Stock Markets
Russia says US hacked thousands of Apple phones in spy plot
Russia’s Federal Security Service (FSB) said on Thursday it had uncovered an American espionage operation that compromised thousands of iPhones using sophisticated surveillance software.
Moscow-based Kaspersky Lab said dozens of its employees’ devices were compromised in the operation.
The FSB, the main successor to the Soviet-era KGB, said in a statement that several thousand Apple Inc (NASDAQ:AAPL) devices had been infected, including those of domestic Russian subscribers as well as foreign diplomats based in Russia and the former Soviet Union.
“The FSB has uncovered an intelligence action of the American special services using Apple mobile devices,” the FSB said in a statement.
The FSB said the plot showed “close cooperation” between Apple and the National Security Agency (NSA), the U.S. agency responsible for cryptographic and communications intelligence and security. The FSB provided no evidence that Apple cooperated with, or had any awareness of, the spying campaign.
In a statement, Apple denied the allegation. “We have never worked with any government to insert a backdoor into any Apple product and never will,” the firm said in a statement.
The NSA declined to comment.
Kaspersky CEO Eugene Kaspersky said on Twitter that dozens of his employees’ phones were compromised in the operation, which his company described as “an extremely complex, professionally targeted cyberattack” that had targeted workers in “top and middle-management.”
Kaspersky researcher Igor Kuznetsov told Reuters that his company had independently discovered anomalous traffic on its corporate Wi-Fi network around the start of the year. He said Kaspersky did not circulate its findings to Russia’s Computer Emergency Response Team until earlier on Thursday.
He said he could not comment on Moscow’s allegation that Americans were responsible for the hacking or that thousands of others had been targeted.
“It’s very hard to attribute anything to anyone,” he said.
In a blog post, Kaspersky said the oldest traces of infection it discovered dated back to 2019. “As of the time of writing in June 2023, the attack is ongoing,” the company said. It added that while its staff was hit, “we are quite confident that Kaspersky was not the main target of this cyberattack.”
The FSB said the American hackers had compromised diplomats from Israel, Syria, China and NATO members in the espionage campaign.
Israeli officials declined comment. Chinese, Syrian and NATO representatives were not immediately able for comment.
U.S. SNOOPING?
The United States is the world’s top cyber power in terms of intent and capability, according to Harvard University’s Belfer Center Cyber 2022 Power Index, followed by China, Russia, the United Kingdom and Australia.
Both the Kremlin and Russia’s foreign ministry pointed to the significance of the matter.
“The hidden data collection was carried out through software vulnerabilities in U.S.-made mobile phones,” Russia’s foreign ministry said in a statement.
“The U.S. intelligence services have been using IT corporations for decades in order to collect large-scale data of Internet users without their knowledge,” the ministry said.
Russian officials said the plot had been uncovered as part of a joint effort by FSB officers and those of the Federal Guards Service (FSO), a powerful agency that runs the Kremlin bodyguard and was also once the KGB’s Ninth Directorate.
Officials in Russia, which Western spies say has constructed a very sophisticated domestic surveillance structure, have long questioned the security of U.S. technology.
Kremlin spokesman Dmitry Peskov said all officials in the presidential administration knew that gadgets such as iPhones were “absolutely transparent.”
Earlier this year, the Kremlin told officials involved in preparations for Russia’s 2024 presidential election to stop using Apple iPhones because of concerns that the devices are vulnerable to Western intelligence agencies, the Kommersant newspaper reported.
In a remarkable display of market confidence, shares of OneSpan Inc. (NASDAQ:) surged to a 52-week high, reaching a price level of $17.73. This peak reflects a significant turnaround for the company, which specializes in digital identity and anti-fraud solutions, marking a substantial 91.47% increase over the past year. Investors have rallied behind OneSpan’s strategic initiatives and strong performance, propelling the stock to new heights and signaling a robust growth trajectory for the company’s future.
In other recent news, OneSpan demonstrated a strong financial performance in the third quarter of 2024, with a notable increase in its Annual Recurring Revenue (ARR) and subscription revenues. Despite a dip in total revenue, primarily attributed to an expected decrease in hardware sales, the company’s adjusted EBITDA hit $17 million, marking 30% of revenue, and a 9% rise in ARR to $164 million.
The company also reported a significant turnaround with a GAAP net income per share of $0.21, a stark contrast to a loss in the previous year. OneSpan’s Digital Agreements segment achieved profitability for the first time, and the Security segment continued its high profitability with an increased gross profit margin.
In terms of earnings, OneSpan’s subscription revenue grew by 29%, making up 60% of total revenue. The company’s operating income rose to $11.3 million, a considerable improvement from a $4.8 million loss year-over-year.
The company’s full-year 2024 revenue guidance was revised to range between $238 million and $242 million, with an increased adjusted EBITDA forecast of $65 million to $67 million. These recent developments indicate OneSpan’s strategic shift towards higher-margin software revenue and a focus on operational efficiency and profitability.
InvestingPro Insights
OneSpan Inc.’s recent surge to a 52-week high is supported by several key financial metrics and analyst observations. According to InvestingPro data, OSPN’s market capitalization stands at $672.06 million, with a price-to-earnings (P/E) ratio of 23.47. This valuation appears reasonable considering the company’s growth prospects.
InvestingPro Tips highlight that OneSpan is trading near its 52-week high, corroborating the article’s main point. Additionally, the company has shown a strong return over the last month and a large price uptick over the last six months, aligning with the reported 91.47% increase over the past year.
The company’s financial health appears solid, with InvestingPro Tips noting that OneSpan holds more cash than debt on its balance sheet and that its liquid assets exceed short-term obligations. This financial stability may be contributing to investor confidence and the stock’s upward trajectory.
Looking ahead, analysts predict that OneSpan will be profitable this year, and net income is expected to grow. This positive outlook is further supported by the fact that two analysts have revised their earnings upwards for the upcoming period, suggesting potential for continued stock appreciation.
For investors seeking a deeper dive into OneSpan’s prospects, InvestingPro offers 8 additional tips that could provide valuable insights into the company’s future performance and investment potential.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
By Lena Masri, Michelle Nichols
LONDON/UNITED NATIONS (Reuters) -There is a “strong likelihood that famine is imminent in areas” of the northern Gaza Strip, a committee of global food security experts warned on Friday, as Israel pursues a military offensive against Palestinian militant group Hamas in the area.
“Immediate action, within days not weeks, is required from all actors who are directly taking part in the conflict, or have influence on its conduct, to avert and alleviate this catastrophic situation,” the independent Famine Review Committee (FRC) said in a rare alert.
The warning comes just days ahead of a U.S. deadline for Israel to improve the humanitarian situation in Gaza or face potential restrictions on U.S. military aid.
Israel’s mission to the United Nations in New York did not immediately respond to a request for comment.
“If no effective action is taken by stakeholders with influence, the scale of this looming catastrophe is likely to dwarf anything we have seen so far in the Gaza Strip since 7 October 2023,” the FRC committee said.
The U.N. Office for the Coordination of Humanitarian Affairs estimates that there are between 75,000 and 95,000 people still in northern Gaza.
The Famine Review Committee said that it could be “assumed that starvation, malnutrition, and excess mortality due to malnutrition and disease, are rapidly increasing” in north Gaza.
“Famine thresholds may have already been crossed or else will be in the near future,” it said.
Israel began a wide military push in northern Gaza last month. The United States has said it is watching to ensure that its ally’s actions on the ground show it does not have a “policy of starvation” in the north.
The Famine Review Committee reviews findings by the global hunger monitor – an internationally recognised standard known as the Integrated Food Security Phase Classification ().
The IPC defines famine as when at least 20% of people in an area are suffering extreme food shortages, with at least 30% of children acutely malnourished and two people out of every 10,000 dying daily from starvation or malnutrition and disease.
The IPC is an initiative involving U.N. agencies, national governments and aid groups that sets the global standard on measuring food crises.
The IPC warned last month that the entire Gaza Strip was at risk of famine, while top U.N. officials last week described the northern Gaza Strip as “apocalyptic” and everyone there was “at imminent risk of dying from disease, famine and violence.”
The amount of aid entering Gaza has plummeted to its lowest level in a year, according to U.N. data, and the U.N. has repeatedly accused Israel of hindering and blocking attempts to deliver aid, particularly to Gaza’s north.
Israel’s U.N. Ambassador Danny Danon last month told the Security Council that the issue in Gaza was not a lack of aid, saying more than a million tons had been delivered during the past year. He accused Hamas of hijacking the assistance.
Hamas has repeatedly denied Israeli allegations that it was stealing aid and says Israel is to blame for shortages.
“The daily average number of trucks entering Gaza in late October was about 58 per day,” Jean-Martin Bauer, the U.N. World Food Programme’s director of food security and nutrition analysis, told Reuters on Friday.
“We were getting about 200 a day in September and August, so that’s really a big, big decline,” he said.
Stock Markets
West Chester Capital Advisors, Inc. Announces Rebrand, Name Change to AmeriServ Wealth Advisors, Inc.
JOHNSTOWN, Pa., Nov. 8, 2024 /PRNewswire/ — (NASDAQ: ASRV) “ West Chester Capital Advisors, Inc., the registered investment advisor of AmeriServ Financial Bank, announced today that it has changed its name to AmeriServ Wealth Advisors, Inc. The name change and rebranding, which includes a new visual identity, web presence and enhanced positioning, is intended to better reflect the company’s business and its strong partnership with AmeriServ Bank.
“We are excited to now be more closely aligned with our parent company. This name change enables us to capitalize on the brand equity associated with the AmeriServ name while continuing to provide investment advisory services to our clients,” Frank Lapinsky, president, and CEO of AmeriServ Wealth Advisors, said.
He described the firm’s performance as “our team of investment and wealth professionals brings over 100 years of assisting clients to plan for their present and future financial needs. We have a deep understanding of clients’ needs, a history enabling them to identify and chart their investments goals and a strong commitment to providing an exceptional level of personal and professional service. This expertise coupled with the bank’s almost 125-year history provides our clients with the reassurance and recognizability that we are committed to working with them through every stage of their financial life.”
AmeriServ Wealth Advisors’ investment management and advisory services range from individual portfolio management to pension and profit-sharing plans for individuals and institutions, including bank and trust companies, charitable organizations, and government entities. The firm’s proactive, disciplined approach is also applied to the signature Pathroad Account ® portfolios which are sponsored by AmeriServ Financial Bank and designed to produce solid long-term investment results for both equity and fixed income clients. The combined years of experience of the advisors allows for delivery of personalized services through one-on-one consultations with a local investment firm.
About AmeriServ Wealth Advisors, Inc.
AmeriServ Wealth Advisors, Inc. is an SEC-registered investment advisor with its principal place of business located in Johnstown, PA. It is a wholly owned subsidiary of AmeriServ Financial Bank ®. AmeriServ Financial Bank is a wholly owned subsidiary of AmeriServ Financial, Inc., a publicly held bank holding company trading on the Nasdaq stock exchange under the symbol ASRV.
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