Thursday, April 15

Month: March 2019

Saudis gained access to Amazon CEO Bezos’ phone: Bezos’ security chief

Saudis gained access to Amazon CEO Bezos’ phone: Bezos’ security chief

business
WASHINGTON (Reuters) - The security chief for Amazon chief executive Jeff Bezos said on Saturday that the Saudi government had access to Bezos’ phone and gained private information from it. Gavin De Becker, a longtime security consultant, said he had concluded his investigation into the publication in January of leaked text messages between Bezos and Lauren Sanchez, a former television anchor who the National Enquirer tabloid newspaper said Bezos was dating. Last month, Bezos accused the newspaper’s owner of trying to blackmail him with the threat of publishing “intimate photos” he allegedly sent to Sanchez unless he said in public that the tabloid’s reporting on him was not politically motivated. In an article for The Daily Beast website, De Becker said the parent company of the Nationa
HDFC Bank to add 100 branches in Northeast

HDFC Bank to add 100 branches in Northeast

Finance
HDFC Bank Sunday said that it will open 100 more branches in the northeast region in next three years. The bank will open 100 more branches in the Northeast, taking its branch network close to 230 in the next three years and as a part of the expansion plan. It would also double the number of its branches in Sikkim to 18, HDFC Bank Managing Director Aditya Puri said. HDFC Bank started operations in the Northeast in 2004. As of December 31, 2018 the bank network in the region comprised 126 branches and 203 ATMs. The bank network will also work with the 650 Common Service Centres (CSCs) to be set up in the region by the government for financial services in rural area. "We believe in making an impact to lakhs of people here not just by offering our full-suite of products and services, but als...
Tax breaks for donating to these state-run programs are now shaky

Tax breaks for donating to these state-run programs are now shaky

investment
Whether taxpayers who gave to these funds in 2018 can claim a charitable deduction on their federal return for that year is also uncertain. The IRS and Treasury's proposed rule had an effective date of Aug. 27, 2018. If you made a contribution to a state fund after that date and then claimed it on your 2018 federal tax return as a charitable donation, you're risking a showdown with the IRS, said Daniel Rosen, partner in the North America Tax Practice Group at Baker & McKenzie. "If the final regulations are issued with the retroactive date of Aug. 27, 2018, you'll have to report on your ret...
China March factory activity grows for first time in four months, but exports weak

China March factory activity grows for first time in four months, but exports weak

business
BEIJING (Reuters) - Factory activity in China unexpectedly grew for the first time in four months in March, an official survey showed on Sunday, suggesting government stimulus measures may be starting to take hold. FILE PHOTO: Employees work on the production line of a factory manufacturing fashion accessories in Sihong county, Jiangsu province, China March 27, 2019. REUTERS/StringerIf sustained, the improvement in business conditions could suggest the ailing manufacturing sector is on a path to recovery, easing fears that China could slip into a sharper economic downturn. But many analysts remained cautious on the growth outlook, citing seasonal distortions caused by the long lunar New Year break in February. They argue that real investment and consumer demand remained soft and pushed up...
Branches of Vijaya, Dena Bank to function as BoB outlets from Monday: RBI

Branches of Vijaya, Dena Bank to function as BoB outlets from Monday: RBI

Finance
Branches of Vijaya Bank and Dena Bank will function as Bank of Baroda outlets from April 1, following amalgamation of the two lenders with the latter, the RBI said Saturday. The merger of Vijaya Bank and Dena Bank with Bank of Baroda, will be effective from April 1, 2019. "Consequently, all branches of Vijaya Bank and Dena Bank will function as branches of Bank of Baroda from April 1, 2019. Customers, including depositors of Vijaya Bank and Dena Bank will be treated as customers of Bank of Baroda with effect from April 1, 2019, " the Reserve Bank of India said in a statement. Earlier this week, the government decided to infuse Rs 5,042 crore in BoB to enhance capital base of the lender ahead of the merger. According to the Scheme of Amalgamation, shareholders of Vijaya Bank will get 402 e...
Wells Fargo’s stock is a ‘classic value trap,’ strategist warns

Wells Fargo’s stock is a ‘classic value trap,’ strategist warns

investment
Betting on Wells Fargo might not be a safe bet, according to one strategist. The stock caught Wall Street's attention Thursday following the company's announcement that CEO Tim Sloan was retiring effective immediately. Shares initially surged on the news in after-hours trading before reversing and shedding over 1.5 percent in Friday's session. But even these lows aren't enough to make Joule Financial founder and investment chief Quint Tatro get bullish on Wells Fargo. "If you want to own a ...
South Africa’s Denel may wind down manufacturing for Airbus A400M

South Africa’s Denel may wind down manufacturing for Airbus A400M

business
FILE PHOTO: An Airbus A400M aircraft flies during a display on the first day of the 52nd Paris Air Show at Le Bourget airport near Paris, France, June 19, 2017. REUTERS/Pascal Rossignol/File PhotoJOHANNESBURG (Reuters) - South African state arms company Denel is in talks with Airbus about winding down production of parts for the European planemaker’s A400M military aircraft, Denel said on Saturday. Denel, a cornerstone of South Africa’s once mighty defense industry, is battling to emerge from a financial and operational crisis. In February it said it could sell stakes in some divisions as part of a strategy to return to profits within two years. The company has also been trying to renegotiate onerous contracts and exit parts of its business which are no longer viable, after making a 1.7 b
SBI plans to bring more high net worth customers into its fold

SBI plans to bring more high net worth customers into its fold

Finance
KOLKATA: State Bank of India is going to open 55 wealth management centres across the country by 2020 to its attract high networth customers from private lenders into its fold. SBI has opened wealth management service in 44 major centres so far with a network of 121 wealth hubs. "This is our service oriented initiative. We want to be known as a bank which give correct advice to customers," Managing Director Arijit Basu said. The bank has Friday inaugurated its fourth hub in Kolkata at Chowringhee branch. SBI's wealth service has so far onboarded about 52000 customers and is managing their assets worth Rs 30000 crore. SBI is offering its wealth management service to existing customers with minimum Rs 30 lakh manageable assets. For new customers, the entry threshold has been fixed at Rs 1...
U.S. investors seek comfort in flood of data

U.S. investors seek comfort in flood of data

business
NEW YORK (Reuters) - Wall Street will be watching next week’s economic data with a laser focus after a dismal February jobs report and recessionary warning signals from U.S. Treasury yields. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 26, 2019. REUTERS/Lucas JacksonAfter the longest U.S. government shutdown on record, bad weather and a late 2018 equities sell-off muddied market participants’ view on the U.S. economy in recent months, they are hoping for a clearer view from upcoming data. Investors have been anxious for reassurance since U.S. Treasury 10-year note yields last Friday fell below three-month Treasury bill yields for the first time since 2007. The S&P fell almost 2 percent that day as yield curve inversions are wi
Stay away from Monster Beverage’s stock

Stay away from Monster Beverage’s stock

investment
CNBC's Jim Cramer reminded investors not to step into a battleground stock, a situation where passionate bears are in a standoff with passionate bulls and there's no where to go. "When you get a situation like Monster where a stock keeps getting mauled by the bears, but a couple of heroic analysts remain bullish, that's not a fight you want to be involved in," the "Mad Money" host said. "Believe me, there are lots of easier ways to make money." Shares of Monster Beverage have run more than 10 percent this year. That trails the S&P 500's 13-plus percent gain, and the stock is nearly 5 percent under its price a year ago. ...