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Standard Chartered Announces $1.5 Billion Buyback as Annual Profit Surges 18%

After reporting an 18% increase in annual earnings to $6 billion, driven by record wealth business growth and outstanding market division performance,

After reporting an 18% increase in annual earnings to $6 billion, driven by record wealth business growth and outstanding market division performance, Standard Chartered announced a $1.5 billion share repurchase. To increase income growth, the bank has spent $1.5 billion over five years on marketing, client centres, and digital platforms, emphasising Asia, Africa, and the Middle East. In 2024, it added $44 billion in new assets, a 61% increase from the previous year, and 265,000 new wealthy clients. By 2029, the bank wants to produce $200 billion in net new money. Like HSBC, StanChart is pulling out unprofitable retail banking areas and growing wealth management to offset falling interest income. Read More..

B2B Tech News | 5 months ago          

Abrdn in Advanced Talks with Citic Bank for China Asset Management Venture

To increase its presence in the secondlargest economy in the world, UKbased asset manager Abrdn is in advanced negotiations with Citic Bank to establi

To increase its presence in the secondlargest economy in the world, UKbased asset manager Abrdn is in advanced negotiations with Citic Bank to establish an asset management joint venture in China. Citic Wealth, the wealth management division of Citic Bank, is anticipated to own the remaining shares, with Abrdn likely to hold the majority. Later this year, regulatory permission is expected to occur. After highlevel UKChina economic negotiations recently resumed, the talks picked up steam. Despite previous disappointments for international businesses operating in Chinas wealth sector, interest has been rekindled by market recovery and Beijings stimulus plans. If it succeeds, this partnership would be the second of its kind between a Chinese bankowned wealth business and a British company, following Schroders agreement with Bank of Communications in 2021. Read More..

B2B Tech News | 5 months ago          

New Zealand’s Economy Shows Signs of Recovery After Mid2024 Slump

According to RBNZ Chief Economist Paul Conway, the New Zealand economy bottomed out in the middle of the year and only started to recover in December

According to RBNZ Chief Economist Paul Conway, the New Zealand economy bottomed out in the middle of the year and only started to recover in December 2024. Highfrequency data indicates that some businesses are improving, but there are still uncertainties, and companies might be hesitant to employ until growth levels out. Outside of the epidemic, the economy saw its most significant drop since 1991 in Q3 2024. After raising interest rates sharply to 5.5%, the RBNZ lowered them by 175 basis points to spur growth as inflation subsided. The central bank contemplated rate decreases of 25 or 75 basis points before its most recent policy review but finally decided that a 50 basis point drop was the best option. Read More..

B2B Tech News | 5 months ago          

Medusa Ransomware Gang Claims 2.3TB Data Theft in HCRG Cyberattack

A hack by the Medusa ransomware gang has targeted HCRG Care Group, a private health and social services provider. As of 27 February, the gang requests

A hack by the Medusa ransomware gang has targeted HCRG Care Group, a private health and social services provider. As of 27 February, the gang requests £1.6 million $2 million to sell or destroy the 2.275 terabytes of internal records they claim to have stolen. For £8,000 each day, Medusa has also promised to postpone the rollout. The hazards of identity theft are increased by leaked samples, which include staff schedules, birth certificates, background checks, and scans of passports and drivers licenses. HCRG indicated that activities are unaffected while confirming an ongoing inquiry. Successful ransomware attacks typically cost healthcare providers more than $2.5 million. Read More..

B2B Tech News | 5 months ago          

Palo Alto Networks Warns of Ongoing Attacks Exploiting PANOS Firewall Flaws

Palo Alto Networks has alerted Palo Alto Networks to a persistent assault that uses several flaws in PANOS firewalls to steal confidential information

Palo Alto Networks has alerted Palo Alto Networks to a persistent assault that uses several flaws in PANOS firewalls to steal confidential information. The exploit combines three vulnerabilities CVE20249474, a privilege escalation fault CVE20250108, an authentication bypass flaw and CVE20250111, a highseverity file read vulnerability 7.1/10. Because of these flaws, attackers can run PHP scripts, get sensitive files, and get around authentication. 25 IP addresses are actively targeting CVE20250108, despite patches being made available by 12 February 2025, leaving many systems susceptible. The primary attack sources are the United States, Germany, and the Netherlands. CVE20250108 has been added to the US Cybersecurity and Infrastructure Security Agencys CISA "Known Exploited Vulnerabilities" catalogue. To reduce risks, users are advised to patch before 11 March. Read More..

B2B Tech News | 5 months ago          

Jupiter X Core Plugin Vulnerability Puts 47,000+ WordPress Sites at Risk

Over 90,000 people worldwide use the Jupiter X Core WordPress plugin, which has been discovered to have a highseverity weakness CVE20250366 that allow

Over 90,000 people worldwide use the Jupiter X Core WordPress plugin, which has been discovered to have a highseverity weakness CVE20250366 that allows attackers to run arbitrary files on servers and potentially take over websites. The vulnerability, which has a severity rating of 8.8/10 and impacts versions up to 4.8.7, is caused by a problem with SVG uploads that lets attackers with Contributorlevel access run PHP code. The vulnerability was found in January 2025 and fixed by Artbees by the end of the month with version 4.8.8. However, only 46.8% of users have upgraded, putting more than 47,000 websites at risk. Wordfence recommends quick updates to reduce the possibility of data theft, illegal access, and website compromise. Read More..

B2B Tech News | 5 months ago          

STMicroelectronics’ New Photonics Chip Uses Light to Boost AI Data Center Speeds

STMicroelectronics ST has introduced a new photonics chip created in partnership with Amazon Web Services AWS to improve AI data centre connections by

STMicroelectronics ST has introduced a new photonics chip created in partnership with Amazon Web Services AWS to improve AI data centre connections by employing light rather than electricity. This chip will increase speed and lower power consumption in optical transceivers. Such chips are projected to become more in demand as AI infrastructure investments rise, and AWS intends to implement this technology as production starts later this year. Additionally, ST is integrating the technology into nextgeneration transceivers in collaboration with a top supplier of optical solutions. The optical transceiver industry is expected to triple from its 2024 valuation of $7 billion to $24 billion by 2030. ST will further solidify its position in AIdriven semiconductor developments by massproducing the chip at its factory in Crolles, France. Read More..

B2B Tech News | 5 months ago          

Microsoft Unveils Majorana 1 Quantum Chip, Predicts Breakthrough Within Years

Microsoft claims that quantum computing will be available in "years, not decades," after releasing the Majorana 1 quantum chip. Majorana fermions, sub

Microsoft claims that quantum computing will be available in "years, not decades," after releasing the Majorana 1 quantum chip. Majorana fermions, subatomic particles theorised in the 1930s, are used in the Majorana 1 chip to drastically reduce errors, in contrast to ordinary qubits, which are highly prone to errors. Superconducting nanowires, aluminium, and indium arsenide are used in the chips fabrication in Denmark and Washington. Microsoft thinks its better stability would require fewer qubits for practical computations, even though it has fewer qubits than processors made by Google and IBM. Almost twenty years in the making, the discovery establishes Microsoft as a pioneer in quantum research. Experts, including Harvard scientist Philip Kim, say this is a positive step towards scalable quantum computing. Read More..

B2B Tech News | 5 months ago          



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