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BUSINESS Friday 21 September 2018
A25

S&P 500 gets new look as it shuffles some key companies

By MARLEY JAY they publish research on
Associated Press the new sector.
NEW YORK (AP) — It's al- The stock market could be-
most moving day on the come a bit more volatile
stock market. since many ETFs and funds
The line-ups of three of the offer products that track
11 groups that make up the S&P 500's sectors. They'll
the benchmark S&P 500 in- make trades to match the
dex are being shuffled as of changes in the S&P 500.
Monday. Twenty compa- The three companies in the
nies in the index including telecom group right now
famous names like Face- are AT&T, Verizon, and their
book, Alphabet and Netflix smaller peer CenturyLink.
will find a new home. Next week they'll be joined
The most notable change the new sector by some
will occur with the telecom- broadcasting and media
munications group, cur- companies, video game
rently the smallest piece of publishers and social me-
the market. It gets reinvent- dia companies. Alphabet
ed as communication ser- and Facebook are the
vices and grows from three most notable additions —
to 19 companies, adding their combined value of
some key names from the about $1.25 trillion will ac-
technology and the con- count for about half of the
sumer discretionary sectors. new sector's total value.
The S&P's changes reflect This Jan. 17, 2017, file photo, shows Netflix on a tablet, in North Andover, Mass. The old telecommunica-
the way the communica- Associated Press tions sector has been con-
tions and media industries sidered a safe bet because
have evolved. AT&T and parent of HBO and War- shift, and now those com- 500 companies, but the AT&T and Verizon pay big
Verizon were once known ner Bros. movie studio, and panies will be in the same moves could change how dividends and their stocks
as phone companies, but Comcast bought NBCUni- part of the market as Net- investors think about them tend to do well when the
they're now media com- versal in 2013. Streaming flix. and how they approach broader market declines.
panies as well: AT&T just services were a big reason The S&P index itself will still the market. Analysts will The new sector looks a bit
bought Time Warner, the for the telecom industry's be made up of the same help shape those views as riskier.q
Japan digital currency exchange hacked, losing $60 million

By YURI KAGEYAMA April 2017, and a handful of Bitcoin and Monacoin. Of
Associated Press major retailers here already the stolen money, 2.2 billion
TOKYO (AP) — Hackers accept bitcoin payments. yen ($20 million) belonged
have stolen 6.7 billion yen But the recurrence of cryp- to the company, and the
($60 million) worth of cryp- tocurrency heists shows rest were customers' assets,
tocurrencies from a Japa- problems persist. according to Tech Bureau.
nese digital currency ex- Earlier this year, the Tokyo- Earlier this year, a glitch at
change, the operators said based exchange Coin- Zaif allowed some people
Thursday. check reported a 58 billion to buy cryptocurrencies for
Tech Bureau Corp. said a yen ($547 million) loss of a zero yen.q
server for its Zaif exchange cryptocurrency called NEM
was hacked for two hours from suspected criminal
last week, and some digital hacking.
currencies got unlawfully Coincheck, in operation
relayed from what's called since 2012, had been ap-
a "hot wallet," or where plying for a government
virtual coins are stored at license but had not yet
such exchanges. gotten one. That led to in- This Feb. 2, 2018, photo, shows a signboard of the name of cryp-
The exchange was taken dustry-wide soul-searching, tocurrency exchange Coincheck, in Tokyo.
offline until details of the led by government finan- Associated Press
damage could be con- cial regulators, to prevent
firmed, and efforts were such problems.
underway to get it back Zaif got registered with the
working, Tech Bureau said. government last year.
Japan has been bullish on The company said Thurs-
virtual money and has set day it had accepted a 5
up a system requiring ex- billion yen ($45 million) offer
changes to be licensed to from Fisco, a Tokyo-based
help protect consumers. investment company, for
The system is also meant to a majority stake in Tech
make Japan a global lead- Bureau, headquartered in
er in the technology. Bit- Osaka.
coin has been a legal form The cryptocurrencies stolen
of payment in Japan since in last week's hack included