10012016Sat
Last update: Sat, 01 Oct 2016 06am

Business & Finance - Industries & Sectors

Microsoft teams with Bank of America on 'blockchain' SAN FRANCISCO: Microsoft and Bank of America Merrill Lynch on Tuesday announced they are working together to make financial transactions more efficient with blockchain technology -- the foundation of bitcoin digital currency.The companies said they will build and test frameworks for blockchain-powered exchanges between businesses and their customers and banks.Blockchains are considered tamper-proof registers in which entries are time-stamped and linked to previous "blocks" in a data chain.Blockchains serve as public ledgers considered easy to audit and verify. They are also automated, speeding up transactions and limiting potential for error or revision.Microsoft planned to use its Azure cloud service platform to enable blockchain transactions between a major corporate treasury and a financial institution."By working with Bank of America-Merrill Lynch on cloud-based blockchain technology, we aim to increase efficiency and reduce risk in our own treasury operations," Microsoft chief financial officer Amy Hood said in a release."Businesses across the globe -- ...


Business & Finance - Banking & Finance

Czech central bank seen not adjusting crown cap on Sept. 29 PRAGUE: The Czech central bank will keep its weak crown policy unchanged on Thursday while looking to scrap the cap on the exchange rate around mid-2017 despite a flurry of bets that it may float the currency earlier, according to a Reuters poll of analysts. The central bank has used a weakened exchange rate since 2013 as its main policy tool to revive inflation, which has picked up but remains below 1 percent, the lower ...

Business & Finance - Banking & Finance

Goldman Sachs' top Southeast Asia investment banker to leave SINGAPORE: The head of Goldman Sachs' investment banking division in Southeast Asia, Michael Smith, is set to leave the bank, two people familiar with the matter said on Tuesday. Based in Singapore, Smith is a partner at Goldman and also heads the bank's Asian real estate investment banking team. Smith, who has been with the Wall Street bank since 2006, will leave later this year, one of the sources said.Smith was previously a banker at ...

Business & Finance - Banking & Finance

Political support for banks must end: Bundesbank VIENNA: Political support for Europe's oversized banking sector must stop, a top official at Germany's central bank said on Tuesday, comparing banks to dinosaurs facing a threat of extinction. Concerns about German banks are mounting, with top lender Deutsche Bank forced to reassure investors this week it did not need government support to meet a possible US fine and low interest rates eating into their profits. Andreas Dombret, the Bundesbank board member in charge of ...

Business & Finance - Banking & Finance

Russian central bank: seasonally-adjusted Q3 GDP seen flat vs Q2 MOSCOW: Russian gross domestic product growth will be roughly flat in the third quarter versus the previous quarter in seasonally adjusted terms, the central bank said on Tuesday, adding that data in August showed an economic recovery was not yet steady. The bank said it predicted capital investment would shrink by 2.5-3.5 percent in annual terms in the third three months of the year versus a contraction of 4.3 percent in the first half of ...

Business & Finance - Industries & Sectors

Samsung recovers around 60pc of recalled Note 7s in South Korea, US, Europe SEOUL: Samsung Electronics Co said on Tuesday it has got back around 60 percent of recalled Galaxy Note 7 smartphones sold in South Korea, the United States and Europe, suggesting it is making progress in its attempts to recover from the crisis. In a statement, Samsung said it was focused on replacing all affected devices "as quickly and efficiently" as possible and reiterated its request that customers affected by the current recall should power off ...

Business & Finance - Industries & Sectors

Senators ask Yahoo CEO for details of hack investigation WASHINGTON: Six Democratic US senators on Tuesday asked embattled Yahoo CEO Marissa Mayer for more information about the internet company's investigation into a hack that compromised data related to 500 million user accounts. The lawmakers said they were "disturbed" the two-year-old intrusion was announced only last week. "That means millions of Americans' data may have been compromised for two years," the senators wrote in a joint letter addressed to Mayer. "This is unacceptable." Copyright Reuters, ...