How cyber-attack on Royal Mail has left firms in limbo – Yahoo Finance

The record collecting community are a pretty understanding bunch, according to David MacDonald.
The 60-year-old, who runs Blue Sky Vinyl, is lucky but he admits: “Their patience will only go so far.”
Why? Because Mr MacDonald, like many other small business owners, has been waiting for nearly a week to send out international orders via Royal Mail.
And, as others have told the BBC, he has absolutely no idea when his shipments can resume.
Last Wednesday, Royal Mail asked customers to stop sending letters and parcels overseas after criminals launched a ransomware attack on the company.
It has impacted a system used by Royal Mail to prepare mail for despatch abroad, and to track and trace overseas items.
The problem first emerged on Tuesday, 10 January. Customers were told of the problem the following day.
“As with all technical issues, we had to rule out a lot of things to ensure we only shared accurate information,” said a spokesman for Royal Mail.
The company has assured customers that it is “working around the clock” to resolve the issue.
But Mr MacDonald says a “disappointing” lack of regular updates has left his business in stasis.
“There is no indication of when things will be fixed,” he says. “It could be a week, it could be a month, it could be six months.
“If it is going to be a month or six months then at least give us the opportunity as small businesses to make decisions that can overcome this hurdle.”
Around 45% of Blue Sky Vinyl’s business comes from overseas including Australia, New Zealand, Singapore, Japan and China.
There are even buyers in Ukraine though Mr MacDonald recently had to explain to a customer there why his order was delayed. “He said he’ll be patient and wait,” says Mr MacDonald.
Royal Mail says it’s sorry for the disruption and that it’s currently exploring “multiple workarounds” to restore its systems.
But a week is a long time in business.
Firms say that the delay to international shipments is compounding problems they have been facing since before Christmas when Royal Mail workers went on strike.
Mr MacDonald said: “We are giving out refunds from parcels that haven’t arrived that were posted in November and the refund compensation system for Royal Mail is running at a snail’s pace.”
It is “a big problem on top of a big problem”, according to Andrew Bradley who runs Lello Living, a family business which makes prints, picture frames and homeware.
Even before the ransomware attack on Royal Mail, Mr Bradley said some international customers had been waiting for more than a month for parcels.
“At the moment I am just trying to placate customers,” he said. But as a small business, his hands are tied.
Once a parcel is sent “we can’t get it back”, he said, so the package is just sitting there.
It is expensive to send a replacement and doubly difficult for a firm such as Lello Living which produces personalised prints.
“We sell a lot on websites like Etsy and we are seeing one or two star reviews,” he said.
“At the moment, the majority of people are understanding and patient but we are seeing that patience start to dissipate.”
Simon Thompson, chief executive of Royal Mail, is expected to face questions about how the company has responded to the attack when he appears before MPs on the Business, Energy and Industrial Strategy Committee on Tuesday.
In the meantime, freelance illustrator Danielle English, aged 31, says that the delays caused by the ransomware attack have “been quite a big blow” financially.
The artist specialises in fantasy and sci-fi images and relies on her online shop, Kanizo, for half of her income.
“Just today I’ve had to refund a few orders that were made over the weekend that I now can’t fulfil and I would say about 70% of those were international,” she says.
Ms English said that she is trying her best to keep her customers up to date “but obviously that is so limited”.
“I don’t want to keep them waiting too long because I don’t want them to think I’m not a legit business by not sending out their order, but there is only so much I can tell them really.”
Others such as Karen Gilroy don’t know whether to go ahead and book a courier service to send deliveries to countries such as the US or wait until Royal Mail can start shipping again.
The 62-year-old retired civil servant runs a sewing business, called KraftyKoriginal, and says it usually costs around £20 to send packages overseas with Royal Mail.
She could use a specialist parcel company but they are more expensive – a cost she is not comfortable passing onto her customers.
“I suppose I could ask them but it’s not really their fault is it?” she says. “If I decide to send via courier I think it is for me to eat up the cost.”
At the moment she is not sure what to do – book a courier in advance and risk losing money if Royal Mail services resume or wait and see?
“I’m sort of hanging on and hanging on thinking ‘surely this week they’ll sort it out’ but who knows?”
Royal Mail has resumed international deliveries for the first time following a cyber attack that crippled the postal service’s computer systems.
The bear entered a remote community and began chasing after residents before being shot dead, police said.
While it might be nice to think that nothing—not even snow, rain, heat, or gloom—could stop the U.S. Postal Service (USPS) from getting our mail to us, this is simply not the case. The agency says it works hard to keep delivery operations running regularly and post offices open during normal hours, but unfortunately, that's not always possible: The USPS has had to suspend services for a number of reasons in recent months, from animal attacks to facility fires. Now, the agency is again adjusting
Thena, a liquidity layer and decentralized exchange (DEX) on the BNB chain, has experienced an uptick in total value locked (TVL) from $5 million to $90 million since its launch last week.
(Bloomberg) — Central banks in Indonesia and Malaysia will likely deliver another modest interest rate increase each as they look to wind down their monetary tightening and turn their attention to economic growth.Most Read from BloombergNew Zealand Prime Minister Ardern Announces Shock ResignationCrypto Firm Genesis Is Preparing to File for BankruptcyAmazon Kicks Off Round of Job Cuts Affecting 18,000 PeopleApple Delays AR Glasses, Plans Cheaper Mixed-Reality HeadsetMicrosoft Cuts Include Game
Billionaire investor David Rubenstein is the latest Wall Street titan raising doubts about the Federal Reserve’s ability to reach its current inflation goals.
(Bloomberg) — Party City Holdco Inc. is seeking bankruptcy protection, a final blow for the retailer that struggled to rebound after sales plummeted during the pandemic. Most Read from BloombergCrypto Firm Genesis Is Preparing to File for BankruptcyApple Delays AR Glasses, Plans Cheaper Mixed-Reality HeadsetAmazon Kicks Off Round of Job Cuts Affecting 18,000 PeopleStock Mood Turns Ugly as Slowdown Fears Surface: Markets WrapMicrosoft, Amazon Set to Erase 28,000 Jobs as Tech Slump DeepensThe fir
The company is in the midst of a sale process to find a buyer that would keep business running at both its eponymous store banner and its buybuy Baby chain, the report added, citing people familiar with the matter. The home goods retailer's advisers are also looking for a loan of at least $100 million ahead of a potential bankruptcy filing, which could occur in the coming weeks, the report said. The New York Times reported last week that the Union, New Jersey-based company was in talks with private equity firm Sycamore Partners for the sale of its assets, including buybuy Baby stores, as part of a possible bankruptcy process.
Arcimoto Inc (NASDAQ: FUV) has priced its previously announced public offering of 4 million shares and warrants to purchase up to 4 million shares. The shares can be purchased at a combined purchase price of $3.00 per share and accompanying warrant for aggregate gross proceeds of approximately $12 million. The price represents a 50.9% discount on Arcimoto’s last close on January 17, 2023. The warrants to be issued will have a five-year term, will be exercisable immediately, and will have an exer
Nexo has sued the Cayman Islands Monetary Authority to overturn its rejection of Nexo's application to register as a virtual asset services provider.
Germany's BASF and French miner Eramet are finalising a $2.6 billion partnership deal to invest in a facility in Indonesia to process nickel for use in batteries for electric vehicles, Indonesian officials said. The Indonesian announcement comes as Southeast Asia's biggest economy has been courting global companies to build facilities to produce EV batteries and electric cars to exploit the country's rich nickel resources. In separate emailed responses, the companies confirmed they were assessing a hydro-metallurgical project to produce battery-grade nickel and cobalt from Eramet's mine in Indonesia's Weda Bay, but did not confirm the proposed investment.
The new Instacart Mastercard® from Chase offers cash back on delivered groceries and more. Earn from local stores, chains, and gas stations.
Microsoft Corp.'s stock fetched a rare bearish call Tuesday, as an analyst warned that the technology giant isn't as resilient as investors may think.
Data on retail sales and industrial production helped drag down the yields on U.S. government bonds.
Earnings season has quickly arrived at our doorstep, and investors are undoubtedly ready for companies to pull the curtain back and unveil what's transpired behind the scenes.
“Possibly, putting out fires is so important that this vision has been deferred," prominent banking analyst Dick Bove said.
By David Willey, Benzinga
MARKET PULSE Walgreens Boots Alliance Inc. (WBA) said Monday that it removed restrictions on purchases of over-the-counter children’s cold medications. The pharmacy retail giant in December limited purchases of fever-reducing medicines during a surge in pediatric cases of respiratory syncytial virus, flu, and COVID-19 that began in the fall.
Wintrust (WTFC) delivered earnings and revenue surprises of -14.23% and 0.04%, respectively, for the quarter ended December 2022. Do the numbers hold clues to what lies ahead for the stock?
One of the best buys in 2022 for the Action Alerts PLUS portfolio was Axon Enterprise , formerly Taser, as it made its way toward the anchored VWAP (volume-weighted average price) on the chart. Axon develops, manufactures, and sells conducted energy devices and cloud-based digital evidence management software designed for use by law enforcement, corrections, military forces, private security personnel, and private individuals for personal defense. Again, the stock moved above the anchored VWAP (top chart) and is hustling higher.