Tag Archives: Says
JAKARTA (Reuters) – Social media giant Facebook has assured the Indonesian government that personal data of about one million of its citizens had not been improperly accessed by political consultancy Cambridge Analytica.
Facebook has faced intense scrutiny, including multiple official investigations in the United States, Europe and Australia, over allegations of improper use of data for 87 million Facebook users by Cambridge Analytica.
Indonesia, where more than 115 million people use Facebook, has also been pressing the firm to explain how its citizens’ personal data was harvested by Cambridge Analytica via a personality quiz.
“Facebook has reported to the Communications Ministry that no data from any Indonesian users was collected,” Deputy Communications Minister Semuel Pangerapan said on Friday.
A Facebook official had told members of parliament in April that 1,096,666 people in Indonesia may have had their data shared, or 1.26 percent of the global total.
This led Communications Minister Rudiantara, who goes by one name, to briefly threaten to shut down Facebook in Indonesia if personal data was found to have been breached.
But Facebook told Reuters on Thursday it had only indicated the number of Indonesian users “who could potentially have had their data accessed, not necessarily misused”.
“Both public records and existing evidence strongly indicate Aleksandr Kogan did not provide Cambridge Analytica or (its parent) SCL with data on people who use Facebook in Indonesia,” it added, referring to the researcher linked to the scandal.
Facebook says Kogan harvested data by creating an app on the platform that was downloaded by 270,000 people, providing access not only to their own but also their friends’ personal data.
Pangerapan said he believed Facebook had improved options for users to limit access to data, but did not say whether authorities would continue their inquiry.
The Indonesian communications ministry had sent a letter to the company in April seeking confirmation on technical measures to limit access to data in Facebook and more information on an audit the social media company was doing.
Britain’s information regulator on Wednesday slapped a small but symbolic fine of 500,000 pounds on Facebook for breaches of data protection law, in the first move by a regulator to punish the social media giant for the controversy.
Reporting by Fanny Potkin & Cindy Silviana; Editing by Himani Sarkar
SEOUL (Reuters) – South Korea’s LG Electronics Inc on Friday said second-quarter operating profit likely rose 16.1 percent from the same period a year earlier, falling short of market expectations.
Analysts said higher marketing expenses for new products weighed on profit.
LG, in a regulatory filing, estimated April-June profit at 771 billion won ($ 691.79 million), compared with an 821 billion won average of 10 analyst estimates in a Thomson Reuters survey.
Revenue likely rose 3.2 percent to 15 trillion won from 14.6 trillion won from a year earlier.
The firm did not elaborate on its performance and will disclose detailed earnings in late July.
Reporting by Heekyong YangEditing by Christopher Cushing
(Reuters) – Micron Technology Inc on Thursday played down the likely impact on its business of a temporary Chinese ban on some chip sales but said it would appeal a decision that has added to U.S.-China trade tensions.
The firm’s estimate that the ban imposed by a Chinese court in a patent infringement lawsuit would weaken quarterly revenue by just 1 percent drove its shares as much as 3.6 percent higher and lifted stocks of other U.S. chipmakers.
Shares in the sector had been shaken on Tuesday by the first reports of the ruling, which added to a growing list of intellectual property disputes between Washington and China in the technology sector.
Micron said the ruling by a Fuzhou Court in a lawsuit filed by rivals United Microelectronics Corporation (UMC) and Fujian Jinhua Integrated Circuit Co temporarily bans it from selling some memory chips and solid state drives in China.
The chipmaker said it would comply with the ruling, but would request the court to reconsider or stay its decision.
“The Fuzhou Court issued this preliminary ruling before allowing Micron an opportunity to present its defense,” said Joel Poppen, Micron’s general counsel.
The lawsuit followed Micron’s complaint in December against Chinese government-backed Fujian and UMC in a California court alleging misappropriation of its trade secrets and other misconduct.
China is trying to build its own semiconductor industry as part of its “Made in China 2025” strategy and as it seeks to lower its reliance on foreign companies, many of them U.S.-based.
The dispute follows a ban on U.S. firms supplying parts to China’s telecom equipment maker ZTE as well as the drawn-out wait for Chinese regulators to approve Qualcomm Inc’s $ 44 billion takeover of NXP Semiconductors.
“It certainly appears semiconductors could move to the prime time in negotiations between the Trump administration and China,” Evercore ISI analyst C.J. Muse said. “Near-term this could favor non-US chipmakers vs. US chipmakers.”
Several Chinese government-backed entities have poured billions into research and for buying companies with a trove of chip patents. Micron itself was the target of a failed takeover attempt by China’s Tsinghua Unigroup in 2015.
The Chinese ban on Micron targeted its products sold through retail outlets and represented only a small portion of the chipmaker’s revenue.
Analysts believe the ban is largely symbolic as hurting the U.S. chipmaker would end up creating more pain for local Chinese firms who would have to rely on Korean firms Samsung Electronics and SK Hynix, pushing up memory chip prices.
“At the end of the day, the Chinese government is not going to impact its own local companies,” said Kinngai Chan of Summit Insights Group.
Micron said it expects quarterly revenue to be within the previously guided range of $ 8.0 billion to $ 8.4 billion.
Shares of Micron, which fell 5.5 percent on Tuesday after the ban, was up 1.9 percent at $ 52.46 in afternoon trading on Thursday.
Other chipmakers also gained. Qualcomm Inc rose 3.2 percent, Broadcom Inc 2 percent and Intel Corp up 2.6 percent.
Reporting by Sonam Rai and Supantha Mukherjee in Bengaluru; Editing by Arun Koyyur
Absurdly Driven looks at the world of business with a skeptical eye and a firmly rooted tongue in cheek.
In today’s America, we tend to feel gray areas are a touch passé.
You’re either right or you’re wrong. And if you can’t see which you are, then you’re two slices short of a sandwich.
How, though, can you even begin to persuade someone who’s mistaken — or even worse, vehemently disagrees with you?
A new study makes a curious suggestion, one that won’t please everyone.
The study, conducted by Brendan Nyhan of Dartmouth College and Jason Reifler of the University of Exeter, is entitled The roles of information deficits and identity threat in the prevalence of misperceptions.
They’re very polite about the fountains of knowledge pouring into today’s humans.
“Why do so many Americans hold misperceptions?” the researchers ask.
To which I reply: “Why do many Americans now put mis in front of pleasant words, instead of calling them that they really are? Lying has become misspeaking? Oh, I don’t think it has.”
Nyhan and Reifler come to a startling, even painful conclusion: “In three experiments, we find that providing information in graphical form reduces misperceptions. A third study shows that this effect is greater than for equivalent textual information.”
Yes, if you want to persuade your half-cut, halfwitted neighbor or colleague about the parlous state of the world and the dangers of fascism/socialism/democracy/self-help books, your best bet is to show them a chart.
Worse, it seems that a chart is better than even text. Goodness, is that where I’ve been going wrong all my life?
I can, though, already see Jeff Bezos’s eyes rolling into the back of his head and emerging with a very red hue.
As the Amazon CEO explained in his latest letter to shareowners: “We don’t do PowerPoint (or any other slide-oriented) presentations at Amazon. Instead, we write narratively structured six-page memos. We silently read one at the beginning of each meeting in a kind of ‘study hall.'”
So no slides or charts and graphics for Bezos. All he wants is a short story. Could he, perhaps, misperceive the benefits of charts?
Still, charts surely can’t be so effective, otherwise everyone would have tried them.
Moreover, it’s not as if you can create a chart to describe every false belief. How, for example, do you create a chart for a CEO who simply thinks his touch and feel is always right?
Nyhan and Reifler explain that a considerable reason why people hold on to false information is purely psychological. It confirms their world view.
“On high-profile issues, many of the misinformed are likely to have already encountered and rejected correct information that was discomforting to their self-concept or worldview,” they say.
Yes, but it’s not as if that nice man on CNN with his Election Night charts has ever persuaded many people, is it?
Expect, though, the rising stars in many companies now rushing to create charts in order to show that they’re right and their brain-manacled bosses are wrong.
Expect, too, that American politics will now be revolutionized with the presentation of definitive charts of right and wrong.
You think I’m wrong about that?
Send me a chart to show me why.
(Reuters) – AT&T Inc is committed to spend as much as needed on the media business of newly acquired Time Warner Inc, Chief Executive Randall Stephenson told CNBC on Friday, with a plan to invest $ 21 billion to $ 22 billion in the combined company.
“We’re not going to be penny-wise and pound-foolish here,” Stephenson said in an interview on the financial news channel. “We intend to invest.”
The No. 2 U.S. wireless carrier closed its $ 85 billion acquisition of Time Warner on Thursday and now faces the task of integrating a media company into its operations as it seeks to rival Netflix Inc , Amazon.com Inc and other technology companies providing entertainment directly to customers.
That will be the job of John Stankey, who will lead the company’s combined entertainment business. Stephenson said on Friday AT&T intends to preserve Time Warner’s creative culture.
He acknowledged such differences in an email to AT&T and Time Warner employees late on Thursday, a copy of which was seen by Reuters.
“As different as our businesses are, I think you’ll find we have a lot in common,” wrote Stephenson. “We’re big fans of your talent and creativity. And you have my word that you will continue to have the creative freedom and resources to keep doing what you do best.”
Stephenson told CNBC he expects AT&T’s debt levels to come down quickly in about a year, returning to normal levels within four years at about 2.3 times earnings before interest, tax, depreciation and amortization.
Some analysts have raised concerns about the high level of debt the company took on to acquire Time Warner, about $ 180 billion at the close of the merger, Stephenson said.
AT&T’s spending plans include investing more in HBO, the premium TV channel with the hit show “Game of Thrones,” and expanding HBO’s direct-to-consumer platform, Stephenson said.
Reporting by Sheila Dang; Additional reporting by Diane Bartz in Washington; Editing by Bill Rigby
NEW YORK (Reuters) – Banks are unlikely to use distributed ledgers to process cross-border payments for now because of scalability and privacy issues, according to Ripple, one of the most prominent startups developing the technology.
“I will concede, we haven’t gotten there yet,” Ripple’s chief cryptographer David Schwartz said in an interview.
Banks have been vocal about taking steps toward deploying the technology originated from cryptocurrencies to make processes like international payments faster and cheaper.
Several banks have tested or deployed a system Ripple developed for international payments that uses a “bi-directional messaging” that can eventually plug them into distributed ledgers, but xCurrent’s technology itself “is not a distributed ledger,” Schwartz said.
XCurrent was used to build Banco Santander SA’s (SAN.MC) international money transfer service One Pay FX, which was launched in April and hailed as one of the first concrete uses of “blockchain-based technology.”
Santander, which is an investor in Ripple, declined to comment.
While xCurrent uses cryptography, each party using the system does not have access to a shared ledger, as is the case with distributed ledgers like ethereum or Hyperledger Fabric.
“We started out with your classic blockchain, which we love,” Marcus Treacher, senior vice president of customer success at Ripple said in an interview. “The feedback from the banks is you can’t put the whole world on a blockchain.”
Distributed ledgers, an umbrella under which so-called blockchains fall, are immutable databases maintained by a network of computers rather than a centralized authority and secured by advanced cryptography.
The technology’s proponents say shared record keeping boosts efficiency and reduces data discrepancies, but distributed ledgers are not yet scalable or private enough for banks, Schwartz said.
XCurrent uses an immutable “interledger” protocol which Ripple says improves on existing payment networks because it offers instant settlement.
“What we hear from many of our customers is that it’s imperative to keep their transactions private, process thousands every second, and accommodate every type of currency and asset imaginable,” Schwartz said. Ripple’s approach is what has enabled it to move beyond tests with banks, he added.
Founded in 2012, Ripple also offers a system called xRapid that works with the distributed ledger behind XRP, the third-largest cryptocurrency by market cap after bitcoin and ether. Ripple holds a large share of XRP.
The price of XRP and other cryptocurrencies soared last year, in part on expectations that their technology will be applied to processes including transferring value between financial firms.
xRapid and XRP are not being used by banks, but have been recently tested by money transfer companies Viamericas and MercuryFX, according to Ripple.
Reporting by Anna Irrera; Editing by Meredith Mazzilli
WASHINGTON (Reuters) – Chinese technology company ZTE Corp will be “shut down” in the United States if it engages in one more bad activity, White House trade adviser Peter Navarro warned on Sunday.
ZTE last week agreed to pay a $ 1 billion fine to the United States and to overhaul its leadership in order to end a crippling ban on the Shenzhen-headquartered firm from buying parts from U.S. suppliers and allowing it to get back into business.
The ban, which traces back to a breach of the U.S. embargo on trade with Iran, had prevented China’s second largest telecoms equipment maker by revenue from buying the U.S. components it relies on to make phones and other devices.
“It’s going to be three strikes you’re out on ZTE. If they do one more additional thing, they will be shut down,” Navarro told Fox, adding that everyone within the administration understood this was the policy.
Navarro was speaking as President Donald Trump arrived in Singapore for a historic summit with North Korean leader Kim Jong Un, whose regime is heavily dependent upon neighboring communist ally China.
The United States introduced the ban in April because ZTE broke the terms of an agreement it had entered into with the U.S. government after pleading guilty last year to conspiring to violate U.S. sanctions by shipping U.S. goods to Iran.
The ZTE sanctions became a key focus in trade talks between Washington and Beijing, and a deal to lift the ban was struck as Trump sought concessions from China in order to avoid a trade war between the world’s two largest economies.
Prominent U.S. Democratic and Republican lawmakers last week introduced legislation to try to overturn the deal, saying ZTE posed a threat to America’s national security.
On Sunday, Navarro said Trump’s decision to allow ZTE to continue operating in the United States was a gesture to help build goodwill with China.
“The President did this as a personal favor to the president of China as a way of showing some good will for bigger efforts such as the one here in Singapore,” said Navarro, referring to the summit between Trump and Kim.
He added that ZTE was a “bad actor” but that the deal included safeguards, such as requiring the company to retain a compliance team selected by the Commerce Department for 10 years. The company already has a U.S. court-appointed monitor.
Reporting by Michelle Price; Editing by Lisa Shumaker and Chris Reese
WASHINGTON (Reuters) – U.S. President Donald Trump said in a tweet on Sunday that he has asked the Commerce Department to help Chinese technology company ZTE Corp “get back into business, fast,” a concession to Beijing ahead of high-stakes trade talks that will take place this week.
ZTE, one of the world’s largest telecom equipment makers, suspended its main operations after the U.S. Commerce Department banned American supplies to its business.
Trump’s offer to help comes as Chinese and U.S. officials prepare for talks in Washington with China’s top trade official Liu He to resolve an escalating trade dispute between the world’s two largest economies.
Trump’s reversal will likely have a significant impact on ZTE’s U.S. suppliers such as Qualcomm Inc and Intel Corp. U.S. companies are banned from exporting goods to ZTE, making it difficult for the phonemaker to manufacture new products or update older ones.
“Too many jobs in China lost. Commerce Department has been instructed to get it done!” Trump wrote on Twitter, saying he is working with Chinese President Xi Jinping on a solution.
The ban is the result of ZTE’s failure to comply with an agreement with the U.S. government after it pleaded guilty last year to conspiring to violate U.S. sanctions by illegally shipping U.S. goods and technology to Iran, the Commerce Department said.
American companies are estimated to provide 25 percent to 30 percent of the components used in ZTE’s equipment, which includes smartphones and gear to build telecommunications networks.
The Commerce Department did not immediately respond to a request for comment on Sunday.
Reporting by Valerie Volcovici and Chris Sanders, additional reporting by Karen Freifield; Editing by Lisa Shumaker
(Reuters) – Qualcomm Inc has broadened its use of a lower-cost licensing model for the next generation of mobile data networks, a move that could help in contentious talks with two customers including iPhone maker Apple Inc, the wireless tech company’s patent licensing chief said on Monday.
The patent business traditionally has supplied much of Qualcomm’s profit but has also spurred conflict with Apple, Samsung Electronics Ltd and Huawei Technologies Co Ltd as well as regulators in China, South Korea and the United States.
New deals could lower the licensing rate that Qualcomm receives while making the business more dependable if regulators view the terms favourably and two major customers – Apple and a company widely believed to be Huawei – resolve their disputes and resume paying Qualcomm.
“It’s a good context for dealing with the two licensee issues we have now,” Alex Rogers, the head of Qualcomm’s licensing division, told Reuters in an interview, naming Apple but leaving Huawei unnamed as is the company’s policy when a dispute hasn’t become public through a court proceeding.
Rogers did not comment directly on the likelihood of resolving either customer dispute. Apple and Huawei did not immediately respond to requests for comment.
Qualcomm sells chips for mobile phones but has a second, much older business licensing technology for wireless networks. The licensing business has generated global controversy and resulted in billions of dollars in regulatory fines, some of which remain on appeal.
Handset makers can licence one of two sets of Qualcomm patents: The full suite that costs makers about 5 percent of the cost of a handset or a smaller set of so-called “standard essential patents” for 3.25 percent, which includes only the patents needed for gear to work on mobile data networks.
In the past, most of Qualcomm’s customers licensed both sets of patents to avoid lawsuits. But Qualcomm has been defusing tensions by making it easier for customers to licence just the smaller, lower-cost set of standard patents and by adding patents for the next generation 5G wireless network to the suite at no additional cost.
That essentially extends a 2015 settlement with China’s chief antitrust regulator. Qualcomm began to licence only its standard patents for 3G and 4G networks to Chinese handset makers for a rate of 3.25 percent. More than 100 device makers have signed on for such deals.
“We have not lowered the rate. What we’re doing is including more technology, more (intellectual property) in the offering without increasing the price,” Rogers added.
Qualcomm also announced last week that it would assess its patent fees against only the first $ 400 (£291) of a phone’s net selling price. Rogers said the previous price cap was $ 500, a figure that was well known among industry insiders but that Qualcomm did not make public.
“What we’re doing here is creating a foundation for stability going forward,” Rogers said, describing Qualcomm’s 5G licensing moves as “regulator friendly”.
The question now is whether more handset makers will opt for Qualcomm’s lower-cost standard patents rather than its pricier full portfolio.
“What we perceive here is there will be more of a mix than there was in the past of companies opting for (standard essential patents) only,” Rogers said. “How much more, depends on each individual company.”
While Qualcomm has made no public disclosures about the status of talks with the two major customers in licence disputes, the company’s approach to licensing patents for upcoming 5G networks will look different than its initial approaches for 3G and 4G networks of years past.
“Both of those issues (disputes) are essentially now being handled within the framework of the current programme we’re offering,” Rogers said.
Reporting by Stephen Nellis; Editing by Peter Henderson and Cynthia Osterman
Entrepreneurs who feel lucky report higher levels of motivation and wellbeing, both essential for sustaining performance during tough times. So how do you cultivate your own daily luck? Here are three things to do every day,
1. Choose A Lucky Attitude.
Luck is about flexibility of mind and a willingness to experiment and trust your gut. Take advantage of chance occurrences, break the weekly routine, and once in a while have the courage to let go. The world is full of opportunity if you’re prepared to embrace it. Steve Jobs emphasized the importance of trusting your gut when he delivered his now infamous commencement address at Stanford University: “If I had never dropped out, I would have never dropped in on this calligraphy class, and personal computers might not have the wonderful typography that they do. Of course it was impossible to connect the dots looking forward when I was in college. But it was very, very clear looking backwards ten years later. Again, you can’t connect the dots looking forward; you can only connect them looking backwards. So you have to trust that the dots will somehow connect in your future. You have to trust in something–your gut, destiny, life, and karma, whatever. This approach has never let me down, and it has made all the difference in my life.”
2. Be Ready.
Luck is as much about what you expect as what you do. Do you wait for success to happen, or do you get out there and make it happen? In his book The Luck Factor, Professor Richard Wiseman of the University of Hertfordshire, England, describes why lucky people tend to share traits that make them luckier than others. This includes the impact of chance opportunities, lucky breaks, and being in the right place at the right time. He says: “My research revealed that lucky people generate good fortune via four basic principles. They are skilled at creating and noticing chance opportunities, make lucky decisions by listening to their intuition, create self-fulfilling prophesies via positive expectations, and adopt a resilient attitude that transforms bad luck into good.” On the flipside he says: “Those who think they’re unlucky should change their outlook and discover how to generate good fortune.”
3. Own Your Success.
At times, you might privately think you can’t go on. You must persist. Arianna Huffington, co-founder of the Huffington Post, says it best: “I failed, many times in my life. One failure that I always remember was when 36 publishers rejected my second book. Many years later, I watched Huff Post come alive to mixed reviews, including some very negative ones, like the reviewer who called the site ‘the equivalent of Gigli, Ishtar, and Heaven’s Gate rolled into one. But my mother used to tell me, failure is not the opposite of success, it’s a stepping stone to success.”
Dear Future, I’m Ready.
Luck isn’t just chance but an alchemy of courage, focus and a willingness to experiment. It’s about declaring to the world ‘dear future, I’m ready’.