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SEC probes Alibaba accounting methods, shares dive
Alibaba said the Securities and Exchange Commission launched the investigation earlier this year. The latest investigation highlights how far Alibaba has to go to improve transparency, as it also fights sales of fake items, while a continuing acquisition spree creates uncertainty over its earnings. It was not immediately clear what prompted the SEC investigation.
Thu, 26 May 2016 02:04:55 -0400
China's Lenovo swings to full-year loss on M&A costs
China's Lenovo Group Ltd on Thursday reported its first loss in six years, with earnings pulled down by acquisition and restructuring costs as well as weak sales of smartphones and personal computers (PCs). The results come as Lenovo curbs its reliance on the slowing PC industry in favor of smartphones and servers. It said profit was pulled down by costs of multi-billion dollar acquisitions in 2014 - for the Motorola handset division of Google Inc and low-end server arm of International Business Machines Corp. It also booked a charge of $923 million for costs related to restructuring and clearing its smartphone inventory.
Thu, 26 May 2016 04:55:31 -0400
Exclusive: New York financial regulator gearing up to probe online lenders - source
New York state's financial regulator, which recently launched a probe into LendingClub Corp, is preparing to look into the activities at other online lenders and whether they should be licensed in New York, a person familiar with the matter said on Wednesday. The New York Department of Financial Services (NYDFS) has not yet established which companies it may target, but information it receives in response to a May 17 subpoena sent to LendingClub, one of the largest online lending services, could shed light on broader industry practices that require scrutiny, said the person, who was not authorized to discuss the issue publicly. Last week, NYDFS subpoenaed San-Francisco based LendingClub, a so-called peer-to-peer lender, asking for information about loans it issued to New Yorkers since May 17, 2013.
Thu, 26 May 2016 05:06:37 -0400
Brazilian companies rank worst among major economies on cyber security: report
By Dustin Volz WASHINGTON (Reuters) - Companies based in Brazil scored “significantly poorer” in aggregate on a variety of cyber security indicators than those based in other major world economies, such as the United States and China, according to a report released on Thursday. The study, from Massachusetts-based security ratings company BitSight, found that Brazilian companies underperformed on metrics such as machine compromise rates, email security and file-sharing practices in an analysis conducted over the past year. "Brazil has significantly poorer performance than the other countries included in the study," the study said.
Thu, 26 May 2016 05:03:50 -0400
HP Inc profit beats Street amid weak market for PCs, printers
(Reuters) - HP Inc , which houses the former Hewlett-Packard Co's legacy hardware business, reported a better-than-expected quarterly profit as aggressive cost cutting helped counter weak demand for personal computers and printers. "I believe the general sentiment from HP Inc investors is that it could have been much worse given how poorly the PC market has been expected to be and the poor PC sales numbers put forth by peers," Bill Kreher, tech analyst at Edward Jones, said. HP Inc said in February it was accelerating its restructuring program and still expects about 3,000 people to exit by the end of the financial year 2016, instead of over three years, as announced initially in September.
Wed, 25 May 2016 18:46:39 -0400
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