Connect with us

Business

French Bank Societe Generale ceases Russian operations

Published

on

Corporate businesses are continuing to depart Russia with French banking firm Societe Generale the latest to cease operations in the country

The company’s banking and insurance activities in Russia will come to an end as of immediately.

The company has also announced it intends to sell its entire stake in Russia’s Rosbank.

The Kremlin has increased its aggression on neighbouring Ukraine as the war enters Week 8, forcing more organisations to stop doing business with Russia.

Societe Generale ceases operations in Russia.

In a statement the company stated:

“Societe Generale ceases its banking and insurance activities in Russia and announces the signing of a sale and purchase agreement to sell its entire stake in Rosbank and the Group’s Russian insurance subsidiaries to Interros Capital, the previous shareholder of Rosbank. With this agreement, concluded after several weeks of intensive work, the Group would exit in an effective and orderly manner from Russia, ensuring continuity for its employees and clients.”

“This contemplated transaction, which remains subject to the approval of the relevant regulatory and anti-trust authorities, will be conducted in compliance with the legal and regulatory obligations in force. The closing of this operation should occur in the coming weeks.”

Disney is among many businesses to leave Russia.

Multinationals are fleeing Russia in a huge exodus

Large multinational companies are fleeing Russia, as the international community moves to isolate the nation over its invasion of Ukraine.

From oil giants to media companies and sporting bodies, Russia is facing a multi-billion dollar exodus.

It isn’t just corporate banking firms leaving Moscow either. Disney has also pulled plans to open its latest stage show in Russia’s capital city. Warner Bros, Sony and Disney have cancelled distribution plans for their upcoming films.

Anthony Lucas is reporter, presenter and social media producer with ticker News. Anthony holds a Bachelor of Professional Communication, with a major in Journalism from RMIT University as well as a Diploma of Arts and Entertainment journalism from Collarts. He’s previously worked for 9 News, ONE FM Radio and Southern Cross Austerio’s Hit Radio Network. 

Business

Meta responsible for a massive data leak

Published

on

Meta responsible for a massive data leak as Irish regulator imposes fine

Irish regulator, the Data Protection Commission, has fined Meta $275 million dollars for breaching rules to protect user data.

An investigation found Meta’s Facebook was guilty of allowing sensitive user data to be accessed from the platform. After being downloaded it was later uploaded into an online hacker forum.

Users throughout 2018 and 2019 were most at risk of their private personal data being accessed and shared.

Meta admitted tools it had created to allow people to find their friends using their phone numbers was to blame. The function was removed from the platform soon after the breach was discovered in 2019.

Worldwide, the investigation also found that data was scraped from 533 million Facebook users from 106 countries. This included over 32 million records pieces of information form users in the U.S. and 11 million in the UK.

Even though the data is three or more years old, it may still be of use to cybercriminals keen to impersonate people to procure credit cards, mobile phones and make other online purchases.

This is yet another example of social media platforms being unable to adequately protect their users by devising and implementing preventative pre-emptive security measures.

While governments attempt to hold social media platforms like Meta accountable for the content they allow on their platforms and their lax data security measures, it remains to be seen whether the platforms will actually pay the fines being imposed. Moreover, will the fines result in any genuine change?

Continue Reading

Business

META scales back its New York office

Published

on

Social media giant Meta has opted to scale back its presence in New York, as the company tries to reduce costs through a slowing online ad market.

The company revealed it will be subleasing a small portion of its facilities at a commercial tower at Hudson Yards.

A statement from the company says:

“The past few years have brought new possibilities around the role of the office, and we are prioritising making focused, balanced investments to support our most strategic long-term priorities and lead the way in creating the workplace of the future.”

In October, Meta issued a weaker-than-expected forecast for the fourth quarter and indicated revenue will drop for the period.

As well, the company revealed it was laying off over 11,000 workers, taking steps to become a leaner and more efficient company.

Continue Reading

Business

Crypto’s Kraken slashes 30 percent of workforce

Published

on

One of the world’s largest crypto exchanges, Kraken, is laying off about 30% of its headcount, more than a thousand people.

The company’s co-founder and CEO Jesse Powell says the cuts are being made “in order to adapt to current market conditions.”

Powell wrote in a blog post that slowing growth, prompted by “macroeconomic and geopolitical factors,” had muted customer demand.

Powell says:

“We had to grow fast, more than tripling our workforce in order to provide those clients with the quality and service they expect of us,”

“I remain extremely bullish on crypto and Kraken.”

Crypto exchanges have been buffeted by withdrawals and regulatory scrutiny after the implosion of FTX, which is now spreading to other crypto exchanges.

Continue Reading

Trending Now

Copyright © 2022 The Ticker Company PTY LTD