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Beijing Reuters —Intel products sold in China should be subject to a security review, the Cybersecurity Association of China (CSAC) said on Wednesday, alleging the US chipmaker has “constantly harmed” the country’s national security and interests. “It is recommended that a network security review is initiated on the products Intel sells in China, so as to effectively safeguard China’s national security and the legitimate rights and interests of Chinese consumers,” CSAC said. Last year, CAC barred domestic operators of key infrastructure from buying products made by US memory chipmaker Micron Technology Inc (MU) after deeming the company’s products as having failed its network security review. A similar security review on Intel products could negatively impact the company’s revenues, over a quarter of which came from China last year. “This poses a great security threat to the critical information infrastructures of countries all over the world, including China … the use of Intel products poses a serious risk to national security,” CSAC said.
Persons: ” CSAC, , Dan Coatsworth, AJ Bell Organizations: Beijing Reuters, Intel, Cybersecurity Association of China, Cyberspace Administration of China, CAC, Micron Technology Inc, Washington, US National Security Agency, NSA, Nvidia Locations: Beijing, China
A senior Two Sigma quant researcher is leaving for Cubist. Kan Huang co-led a key machine-learning unit known as techniques forecasting. Jin Choi, Huang's interim cohead, has been named sole head of the long-running techniques group. AdvertisementA senior leader in one of Two Sigma's key research units is leaving the firm for quant rival Cubist Systematic Strategies, according to people familiar with the matter. Huang is a leader of a Two Sigma unit that develops machine-learning models and other advanced strategies from various data sources and trading signals.
Persons: Kan Huang, Jin Choi, , Steve Cohen's, Huang, Ken Baron, Choi, John Overdeck, David Siegel, Scott Hoffman, Carter Lyons, Ali, Milan Nekmouche, Jian Wu Organizations: Sigma, Service, Bloomberg, Sigma Investments, Securities and Exchange Commission, Wall Street
Germany’s flagship airline has been fined $4 million by the U.S. Department of Transportation over allegations it discriminated against a group of Jewish passengers. The regulator said Tuesday that Lufthansa had prohibited 128 people wearing traditional Orthodox Jewish clothing from boarding for a connecting flight in Germany as they made their way from New York City to Budapest, Hungary, in May 2022. “Based on the alleged misconduct of some passengers,” DOT said, Lufthansa staff “treated them all as if they were a single group and denied them boarding,” despite many of the passengers not knowing each other nor traveling together. The penalty is the largest ever issued by the DOT against an airline for a civil rights violation. But the terrible, awful irony of it coming from the German national airline was outrageous.”
Persons: Pete Buttigieg, Deborah Lipstadt, Biden, , , Lipstadt Organizations: U.S . Department of Transportation, Lufthansa, JFK, , Transportation, NBC News, American Jewish Committee, German Locations: Germany, New York City, Budapest, Hungary, ” U.S
SpaceX launched its fifth test flight of its Starship rocket on Sunday and made a dramatic first catch of the rocket's more than 20-story tall booster. The Super Heavy booster lands on the company's launch tower during the fifth Starship flight on Oct. 13, 2024. There are not any people on board the fifth Starship flight. The SpaceX Starship sits on a launch pad at Starbase near Boca Chica, Texas, on October 12, 2024, ahead of the Starship Flight 5 test. Chandan Khanna | AFP | Getty ImagesWith the booster catch, SpaceX has surpassed the fourth test flight's milestones.
Persons: Elon, Dan Huot, Huot, Sergio Flores, we've, Chandan Khanna Organizations: SpaceX, Elon Musk's, Super, Federal Aviation Administration, Afp, Getty, FAA, U.S . Fish, Wildlife Service, Commerce, National Marine Fisheries Service, AFP Locations: Brownsville , Texas, Gulf of Mexico, Boca Chica , Texas, U.S, Texas, Starbase
Hong Kong CNN —It seemed like an unlikely stage for Kanye West to unveil his new music. Music fans cheer during Kanye West's Vultures Listening Experience at Wuyuan River Stadium on September 15, 2024. One of the fastest-growing in the world, China’s music market became the fifth-largest market globally in 2022, according to IFPI, a trade body for the recorded music industry. China’s recorded music revenues grew 28.4% in 2022 from the year prior, compared with the global market rise of 9%, IFPI said. Bieber “engaged in a series of bad behaviors, both in his social life and during a previous performance in China,” China’s Ministry of Culture announced in 2015, without going into details.
Persons: , Ye –, Ye, , Luo Yunfei, Xi Jinping, China “, Chen Dan, Mariah Carey, John Legend, Charlie Puth, Chen, Kanye, ” Chen, , Ye’s, China’s, Hung Ho, fung, Bon, Jovi’s, Lama, Justin Bieber, Jay, Lady Gaga, Bieber “, Culture “, Ho, Johns Hopkins, it’s Organizations: Hong Kong CNN, Kanye, Communist Party, German, Adidas, Sports, Chinese Communist Party, China News Service, University of, Travelers, Xinhua, Kanye West, Visual China, Johns Hopkins University ., Oasis, China’s Ministry of Culture, Ministry, Culture, China, Nanjing University, China Daily, University of Richmond Locations: Hong Kong, China, Hainan, Hainan’s, Haikou, Beijing, Shanghai, , Tokyo, British, Asia, Nanjing, Johns
Roblox stock closed at $41.60 on Friday, slightly above where it was earlier in the week when Hindenberg published its research. Related storiesIn the wake of the report, Wall Street and investors seemed to largely stick by the company. AdvertisementRoblox, which primarily makes its money from sales of online currency and items, has been working to grow its advertising business. The report could hinder Roblox's ad businessDespite Roblox's nearly immediate stock recovery and support from Wall Street, the report and related issues could have implications for Roblox's advertising business. Its ad business is barely a rounding error today, but Roblox is still not profitable, so it's trying hard to change that.
Persons: Hindenburg, , Roblox, It's, Hindenberg, Piper Sandler, Ron Kerbs, Roblox's, Roblox isn't, Jeremy Goldman Organizations: SEC, Wall, Service, Hindenburg, Securities, Exchange, Wall Street, Wedbush Securities, WPP, New, Bloomberg Businessweek, Walmart, Warner Bros . Pictures, Facebook, YouTube Locations: Roblox
It has offered adherents myriad “exclusive” opportunities to join clubs to give counsel to Mr. Trump, and it has repeatedly claimed that Mr. Trump is personally reviewing lists of small donors. The New York Times looked at some 7,400 emails sent by the Trump campaign since Mr. Trump entered the presidential race. Ms. Harris, and before her Mr. Biden, have far outpaced Mr. Trump in fund-raising this cycle, including from small-dollar donors. But both in sheer number (about 75 emails per week, on average, throughout this campaign cycle) and in syntax, the former president’s campaign emails stand out. Similar questions have arisen about contests Mr. Trump’s campaign and political action committee have run in years past.
Persons: Donald J, Trump, Trump Tour “, MAGA, Vance, Melania, Blue, , Santa, ” MAGA, Red Trump, MAGA ”, Brandon, “ Trump, , Biden, Joe, Patrick’s, White, Pink, Red MAGA, Black MAGA, Trump “ I’m, Gray, Kamala Harris, Harris, Mr, Biden’s, , Trump’s, missive, BIDEN, you’ll, President Trump, Email, William McGuffin, McGuffin, ” Kyle, Beth Hilfer, ” Email, ” “, Trump “, Trump ”, Harris’s, Biden ”, Joe ”, Let’s, Brandon ”, Brian Hughes, YOU Organizations: New York Times, Trump, Trump Tour, Trump Tour “ Trump Force, Bedminster, Florida, Trump International, Republican National Convention, Miami Grand Prix, Houston Meet Trump, Trump Jr, Trump Meet Trump, Trump Force, Trump American, Trump Patriot, Trump Georgia, Trump Campaign, Trump Defense Task Force, Trump Free, Trump Official Trump, President’s, Melania Trump, Board, Trump Life, Trump Gold Club, Trump Diamond Club, Club, Trump VIP, Trump VP, Blue Trump, Trump Trump, MAGA, Trump MAGA, Santa Trump, Red Trump MAGA, White Trump MAGA, MAGA ” Trump, Beijing Biden, TRUMP, TNN, ” Trump, Black, “ Trump, Trump “, Trump “ Trump, Democratic, Mr, Biden, Data & Society, CLUB, WIN, The Times, Times, Formula One’s Miami, Prix, Federal, Patriots, “ Trump Force, American Express, , TOP, Stockings Locations: Nashville Trip, Lexington, Ky, Beverly Hills, Costa Mesa, Calif, Dallas, Houston, Hallandale Beach, Fla, Trip, Vegas, London, New Orleans, N.J, Trump, Park City, Utah, Red, Delaware, Las Vegas, New York, America
A United Airlines flight diverted to Chicago after cockpit screens went blank. AdvertisementA United Airlines plane diverted and made an unplanned landing after cockpit screens went blank while it was flying over Canada's far north. The incident occurred on a Boeing 787 Dreamliner operating Flight 231 from Los Angeles to London on September 26. AdvertisementIn a statement shared with Business Insider, a United Airlines spokesperson confirmed that the plane diverted "to address a potential technology issue." Last week, United Airlines was cleared by the Federal Aviation Administration after a six-month safety review.
Persons: Organizations: United Airlines, Boeing, Pilots, Service, Airlines, Business, Transportation Safety Board, Canada, Chicago O'Hare, Federal Aviation Administration Locations: Chicago, Hudson Bay, Los Angeles, London
Kalshi wagers on the presidential race outcomes were split 50-50, roughly reflecting national polling on the contest. The new contracts were added to Kalshi's platform within days of a favorable federal appeals court ruling for the company on Oct 2. Even more political races could soon become available for betting with Kalshi contracts, the CFTC said, citing contract terms published on the exchange's web site. But the commission argues that Kalshi's contracts might cast doubt on the integrity of elections. The appeals court initially blocked that judge's ruling from taking effect, which meant Kalshi could not offer any political contracts.
Persons: Kamala Harris, Donald Trump, Kalshi, KalshiEx, It's, there's, Tarek Mansour, Mansour, Patricia Millett Organizations: White, Electoral, Commodity Futures Trading Commission, U.S ., Appeals, District of Columbia Circuit, CNBC Locations: Washington ,
For Selva, leading the Transformation is unlike any test he has faced in his three-decade career at Citi. To do so, he has to solve for Citi's decades of underinvestment in its infrastructure, which affects every business line of the bank. Under Selva, Citi was the No. Related stories"The challenge with the Transformation role is you are accountable yet not responsible," the managing director in the Transformation said. Courtesy of CitiBringing in Ryan, the bank's head of technology and business enablement, to help the bank catch up makes sense.
Persons: Jane Fraser, Anand Selva, Selva, Sen, Elizabeth Warren, We've, Fraser, Gonzalo Luchetti, Luchetti, Kathleen Martin, Martin, Mike Mayo, Tim Ryan, Mayo, Vernon Yuen, Adora Tidalgo, Anand, Jim O'Donnell, Win McNamee, Andy Sieg, Tidalgo, Phil Waxelbaum, Jeffrey Warren, Ryan, Warren, Ashutosh Nawani, Japan Mehta, Mehta, Nawani, Tom Williams, Timothy Coffey, Janney Montgomery Scott, they've, Stephen Biggar Organizations: Citigroup, Citi, Federal Reserve, Currency, OCC, Business, underperformance, BI, Citi ., Coimbatore Institute of Technology, Madurai Kamaraj University, Asia Pacific, divesting, Employees, Merrill Wealth Management, PricewaterhouseCoopers, Russell Reynolds Associates, Securities, Exchange Commission, Bloomberg, Getty, Argus Research Locations: Selva, Chennai, India, Asia, who's, Wells, Madurai, Coimbatore, China, Singapore, New York, Fraser, Europe, Ryan
Brazil’s Supreme Court cleared X to resume service in the country Tuesday, after the social media platform reversed course and started complying with court rulings that billionaire owner Elon Musk had previously vowed to resist. Supreme Court Justice Alexandre de Moraes, who had been locked in a months-long feud with Musk, gave X the green light to resume operations in Latin America’s largest country effective immediately. In the decision, Moraes said X had met all the necessary requirements to start operating again in the country. Moraes, in his Tuesday decision, ruled that Brazil’s telecommunications regulator Anatel must work to allow X to come back online within 24 hours. A new X representative, lawyer Rachel de Oliveira Conceicao, was tapped in late September, when X also said it had started to block accounts ordered by the court.
Persons: Elon Musk, Alexandre de Moraes, Musk, Moraes, X, , ” Juscelino Filho, Luiz Inacio Lula da Silva, , Rachel de Oliveira Conceicao Organizations: Twitter, Global Affairs, Supreme, Meta Locations: Brazil’s, Brazil, Australia, United Kingdom
Russian troops have been using Discord to coordinate drone attacks, but it was banned on Tuesday. Federal regulators said they blocked the gaming messaging platform because it could be used for crime. Discord allows users to join a closed group voice call and livestream to other users from their screens or cameras. One pundit channel, Military Informant, blasted Roskomnadzor's decision as "madness," while another sarcastically thanked the regulator for giving Russian troops another challenge to "bypass the consequences of another wise decision." Discord, Roskomnadzor, and the Russian defense ministry did not immediately respond to comment requests sent outside regular business hours by Business Insider.
Persons: , Roskomnadzor, Anton Gorelkin, Vladislav Davankov, Davankov, Ekaterina Mizulina, Mizulina, Roman Alekhine, Roskomnadzor's, Alekhine Organizations: Service, TASS, Russian State, State Duma, Safe Internet League, Military, Russian, YouTube, VK, Russia's, Business Locations: Moscow, US, Ukraine, Russian, Russia, Bakhmut
The Federal Aviation Administration may issue SpaceX its next Starship license in time for a Sunday launch attempt, CNBC has learned. SpaceX and its CEO Elon Musk have been vocally critical of the FAA in recent weeks, urging the federal regulator to speed up its license review for Starship's fifth test flight. As recently as last week, the FAA said it did not expect to issue the license before "late November." Despite the ongoing review, SpaceX issued a statement Monday saying that the fifth Starship spaceflight "could launch as soon as October 13, pending regulatory approval." The FAA will make a licensing determination once SpaceX has met all licensing requirements," the FAA said.
Persons: SpaceX's, Elon Musk, it's Organizations: Boca Chica, Federal Aviation Administration, SpaceX, CNBC, FAA, U.S . Fish, Wildlife Service, and Wildlife Service Locations: Brownsville , Texas, U.S
Meta is facing calls from U.K. banks and payment firms like Revolut to financially compensate people who fall for scams on their services. Proposals to make tech firms liableTensions have been running high between banks and tech companies for some time. A key ask has been for the tech firms to share more detailed intelligence on how criminals are abusing their platforms. Social media firms not doing enough to combat and remove attempts to defraud internet users was another complaint from regulatory authorities at the event. Jones added that it was tough to "break the inertia" at tech companies to "really get them to get after it."
Persons: Jaap Arriens, it's, Meta, Woody Malouf, Matt Akroyd, Kate Fitzgerald, Rob Jones, Jones Organizations: Nurphoto, Getty, Systems, PSR, Payments Association, Facebook, NatWest, Metro Bank, Financial Times, Labour Party, CNBC, Stewarts, Social, Economic Crime, U.K, National Crime Agency, Tech, Meta, Intelligence Locations: London
krisanapong detraphiphat | Moment | Getty ImagesInvestors are at a heightened risk of cryptocurrency scams tied to fake relationships established over social media, dating apps and networking sites, federal officials warn. Last month, the SEC brought its first-ever enforcement actions tied to crypto relationship frauds. Crypto scam losses 'can be huge'Crypto, examples of which includes bitcoin and ethereum, is a digital currency. watch nowThere are "many variations" of crypto investment fraud, but the most prominent last year was the relationship scam, the FBI said. Jules, a victim of a crypto relationship scam, detailed her experience with the crime on a new FINRA podcast.
Persons: krisanapong, Fraudsters, Grewal, CoinW6, Kim Casci, Palangio, Micah Hauptman, Hauptman, Jules, , Crispin La Valiente Organizations: Finance, FBI, Securities, Exchange Commission's, SEC, LinkedIn, Federal Bureau of Investigation, Consumers, Support, Financial Industry Regulatory Authority, Consumer Federation of America Locations: Seattle
SYDNEY, Australia — A court in Australia upheld an order on Friday for Elon Musk’s X to pay a fine of 610,500 Australian dollars ($418,000) for failing to cooperate with a regulator’s request for information about anti-child-abuse practices. X did not immediately respond to a request for comment on Friday. This is not the first conflict between Musk and the Australian internet safety regulator. The eSafety Commissioner earlier this year ordered X to remove posts showing a bishop in Australia being stabbed during a sermon. X challenged the order in court on the grounds that a regulator in one country should not decide what internet users viewed around the world, and ultimately kept the posts up after the Australian regulator withdrew its case.
Persons: Elon Musk’s, X, Musk, , , Julie Inman Grant, eSafety Organizations: Federal, Twitter, X Corp, World Locations: SYDNEY, Australia
In today's big story, Google Search is going to look a whole lot different thanks to generative AI . According to Rhiannon Bell, the vice president of user experience for Google Search, it's a "pretty dramatic shift from where we were before." AdvertisementAnd yes, in case you were wondering if it was coming, Google is going to start putting ads in its AI Search results — but only when Google deems them relevant. Google's new AI-organized search results GoogleSearch's revamp addresses a big concern for the rest of the internet. One survey conducted earlier this year found 60% of people who used Google's AI search found it more effective than non-AI powered Search.
Persons: , Morgan Stanley, Tyler Le, Hugh Langley, Tech's, Hugh, Rhiannon Bell, Gen, Jenny Chang, Rodriguez, Ned Davis, Kalshi, Andy Jassy F, Carter Smith, Chelsea Jia Feng, Andy Jassy, Marc Andreessen, he's, Alyssa Powell, dockworkers, hasn't, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Milan Sehmbi, Amanda Yen Organizations: Business, Service, Costco, Tech, Google, Getty, Ned, Ned Davis Research, CFTC, Bloomberg, Getty Images, Amazon, LinkedIn, YouTube, EU . US Department of Labor Locations: China, San Francisco, EU, New York, London
The logo of fast fashion e-commerce company Shein outside its office in Guangzhou in southern China's Guangdong province. Shein is set to hold informal investor meetings in the coming weeks for its planned London initial public offering, three sources with knowledge of the matter said, pushing ahead with preparations as it awaits U.K. regulatory approval. The China-founded online retailer plans to hold informal roadshows mainly across Europe, one of the sources said, during which an IPO-bound company fields large investors' questions and tests their investment appetite. Shein confidentially filed papers with Britain's markets regulator in early June, kicking off the process for a potential London listing by the company later in the year, Reuters reported in June, citing sources. Shein's preparations for a potential London listing marks a shift from its long-running U.S. IPO plan, which has run into obstacles at home and abroad, Reuters has reported.
Persons: Shein confidentially Organizations: Reuters, Financial, Authority Locations: Guangzhou, China's Guangdong province, Shein, China, Europe, Singapore, York
British financial technology firm Revolut on Thursday criticized Facebook parent company Meta over its approach to tackling fraud, saying the U.S. tech giant should directly compensate people who fall victim to scams via its social media platforms. In a statement, Woody Malouf, Revolut's head of financial crime, said that Meta's plans to tackle financial fraud on its platforms amount to "baby steps, when what the industry really needs is giant leaps forward." "These platforms share no responsibility in reimbursing victims, and so they have no incentive to do anything about it. Britain's Payments System Regulator had previously recommended a £415,000 maximum compensation amount for fraud victims, but backed down following backlash from banks and payment firms. The fintech firm published a report Thursday alleging that 62% of user-reported fraud on its online banking platform originated from Meta, down from 64% last year.
Persons: Revolut, Woody Malouf, Malouf, Meta, Revolut's Malouf, WhatsApp Organizations: Facebook, Meta, NatWest, Metro Bank, CNBC, Regulator, Consumer Security Locations: U.S, Meta
SpaceX launched its mission to rescue the two Starliner astronauts — but it didn't go entirely according to plan. The company's Falcon 9 rocket has been grounded after a booster landed in the wrong place. It's the third time in three months that the Falcon 9 has been grounded. AdvertisementSpaceX's workhorse rocket has been grounded for the third time in three months after malfunctioning during a mission to rescue two astronauts stuck in space. The rocket was also briefly grounded by the FAA in August after failing an attempt to land back on Earth.
Persons: , Boeing's Starliner, Elon Musk, Musk, Butch Wilmore, Suni Williams Organizations: SpaceX, Service, Federal Aviation Administration, FAA, Elon, Boeing, NASA, Crew
U.K. financial regulators hit British digital lender Starling Bank with a £29 million ($38.5 million) fine over failings related to its financial crime prevention systems. In a statement on Wednesday, London's Financial Conduct Authority said it had fined Starling "for financial crime failings related to its financial sanctions screening." Starling also repeatedly breached a requirement not to open accounts for high-risk customers, the FCA said. Since then, Starling has reported multiple potential breaches of financial sanctions to relevant authorities, according to the British regulator. The FCA said that Starling has already established programs to remediate the breaches it identified and to enhance its wider financial crime control framework.
Persons: Starling, David Sproul Organizations: Starling, Authority, FCA, Starling Bank Locations: British
CNN —A federal appeals court in Washington, DC, on Wednesday allowed a prediction market to offer election betting, denying a government watchdog’s request to halt a ruling that made way for legal political gambling in the United States. It is unclear whether the New York-based startup will launch more election markets. “US presidential election markets are legal. Because the sources of information that election markets absorb can be “opaque and unreliable,” like polls with undisclosed methodologies or fake news reports, Schwartz suggested that they can be uniquely susceptible to manipulation. While the legal dispute with Kalshi plays out, the CFTC has also embarked on a broader clampdown on events-based betting.
Persons: ” “, Patricia Millett, , ” Kalshi, Jia Cobb, Tarek Mansour, X, Stephen Hall, ‘ deepfakes, Kalshi, , Rob Schwartz, Schwartz, Yaakov Roth, ” Roth, Rostin Behnam Organizations: CNN, Senate, Futures Trading Commission, DC, Appeals, US, DC Circuit, Kalshi, CFTC, Better Locations: Washington ,, United States, New York, Washington,
Some expat Indians are moving back home to launch companies of their own. But the chaos, where even established startups are trying and failing, makes India a fair playing field for new entrants, Hassan said. Programs like Startup India, which provides founders benefits like tax exemption, easier compliance, and funding support, have made creating a company smoother. Bhide returned to India in January, leaving behind about $580,000 in total compensation at ticketing platform StubHub. Bhide said the general sentiment among local founders is shifting from "Build from India" to "Build for India."
Persons: , Nithin Hassan, — Hassan, Hassan, he's, Binod Khadria, Khadia, That's, Ben Mathias, VCs, Mathias said, Devyani Parameshwar, It's, Rohan Bhide, Bhide, Dhruv Anand, Dhruv Anand Dhruv Anand, Anand, Ruchit Garg, Garg, Niranjan Vemulkar, Vemulkar Organizations: Service, Amazon, Microsoft, Meta, Global Research, Diaspora, Business, Vertex Ventures, Indian, Startup, Reliance, Tech, Google Locations: India, Bengaluru, Oyo, Byju's, Asia, Africa, Delhi, Gurugram, Silicon Valley, It's, Mumbai, Bangalore
New York CNN —The head of the National Transportation Safety Board blasted the Federal Aviation Administration, saying the agency is not taking seriously enough the potential for jammed flight controls on some Boeing 737s. In a new letter shared with CNN, NTSB Chair Jennifer Homendy wrote FAA Administrator Mike Whitaker to say that the regulator failed to act when the pilots of a United Airlines Boeing 737 MAX reported that their rudder pedals became stuck when coming in for a landing in Newark, New Jersey on February 6. Last Thursday, the NTSB issued an “urgent” safety warning, saying that some 737s equipped with certain rudder actuators could careen off the runway on landing – the latest black eye for Boeing’s embattled 737 MAX line after a door plug blowout in January and two fatal crashes abroad. “I am disappointed that it does not appear that the FAA has initiated urgent actions to address the risk of jammed rudder controls in the 6 months since our preliminary report on this incident was issued,” Homendy wrote. The FAA said, “we thank the NTSB for the recommendations, and we are taking them seriously.”
Persons: Jennifer Homendy, Mike Whitaker, , ” Homendy, Homendy, Organizations: New, New York CNN, National Transportation Safety Board, Federal Aviation Administration, Boeing, CNN, United Airlines Boeing, MAX, NTSB, FAA, United Airlines Locations: New York, Newark , New Jersey
Rupert Murdoch looks on as he walks on the day of the hearing on the contentious matter of succession of Rupert Murdoch's global television and publishing empire, in Reno, Nevada, U.S. September 23, 2024. British real estate portal Rightmove rejected a sweetened $8.29 billion takeover bid from Rupert Murdoch's Australian property listing firm REA Group on Monday, saying the fourth bid still undervalued the company. That gave Rightmove an implied value of 781 pence per share, about a 3% increase over the previous bid. Rightmove said that during the discussions, REA had requested to extend the deadline to allow it to consider a potential fifth proposal. The U.K. company looks primed for a steady recovery from a property market downturn as the potential for more rate cuts boosts sentiment in the U.K. housing sector.
Persons: Rupert Murdoch, Rupert Murdoch's, REA, Rightmove, Andrew Fisher, Hamish McLennan, Rightmove's Organizations: REA Group, Murdoch's News Corp, REA, OnTheMarket Locations: Reno , Nevada, U.S, British, U.K
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