India's Lupin to spin off consumer healthcare business
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Reuters
an hour ago
- Reuters
South Korea orders SK Telecom to strengthen data security after leak
SEOUL, July 4 (Reuters) - South Korean authorities ordered on Friday SK Telecom to strengthen data security and imposed a fine after the country's biggest mobile carrier was hit by a cyberattack that caused the leak of 26.96 million pieces of user data. The measures come after SK Telecom ( opens new tab in April disclosed that it had suffered a major leak of customer data caused by a malware attack. The Ministry of Science and ICT said on Friday that it will impose a fine of up to 30 million won ($21,970), and SK Telecom must enforce security measures at least once a quarter, have its chief executive officer directly oversee data governance, and increase personnel and investment in data security. "This... was a wake-up call for information protection not only in the domestic telecommunications industry but also in the overall network infrastructure," Science Minister Yoo Sang-im said in a statement issued after an investigation by the ministry. SK Group Chairman Chey Tae-won apologised last month for the data leak and SK Telecom said it would take full responsibility for any harm caused as a result of the breach, which has caused alarm among its 23 million users over the possible theft of personal and financial information. The mobile carrier said it would start offering free universal subscriber identity module (USIM) replacements to all 23 million users for free at more than 2,600 retail stores nationwide following the cybersecurity breach. About 9.39 million users have replaced their USIMs as of late June, according to SK Telecom.
Reuters
2 hours ago
- Reuters
Rupee to weaken after 'rare' positive news for dollar from US jobs report
MUMBAI, July 4(Reuters) - The Indian rupee is set to decline at open on Friday after data showed the U.S. labour market remained resilient, fuelling a rally in the dollar and pushing up Treasury yields. The 1-month non-deliverable forward indicated an open in the 85.46 to 85.50 range, versus 85.31 in the previous session. "The 85.30 level is a major support (for USD/INR), and the U.S. jobs data just reinforces that it's unlikely to break below that level in a hurry," a currency dealer at a Mumbai-based bank. "The dollar's broad recovery and the U.S. yield move have locked in that floor for now." U.S. data on Thursday showed non-farm payrolls rose more than forecast in June, while the unemployment rate unexpectedly dipped, highlighting ongoing labour market strength. Treasury yields climbed, lifting the dollar against major peers, while markets dialled back expectations of a Federal Reserve rate cut at this month's meeting. The jobs data is a 'rare piece of good news" for the U.S. dollar, Richard Potts, economist at FX advisory firm Bondford, said. "The data reduces the likelihood of the US Fed cutting rates at the July (meeting), maintaining the rate advantage U.S. has over other major economies," he said, while noting that just days earlier, Fed Chair Jerome Powell had kept the door open to a July cut, which had weighed on the dollar. Meanwhile, the Republican-controlled House of Representatives narrowly passed U.S. President Donald Trump's spending and tax cuts bill that is estimated to add $3.4 trillion to the nation's $36.2 trillion debt. "The question is how much of the bill's passage was already priced in," said Chris Weston, head of research at broker Pepperstone. Weston said the longer segment of the Treasury curve needs to be tracked for any rise in the term premium before making a call. KEY INDICATORS: ** India's market regulator bars U.S. trading company Jane Street from accessing the local securities market ** One-month non-deliverable rupee forward at 85.58; onshore one-month forward premium at 10 paise ** Dollar index up at 97.01 ** Brent crude futures down 0.4% at $68.5 per barrel ** Ten-year U.S. note yield at 4.35% ** As per NSDL data, foreign investors sold a net $87.2 million worth of Indian shares on July 2 ** NSDL data shows foreign investors sold a net $158.6 million worth of Indian bonds on July 2
Reuters
2 hours ago
- Reuters
Indonesia nickel miners urge government to maintain three-year mining quota
JAKARTA, July 4 (Reuters) - Indonesia's nickel miners' association APNI on Friday urged the government to ensure mining quotas continue to be valid for three years to maintain a consistent business climate, rather than reverting to a single year as planned. The mining minister on Wednesday said the government plans to cut the duration of mining quotas, known as RKABs, to one year to better control supply and to support prices of commodities such as coal and nickel. The resource-rich country extended the quotas' validity to three years in 2023 to reduce the burden of seeking approval on both authorities and applicants, though companies are able to propose revisions to their quotas each year. APNI on Friday said while it appreciates efforts to sustain the mining sector, reducing quota duration would create bottlenecks in the approval process as thousands of miners would need to seek quotas every year. "The government needs to strengthen internal evaluation and oversight capacity, not lengthen the bureaucratic chain with shorter licensing periods," APNI said in a statement. Medium-term certainty is vital for investment and operational planning, it said. The ministry in a statement late on Thursday reiterated that the plan is aimed at maintaining price stability and mitigating impact of price drops on government revenue.
