One of the founders of dominant <a href="https://www.wionews.com/business-economy/german-court-bans-uber-services-via-rental-cars-in-germany-269165">ride-hailing service Uber</a>, Travis Kalanick, will exit the company at the end of the year, the company announced Tuesday.

Kalanick, who was pushed out as chief executive in 2017 over various controversies, will sever his final ties to the company, resigning from the board of directors effective December 31 "to focus on his new business and philanthropic endeavours," Uber said in a statement.

"Uber has been a part of my life for the past 10 years. At the close of the decade, and with the company now public, it seems like the right moment for me to focus on my current business and philanthropic pursuits," Kalanick said.

Watch: Uber can't fix safety issues

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/paris-uber-cant-fix-safety-issues-267382/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

In March 2018, Kalanick announced the creation of a new investment vehicle, 10100, that will focus on both for-profit and non-profit ventures. The key areas of focus for the fund include real estate, e-commerce and innovation in China and India.

Kalanick and fellow Uber co-founder Garrett Camp got the idea for Uber while visiting Paris in December 2008 when they were unable to find a taxi.

UberCab launched in July 2010 in San Francisco. The company name was shortened in October to Uber.

Board Chairperson Ron Sugar thanked Kalanick for "his unique expertise, honed over 10 years building Uber from a scrappy startup into the global public company."

Kalanick <a href="https://www.wionews.com/business-economy/uber-submits-appeal-to-regain-london-taxi-licence-268225">resigned from Uber</a> in June 2017 amid heavy pressure following a series of disturbing reports about cutthroat workplace culture, harassment, discrimination and questionable business tactics to thwart rivals.

Uber shares have fallen more than 25 per cent since the company went public in May amid questions over its long-term profitability prospects.

Shares rose 1.1 per cent to $30.67 in morning trading Tuesday.&nbsp;

One of the founders of dominant ride-hailing service Uber, Travis Kalanick, will exit the company at the end of the year, the company announced Tuesday. Kalanick, who was pushed out as chief executive in 2017 over various controversies, will sever his final ties to the company, resigning from the board of directors effective December 31 "to focus on his new business and philanthropic endeavours," Uber said in a statement.

One of the founders of dominant ride-hailing service Uber, Travis Kalanick, will exit the company at the end of the year, the company announced Tuesday. Kalanick, who was pushed out as chief executive in 2017 over various controversies, will sever his final ties to the company, resigning from the board of directors effective December 31 "to focus on his new business and philanthropic endeavours," Uber said in a statement. "Uber has been a part of my life for the past 10 years. At the close of the decade, and with the company now public, it seems like the right moment for me to focus on my current business and philanthropic pursuits," Kalanick said. Watch: Uber can't fix safety issues In March 2018, Kalanick announced the creation of a new investment vehicle, 10100, that will focus on both for-profit and non-profit ventures. The key areas of focus for the fund include real estate, e-commerce and innovation in China and India. Kalanick and fellow Uber co-founder Garrett Camp got the idea for Uber while visiting Paris in December 2008 when they were unable to find a taxi. UberCab launched in July 2010 in San Francisco. The company name was shortened in October to Uber. Board Chairperson Ron Sugar thanked Kalanick for "his unique expertise, honed over 10 years building Uber from a scrappy startup into the global public company." Kalanick resigned from Uber in June 2017 amid heavy pressure following a series of disturbing reports about cutthroat workplace culture, harassment, discrimination and questionable business tactics to thwart rivals. Uber shares have fallen more than 25 per cent since the company went public in May amid questions over its long-term profitability prospects. Shares rose 1.1 per cent to $30.67 in morning trading Tuesday.

Uber co-founder Travis Kalanick to leave company's board

Prosus held firm on its $6.3 billion offer to buy Just Eat on Monday as it argued the merits of its bid versus one from Takeaway.com for the British online takeaway delivery firm.

The one change in the offer published on Monday by the Dutch arm of South African internet giant Naspers was an acceptance threshold lowered to 75 per cent&nbsp;from 90 per cent.

"We actually believe that financial markets are underestimating the cost of implementing the transformation Just Eat requires to protect its market position and to capitalise on its long-term opportunity," Prosus CEO Bob Van Dijk said.

Prosus has weighed in with an unsolicited cash offer of $6.3 billion, or 710 pence per share, for Just Eat.

That's higher than the 4.7 billion pound all-share deal that Just Eat's board has agreed with Takeaway.com whose shares have fallen since it made its initial bid in July.

Combined with the impact of a stronger British pound versus the euro, the value of the Takeaway.com shares offer has fallen to 609 pence.

Just Eat shares closed at 738 pence on Friday, signalling investors believe a higher offer from one of the suitors is likely.

Just Eat on Monday said the unchanged Prosus offer "significantly undervalued" it, both as a standalone company and in combination with Takeaway, and it continued to recommend shareholders to reject it.

Last week Takeaway, which initially proposed an agreed deal with Just Eat, changed its proposal to a formal bid with a 75% threshold.

Takeaway's offer could also go forward with simple majority approval from Just Eat shareholders if British regulators agree.

Prosus and Takeaway.com each talked up the merits of their respective bids on Monday.

Prosus CEO van Dijk told journalists on a conference call that Takeaway's modest investment in delivery capacity might be a viable strategy for now in the Netherlands and Germany, but it would not work in London and many other markets.

Takeaway CEO Jitse Groen said his bid offered superior future growth opportunities to both groups of shareholders.

He argued that the delivery side of the online food ordering businesses may never become profitable, while Takeaway's focus on becoming the dominant order platform has led to better growth in operating results.

Prosus held firm on its $6.3 billion offer to buy Just Eat on Monday as it argued the merits of its bid versus one from Takeaway.com for the British online takeaway delivery firm.

Prosus held firm on its $6.3 billion offer to buy Just Eat on Monday as it argued the merits of its bid versus one from Takeaway.com for the British online takeaway delivery firm. The one change in the offer published on Monday by the Dutch arm of South African internet giant Naspers was an acceptance threshold lowered to 75 per cent from 90 per cent. "We actually believe that financial markets are underestimating the cost of implementing the transformation Just Eat requires to protect its market position and to capitalise on its long-term opportunity," Prosus CEO Bob Van Dijk said. Prosus has weighed in with an unsolicited cash offer of $6.3 billion, or 710 pence per share, for Just Eat. That's higher than the 4.7 billion pound all-share deal that Just Eat's board has agreed with Takeaway.com whose shares have fallen since it made its initial bid in July. Combined with the impact of a stronger British pound versus the euro, the value of the Takeaway.com shares offer has fallen to 609 pence. Just Eat shares closed at 738 pence on Friday, signalling investors believe a higher offer from one of the suitors is likely. Just Eat on Monday said the unchanged Prosus offer "significantly undervalued" it, both as a standalone company and in combination with Takeaway, and it continued to recommend shareholders to reject it. Last week Takeaway, which initially proposed an agreed deal with Just Eat, changed its proposal to a formal bid with a 75% threshold. Takeaway's offer could also go forward with simple majority approval from Just Eat shareholders if British regulators agree. Prosus and Takeaway.com each talked up the merits of their respective bids on Monday. Prosus CEO van Dijk told journalists on a conference call that Takeaway's modest investment in delivery capacity might be a viable strategy for now in the Netherlands and Germany, but it would not work in London and many other markets. Takeaway CEO Jitse Groen said his bid offered superior future growth opportunities to both groups of shareholders. He argued that the delivery side of the online food ordering businesses may never become profitable, while Takeaway's focus on becoming the dominant order platform has led to better growth in operating results.

Prosus sticks with $6.3 billion Just Eat bid but lowers threshold

Gravitas: The Facebook Supreme Court!

Metro said that an unsolicited offer by two prominent investors to take over the German retailer substantially undervalues it and advised shareholders on Sunday to hold off on taking action until management comments further.

On Friday, EP Global Commerce, an acquisition vehicle owned by the Czech and Slovak investors, made the takeover offer, which valued the company at 5.8 billion euros ($6.6 billion).

The retailer, noting that the offer price was only 3% above the closing share price on Friday, said the bid "substantially undervalues the company and does not reflect its value creation plan".

Metro said management was continuing to transform the company. It said it would comment further once the full offer document was available and that shareholders should take no action in the meanwhile.

EP Global Commerce, which already held a stake of nearly 11% in Metro, said on Friday that its offer price of 16 euros for each ordinary share and 13.80 euros for each preferred share represented a 34.5% premium to when EP Global Commerce made its initial investment in August.

The firm, co-owned by Czech investor Daniel Kretinsky and Slovak partner Patrik Tkac, said the offer was "a compelling value and a unique opportunity" for shareholders given the difficult market and challenges facing Metro.

Once a sprawling retail conglomerate, Metro has in recent years been restructuring to focus on its core cash-and-carry business, selling off the Kaufhof department stores and then splitting from consumer electronics group Ceconomy.

It still operates in 26 countries with 771 stores and 150,000 employees, but it is trying to offload its loss-making Real hypermarkets chain, as well as its operations in China.

The Czech and Slovak bidders signalled that further changes were needed at Metro, though they said they would not close stores in Germany and its core markets, or cut jobs substantially.

"Metro needs to regain the capability to swiftly react," they said, adding that otherwise, it "would be exposed to significant risks due to stagnant or declining results." ($1 = 0.8798 euros)

Metro said that an unsolicited offer by two prominent investors to take over the German retailer substantially undervalues it and advised shareholders on Sunday to hold off on taking action until management comments further.

Metro said that an unsolicited offer by two prominent investors to take over the German retailer substantially undervalues it and advised shareholders on Sunday to hold off on taking action until management comments further. On Friday, EP Global Commerce, an acquisition vehicle owned by the Czech and Slovak investors, made the takeover offer, which valued the company at 5.8 billion euros ($6.6 billion). The retailer, noting that the offer price was only 3% above the closing share price on Friday, said the bid "substantially undervalues the company and does not reflect its value creation plan". Metro said management was continuing to transform the company. It said it would comment further once the full offer document was available and that shareholders should take no action in the meanwhile. EP Global Commerce, which already held a stake of nearly 11% in Metro, said on Friday that its offer price of 16 euros for each ordinary share and 13.80 euros for each preferred share represented a 34.5% premium to when EP Global Commerce made its initial investment in August. The firm, co-owned by Czech investor Daniel Kretinsky and Slovak partner Patrik Tkac, said the offer was "a compelling value and a unique opportunity" for shareholders given the difficult market and challenges facing Metro. Once a sprawling retail conglomerate, Metro has in recent years been restructuring to focus on its core cash-and-carry business, selling off the Kaufhof department stores and then splitting from consumer electronics group Ceconomy. It still operates in 26 countries with 771 stores and 150,000 employees, but it is trying to offload its loss-making Real hypermarkets chain, as well as its operations in China. The Czech and Slovak bidders signalled that further changes were needed at Metro, though they said they would not close stores in Germany and its core markets, or cut jobs substantially. "Metro needs to regain the capability to swiftly react," they said, adding that otherwise, it "would be exposed to significant risks due to stagnant or declining results." ($1 = 0.8798 euros)

Germany's Metro says $6.6 billion bid undervalues company

When Fabio Schvartsman took the reins of Vale SA in 2017, he suggested a motto for the world's largest iron miner, turning the page on a tailings <a href="http://www.wionews.com/world/dam-collapses-in-brazil-several-feared-dead-192820">dam disaster that hit a small Brazilian town</a> two years before: "Mariana, never again."

That and many of Schvartsman's other big promises look destined for the scrap heap.

Four years later and some 100 km (60 miles) from Mariana, a breached Vale tailings dam on Friday unleashed a torrent of mud on another small Brazilian community, Brumadinho,&nbsp;<a href="http://www.wionews.com/world/brazil-resumes-search-for-missing-after-dam-collapse-ends-evacuation-193244">leaving hundreds missing and presumed dead</a>.

While the company's focus so far has been on the human tragedy, analysts and shareholders have little doubt that Vale cannot continue on the track its CEO set.

Schvartsman, 63, who said recently he would stay on through 2020 after his current term expires in May, designed Vale's strategy around spending more than $10 billion in annual free cash flow as China gobbled up its high-grade iron ore.

Offering generous dividends, reinvesting in money-losing divisions and searching for mid-sized acquisitions – many of those plans may have to be abandoned as Vale braces for lawsuits that could grow into the tens of billions of dollars.

One executive at a pension fund that holds Vale shares, who asked for anonymity due to the sensitivity of the matter, said it would be hard to justify big shareholder payouts in coming quarters, adding that a full review of Vale's governance was needed.

Indeed, the company said in a late Sunday filing that it was suspending its planned shareholder dividends, share buybacks, and executive bonuses because of the disaster.

Vale said in a statement that it was focused on helping the disaster victims. During a Sunday visit to the rescue efforts, Schvartsman pledged to renew Vale's focus on safety, going "above and beyond any national or international standards."

"We will create a cushion of safety far superior to what we have today to guarantee this never happens again," he said.

One of Vale's top shareholders, public-sector pension fund Caixa de Previdencia, known as Previ, on Saturday took the unusual step of issuing a statement saying it will demand a thorough investigation of the accident and will ensure the company helps the families and communities affected.

The fund did not reply to an additional request for comment. Another major shareholder, Bradespar SA, the investment company of Brazilian lender Banco Bradesco SA, declined to comment.

PLUNGING SHARES

US-listed Vale shares tumbled 8 per cent on Friday after the disaster. Brazilian markets were closed for a holiday.

On Saturday, rating agency Standard &amp; Poor's put Vale's rating on credit watch negative, warning that it could cut the BBB- rating by several notches depending on fines and the possible loss of an operating license in the affected area.

Three court orders over the weekend have already frozen 11 billion reais ($2.9 billion) of Vale assets pending damages.

In a statement on Sunday, Vale said it agreed to deposit 1 billion reais, but argued that the court orders freezing the additional 10 billion reais were counterproductive because they could block resources need for relief support.

Vale had 24 billion reais of cash and equivalents on hand at the end of September.

Mining analysts at Jefferies said the disaster was "likely to be an overhang on the Vale share price for an extended period" in a note cutting their price target more than 20 per cent and downgrading the stock from Buy to Hold.

"The overall impact of the dam failure is nearly impossible to quantify for now," wrote the analysts led by Christopher LaFemina. "Stringent safety inspections could affect production from other mines in Brazil as well."

Estimating the cost of a disaster on this scale is a challenge for analysts, who still steer clear of putting a final price on the 2015 dam collapse involving Samarco Mineracao SA, a joint venture between Vale and BHP Group.

As part of an agreement to settle a lawsuit, Vale and BHP committed to spending 20 billion reais on a foundation set up in Mariana to assist victims and recover the local ecosystem. The Renova Foundation spent 2 billion reais in 2018 and expects to spend 11.3 billion reais through 2030, the companies said in a statement.

A federal prosecutor told Reuters in an interview on Saturday that Friday's disaster could upend talks to settle a far bigger Samarco lawsuit seeking 155 billion reais.

The renewed legal risks are also likely to delay talks with Samarco creditors that had been based on hopes it could reopen operations soon and start making debt payments. One person involved in the talks said they might now be suspended.

EXPANSION IN DOUBT

It is unclear if Schvartsman will be able to pour fresh resources into expanding operations as planned.

Vale laid out plans in December to pump $500 million into its struggling New Caledonia nickel mine after failing to sell it or find a partner, hoping to ride out a tumble in prices and cash in eventually on an expected surge in electric vehicle sales.

The miner has also been pursuing mid-sized acquisitions in its core iron ore business, after deciding not to pursue blockbuster deals with the surging cash flow provided by rising iron ore prices last year.

In December, Vale announced the acquisition of iron miner Ferrous Resources Ltd from its controlling shareholder Icahn Enterprises for $550 million. The deal is expected to close this year.

($1 = 3.7695 reais) 
&nbsp;

When Fabio Schvartsman took the reins of Vale SA in 2017, he suggested a motto for the world's largest iron miner, turning the page on a tailings dam disaster that hit a small Brazilian town two years before: "Mariana, never again.

When Fabio Schvartsman took the reins of Vale SA in 2017, he suggested a motto for the world's largest iron miner, turning the page on a tailings dam disaster that hit a small Brazilian town two years before: "Mariana, never again." That and many of Schvartsman's other big promises look destined for the scrap heap. Four years later and some 100 km (60 miles) from Mariana, a breached Vale tailings dam on Friday unleashed a torrent of mud on another small Brazilian community, Brumadinho, leaving hundreds missing and presumed dead. While the company's focus so far has been on the human tragedy, analysts and shareholders have little doubt that Vale cannot continue on the track its CEO set. Schvartsman, 63, who said recently he would stay on through 2020 after his current term expires in May, designed Vale's strategy around spending more than $10 billion in annual free cash flow as China gobbled up its high-grade iron ore. Offering generous dividends, reinvesting in money-losing divisions and searching for mid-sized acquisitions – many of those plans may have to be abandoned as Vale braces for lawsuits that could grow into the tens of billions of dollars. One executive at a pension fund that holds Vale shares, who asked for anonymity due to the sensitivity of the matter, said it would be hard to justify big shareholder payouts in coming quarters, adding that a full review of Vale's governance was needed. Indeed, the company said in a late Sunday filing that it was suspending its planned shareholder dividends, share buybacks, and executive bonuses because of the disaster. Vale said in a statement that it was focused on helping the disaster victims. During a Sunday visit to the rescue efforts, Schvartsman pledged to renew Vale's focus on safety, going "above and beyond any national or international standards." "We will create a cushion of safety far superior to what we have today to guarantee this never happens again," he said. One of Vale's top shareholders, public-sector pension fund Caixa de Previdencia, known as Previ, on Saturday took the unusual step of issuing a statement saying it will demand a thorough investigation of the accident and will ensure the company helps the families and communities affected. The fund did not reply to an additional request for comment. Another major shareholder, Bradespar SA, the investment company of Brazilian lender Banco Bradesco SA, declined to comment. PLUNGING SHARES US-listed Vale shares tumbled 8 per cent on Friday after the disaster. Brazilian markets were closed for a holiday. On Saturday, rating agency Standard & Poor's put Vale's rating on credit watch negative, warning that it could cut the BBB- rating by several notches depending on fines and the possible loss of an operating license in the affected area. Three court orders over the weekend have already frozen 11 billion reais ($2.9 billion) of Vale assets pending damages. In a statement on Sunday, Vale said it agreed to deposit 1 billion reais, but argued that the court orders freezing the additional 10 billion reais were counterproductive because they could block resources need for relief support. Vale had 24 billion reais of cash and equivalents on hand at the end of September. Mining analysts at Jefferies said the disaster was "likely to be an overhang on the Vale share price for an extended period" in a note cutting their price target more than 20 per cent and downgrading the stock from Buy to Hold. "The overall impact of the dam failure is nearly impossible to quantify for now," wrote the analysts led by Christopher LaFemina. "Stringent safety inspections could affect production from other mines in Brazil as well." Estimating the cost of a disaster on this scale is a challenge for analysts, who still steer clear of putting a final price on the 2015 dam collapse involving Samarco Mineracao SA, a joint venture between Vale and BHP Group. As part of an agreement to settle a lawsuit, Vale and BHP committed to spending 20 billion reais on a foundation set up in Mariana to assist victims and recover the local ecosystem. The Renova Foundation spent 2 billion reais in 2018 and expects to spend 11.3 billion reais through 2030, the companies said in a statement. A federal prosecutor told Reuters in an interview on Saturday that Friday's disaster could upend talks to settle a far bigger Samarco lawsuit seeking 155 billion reais. The renewed legal risks are also likely to delay talks with Samarco creditors that had been based on hopes it could reopen operations soon and start making debt payments. One person involved in the talks said they might now be suspended. EXPANSION IN DOUBT It is unclear if Schvartsman will be able to pour fresh resources into expanding operations as planned. Vale laid out plans in December to pump $500 million into its struggling New Caledonia nickel mine after failing to sell it or find a partner, hoping to ride out a tumble in prices and cash in eventually on an expected surge in electric vehicle sales. The miner has also been pursuing mid-sized acquisitions in its core iron ore business, after deciding not to pursue blockbuster deals with the surging cash flow provided by rising iron ore prices last year. In December, Vale announced the acquisition of iron miner Ferrous Resources Ltd from its controlling shareholder Icahn Enterprises for $550 million. The deal is expected to close this year. ($1 = 3.7695 reais)

Brazil dam burst puts Vale CEO, deals and dividends under scrutiny

The Bombay High Court slapped a fine of Rs 25 lakh on a company for not following the High Court orders and threatening the applicant with a false case.

The Court passed the order in a matter where the company (Sapat and Company) had filed a plea against another company (Feel Good India) for violating copyright in their packaging of the product.

The fine was slapped on January 11 and has to be paid in three instalments by February 28, 2019. Out of these 25 lakhs, 5 lakhs are to be paid to the applicant and 20 lakhs are to be donated to the Tata Memorial Hospital.

The High Court also ordered to seize the packing materials from the defendant company but it's owner Neha Gandhir not only stopped the people from collecting the packing material but also threatened them to frame them in a false molestation case.

Taking note of the threat to frame the opponent in a false case, the High Court imposed the hefty fine of them.

The Court took into consideration that the defendant company's Neha Gandhir and her husband not only stopped people from following the High Court orders but also threatened the applicant with a false complaint in sections which are actually meant for protection of women.

The Bombay High Court slapped a fine of Rs 25 lakh on a company for not following the High Court orders and threatening the applicant with a false case. The Court passed the order in a matter where the company (Sapat and Company) had filed a plea against another company (Feel Good India) for violating copyright in their packaging of the product.

The Bombay High Court slapped a fine of Rs 25 lakh on a company for not following the High Court orders and threatening the applicant with a false case. The Court passed the order in a matter where the company (Sapat and Company) had filed a plea against another company (Feel Good India) for violating copyright in their packaging of the product. The fine was slapped on January 11 and has to be paid in three instalments by February 28, 2019. Out of these 25 lakhs, 5 lakhs are to be paid to the applicant and 20 lakhs are to be donated to the Tata Memorial Hospital. The High Court also ordered to seize the packing materials from the defendant company but it's owner Neha Gandhir not only stopped the people from collecting the packing material but also threatened them to frame them in a false molestation case. Taking note of the threat to frame the opponent in a false case, the High Court imposed the hefty fine of them. The Court took into consideration that the defendant company's Neha Gandhir and her husband not only stopped people from following the High Court orders but also threatened the applicant with a false complaint in sections which are actually meant for protection of women.

Bombay high court slaps Rs 25 lakh fine on company for not following orders, false case

<a href="https://www.google.com/url?q=http://www.wionews.com/world/tonga-whole-country-cut-off-from-facebook-youtube-192147&amp;sa=U&amp;ved=0ahUKEwjFg6HblYjgAhUKSX0KHUpRAmYQFggFMAA&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw3gHyFuYNq6kvRlFoptwXv-">Tonga</a>'s struggle to maintain contact with the outside world continued Friday with no start yet to repairing a crucial undersea cable which was severed five days ago.

The sole satellite network operator in the Pacific island nation, EziNET Ltd., is all that is keeping the kingdom from a virtual cyber blackout.&nbsp;

A tent and chairs have been set up near its offices where people wait their turn to complete basic services.

Banking transactions, flight bookings and placing business orders have been prioritised while Facebook and other social media sites have been sidelined.

With a population of around 110,000, Tonga is heavily reliant on the internet for its tourism industry and for the many people who rely on money transfers from overseas.&nbsp;

Edwin Liava'a, the chief executive at Tonga Cable which administers the undersea lifeline, said two breaks had been detected, but it could be at least a week before repairs were completed.

A cable ship docked in Samoa is capable of carrying out the work, but as of Friday had still not started the three-day voyage.

Liava'a said he had informed the shipping company it had clearance to enter Tongan waters but had not received a reply.

When it eventually does arrive, Liava'a said the challenge will be to find if the breaks can be easily joined, or if the piece in the middle has floated away.&nbsp;

The 827-kilometre (514-mile) cable from Tonga to Fiji is the country's main link with rest of the world.&nbsp;

"It's very stressful," Melenaite Veikune, the acting manager at Kingdom Travel told the online news service Matangi Tonga.&nbsp;

Melenaite said that she has moved two staff members to EziNET to make airline bookings for her customers, and data was taken back to her office on a flash drive.

"Only people who pay cash can make bookings at the moment, not credit cards users. They have to go to the bank and try and withdraw cash."

Digicel Tonga chief executive, Francis Thomsen said their priority was to work on critical services such as international connections, and ensure key customers were connected.&nbsp;

"Our focus is to make sure the economy ticks," he said. "Facebook is not a priority at the moment."

Tonga's struggle to maintain contact with the outside world continued Friday with no start yet to repairing a crucial undersea cable which was severed five days ago.

Tonga's struggle to maintain contact with the outside world continued Friday with no start yet to repairing a crucial undersea cable which was severed five days ago. The sole satellite network operator in the Pacific island nation, EziNET Ltd., is all that is keeping the kingdom from a virtual cyber blackout. A tent and chairs have been set up near its offices where people wait their turn to complete basic services. Banking transactions, flight bookings and placing business orders have been prioritised while Facebook and other social media sites have been sidelined. With a population of around 110,000, Tonga is heavily reliant on the internet for its tourism industry and for the many people who rely on money transfers from overseas. Edwin Liava'a, the chief executive at Tonga Cable which administers the undersea lifeline, said two breaks had been detected, but it could be at least a week before repairs were completed. A cable ship docked in Samoa is capable of carrying out the work, but as of Friday had still not started the three-day voyage. Liava'a said he had informed the shipping company it had clearance to enter Tongan waters but had not received a reply. When it eventually does arrive, Liava'a said the challenge will be to find if the breaks can be easily joined, or if the piece in the middle has floated away. The 827-kilometre (514-mile) cable from Tonga to Fiji is the country's main link with rest of the world. "It's very stressful," Melenaite Veikune, the acting manager at Kingdom Travel told the online news service Matangi Tonga. Melenaite said that she has moved two staff members to EziNET to make airline bookings for her customers, and data was taken back to her office on a flash drive. "Only people who pay cash can make bookings at the moment, not credit cards users. They have to go to the bank and try and withdraw cash." Digicel Tonga chief executive, Francis Thomsen said their priority was to work on critical services such as international connections, and ensure key customers were connected. "Our focus is to make sure the economy ticks," he said. "Facebook is not a priority at the moment."

Tonga no closer to repairing severed undersea internet cable

Chinese drone-maker DJI has placed 45 employees under investigation for alleged fraud that could cost the company more than one billion yuan ($150 million) in losses, the firm said Monday.

The world's top civilian drone maker said in an internal memo that most of the employees involved in the fraud worked in the supply chain, and 29 were fired while 16 were reported to the police.

The case is expected to involve more than 100 people and many people will be facing a sentence in jail, according to Friday's memo, whose authenticity was confirmed by a company spokeswoman on Monday.

The initial investigation is just "the tip of the iceberg," the spokeswoman told AFP.

The memo said the employees fraudulently inflated the prices of parts for personal financial gains.

The staffers received kickbacks from suppliers that charged double or triple the price to sell parts to DJI, the memo said.

A company spokeswoman said DJI has established a special anti-corruption group to conduct in-depth investigations.

"DJI will not tolerate corruption because of the rapid development and will not stop its development because of corruption," she told AFP.

The company has become the latest in a string of Chinese tech firms dealing with internal misdeeds in recent months.

China's dominant ride-hailing firm Didi Chuxing uncovered more than 60 cases of corruption within the company last year.

Yang Weidong, former president of Alibaba's video-streaming platform Youku, stepped down and was put under investigation in December on suspicion of accepting improper payments, according to Chinese media.

Chinese drone-maker DJI has placed 45 employees under investigation for alleged fraud that could cost the company more than one billion yuan ($150 million) in losses, the firm said Monday.

Chinese drone-maker DJI has placed 45 employees under investigation for alleged fraud that could cost the company more than one billion yuan ($150 million) in losses, the firm said Monday. The world's top civilian drone maker said in an internal memo that most of the employees involved in the fraud worked in the supply chain, and 29 were fired while 16 were reported to the police. The case is expected to involve more than 100 people and many people will be facing a sentence in jail, according to Friday's memo, whose authenticity was confirmed by a company spokeswoman on Monday. The initial investigation is just "the tip of the iceberg," the spokeswoman told AFP. The memo said the employees fraudulently inflated the prices of parts for personal financial gains. The staffers received kickbacks from suppliers that charged double or triple the price to sell parts to DJI, the memo said. A company spokeswoman said DJI has established a special anti-corruption group to conduct in-depth investigations. "DJI will not tolerate corruption because of the rapid development and will not stop its development because of corruption," she told AFP. The company has become the latest in a string of Chinese tech firms dealing with internal misdeeds in recent months. China's dominant ride-hailing firm Didi Chuxing uncovered more than 60 cases of corruption within the company last year. Yang Weidong, former president of Alibaba's video-streaming platform Youku, stepped down and was put under investigation in December on suspicion of accepting improper payments, according to Chinese media.

Staff fraud may cost China's DJI drone maker $150 million

A woman worker of a software firm in Pakistan was told to either stop wearing hijab at workplace or resign, in perhaps the first incident of its kind in the Muslim-majority country.

The incident caused an uproar on social media, leading to the resignation of Chief Executive Officer Jawwad Kadir of the Creative Choas company.

She was told that she could keep her job only if she took off her hijab by her line manager who said that wearing hijab would spoil the company's image as an "all-embracing" workplace.

The woman said that she was offered alternative jobs in two Islamic banks if she left.

Kadir initially tried to downplay the incident by issuing an apology.

"Yesterday, a senior member of our staff asked a colleague to resign on unprofessional and unethical grounds. She was told that her obligations may come in the way of her performance," Kadir said.

"Not only is this action disgraceful but shows extremely poor moral judgement by her hiring manager. I take full responsibility for this failure and am deeply ashamed that a colleague was put through distress and trauma," he said.

Kadir said the victim has been asked to withdraw her resignation and resume her job.

A Facebook post detailing the trauma faced by the hijab-wearing woman caused a hue and cry with majority of people terming it as discrimination against the woman.

The software firm in a Facebook post later said Kadir had been asked to step down "for workplace discrimination".

In an email sent to the board members and associates, titled "My apology is not enough", Kadir said he was resigning as the CEO of the software house.

"I have crossed a line which I deeply regret," he wrote in the email, a copy of which was available on social media.&nbsp;

A woman worker of a software firm in Pakistan was told to either stop wearing hijab at workplace or resign, in perhaps the first incident of its kind in the Muslim-majority country.

A woman worker of a software firm in Pakistan was told to either stop wearing hijab at workplace or resign, in perhaps the first incident of its kind in the Muslim-majority country. The incident caused an uproar on social media, leading to the resignation of Chief Executive Officer Jawwad Kadir of the Creative Choas company. She was told that she could keep her job only if she took off her hijab by her line manager who said that wearing hijab would spoil the company's image as an "all-embracing" workplace. The woman said that she was offered alternative jobs in two Islamic banks if she left. Kadir initially tried to downplay the incident by issuing an apology. "Yesterday, a senior member of our staff asked a colleague to resign on unprofessional and unethical grounds. She was told that her obligations may come in the way of her performance," Kadir said. "Not only is this action disgraceful but shows extremely poor moral judgement by her hiring manager. I take full responsibility for this failure and am deeply ashamed that a colleague was put through distress and trauma," he said. Kadir said the victim has been asked to withdraw her resignation and resume her job. A Facebook post detailing the trauma faced by the hijab-wearing woman caused a hue and cry with majority of people terming it as discrimination against the woman. The software firm in a Facebook post later said Kadir had been asked to step down "for workplace discrimination". In an email sent to the board members and associates, titled "My apology is not enough", Kadir said he was resigning as the CEO of the software house. "I have crossed a line which I deeply regret," he wrote in the email, a copy of which was available on social media.

Woman asked to shun hijab at workplace or resign in Pakistan

German car parts supplier Continental on Tuesday said it was banning the use of WhatsApp and Snapchat on work-issued mobile phones "with immediate effect" because of data protection concerns. 
 
The company said such social media apps had "deficiencies" that made it difficult to comply with tough new EU data protection legislation, especially their insistence on having access to a user's contact list. 
 
"Continental is prohibiting its employees from using social media apps like WhatsApp and Snapchat in its global company network, effective immediately," the firm said in a statement. 
 
Some 36,000 employees would be affected by the move, a Continental spokesman told AFP.&nbsp 
 
The company, one of the world's leading makers of car parts, has over 240,000 staff globally. 
 
A key principle of the European Union's new general data protection regulation (GDPR), which came into force on May 25, is that individuals must explicitly grant permission for their data to be used. 
 
But Continental said that by demanding full access to address books, WhatsApp for example had shifted the burden onto the user, essentially expecting them to contact everyone in their phone to let them know their data was being shared.

"We think it is unacceptable to transfer to users the responsibility of complying with data protection laws," said Continental's CEO Elmar Degenhart.

The Hanover-based firm said it stood ready to reverse its decision once the service providers "change the basic settings to ensure that their apps comply with data-protection regulations by default". 
 
The issue of how personal information is used and shared online was given fresh urgency after Facebook earlier this year admitted to a massive privacy breach that allowed a political consultancy linked to US President Donald Trump's 2016 campaign to harvest the data of up to 87 million users.

The company said such social media apps had 'deficiencies' that made it difficult to comply with tough new EU data protection legislation, especially their insistence on having access to a user's contact list

German car parts supplier Continental on Tuesday said it was banning the use of WhatsApp and Snapchat on work-issued mobile phones "with immediate effect" because of data protection concerns. The company said such social media apps had "deficiencies" that made it difficult to comply with tough new EU data protection legislation, especially their insistence on having access to a user's contact list. "Continental is prohibiting its employees from using social media apps like WhatsApp and Snapchat in its global company network, effective immediately," the firm said in a statement. Some 36,000 employees would be affected by the move, a Continental spokesman told AFP. The company, one of the world's leading makers of car parts, has over 240,000 staff globally. A key principle of the European Union's new general data protection regulation (GDPR), which came into force on May 25, is that individuals must explicitly grant permission for their data to be used. But Continental said that by demanding full access to address books, WhatsApp for example had shifted the burden onto the user, essentially expecting them to contact everyone in their phone to let them know their data was being shared. "We think it is unacceptable to transfer to users the responsibility of complying with data protection laws," said Continental's CEO Elmar Degenhart. The Hanover-based firm said it stood ready to reverse its decision once the service providers "change the basic settings to ensure that their apps comply with data-protection regulations by default". The issue of how personal information is used and shared online was given fresh urgency after Facebook earlier this year admitted to a massive privacy breach that allowed a political consultancy linked to US President Donald Trump's 2016 campaign to harvest the data of up to 87 million users.

This company has banned WhatsApp from work phones. Here's why

Facebook Inc said on Wednesday it would end its partnerships with several large data brokers who help advertisers target people on the social network, a step that follows a scandal over how Facebook handles personal information.

The world's largest social media company is under pressure to improve its handling of data after disclosing that information about 50 million Facebook users wrongly ended up in the hands of political consultancy Cambridge Analytica.

Facebook adjusted the privacy settings on its service on Wednesday, giving users control over their personal information in fewer taps.

Facebook has for years given advertisers the option of targeting their ads based on data collected by companies such as Acxiom Corp and Experian PLC.

The tool has been widely used among certain categories of advertisers - such as automakers, luxury goods producers and consumer packaged goods companies - who do not sell directly to consumers and have relatively little information about who their customers are, according to Facebook.

"While this is common industry practice, we believe this step, winding down over the next six months, will help improve people`s privacy on Facebook," Graham Mudd, a Facebook product marketing director, said in a statement.

Shares in Acxiom traded down more than 10 percent to $25 after Facebook`s announcement after the bell. Shares in other data brokers were largely unchanged. A representative for Acxiom could not immediately be reached for comment.

Facebook declined to comment on how the change could affect its ad revenue.

Advertisers would still be able to use third-party data services to measure how well their ads performed by examining purchasing data, Facebook said.

Facebook`s website lists nine third-party data providers that it has worked with, including Acxiom, Experian, Oracle Data Cloud , TransUnion and WPP PLC .

None of the companies could immediately be reached for comment.

Facebook on Wednesday also put all its privacy settings on one page and made it easier to stop third-party apps from using personal information. Privacy settings had previously been spread over at least 20 screens, Facebook said.

Facebook said in a blog post it had been working on the updates for some time but sped things up to appease users` anger over how the company uses data and as lawmakers around the globe call for regulation.

Facebook`s shares closed up 0.5 percent at $153.03 on Wednesday. They are still down more than 17 percent since March 16, when Facebook first acknowledged that user data had been improperly channelled in 2014 via a third-party app to Cambridge Analytica, which was later hired by Donald Trump`s 2016 presidential campaign.

The data leak has raised investor concerns that any failure by big tech companies to protect privacy could deter advertisers, who are Facebook`s lifeblood and lead to tougher regulation.

SCRUTINY FROM LAWMAKERS

Facebook Chief Executive Mark Zuckerberg has repeatedly apologised for the mistakes the company made and has promised to crack down on abuse of the Facebook platform and restrict developers` access to user information.

There is a new Facebook page - called Access Your Information - where users can see what they have shared and manage it.

"The biggest difference is ease of access in settings, which fulfils Mark Zuckerberg`s promise to make the privacy process and permissions more transparent to users," Wedbush analyst Michael Pachter said.

It was uncertain whether the changes will satisfy lawmakers.

They have announced ahead of a stringent European Union data law which comes into force in May. It requires companies to give people a "right to portability" - to take their data with them - and imposes fines of up to 4 percent of global revenue for companies breaking the law.

Lawmakers in the United States and Britain are still clamouring for Zuckerberg himself to explain how users` data ended up in the hands of Cambridge Analytica.

He plans to testify before Congress, a source briefed on the matter said on Tuesday. Facebook has said it has received invitations to testify and that it is talking to legislators.

Zuckerberg and the CEOs of Alphabet Inc and Twitter Inc have been invited to testify at an April 10 hearing on data privacy. The U.S. House Energy and Commerce Committee and U.S. Senate Commerce Committee have also asked Zuckerberg to appear at a hearing.

The U.S. Federal Trade Commission has opened an investigation into Facebook, and attorneys representing 37 states are also pressing Zuckerberg to explain what happened.

Facebook adjusted the privacy settings on its service on Wednesday, giving users control over their personal information in fewer taps.

Facebook Inc said on Wednesday it would end its partnerships with several large data brokers who help advertisers target people on the social network, a step that follows a scandal over how Facebook handles personal information. The world's largest social media company is under pressure to improve its handling of data after disclosing that information about 50 million Facebook users wrongly ended up in the hands of political consultancy Cambridge Analytica. Facebook adjusted the privacy settings on its service on Wednesday, giving users control over their personal information in fewer taps. Facebook has for years given advertisers the option of targeting their ads based on data collected by companies such as Acxiom Corp and Experian PLC. The tool has been widely used among certain categories of advertisers - such as automakers, luxury goods producers and consumer packaged goods companies - who do not sell directly to consumers and have relatively little information about who their customers are, according to Facebook. "While this is common industry practice, we believe this step, winding down over the next six months, will help improve people`s privacy on Facebook," Graham Mudd, a Facebook product marketing director, said in a statement. Shares in Acxiom traded down more than 10 percent to $25 after Facebook`s announcement after the bell. Shares in other data brokers were largely unchanged. A representative for Acxiom could not immediately be reached for comment. Facebook declined to comment on how the change could affect its ad revenue. Advertisers would still be able to use third-party data services to measure how well their ads performed by examining purchasing data, Facebook said. Facebook`s website lists nine third-party data providers that it has worked with, including Acxiom, Experian, Oracle Data Cloud , TransUnion and WPP PLC . None of the companies could immediately be reached for comment. Facebook on Wednesday also put all its privacy settings on one page and made it easier to stop third-party apps from using personal information. Privacy settings had previously been spread over at least 20 screens, Facebook said. Facebook said in a blog post it had been working on the updates for some time but sped things up to appease users` anger over how the company uses data and as lawmakers around the globe call for regulation. Facebook`s shares closed up 0.5 percent at $153.03 on Wednesday. They are still down more than 17 percent since March 16, when Facebook first acknowledged that user data had been improperly channelled in 2014 via a third-party app to Cambridge Analytica, which was later hired by Donald Trump`s 2016 presidential campaign. The data leak has raised investor concerns that any failure by big tech companies to protect privacy could deter advertisers, who are Facebook`s lifeblood and lead to tougher regulation. SCRUTINY FROM LAWMAKERS Facebook Chief Executive Mark Zuckerberg has repeatedly apologised for the mistakes the company made and has promised to crack down on abuse of the Facebook platform and restrict developers` access to user information. There is a new Facebook page - called Access Your Information - where users can see what they have shared and manage it. "The biggest difference is ease of access in settings, which fulfils Mark Zuckerberg`s promise to make the privacy process and permissions more transparent to users," Wedbush analyst Michael Pachter said. It was uncertain whether the changes will satisfy lawmakers. They have announced ahead of a stringent European Union data law which comes into force in May. It requires companies to give people a "right to portability" - to take their data with them - and imposes fines of up to 4 percent of global revenue for companies breaking the law. Lawmakers in the United States and Britain are still clamouring for Zuckerberg himself to explain how users` data ended up in the hands of Cambridge Analytica. He plans to testify before Congress, a source briefed on the matter said on Tuesday. Facebook has said it has received invitations to testify and that it is talking to legislators. Zuckerberg and the CEOs of Alphabet Inc and Twitter Inc have been invited to testify at an April 10 hearing on data privacy. The U.S. House Energy and Commerce Committee and U.S. Senate Commerce Committee have also asked Zuckerberg to appear at a hearing. The U.S. Federal Trade Commission has opened an investigation into Facebook, and attorneys representing 37 states are also pressing Zuckerberg to explain what happened.

Facebook cuts ties to data brokers in blow to targeted ads

Infosys&nbsp;Ltd&#39;s new chairman said his priorities were to find a CEO, reconstitute the board and shape future strategy, as he sought to calm investors frazzled by the recent shock exit of the firm&#39;s chief over a prolonged row with its founders.

<a href="http://www.wionews.com/india-news/my-role-will-be-oversight-governance-help-with-ceo-search-nandan-nilekani-19481">Nandan Nilekani, one of&nbsp;</a><a href="http://www.wionews.com/business-economy/reports-of-infosys-co-founder-nilekanis-board-return-trigger-stock-rebound-19453">Infosys&#39; seven founders and a former CEO</a>, was named chairman late Thursday in a victory for the founders, who led by Narayana Murthy have waged an increasingly acrimonious battle with the board for months over alleged corporate governance lapses.

Vishal Sikka, the first non-founder CEO of&nbsp;Infosys, resigned last week blaming Murthy for creating an &quot;untenable atmosphere&quot;, sparking a sell-off in&nbsp;Infosys&nbsp;shares and wiping billions of dollars off the company&#39;s market value.

&quot;I have come in to focus on the future of the company, I have come in to take the company forward and deal with its challenges,&quot; Nilekani told investors on a call on Friday, adding he would stay with the IT firm for as long as needed.

Earlier in the day, he tweeted: &quot;Joined @Infosys&nbsp;at 26, rejoined it at 62. Life does turn full circle!&quot;

Credited for increasing&nbsp;Infosys&#39; revenue to $2 billion from $500 million during his 2002-2007 stint as it chief, Nilekani said his key task would be to assist in the search for a new leader from within the company or outside, adding that&nbsp;Infosys&nbsp;alumni would also be considered for the role.

India&#39;s No. 2 software services exporter is looking for a CEO who will be able to manage a large global firm, accelerate strategy execution and oversee its transformation, he said.

Chief Operating Officer Pravin Rao has been named interim CEO and will remain in the post until a replacement is found.

The management reboot comes at a time when the firm, like the rest of India&#39;s over $150 billion IT sector, is bracing for a potential change in U.S. work visa rules that could restrict the movement of engineers and developers to its biggest market.

&quot;Any incremental news of stability is good, especially the fact that someone like a Nandan, who&#39;s one of the most successful CEOs in Indian corporate history, is back,&quot; said Vaibhav Dhasmana, IT analyst at Jefferies.

Nilekani, however, refrained from commenting on&nbsp;Infosys&#39; future strategy, apart from saying it would be aligned with global developments and that he saw tremendous opportunity in software, data and machine learning.

More businesses are trying to adopt automation and services such as big data, cloud, and analytics to become agile and prevent being disrupted by nimbler start-ups.

&quot;I have a very open mind. I will request our strategy team to take a complete inventory of all things that are going on,&quot; Nilekani said, adding the current strategy would be reviewed on the basis of market size, growth and other factors.

There will be no changes in the capital allocation policy and a $2 billion share buyback will also proceed as planned, Nilekani said.

Nilekani, who along with his family owns about 2.3 percent of&nbsp;Infosys&nbsp;and, according to Forbes, is worth $1.72 billion, would also need to tackle retention of senior level executives critical to rolling out strategy.

The architect of India&#39;s ambitious biometric identity program, Nilekani said he would engage with shareholders and customers, and resolve differences over corporate governance.

Disagreements between founders and the board centered around a rise in Sikka&#39;s pay, the acquisition of automation firm Panaya for $200 million and a severance package offered to a former finance chief.

Infosys&nbsp;shares plumbed a more than three-year low on Monday but they have risen since on expectations of Nilekani&#39;s return. Indian markets were closed for a public holiday on Friday.

Vishal Sikka, the first non-founder CEO of Infosys, resigned last week blaming Murthy

Infosys Ltd's new chairman said his priorities were to find a CEO, reconstitute the board and shape future strategy, as he sought to calm investors frazzled by the recent shock exit of the firm's chief over a prolonged row with its founders. Nandan Nilekani, one of Infosys' seven founders and a former CEO, was named chairman late Thursday in a victory for the founders, who led by Narayana Murthy have waged an increasingly acrimonious battle with the board for months over alleged corporate governance lapses. Vishal Sikka, the first non-founder CEO of Infosys, resigned last week blaming Murthy for creating an "untenable atmosphere", sparking a sell-off in Infosys shares and wiping billions of dollars off the company's market value. "I have come in to focus on the future of the company, I have come in to take the company forward and deal with its challenges," Nilekani told investors on a call on Friday, adding he would stay with the IT firm for as long as needed. Earlier in the day, he tweeted: "Joined @Infosys at 26, rejoined it at 62. Life does turn full circle!" Credited for increasing Infosys' revenue to $2 billion from $500 million during his 2002-2007 stint as it chief, Nilekani said his key task would be to assist in the search for a new leader from within the company or outside, adding that Infosys alumni would also be considered for the role. India's No. 2 software services exporter is looking for a CEO who will be able to manage a large global firm, accelerate strategy execution and oversee its transformation, he said. Chief Operating Officer Pravin Rao has been named interim CEO and will remain in the post until a replacement is found. The management reboot comes at a time when the firm, like the rest of India's over $150 billion IT sector, is bracing for a potential change in U.S. work visa rules that could restrict the movement of engineers and developers to its biggest market. "Any incremental news of stability is good, especially the fact that someone like a Nandan, who's one of the most successful CEOs in Indian corporate history, is back," said Vaibhav Dhasmana, IT analyst at Jefferies. Nilekani, however, refrained from commenting on Infosys' future strategy, apart from saying it would be aligned with global developments and that he saw tremendous opportunity in software, data and machine learning. More businesses are trying to adopt automation and services such as big data, cloud, and analytics to become agile and prevent being disrupted by nimbler start-ups. "I have a very open mind. I will request our strategy team to take a complete inventory of all things that are going on," Nilekani said, adding the current strategy would be reviewed on the basis of market size, growth and other factors. There will be no changes in the capital allocation policy and a $2 billion share buyback will also proceed as planned, Nilekani said. Nilekani, who along with his family owns about 2.3 percent of Infosys and, according to Forbes, is worth $1.72 billion, would also need to tackle retention of senior level executives critical to rolling out strategy. The architect of India's ambitious biometric identity program, Nilekani said he would engage with shareholders and customers, and resolve differences over corporate governance. Disagreements between founders and the board centered around a rise in Sikka's pay, the acquisition of automation firm Panaya for $200 million and a severance package offered to a former finance chief. Infosys shares plumbed a more than three-year low on Monday but they have risen since on expectations of Nilekani's return. Indian markets were closed for a public holiday on Friday.

Infosys chairman Nandan Nilekani's priorities: Focus on CEO search, new board

Mitsui&nbsp;Sumitomo&nbsp;Insurance Company (MSI) is buying Singapore&#39;s First Capital Insurance for $1.6 billion from Canada&#39;s Fairfax Financial Holdings, in the biggest takeover by a Japanese insurer in populous Southeast Asia.

Starved of growth in their aging home market, Japanese insurance firms have been aggressively expanding globally. In the last two years, the insurers have struck multibillion dollar deals, especially in the United States.

MSI, the core firm of MS&amp;AD Insurance Group Holdings, is paying 3.3 times book value for First Capital, the largest property and casualty insurer in Singapore. The deal will help MSI, which operates in all 10 markets of the Association of Southeast Asian Nations, cement its position as the No. 1 in the region.

With the acquisition, &quot;we can expect new business opportunities in the local corporate and retail market in Singapore as well as other Asian countries&quot;, MSI said in a statement on Thursday.

The purchase is a pricey one, though, with property and casualty insurance companies globally listed under the Thomson Reuters classification trading at an average 1.65 times book. MS&amp;AD Insurance Group&#39;s shares fell 1 percent to a three-month closing low, underperforming Japan&#39;s main index which was down 0.4 percent.

Japan&#39;s cashed-up insurers have been paying top dollar as they seek to spur growth and overcome negative interest rates, fewer lucrative investment options and a fast-maturing market at home.

First Capital, which too has a regional presence, writes both personal and commercial lines of insurance across various classes such as property, fire, marine hull, motor and personal accident. It has maintained high profitability with a five-year average combined ratio of 76 percent, according to MSI.

One source familiar with the matter said that MSI was quick to pounce on the deal and get into advanced discussions with Fairfax after the Canadian group began to sound out parties keen to buy First Capital.

&quot;Japanese insurers are very keen to expand further in Southeast Asia but it&#39;s becoming tough to get quality and large business in these markets,&quot; said the person who was not authorised to speak to the media

In 2015, MS&amp;AD announced a $5.3 billion acquisition of Britain&#39;s Amlin PLC, an underwriter in the Lloyd&#39;s of London specialist insurance market.

MSI and Fairfax will also explore a broad global partnership in various areas, including reinsurance relationships, both companies said in separate statements on Thursday.

Fairfax said the all-cash purchase will result in a realized net investment&nbsp;gain of approximately $900 million after tax.

The deal is subject to regulatory approvals and is expected to close in late 2017 or early next year.

Citigroup advised MSI on the deal while Bank of America Merrill Lynch was the financial adviser to Fairfax.

The deal will help MSI, which operates in all 10 markets of the Association of Southeast Asian Nations, cement its position as the No. 1 in the region

Mitsui Sumitomo Insurance Company (MSI) is buying Singapore's First Capital Insurance for $1.6 billion from Canada's Fairfax Financial Holdings, in the biggest takeover by a Japanese insurer in populous Southeast Asia. Starved of growth in their aging home market, Japanese insurance firms have been aggressively expanding globally. In the last two years, the insurers have struck multibillion dollar deals, especially in the United States. MSI, the core firm of MS&AD Insurance Group Holdings, is paying 3.3 times book value for First Capital, the largest property and casualty insurer in Singapore. The deal will help MSI, which operates in all 10 markets of the Association of Southeast Asian Nations, cement its position as the No. 1 in the region. With the acquisition, "we can expect new business opportunities in the local corporate and retail market in Singapore as well as other Asian countries", MSI said in a statement on Thursday. The purchase is a pricey one, though, with property and casualty insurance companies globally listed under the Thomson Reuters classification trading at an average 1.65 times book. MS&AD Insurance Group's shares fell 1 percent to a three-month closing low, underperforming Japan's main index which was down 0.4 percent. Japan's cashed-up insurers have been paying top dollar as they seek to spur growth and overcome negative interest rates, fewer lucrative investment options and a fast-maturing market at home. First Capital, which too has a regional presence, writes both personal and commercial lines of insurance across various classes such as property, fire, marine hull, motor and personal accident. It has maintained high profitability with a five-year average combined ratio of 76 percent, according to MSI. One source familiar with the matter said that MSI was quick to pounce on the deal and get into advanced discussions with Fairfax after the Canadian group began to sound out parties keen to buy First Capital. "Japanese insurers are very keen to expand further in Southeast Asia but it's becoming tough to get quality and large business in these markets," said the person who was not authorised to speak to the media In 2015, MS&AD announced a $5.3 billion acquisition of Britain's Amlin PLC, an underwriter in the Lloyd's of London specialist insurance market. MSI and Fairfax will also explore a broad global partnership in various areas, including reinsurance relationships, both companies said in separate statements on Thursday. Fairfax said the all-cash purchase will result in a realized net investment gain of approximately $900 million after tax. The deal is subject to regulatory approvals and is expected to close in late 2017 or early next year. Citigroup advised MSI on the deal while Bank of America Merrill Lynch was the financial adviser to Fairfax.

Japense insurer MSI to buy Singapore based First Capital Insurance for $1.6 billion

Sri Lanka said on Tuesday it was withdrawing permission for a Chinese company to buy the freehold to 20 hectares of land being reclaimed under a $1.4 billion port project after India objected. 
 
Instead, it will grant the state-owned construction company a 99-year lease on the land next to the port in Colombo, under a new agreement. 
 
&quot;India had a big concern about giving freehold land to China near the Colombo harbour,&quot; government spokesman Rajitha Senaratne told reporters. &quot;We have amended the agreement. There will be no freehold land but it will be on a 99-year lease.&quot; 
 
The government had put the project on hold pending a review of all the big-ticket agreements signed under the previous administration of Mahinda Rajapakse. The former president relied heavily on Chinese investment to rebuild the country&#39;s infrastructure after the end of the island&#39;s decades-long ethnic war in May 2009, a move which some say alienated India. 
 
The Chinese-funded port was also controversial among environmentalists. Senaratne said the developers had agreed to drop a proposed Formula One track and increase public park space, and environmental safeguards would be put in place. 
 
The project is being funded by China Communications Construction Company and was launched by Chinese President Xi Jinping in September 2014 during a visit to Colombo. 
 
Beijing has been accused of seeking to develop facilities around the Indian Ocean in a &quot;string of pearls&quot; strategy to counter the rise of rival India and secure its own economic interests. 
 
But Senaratne said the government had decided to go ahead with the project under new terms. Colombo would set up an offshore banking centre to compete with Dubai and Singapore, he said. 
 
The reclamation represents the biggest-ever single foreign investment in Sri Lanka. It will add 269 hectares (672 acres) of real estate in the congested capital, which has a population of over 650,000. Once completed, the Chinese will have 108 hectares (266 acres) on a 99-year lease for commercial development. 
 
Earlier, 20 hectares of that was to be on a freehold basis. Under the agreement, the Sri Lankan government will get 62 hectares (153 acres) and the rest will be public parks and access roads. 
 
China, the largest single lender to Sri Lanka, secured contracts to build roads, railways, and ports under Rajapakse, who is under investigation over allegations of corruption during his decade in power. 
 
The administration of President Maithripala Sirisena says the terms negotiated by the previous government were unfavourable. But it has still decided to go ahead with many of the Chinese-funded projects. 
 
(AFP)

Government spokesman Rajitha Senaratne said Sri Lanka has amended the agreement, it will grant the Chinese company a 99-year lease instead

Sri Lanka said on Tuesday it was withdrawing permission for a Chinese company to buy the freehold to 20 hectares of land being reclaimed under a $1.4 billion port project after India objected. Instead, it will grant the state-owned construction company a 99-year lease on the land next to the port in Colombo, under a new agreement. "India had a big concern about giving freehold land to China near the Colombo harbour," government spokesman Rajitha Senaratne told reporters. "We have amended the agreement. There will be no freehold land but it will be on a 99-year lease." The government had put the project on hold pending a review of all the big-ticket agreements signed under the previous administration of Mahinda Rajapakse. The former president relied heavily on Chinese investment to rebuild the country's infrastructure after the end of the island's decades-long ethnic war in May 2009, a move which some say alienated India. The Chinese-funded port was also controversial among environmentalists. Senaratne said the developers had agreed to drop a proposed Formula One track and increase public park space, and environmental safeguards would be put in place. The project is being funded by China Communications Construction Company and was launched by Chinese President Xi Jinping in September 2014 during a visit to Colombo. Beijing has been accused of seeking to develop facilities around the Indian Ocean in a "string of pearls" strategy to counter the rise of rival India and secure its own economic interests. But Senaratne said the government had decided to go ahead with the project under new terms. Colombo would set up an offshore banking centre to compete with Dubai and Singapore, he said. The reclamation represents the biggest-ever single foreign investment in Sri Lanka. It will add 269 hectares (672 acres) of real estate in the congested capital, which has a population of over 650,000. Once completed, the Chinese will have 108 hectares (266 acres) on a 99-year lease for commercial development. Earlier, 20 hectares of that was to be on a freehold basis. Under the agreement, the Sri Lankan government will get 62 hectares (153 acres) and the rest will be public parks and access roads. China, the largest single lender to Sri Lanka, secured contracts to build roads, railways, and ports under Rajapakse, who is under investigation over allegations of corruption during his decade in power. The administration of President Maithripala Sirisena says the terms negotiated by the previous government were unfavourable. But it has still decided to go ahead with many of the Chinese-funded projects. (AFP)

Sri Lanka withdraws freehold land offer to China after India's objection

Electric car maker Tesla said today it has won agreement from solar panel installer SolarCity to acquire the solar company for $2.6 billion, confirming a deal that has been criticised on Wall Street. 
 
Tesla announced the bid in late June, but it drew jeers on Wall Street, in part because of skepticism over the motives of Tesla chief executive Elon Musk, who is also chairman of SolarCity, as well as a major shareholder. 
 
Some analysts also questioned whether the deal would divert Tesla&#39;s attention from an ambitious plan to significantly expand electric-car production in the next few years. 
 
But Tesla said the buyout would enable it to achieve lower hardware costs and boost manufacturing efficiency, creating the &quot;world&#39;s only vertically integrated sustainable energy company.&nbsp;Solar and storage are at their best when they&#39;re combined,&quot; Tesla said. 
 
The deal is a major part of Musk&#39;s master plan &quot;part deux&quot; that calls for the company to offer consumers a single source of hardware to power a low-carbon lifestyle.&nbsp; 
 
Under the all-stock deal, SolarCity shareholders will receive 0.110 Tesla common shares. 
 
The agreement allows SolarCity to solicit alternative proposals for 45 days. SolarCity shares fell 5.5 per cent to $25.23 in pre-market trade, while Tesla rose 0.2 per cent to $235.25. 
 
(AFP, Reuters)

The electric car maker announced the bid in late June, but it drew jeers on Wall Street

Electric car maker Tesla said today it has won agreement from solar panel installer SolarCity to acquire the solar company for $2.6 billion, confirming a deal that has been criticised on Wall Street. Tesla announced the bid in late June, but it drew jeers on Wall Street, in part because of skepticism over the motives of Tesla chief executive Elon Musk, who is also chairman of SolarCity, as well as a major shareholder. Some analysts also questioned whether the deal would divert Tesla's attention from an ambitious plan to significantly expand electric-car production in the next few years. But Tesla said the buyout would enable it to achieve lower hardware costs and boost manufacturing efficiency, creating the "world's only vertically integrated sustainable energy company. Solar and storage are at their best when they're combined," Tesla said. The deal is a major part of Musk's master plan "part deux" that calls for the company to offer consumers a single source of hardware to power a low-carbon lifestyle. Under the all-stock deal, SolarCity shareholders will receive 0.110 Tesla common shares. The agreement allows SolarCity to solicit alternative proposals for 45 days. SolarCity shares fell 5.5 per cent to $25.23 in pre-market trade, while Tesla rose 0.2 per cent to $235.25. (AFP, Reuters)

Tesla acquires SolarCity for $2.6 billion

Oracle Corp said it would buy NetSuite Inc in a deal valued at about $9.3 billion to expand into the fast-growing cloud market. 
 
Netsuite shares rose 18.6 per cent to $108.64 in premarket trading, just shy of the offer price of $109 per share. 
 
Like rivals SAP SE and Microsoft Corp, Oracle has focused on moving its business to the cloud-based model, essentially providing services remotely via data centers rather than selling installed software. 
 
NetSuite, founded in 1998, pioneered the cloud computing revolution, by creating the first company dedicated to providing business applications over the internet. 
 
Oracle has also acquired companies such as Textura and Opower to increase its competitiveness in the cloud market. 
 
The company expects the deal to immediately add to its adjusted earnings in the first full fiscal year after the transaction closes. 
 
Oracle shares were up 1.6 per cent at $41.6 in premarket trading. 
 
(Reuters)

NetSuite pioneered cloud computing revolution by creating the first company dedicated to providing business application over the internet

Oracle Corp said it would buy NetSuite Inc in a deal valued at about $9.3 billion to expand into the fast-growing cloud market. Netsuite shares rose 18.6 per cent to $108.64 in premarket trading, just shy of the offer price of $109 per share. Like rivals SAP SE and Microsoft Corp, Oracle has focused on moving its business to the cloud-based model, essentially providing services remotely via data centers rather than selling installed software. NetSuite, founded in 1998, pioneered the cloud computing revolution, by creating the first company dedicated to providing business applications over the internet. Oracle has also acquired companies such as Textura and Opower to increase its competitiveness in the cloud market. The company expects the deal to immediately add to its adjusted earnings in the first full fiscal year after the transaction closes. Oracle shares were up 1.6 per cent at $41.6 in premarket trading. (Reuters)

Tech giant Oracle to buy cloud computing pioneer in $9.3 billion deal

Nestle, the world&#39;s biggest food company, is stepping up its push into medicine with a global deal worth up to 100 million euros ($111 million) to develop and market an experimental milk allergy test for infants.

The Swiss group will pay DBV Technologies 10 million euros upfront for rights to its skin patch test for cow&rsquo;s milk protein allergy (CMPA), with the balance depending on successful development, the two companies said on Tuesday.

Shares in the French biotech company rose 5 percent on the news.

The deal underscores Nestle&#39;s ambitions for its&nbsp;Health&nbsp;Science division, which it believes could eventually generate more than 10 billion Swiss francs ($10 billion) in annual sales.

It also complements the company&#39;s market-leading infant formula business and could help lift sales of products designed for babies with food intolerance.

Nestle has signed a series of similar deals with other small companies in its bid to create a new kind business that is midway between food and pharmaceuticals. The goal is to find new ways to treat, diagnose and prevent a range of diseases, from gastrointestinal problems to Alzheimer&#39;s.

CMPA affects up to 2 or 3 percent of infants and toddlers, according to the companies. Many others, however, have symptoms suggestive of the condition, creating a need for a simple diagnostic test.

Under the terms of the agreement, DBV will be eligible to receive up to 90 million euros in development, regulatory and commercial milestones - on top of the upfront payment - and will also collect royalties on eventual product sales.

&ldquo;This innovation can become the breakthrough diagnostic for CMPA,&quot; said Greg Behar, chief executive of Nestl?&nbsp;Health&nbsp;Science.

The new test will need to go through extensive clinical trials before it is cleared for sale and DBV expects it to be submitted for approval to regulators worldwide by 2021.

Behar&#39;s division, which employs around 3,000 people, is an expanding part of Nestle&#39;s operations.

Given ageing populations around the world and spiralling cases of lifestyle diseases, the Swiss group sees big opportunities in&nbsp;health&nbsp;- but the initiative also poses new challenges by taking it into the highly regulated medical field.

Strategically the shift towards&nbsp;health&nbsp;offers Nestle a hedge against slowing growth in packaged foods and may also offset crackdowns on unhealthy foods blamed for obesity and other lifestyle problems.

The milk allergy test dovetails with Nestle&#39;s presence in infant formula, where it had 22 percent of the market in 2015, according Euromonitor International. It already has a range of products called Althera, Alfare and Alfamino that are designed for infants allergic to cow&rsquo;s milk.

For DBV, the deal is a vindication of its Viaskin patch technology. The company also has a patch to treat peanut allergy in clinical trials, as well as an earlier-stage programme for egg allergy.

Nestle, the world's biggest food company, is stepping up its push into medicine with a global deal worth up to 100 million euros ($111 million) to develop and market an experimental milk allergy test for infants

Nestle, the world's biggest food company, is stepping up its push into medicine with a global deal worth up to 100 million euros ($111 million) to develop and market an experimental milk allergy test for infants. The Swiss group will pay DBV Technologies 10 million euros upfront for rights to its skin patch test for cow’s milk protein allergy (CMPA), with the balance depending on successful development, the two companies said on Tuesday. Shares in the French biotech company rose 5 percent on the news. The deal underscores Nestle's ambitions for its Health Science division, which it believes could eventually generate more than 10 billion Swiss francs ($10 billion) in annual sales. It also complements the company's market-leading infant formula business and could help lift sales of products designed for babies with food intolerance. Nestle has signed a series of similar deals with other small companies in its bid to create a new kind business that is midway between food and pharmaceuticals. The goal is to find new ways to treat, diagnose and prevent a range of diseases, from gastrointestinal problems to Alzheimer's. CMPA affects up to 2 or 3 percent of infants and toddlers, according to the companies. Many others, however, have symptoms suggestive of the condition, creating a need for a simple diagnostic test. Under the terms of the agreement, DBV will be eligible to receive up to 90 million euros in development, regulatory and commercial milestones - on top of the upfront payment - and will also collect royalties on eventual product sales. “This innovation can become the breakthrough diagnostic for CMPA," said Greg Behar, chief executive of Nestl? Health Science. The new test will need to go through extensive clinical trials before it is cleared for sale and DBV expects it to be submitted for approval to regulators worldwide by 2021. Behar's division, which employs around 3,000 people, is an expanding part of Nestle's operations. Given ageing populations around the world and spiralling cases of lifestyle diseases, the Swiss group sees big opportunities in health - but the initiative also poses new challenges by taking it into the highly regulated medical field. Strategically the shift towards health offers Nestle a hedge against slowing growth in packaged foods and may also offset crackdowns on unhealthy foods blamed for obesity and other lifestyle problems. The milk allergy test dovetails with Nestle's presence in infant formula, where it had 22 percent of the market in 2015, according Euromonitor International. It already has a range of products called Althera, Alfare and Alfamino that are designed for infants allergic to cow’s milk. For DBV, the deal is a vindication of its Viaskin patch technology. The company also has a patch to treat peanut allergy in clinical trials, as well as an earlier-stage programme for egg allergy.

Nestle, on health kick, moves into milk allergy testing

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