CYBERATTACKS HIT MAJOR COMPANIES ACROSS GLOBE
The attack on Tuesday, which security experts dubbed Petya, originated in the Ukraine and spread rapidly to Russia, other European countries and the U.S.
The virus, whose victims included major companies from Merck & Co. to Denmark’s shipping giant Maersk, was similar to last month’s global ransomware attack.
The victims affected by the cyberattack were told to pay a $300 ransom to get access to their data.
Analysts say that companies should be better prepared for this type of attack in the future.
“There is no reason why this should be an acceptable situation,” said Keir Giles an associate fellow of the Russia and Eurasia Programme at Chatham House. “Threats that can be delivered via the internet have been a known problem for decades and so it is alarming because we ought to be able to secure systems.”
Oil prices rose around 2% overnight after reports of the attack as investors anticipated the event might disrupt a persistent oversupply in the oil market. But the gains quickly fizzled out.
Crude futures edged down on Wednesday, as investors remain concerned that the oil market isn’t rebalancing.
Brent crude, the global oil benchmark, fell 0.11% to $46.60 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures were trading down 0.34% at $44.08 a barrel.
HOW THE RICE FAMILY SURVIVED THE GAS BUST TO MAKE A BILLION DOLLARS
The U.S. shale boom has made the fortunes of the Rice family – even as gas prices remain depressed, write Ryan Dezember and Timothy Puko.
Just a year and a half ago Daniel Rice III the founder of an eponymously named family-owned firm was pressured to sell some shares in his company as gas prices, which are sensitive to swings in the weather, were at an all-time low.
But the family’s early investment into prime gas-prospecting real-estate in the Pennsylvania region has since proven to be worth its weight in gold.
Last week, Appalachian gas producer EQT Corp. said it would buy Rice Energy for $6.7 billion in a deal that is poised to deliver more than $1 billion to the Rice family, whose members control roughly 18% of the acquisition target’s shares and make up much of the firm’s management.
The tie up could create one of country’s largest natural gas producers and the Rice family is likely one of the gas boom’s biggest winners just a decade after Mr. Rice and his sons created the company from scratch.