Thursday, April 15

Month: October 2019

Exxon, Chevron expected to post steep drops in earnings

Exxon, Chevron expected to post steep drops in earnings

investment
Exxon and Chevron report earnings on Friday before the bell as energy companies continue to struggle, pressured by falling oil prices, waning demand and squeezed margins.The Street is expecting Exxon's earnings to plummet by more than 50% from a year ago. For Chevron, it's a more modest 29% decline.ExxonExxon is expected to report third-quarter earnings of 67 cents per share, according to estimates from FactSet, and $60.9 billion in revenue.The EPS number is 54% below the $1.46 the company reported in the same quarter a year earlier, while revenue forecasts are 20% lower than the $75.68 billion the company earned in the third quarter of 2018.Analysts were more or less warned ahead of time that the company might continue to face headwinds this quarter.In an Oct. 1 8-K filing with the Secur...
Trump bets on Fed cuts to help the dollar. Don’t count on it

Trump bets on Fed cuts to help the dollar. Don’t count on it

business
WASHINGTON (Reuters) - U.S. President Donald Trump says further Federal Reserve rate cuts would lower the value of the dollar and help the country’s trade position. FILE PHOTO: U.S. President Donald Trump makes a statement at the White House following reports that U.S. forces attacked Islamic State leader Abu Bakr al-Baghdadi in northern Syria, in Washington, U.S., October 27, 2019. REUTERS/Jim BourgThey haven’t so far this year, and likely won’t as long as the world economy wobbles through an epoch of slowing growth and doubt about the future of the global trading system - forces likely to keep the dollar higher even if Fed rate reductions tend to undercut it. The dollar’s value against a global basket of currencies was trading on Thursday roughly where it was at the start of the year, b
Details of 1 million Indian cards up for sale online

Details of 1 million Indian cards up for sale online

Finance
BENGALURU: Details of about 1.3 million (13 lakh) debit and credit cards have been put up for sale on a darknet marketplace called Joker’s Stash. It is believed that the data dump could have been obtained by skimming details from the magnetic stripe on the cards, while bank users were using ATMs and point of sale machines. Group-IB — a Singapore-based firm that specialises in detection and prevention of cyber attacks — said of the 1.3 million cards, 98% are believed to be from India. Total cards in circulation in India, including both debit and credit, stood at 971.7 million as of September 2019. The fraudsters selling the data claim that they have both track-1 and track-2 data, which can be used for online transactions or for cloning cards. Researchers at Group-IB found card details b
Qantas, Southwest step up checks of Boeing 737 NGs after more cracks found

Qantas, Southwest step up checks of Boeing 737 NGs after more cracks found

business
SYDNEY/CHICAGO (Reuters) - Qantas Airways Ltd (QAN.AX) and Southwest Airlines Co (LUV.N) are stepping up checks for structural cracks on Boeing Co (BA.N) 737 NGs after discovering problems with planes that did not require urgent inspections, airline sources said. FILE PHOTO: Boeing employees work on the tail of a Boeing 737 NG at the Boeing plant in Renton, Washington December 7, 2015. REUTERS/Matt Mills McKnight The cracks are on what is known as the “pickle fork” - a part that attaches the plane’s fuselage, or body, to the wing structure. Repairing the cracks requires grounding the airplane and costs an estimated $275,000 per aircraft, according to aviation consultancy IBA. The are currently thousands of 737 NG planes in use by airlines around the world. The issue surfaced while the new
Former Exxon chief says company had no incentive to downplay costs

Former Exxon chief says company had no incentive to downplay costs

investment
Former Exxon CEO Rex Tillerson said the company tried to understand the impact of climate change, and tried to accurately communicate the impact to shareholders, as he testified on Wednesday in New York during the second week of a trial against the oil giant.The case, brought by New York Attorney General Letitia James, alleges that the company deceived investors about the true cost of climate change. The $1.6 billion suit is the result of a four-year investigation, and the first climate fraud suit to go to trial.Rex Tillerson, former chief executive officer of Exxon Mobil Corp., arrives at state court in New York, U.S., on Wednesday, Oct. 30, 2019.Jeenah Moon | Bloomberg | Getty ImagesExxon assesses the impact of climate change through a public proxy cost, as well as through a greenhouse ...
Peugeot, FCA accelerate merger talks: sources

Peugeot, FCA accelerate merger talks: sources

business
MILAN/PARIS (Reuters) - The boards of French automaker Peugeot SA(PEUP.PA) and Fiat Chrysler Automobiles NV (FCAU.N) (FCHA.MI) on Wednesday agreed to pursue a $50 billion merger, sources familiar with the matter said, a deal that could transform the global auto industry. The two companies have yet to announce a formal agreement, and a deal could collapse as executives dig into the details of a merger. But as of late Wednesday, the companies were progressing quickly toward an announcement as early as Thursday morning, the people said. Among the potential selling points to investors: Projected annual cost savings of 4 billion euros, people familiar with the discussions said. The directors of Exor NV (EXOR.MI), the holding company of Italy’s Agnelli family which effectively controls Fiat Ch
1.3 mn Indian payment cards’ details up for sale on Dark Web

1.3 mn Indian payment cards’ details up for sale on Dark Web

Finance
New Delhi: Nearly 1.3 million debit and credit card data of Indian banking customers that can fetch up to $130 million for cybercriminals are available on Dark Web for open sale. According to ZDNet, the cards' details is available on Joker's Stash -- one of the oldest card shops on the dark web which is known to be the place where major hackers sell card dumps. The researchers from cyber security form Group-IBA found the Indian card holders' listing. Joker's Stash is advertising it under the "INDIA-MIX-NEW-01" heading. The debit and credit cards belong to multiple Indian banks and are being sold for $100 each, in what security researchers have dubbed one of the biggest card dumps in recent years. "Early data analysis suggests the card details may have been obtained via skimming devices, i...
Bayer says U.S. farmers unfazed by glyphosate litigation

Bayer says U.S. farmers unfazed by glyphosate litigation

business
FILE PHOTO: The logo of Bayer AG is pictured outside a plant of the German pharmaceutical and chemical maker in Wuppertal, Germany August 9, 2019. REUTERS/Wolfgang Rattay/File PhotoFRANKFURT (Reuters) - Bayer (BAYGn.DE), the world’s largest maker of seeds and pesticides, said U.S. farmers were unperturbed by lawsuits seeking damages from Bayer for an alleged cancer-causing effect of glyphosate-based herbicides. “There is extremely strong support among farmers, who are imploring us to keep this crop chemical - which is systemically relevant for the preparation of fields - on the market,” Chief Executive Werner Baumann told journalists in a conference call on Wednesday. He added third-quarter herbicide sales were roughly on par with the year-earlier level. Bayer, which relies for most of it
Study says 630 million could be below projected flood levels by 2100

Study says 630 million could be below projected flood levels by 2100

investment
More people could be in danger from rising sea levels than previously thought, a new study says.The report, published on Tuesday by Nature Communications, found that by the end of the century as many as 630 million people could live on land below projected flood levels. This is three times greater than prior estimates.Lanni Bailey and a team from Muddy Paws Second Chance Rescue enter a flooded house to pull out several cats during the flooding of the Missouri River near Glenwood, Iowa, March 18.Passport Aerial Photography | ReutersIn the nearer-term, the study found that 340 million people currently live on land that will be vulnerable to flooding by 2050. Both of these figures are based on extreme conditions, accounting for a rise in greenhouse gas emissions, and include the impact from ...
Baby steps before leap: Global banks, now sense a new vista — regional trade

Baby steps before leap: Global banks, now sense a new vista — regional trade

Finance
At Citibank’s offices in Chennai and Delhi, two Japanese nationals are performing a very special role the 200-year- old financial giant has never tried before. These executives have been specially relocated from Tokyo to liaise with corporate giants such as Hitachi, Honda, Panasonic and conglomerates like Mitsubishi that sell power turbines to auto components in India. Citi, which claims nearly a third of the market share in the multinational business, has also similar desks to service South Korea’s chaebols like Samsung and Hyundai, which dominate the domestic electronics and automobile markets but keen to retain their global trading volume amid disruptions in global supply chain due to the US-China trade war. It isn’t just that. There is also a special China-Taiwan desk the bank started