Morning Money Memo…
If you ate a meal recently at P.F. Chang’s and paid for it with a credit or debit card, your personal data might be compromised. The nationwide chain says it’s not able to confirm a breach, but has been in communication with law enforcement authorities. According to internet security expert Brian Krebs, thousands of newly-stolen credit and debit cards went up for sale at a site that sold cards stolen in the previous Target stores breach. They appear to have been used at PF Chang’s between March and May of this year. “The most common way that thieves steal this type of card data is by hacking into cash registers at retail locations and planting malicious software that surreptitiously records mag stripe data when cards are swiped through the machines,” says the website krebsonsecurity.com. Data is copied from the magnetic stripe on the back of credit cards. Using this information thieves can use the stolen data to buy expensive goods and sell them for cash.
There’s a war over whiskey between two Tennessee rivals. The owners of Jack Daniel’s and George Dickel are battling over who has the right to label their whiskey as following authentic Tennessee style. British-based liquor conglomerate Diageo PLC was successful in getting state regulators to drop an investigation into allegations that Dickel violated state law by aging its whiskey in neighboring Kentucky. But this summer state lawmakers are expected to re-consider changes to the legal definition of Tennessee whiskey, which is as entwined in the state’s identity as Maine lobsters and Maryland crab cakes.
Microsoft is fighting a U.S. government search warrant that seeks to force the firm to hand over customer data at an overseas server. “The objection is believed to be the first time a corporation has challenged a domestic search warrant seeking digital information overseas,” says the New York Times. Microsoft argues a warrant is not justified by law or the Constitution. Microsoft argues the government’s demand is unlawful. Other tech firms are watching the case closely, concerned that if the government wins it would place American firms at a competitive disadvantage to foreign rivals.
The four day winning streak and record highs for the stock market ended late yesterday and futures are down this morning. But the losses were small with the S&P 500 only falling a fraction of a point Tuesday.
China’s largest e-commerce company is making its first appearance in the U.S. with the debut of 11Main.com, an invite-only online marketplace that showcases small business retailers. Industry watchers will be paying close attention since 11 Main is owned by Alibaba, the e-commerce giant in China that filed for an initial public offering in the U.S. in May. Bigger than Amazon and eBay combined, Alibaba had no U.S. e-commerce presence until now.
Richard Davies Business Correspondent ABC News Radio abcnews.com Twitter: daviesnow