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☆ Billionaire banker Uday Kotak steps down as CEO of Kotak Mahindra Bank
▼ + stars: | 2023-09-02 | by ( Jayshree P Upadhyay | ) www.reuters.com time to read: +2 min

FILE PHOTO-Uday Kotak, Managing Director of Kotak Mahindra Bank poses for a picture at the company's corporate office in Mumbai January 15, 2015. Kotak Mahindra Bank is India's fourth largest private sector bank by assets. Dipak Gupta, currently the joint managing director, will carry out the chief executive duties until Dec. 31, the bank added. "I thought it appropriate to hand over the baton and stagger the transition," Kotak wrote. The bank has already made an application for the new managing director to India's central bank, the bank said in its exchange notification.

Persons: Uday Kotak, Danish Siddiqui, Dipak Gupta, Kotak, Amit Tandon, Tandon, Anand Dama, Jayshree, Chris Thomas, Miral Fahmy, Tomasz Janowski Organizations: Mahindra Bank, REUTERS, Danish, Kotak Mahindra Bank, Reserve Bank of India, Investor Advisory Services, Global Financial Services, Thomson Locations: Mumbai, India

Bank Indonesia's logo is seen at its headquarters in Jakarta, Indonesia, January 17, 2019. Bank Indonesia (BI) plans to issue new rupiah-denominated securities, using its holdings of government bonds as the underlying asset, as a new monetary instrument aimed at attracting foreign portfolio capital flows, Governor Perry Warjiyo said. BI kept the benchmark 7-day reverse repurchase rate (IDCBRR=ECI) at 5.75% for its seventh straight monthly policy review, as widely expected by economists surveyed by Reuters. Guarding the rupiah "is our way to protect the domestic economy, inflation and growth from global spillovers," Warjiyo told reporters. Inflation slowed in July to 3.08%, roughly the midpoint of the central bank's 2% to 4% target range.

Persons: Willy Kurniawan, Perry Warjiyo, Warjiyo, Radhika Rao, Shivaan Tandon, Bank Danamon, Fransiska Nangoy, Bernadette Christina Munthe, Stefanno Sulaiman, Ananda Teresia, Gayatri Suroyo, Martin Petty, Kim Coghill, Kirsten Donovan Organizations: REUTERS, Bank Indonesia, BI, Reuters, Securities, U.S, Treasury, DBS Bank, Capital Economics, Bank, Thomson Locations: Jakarta, Indonesia, JAKARTA, Asia's, China

☆ JPMorgan says AI's 'democratization' could put these 2 U.S.-listed Asian stocks at risk
▼ + stars: | 2023-08-24 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

JPMorgan warned that rapid growth in artificial intelligence is no guarantee of sustained earnings increase — and could leave many companies at risk. However, this does not guarantee sustained earnings growth and [return on equity] expansion," JPMorgan analysts led by Ranjan Sharma wrote in a note to clients on Aug. 9. According to JPMorgan, AI costs are also expected to continue dropping in light of lower computing costs and the development of more open-source AI models. The company owns the e-commerce platform Shopee, the fintech platform SeaMoney and the game development studio Garena. "In our view, SE's gaming business could face increased competitive risks as GenAI reduces barriers for entry in game development.

Persons: OpenAI's ChatGPT, Ranjan Sharma, TDCX, CNBC's Naman Tandon Organizations: JPMorgan, Sea Ltd, NYSE Locations: New York, Singapore

☆ Hero MotoCorp receives over 25,000 bookings for India-made Harley-Davidson
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +1 min

A Harley Davidson X440 bike is displayed in this handout image obtained by Reuters on July 18, 2023. Hero MotorCorp/Handout via REUTERS/File PhotoBENGALURU, Aug 8 (Reuters) - Indian bike maker Hero MotoCorp (HROM.NS) on Tuesday said it received over 25,000 bookings for the world's cheapest Harley Davidson motorcycle, sending shares up over 3%. The company said 65% of the bookings for the X440 were for the motorcycle's top-end variant, priced at 269,000 rupees. Hero, the world's largest motorcycle maker by sales, said in a statement it will begin production of the X440 in September and begin deliveries from October. ($1 = 82.8050 Indian rupees)Reporting by Kashish Tandon in Bengaluru; Editing by Varun H KOur Standards: The Thomson Reuters Trust Principles.

Persons: Harley Davidson, Hero MotorCorp, MotoCorp, Harley, Hero, Kashish Tandon, Varun Organizations: Reuters, REUTERS, Thomson Locations: Handout, BENGALURU, India, Bengaluru

☆ Hero MotoCorp raises new Harley-Davidson prices in India
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +2 min

A Harley Davidson X440 bike is displayed in this handout image obtained by Reuters on July 18, 2023. Hero MotorCorp/Handout via REUTERS/File PhotoBENGALURU, Aug 2 (Reuters) - Two-wheeler maker Hero MotoCorp (HROM.NS) on Wednesday raised prices of the new Indian Harley-Davidson motorcycle by 10,500 rupees ($127.45) days after the Harley chief executive said pre-orders of the new model exceeded the company's expectations. The Harley-Davidson X440 will be priced at 239,500 rupees ($2,905.06) and above, with the hike applicable for all its variants, Hero said in a statement. Triumph had crossed more than 14,000 in bookings last month, while Hero or Harley did not disclose their booking numbers. Hero shares were down as much as 2.6% in morning trade on Wednesday, while the U.S.-listed Harley-Davidson (HOG.N) shares closed 0.2% lower on Tuesday.

Persons: Harley Davidson, Hero MotorCorp, MotoCorp, Davidson, Harley, Hero, We've, Jochen Zeitz, Kashish Tandon, Dhanya Ann Thoppil Organizations: Reuters, REUTERS, Harley, Hero, British, Triumph, Bajaj Auto, Thomson Locations: Handout, BENGALURU, India, U.S, Bengaluru

☆ Asia's factories face weak demand, signaling growth challenges ahead
▼ + stars: | 2023-08-01 | by ( Clement Tan | ) www.cnbc.com time to read: +2 min

Six out of the nine private surveys released Tuesday showed that manufacturing activity in Asia's major producers again contracted in July. In addition to China, readings for Japan, South Korea, Malaysia, Taiwan, Vietnam also signaled contraction in manufacturing activity. "The data reaffirm our view that external demand will constitute a headwind to growth in the second half of 2023." PMI manufacturing surveys are leading indicators of economic activity. A reading above 50 points to an expansion in activity, while a reading below that level suggests a contraction.

Persons: PMIs, Shivaan Tandon Organizations: Factories, Emerging, Capital Economics, PMI Locations: East China's Shandong province, Asia, China, Japan, South Korea, Malaysia, Taiwan, Vietnam, India, Indonesia, Philippines, Emerging Asia

☆ Asia's factory activity shrinks as China's slump, global slowdown weigh
▼ + stars: | 2023-08-01 | by ( Leika Kihara | ) www.reuters.com time to read: +2 min

Japan, South Korea, Taiwan and Vietnam saw manufacturing activity contract in July, the surveys showed, highlighting the strain sluggish Chinese demand is inflicting on the region. China's Caixin/S&P Global manufacturing purchasing managers' index (PMI) fell to 49.2 in July from 50.5 in June, missing analysts' forecasts of 50.3 and marking the first decline in activity since April. "Falling new orders, bleak employment prospects and high inventory levels point to subdued factory activity in the coming months." Japan's final au Jibun Bank PMI fell to 49.6 in July, down from 49.8 in June, due to weak domestic and overseas demand. In India, growth in manufacturing activity slowed for a second month, but the pace of expansion remained healthy and beat expectations.

Persons: forestalling, PMIs, Shivaan Tandon, Leika Kihara, Sonali Paul Organizations: PMI, TOKYO, P Global, Emerging, Capital Economics, Jibun, International Monetary Fund, Thomson Locations: Japan, South Korea, Asia, Taiwan, Vietnam, Emerging Asia, India

☆ South Korea's Q2 GDP speeds up but weakness clouds outlook
▼ + stars: | 2023-07-25 | by ( Jihoon Lee | ) www.reuters.com time to read: +2 min

It beat the median 0.5% rise forecast in a Reuters survey of economists and marked the biggest quarterly growth since the second quarter of 2022. "Qualitatively, it is not so positive as the headline figure indicates," said Park Sang-hyun, chief economist at HI Investment Securities. Asia's fourth-largest economy is expected to grow 1.4% in 2023, down from 2.6% in 2022, according to the latest forecasts by the central bank and the government. "The upshot is that the central bank, enabled by falling inflation, is likely to step in to support the economy by loosening monetary policy in the coming months," said Shivaan Tandon, emerging Asia economist at Capital Economics. Reporting by Jihoon Lee; Editing by Ed Davies, Kim Coghill and Sam HolmesOur Standards: The Thomson Reuters Trust Principles.

Persons: Asia's, Shivaan Tandon, Jihoon Lee, Ed Davies, Kim Coghill, Sam Holmes Organizations: Gross, Bank of, HI Investment Securities, Capital Economics, Thomson Locations: SEOUL, Bank of Korea, Asia

☆ India's Angel One Q1 profit rises 22% as orders surge
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, July 13 (Reuters) - Indian stockbroker Angel One Ltd (ANGO.NS) said on Thursday its first-quarter profit jumped almost 22%, led by surging client additions and orders. Consolidated profit was 2.21 billion rupees ($27 million) for the quarter ended June 30, compared with 1.82 billion rupees a year ago. Total revenue from operations climbed nearly 18% to 8.08 billion rupees. The company, which offers various trading apps, said its total client base rose about 45% to 15.1 million, while the total number of orders advanced more than 20%. Angel One held a 12.5% share in the number of demat accounts in India in the June quarter, up from 10.8% last year.

Persons: Angel, Manvi Pant, Kashish Tandon, Dhanya Ann Thoppil Organizations: Angel One, Consolidated, NSE, BSE, Angel, Thomson Locations: BENGALURU, India, Bengaluru

☆ India's Adani mulls bidding for Anil Ambani's bankrupt coal plants, Bloomberg reports
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +1 min

July 11 (Reuters) - Indian billionaire Gautam Adani is considering a bid for the bankrupt coal-fired power plants belonging to industrialist Anil Ambani, Bloomberg News reported on Tuesday, citing people familiar with the matter. Ambani's Reliance Power Ltd (RPOL.NS) will also likely make an offer to win back control of the firm, the report added. Last week, Adani Green Energy Ltd (ADNA.NS) approved raising 123 billion rupees ($1.49 billion), while two other Adani group companies - Adani Transmission (ADAI.NS) and Adani Enterprises (ADEL.NS) - had in May outlined plans to raise funds totalling $2.57 billion. Adani's bids are aimed at strengthening the company's growing portfolio of coal power projects, the report said. Adani Enterprises or Reliance Power did not immediately respond to a Reuters' request for comment.

Persons: Gautam Adani, Anil Ambani, Ambani, Adani, Jose Joseph, Kashish Tandon, Sohini Goswami Organizations: Bloomberg, Vidarbha Industries Power Ltd, Ambani's Reliance Power, Green Energy Ltd, Adani Enterprises, Hindenburg Research, Reliance, Thomson Locations: Vidarbha, Nagpur, Maharashtra, Bengaluru

☆ OpenAI against regulation of smaller AI startups, CEO says
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: 1 min

NEW DELHI, June 7 (Reuters) - OpenAI is against regulating smaller startups in the field of artificial intelligence, Sam Altman, Chief Executive of the firm behind ChatGPT, said at a conference in India's New Delhi. "We have explicitly said there should be no regulation on smaller companies. Altman is on a whirlwind tour around the world, meeting heads of states of several countries. OpenAI has so far raised $10 billion from Microsoft (MSFT.O) at a valuation of almost $30 billion as it invests in building computing capacity. Reporting by Munsif Vengattil in New Delhi and Kashish Tandon in Bengaluru; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

Persons: Sam Altman, ChatGPT, Altman, Munsif Vengattil, Kashish Tandon, Kirsten Donovan Organizations: Economic Times, Microsoft, Thomson Locations: DELHI, India's New Delhi, New Delhi, Bengaluru

☆ India's HDFC beats Q4 profit estimates on home loan demand
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +2 min

HDFC said profit after tax rose to 44.26 billion rupees ($541.09 million) for the three months ended March 31, from 37 billion rupees a year earlier. Analysts, on average, had expected profit after tax of 38.86 billion rupees, according to Refinitiv IBES data. The lender said it provided individual loans worth 93.40 billion rupees during the quarter, compared with 83.67 billion rupees a year earlier. HDFC is on track to merge with India's largest private lender HDFC Bank Ltd (HDBK.NS). The RBI in April allowed HDFC and HDFC Bank selective regulatory relief in order to smooth out the merger between the two entities.

☆ Asia's factory activity weakens as global demand falters
▼ + stars: | 2023-04-03 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

"With global growth set to remain weak in the coming quarters, we expect manufacturing output in Asia to remain under pressure," said Shivaan Tandon, emerging Asia economist at Capital Economics. South Korea's PMI fell to 47.6 in March from 48.5 in February, contracting at the fastest pace in six months as export orders took a hit from weak global demand. Vietnam and Malaysia saw factory activity shrink in March, while that of the Philippines expanded at a slower pace than in February, surveys showed. While indications are that the U.S. Federal Reserve will pause its tightening cycle soon, the outlook remains clouded by the banking-sector troubles, still-high inflation and slowing global growth. "Given much of the drag from higher interest rates is yet to feed through to advanced economies, we expect global growth and demand for Asia's exports to remain weak in the coming quarters," Capital Economics' Tandon said.

Eighteen out of 20 economists and market watchers surveyed said the central bank would hike rates, with 12 of them predicting a 200 bps increase. Two poll participants saw the benchmark raised by 100 bps, while four forecast a 150 bps hike. Worldwide growth in consumer prices has compounded high inflation in Pakistan caused by a weakening currency, energy tariff increases and elevated food prices due to Ramadan. The latest consumer price-based inflation clocked a 31.5% rise on year in February, the highest in nearly 50 years. The State Bank of Pakistan has raised rates by a total 10.25% since January 2022.

☆ Demand for macro traders remains white hot. Millennium just lured a star portfolio manager from rival ExodusPoint.
▼ + stars: | 2023-02-14 | by ( Alex Morrell | ) www.businessinsider.com time to read: +4 min

Demand for macro portfolio managers remains white hot after a bounceback year in 2022. Millennium recently hired John Curtice from rival ExodusPoint, while Ben Melkman has been in talks to join another, Insider has learned. Millennium Management recently added another star to its stable, lifting a 32-year-old macro PM out of rival ExodusPoint, according to people familiar with the matter. Macro focused funds including BlueCrest, Brevan Howard, and Rokos produced stellar returns as most of the hedge fund industry — especially stock pickers — faltered. But even in late 2022 firms were scrambling to lift out macro PMs, recruiters working in the strategy told Insider.

☆ How to delete yourself from the internet
▼ + stars: | 2023-02-10 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +7 min

With so much personal data floating publicly on the internet, consumers have a legitimate interest in controlling the information flow. Self-help tools to remove personal informationFor those who are so inclined, there are ways to limit the amount of personal information available on the internet. If that fails, Google says it may remove personal information "that creates significant risks of identity theft, financial fraud, or other specific harms." It can be hard to gauge the effectiveness of these services, partly because there's so much personal information in the public domain. DeleteMe's website says that 2,389 pieces of personal information, on average, are found over a two-year subscription.

☆ The biggest risks in procrastinating on iPhone, Android software updates
▼ + stars: | 2023-02-05 | by ( Kaitlin Balasaygun | ) www.cnbc.com time to read: +6 min

watch nowNot all software updates offer an array of new features, but when they do it can feel like you are getting a new phone without added cost. Yet, many users still do whatever they can to put off the 30 minutes that a software update can take. Discomfort often stems from the perception that software updates will require users to relearn how to use certain features on their device and threatens their current habits. When 30 days have passed, the system then prompts the user to install the system update. When a major security update comes out, everyone should act relatively fast.

[1/2] Indian billionaire Gautam Adani speaks during an inauguration ceremony after the Adani Group completed the purchase of Haifa Port earlier in January 2023, in Haifa port, Israel January 31, 2023. On Wednesday, a $2.5 billion sale of shares by one of its companies Adani Enterprises ADEL.NS was called off. Adani Group and the stock market regulator the Securities and Exchange Board of India (SEBI) did not respond to a request for comment. Cracking the code of how Hindenburg did the trade could lead to more short sellers taking positions against Indian companies, which have been rare, analysts said. But several bankers familiar with trading in Indian securities said the more profitable piece of the short seller’s bet would likely lie in the derivative trades it had placed.

☆ Malaysia surprises by holding rates as economic risks loom
▼ + stars: | 2023-01-19 | by ( A. Ananthalakshmi | ) www.reuters.com time to read: +2 min

Bank Negara Malaysia held the overnight policy rate at 2.75%. "Today's decision allows the monetary policy committee to assess the impact of the cumulative past overnight policy rate (OPR) adjustments, given the lag effects of monetary policy on the economy," Bank Negara Malaysia said in a statement. Future monetary policy moves would depend on both domestic inflation and the growth outlook, it said. The central bank has said growth in 2022 likely surpassed the government's 6.5%-7% forecast, but would drop to 4%-5% this year. Capital Economics said it now expects the Malaysian central bank to hold interest rates unchanged for the rest of the year, and begin cutting in 2024.

☆ The biggest security pros and cons of using Bluetooth GPS trackers
▼ + stars: | 2023-01-14 | by ( Kaitlin Balasaygun | ) www.cnbc.com time to read: +10 min

Bluetooth tagging devices are catching on, and keeping an eye out on the world in ways never before possible. For pet owners, these GPS devices can be used as a cheaper alternative to microchipping your dog. Here are some basics to know about Bluetooth tags if you're using one already, or considering adding one to your tech-enabled life. "The problem with Bluetooth trackers … is there's no way to prevent a victim from being stalked by one of these devices because they don't control it. Two women recently filed a class-action lawsuit against Apple alleging lack of protections the AirTag has against stalking.

☆ Evercore’s Mark Mahaney reveals his top tech picks for 2023 — and says one could soar by nearly 200%
▼ + stars: | 2023-01-09 | by ( Zavier Ong | ) www.cnbc.com time to read: +3 min

But top tech analyst Mark Mahaney has a positive outlook on the sector. Top stock picks Mahaney said Netflix is "at the top of my list of stocks that we are recommending this year." "One of the reasons I like Uber is that it has just hit this free cash flow inflection point," he told CNBC last week. "They finally reached positive free cash flow for the first time in the June quarter and repeated that trick in the September quarter. Mahaney has a price target of $115 on the stock – an implied potential upside of 53% to its Jan. 5 closing price.

☆ The benefits and risks of using a password manager to protect your online identity
▼ + stars: | 2022-12-27 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +8 min

But there are some key decisions to make in choosing, and using, a password manager. Most web browsers have some type of password manager, which are convenient and user-friendly. For more robust security and features, security professionals say a dedicated password manager is a better choice. How to choose a strong master passwordMake sure you have a strong master password, one that's not easily guessable. What happens if you lose online accessThe master password is your entry to the password manager.

☆ Buying new iPhone for better camera, battery, faster chip? Cybersecurity got an upgrade, too
▼ + stars: | 2022-11-25 | by ( Kaitlin Balasaygun | ) www.cnbc.com time to read: +6 min

Customers shop at the Apple Fifth Avenue store for the release of the Apple iPhone 14 in New York City, September 16, 2022. Improved low-light photo abilities and the extended battery life may have appeal than security upgrades on the new Apple iPhone 14, iPhone 14 Plus, iPhone 14 Pro or iPhone 14 Pro Max. While in Lockdown Mode, phone calls, plain text messages and emergency features will continue to work. The switch to eSIM-only phonesSteve Jobs never wanted the original iPhone to have a SIM card tray, and the iPhone 14 models are finally achieving this goal. All iPhone 14 models purchased in the U.S. are eSIM-only, which enables users to easily connect and transfer their plans digitally.

☆ Microsoft's latest data on hacks and why you may need new login, passwords fast
▼ + stars: | 2022-11-21 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +7 min

That's a 74% rise in one year, according to the latest Microsoft Digital Defense Report. But many people still rely on passwords, and don't even use the two-factor authentication now considered critical. "As long as passwords are still part of the equation, they're vulnerable," Joy Chik, Microsoft's vice president of identity, wrote in a September 2021 company blog post. Based on a sample of more than 39 million IoT and OT devices, about 20% used identical usernames and passwords, according to the Microsoft report. Even if a provider doesn't require it to be used, multi-factor authentication is a valuable security tool that's underutilized, according to security professionals.

☆ Malaysia's economy likely grew 11.7% in Q3, outlook cloudy
▼ + stars: | 2022-11-09 | by ( Anant Chandak | ) www.reuters.com time to read: +2 min

The Nov. 1-8 poll of 22 economists predicted the economy expanded 11.7% in the July-September quarter compared with the same period a year earlier. In the previous quarter, the economic grew 8.9%. Trade and economic activity was also likely to be affected by China's strict COVID-19 containment measures and a slowdown in global growth. A separate Reuters poll showed Malaysia's growth would average 7.2% this year and then fall to 4.2% in 2023. "The currency is likely to remain under downward pressure until U.S. bond yields peak and market participants remain risk averse amid elevated levels of global economic uncertainty," added Tandon.

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