Why a near-miss cyberattack put US officials and the tech industry on edge
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German software developer Andres Freund discovered that the latest version of the open source software program XZ Utils had been deliberately sabotaged by one of its developers, a move that could have carved out a secret door to millions of servers across the internet. Security experts say it’s only because Freund spotted the change before the latest version of XZ had been widely deployed that the world was spared a digital security crisis. The developer who introduced the backdoor, Jia Tan, is believed to be a pseudonym for an expert hacker or group of hackers working on behalf of a powerful intelligence service. The incident has raised concerns about the safety of open source software and the need to protect it. Government officials are also considering the implications of the near-miss and discussing how to protect open source code. The Cybersecurity and Infrastructure Security Agency (CISA) is urging tech companies to contribute resources back to the open source communities that build and maintain the software.
#Cyberattack #UsOfficials #TechIndustry #OpenSourceSoftware #XzUtils #Backdoor #JiaTan #IntelligenceService #CybersecurityAndInfrastructureSecurityAgency #Cisa
Morning Bid: All eyes on the jobs market
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Federal Reserve Chair Jerome Powell is awaiting new numbers on weekly jobless claims, with economists expecting the number to come in at 214,000. On Friday, March's nonfarm payroll employment data will be released, with analysts predicting the addition of 200,000 jobs. The Institute for Supply Management's gauge of the service sector came in weaker than expected, causing the dollar to decline. European stocks were up slightly, while oil traded at a five-month high. Euro zone inflation dropped to 2.4% in March, lower than expected. US March consumer price inflation data is due next week.
#JobsMarket #FederalReserve #JeromePowell #WeeklyJoblessClaims #NonfarmPayrollEmploymentData #InstituteForSupplyManagement #ServiceSector #Dollar #EuropeanStocks #Oil #EuroZoneInflation #UsConsumerPriceInflation
https://www.investing.com/news/economy/morning-bid-all-eyes-on-the-jobs-market-3365244
Ex-Marine facing extradition in Australia says wasn't US citizen at time of offence
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A former U.S. Marine Corps pilot, Daniel Duggan, who is facing extradition from Australia to the United States, will argue that he was no longer a U.S. citizen at the time of two of the alleged offences, including training Chinese pilots. Duggan, a 55-year-old Australian citizen, was arrested in October 2022 and is facing charges of money laundering and breaking U.S. law by training Chinese military pilots to land on aircraft carriers. His barrister stated that Duggan renounced his U.S. citizenship in January 2012, while the U.S. government claims he didn't lose his citizenship until 2016. Duggan's family is seeking government aid to continue his legal defense after spending A$800,000 on legal fees. The hearing on Duggan's eligibility for extradition is scheduled for May 24.
US Senate to consider nomination of NTSB chair for new term
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The U.S. Senate Commerce Committee will hold an April 10 hearing on the nomination of Jennifer Homendy to serve a new term as chair of the National Transportation Safety Board. Homendy, who has served on the board since 2018 and has been chair since August 2021, was renominated by President Joe Biden last month. She was the on-scene board member for last week's Baltimore bridge collapse and the Jan. 5 Alaska Airlines Boeing 737 MAX 9 mid-air emergency prompted by a door panel blowout. Homendy has also urged action after a series of near-miss aviation safety incidents and pushed for new train safety measures after the February 2023 derailment of a train in East Palestine, Ohio. She has criticized Boeing's lack of cooperation in the door plug probe and the National Highway Traffic Safety Administration for failing to ensure driver assistance systems are safe.
#UsSenate #Ntsb #JenniferHomendy #TransportationSafety #AviationSafety #TrainSafety #Boeing #NationalHighwayTrafficSafetyAdministration
Citi, JPMorgan, RBC to give new climate metric in deals with New York City
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Citigroup, JPMorgan, and Royal Bank of Canada (RBC) have agreed to disclose a new climate metric under agreements with New York City Comptroller Brad Lander. The banks will disclose their ratio of financing for low-carbon energy projects compared with their financing for fossil fuel projects. In return, retirement funds overseen by Lander have withdrawn shareholder resolutions calling for the disclosures. The new transparency will help investors measure the banks' commitment to climate goals. The forthcoming reports should cover equity and debt underwriting, syndicated lending, and project finance. JPMorgan and RBC have expressed their commitment to developing a decision-useful approach to disclosing a clean energy financing ratio. Citi's Chief Sustainability Officer, Val Smith, stated that the new metric will add to the bank's existing suite of climate reporting metrics.
#Citigroup #Jpmorgan #RoyalBankOfCanada #ClimateMetric #NewYorkCity #BradLander #LowcarbonEnergyProjects #FossilFuelProjects #RetirementFunds #ShareholderResolutions #Transparency #ClimateGoals #EquityUnderwriting #DebtUnderwriting #SyndicatedLending #ProjectFinance #CleanEnergyFinancingRatio #DecisionusefulApproach #CitiChiefSustainabilityOfficer #ValSmith #ClimateReportingMetrics
BlackBerry reports surprise profit on demand for cybersecurity services
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Canada's BlackBerry reported a surprise profit for the fourth quarter, with an adjusted net profit of 3 cents per share, beating analysts' average estimate of a loss of 3 cents. The company's quarterly revenue stood at $173 million, beating analysts' average estimate of $154.78 million. Revenue in the cybersecurity unit rose 5% year-on-year to $92 million, while revenue from its internet of things (IoT) business jumped 25% to $66 million. BlackBerry expects first-quarter revenue in the range of $130 million to $138 million, below analysts' estimate of $151.12 million. The company expects full-year 2025 revenue in the range of $586 million to $616 million and adjusted loss per share of 3 cents to 7 cents.
#Blackberry #Cybersecurity #Profit #Revenue #Iot
Google plans to charge for AI-powered search engine, FT reports
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Google is considering charging for premium features on its AI-powered search engine, according to the Financial Times. The tech giant is exploring options to incorporate AI-powered search features into its premium subscription services, while keeping its traditional search engine free and ad-supported. This move marks Google's first attempt to put one of its core products behind a paywall as it seeks to compete in the fast-growing AI space. Alphabet's shares dipped about 1% in extended trade.
Morning Bid: Bond selloff pauses on Powell, dollar wilts
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A pause in the global bond market selloff, stabilization on Wall Street, and a softer dollar should all help support Asian markets on Thursday. Federal Reserve Chair Jerome Powell reiterated that policymakers can take their time deliberating over when to deliver their first rate cut. U.S. Treasury Secretary Janet Yellen is visiting China as evidence mounts that the economy may finally be emerging from its post-lockdown funk. The recent whittling away of U.S. rate cut expectations has recently begun to squeeze bond and stock markets around the world. China's tentative recovery is also supporting the continued rise in global commodity prices. Investors will be wary of further aftershocks following a 7.2 magnitude earthquake that rocked Taiwan on Wednesday. India's services PMI figures will be closely watched to see if they match the strength of the manufacturing PMI earlier this week.
#BondMarket #AsianMarkets #FederalReserve #RateCut #JanetYellen #China #CommodityPrices #Earthquake #India #Pmi
Samsung profit likely biggest in six quarters on higher chip prices
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Samsung Electronics is expected to post a near nine-fold increase in first-quarter profit from a year earlier as rebounding semiconductor prices lift earnings from a low base caused by a severe chip downturn. Operating profit likely rose to 5.7 trillion won ($4.24 billion) in the quarter ended March 31, the highest since Q3 2022. The chip division is expected to report its first quarterly profit in five quarters of about 750 billion won. Memory chip prices have rebounded, with DRAM chips up 20% and NAND Flash chips up 23-28% in Q1. Samsung's mobile business likely reported an operating profit of around 3.8 trillion won, with an estimated 57 million smartphones shipped in Q1, up 8% from the previous quarter. The average selling price of Samsung smartphones also likely rose 30% to $340 quarter-on-quarter.
#SamsungElectronics #SemiconductorPrices #ChipDivision #MemoryChipPrices #SmartphoneSales
US FDA approves Basilea Pharmaceutica's antibiotic
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The U.S. Food and Drug Administration (FDA) has approved Basilea Pharmaceutica's antibiotic ceftobiprole for the treatment of bacterial infections, including multidrug-resistant strains. The Switzerland-based company sought approval for the treatment of Staphylococcus aureus bacteremia, acute bacterial skin and skin structure infections, and community-acquired bacterial pneumonia. The approval provides additional options for patients who have developed resistance to currently available antibiotics. The antibiotic, sold under the brand name Zevtera, is an advanced-generation cephalosporin antibiotic that works against a wide range of Gram-positive and Gram-negative bacteria, including methicillin-resistant strains.
#Fda #BasileaPharmaceutica #Antibiotic #Ceftobiprole #BacterialInfections #MultidrugresistantStrains #StaphylococcusAureusBacteremia #AcuteBacterialSkinAndSkinStructureInfections #CommunityacquiredBacterialPneumonia #GrampositiveBacteria #GramnegativeBacteria #MethicillinresistantStrains
https://www.investing.com/news/economy/us-fda-approves-basilea-pharmaceuticas-antibiotic-3364318
Senior US diplomat links AUKUS submarine pact to Taiwan
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The State Department's No. 2 diplomat, Kurt Campbell, suggested that the AUKUS submarine project between Australia, Britain, and the U.S. could help deter any Chinese move against Taiwan. The project involves Australia acquiring nuclear-powered attack submarines as part of the allies' efforts to push back against China's growing power in the Indo-Pacific region. Campbell made a rare linkage between Taiwan and AUKUS, stating that the new submarine capabilities would enhance peace and stability, including in the strait that separates China and Taiwan. China has called the AUKUS pact dangerous and warned it could spur a regional arms race. U.S. President Joe Biden has sought to step up partnerships with allies in Asia, including Japan and the Philippines, amid China's military build-up and territorial assertiveness.
#Aukus #SubmarinePact #Taiwan #China #Indopacific #Diplomacy
Biden to speak with Netanyahu on Thursday, US official says
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U.S. President Joe Biden will speak by phone with Israeli Prime Minister Benjamin Netanyahu on Thursday, three days after Israel launched an attack in which seven World Central Kitchen aid workers were killed, a U.S. official said. The White House has described Biden as outraged and heartbroken by the attack but the president has made no fundamental change in the United States' steadfast support for Israel in its conflict in Gaza.
#JoeBiden #BenjaminNetanyahu #Israel #Gaza #WorldCentralKitchen
Top tech analyst shares a list of his favorite chip stocks
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Analysts at Mizuho highlighted their favorite semiconductor chip stocks in a note to clients this week, saying that "semi investors tend to like and favor signs of a trough or bottom and that is signaled to be 2024." The firm stated they remain bullish on memory and HDDs overall and still like Micron Technology, and Silicon Motion Technology despite the strong outperformance as of late. Mizuho noted a recent article that claimed Samsung could raise SSD pricing as much as 25% quarter-on-quarter in the second quarter, and that strong demand and lack of supply could result in an "out of stock" situation in SSDs for Samsung. "That would be very good for MU and WDC and SIMO in terms of ASPs for their businesses," added Mizuho.
Nvidia supplier SK Hynix to invest $3.87 billion in US chip packaging plant
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SK Hynix, the world's second-largest memory chip maker, will invest $3.87 billion to build an advanced packaging plant and research and development facility for AI products in Indiana. The new plant will include an advanced chip production line to mass-produce next-generation high bandwidth memory (HBM) chips, currently used in graphic processing units that train artificial intelligence systems. Mass production is planned to start in the second half of 2028. The facility will also house a packaging R&D line. SK Hynix pledged in 2022 to invest $15 billion in the semiconductor industry through R&D programs, materials, and the creation of an advanced packaging and testing facility in the US.
#SkHynix #Nvidia #ChipPackagingPlant #Investment #SemiconductorIndustry #AiChips
U.S. private employers add 184,000 jobs in March - ADP
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Private sector employment in the U.S. increased by 184,000 jobs in March, surpassing economists' forecast of 148,000 jobs. This marks the largest increase in hiring since July and is led by the leisure and hospitality sector. Job gains were strong across industries except for professional services. Year-over-year pay gains for job-stayers remained flat at 5.1%, while gains for job-changers rose to 10%. The ADP numbers serve as a precursor to the non-farm payrolls report, which is expected to show that the U.S. economy added 205,000 jobs in March. The unemployment rate is forecast to remain unchanged at 3.9% and annual wage growth is expected to slow to 4.1% from 4.3% in February.
#UsPrivateSector #Employment #Jobs #Adp #Economists #LaborMarket #NonfarmPayrolls #UnemploymentRate #WageGrowth
Lenz Therapeutics' eye disease drugs meet main goal of late-stage study
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Lenz Therapeutics announced that its experimental drugs to treat loss of near vision met the main goal of a late-stage study. The lead product candidate, LNZ100, showed statistically significant improvement in patients' ability to see details at a distance of 20 feet at three hours post-treatment. The other drug, LNZ101, also showed similar results but did not show superiority to LNZ100. Lenz plans to submit a marketing application for LNZ100 in the United States in mid-2024.
#LenzTherapeutics #EyeDiseaseDrugs #LatestageStudy #Lnz100 #Lnz101 #VisionLoss #Treatment #MarketingApplication
Reliance acquires American Alloy Steel to boost portfolio
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Reliance, Inc. has acquired American Alloy Steel, a specialty steel distributor based in Houston, Texas. The acquisition is part of Reliance's strategic initiative to enhance its value-added processing and fabrication capabilities and expand its specialty carbon steel plate product offerings. American Alloy Steel reported annual net sales of approximately $310 million for the year ending December 31, 2023. The existing management team of American Alloy will continue to lead the company. Reliance, headquartered in Scottsdale, Arizona, operates as the largest metals service center company in North America with a network of over 315 locations across 40 states and 12 countries. The acquisition is expected to be immediately accretive to Reliance's operations.
Innospec COO announces retirement plans for 2025
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Dr. Philip Boon, the Executive Vice President and Chief Operating Officer of Innospec Inc., has announced his retirement on March 31, 2025. Dr. Boon will continue to provide consultancy services to the company after his retirement. The company has not yet named a successor for Dr. Boon. Investors will be monitoring how Innospec manages this leadership change.
MarketAxess reports record trading volumes in key sectors
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MarketAxess Holdings Inc. has reported a substantial increase in trading volumes across several categories for the first quarter ended March 31, 2024. The company witnessed a record total credit average daily trading volume (ADV) of $15.0 billion, marking a 9.2% rise from the previous year. Significant growth was observed in U.S. high-grade ADV, which surged by 18.0% to reach a record $7.5 billion. Emerging markets also experienced a notable uptick with a 17.3% increase in ADV, totaling a record $3.6 billion. The Eurobonds sector also reached a new high with a 10.6% increase in ADV to $2.0 billion. However, U.S. high-yield ADV fell by 29.4% to $1.4 billion. MarketAxess CEO Chris Concannon noted the record levels of ADV across product areas and the role of the new MarketAxess X-Pro in increasing client engagement.
#Marketaxess #TradingVolumes #CreditTrading #EmergingMarkets #Eurobonds #HighyieldTrading
Quhuo reports revenue surge from vehicle exports
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Quhuo Limited, a gig economy platform in China, has reported a significant surge in revenues from its vehicle export solutions. For the second half of 2023, vehicle export revenues reached RMB 142.5 million, accounting for 81.3% of the revenue from mobility solution services and contributing to a year-over-year increase of 239.6%. The full-year figures were equally strong, with vehicle export revenues reaching RMB 154.5 million, representing 66.1% of mobility solution services revenue and marking a year-over-year increase of 116.4%. Quhuo's net income for the latter half of the year was RMB 11.7 million, up 15.0% from the previous year, and for the entire year, the net income was RMB 6.0 million, a significant improvement from a net loss of RMB 16.4 million in 2022. The company's Chairman and CEO, Mr. Leslie Yu, expressed satisfaction with the fiscal year's strong financial and operational results, highlighting the strategic expansion into vehicle export solutions and SaaS+ services as part of the company's growth curve and profitability enhancement strategy initiated in 2021. Quhuo aims to leverage China's manufacturing capabilities and its expertise in internet operation and last-mile delivery to expand its global footprint and capture emerging opportunities.
#Quhuo #China #RevenueSurge #VehicleExports #MobilitySolutionServices