The Mad Dash to Find a Cybersecurity Force

A stunning statistic is reverberating in cybersecurity: An estimated 3.5 million cybersecurity jobs will be available but unfilled by 2021, according to predictions from Cybersecurity Ventures and other experts.

“It’s scary. Our power grid, our cars, our everyday devices — basically everything is online and able to be attacked,” said Georgia Weidman, author of “Penetration Testing: A Hands-On Introduction to Hacking.” Ms. Weidman is the founder of two cybersecurity companies, Bulb Security, where she is chief executive, and Shevirah, where she is chief technology officer. Shevirah specializes in security for mobile devices.

“It would certainly cause mass destruction if our power grid went down or our water pumps started going haywire or our dams decided to open all their sluices,” she said. “That’s actually something that could happen.”

According to a report released this year by the Identity Theft Resource Center, the number of data breaches tracked in the United States in 2017 hit a high of more than 1,500, up almost 45 percent over 2016. In one incident this year, the data of 29 million Facebook users was stolen.

In response to the sheer number of new digital gates that might be left open, employers and educators have had to become more creative in finding people to guard them.

They need penetration testers to simulate attacks to find and fix vulnerabilities that could be exploited by a real attacker.

They need malware analysts to find out what malicious programs do so they can protect from the attacks.

They need security researchers to discover new vulnerabilities in applications and other products — before the thieves do — so they can be fixed. They need security architects to make sure all the best practices are being followed.

According to the chief economist for LinkedIn, Guy Berger, there was a shortage as of September of 11,000 people with cybersecurity skills in the San Francisco Bay Area, 5,000 in New York and almost 4,000 in Seattle, the areas with the largest concentration of need. LinkedIn regularly issues work-force reports based on its analysis of jobs data in the United States.

Some major corporations have openly taken to hiring hackers to help protect them. An extreme example is Kevin Mitnick, who hacked into corporations, landed on the F.B.I. Most Wanted Fugitives list, went to jail for five years, but is now a security consultant to Fortune 500 companies and governments. As he says on his website about hackers, “It takes one to know one.”

Many companies are also putting less emphasis on the need for a college degree to qualify for a cybersecurity job, Ms. Weidman said. With an undergraduate degree in mathematics from Mary Baldwin College in Staunton, Va., and a master’s in computer science from James Madison University in Harrisonburg, Va., Ms. Weidman said she had seen how much hands-on experience really mattered in the cyberfield. That insight came early when she participated in the National Collegiate Cyber Defense Competition as a student.

The competition, which began in 2005, is held at colleges across the country and designed to test student teams’ abilities to detect and respond to outside threats and to protect services such as mail servers and web servers. The sponsors include high-tech companies like the defense contractor Raytheon and IBM, but also retailers like Walmart and transportation companies like Uber.

Recalling the difference between theoretical learning in college and hands-on experience, Ms. Weidman said she could do a lot of math about computer networking, “but could I actually manage a network at a company? Absolutely not.”

The people who were in community colleges would “wipe the floor with those of us at universities, because community colleges really were focused on how to do these things,” she said. “I think that people at the university level are starting to realize that we need more hands-on skills in cybersecurity, as well as just the theory.”

With that in mind, colleges and universities are changing their curriculums. Ms. Weidman is working with the Tulane School of Professional Advancement in New Orleans to build an online class for its Applied Computing Systems & Technology degree program.

At New York University, the Center for Cybersecurity has been operating for 20 years and graduates about 50 students annually. But this year, it created an online master’s program to help make the training more affordable in hopes of attracting more people to the field.

Students in cybersecurity get a 75 percent discount, so the master’s degree costs about $15,000, compared with about $60,000 for the traditional on-campus program. The online program enrolled 125 students in September and hopes to have 1,000 students annually within three or four years.

“Nationally, we graduate twice the number of psychology majors as opposed to engineers,” said Nasir Memon, professor and associate dean for online learning at the N.Y.U. Tandon School of Engineering. “We graduate as many park rangers as compared to computer scientists.”

Students frequently graduate in fields that lack opportunity for long-term careers, he said. If they want to switch to computer science in traditional programs, they can face daunting barriers, like multiple semesters of catch-up courses and a requirement to take the Graduate Record Examination.

“So one of the things we did is start a bridge program, where we say, we don’t care what you did in your undergrad; you could have done physics, anthropology, anything, just come on in,” Professor Memon said.

The welcome the school extends is in the form of an intense, four-month online program of computer science courses with a price of $1,500. If students pass, they are eligible for the full program.

This year, 230 students were accepted into the bridge program, 22 percent of them women. That number compares with 11 percent of women in the cybersecurity force over all, according to a 2017 report by the Center for Cyber Safety and Education and the Executive Women’s Forum on Information Security, Risk Management & Privacy.

Shamla Naidoo, global chief information security officer for IBM, has had success reaching out to mothers returning to work, as well as to veterans, to find potential cybersecurity workers.

“We’ve been talking about this for the last few years,” Ms. Naidoo said. “The first year, I spent a lot of time worrying about it. After that I thought, there’s no point in worrying about it, I’m going to have to go act, and I’m going to have to act in a nontraditional way. Posting a job description and hoping people are going to show up and apply to the job wasn’t working because the people just didn’t exist. So rather than trying to hire the skills and knowing they’re not as easily available, let’s create the skills internally.”

She created a system open to hiring people who have little or no experience, and, in many cases, even skills, in cybersecurity, with the understanding that they will come in, join a more experienced team and learn on the job. They are formed into teams of five to seven people solving one problem at a time, with the new employees teaming with more experienced security experts to watch.

Many skills from other industries are transferable to the cybersecurity field. Cybersecurity experts need to be able to communicate policies to, as Ms. Naidoo put it, “increase the cybersecurity I.Q.” of an entire organization. For example, people from a finance background might be able to educate their co-workers in accounting about cyberrisk.

She’s grown her team by about 25 percent over the last year with developers, consultants and research professionals. She said being more flexible in hiring, and hiring outside of the normal pipeline, had evened out some of the inequities in the field — like a relative dearth of minorities and women.

“To solve the skills shortage, we have to hire people who have the right aptitude, who have the right attitude, people who are curious, are willing to learn,” Ms. Naidoo said. “Outside of that, I have very few other criteria. I’m opening the aperture for where we look. I’m trying to hire in nontraditional places, nontraditional groups of people, and so I don’t expect them to have the skills or the experience that we need. I will hire people wherever I can find them.”

Michael Doran, 38, was a police officer in St. Louis for almost 10 years before going into cybersecurity.

“I quickly found out a lot of the older detectives were not doing a lot of the computer crimes,” he said. “I saw my opening there to make a niche for myself.”

After learning about the field of digital forensics, he took free, online courses through the National White Collar Crime Center. He then decided to get another bachelor’s degree and a master’s degree online in computer forensics and intelligence. He studied at Utica College from home while working full time.

He went to the cybercrimes unit as a forensic digital examiner within the St. Louis police department’s cybercrime unit. But it didn’t take long for the private industry to scoop him up.

“It was an offer I couldn’t refuse,” he said, speaking of more than doubling his salary to near six figures. “I took that chance, and I haven’t looked back since.”

He’s now a senior security consultant within the enterprise incident management team for Optiv, a cybersecurity company, where he performs digital forensics and interacts with clients.

More C-suite executives are filling their own skills gaps when it comes to cybersecurity, said Eric Rosenbach, co-director of the Belfer Center for Science and International Affairs at Harvard Kennedy School and former chief of staff at the Defense Department.

He runs an online class for working, senior-level executives “who are only now seeing how seriously they need to take it because they’ve seen so many other C.E.O.s get fired for major breaches,” said Mr. Rosenbach.

Offered at least six times a year, the classes educate 300 to 400 people each term. He says executives need to know how to minimize the legal, financial and public relations risks before an attack occurs.

Beyond the particular needs of firms in the cybersecurity arena, there is also a skills gap in the larger population that needs to be addressed, Mr. Rosenbach said.

“I’m surprised, even at Harvard, how few of the students here know very basic stuff about cyberhygiene, two-factor authentication, things like that, that people should be doing to protect themselves,” he said.

“One thing I don’t think people appreciate as much is that cyber is about human issues, it’s about training people not to do dumb things like click on spear-phishing links, holding people accountable. There’s a lot of human leadership involved in trying to improve cybersecurity.”

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Tech, healthcare stocks boost Wall Street after midterm results

(Reuters) – U.S. stocks surged on Wednesday, as investors piled into growth sectors such as technology and healthcare on relief that the outcome of the U.S. midterm elections was as expected.

Democrats won control of the House of Representatives on Tuesday, while Republicans tightened their grip on the Senate, pointing to a political gridlock in Washington.

The technology and healthcare sectors rose more than 1.5 percent each, with investors betting that a gridlocked Congress would not be able to push through restrictive regulations, a fear that has weighed on the growth sectors.

A Democrat-controlled House will hamper President Donald Trump’s pro-business agenda, but the results for Republicans were no worse than feared, allowing investors to buy back into a market that had its worst month in seven years in October.

“A lot of what was holding the market back was fear of what might happen, and the fact that it’s over now will eliminate a lot of it,” said Brad McMillan, chief investment officer for Commonwealth Financial in Waltham, Massachusetts.

At 10:06 a.m. EDT the Dow Jones Industrial Average was up 142.47 points, or 0.56 percent, at 25,777.48, the S&P 500 was up 21.30 points, or 0.77 percent, at 2,776.75 and the Nasdaq Composite was up 87.50 points, or 1.19 percent, at 7,463.46.

Following a steep selloff in October, the S&P 500 remains down more than 5 percent from its record high, as uncertainty about the election and fears about rising interest rates and trade wars roil stocks globally.

The Federal Reserve starts its two-day monetary policy meeting on Wednesday, where it is expected to keep interest rates unchanged, but a rate hike in December is largely priced in.

“The policy path implied by this outcome shifts the narrative away from rising rates at least temporarily,” Morgan Stanley’s Michael Zezas wrote in a client note.

“In the near term, that could alleviate the pressure that stocks have felt in recent weeks.”

But, financial stocks slipped 0.27 percent, led by a 0.52 percent decline in bank stocks.

The S&P energy index jumped 1.1 percent as oil prices rose on a report that Russia and Saudi Arabia are discussing whether to cut crude output next year.

Anadarko Petroleum Corp surged 7.1 percent and Noble Energy Inc jumped 4.3 percent after Colorado voters a rejected a tougher rule on oil and gas drilling, which spurred shares of companies operating in the state.

Advancing issues outnumbered decliners by a 1.90-to-1 ratio on the NYSE and a 1.58-to-1 ratio on the Nasdaq.

The S&P index recorded 24 new 52-week highs and three new lows, while the Nasdaq recorded 42 new highs and 28 new lows.

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Greencore shareholders back company’s plan to sell US business for over $1bn

Greencore shareholders have backed the company’s plan to sell its US business for over $1bn.

But there was a sizeable rebellion  – around 20pc – against an aspect of how the company plans to return some of the money to shareholders.

At a shareholder meeting in Dublin today, multiple small shareholders complained about the tax implications of Greencore’s plan, asking the company to consider more tax-efficient methods.

The company wants to distribute the bulk of the proceeds as a special dividend – but this will incur income tax for shareholders.

One institutional investor, Polaris, went public in saying that it thought a share buyback would be better.

The company will consult further with shareholders about how to return the money. Chief executive Patrick Coveney told reporters after the meeting that the way the money is given out could change.

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Australia Likely to Block Hong Kong Company’s Bid for Gas Pipeline

SYDNEY — Li Ka-shing may be one of the most influential businessmen in Asia, but that reputation — and fear of Chinese influence — is working against his company’s ambitions to buy a critical gas operation in Australia.

The Australian government, seeking to balance national security interests and economic growth, said on Wednesday that it was likely to block CK Group, a company led by Mr. Li, a Hong Kong billionaire, from acquiring APA Group, the country’s largest gas and pipeline company. A final decision is expected in two weeks, according to a Treasury statement.

In February, Australia’s Treasury announced it was tightening rules on investments in electricity and agriculture because of questions about China’s influence on such deals. As much as $90 billion in Chinese investment has flowed to Australia since 2007.

Australia’s treasurer, Josh Frydenberg, said his “preliminary view” of CK Group’s bid of 12.98 billion Australian dollars ($9.6 billion) was to turn it down because it “would be contrary to the national interest.”

“I have formed this view on the grounds that it would result in an undue concentration of foreign ownership by a single company group in our most significant gas transmission business,” Mr. Frydenberg said in a statement.

CK Group said in a separate statement that “the preliminary view is not an adverse reflection on the CK Group, and that the Australian Government welcomes CK Group’s investments in Australia and its broader contribution to the Australian economy.”

Mr. Li’s companies already have substantial interests in Australia, but their attempts at acquiring utilities have had mixed results. The Australian government cleared the group’s takeover of gas and electricity distributor Duet Group in 2017; a year earlier it had blocked a joint bid for a state electricity distributor.

This year, as the bid for the gas pipeline was under review and scrutiny over foreign acquisitions increased, CK Group attempted to allay concerns about the Chinese government’s influence.

Andy Hunter, CK’s deputy chief executive, called the criticism and the concern about foreign investment as misinformed and disappointing. “We are a properly governed, publicly-listed company and for anyone to suggest otherwise is sadly misinformed. The idea that we are in some way influenced by the Chinese government,” Mr. Hunter told the Australian Financial Review in September, was “fictitious to say the least.”

The bid was cleared by the Australian competition watchdog but needed approval from by the Foreign Investment Review Board and the Treasurer.

The review board was unable to reach a unanimous recommendation, according to Mr. Frydenberg’s statement. While the competition watchdog approved the bid, it hadn’t considered “the concentration of foreign ownership.”

Mr. Frydenberg said that APA Group’s size, which accounts for 15,000 kilometers (9,320 miles) of pipelines, representing 56 percent of Australia’s gas pipeline transmission system, was among his biggest concerns regarding the bid. The operation also includes three-quarters of all pipeline along the country’s eastern coast.

The news comes as the Australian government embarks on a campaign to revitalize relations with Beijing that have been strained since June when the government of former Prime Minister Malcolm Turnbull passed national security legislation that bans foreign interference in politics.

Government officials said at the time that the law was not aimed at any single country but the decision came months after newly released Australian electoral returns showed businesses with links to China had donated hundreds of thousands of dollars to political parties in 2016.

In August, the Australian government blocked Chinese technology giant Huawei and another Chinese company, ZTE, from providing equipment to support the country’s new telecommunications networks. Government ministers said at the time that companies that “are likely to be subject to extrajudicial directions from a foreign government” posed unacceptable security risks.

Jamie Tarabay covers Australia for The New York Times. @jamietarabay

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Kerry reaffirms full year guidance as business volumes continue to grow

Kerry Group has reaffirmed its full year guidance of adjusted earnings per share growth of 7pc to 10pc for 2018.

This comes as the company reported growth of 3.5pc in its business volumes in the nine months to 30 September.

In a trading update today the group said that its Taste & Nutrition business grew 4.1pc in the nine month period, while its Consumer Foods business showed growth of 1.2pc.

  • Read more: Kerry Group spends €365m to expand in US and Oman

Reported sales increased by 2.2pc, and growth was recorded across all the regions that the group operates in.

Kerry Group said its underlying margin expansion was “good,” however it was offset by the impact of currency fluctuations.

Commenting on the performance, Kerry Group CEO Edmond Scanlon said he was “pleased” with the performance to-date this year.

“In the third quarter we have delivered good volume growth against very strong comparatives.”

“We have also made good progress across our strategic growth priorities, including the recent acquisition announcements of Fleischmann’s Vinegar Company and AATCO Food Industries,” Mr Scanlon added.

Net debt stood at €1.4bn at the end of September.

Last month the business announced that it is to acquire Fleischmann’s Vinegar Company and AATCO Food Industries for an expected total consideration of €365m.

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S&P 500 futures up as Democrats capture U.S. House

(Reuters) – U.S. stock futures held onto gains on Tuesday after media projections showed the Democrats winning control of the House of Representatives in U.S. midterm congressional elections.

With President Donald Trump’s Republican party holding onto their majority in the Senate, according to CNN, NBC and ABC News, the results were in line with expectations on Wall Street that Washington was set for gridlock.

A House controlled by the Democrats will hamper Trump’s business-friendly agenda and could lead to uncertainty about his administration at a time when investors are already worried that a decade-old bull market may be ending.

S&P 500 e-mini futures had earlier rose 0.4 percent as initial results showed Democrats struggling in races for the House, but those gains were pared to 0.25 percent after Fox News and NBC News projected that Democrats would take control of the House..

Higher S&P 500 futures imply traders to expect Wall Street to open with a gain in the following session.

Related Coverage

  • S&P 500 futures drop as U.S. election results trickle in

“Right now, it looks like the Democrats will take the House,” said Quincy Krosby, chief market strategist at Prudential Financial in Newark, New Jersey. “Clearly, the futures market was far more buoyant when it looked as if the Democrats would have a much more difficult time.”

Stock futures remained in positive territory on expectations that the Democrats’ majority in the House would prove less than some had expected, said Stephen Innes, head of trading for Asia at OANDA brokerage in Singapore. His firm was trading e-mini futures as the election results came in.

“Investors are breathing a bit of relief it’s not a blue tsunami,” said Innes, referring to the color associated with the Democratic party.

Following a steep selloff in October, the S&P 500 remains down more than 5 percent from its record high, with many investors worried the market could fall further as inflation gathers steam and the Federal Reserve raises interest rates.

Control of the House will let Democrats put Trump’s administration under more intense scrutiny, potentially making Wall Street nervous.

Gridlock in Washington will all but eliminate the potential for more tax cuts, which Trump has called for and which many on Wall Street would like. Sweeping corporate tax cuts passed by the Republicans last year have supercharged earnings growth.

In Tuesday’s trading session, the Dow Jones Industrial Average rose 0.68 percent to end at 25,635.01 points, while the S&P 500 gained 0.63 percent to 2,755.45.

The Nasdaq Composite added 0.64 percent to 7,375.96.

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S&P 500 futures up as Democrats capture U.S. House

(Reuters) – U.S. stock futures held onto gains on Tuesday after media projections showed the Democrats winning control of the House of Representatives in U.S. midterm congressional elections.

With President Donald Trump’s Republican party holding onto their majority in the Senate, according to CNN, NBC and ABC News, the results were in line with expectations on Wall Street that Washington was set for gridlock.

A House controlled by the Democrats will hamper Trump’s business-friendly agenda and could lead to uncertainty about his administration at a time when investors are already worried that a decade-old bull market may be ending.

S&P 500 e-mini futures had earlier rose 0.4 percent as initial results showed Democrats struggling in races for the House, but those gains were pared to 0.25 percent after Fox News and NBC News projected that Democrats would take control of the House..

Higher S&P 500 futures imply traders to expect Wall Street to open with a gain in the following session.

Related Coverage

  • S&P 500 futures drop as U.S. election results trickle in

“Right now, it looks like the Democrats will take the House,” said Quincy Krosby, chief market strategist at Prudential Financial in Newark, New Jersey. “Clearly, the futures market was far more buoyant when it looked as if the Democrats would have a much more difficult time.”

Stock futures remained in positive territory on expectations that the Democrats’ majority in the House would prove less than some had expected, said Stephen Innes, head of trading for Asia at OANDA brokerage in Singapore. His firm was trading e-mini futures as the election results came in.

“Investors are breathing a bit of relief it’s not a blue tsunami,” said Innes, referring to the color associated with the Democratic party.

Following a steep selloff in October, the S&P 500 remains down more than 5 percent from its record high, with many investors worried the market could fall further as inflation gathers steam and the Federal Reserve raises interest rates.

Control of the House will let Democrats put Trump’s administration under more intense scrutiny, potentially making Wall Street nervous.

Gridlock in Washington will all but eliminate the potential for more tax cuts, which Trump has called for and which many on Wall Street would like. Sweeping corporate tax cuts passed by the Republicans last year have supercharged earnings growth.

In Tuesday’s trading session, the Dow Jones Industrial Average rose 0.68 percent to end at 25,635.01 points, while the S&P 500 gained 0.63 percent to 2,755.45.

The Nasdaq Composite added 0.64 percent to 7,375.96.

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India central bank governor could resign on November 19: report

NEW DELHI (Reuters) – Reserve Bank of India (RBI) Governor Urjit Patel could resign at the central bank’s next board meeting on November 19, online financial publication Moneylife reported on Wednesday, citing sources in touch with the governor.

The Indian government and the central bank have been fighting for weeks over how much autonomy the RBI should have as the administration of Prime Minister Narendra Modi seeks to reduce curbs on lending and to gain access to the RBI’s surplus reserves.

The rift worsened late last month when one of the bank’s deputy governors said in a speech that undermining central bank independence could be “potentially catastrophic”.

Moneylife’s report said if the feud escalates further, there is “a good chance” Patel will resign at the RBI’s next meeting, saying he was tired of the struggle with the government, and it was having a negative impact on his health.

The report did not cite the number of sources. The RBI did not immediately respond to a request for comment.

The story was written by veteran Indian financial journalist Sucheta Dalal who is well known for her investigative reporting. She is one of the founders of Moneylife.

Reuters reported on Tuesday that the government intends to keep pressing its demands even if it risks provoking a resignation by Patel, according to three sources familiar with the government’s thinking.

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China's Tencent builds self-driving car team in Silicon Valley

SAN FRANCISCO (Reuters) – Chinese technology company Tencent Holdings Ltd (0700.HK) is recruiting self-driving car engineers in Palo Alto, California, joining a crowded field of corporations vying for talent in the heart of Silicon Valley.

Silicon Valley is a hub for testing and research of autonomous vehicles, with five dozen companies permitted to test such cars on California roads. But state records as of last month did not show Tencent had an autonomous vehicle testing permit.

“We are building a research team for our Auto-drive Team based in Palo Alto, CA,” the company said in job advertisements on LinkedIn. There are at least nine postings on LinkedIn for engineering positions in areas including motion planning, sensor fusion, vehicle intelligence and machine learning.

The job postings date back between two weeks and a month, according to LinkedIn.

Tencent declined to comment on its self-driving plans in Silicon Valley.

Tencent’s Chinese rival Baidu Inc (BIDU.O) was one of the first of the new generation of Chinese companies to set up a base in Silicon Valley in 2011. It has an autonomous vehicle testing permit in California.

According to Chinese state news agency Xinhua in May, Tencent got the green light by the southern city of Shenzhen to test self-driving cars on some public roads. Tencent is headquartered in Shenzhen.

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Thomson Reuters eyes 'substantive' purchases after Blackstone deal

TORONTO (Reuters) – Thomson Reuters Corp (TRI.TO) (TRI.N) is looking to make “substantive” acquisitions to boost its legal and tax units after selling a majority stake in its financial terminal business, Chief Executive Jim Smith said on Tuesday.

Smith’s comments, following better-than-expected third-quarter profit announced earlier in the day, sent Thomson Reuters shares up 4.5 percent to an 18-year high.

The news and information provider has set aside $2 billion for deals, Smith told Reuters in an interview, after raising $17 billion from selling 55 percent of its Financial & Risk (F&R) unit to private equity firm Blackstone Group LP (BX.N).

“We are interested in bigger, more substantive deals,” Smith said. “I wouldn’t expect a string of small, bolt-on acquisitions. We’d rather spend that $2 billion on a handful of deals rather than spread across a couple of dozen.”

Thomson Reuters could spend more than $2 billion if it found the right purchase, Smith told analysts on a conference call after reporting quarterly earnings.

“If an absolute home-run deal presented itself, we would certainly consider it,” he said.

The company had previously indicated that it wanted to use the funds to bolster its Legal and Tax & Accounting businesses, which are its two biggest units after the F&R deal. Last month, it agreed to buy Integration Point, a trade management software business, for an undisclosed fee.

The F&R unit now operates as a standalone business named Refinitiv.

Shares in Thomson Reuters have risen 35 percent since May 11, helped by its plan to buy back $10 billion of its shares. The stock hit a high of C$62.99 in afternoon trading.

OUTLOOK REITERATED

Smith said the company was on track for a solid 2018 and a better performance in 2019. The company reiterated its forecast, originally given in May, for low single-digit revenue growth in 2018. On the conference call, Smith told analysts that the company’s longer-term goal was for mid-single digit growth.

Edward Jones analyst Brittany Weissman said she was encouraged by growth in the company’s core businesses but was cautious about the outlook.

“We believe there is some uncertainty around Thomson Reuters’ earnings growth over the next couple of years as the company transitions to its new operating structure,” she said.

The company said it now expects adjusted earnings before interest, tax, depreciation and amortization (EBITDA) of $1.3 billion for the year, having previously said it expected $1.2 billion to $1.3 billion. The year-ago figure was $1.6 billion. Smith said he expected underlying profit to improve next year.

For the third quarter, Thomson Reuters reported a smaller-than-expected fall in profit. Earnings per share were 11 cents, adjusted for one-time items, down from 27 cents a year ago, hurt by a higher tax expense. That beat analysts’ average estimate of 3 cents, according to IBES data from Refinitiv.

Overall revenue rose 3 percent, excluding the effect of fluctuating exchange rates, to $1.29 billion. Analysts had expected revenue of $1.32 billion, on average.

Excluding exchange rate effects, Legal revenue rose 4 percent, Tax & Accounting revenue rose 3 percent and revenue from Reuters News fell 4 percent.

Adjusted EBITDA fell 21 percent, excluding the effect of exchange rates, to $302 million, due to the higher income tax expense from the company’s continuing operations, offsetting higher earnings from its discontinued operations.

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