance that Huawei will win that case but the act alone is enough to create ripples that will be felt in years to come. Huawei said that the US has repeatedly failed to present evidence of accusations of state-sponsored espionage and this lawsuit could very well force the US government to actually produce hard evidence.

This lawsuit could work both ways, depending on whether the US does have such evidence that the company is a national security threat. If it does, it will cement other countries’ decision to ban Huawei from government and maybe even public use as well. Huawei is challenging the new National Defense Authorization Act, saying that the US government is in violation of the constitution by singling it out. In doing so, the US Congress has acted as Judge, jury, and executioner, without even taking the company to court, Huawei says.

 

Huawei and It’s Aggressive PR Campaign

 

 

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Huawei has started the year with an aggressive PR campaign the reclusive founder Ren Zhengfei  has suddenly give a series of interviews with foreign media to deny the company was a threat, while executives have dismissed the US warnings as baseless. Huawei has welcomed media to its tightly-guarded facilities in southern Guangdong province, starting with a tour of a smartphone production line in Dongguan.

The United States says Huawei equipment could be manipulated by China’s Communist government to spy on other countries and disrupt critical communications.

The world is preparing for the advent of ultra-fast 5G telecommunications, an advancement that Huawei was expected to lead and which will allow wide adoption of next-generation technologies like artificial intelligence.

Huawei’s Chief Financial Officer Meng Wanzhou, Ren’s daughter, also faces a court hearing on Wednesday in Vancouver on a US extradition request. Two Canadians have been detained in China in suspected retaliation over her arrest.

The US Justice Department accuses Huawei and Meng of circumventing US sanctions against Iran. Two affiliates also have been charged with stealing trade secrets from telecommunications group T-Mobile.

Sceptics, however, say it is highly unlikely that Ren, a former Chinese army engineer, could have steered his company to such heights in such a strategic sector without the support of Beijing, which has clearly stated its goal of becoming the world’s high-tech leader.

Besides its network dominance, Huawei is the world’s second-largest smartphone supplier after Samsung and Apple.

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