Thursday, April 15

Month: February 2019

Huawei units plead not guilty to U.S. trade secret theft

Huawei units plead not guilty to U.S. trade secret theft

business
FILE PHOTO: The logo of Huawei Technologies is pictured in front of the German headquarters of the Chinese telecommunications giant in Duesseldorf, Germany, February 18, 2019. REUTERS/Wolfgang Rattay/File Photo(Reuters) - Huawei Device Co Ltd and Huawei Device USA Inc pleaded not guilty to U.S. fraud, trade secrets conspiracy and other charges, and a trial date was set for March 2020, the Justice Department said on Thursday. The units of China’s Huawei Technologies Co Ltd were arraigned in U.S. District Court in Seattle, and Chief U.S. District Judge Ricardo S. Martinez set trial for March 2, 2020. The two companies were charged in an indictment unsealed last month that they conspired to steal T-Mobile US Inc trade secrets between 2012 and 2014. The charges have added to pressure from t
Sunrise seeks to compete on price after $6.3 billion UPC deal

Sunrise seeks to compete on price after $6.3 billion UPC deal

business
Swiss telecoms company Sunrise's logo is seen at its headquarters in Opfikon, Switzerland February 6, 2019. REUTERS/Arnd WiegmannZURICH (Reuters) - Swiss telecoms group Sunrise wants to crank up price competitiveness following its 6.3 billion Swiss franc ($6.3 billion) takeover of Liberty Global’s Swiss unit and also expects job cuts from the deal, Chief Executive Olaf Swantee told Reuters on Thursday. “Our strategy at Sunrise won’t change, but will be bolstered,” Swantee said. “We compete first and foremost through quality, secondly through innovation but thirdly and also very clearly through value for money. Because we will now have our own network infrastructure and TV platform, we will be able to boost that.” The purchase of Liberty’s UPC Switzerland, to be accompanied by a 4.1 bil
IL&FS sees management collusion, fraud in IFIN’s bad loans

IL&FS sees management collusion, fraud in IFIN’s bad loans

Finance
MUMBAI: The government-appointed board of IL&FS is planning to initiate criminal proceedings against several defaulters of IL&FS Financial Services (IFIN), charging them of colluding with the erstwhile management. This is after discovering large-scale irregularities, which includes ever-greening of loans and funds being routed to entities that are ineligible to borrow. “We have initiated legal action against companies that have defaulted on due payment to IFIN, after giving them adequate notice to make payment. We also propose to take legal action in cases where loans have been sanctioned in collusion — by concerned committee of office bearers — with the borrowers,” said an IL&FS spokesperson in response to a query from TOI. According to sources, of IFIN’s outstanding loan boo
Management matters – just look at GE

Management matters – just look at GE

investment
In Cramer's lightning round, the "Mad Money" host flew through his ideas on viewers' favorite companies: Aurinia Pharmaceuticals Inc.: "No, not a takeover candidate. No, not without the approval because ... [if] it doesn't get the approval it's supposed to have then I tell you this one goes much lower. You wanna do it on approvals and—[CEO Richard] Glickman's good, I'd like to have him on the show but I am not going to endorse it until I know more." Centene Corp.: "Listen, that group has been real weak all of a sudden. That whole group has been—there's an introduction of a bill that I think that will not pass about universal Medicare. It's driving all
Apple self-driving car layoffs give hints to division’s direction

Apple self-driving car layoffs give hints to division’s direction

business
(Reuters) - Apple Inc said on Wednesday it planned to lay off 190 employees in its self-driving car program, Project Titan, changes that provide a rare window into the automotive technologies the company has been pursuing. FILE PHOTO: The Apple Inc. store is seen on the day of the new iPhone 7 smartphone launch in Los Angeles, California, U.S., September 16, 2016. REUTERS/Lucy Nicholson/File PhotoThe tech firm said in a filing with state regulators that it planned to lay off people from seven different Santa Clara facilities near its Cupertino, California headquarters, as of April 16. A company spokesman confirmed that the reduction was from the self-driving car program. While the iPhone maker has acknowledged its interest in self-driving cars in broad terms, it has never detailed precise...
PNB cuts MCLR rates by 10 bps from March 1

PNB cuts MCLR rates by 10 bps from March 1

Finance
State-owned Punjab National Bank (PNB) on Wednesday said it will reduce the MCLR by 0.10 percentage point for various tenor loans from March 1. There is a reduction in the marginal cost of funds based lending rate (MCLR) with effect from March 1, 2019, PNB said in a regulatory filing. The one-year tenor loans, against which most of the consumer loans are benchmarked, has been cut to 8.45 per cent from 8.55 per cent. The three-year MCLR has been cut to 8.65 per cent. The rates for overnight, one/three/six month MCLRs are also down by 10 basis points each at 8.05 per cent, 8.10 per cent and 8.15 per cent respectively. Base rate at 9.25 per cent will remain unchanged, bank said. Country's largest lender SBI on February 8 had announced to cut home loan rates by 0.05 percentage point for loans...
Credit reporting agencies face pressure from skeptical U.S. Congress

Credit reporting agencies face pressure from skeptical U.S. Congress

business
(This Feb. 26 story corrects the name of Equifax in paragraph 2) FILE PHOTO: The U.S. Capitol is shown after the U.S. government reopened with about 800,000 federal workers returning after a 35-day shutdown in Washington, U.S., January 28, 2019. REUTERS/Joshua Roberts/File PhotoBy Pete Schroeder WASHINGTON (Reuters) - The nation’s major credit reporting agencies faced renewed scrutiny from Congress on Tuesday, as lawmakers consider legislation overhauling the industry. Top executives from the three major credit reporting agencies - Equifax Inc, Experian Plc and TransUnion had to defend their business models before skeptical lawmakers who appeared eager to order changes to the sector following Equifax’s massive data breach, disclosed in 2017. “Our nation’s consumer credit reporting system
Companies like Square and T-Mobile look to shake up normally boring earnings reports

Companies like Square and T-Mobile look to shake up normally boring earnings reports

investment
Gone are the days of boring earnings reports — at least for some companies. Square, T-Mobile, Adidas and others have been adapting to a more Main-Street-friendly version of these typically dry, Wall Street-centric quarterly events. "It's a sign of the times — everyone now is focused on presentation. It all comes from that Steve Jobs school of thought on presentation and style," said Nomura Instinet analyst Dan Dolev, who covers Square. For those who have never read an earnings report, it's typically a black and white document filled with numbers desc
U.S.-China trade: tariff and non-tariff barriers

U.S.-China trade: tariff and non-tariff barriers

business
(Reuters) - U.S. President Donald Trump said this week he may soon sign a deal with Chinese President Xi Jinping to end a trade war blamed for slowing global economic growth and disrupting markets. U.S. President Donald Trump looks on during a meeting with China's Vice Premier Liu He and U.S. Trade Representative Robert Lighthizer (R) in the Oval Office at the White House in Washington, U.S., February 22, 2019. REUTERS/Carlos BarriaCiting progress in talks between the two countries, Trump said he would delay a planned increase in tariffs to 25 percent from 10 percent on $200 billion of Chinese imports. China’s trade surplus with the United States, which is at the center of their dispute, rose to $323.32 billion last year, the biggest on record going back to 2006. Graphic: China's trade s
In deposit war, private sector banks win hands down

In deposit war, private sector banks win hands down

Finance
Mumbai: Are private sector banks winning the deposit war against public sector banks? It would appear so given the recent figures from the Reserve Bank of India. The difference between the weighted average term deposit rates of public sector banks and their private sector counterparts has increased to the highest in at least five years showcasing private banks’ ability to raise rates and drive higher credit growth. Data from the Reserve Bank of India (RBI) highlighted by Elara Securities shows that average term deposit rates for private sector banks in December 2018 was 43 basis points higher at 7.21% compared to 6.78% for public sector banks. One basis points is 0.01 percentage point. This is the highest differential between private and public-sector banks in at least five years and show