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Singtel’s second unit faces cyber attack weeks after Optus data breach by Reuters

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© Reuters. FILE PHOTO: Singtel’s stand at the Money 20/20 Asia Fintech trade fair in Singapore on March 21, 2019. REUTERS/Anshuman Daga

(Reuters) – Singapore Communications Limited said on Monday its Dialog unit faced a cyber attack likely affecting 1,000 current and former employees and fewer than 20 customers, weeks after a massive data breach at another Australian unit – Optus.

A hack at Optus, Australia’s second-largest mobile operator, late last month compromised the data of up to 10 million customers, leading to an overhaul of consumer privacy rules to make it easier to share targeted data between telcos and banks.

On Monday, Singtel said the attack on Dialog, an Australia-based IT services consultancy, was first discovered on September 10.

Singtel shares were down 1.6% at 0315 GMT.

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The Singapore-based telco confirmed that Dialog’s systems were completely independent of Optus and the NCS IT unit, and that there was no evidence of any link between the data breach incidents in Dialog and Optus.

Last week, Dialog realized that a “very small sample” of its data, including some personal information of employees, had been posted on the dark web.

Singtel acquired Dialog in April for A$325 million ($206.57 million).

(1 dollar = 1.5733 Australian dollars)

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Miner Vale looks to close deal with base metals partner in H1 by Reuters

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© Reuters. FILE PHOTO: The logo and trading symbol of Brazilian mining company Vale SA are displayed on a screen at the New York Stock Exchange (NYSE) in New York, U.S. December 6, 2017. REUTERS/Brendan McDermid // File Photo

Written by Marcelo Teixeira

NEW YORK (Reuters) – Brazilian mining company Vale is in advanced talks with potential partners for a new base metals investment vehicle and is looking to close a deal in the first half of 2023, CEO Gustavo Pimenta said on Wednesday.

Pimenta told investors during a meeting on the New York Stock Exchange that Brazil’s Vale will sell only 10% of the new base metals unit to the chosen partner and will keep the remaining 90% in order to control project decisions.

The new company, which will be based outside of Brazil – with a strong possibility in Canada – will have an estimated capital of $20 billion and will manage nickel and projects in Brazil, Canada and Indonesia.

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Pimenta said the main quality Vale looks for when deciding on a partner is experience.

“We will change the way we manage base metals. We look forward to bringing in people who have the ability to advise the board on investment decisions,” he told reporters after the meeting, adding that the goal is to accelerate plans in the region.

The demand for metals such as nickel and lithium is expected to grow sharply in the coming years due to the expected production growth of electric vehicles (EV). These are the main metals used in batteries.

Vale in particular is looking to be well positioned to fuel EV growth in North America.

Pimenta did not give financial details of the deal or comment on the cost of the 10 percent stake. He said more information about the business modeling will be available to the market in the first quarter of 2023.

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Demand for copper is also expected to rise globally due to the energy shift towards more electricity.

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Carvana, Amazon’s used-car hub, is falling apart

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Carvana, the used-car Amazon, is having one of its worst days on Wall Street on Wednesday.

Shares of Carvana fell more than 36% to $4.27 as doubts mounted over the company’s ability to meet payment deadlines.

The numbers are shocking: the stock has lost 45% since the beginning of December. November was a rough one as Carvana shares fell 43%. The stock, which ended 2021 at $231.79, is now down 98% since January.

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The market cap is now $760 million. In short, the comparative market capitalization, if shares outstanding were the same in both periods, would have been $41.45 billion on December 31, 2021.



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Citigroup CEO expects trading revenue to rise 10% in fourth quarter, but investment banking slips by Reuters

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© Reuters. FILE PHOTO: The Citibank logo is seen on the trading floor of the New York Stock Exchange (NYSE) in Manhattan, New York City, US, August 3, 2021. REUTERS/Andrew Kelly/File Photo

NEW YORK (Reuters) – Citigroup Chief Executive Jane Fraser said on Wednesday that revenue in its trading division will rise 10 percent in the current quarter from a year earlier, but investment banking fees will fall 60 percent, in line with industry.

The trading desks have been a surprising bright spot for some of the largest US banks this year as clients reorganized their portfolios across asset classes in response to the cooling markets.

“We’re hoping for a 10% (increase) in the markets based on what we saw in October and November,” Fraser told the Goldman Sachs (NYSE) Financial Services Conference.

But Wall Street investment bankers who were steeped in deals in 2021 have seen activity dip as volatility in capital markets, geopolitical tensions and risk sentiment dampen appetite for deals.

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As stock market listings fade and companies tighten the brakes on deal-making, investment banking revenues have fallen sharply across the industry. The tough operating environment has also led to job cuts at major lenders, with executives warning of more pain ahead.

Separately, in line with previously announced plans to streamline the global banking giant, Fraser said Citi is moving ahead with divestments, exiting the retail banking business in non-core international markets.

“From a strategic perspective, I think we’re all pleased with the progress and how we’re starting to see some initial results materialize in the data,” added Fraser.

Citi is in advanced talks with suitors looking to buy Mexican retail bank Banamex, according to media reports earlier this week. Citi said in January it was looking for a buyer for the unit.

Citigroup (NYSE:) The $12.5 billion acquisition of Banamex in 2001 was the largest ever in Mexico at the time.

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