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Cathay Pacific says 9.4 million passengers affected by data breach

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Shares of Cathay Pacific Airways Ltd slid nearly seven per cent to a nine-year low on Thursday after it said data of about 9.4 million passengers of Cathay and its unit, Hong Kong Dragon Airlines Ltd, had been accessed without authorization.

Cathay said late on Wednesday that in addition to 860,000 passport numbers and about 245,000 Hong Kong identity card numbers, the hackers accessed 403 expired credit card numbers and 27 credit card numbers with no card verification value (CVV).

The company said it discovered suspicious activity on its network in March 2018 and investigations in early May confirmed that certain personal data had been accessed.

Hong Kong’s privacy commission on Thursday expressed serious concern over the data breach and urged the airline to notify passengers affected by the leak as soon as possible and provide details immediately.

‘The market demands more details’

Shares of Cathay Pacific slid as much as 6.8 per cent on Thursday to $1.65 Cdn, their lowest in nine years. That compared with a two per cent fall for the benchmark Hang Seng Index.

The stock pared losses and was down 4.9 per cent at midday.

“People are concerned about why it took so long for them to make an announcement,” said Linus Yip, chief strategist at First Shanghai Securities.

“The market demands more details and explanation.”

Airline defends delay

Cathay Pacific’s chief customer and commercial officer, Paul Loo, defended the length of time it took the airline to alert affected passengers.

“We didn’t want to create an unnecessary scare. Now we understand very well how each customer has been affected,” Loo told broadcaster RTHK, adding that those affected would be notified in the next two days.

Cathay told Reuters it was important to have accurate information so that people know the facts.

“Now that we have conducted a thorough investigation, we are notifying anyone who has potentially been affected,” the airline said in an email statement.

Not clear if info has been misused

It was not immediately clear who was behind the data breach or what the information might be used for.

Cathay said the Hong Kong Police had been notified about the breach and there was no evidence that any personal information had been misused. Analysts were cautious.

“We expect its share price to remain jittery in the near term,” BOCOM International’s Geoffrey Cheng said in a research note. “We will revisit our earnings forecasts and review our rating for CPA soon.”

The data breach comes as the airline is undergoing a turnaround designed to cut costs and increase revenue, after back-to-back years of losses, to allow it to better compete against rivals from the Middle East, mainland China and budget airlines.

In August, Cathay Pacific posted a narrower half-year loss on a strong rise in airfares and cargo rates and flagged expectations for a better second half despite economic headwinds from mounting U.S.-China trade tensions.

The hack also comes more than a month after British Airways apologized over the theft of credit card details of hundreds of thousands of its customers over a two-week period in an attack on its website and app.

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The ‘Maple Majestic’ wants to be Canada’s homegrown Tesla

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Look out Tesla, Canada has a homegrown electric sedan on the way. Well, that’s if AK International Motor Corporation can drum up enough investment to make its EV a reality. Dubbed the “Maple Majestic,” the vehicle is a battery-electric designed to “excel in extreme climate performance without adversely affecting the climate, as befits a vehicle from Canada,” according to its website.

What’s in a name? — The company says the maple leaf is a “symbol of Canada’s warmth and friendliness towards all cultures,” while “majestic” refers to the country’s “status as a Constitutional Monarchy.”

That patriotism carries over into Maple Majestic’s parent company’s lofty goals. AK Motor founder Arkadiusz Kaminski says he wants the company, which he founded in 2012, to become “Canada’s first multi-brand automotive OEM,” and that the “Maple Majestic is intended to be Canada’s flagship brand of automobiles on the world stage.”

Partnerships are key — “We acknowledge that the best chance for the Maple Majestic brand to succeed, lies in continuing to build the relationship with Canada’s parts suppliers and technological innovators, whether they be academic institutions, corporations, or individual inventors,” the company explains. “We are currently seeking partners in automotive engineering, parts manufacturing, automotive assembly, electric propulsion technology, battery technology, autonomous technology, and hybrid power generation technology.”

In other words, don’t expect to be able to buy a Maple Majestic any time soon… and don’t expect to pour over 0-60 mph times, power output, range, or other key stats, because those don’t currently exist. For now, all we have are pictures and a short video clip. But at least those are arresting.

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PE-backed Quorum Software to merge with Canadian energy tech firm

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Houston-based energy technology company Quorum Software will merge with a Canadian tech firm to bolster its presence in oil and gas services.

Quorum announced Feb. 15 it plans to merge with Calgary, Alberta-based Aucerna, a global provider of planning, execution and reserves software for the energy sector. The combined firm will operate under the Quorum Software brand.

Gene Austin, CEO of Quorum Software, will continue in his capacity as chief executive of the combined firm. Austin, former CEO of Austin-based marketing tech firm Bazaarvoice Inc., became CEO of Quorum in December 2018.

Aucerna co-founder and CEO Wayne Sim will be appointed to the Quorum Software board of directors. Both companies are backed by San Francisco- and Chicago-based private equity firm Thoma Bravo.

“Over the last 20 years, Quorum has become the leading innovator of software deployed by North American energy companies,” said Austin. “Today, Quorum is expanding the scope of our technology and expertise to all energy-producing regions of the globe. Customers everywhere will have access to a cloud technology ecosystem that connects decision-ready data from operations to the boardroom.”

In addition to the merger announcement, Quorum Software announced it had entered into an agreement with Finnish IT firm TietoEvry to purchase TietoEvry’s entire oil and gas business. The agreement, which includes hydrocarbon management, personnel and material logistics software and related services, is valued at 155 million euros, or $188 million, according to a statement from TietoEvry.

“Our three organizations complement each other — from the software that our great people design to the energy markets where we operate,” said Sim. “Our new company will be able to deliver value to our stakeholders, while accelerating the growth of our combined business and the energy industry’s software transformation.”

The combined company will serve over 1,800 energy companies in 55 countries, according to the announcement. With its headquarters in Houston, Quorum will continue to have a significant presence in Calgary and in Norway, the headquarters for TietoEvry’s oil and gas software business. Quorum will have other offices throughout North America, Latin America, Europe, Asia and the Middle East.

As of Sept. 30, 2020, private equity firm Thoma Bravo had more than $73 billion in assets under management. In late December 2020, Thoma Bravo agreed to acquire Richardson, Texas-based tech firm RealPage in a roughly $10 billion acquisition.

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Piece of Kitchener technology lands on Mars on Perseverance rover

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KITCHENER — A piece of Kitchener technology has landed on Mars, thanks to NASA’s Perseverance rover.

The rover settled on the planet’s surface on Thursday afternoon. It’s been travelling through space since it was launched from Cape Canaveral, Fla. in July.

“The whole idea of being on a device that we’re sending to another plant with the express mission of looking for traces of past life, it’s pretty mind boggling actually,” said Rafal Pawluczyk, chief technical officer for FiberTech Optica.

The Kitchener-based company made fibre optic cables for the rover’s SuperCam that will examine samples with a camera, laser and spectrometers.

“The cables that we built take the light from that multiplexer and deliver it to each spectrograph,” Pawluczyk said.

The cables connect a device on the rover to the SuperCam, which will be used to examine rock and soil samples, to spectrometers. They’ll relay information from one device to another.

The project started four years ago with a connection to Los Alamos National Lab, where the instruments connected to the cables were developed.

“We could actually demonstrate we can design something that will meet their really hard engineering requirements,” Pawluczyk said.

The Jezero Crater is where the Perseverance rover, with FiberTech Optica’s technology onboard, landed Thursday. Scientists believe it was once flooded with water and is the best bet for finding any evidence of life. FiberTech’s cables will help that in that search.

Ioannis Haranas, an astrophysicist and professor at Wilfrid Laurier University, said the rover isn’t looking for “green men.”

“They’re looking for microbial, single-cell life, any type of fossils and stuff like that,” Haranas said. “That’s why they chose a special landing site. This could be very fertile land for that.”

“It’s very ambitious,” said Ralf Gellert, a physics professor at the University of Guelph.

Gellert helped with previous rover missions and said it’s the first time a Mars rover has landed without a piece of Guelph technology on it. While he’s not part of Perseverance’s mission, he said the possibilities are exciting.

“Every new landing site is a new piece of the puzzle that you can put together with the new results that we have from the other landing sites,” he said.

“It’s scientifically very interesting because, even though we don’t have an instrument on that rover, we can compare what the new rover Perseverance finds at this new landing site,” he said.

Now that Perseverance has landed on Mars, FiberTech is looking ahead to its next possible mission into space.

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