Business briefing
Senators seek huge fines for data breaches
Two senators on Wednesday proposed “massive and mandatory” fines for data breaches at Equifax Inc. and other credit reporting companies, starting at $100 for each consumer whose sensitive information is compromised.
The bill from Sens. Elizabeth Warren, D-Mass., and Mark Warner, D-Va., would add a $50 fine for each additional piece of compromised personally identifiable information for each consumer. The penalties would double in cases where the credit reporting firm did not comply with federal data security standards or failed to notify officials of the breach in a timely manner.
If the legislation had been in place last year when an Equifax breach exposed personal data of as many as 145.5 million Americans, Equifax would have faced a fine of at least $1.5 billion, the senators said.
The bill would direct the Federal Trade Commission to funnel half of any fine to compensate affected consumers. The agency could levy fines of as much as 75 percent of the credit reporting company’s gross revenue from the prior year.
The Equifax data breach sparked bipartisan outrage, partly because the hack took place after the company failed for several months to fix a software flaw.
Diet Coke to get new look, flavors
Diet Coke is getting a makeover to try to reverse slumping sales.
Coca-Cola Co. said Wednesday it’s adding a slimmer 12-ounce Diet Coke can, updating the logo and offering the drink in four new flavors, including mango and ginger lime. Plain Diet Coke will stay the same, the company said.
Diet Coke sales have fallen as more people switch to other low-calorie drinks, such as flavored fizzy water. In fact, Coca-Cola said the new slim 12-ounce cans are the same ones used for its Dasani sparkling water. Diet Coke will still come in standard 12-ounce cans, as well as other sizes, such as bottles and mini cans.
“We’re maintaining the essence of Diet Coke while modernizing the brand to invite a new generation of drinkers to try it,” the company said in a post on its website.
New layoffs at Carrier factory
A new round of layoffs is taking effect at the Carrier Corp. factory in Indianapolis a little more than a year after President Donald Trump touted a deal that saved some of the plant’s jobs.
The company says about 215 people are being let go starting Thursday, leaving about 1,100 workers. That’s down from some 1,600 factory and office jobs when Carrier revealed plans in 2016 to move production to Mexico.
The layoffs follow about 340 job cuts in July. Trump traveled to the Indianapolis factory weeks after his election win to announce a tax-incentive agreement aimed at keeping some 800 furnace production jobs.