Business

LONDON (Reuters) – Britain has given housebuilders around two months to come up with a fully-funded plan to remove dangerous cladding from residential housing, a project that could cost at least 4 billion pounds $5.4 billion).

A deadly 2017 blaze at Grenfell Tower in London, that killed more than 70 people, revealed the widespread use of flammable cladding on apartment blocks across the country, requiring expensive removal or round-the-clock fire watches.

Minister Michael Gove said in a statement on Monday that the industry had until early March to agree a plan to deal with cladding on buildings that are between 11 and 18 metres high.

($1 = 0.7359 pounds)

(Reporting by Kate Holton; editing by Guy Faulconbridge)

By Mathieu Rosemain

PARIS (Reuters) – The search for a new CEO at France’s state-controlled telecoms firm Orange has boiled down to a shortlist of three people chosen by a dedicated selection committee, two sources close to the matter said.

The committee, composed of three board members, selected Orange’s Chief Financial Officer Ramon Fernandez, Schneider Electric’s head for Europe Christel Heydemann — who also sits on Orange’s board — and Verizon’s Chief Revenue Officer Frank Boulben.

French newspaper Liberation was first to report the information.

Reuters was not able to immediately reach for comment the three people named as candidates after normal business hours.

Orange, France’s biggest telecoms operator, said in November it would find a successor to its Chairman and CEO Stephane Richard by Jan. 31 after a Paris appeal court convicted him of complicity of misuse of public funds.

The court’s verdict, which handed Richard a one-year suspended prison sentence, has precipitated his departure from the group, which he has led for 11 years. He has denied any wrongdoing.

Orange’s plan is to find both a new chairman and a new CEO by the end of the month but the tight time schedule may make it difficult for the company to replace Richard has head of the board by that time, one of the two sources said.

The selection was made in collaboration with head-hunter Spencer Stuart, which was hired by Orange’s board.

Yet this whole formal process might be ignored by the French state, which keeps sway over key governance appointments with its controlling 23% stake.

The French presidency has in effect the power to appoint another candidate than the ones put forward by the selection committee.

(Reporting by Mathieu Rosemain; Editing by Lisa Shumaker)

Sparkling Logic’s decision management platform leverages data insights and authors   business rules to define automated decisions

NICE Actimize, a NICE (NASDAQ: NICE) business, announced a strategic technology partnership with Sparkling Logic, a California-based provider of decision management systems, to augment NICE Actimize’s cloud native  X-Sight  financial crime management platform. Sparkling Logic’s advanced decision management platform is designed to bring financial institutions rapid delivery of NICE Actimize’s domain expertise with powerful self-service decision management capabilities.

Sparkling Logic’s platform automates decisions dealing with risk and compliance, reducing the time it takes to adjust to new insights gained from a range of data and market changes. The cloud-based decision management platform leverages data insights and authors business rules to define automated decisions using industry-leading and patented approaches.

Powered by the security of the cloud, NICE Actimize’s X-Sight AI-driven platform manages and scales analytics and addresses complex demands for flexibility and extensibility at scale. X-Sight also introduces unlimited data from any source, extensive analytics, and intelligent automation.

When integrated with NICE Actimize’s platform, Sparkling Logic’s innovative decision management technology will support financial institution customers by making more rapid decisions on financial crime strategies and providing the ability to view the overall impact across all NICE Actimize analytics. This capability allows X-Sight customers to make more informed decisions while maximizing financial crime coverage and controlling costs.

“Growing data volume and business complexity require a faster response to escalating problems such as fraud, regulatory compliance, personalized account management, collection, and recovery,” said Carole-Ann Berlioz, Co-Founder and Chief Product Officer, Sparkling Logic. “Our decision management technology will further enhance NICE Actimize’s powerful X-Sight platform by empowering business decisions with greater agility, visibility, and intelligence.”

“This technology partnership delivers our X-Sight customers more rapid development and deployment of financial crime management strategies across the broader NICE Actimize analytics ecosystem,” said Craig Costigan, CEO, NICE Actimize. “We look forward to incorporating the power of Sparkling Logic’s innovations in decision management into our advanced financial crime platforms.”

About Sparkling Logic

Sparkling Logic Inc. is a California-based company leading technology innovation in decision management. Sparkling Logic’s SMARTS™ decision management is a business rules and analytics technology that empowers business and data analysts to discover, test, simulate, deploy and continuously improve data-informed business decisions that drive daily business operations in applications and systems. Find us at www.sparklinglogic.com, @sparklinglogic.

About NICE Actimize

NICE Actimize is the largest and broadest provider of financial crime, risk, and compliance solutions for regional and global financial institutions, as well as government regulators. Consistently ranked as number one in the space, NICE Actimize experts apply innovative technology to protect institutions and safeguard consumers’ and investors’ assets by identifying financial crime, preventing fraud, and providing regulatory compliance. The company provides real-time, cross-channel fraud prevention, anti-money laundering detection, and trading surveillance solutions that address such concerns as payment fraud, cybercrime, sanctions monitoring, market abuse, customer due diligence and insider trading. Find us at www.niceactimize.com, @NICE_Actimize or Nasdaq: NICE.

About NICE

With NICE (Nasdaq: NICE), it’s never been easier for organizations of all sizes around the globe to create extraordinary customer experiences while meeting key business metrics. Featuring the world’s #1 cloud native customer experience platform, CXone, NICE is a worldwide leader in AI-powered self-service and agent-assisted CX software for the contact center – and beyond. Over 25,000 organizations in more than 150 countries, including over 85 of the Fortune 100 companies, partner with NICE to transform – and elevate – every customer interaction. www.nice.com.

Check Point Research (CPR) spots new malware campaign exploiting Microsoft’s digital signature verification to steal user credentials and sensitive information. Named ZLoader, the malware has claimed over 2,000 victims in 111 countries. CPR attributes the campaign, which traces back to November 2021, to the cybercriminal group Malsmoke, who placed significant effort into evasion methods. ZLoader is known to be a tool in delivering ransomware, including Ryuk and Conti. 

• 2170 unique victims in 111 countries
• Most victims reside in USA (40%), followed by Canada and India
• CPR urges users to implement Microsoft’s update for strict Authenticode verification, as the update is not pushed by default

Wednesday 5^th January – Check Point Research (CPR) sees a new malware campaign exploiting Microsoft’s digital signature verification to steal sensitive information of victims. Named ZLoader, the malware is a banking trojan that uses web injection to steal cookies, passwords and any sensitive information. ZLoader has been known to deliver ransomware in the past and came unto CISA’s radar in September 2021 as a threat in the distribution of Conti ransomware. During the same month, Microsoft said ZLoader operators were buying Google keyword ads to distribute various malware strains, including Ryuk ransomware. Today, CPR is publishing a report that details the resurgence of ZLoader in a campaign that has taken over 2,000 victims in 111 countries. CPR is attributes the camapign to the cyber criminal group MalSmoke.

Infection Chain

1. The attack begins with the installation of legitimate remote management program pretending to be a Java installation
2. After this installation, the attacker has full access to the system and is able to upload/download files and also run scripts, so the attacker uploads and runs a few scripts that download more scripts that run mshta.exe with file appContast.dll as the parameter
3. The file appContast.dll is signed by Microsoft, even though more information has been added to the end of the file
4. The added information downloads and runs the final Zloader payload, stealing user credentials and private information from victims

Figure 1. Simplified Image of Infection Chain

Victims

So far, CPR has documented 2170 unique victims. Most victims reside in the United States, followed by Canada and India.

Figure 2. # of victims given country

Attribution:

CPR believes that the cybercriminals behind the campaign are Malsmoke, given a few similarities with previous campaigns.

Disclosure:

CPR updated Microsoft and Atera of its findings.

Kobi Eisenkraft, Malware Researcher at Check Point:

“People need to know that they can’t immediately trust a file’s digital signature. What we found was a new ZLoader campaign exploiting Microsoft’s digital signature verification to steal sensitive information of users. We first began seeing evidence of the new campaign around November 2021. The attackers, whom we attribute to MalSmoke, are after the theft of user credentials and private information from victims. So far, we’ve counted north of 2,000 victims in 111 countries and counting. All in all, it seems like the Zloader campaign authors put great effort into defense evasion and are still updating their methods on a weekly basis. I strongly urge users to apply Microsoft’s update for strict Authenticode verification, It is not applied by default”

Safety Tips

1. Apply Microsoft’s update for strict Authenticode verification. It is not applied by default.
2. Do not install programs from unknown sources or sites.
3. Do not press on links or open unfamiliar attachments that you get by mail.

MOSCOW (Reuters) – Russian gas company Gazprom has not booked natural gas transit capacity for exports via the Yamal-Europe pipeline for Dec. 30, auction results showed on Thursday.

The Yamal-Europe pipeline that usually delivers Russian gas to Western Europe was sending the fuel back to Poland for a ninth day on Wednesday.

(Reporting by Oksana Kobzeva; Writing by Maria Kiselyova; Editing by Christian Schmollinger)

By Florence Tan and Sonali Paul

SINGAPORE (Reuters) -Oil prices rose on Thursday to extend several consecutive days of gains, buoyed by data showing U.S. fuel demand holding up well despite soaring Omicron coronavirus infections.

Brent crude futures rose 24 cents, or 0.3%, to $79.47 a barrel at 0502 GMT, up for a fourth day. U.S. West Texas Intermediate (WTI) crude futures rose 26 cents, or 0.3%, to $76.82 a barrel for a seventh session of gains.

“Oil prices edged higher overnight thanks to larger-than-expected falls in U.S. crude and gasoline inventories and receding virus nerves,” Jeffrey Halley, senior market analyst at brokerage OANDA said in a note.

U.S. Energy Information Administration data on Wednesday showed crude oil inventories fell by 3.6 million barrels in the week to Dec. 24, which was more than what analysts polled by Reuters had expected. [EIA/S]

Gasoline and distillate inventories also fell, versus analysts’ forecasts for builds, indicating demand remains strong despite record COVID-19 cases in the United States.

Oil prices also drew support from steps taken by governments to limit the impact of record high COVID-19 cases on economic growth, such as easing testing rules and narrowing who needs to isolate as close contacts of positive cases.

The Organization of the Petroleum Exporting Countries (OPEC) and their allies, a group known as OPEC+, will meet on Jan. 4 to decide whether they will continue increasing output in February.

Saudi Arabia’s King Salman said on Wednesday the OPEC+ production agreement was “essential” to oil market stability and stressed the need for producers to comply with the pact.

Global oil prices have rebounded by 50% to 60% in 2021 as fuel demand roared back to near pre-pandemic levels while deep production cuts by OPEC+ producers for most of the year erased a supply glut that has been weighing on the market.

China, the world’s top crude importer, has issued the first batch of 2022 import quotas to mostly independent refiners, totalling 109.03 million tonnes, 11% below the comparable year-earlier quota, industry sources said.

(Reporting by Sonali Paul and Florence Tan; editing by Richard Pullin and Himani Sarkar)

By  Karen Thomas-Bland, founder of Seven Transformation

Certain things have contributed to the recent explosion of activity in M&A markets including Chief Executives pursuing big ticket deals which they planned during the pandemic, private equity companies sitting on almost $1.6 trillion of uninvested cash, according to the Wall Street Journal, and blank-check companies having raised record amounts this year.

But, as we know, the success rate of M&A deals isn’t too great with the often quoted 60% failing to increase shareholder value, leaving the Board open to criticism for not achieving a better deal. So how can Board members be on the front foot and ensure they are valuing the business, negotiating the best deal for all shareholders, managing risks, and ensuring a smooth post-merger integration?

According to a KPMG survey, over 30% of Board members don’t feel their role in the M&A deal process is fully optimised. The further away from the company’s strategy creation, the less Board members feel involved; for example, feeling less involved and engaged in monitoring post-merger integration activities and systematically evaluating proposed M&A transactions.

The Board’s role in M&A involves asking questions to check the following:

• If the deal is consistent with the organisation’s growth strategy
• What the deal thesis sets out in terms of what and how to integrate
• How the deal creates shareholder value and delivers the growth and cost synergies
• The pace of delivering value and ensuring the integration is seamless from all perspectives

The Board also needs to be attuned to potential management bias that arises – they may have fallen in love with the deal.  They also need to ensure lessons are learned and adopted for future mergers and acquisitions.

In my experience there are four areas to watch for – alignment of the deal with company strategy, over optimistic valuation and projection, due diligence not being broad enough and post-merger integration planning and execution that fails to deliver the synergies in a timely way.

From a strategy perspective this is:

• Analysing the maturity of the company in M&A to help determine the Board’s role
• Testing and challenging the alignment of the deal with the company’s strategy

From a valuation perspective this is:
– Evaluating the potential value created by the deal and considering its fit in line with the company strategy
– Testing the valuation with industry norms

From a due diligence perspective this is:
– Understanding the target’s key risks, including financial, ESG, DE&I, operational and market risks
– Getting under the skin of possible cultural issues – how behavioural norms and values will need to converge

From a post-merger integration planning and execution perspective this is:
– Ensuring the post-merger integration plan is in place and is detailed and robust
– Adjusting the plan during the due diligence process as risks, issues and opportunities emerge
– Monitoring to ensure flawless execution and drive out of the growth and cost synergies

In addition, the Board needs to satisfy themselves on the following:-

Diversity, equality and inclusion (how will the merged entity manage DE&I even better)?

Business planning (how to integrate the newly acquired entity with the strategy and financial planning)?

Cyber security (making sure it’s a key consideration in due diligence and integration)

ESG (moving from risk avoidance to value creation measures)

Managing due diligence and integration in a hybrid working world where face to face interaction becomes more limited and so it’s harder to read the cultural nuances and build strong relationships.

Given the nature of what is being undertaken, the right Board composition is critical in enhancing its effectiveness and value add in the company’s M&A process. You need skillsets that combine finance, digital and technology, culture including diversity, equality and inclusion, M&A due diligence and integration and ESG.  Often I‘ve found that  Boards don’t have this combination of skills to bring to bear on the deal and be the test, challenge, and coach of the management team.  To address this, it’s about building board effectiveness to undertake M&A which involves:

• Acting on Board assessments and using the annual self-assessment to help ignite discussions about Board composition refreshment. Having a robust Board assessment process can offer insights into how the Board needs to evolve in line with the company strategy, which should include inorganic growth ambitions.
• Thinking through Board succession planning which is essential to promoting Board refreshment. This involves thinking through the current state of the Board, the tenure of current directors and the company’s future needs.
• Broadening out the definition of diversity and the pool of potential candidates. Often, Boards recruit new directors by asking existing directors for recommendations, which then gets passed to head hunters. This can create an insular pool of potential candidates.  The best forward-looking Boards expand the universe of potential qualified candidates by looking outside of the usual places.

Taking these actions to refresh the Board skills and composition ensures there is consideration for all aspects of M&A, lessening your risk of  being in the 60% of deals that fail to increase shareholder value – which the Board is held accountable for when it comes to the measure of M&A success.

By Sonali Paul

MELBOURNE (Reuters) – Oil prices rose on Thursday for a third straight day, underpinned by a weaker dollar on optimism about global growth, even as governments from Australia to Europe step up curbs to slow the spread of the Omicron coronavirus variant.

U.S. West Texas Intermediate (WTI) crude futures gained 35 cents, or 0.5%, to $73.11 a barrel at 0244 GMT after jumping 2.3% in the previous session.

Brent crude futures climbed 40 cents, or 0.5%, to $75.69 a barrel, extending a 1.8% gain in the previous session.

The big gains on Wednesday were partly spurred by a larger-than-expected drawdown in U.S. crude stockpiles last week.

A weaker U.S. dollar buoys oil markets as it makes commodities cheaper for those holding other currencies. The dollar fell to near a one-week low after data on Wednesday showed U.S. consumer confidence improving more than expected in December.

Oil’s climb has come even as governments reimposed a range of restrictions to slow the spread of Omicron. The Chinese city of Xian on Wednesday ordered its 13 million residents to stay home, while Scotland imposed gathering limits from Dec. 26 for up to three weeks, and two Australian states reimposed mask mandates as cases surged.

The market has shrugged off the potential impact of mobility restrictions on fuel demand because the Organization of the Petroleum Exporting Countries (OPEC), Russia and allies, together called OPEC+, has left the door open to reviewing their plan to add 400,000 barrels per day of supply in January.

“The Omicron variant could still lead to more restrictive measures across Europe and Asia, but prices won’t break since OPEC+ can easily adjust their production levels,” said OANDA analyst Edward Moya in a note.

(Reporting by Sonali Paul; Editing by Kenneth Maxwell)

By Hyunjoo Jin

SAN FRANCISCO (Reuters) -Tesla Inc Chief Executive Elon Musk said on Wednesday he was “almost done” with his stock sales after selling over $15 billion worth for more than one month.

The billionaire had made confusing statements as to whether he might or might not be done with his stated goal https://www.reuters.com/business/tesla-shares-fall-after-musks-twitter-poll-backs-stake-sale-2021-11-08 of selling 10% of his Tesla shares.

“I sold enough stock to get to around 10% plus the option exercise stuff and I tried to be extremely literal here,” he said in an interview https://www.youtube.com/watch?v=jvGnw1sHh9M on Tuesday with conservative satirical website Babylon Bee.

But on Wednesday he suggested he might not be done. “This assumes completion of the 10b sale,” he tweeted, referring to his prearranged sales plan related to his options.

“There are still a few tranches left, but almost done,” he tweeted later.

Under the Rule 10b5-1 trading plan set up in September, he has exercised stock options that expire next year and sold a portion of the stocks to pay taxes, according to Tesla filings.

Following a flurry of sales, Musk still has about 1.5 million stock options that expire in August next year.

Tesla shares ended 7.5% higher at $1,008.87, valuing the company at just over $1 trillion.

“OVERTAXATION”

Musk said on Nov. 6 https://www.reuters.com/technology/musk-asks-followers-twitter-whether-he-should-sell-10-his-tesla-stock-2021-11-06 he would sell 10% of his stake if Twitter users agreed. Tesla shares, which had hovered near record highs, lost about a quarter of their value soon after.

On Wednesday, Musk sold another 934,091 shares, bringing the total he has offloaded to 14.77 million – nearly 90% of the 17 million or so shares he had been expected to sell.

Asked whether he sold because of the Twitter poll, he said on Tuesday he needed to exercise stock options that expire next year “no matter what.” He added he sold additional “incremental stock” to get near 10%.

Of the 14.77 million shares sold, 9.34 million were sold to pay taxes related to his options exercise, according to Tesla’s securities filings.

Musk, who moved the company’s headquarters from California to Texas earlier this month, in Tuesday’s interview also criticized California for “overtaxation” and “overregulation.”

“California used to be the land of opportunity and now it is … becoming more so the land of sort of overregulation, overlitigation, overtaxation,” he said, adding it was “increasingly difficult to get things done” in California.

On Sunday, he said he would pay more than $11 billion in taxes this year. He has said his personal tax rate tops 50%, which would include federal and state income taxes. Musk said last year he had relocated from California to Texas where he faces no income tax.

Musk also said the “metaverse,” which describes shared virtual environments, is not compelling, adding that playing video games with goggles can cause motion sickness. “Sure, you can put a TV on your nose.”

“I think we’re far from disappearing into the metaverse. This sounds just kind of buzzword-y.”

(Reporting by Hyunjoo Jin in San FranciscoAdditional reporting by Ben Klayman in Detroit, Noel Randewich in Oakland, California and Anirudh Saligrama in Bengaluru; Editing by Matthew Lewis, Richard Chang and Jacqueline Wong)