The Target Holiday Credit Card Breach of 2013 is destined to become a fixture in the curriculum of crisis management. And not in a good way. There is a very simple reason why, as the AP reports this morning, Target customers have reacted with “Fury and Frustration .” The retailer has played down the fact that its customers most needed to hear. In the notice on Target’s website about the “Unauthorized access to payment card data in U.S. stores,” the issue of whether it is now safe to use your credit card at Target is buried in the fourth question of a FAQ after a 1,500 word statement, even though the answer was yes, it's safe. Equity analyst Ken Perkins
A management adjustment at General Motors and the scaling back of its alliance with PSA Peugeot Citroen have created fresh uncertainty over the U.S. carmaker's strategy for Opel, just as the European business seemed to have secured a settled future. Karl-Thomas Neumann, Opel's sixth boss in the past decade, has made a big splash at the loss-making business, helping to land a multi-billion euro investment from bosses in Detroit. The 52-year-old German also appeared to win an important victory when GM said it would drop its Chevrolet brand in Europe and instead focus resources on Opel and sister brand Vauxhall.
Janet Yellen's nomination to be the next chair of the Federal Reserve appeared certain to clear a procedural hurdle in the U.S. Senate on Friday as a majority of the chamber voted to move forward with the nomination. The procedural roll call vote, however, was continuing. If she clears the hurdle, the Senate plans to hold a confirmation vote on the nomination on January 6. If confirmed, she would succeed Fed Chairman Ben Bernanke after his term expires on January 31. She is currently the central bank's vice chair.
Despite what has been a buoyant market for Chinese companies’ share offerings in Hong Kong in recent weeks, shares in China Everbright Bank sank on their trading debut on Friday. Everbright Bank raised about $3 billion last week in an initial public offering — Hong Kong’s biggest of the year — after pricing its shares at 3.98 Hong Kong dollars, or 51 cents, apiece, near the lower end of their marketed range.