Tag Archives: Says
DHAKA (Reuters) – Bangladesh’s finance minister said late on Saturday he wanted to “wipe out” a Philippines bank that was used to channel $ 81 million stolen from the Bangladeshi central bank’s account with the Federal Reserve Bank of New York last year.
Abul Maal A. Muhith was responding to questions from reporters about a Reuters story on Friday that said Bangladesh Bank had asked the New York Fed to join a lawsuit it was considering filing against Manila-based Rizal Commercial Banking Corp (RCBC) RCBS.PS seeking damages.
“The Bangladesh Bank has taken a decision (on filing a suit). They will let me know. We haven’t so far taken any steps as the Philippines government was taking care of it (investigating the heist),” Muhith said.
“But it seems Rizal bank has been playing delinquent. We want to wipe out Rizal bank from the world.”
Muhith did not elaborate. He did not respond to requests seeking comment.
Unidentified hackers stole the money using fraudulent orders on the SWIFT payments system. The money was sent to accounts at RCBC and then disappeared into the casino industry in the Philippines.
Nearly two years later, there is no word on who was responsible and Bangladesh Bank has been able to retrieve only about $ 15 million, mostly from a Manila junket operator. (reut.rs/2jk1W74)
The Philippine central bank fined RCBC a record one billion pesos ($ 20 million) last year for its failure to prevent the movement of the stolen money through it.
RCBC has said it would not pay any compensation to Bangladesh Bank and that Dhaka bank bore responsibility for the theft since it was negligent.
RCBC did not immediately respond to a request seeking comment on a Sunday about Muhith’s comments.
Reporting by Serajul Quadir, Krishna N. Das, Ruma Paul and Karen Lema; Editing by Toby Chopra
LONDON (Reuters) – Britain’s banks may be overstating their ability to stop “fintech” firms stealing customers and eating into profits, the Bank of England (BoE) said on Tuesday.
The BoE was publishing the results of its 2017 stress test of seven major banks: HSBC, Barclays, Lloyds, RBS, Santander UK, Standard Chartered and Nationwide.
For the first time, it included an “exploratory” scenario on how lenders would cope with a seven-year downturn and competition from financial technology – or fintech – firms.
Fintechs offer payment services and aggregate different bank accounts and balances via smartphone apps. New European Union rules from January will make it easier for them to compete with banks.
Fintech is creating opportunities for customers and businesses, BoE Governor Mark Carney said.
“In the process, however, it could also have profound consequences for the business models of incumbent banks,” Carney told a news conference.
The BoE said the banks tested concluded they could cope with prolonged low growth and fintech competition without making big changes to business models or taking on more risk.
The emergence of fintech, however, may cause “greater and faster disruption” to banks’ business models than the banks themselves project, the BoE said.
Fintechs may make it easier for customers to manage their money more effectively to avoid costly overdrafts. They could also direct customers to cheaper credit and avoid going into the red.
“These dynamics seem likely to impact both the quantity and price of banks’ overdraft products, which could lead to a material reduction in their profitability,” the BoE said.
Overdraft revenues contribute 2.6 billion pounds ($ 3.5 billion)to annual pretax profits at major UK banks, it added. Banks could also lose to fintechs some of the 800 million pounds in fees they charge for providing payments services.
Fintechs may also break or weaken the link between a bank and its customer.
“For instance, in the future, it may be possible for a customer to manage their finances with only minimal direct engagement with their banks.”
Stiffer competition from fintechs means that banks could have to double spending on marketing and cut their aggregate annual pretax profit by a billion pounds.
The BoE said banks in the test may also have overstated their ability to slash costs to maintain steady returns on equity to investors and keep offering a broad range of services.
“Supervisors will now discuss the results of the exercise with banks, including the potential implications of these risks,” the BoE said.
Reporting by Huw Jones; Editing by Mark Potter
Virgin Group head Richard Branson has offered a soft-focus denial of allegations that he sexually harassed a backup singer for English singer-songwriter Joss Stone. In statements published by The Telegraph, Branson said he had “no recollection of the incident” described by singer Antonia Jenae.
The allegations are suddenly in the headlines, but were initially aired in an October 16th Facebook post by Jenae. Jenae describes Branson “trying to convince me to show him my boobs” at an island party. Then, Jenae claimed, Branson “proceeded to ‘motorboard’ my breasts with his face” as the party was breaking up.
According to the Telegraph, the island referenced by Jenae is Necker Island, a Caribbean which Branson owns. The alleged incident would have taken place in June 2010, after Stone and her band played a nearby festival.
Jenae has since told The Sun that “his behaviour was disgusting. I feel like it was sexual assault . . . Everyone was wondering why I wasn’t angry because I’m usually a firebrand. But I was just too shocked.”
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A Virgin Management spokeswoman also stated, according to the Telegraph, that “everyone appeared to enjoy their time on the island. Richard has no recollection of this matter and neither do his family and friends, who were with him on the island at the time . . . there would never have been any intention to offend or make anyone feel uncomfortable in any way and Richard apologizes if anyone felt that way during their time on the island.”
Joss Stone’s father, Richard Stoker, also contributed to the Virgin statement to the Telegraph, saying that “Joss and the group had a wonderful afternoon on Necker Island, everybody entered into the party spirit and it was wonderful getting to know Richard and his family.”
There are elements of the statements that were once standard in such situations, but which the latest round of harassment allegations seems to have rendered insufficient. Senator Al Franken was roundly lambasted earlier this month for saying “I certainly don’t remember” what broadcaster Leeann Tweeden described as a coerced kiss, and for dismissing a picture of him pretending to grab her breasts as “clearly intended to be funny.”
Franken quickly amended his statement to something more genuinely contrite, and Branson may find himself having to do the same. In addition to the weakness of the ‘I don’t remember’ defense, Stoker’s claim that “everybody entered into the party spirit” seems to subtly imply that Branson’s forgotten behavior might have been acceptable under the circumstances, a sentiment unlikely to be received well in the post-Weinstein era.
(Reuters) – Uber Technologies Inc [UBER.UL] failed to disclose a massive breach last year that exposed the data of some 57 million users of the ride-sharing service, the company’s new chief executive officer said on Tuesday.
Discovery of the company’s handling of the incident led to the departure of two employees who led Uber’s response to the incident, said Dara Khosrowshahi, who was named CEO in August following the departure of founder Travis Kalanick.
Khosrowshahi said he had only recently learned of the matter himself.
The company’s admission that it failed to disclose the breach comes as Uber is seeking to recover from a series of crises that culminated in the Kalanick’s ouster in June.
According to the company’s account, two individuals downloaded data from a third-party cloud server used by Uber, which contained names, email addresses and mobile phone numbers of some 57 million Uber users around the world. They also downloaded names and driver’s license numbers of some 600,000 of the company’s U.S. drivers, Khosrowshahi said in a blog post.
He said he had hired Matt Olsen, former general counsel of the U.S. National Security Agency, to help him figure out how to best guide and structure the company’s security teams and processes.
“None of this should have happened, and I will not make excuses for it,” Khosrowshahi said in the blog post.
“While I can’t erase the past, I can commit on behalf of every Uber employee that we will learn from our mistakes,” he said. “We are changing the way we do business, putting integrity at the core of every decision we make and working hard to earn the trust of our customers.”
(Corrects paragraph 1 to data instead of date)
Reporting by Jim Finkle in Toronto; Editing by Tom Brown
KUALA LUMPUR (Reuters) – Malaysia’s CIMB Group Holdings Bhd on Monday said some magnetic tapes containing backup customer data were lost during routine operations, adding that there has been no evidence so far that any data has been compromised.
The tapes do not contain any authentication data such as pin numbers, passwords or credit card security numbers, the country’s second biggest lender said in a statement.
“Several magnetic tapes containing back-up data were physically lost in transit during routine operations. Some of these tapes contain customer information of CIMB Bank and its subsidiaries,” it said.
“Following a thorough and ongoing assessment, there is currently no evidence that any of this information has been compromised.”
The bank said it was working with relevant authorities and taking steps to protect customers. It did not say when the tapes were lost.
CIMB said it has heightened security measures following the loss of the tapes, including temporarily suspending some services via its call center.
In a separate statement, Malaysia’s central bank said it has been assured by CIMB that “necessary precautionary measures and mitigation actions have been taken to manage any possible negative impact arising from the loss of the tapes.”
Earlier this month, Malaysia said it was investigating an alleged attempt to sell data of more than 46 million mobile phone subscribers online, in what appeared to be one of the largest leaks of customer data in Asia.
Reporting by A. Ananthalakshmi, editing by David Evans
“I got boxes and boxes of notes,” Blake recalls. “They are my most important mementos from my time at Home Depot.”
Those notes brought the spirit of gratitude full circle.
During his seven-year stint as CEO, Blake set aside several hours every Sunday to hand-write notes thanking standout employees for their service. He estimates he wrote more than 25,000 notes to everyone from district managers to hourly associates.
“I’d see the notes framed at the stores,” he told me. “So I knew it mattered.”
Science confirms it mattered. Studies show that employees who feel appreciated are happier, more engaged, more productive, and more likely to contribute in positive ways.
And it’s not just the recipient who benefits. Studies show that people who express appreciation are more optimistic, as well as physically and emotionally healthier.
In other words, gratitude stays with those who give it.
So, as we head into Thanksgiving, here are four tips for using the lost art of letter writing as a way of expressing appreciation to your employees.
1. Be specific about why you’re thankful.
When Frank Blake thanked me via email and phone for writing about this particular topic, it made me smile. We all want to be appreciated for what we’re doing, and when you’re recognized for something specific, it’s even more of a motivator.
Blake says when writing his notes, he stayed away from generalities. Instead of simply thanking employees for their customer service, he told me he’d write: “I heard that you did xyz for a customer recently. Thank you for setting a great example of customer service.”
Lydia Ramsey, a business etiquette expert and author of Manners That Sell – Adding the Polish That Builds Profits, suggests mentioning the specific effect on your team or organization. For example, “Thank you for coming in on your day off. You helped us finish our project on time and set a great example for everyone involved.”
2. Set up a system.
When Blake sat down every Sunday to write his notes, he had a process for identifying the recipients: Each store would collect specific examples of great customer service. The store would send those names to the districts. The districts would send their top picks to the regions. And the regions would send their top picks directly to Blake.
“I figured the advantage of this is that it created an atmosphere of people being on the lookout for recognizing great behavior,” Blake says.
Regardless of the size of the company, he advises bosses to develop a mindset that focuses on identifying employees who put in extra effort, and then a system to recognize those employees.
3. Keep note cards handy.
In this digital media age, it’s easy to skip the pen and go straight for the keyboard. But when was the last time you put a text or an email in a keepsake box? There’s just something about a handwritten note that creates a more meaningful connection.
To avoid the temptation of dashing off a digital thank you, have fun picking out some note cards that reflect your personality, and stash them in a convenient place in your desk. That way, “you don’t have to hunt them down, and you can write that note immediately, while the act is still fresh in your mind, says Ramsey.
4. Go beyond gratitude.
Making employees feel appreciated goes beyond thanking them for a job well done. It can also include recognizing and acknowledging significant events in their lives like birthdays, engagements, work anniversaries, kids’ graduations, and even family illnesses.
Regardless of the precipitating event, Ramsey calls handwritten notes “a chance to build positive relationships with employees.”
And since fewer and fewer people are putting pen to paper these days, you’ll stand out with each letter you write.
Letting people know you’re thinking of them creates a chance for meaningful connection. It also creates a keepsake they can look back on and remember that you took the time to reach out.
“There’s something so powerful about the written word,” says Blake.
TOKYO (Reuters) – The chief executive of Japan’s largest bank expects new business opportunities to appear as digital currencies allow collection of data on how people use their money.
While Japan’s big banks have distanced themselves from bitcoin and other existing digital currencies, they are trying to create their own to provide cheaper and easier means of payments and money transfers.
“We would be able to capture kinds of financial behavior that cannot be collected as data in cash transactions,” said Nobuyuki Hirano, CEO of Mitsubishi UFJ Financial Group (MUFG), speaking as chairman of the Japanese Bankers Association at a news conference on Thursday.
“We can use the data to create new value.”
Hirano’s bank is developing its own “MUFG Coin” digital currency using the blockchain technology behind bitcoin.
The bank has been conducting experiments with MUFG Coin among its employees, including using the currency to split restaurant bills with each other over their smartphones.
Unlike bitcoin and other so-called cryptocurrencies, MUFG Coin is tied to Japanese yen, so users can exchange it for yen at the same rate as they bought the digital currency.
MUFG has said it plans to expand the experiment to involve all of its 30,000 domestic employees next year.
Japan’s third-largest lender Mizuho Financial Group is also developing its own digital currency, J Coin, targeting widespread use by 2020.
Reporting by Taiga Uranaka; Editing by David Goodman
Last week, President Trump said no politician had been “treated worse” than him. The internet pointed out some presidents who might challenge that. The post While You Were Offline: Trump Says He’s Treated Unfairly. Abe Lincoln Like, ‘What?’ appeared first on WIRED.
What’s wrong with this picture? Yet again, it is 100 percent male and mostly white.
We’ve been through this approximately 1 million times before. So the internet was ready:
The Future of Media pic.twitter.com/tLDoAhkYWC
— Danielle Henderson (@knottyyarn) March 1, 2017
Ubuntu, a version of the Linux computer operating system, runs on many of the servers that power cloud computing. Ubuntu pioneer Mark Shuttleworth …