Bosses beware: the tariff shock is not like covid-19
PEER INTO a Bloomberg screen and the parallels between the past month and the spring of 2020 draw themselves. Then as now the VIX index, which tracks share-price volatility, spiked above 40, a level reached only a handful of periods in American stockmarket history. Uncannily, both in 2020 and 2025 the S&P 500 index of America's biggest companies peaked on the same day, February 19th, before declining and then collapsing by more than 10% in a matter of days. The oil price plunged. Sentiment among American consumers was and is down the tubes.
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The Independent
an hour ago
- The Independent
DragonForce and Scattered Spider: Inside the hacker groups linked to M&S cyberattack
Marks & Spencer has finally reopened its online orders, months after a cyber attack which is set to cost the British high street retailer £300 million in profits this year. This comes as a new hacking group has been connected with the incident, after it was revealed the DragonForce group sent M&S CEO Stuart Machin an email days after it faced a major cyberattack gloating about the hack and demanding ransom payment. The email, seen and reported by the BBC, said: 'We have marched the ways from China all the way to the UK and have mercilessly raped your company and encrypted all the servers.' DragonForce aren't the only group that have been connected with the attack on the retailer, as the Scattered Spider network had previously been named as the enactors of the social engineering attack. According to Sergey Shyekevich, a researcher from cybersecurity company Checkpoint, more hacker groups are forming alliances on the dark web. 'Co-operation between two powerful groups is very interesting,' he says. 'It's one outcome we see on the dark web more and more, alliances between big groups.' Here's all we know about the two hacker groups What is DragonForce? DragonForce is a hacker organisation that offers Ransomware to cyber-criminal affiliates for a 20 per cent cut of any ransoms collected. This means that for a fee, they lease out their malware through dark web marketplaces to cyber-criminals. While the organisation originally started working in 2023, they've had a massive re-marketing of their business model in the past couple of months. 'In the last two months, they started to become very active in one of the biggest dark web forums,' says Sergey, who says they have marketed themselves as a 'Ransomware Cartel', cornering that market on the dark web in the past month. 'They started being more aggressive I think a few weeks before all the attacks in the UK,' he adds. Researchers have claimed they operate out of Malaysia, with some disputing this and saying they are located in Russia. As well as the M&S hack, DragonForce has been linked to the Co-op cyberattack. What is Scattered Spider? Scattered Spider is a community of hackers that targets huge organisations across different sectors using social engineering tactics. 'They're very good at social engineering of different types,' Sergey says, adding that in the past they have used SIM swapping and impersonated IT staff to trick people into letting them use their systems. Believed to be a community of young adults across the US and UK, the group gained notoriety for their involvement in hacking and extorting two of the largest casino and gambling companies in the United States. 'They understand human nature and how big corporations work,' says Sergey. 'They're very successful.' In 2023 they were linked to the hacking and extortion of Caesars Entertainment and MGM Resorts International, which led the former to pay a ransom of approximately £11 million ($15 million). They were able to access a significant number of driver's licence numbers and possibly even Social Security numbers of the casino customers through the ransomware demand. A 17-year-old hacker from the United Kingdom was arrested in connection with the hack and attempted ransom in July 2024. How did the cyberattack happen? M&S first disclosed they had experienced a cyberattack on 22 April, which had disrupted their online operations and even halted contactless payments. Hundreds of agency workers at the company were told not to come into work as the retailer dealt with the fallout of the cyberattack. Customer personal data – which could have included names, email addresses, postal addresses and dates of birth – was also taken by hackers in the attack. M&S revealed last month that the attack was caused by 'human error', as Mr Machin said in an annual figures report in May that the hackers gained access to the company's IT systems through a third party. He said at the time: 'We didn't leave the door open, this wasn't anything to do with under-investment. Everyone is vulnerable. For us, we were unlucky on this particular day through some human error.' Responding to attacks on the retail sector, the NCSC put out advice to the industry and responded to speculation that the Scattered Spider group had used social engineering to target IT help desks and perform password and MFA (multi-factor authentication) resets. 'Criminal activity online – including, but not limited to, ransomware and data extortion – is rampant,' their blog post wrote. 'Attacks like this are becoming more and more common. And all organisations, of all sizes, need to be prepared.' Deputy Director Paul Foster, head of the NCA's National Cyber Crime Unit, said: 'Specialist NCA cybercrime officers are working closely with law enforcement partners to investigate the recent cyber incidents affecting the retail sector. Identifying the criminals responsible and bringing them to justice is a top priority. 'We are considering the incidents individually, but have a range of hypotheses and are mindful they may be linked. 'The impact of these incidents has been significant and businesses will understandably be concerned. I'd encourage all organisations to follow advice on the NCSC's website to ensure they have effective cyber security measures in place to help prevent attacks. 'I'd also urge those that do unfortunately fall victim to an attack to engage with law enforcement as part of the reporting process. The NCA and policing will investigate covertly and discreetly, as well as support the recovery of systems and data.' How much money has M&S lost? The fallout from the cyberattack saw the company lose £650 million of value in a matter of days. M&S said it expected to take an estimated £300 million hit to profits this year, as they predicted disruption to its online business to last into July. What has M&S said in response? As M&S reopened its online operations, they put out a statement which said: 'You can now place online orders with standard delivery to England, Scotland and Wales. Delivery to Northern Ireland will resume in the coming weeks. 'We will resume click and collect, next-day delivery, nominated-day delivery and international ordering in the coming weeks.'
The Independent
3 hours ago
- The Independent
Marks & Spencer is back online – these are my favourite fashion picks for summer
I spend a lot of time covering M&S, but the retail giant has been in the news for other reasons this year. Over the Easter weekend, M&S was forced to stop taking orders on its website after days of disruption in stores caused by a cyberattack. With deliveries paused and products in short supply, it's cost the retailer more than £300 million in sales. But, the good news is that online orders have now been resumed. As investigations into the cyber attack continue, stock is set to slowly return online for deliveries and click-and-collect orders. An M&S spokesperson told me: 'We're offering our bestselling products, along with newness and this makes up the majority of our range which is available online today (10 June).' 'More of our fashion, home and beauty ranges will be added every day. For products that are not available online, customers can add them to their 'wish list' and when they come back into stock we will let them know.' Customer loyalty will be key to M&S's survival, with analysts commenting that the retailer has been losing out to rivals. Indeed, the shutdown of online operations coincided with a spring heatwave in the UK, when many people were in the market for summer clothes. I spend much of my time browsing, trying on and reviewing the quality of clothes, particularly on the high street. Whether it's wedding guest dresses or sandals, M&S constantly impresses me with its comfortable and well-crafted clothes, low prices and on-trend styles. While its homeware easily rivals designer brands (see its Tekla-style towels or Pooky-inspired lamps), it's the retailer's fashion that really stands out. It's always been a go-to for well-fitted but feminine bras and soft pyjamas and dressing gowns that will last you years, but M&S used to have a reputation for dowdy clothing. Maddy Evans, director of womenswear at M&S, has led the charge to reinvigorate the brand's clothing offering. Former Topshop fashion director Evans has helped M&S shake those frumpy associations, targeting women who have one eye on the latest designed collections on the catwalk, and another on purse-friendly value. Its fashion takes runway trends and make them wearable day-to-day, all at affordable price points. So, with summer officially here and a heatwave predicted for this weekend, M&S online orders couldn't have resumed at a better time. Here's everything I'm bagging for this season. Giving the designer look for less, this pair of pumps earned a spot in our round-up of the best ballet flats for 2025. Combining the comfort we've come to expect from the high street stalwart with newly elevated style, the dainty style is available in white, black or red and features a slim sole, square toe and flat heel. The delicate self-tie bow fastening and ruched detailing elevate the simple silhouette. Trust me, they're the comfiest flats I own. Swap your florals for polka dot this season. The classic print is having a comeback and this sweet blouse is the perfect everyday style. Characterised by a round neckline and three bow-tie fastenings at the front, the top is cut into a peplum hem with puffed sleeves for extra impact. Finished in all-over polka dot, there's flower-jacquard embellishment for texture. Leopard print is perennially cool (it's a neutral, in my opinion), but the style is back in a big way this summer. M&S's playful take featured in my round-up of the best summer dresses for 2025. Boasting a body-skimming cut that flatters your silhouette, it runs true to size. Complete with a laidback crew neckline and mini hemline, the polyester fabric has a soft jersey feel. M&S also helpfully offers petite, regular and tall lengths, so you can find the perfect fit. An investment for your everyday wardrobe, this M&S style is designed with a fitted bodice and round neckline. The A-line skirt flows out from the waist for a midi hemline cut. Simple but sophisticated, style it with ballet flats and trainers day-to-day before jazzing it up with jewellery and kitten heels in the evening. M&S's linen rich skirt is finished in one of this season's hottest hues, tomato red. Distinguished by its A-line shape and ankle-grazing hem, the shirring on the waistband adds flattering detail. Tone down the bold red hue with a simple white Tee. An effortless way to look put-together, every wardrobe can benefit from a denim dress. This M&S style features a mid hemline and milk-maid style puffed sleeves, while the three bow tie fastenings in the body nod to Ganni. Better yet, there's side pockets. A great choice for Wimbledon or summer occasions, this pure cotton cami dress is finished in a timeless polka dot. Complete with a midaxi-length and flattering sweetheart neckline, the dress has subtle ruched detailing on the bodice to enhance your silhouette.
Reuters
3 hours ago
- Reuters
US, Mexico close to deal that would cut steel tariffs, Bloomberg reports
June 10 (Reuters) - The United States and Mexico are close to a deal that would get rid of 50% tariffs that U.S. President Donald Trump has imposed on Mexican steel imports up to a certain volume, Bloomberg News reported on Tuesday, citing people familiar with the matter. The terms of the agreement, which haven't been finalized, would allow U.S. companies to import Mexican steel tariff-free as long as total shipments are kept below a level based on historical trade volumes, Bloomberg reported.
