Wall Street Today | Apple and Meta gave user data to hackers who used forged legal requests
Asia stocks set for cautious start on war concern
Asian stocks looked poised for a cautious open as stalled talks between Russia and Ukraine arrested a two-day slide in oil prices, fanning concerns about inflation and economic growth.
Futures fell in Japan as the yen extended a rally from a six-year low and were little changed in Hong Kong. Australian shares were higher. U.S. contracts ticked up after the $S&P 500 Index (.SPX.US)$ closed lower for the first time in five days and the tech-heavy $Nasdaq Composite Index (.IXIC.US)$ dropped.
Ackman says he is done with activist short selling
William Ackman said he is saying goodbye to the activist short-selling game.
Mr. Ackman, the founder and chief executive of Pershing Square Capital Management, which previously engaged in a yearslong battle against $Herbalife (HLF.US)$, said his fund will be less vocal about its positions and more cordial with the companies he invests in.
Citigroup to sell Indian retail business to Axis Bank for $1.6bn
$Citigroup (C.US)$ has agreed to sell its Indian retail business to local lender Axis Bank for $1.6bn as Jane Fraser, the US bank's chief executive, drives a wider withdrawal from underperforming retail markets.
The cash deal includes Citi's credit cards, retail banking, wealth management and consumer loans in the country and will see 3,600 staff in India taken on by Axis, in a bet on a crowded sector already abandoned by a number of international lenders.
Apple and Meta gave user data to hackers who used forged legal requests
$Apple (AAPL.US)$ and $Meta Platforms (FB.US)$ the parent company of Facebook, provided customer data to hackers who masqueraded as law enforcement officials, according to three people with knowledge of the matter.
Apple and Meta provided basic subscriber details, such as a customer's address, phone number and IP address, in mid-2021 in response to the forged "emergency data requests." Normally, such requests are only provided with a search warrant or subpoena signed by a judge, according to the people. However, the emergency requests don't require a court order.
Jamie Dimon collects $56 million after old incentive snowballs
Jamie Dimon just received almost $56 million of $JPMorgan (JPM.US)$'s stock, before taxes, from an incentive program the bank valued at less than half that much just three years ago.
The chief executive officer collected 398,708 shares last week from a performance award dating to January 2019, according to a regulatory filing. When the board initially created the package it comprised 243,697 shares, and the company said it could rise by as much as 50% if JPMorgan hit certain performance targets.
U.S. gasoline demand drops for third-straight week
High pump prices appear to be deterring U.S. drivers at a time when gasoline demand typically picks up with warmer weather.
A third straight weekly decline in gasoline demand brought the rolling four-week average to 8.76 million barrels a day last week, down by more than 4% compared with the same time in 2019, data from the U.S. Energy Information Administration show.
Intel's stock award to lure Gelsinger as chief was worth $169.5mn
An initial stock award Intel handed to its new chief executive last year was worth $169.5mn, far more than the company initially calculated, vaulting the head of the struggling US chipmaker into the ranks of the country's highest-paid executives.
$Intel (INTC.US)$ first put the value of Pat Gelsinger's award at $110mn, after he was brought in last January to try to revive a company that had long dominated the US chip industry. Along with a cash bonus and other pay, his total compensation last year came to $178.6mn.
Arm plans transfer of shares in renegade China unit to speed up IPO
Arm is planning to transfer shares in its unwieldy China joint venture to a SoftBank special purpose vehicle in a bid to speed up the UK chip designer's path to a New York flotation.
The British company has struggled to regain control of its China business for almost two years. Its inability to audit the financials of the unit, which contributed about one-fifth of revenue last year, is a big sticking point for a blockbuster public offering desired by owner $SoftBank Group (ADR) (SFTBY.US)$ following the collapse of Arm's $66bn sale to $NVIDIA (NVDA.US)$ last month.
Source: Bloomberg, CNBC, WSJ
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