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Facebook’s grim forecast: privacy push will weaken profits for years

Facebook Inc’s shares lost as much as a quarter of their value on Wednesday after executives said that profit margins would plummet for several years due to the costs of improving privacy safeguards and slowing usage in the biggest advertising markets. The second-quarter results were the first sign that a new European privacy law and a succession of privacy scandals involving Cambridge Analytica and other app developers have bit into Facebook’s business. The company further warned that the toll would not be offset by…

Coe apologizes after IAAF suffers cyber attack

ZURICH: The governing body of global athletics (IAAF) said on Monday it had suffered a cyber attack which it believes has compromised information about athletes' medical records. An IAAF statement said the hacking group known as Fancy Bear was believed to be behind the attack in February and that it targeted information concerning applications by athletics for Therapeutic Use Exemptions. The IAAF said it had contacted athletes who had applied for TUEs since 2012 and its president, Sebastian Coe, apologized. “Our first…