Netflix beats Disney, Sony, and every other studio to secure most number of Oscar nominations 2020. Netflix share price climbs despite lower-than-expected domestic subscriber numbers. Vodafone quits Facebook's cryptocurrency project Libra. Jeff Bezos's phone was hacked by Saudi crown prince, report says.
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Inching Higher: Private lender Axis Bank today reported its Q3 results. Net profit was up 4.5% to ?1,757cr ($247m) on the back of higher net interest income.
On the asset quality front, Axis Bank reported 3.4% QoQ rise in gross non-performing assets (GNPA) at ?30,073cr ($4,231m) for the period under consideration.
Net interest income, or the difference between interest earned on loans and that paid on deposits, increased 15.16% YoY to ?6,452.98cr ($907m).
Provisions during the quarter increased 13.63% YoY to ?3,470.92cr ($488m). Livemint
Funds Incoming: The Department of Telecom (DoT) has approved raising of foreign direct investment in Bharti Airtel to 100% from 49%.
The company also has the approval of the Reserve Bank of India (RBI) that allowed foreign investors to hold up to 74% stake in the company. BS
Opting Out: Owing to concerns about heighened regulatory scrutiny, telecommunication giant Vodafone has become the latest player to quit Facebook's controversial crytpcurrency project - Libra.
Vodafone joins PayPal, Mastercard, Visa, Mercado Pago, eBay, Stripe and Booking Holdings in withdrawing from the project.
Hit Refresh: In June, last year, the social media giant had announced its foray into fintech with a new digital currency named Libra. Facebook had then said that it targetted to launch Libra in the first half of 2020. CoinDesk
Return to Flight? Not Yet: Aircraft manufacturer Boeing through a press release on its website has said that its troubled 737 Max aircraft won’t fly again until at least mid-2020, a delay from the earlier January 2020 time frame.
“This updated estimate is informed by our experience to date with the certification process. It is subject to our ongoing attempts to address known schedule risks and further developments that may arise in connection with the certification process,” the press release reads. “It also accounts for the rigorous scrutiny that regulatory authorities are rightly applying at every step of their review of the 737 Max’s flight control system and the Joint Operations Evaluation Board process which determines pilot training requirements.”
737 Max was grounded in March last year following two unfortunate crashes. The Verge
Where the Elite Meet: This week, if you want to meet the world's richest and most powerful, head to Davos in Switzerland. The World Economic Forum's (WEF) annual meeting of the global elite is underway. The four-day conference began on Tuesday.
Attendees include US President Donald Trump, climate activist Greta Thunberg, Goldman Sachs CEO David Solomon, JP Morgan Chase CEO Jamie Dimon and Facebook COO Sheryl Sandberg.
All in all, the annual gathering in 2020 is slated to include 53 heads of state and 119 billionaires, and an $8.3m security bill. Here's Davos by the numbers.
BTW: Who are the men and women at Davos, what are their nationalities, their professions and backgrounds? Here's a look at Davos in tables and maps.
I Have A Stream...: Netflix reported its Q4 results on Tuesday where it beat on the top and bottom lines for the quarter but gave disappointing guidance for the first quarter.It beat revenue and international paid subscriber additions estimates but domestic paid subscriber additions fell short by 39,000.
The streaming giant reported $5.47bn in revenue (vs $5.45bn expected). It added 8.33m international paid subscribers (vs 7.17m expected) while in the US it saw its subscriber base rise by 550,000 (vs 589,000 expected).
Shares of Netflix climbed as much as 2.3% in after-hours trading. CNBC
Coming of Age: For the first time in the company's history, Netflix has scored more Oscar nominations than any other studio. Its nomination tally for the upcoming Academy Awards is 24, beating Disney's and Sony's 23 and 20.
Netflix has come a long way...in a remarkably short period of time. Its first piece of original content (House of Cards) was released only in 2013 and its first feature film (Beasts of No Nation) was released barely four years ago. Now, it's raking in more nominations than established behemoths like Disney. The Motley Fool
Dangerous Liaisons: Do Saudi journalist Jamal Khashoggi, Jeff Bezos, WhatsApp and The Washington Post have anything in common? According to a recent report by The Guardian, yes. And that common factor is Saudi Crown Prince Mohammed bin Salman, popularly referred to as MBS.
In May 2018, Bezos reportedly received a WhatsApp message from MBS. In it, was a video - of what, it is not known - and that video had a virus that hacked Bezos's phone and extracted a wide variety of information, from texts to photos.
A few months later, certain sections of the media leaked private text messages that exposed Bezos had had an affair. A few weeks later, the world's richest man published an extraordinary blogpost where he described an elaborate "extortion" attempt wherein he was threatened with the release of intimate photographs of him with his girlfriend.
The Saudi Angle: Where do Kashoggi and MBS factor in this affair? The Guardian report alleges that MBS had Bezos's phone hacked months before Kashoggi was brutally murdered by agents of the Saudi government - and it has been widely alleged that MBS directly ordered Kashoggi's assassination, given his reputation as an ardent critic of the Saudi government.
And Kashoggi was a journalist at The Washington Post, which also relentlessly covered and investigated his death. And who owns The Washington Post? Jeff Bezos.
Judgement Day: For years, China’s small banks had a field day. They lent to overstretched borrowers, disguised loans as investment products and fuelled their businesses with short-term funds. The country’s years of rapid economic growth papered over shoddy practices. Now, the bill is coming due. After years of lax oversight, these banks have been overburdened with unsustainable bad debts. Here's a deep-dive into the costly cleanup that China's banks are staring at.
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