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TECHNOLOGY

2012 LinkedIn breach much larger than originally thought

LinkedIn said Wednesday that a 2012 breach resulted in more than 100 million of its users' passwords being compromised — vastly more than previously thought. The business social network said that it believes a purported hacker's claim that 117 million user e-mails and passwords were stolen in the breach, up from the 6.5 million user credentials that the company originally said were compromised. Those 6.5 million passwords were reset in 2012 and the company advised the rest of its users to change their passwords too. The hacker, who goes by the name ''Peace,'' was trying to sell the passwords on the dark Web for 5 bitcoin, or about $2,200, according to a Forbes report. Mountain View, Calif.-based LinkedIn Corp., which touts 400 million members in 200 countries and territories around the world, emphasized that there's no indication of a new data breach. The company said it's working to determine just how many of the passwords in question are still being used and is in the process of resetting them and notifying the users in question. — ASSOCIATED PRESS

FRAUD

Woburn man sentenced for touting fake hedge fund

A Woburn man who defrauded clients out of $1.3 million by convincing them to invest in a hedge fund that didn't exist has been sentenced to 3½ years in prison. Federal prosecutors say 57-year-old Gregg Caplitz was also sentenced Tuesday to three years of probation and ordered to pay restitution. He had previously pleaded guilty to charges including investment adviser fraud, wire fraud, and submitting false statements to the Securities and Exchange Commission. Prosecutors say Caplitz and a business partner pitched a hedge fund investment to existing clients, but the hedge fund didn't exist and they used the money for personal expenses. Much of the money lost by more than a dozen victims was retirement savings. The partner has also been convicted and is awaiting sentencing.
— ASSOCIATED PRESS

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RETAIL

Target sales down as retail sector lags

Target said Wednesday that it was tripped up by the same conditions in the spring quarter that hurt its department and apparel store counterparts: The consumer, despite a relatively healthy economy, still wasn't spending big at the big-box retailer. Target reported a 1.2 percent increase in comparable sales, a measure of digital sales and sales at stores open more than a year. While that growth reflected an uptick in foot traffic to its stores, it was also the slowest year-over-year growth it has seen on that key metric in the past six quarters. And it now says it is expecting a gloomy second quarter, with comparable sales that could be down as much as 2 percent. — BLOOMBERG

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AUTOMOTIVE

Volvo to sell compact models

Volvo Car Group, known for its sturdy wagons and sport utility vehicles, will start rolling out a series of compact models next year to compete with the likes of Audi and BMW for younger, urban consumers. The new line, dubbed the 40 series, is set to include an SUV, sedan, and hatchback as well as an all-electric model, the company said Wednesday in a statement. — BLOOMBERG

MEDIA

Viacom to stop paying Redstone

Viacom Inc.'s board voted to stop paying its ailing chairman emeritus, Sumner Redstone, the controlling shareholder of that company and CBS Corp., according to a person with knowledge of the matter. Redstone, 92, stepped down as chairman of Viacom and CBS in February. He received $2.01 million in total compensation from Viacom in fiscal 2015, according to company filings, a drop from $13.2 million the previous year. — BLOOMBERG

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HOME IMPROVEMENT

Lowe’s posts profit as Americans continue to fix up their homes

Lowe's Cos. posted first-quarter profit that topped analysts' projections, reinforcing the notion that Americans are still willing to spend on their homes. Earnings last quarter were 87 cents a share, excluding some items, the Mooresville, N.C.-based company said Wednesday in a statement. Analysts projected 85 cents, on average. Sales rose 7.8 percent to $15.2 billion, topping the average estimate of $14.9 billion. Last week, retailers such as Macy's Inc. posted disappointing results, raising concerns that US consumers are pulling back on spending. The home-improvement industry has been largely immune from the malaise, with rising property values encouraging people to spend on their dwellings. That trend helped larger rival Home Depot Inc. top expectations on Tuesday. — BLOOMBERG

INSURANCE

Head injuries most costly mishap for dogs

Head trauma is the most costly medical mishap to treat for pets hurt at dog parks, according to Nationwide Mutual Insurance Co. The average expense is $591 for such an injury, which can occur when a dog crashes into an object or another pet, the Columbus, Ohio-based insurer said Wednesday in a statement. That compares with $361 for the category of lacerations or bite wounds, and $143 for insect bites. Hypothermia or heat stroke costs $579. Nationwide, which is better known for insuring cars and homes, has been expanding into pet coverage and seeking to highlight its offerings as people with more disposable income spend on animals that are often considered family members. Last year, Nationwide members spent more than $10 million on dog park-related medical conditions, according to the statement. — BLOOMBERG

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CABLE

Time Warner brand to be phased out

The brand you love to hate is going away. Time Warner Cable, which had the worst customer-service score in any industry according to a 2015 survey, won't survive Charter Communications Inc.'s acquisition. Charter closed its $55.1 billion purchase of Time Warner Cable Inc. Wednesday, about a year after it announced the deal and more than two years after it put the New York-based cable provider in play with a hostile takeover offer. Charter has decided to phase out the Time Warner Cable name over time, according to Alex Dudley, a company spokesman. — BLOOMBERG

MEDIA

New York Times names new public editor

Elizabeth Spayd, the editor-in-chief and publisher of The Columbia Journalism Review and a longtime editor at The Washington Post, will become the next public editor at The New York Times, the company announced Wednesday. She succeeds Margaret Sullivan, who held the post from 2012 until her departure last month. Sullivan recently started a job as the media columnist for The Washington Post. Spayd joined The Post in 1988 and spent 25 years at the paper, holding a variety of reporting and editing positions. In 2008, she was named the paper's managing editor. She took over The Columbia Journalism Review, a widely respected publication that covers the media, at the start of 2014.
— NEW YORK TIMES