Thursday, 18 May 2017

ICJ accepts India's plea, asks Pakistan not to execute Jadhav-The Total Investment & Insurance Solutions

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18 May 2017

In major relief for India, the International Court of Justice on Thursday ordered Pakistan not to execute alleged spy Kulbhushan Jadhav till a final decision is taken. The Total Investment & Insurance Solutions

Judge Ronny Abraham, President of the court, reading out the court verdict also asked Pakistan to inform it of all the measures it has taken to implement the order. The Total Investment & Insurance Solutions


India on Monday had sought the court's intervention for an immediate suspension of Jadhav's death sentence, fearing that the Indian national may be executed even before the ICJ decided the case.The Total Investment & Insurance Solutions

European Union fines Facebook over misleading WhatsApp data-The Total Investment & Insurance Solutions

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18 May 2017

The European Union (EU) on Thursday announced it will fine Facebook 110 million euros ($122 million) for providing incorrect or misleading information in connection with the 2014 purchase of mobile messaging service WhatsApp. The Total Investment & Insurance Solutions

At the time of the acquisition, Facebook told European Commission (EC) competition monitors that it was not technically possible to automatically link WhatsApp user data with Facebook profiles but this later transpired to be incorrect information that Facebook staff had knowingly handed over, Efe news reported. The Total Investment & Insurance Solutions

"Today's decision sends a clear signal to companies that they must comply with all aspects of EU merger rules, including the obligation to provide correct information," European Commissioner Margrethe Vestager, in charge of competition policy, said in a statement.

"And it imposes a proportionate and deterrent fine on Facebook. The Commission must be able to take decisions about mergers' effects on competition in full knowledge of accurate facts," she said.

In order to review mergers efficiently and in a timely manner, the EC said, companies were obliged to provide accurate information. The Total Investment & Insurance Solutions

During the $19 billion takeover of WhatsApp in 2014, Facebook staff told the EC, both in an official form and in response to an information request, that it would not be able to match WhatsApp and Facebook user identities. The Total Investment & Insurance Solutions

However in 2016, WhatsApp updated its terms of use, implementing changes with the possibility of linking profiles, prompting the EC to lodge a statement of objections in December of that year.

The Commissioners found that not only was it technically possible to fuse user profiles in 2014, but that Facebook staff had been aware of this at the time. The Total Investment & Insurance Solutions

According to EU merger regulation, the EC can impose a fine totalling 1 per cent of a company's aggregated turnover if it has provided misleading or incorrect information.


A Facebook spokesperson said: "The errors we made in our 2014 filings were not intentional and the Commission has confirmed that they did not impact the outcome of the merger review. Today's announcement brings the matter to a close".The Total Investment & Insurance Solutions

Government to bring law to confiscate assets of economic offenders -The Total Investment & Insurance Solutions

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18 May 2017

In a bid to deal with economic offenders like liquor baron Vijay Mallya, who flee the country to escape the legal process, the government on Thursday said it has prepared a draft legislation to enable confiscation of their assets. The Total Investment & Insurance Solutions

The draft law -- Fugitive Economic Offenders Bill, 2017 -- has been prepared and put in public domain at the Department of Economic Affairs, Ministry of Finance, website for comments and suggestions of all stakeholders. The Total Investment & Insurance Solutions

"It is widely felt that the spectre of high-value economic offenders absconding from India to defy the legal process seriously undermines the rule of law in India," the Finance Ministry said here in a statement

"It is, therefore, felt necessary to provide an effective, expeditious and constitutionally permissible deterrent to ensure that such actions are curbed," the statement said. 

"The government is considering to introduce legislative changes or even a new law to confiscate the assets of such absconders till they submit to the jurisdiction of the appropriate legal forum," the statement added. The Total Investment & Insurance Solutions

All stakeholders need to submit their suggestions by June 3. 

The legislative action is part of the Union Budget announcement.

Finance Minister Arun Jaitley had in the Budget 2017-18 said: "In the recent past, there have been instances of big time offenders, including economic offenders, fleeing the country to escape the reach of law. We have to ensure that the law is allowed to take its own course. 


"Government is, therefore, considering introduction of legislative changes, or even a new law, to confiscate the assets of such persons located within the country, till they submit to the jurisdiction of the appropriate legal forum. Needless to say that all necessary constitutional safeguards will be followed in such cases."The Total Investment & Insurance Solutions

Chevrolet To Pull Out Of India, South Africa -The Total Investment & Insurance Solutions

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18 May 2017
Chevrolet (The Total Investment & Insurance Solutions)

General Motors Co. is pulling its Chevrolet brand out of India, South Africa and East Africa by the end of this year. The Total Investment & Insurance Solutions
The company will retain its assembly plant in India but will only make vehicles for export. It is selling a plant in South Africa to Isuzu Motors. The Total Investment & Insurance Solutions
GM says the changes will save the company $100 million per year. It will take a charge of $500 million in the second quarter to complete the actions. The Total Investment & Insurance Solutions
GM CEO Mary Barra said the company wants to focus on markets that will help its profitability and competitiveness. It also needs to spend more on future mobility projects like autonomous vehicles.

Earlier this spring GM exited the European market, selling its Opel and Vauxhall brands to PSA Group.The Total Investment & Insurance Solutions

Wednesday, 17 May 2017

Nifty, Sensex continues to be in an uptrend - Wednesday closing report-The Total Investment & Insurance Solutions

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17 May 2017

I had mentioned in Tuesday’s closing report that Nifty, Sensex were trading higher. The major indices of the Indian stock markets were range-bound on Wednesday and closed with small gains over Tuesday’s close. The trends of the major indices in the course of Wednesday’s trading are given in the table below: The Total Investment & Insurance Solutions
Major Indices (The Total Investment & Insurance Solutions)

The key Indian equity indices touched new intra-day highs during the mid-afternoon trade session on Wednesday, as a strong rupee and healthy buying in metal and automobile stocks buoyed investors' sentiments. Around 2 p.m. on Wednesday, the NSE Nifty rose by 15.40 points or 0.16% to 9,527.65 points. Investors remained firm ahead of a crucial GST (Goods and Services Tax) panel meet in Srinagar starting on Thursday. Both the benchmark indices touched all-time high levels. Appreciation of the rupee against the US dollar also supported the firmness, according to market analysts. The Total Investment & Insurance Solutions

Bharti Airtel on Wednesday announced new plans for its home broadband users, offering up to 100% more high-speed data benefits within the same monthly rentals. "Our new plans are aimed at putting India onto the digital super highway and complement our superfast broadband offerings like ‘V-Fiber'," said Hemanth Kumar Guruswamy, CEO - Homes, Bharti Airtel (India). In-home high speed data consumption in India is increasing exponentially and to serve this growing demand and enable a seamless high speed data experience in a multi-device environment, Airtel has built a future ready network and introduced ‘V-Fiber' that delivers consistently superfast broadband speeds of up to 100 Mbps to homes, the company statement said. Airtel's refreshed broadband plans are designed for ‘V-Fiber' superfast broadband. Bharti Airtel closed at Rs376.00, up 0.35% on the BSE.

Pharma major Dr Reddy's Laboratories Ltd has received approval from the US Food and Drug Administration (USFDA) to launch doxorubicin hydrochloride liposome injection, for intravenous use, in the US market. Doxorubicin hydrochloride liposome injection is a therapeutic equivalent generic version of Doxil® (doxorubicin hydrochloride liposome injection). The USFDA approval is an outcome of extensive collaboration with the company's partner, Natco Pharma Ltd. on R&D and manufacturing capabilities, the Hyderabad-based Dr Reddy's said in a statement on Wednesday. "This approval represents the first of its kind for Dr Reddy's in the complex depot injectables arena," explains Alok Sonig, Executive Vice President and Head of the North America Generics business at Dr Reddy's Laboratories. "It is a testament to our commitment to bring affordable generic medicines to market for patients. The approval further validates our capabilities to successfully develop and manufacture complex liposomal formulations. We are preparing for a commercial launch soon," he said. Dr Reddy’s Laboratories closed at Rs2,731.95, up 0.32% on the BSE.

The top gainers and top losers of the major indices are given in the table below:
 
Top Gainer (The Total Investment & Insurance Solutions)

The closing values of the major Asian indices are given in the table below: The Total Investment & Insurance Solutions
Asian Indices (The Total Investment & Insurance Solutions)

Cyber war: After 'WannaCrypt', world faces massive cryptocurrency attack-The Total Investment & Insurance Solutions

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17 May 2017

After facing a massive "WannaCrypt" ransomware attack that exploited a vulnerability in a Microsoft software and hit 150 countries, the same Windows vulnerability (MS17-010) has also been exploited to spread another type of malware that is quietly but fast generating digital cash from machines it has infected. The Total Investment & Insurance Solutions

According to a report in The Registrar on Wednesday, tens of thousands of computers globally have been affected by the "Adylkuzz attack" that target machines, let them operate and only slows those down to generate digital cash or "Monero" cryptocurrency in the background. 

"Monero" -- being popularised by North Korea-linked hackers -- is an open-source cryptocurrency created in April 2014 that focuses on privacy, decentralisation and scalability. 

It is an alternative to Bitcoin and is being used for trading in drugs, stolen credit cards and counterfeit goods. The Total Investment & Insurance Solutions

"Initial statistics suggest that this attack may be larger in scale than WannaCry[pt], because this attack shuts down SMB networking to prevent further infections with other malware (including the WannaCry[pt] worm) via that same vulnerability," US-based cyber security firm Proofpoint researchers were quoted as saying in the report.

This is how a cryptocurrency attack works.

The hackers need to mine cryptocurrency using computers/computing devices (IoT included).

"Mining of cryptocurrency simply means solving complex cryptography problems designed within the algorithm of a cyber-currency that requires a lot of computing," Saket Modi, CEO and Co-founder of Delhi-based IT risk assessments provider Lucideus, told. 

To draw a parallel, there can only be 21 million Bitcoins that can be mined out of which 16 million have already been mined, informed Modi. 

"Monero", on the other side, is slightly different than Bitcoin but for simplification's sake, it can be assumed that it follows a similar architecture and similar mining process.

"Hence, there is a new wave of cyber attacks where the hacker is least interested in the personal information of the victim and instead his only motivation is to gain access to the CPU of the victim's computer/mobile/IoT device so that they can use it to mine more currencies (and correspondingly make more money)," Modi told. 

This looks like something more dangerous than "WannaCrypt" as the victim doesn't come to know that they have been hacked, but, on the other side, "the good part is that the hacker here is not interested in the victim's personal data," Modi told. 

To achieve this, the hackers find a vulnerability in one of the servers in the targeted organisation or they would infect a website which employees of a targeted organisation often visit.

"They would then infect the IT infrastructure of the target with malware and would identify where a server running SWIFT software is installed. They would download additional malware to interact with SWIFT software and would try to drain the organisation's accounts," Altaf Halde, Managing Director of Kaspersky Lab (South Asia), told.

According to Proofpoint, the "Adylkuzz" attack is still growing.

"Once infected through use of the 'EternalBlue' exploit, the cryptocurrency miner 'Adylkuzz' is installed and used to generate cybercash for the attackers," Robert Holmes, Vice President of products at Proofpoint, was quoted as saying.

According to experts, the "Adylkuzz" began its attack on or before May 2, more than a week before "WannaCrypt" arrived and hit 150 countries, including India. 

"Indications are that the crooks behind 'Adylkuzz' have generated a lot more money than the 'WannaCrypt' ransomware fiends," The Registrar report noted.

According to cyberscoop.com, "Monero" doubled in price over the last month to around $23 while other digital currencies, including bitcoin, saw a mixed month.

"Cybercriminals intrigued by the currency's promises of greater anonymity are using it more often on black markets." it said. The Total Investment & Insurance Solutions

This is how organisations can save themselves from such cryptocurrency attacks.

"If your organisation has software tools for conducting money transactions like SWIFT software, invest into additional protection and regular security assessment in addition to standard protection measures implemented on all other parts of the organization's network," Halde informed. The Total Investment & Insurance Solutions

Protect backup servers as they contain information that can be of use for attackers: passwords, logins, and authentication tokens. The Total Investment & Insurance Solutions

"When deploying specialised software for money processing follow recommendations and best security practices from your software vendor and security professionals," Halde added.


In case of suspicion of intrusion, request for professional assistance with incident response. The Total Investment & Insurance Solutions

UK Court Rejects Nestle's Bid To Trademark KitKat Shape -The Total Investment & Insurance Solutions

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17 May 2017

A court has rejected an attempt by Nestle to trademark the distinctive four-fingered shape of the KitKat chocolate bar in Britain. The Total Investment & Insurance Solutions


The Court of Appeal says there is insufficient evidence that consumers rely on the shape to identify the milk chocolate-coated wafer bar.

David Kitchin, one of the three judges, wrote that it was not enough that "consumers merely recognize it and associate it with the applicant's goods."

The Swiss food giant first tried to register the trademark in 2010, but the application was opposed by rival chocolate-maker Cadbury. The Total Investment & Insurance Solutions

Nestle said it was disappointed with Wednesday's ruling and was "considering next steps," which could include an appeal to the Supreme Court.


It said KitKat's shape has been granted trademark protection in countries including Germany, France, Australia, South Africa and Canada.The Total Investment & Insurance Solutions

Ford To Cut 1,400 Jobs In North America, Asia-The Total Investment & Insurance Solutions

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17 May 2017
Ford (The Total Investment & Insurance Solutions)

Ford is cutting 1,400 jobs in North America and Asia Pacific this year in an effort to boost profits.

The company will offer voluntary early retirement and separation packages to around 10 percent of its non-factory workers in departments like sales, marketing and human resources. It expects the actions to be complete by the end of September. The Total Investment & Insurance Solutions

Ford believes it will meet its targets by voluntary means and doesn't expect involuntary layoffs, spokesman Mike Moran said Wednesday. The Total Investment & Insurance Solutions

"We remain focused on the three strategic priorities that will create value and drive profitable growth, which include fortifying the profit pillars in our core business, transforming traditionally underperforming areas of our core business and investing aggressively, but prudently, in emerging opportunities," Ford said in an email sent to employees early Wednesday. "Reducing costs and becoming as lean and efficient as possible also remain part of that work."

The offer will be open to about 15,300 workers, including 9,600 in the U.S., 1,000 in Mexico, 600 in Canada and 4,141 in Asia. The Total Investment & Insurance Solutions
Certain areas of the business won't be targeted, including Ford's product development and credit divisions. Factory workers and white-collar employees in Ford's plants won't be affected. Information technology and analytics workers also aren't targeted.

The Dearborn, Michigan, company says it will release more details to employees in June.

Ford has been hiring steadily since the recession as U.S. vehicle sales reached record highs. In its 2011 contract with the United Auto Workers union, it pledged to hire 12,000 factory workers by 2015. Earlier this year, it announced it would add 700 workers to a suburban Detroit plant in 2018 to make electric and self-driving vehicles. The Total Investment & Insurance Solutions

But investors are clearly worried that sales in the U.S., Ford's biggest market, are peaking. They're also unsure about Ford's heavy spending on technology with an uncertain future, like its recent investment of $1 billion in Argo AI, an artificial intelligence startup. Ford's stock price has fallen nearly 40 percent over the last three years. The Total Investment & Insurance Solutions

Ford shares fell 6 cents to $10.88 in premarket trading after the company announced the reductions.


Ford's net income fell 35 percent to $1.6 billion in the first quarter. It expects to earn a pretax profit of $9 billion this year, down from a record of $10.4 billion in 2016.The Total Investment & Insurance Solutions

Trump Reports Weigh On Global Stocks And The Dollar-The Total Investment & Insurance Solutions

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15 May 2017

 
Global Stocks (The Total Investment & Insurance Solutions)
Global stock markets and the dollar drifted lower Wednesday as traders fretted over reports that President Donald Trump appealed to ex-FBI Director James Comey to ditch an investigation into ousted national security adviser Michael Flynn. Though the White House has denied the allegation, there's mounting unease in markets over the developments in the U.S. government.

KEEPING SCORE: In Europe, Germany's DAX was down 0.3 percent at 12,768 while the CAC 40 in France fell 0.4 percent to 5,387. The FTSE 100 index of leading British shares was 0.1 percent lower at 7,519 and near all-time highs. U.S. stocks were poised for a lower opening with Dow futures and the broader S&P 500 futures down 0.4 percent. The Total Investment & Insurance Solutions

TRUMP UNEASE: Traders appear to be growing concerned over the outlook for the Trump administration both politically and economically. A day barely passes without some new report about the president and his team. The latest centers on a memo that Comey wrote that showed the president asking him to shut down an FBI investigation into Flynn. That allegation was preceded by news that the president had disclosed highly classified information to the Russian foreign minister and the country's ambassador to the United States. Trump tweeted Tuesday that he had "an absolute right" as president to share "facts pertaining to terrorism" and airline safety with Russia.
ANALYST TAKE: "This adds to a darkening cloud of controversy and disarray hovering over the White House," said Mike van Dulken, an analyst at Accendo Markets. "It also means more questions about the administration's ability to garner enough Republican, let alone bipartisan support, for the policy pledges for which investors are growing increasingly impatient."

DOLLAR DROPS: The dollar has borne much of the fallout from the Trump disclosures. The euro was up 0.2 percent against the dollar at $1.11, the first time it's breached that level since November, when Trump surprisingly won the U.S. election. Against the yen, the dollar was down 0.6 percent to 112.42 yen. "The greenback's surprising gains that were made right after the U.S. elections have completely evaporated now, really making a mock of all those 'The Mighty Dollar' headlines that we saw this winter," said Stefan Koopman, market economist at Rabobank International.

ASIA'S DAY: Asian markets mostly fell. Japan's Nikkei 225 dropped 0.5 percent to 19,814.88 as the yen gained against the U.S. dollar. South Korea's Kospi dipped 0.1 percent to 2,293.08. Hong Kong's Hang Seng index slipped 0.2 percent to 25,293.63. The Shanghai Composite Index edged 0.2 percent lower to 3,104.44. Australia's S&P/ASX 200 sank 1.1 percent to 5,786.00. Taiwan's benchmark index fell but markets in Southeast Asia were mixed. The Total Investment & Insurance Solutions


OIL: Benchmark U.S. crude rose 13 cents to $48.79 per barrel in electronic trading on the New York Mercantile Exchange while Brent crude, used to price international oils, was up 24 cents to $51.89 per barrel in London.The Total Investment & Insurance Solutions