Thursday, April 15

Month: January 2019

SBI denies data leak charges, but customers be on alert

SBI denies data leak charges, but customers be on alert

Finance
MUMBAI: State Bank of India (SBI), the country’s biggest lender, said that the data of its customers are safe and that it is continuing to probe the systems for a potential breach of security after a Techcrunch report on data compromise at the bank. "Basis our initial probe, we hereby confirm that SBI's data continue to remain secure and all profiles and financial records of our customers are safe,” a bank spokesperson said in a note. “The bank is continuing its investigation into all the components of the ecosystem to ascertain that there is no other impact." Earlier, the foreign Web site claimed that the SBI server was located in a Mumbai data centre and was not protected by a password for an unknown period. This allowed anyone access to financial information, such as bank balances and
Amazon is about to report earnings, and there’s one thing to watch

Amazon is about to report earnings, and there’s one thing to watch

investment
Amazon will be the latest FANG stock to report earnings with its release after the bell Thursday. And one market watcher expects the e-commerce leader to knock it out of the park. "We own this one and we continue to love the growth story," said Mark Tepper, president of Strategic Wealth Partners, on CNBC's "Trading Nation" on Wednesday. "The bears always focus on the multiple, the forward P/E which is high ... but it's really not that expensive in terms of its growth." Amazon trades at 59 times forward earnings, meaning investors are prepared to pay ...
Deutsche Bank focused on profit, not Commerzbank tie-up: source

Deutsche Bank focused on profit, not Commerzbank tie-up: source

business
FRANKFURT (Reuters) - Deutsche Bank is focused on achieving sustainable profitability, a source at Germany’s largest bank said on Thursday, seeking to distance the lender from talk of a merger with rival Commerzbank. FILE PHOTO - Banners of Deutsche Bank and Commerzbank are pictured in front of a trader at the stock exchange in Frankfurt, Germany, September 30, 2016. REUTERS/Kai PfaffenbachThe suggestion that such a merger is the only option for Deutsche is “completely false”, said the source, speaking on condition of anonymity. Shares in both lenders tumbled on Thursday after Bloomberg reported that Deutsche was expecting a government-brokered merger with Commerzbank by mid-year if efforts to restructure the lender fall short of targets. A merger may become the only option if Deutsche’
Chanda Kocchar: ICICI Board must answer for the scandal around Chanda Kochhar

Chanda Kocchar: ICICI Board must answer for the scandal around Chanda Kochhar

Finance
by Andy Mukherjee India’s ICICI Bank Ltd. is seeking to claw back bonuses and stock options paid to departed Chief Executive Officer Chanda Kochhar. That gives shareholders of the nation’s second-biggest private sector lender some justice. But the board should be made to hang its head in shame. Allegations of conflict of interest against the CEO first arose in October 2016. At the heart of the scandal was a 32.5 billion rupee ($456 million) loan to Videocon Group. Kochhar’s husband had beneficial business dealings with Videocon Managing Director Venugopal Dhoot, yet the CEO didn’t recuse herself from the credit committee that sanctioned the loan in 2012. For more than a year, the board of directors sat on a whistleblower’s complaint. Worse still, when the media started asking questions, C
Facebook keeps attracting digital ads, shares jump after hours

Facebook keeps attracting digital ads, shares jump after hours

business
(Reuters) - Facebook Inc reported better-than-expected profit on Wednesday, showing that digital advertisers were still flocking to spend money on the service in order to reach customers even after a series of high profile embarrassments for the world’s largest online social media network. Investors have worried that Facebook’s pledge to invest heavily to improve its privacy and security standards would blunt the company’s growth, but its fourth-quarter results appeared to soothe those concerns, sending its stock price up more than 11 percent after hours. “The worst is over for this social media giant,” said Haris Anwar, an analyst at Investing.com: “Its ad business and user engagement haven’t been affected despite all the negative blows of the past year.” The company has struggled with
iPhone subscription model would be game changing for Apple: Top analyst

iPhone subscription model would be game changing for Apple: Top analyst

investment
One of Apple's biggest dilemmas is that iPhone sales, the company's bread and butter, are shrinking as the replacement cycle becomes lengthier. But Toni Sacconaghi, a top Apple analyst on Wall Street, told CNBC on Wednesday that his firm would upgrade the stock if the company could create a subscription plan for its consumer products like the iPhone. "If Apple was able to turn the iPhone business into a subscription business ... [and] somehow convert more consumers to buying something that's transactional today into a subscription model, we think that would make a world of difference and that would be something we'd view ver...
Chanda Kochhar: Here’s all that finally did Chanda Kochhar in

Chanda Kochhar: Here’s all that finally did Chanda Kochhar in

Finance
NEW DELHI: After initial denials, now it has been established by an independent probe that ICICI Bank's ex-CEO Chanda Kochhar had indeed violated the company code of conduct. A committee headed by retired Justice B.N. Srikrishna committee has indicted Kochhar. The indictment comes less than a week after the Central Bureau of Investigation (CBI) turned its preliminary enquiry, in which it was probing the alleged nexus between Deepak Kochhar, husband of ICICI Bank ex-CEO Chanda Kochhar and Videocon group MD Venugopal Dhoot, into an FIR. The CBI has booked the three of them in connection with alleged cheating and irregularities in loans sanctioned by the bank to the Videocon group in 2012. After the CBI probe started last year, Kochhar sought an early retirement and the bank accepted her re...
Luxury stocks may yet lose luster despite China’s taste for Vuitton

Luxury stocks may yet lose luster despite China’s taste for Vuitton

business
PARIS (Reuters) - Even if LVMH is right that Chinese demand is as strong as ever for items like its $3,150 Louis Vuitton mini-backpacks, there are still plenty of danger signs for luxury stocks this year, from slowing U.S. growth to a drop in Swiss watch exports. A man walks past a boutique of the Louis Vuitton luxury goods company in Beijing, China, November 30, 2016. Picture taken November 30, 2016. REUTERS/Thomas PeterLVMH’s reassuring fourth-quarter performance and outlook put paid to fears for now that demand in China is stalling and lifted shares at European luxury peers on Wednesday, who depend on Chinese consumers for a third of sales. But hints of softer demand in the United States evoked by Britain’s Burberry, and dips in Swiss watch exports spell challenging times ahead afte
Exclusive: Foxconn reconsidering plans to make LCD panels at Wisconsin plant

Exclusive: Foxconn reconsidering plans to make LCD panels at Wisconsin plant

business
(Reuters) - Foxconn Technology Group is reconsidering plans to make advanced liquid crystal display panels at a $10 billion Wisconsin campus, and said it intends to hire mostly engineers and researchers rather than the manufacturing workforce the project originally promised. FILE PHOTO: A shovel and FoxConn logo are seen before the arrival of U.S. President Donald Trump as he participates in the Foxconn Technology Group groundbreaking ceremony for its LCD manufacturing campus, in Mount Pleasant, Wisconsin, U.S., June 28, 2018. REUTERS/Darren HauckAnnounced at a White House ceremony in 2017, the 20-million square foot campus marked the largest greenfield investment by a foreign-based company in U.S. history and was praised by President Donald Trump as proof of his ability to revive Americ...
Taxman targets banks for free logo use by subsidiaries

Taxman targets banks for free logo use by subsidiaries

Finance
MUMBAI: The tax department has started issuing notices to banks that allow subsidiaries, such as mutual fund and insurance units, to use their logos for free. The tax department wants the banks to pay 18% GST on the “deemed” value of such transactions and has even calculated how much these are worth, said people with knowledge of the matter. State Bank of India, Citibank, ICICI Bank, Bank of Baroda, Kotak Mahindra Bank and others have received show-cause notices or are being scrutinised and could soon be getting them, said people with direct knowledge of the matter. Subsidiaries use logos for the promotion of related products with the understanding — sometimes included in a contract — that no fees have to be paid. The tax department says these are “related party transactions” and hence sh