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OCBC Expects Decline in 2024 Net Interest Margin Amidst Weakened Insurance Income

After reporting a 12% net profit jump in the fourth quarter, Singapores OverseaChinese Banking Corp OCBC predicts a reduction in 2024s Net Interest Ma

After reporting a 12% net profit jump in the fourth quarter, Singapores OverseaChinese Banking Corp OCBC predicts a reduction in 2024s Net Interest Margin NIM due to weaker insurance income. Concerns about a global downturn have CEO Helen Wong predicted a problematic 2024 and aimed for an NIM range of 2.20% to 2.25%, down from 2.28% in 2023. While low singledigit loan growth is anticipated, Return on Equity ROE is predicted to be between 13% and 14%. 20 to 25 basis points will be the expected cost of credit, up from 20 bps in 2023. Despite a jump in fourthquarter net profit to S$1.62 billion, OCBCs shares fell 2.5% following the earnings release. Read More..

B2B Tech News | 1 years ago          

Global Firms Expanding Presence in India, Setting Up More Offices and GCCs

At a Nasscom event, executives stressed that the increasing number of international businesses opening Global Competence Centres GCCs, or offices, in

At a Nasscom event, executives stressed that the increasing number of international businesses opening Global Competence Centres GCCs, or offices, in India did not indicate the demise of outsourcingdependent Indian IT enterprises. With 118 new GCCs in the last two years, for a total of over 1,620, prominent figures in the sector, like Ananth Chandramouli of Capgemini and Satish HC of Infosys, emphasised the potential for cooperation. Chandramouli observed that the GCCs were becoming revenue centres. At the same time, Satish HC emphasised Infosys flexible strategy regardless of the clients choice between expanding captives or entering into BOT agreements. Attendees such as Anuj Kadyan of McKinsey and Sindhu Gangadharan of SAP Labs India argued that both models could survive despite worries about the possible impact on income. They cited the large amount of tech investment that GCCs and IT players had access to. Read More..

B2B Tech News | 1 years ago          

Glean Raises $200 Million in Funding, Valuation Jumps to $2.2 Billion.

With the completion of its most recent investment round, Glean, an AIdriven firm that helps businesses with knowledge base searches, has raised its va

With the completion of its most recent investment round, Glean, an AIdriven firm that helps businesses with knowledge base searches, has raised its valuation to $2.2 billion. The investment, coled by Lightspeed Venture Partners and Kleiner Perkins, demonstrates the strong investor interest in AIpowered solutions. CEO Arvind Jain wants to grow the workforce to include 700 people this year. Glean, founded in 2019 by former Google search engineers, integrates databases and applications to provide search and knowledge management solutions for businesses. Glean creates individualised summaries and responses based on internal knowledge graphs by leveraging conversational AI assistants and big language models, such as OpenAIs GPT. Gleans expansion highlights its marketability with clients like Sony Electronics and Databricks and doubled yearly recurring income. Read More..

B2B Tech News | 1 years ago          

eBay Beats Market Expectations with Strong Quarterly Revenue and Profit

eBays quarterly sales and earnings are above market estimates, driven by strong Christmas season consumer spending and the companys dominance in essen

eBays quarterly sales and earnings are above market estimates, driven by strong Christmas season consumer spending and the companys dominance in essential areas such as auto parts and reconditioned items. Analyst projections for the companys $2.56 billion in revenue were surpassed. At the same time, its adjusted profit per share of $1.07 topped the predicted $1.03 per share. CEO Jamie Iannone pointed out areas for improvement in the UK and Germany despite this accomplishment, with the latter seeing negative growth in ecommerce. eBay has exceeded analyst expectations by predicting firstquarter sales in the $2.50 billion to $2.54 billion range and adjusted earnings per share between $1.19 and $1.23. In extended trading, the companys shares increased by almost 4%, indicating confidence among investors. Read More..

B2B Tech News | 1 years ago          

LoanDepot Confirms Ransomware Attack Compromising Data of Nearly 17 Million Customers

The massive lending and mortgage company LoanDepot has acknowledged that a ransomware assault in January resulted in the theft of sensitive personal d

The massive lending and mortgage company LoanDepot has acknowledged that a ransomware assault in January resulted in the theft of sensitive personal data from about 17 million clients. Names, dates of birth, phone numbers, email addresses, postal addresses, financial account numbers, and Social Security numbers are all included in the stolen data. The breach report issued by Maines attorney generals office specified the data exposed after it was first revealed to affect 16.6 million consumers. The intrusion, which happened somewhere around January 4, damaged client access to accounts and encrypted data. The attack is predicted to cost LoanDepot between $12 and $17 million in lost revenue during its fiscal first quarter. This incident underscores rising cybersecurity worries in the banking industry, highlighted by previous breaches targeting mortgage and lending institutions in recent months. Read More..

B2B Tech News | 1 years ago          

Sage Announces Launch of Sage Copilot, AIPowered Assistant for Small Businesses

The British software business Sage has announced that it will release Sage Copilot, an assistant driven by generative AI, in April. The goal of this a

The British software business Sage has announced that it will release Sage Copilot, an assistant driven by generative AI, in April. The goal of this assistant is to automate repetitive processes for small company clients, such as creating invoices and handling pastdue bills. CEO Steve Hare clarified that Sage Copilot will use public sources and consumer data to verify reliability. The technology will work with Sages payroll, HR, and accounting applications. Sage prioritised the security and privacy of consumer data within its network and worked with digital behemoths like Microsoft and Amazon to build the technology. Hare underlined the importance of giving clients helpful answers to daily problems. Over the past year, Sages shares have increased significantly by 60%, indicating optimism about the companys future. Read More..

B2B Tech News | 1 years ago          

HCLTech Expands Collaboration with Intel Foundry to Develop Custom Silicon Solutions

To improve foundry services, HCLTech and Intel Foundry are extending their partnership to codevelop bespoke silicon solutions for OEMs, cloud service

To improve foundry services, HCLTech and Intel Foundry are extending their partnership to codevelop bespoke silicon solutions for OEMs, cloud service providers, and semiconductor makers. This alliance aims to create a robust and diverse supply chain by fusing Intel Foundrys cuttingedge technology and production capabilities with HCLTechs design experience. The objective of offering a solid semiconductor sourcing ecosystem is to satisfy the rising demand for semiconductor production worldwide. This alliance, which has been going strong for over 30 years, is a testament to its dedication to innovation and quality, giving clients more options and flexibility when obtaining semiconductors. Both businesses want to promote an open ecosystem that helps customers looking for cuttingedge silicon solutions. Read More..

B2B Tech News | 1 years ago          

Meta CEO Mark Zuckerberg Visits South Korea for Talks on Artificial Intelligence

Mark Zuckerberg, CEO of Meta, travelled to South Korea to meet with industry leaders and discuss artificial intelligence with President Yoon Suk Yeol.

Mark Zuckerberg, CEO of Meta, travelled to South Korea to meet with industry leaders and discuss artificial intelligence with President Yoon Suk Yeol. This visit is a part of Zuckerbergs Asian tour, during which he will concentrate on stepping up Metas AI initiatives, such as developing unique chip designs and incorporating AI into products. He is scheduled to meet with LG Electronics and Samsung Electronics Chairman Jay Y. Lee executives. Discussions are expected to cover AI chip supply and expanding ecosystems for generative AI, aligning with Metas goal of integrating generative AI into social media and hardware devices. This visit marks Zuckerbergs first known trip to South Korea in a decade. Read More..

B2B Tech News | 1 years ago          



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