Workers union announces tentative agreement with King Soopers after days of negotiations
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an hour ago
- Yahoo
Ingram Micro says ongoing outage caused by ransomware attack
Ingram Micro, a U.S. technology distributing giant and managed services provider, said on Monday a ransomware attack is the cause of an ongoing outage at the company. The hack began on Thursday, after which the company's website and much of its network went down. Late on Saturday, the company said in a brief statement that it was working to restore systems so it can begin processing orders again. Ingram Micro on Monday alerted shareholders to the breach before markets opened in the United States. California-based Ingram Micro is one of the world's largest technology distributors, shipping tech and hardware to companies around the globe. It is also a managed service provider for its customers' clouds, effectively acting as an outsourced IT department for smaller corporate customers. The outage is reportedly affecting software licensing, preventing Ingram Micro's customers from using or provisioning some products that rely on Ingram's systems. No major ransomware group has taken credit for the breach yet, but Bleeping Computer reports that the hack was caused by the SafePay ransomware gang. It's not uncommon for ransomware gangs to name hacked companies and publish portions of stolen data in an effort to extort victims into paying ransoms. Ingram Micro spokesperson Lisa Zwick did not immediately return a request for comment. Do you know more about the ransomware attack at Ingram Micro? Are you a corporate customer affected by the disruption? Securely contact this reporter via encrypted message at zackwhittaker.1337 on Signal. Sign in to access your portfolio
Yahoo
an hour ago
- Yahoo
Summer gas prices are headed even lower, as Saudi Arabia accepts the 'lesser evil' of cheap oil
OPEC+ is boosting oil output, tanking prices as US summer travel peaks. OPEC leader Saudi Arabia is aiming to regain market share amid US shale competition and slow Chinese demand. Oil prices could stay lower for longer on OPEC's production ramp up, analysts say. Gas prices at the pump could get even cheaper just as Americans hit the highways for summer travel. Over the weekend, OPEC+ jolted markets by announcing it would flood the market with even more oil. Eight producers, including heavyweights Saudi Arabia and Russia, plan to ramp up output by 548,000 barrels a day in August — handily beating the 411,000-barrel increase analysts were expecting. The move sent oil prices tumbling on Monday, a sharp contrast to the surge in prices last month caused by heightened Middle East tensions. US benchmark West Texas Intermediate crude oil futures were 1.4% lower at $66.05 a barrel at 12:08 a.m. ET, while international Brent crude futures were 0.7% lower at $67.83 a barrel. The price slump lands right as peak summer season kicks in, with millions of Americans hitting the road, and when demand for air conditioning soars. Gas averaged $3.16 a gallon in the US on June 30, down 11% from the same time last year, according to the Energy Information Administration. About half the cost of a gallon of gas comes from crude oil. A $1-per-barrel drop in the price of crude oil would translate into a decline 2.4 cents per gallon of gas, according to the EIA. OPEC+ said it's lifting output thanks to "a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories." But analysts see something bigger at play. The output ramp-up is widely viewed as a bid by the oil cartel to claw back market share in the face of stiff competition from US shale and tepid demand from a prolonged slowdown in China. De facto OPEC leader Saudi Arabia, in particular, appears willing to stomach lower oil prices to preserve its dominance. This stance comes even as the International Monetary Fund estimates Saudi Arabia needs oil prices to be over $90 a barrel to balance its budget. But "softer oil prices may be the 'lesser evil' for Saudi, OPEC+, and arguably for the global economy, all things considered," Vishnu Varathan, Mizuho's head of macro research excluding Japan, wrote in a Monday note. Lower prices may help Saudi Arabia reclaim lost market share, score political points by answering President Donald Trump's calls for cheaper oil, and cement Riyadh's influence within OPEC and the broader Middle East. "To that end, softer prices in the interim is a palatable enough (albeit a tad bitter) trade-off, that is facilitated by inherent advantage of comparatively lower cost of production," Varathan added. Saudi Arabia's strategy for OPEC+ could keep a lid on prices for a while. Analysts at Goldman Sachs expect another production boost of 550,000 barrels a day of oil for September. The bank is keeping its Brent forecast of $59 per barrel average in the fourth quarter of 2025 and $56 a barrel in 2026. Commodity strategists at ING wrote that oil supply would tip into surplus should OPEC+ boost production by the same amount in September. "This supports the view that there's further downside for oil prices," the ING strategists wrote. Read the original article on Business Insider
Yahoo
an hour ago
- Yahoo
Ex-OpenAI VP says the most successful company teams are like the Avengers
Peter Deng, a former VP at OpenAI, said he looks at teams as if they were products. The most successful groups he's worked with had varied skillsets, he said on "Lenny's Podcast." Deng said he prioritized staffing his teams with a series of specialists, like the Avengers, rather than generalists. When investor Peter Deng worked at OpenAI, he treated building a team like a puzzle. All the right pieces had to be in the right places. "As a leader, you have to set up your team the right way," Deng, who previously was OpenAI's VP of consumer product, said on an episode of Lenny's Podcast. "You have to really think about your team as a product and what are the various pieces you need to really stretch the gamut of what you're thinking about." Deng, now a general partner at Felicis Ventures, has previously contributed to a series of well-known features, including ChatGPT Enterprise, Facebook's Messenger app, and Uber Reserve. The VC said the best teams he's worked with throughout his career were those composed of people with diverse skill sets. "The teams that I've helped build are — the most successful ones are a team of Avengers that are just very different, have very different superpowers," he said. "But together, you as the leader are the one who's helping adjudicate any differences or any disagreements, but you know you're getting the best outcome when everyone's pulling and obsessing over a different thing." Deng looks to staff his teams with a series of problem-solvers, he said. He thinks about needs that aren't being met, and then works to hire specialists who can close the gap. "It's almost like you're playing an RPG where everyone has different sliders and you have to create this super team where everyone actually spikes in different ways," he said. When Deng would search for new additions, he said he largely looked for two traits in applicants: the potential for autonomy and an appetite for continued improvement. Deng did not respond to a request for comment by Business Insider. "I think the growth mindset thing is so important to me — that we build an org where people are self-reflective, and want to get better, and take that feedback, and give that feedback," he said. "And it just is this meta unlock that I found to be true." Read the original article on Business Insider
