>>> ECB chief Lagarde: Reiterates stance that Council expect to raise rates furt

ECB chief Lagarde: Reiterates stance that Council expect to raise rates further; Withdrawing accommodation may not be enough on rates - comments from Frankfurt
- Will ensure that a phase of high inflation does not feed into inflation expectations
- Reiterates that inflation is too high in Euro Area and recession is unlikely to bring it down significantly
- Risk of recession has increased
- Reiterates that interest rates will remain the main tool for adjusting policy
- Appropriate that the balance sheet is normalized in a measured and predictable way
- Cutting public investment could harm economies
- Reiterates flexible reinvestment of PEPP will remain in place

9to5 : Kuo: iPhone 15 Pro with USB-C to offer major boost in data transfer speed


One of the headlining changes of next year’s iPhone 15 lineup is expected to be the switching from Lightning to USB-C. Alongside that change, reliable Apple analyst Ming-Chi Kuo is now reporting that this will lead to a significant boost in wired transfer speeds for the iPhone 15 Pro and iPhone 15 Pro Max.



First, Kuo says that Apple’s plans to switch to USB-C are moving ahead as expected, based on his latest supply chain surveys. While the entire lineup, including the iPhone 15, iPhone Plus, iPhone 15 Pro, and iPhone 15 Pro Max, will make the switch to USB-C, only the two high-end devices will see an improvement in transfer speeds.
Kuo says that the iPhone 15 and iPhone 15 Plus will retain the same USB 2.0 transfer speeds as Lightning. This means data transfer speeds will be capped at 480 Mbps. This continues Apple’s strategy of further bifurcating the iPhone lineup between Pro and non-Pro models.
As such, Kuo reports that the iPhone 15 Pro and iPhone 15 Pro Max (or Ultra?) will feature “at least USB-C 3.2 or Thunderbolt 3” data transfer speeds. USB-C 3.2 could improve data transfer speeds to as high as 20 Gbps, while Thunderbolt 3 would boost that even further to 40 Gbps.
Here’s Kuo’s full report:
My latest survey indicates all 2H23 new iPhones will abandon Lightning and change to USB-C, but only two high-end models (15 Pro & 15 Pro Max) will support the wired high-speed transfer, and the two standard ones (15 & 15 15 Plus) still support USB 2.0 same as Lightning.
I predict that 15 Pro & 15 Pro Max will support at least USB 3.2 or Thunderbolt 3. This spec upgrade means the wired transfer and video output user experience will significantly improve.
This spec upgrade and the new trend will drive Apple ecosystem’s demand for high-speed transfer chips and competitors’ imitation (almost all Android phones currently only support USB 2.0), and it’s also conducive to the growth of the high-speed transfer IC design industry.
The iPhone 15 and iPhone 15 Pro lineups are expected to be released sometime in the second half of 2023. Keep up with all of the latest rumors right here.

WSJ : Meta Employees, Security Guards Fired for Hijacking User Accounts

Meta Employees, Security Guards Fired for Hijacking User Accounts
Some workers allegedly accepted thousands of dollars in bribes

Meta Platforms Inc. META -1.57% has fired or disciplined more than two dozen employees and contractors over the last year whom it accused of improperly taking over user accounts, in some cases allegedly for bribes, according to people familiar with the matter and documents viewed by The Wall Street Journal.

Some of those fired were contractors who worked as security guards stationed at Meta facilities and were given access to the Facebook parent’s internal mechanism for employees to help users having trouble with their accounts, according to the documents and people familiar with the matter.

The mechanism, known internally as “Oops,” has existed since Facebook’s early years as a means for employees to help users they know who have forgotten their passwords or emails, or had their accounts taken over by hackers.

As part of the alleged abuse of the system, Meta says that in some cases workers accepted thousands of dollars in bribes from outside hackers to access user accounts, the people and documents say.

The disciplinary actions are part of a lengthy internal probe led by Meta executives, according to the documents and one of the people.

“Individuals selling fraudulent services are always targeting online platforms, including ours, and adapting their tactics in response to the detection methods that are commonly used across the industry,” said Meta spokesman Andy Stone. He added that the company “will keep taking appropriate action against those involved in these kinds of schemes.”

A spokeswoman for Meta’s security contractor, Allied Universal, said it “takes seriously all reports of violations of our standards of conduct.”

The firings and disciplinary measures illustrate the vast and complicated problem Meta has supporting more than 3 billion users across its platforms with virtually no customer service, a function the company has said that it is committed to building out in the coming years.

When people are locked out of their accounts, they typically try automated methods for resetting them or try to reach someone at Meta by phone or email, which many users have reported is often fruitless. Some of those people are able to get Meta employees and contractors to fill out a form through the Oops channel as a method of last resort.

Oops, an acronym for Online Operations, is supposed to be fairly limited to special cases, like friends, family, business partners and public figures, but its usage has climbed along with employee head count. In 2020, the channel serviced about 50,270 tasks, up from 22,000 three years earlier, according to an internal document reviewed by the Journal.

To file an Oops report, the employee or contractor lists an email address that they would like to associate with the Facebook or Instagram account being reset.

They must also answer a series of questions—indicating, for example, if the request is being made for someone on CEO Mark Zuckerberg’s team, a celebrity, a family member or a Meta partner, according to documents viewed by the Journal.

The request is then routed to Meta’s community support team.

Because so many people depend on social media for their businesses, or to manage critically important aspects of their lives, gaining illicit control of an account can be lucrative. Stolen Facebook and Instagram handles can be sold for tens of thousands of dollars on other online forums.

But in part because the Oops system is off limits to the vast majority of Facebook users, a cottage industry of intermediaries has developed who charge users money to regain control of their accounts. In interviews with the Journal, some of those third parties claim to have access to Meta employees to help reset accounts.

“When you take someone’s Instagram account down that they’ve spent years building up, you’re taking away their whole means of generating an income,” says Nick McCandless, whose company McCandless Group operates a platform for content creators. Mr. McCandless says he charges his clients to reset accounts, sometimes through a contact he declined to name at Meta.

“You really have to have someone on the inside who will actually do it,” he said.

Brooke Millard, an Orange County-based model with about 650,000 Instagram followers, paid about $7,000 to Mr. McCandless to retrieve her account, after she couldn’t access it for reasons she didn’t understand in December 2021. She said she didn’t ask much about his process.

“I knew obviously it wasn’t him that was doing something,” she said. “He obviously had a connection.”

Mr. Stone, the Meta spokesman, said buying or selling accounts or paying for an account recovery service is a violation of the social network’s terms of service.

Meta is also investigating some former employees for remaining in contact with other workers, allegedly to hijack user accounts. In July, an attorney on behalf of Meta sent a letter to one former security contractor who was fired in 2021, Kendel Melbourne, alleging that he assisted “third parties to fraudulently take control over Instagram accounts,” including after he left the company, according to a copy of the letter.

Meta demanded Mr. Melbourne provide a detailed list of user accounts he had attempted to reset and the money he made doing so.

In the July letter, Meta accused Mr. Melbourne of violating the federal Computer Fraud and Abuse Act and said he has been banned from Facebook and Instagram.

Mr. Melbourne worked at Allied Universal, where security guards were given login credentials to Facebook’s intranet, according to documents and people familiar with the matter. Although it wasn’t covered in training, that access included the ability to request account resets via the company’s internal Oops system. In an interview, Mr. Melbourne described Oops as a perk of the job.

“They didn’t have any set of rules or give you a class on what to expect,” Mr. Melbourne said.

In an email response to the Meta attorney, Mr. Melbourne denied committing fraud and said he reset about 20 accounts on behalf of friends, family and people he trusted.

“Unfortunately I have fell [sic] victim to thinking I was helping people retrieve their accounts,” he said in the response to the attorney. “I will take responsibility for that.”

Meta employees and contractors are given some training on how to use Oops as part of onboarding to the company, and anytime someone files a task in the Oops channel, the system warns employees to be wary of phishing attempts.

Another Allied Universal contractor, Reva Mandelowitz, was fired in February after an internal investigation found that she allegedly reset multiple user accounts on behalf of hackers, receiving thousands of dollars in bitcoin for her services, according to people familiar with the matter and documents viewed by the Journal.

In an interview, Ms. Mandelowitz denied wrongdoing, saying she requested about 20 account resets for friends and family. An unknown person reached out to her online and asked her to do more account resets in January, and then began a campaign of harassment when she refused to cooperate, she said.

Lately, Allied has cracked down on its employees’ use of internal systems, warning in a recent internal message viewed by the Journal “DO NOT use the Meta OOPS platform.”

>>> Europe : Brokers Upgrades & Downgrades - 18th of November 2022 V2(+)

>>> Up
* Aker Carbon Capture Raised to Buy at SEB Equities; PT 18 kroner
* Close Brothers Raised to Hold at Investec; PT 1,020 pence (+)
* HAL Raised to Outperform at Oddo BHF; PT 150 euros
* Knorr-Bremse Raised to Outperform at Oddo BHF; PT 63 euros
* Saipem Raised to Buy at Berenberg; PT 1.45 euros
* Tritax Big Box Raised to Buy at Goldman; PT 170 pence

>>> Down
* Abivax Cut to Hold at Bank Degroof Petercam (+)
* Alcon Cut to Sell at SocGen
* Appreciate Group PLC Cut to Hold at Panmure Gordon; PT 43 pence
* Bakkavor Cut to Hold at HSBC; PT 90.10 pence
* Continental Cut to Neutral at Exane; PT 65 euros
* Intertek Cut to Sell at Stifel; PT 3,700 pence
* Legal & General Raised to Outperform at Exane; PT 300 pence (+)
* Legrand Cut to Neutral at Oddo BHF; PT 84 euros
* Michelin Cut to Underperform at Exane; PT 25 euros
* SAP Cut to Underperform at Jefferies; PT 90 euros
* SocGen Cut to Equal-Weight at Morgan Stanley; PT 33 euros
* Unibail Cut to Sell at Goldman; PT 39 euros

>>> Initiation
* E.On Rated New Buy at SocGen; PT 10.70 euros
* J. Martins Reinstated Equal-Weight at Morgan Stanley

>>> Call
* Close Brothers Raised at Investec on ‘Sufficient’ Price Decline (+)
* Intertek Down to Sell at Stifel as Expectations Look Challenging
* Knorr-Bremse Raised at Oddo; Better China, Inflation Outlook (+)
* Michelin and Continental Downgraded at Exane as Demand Cools (+)
* SAP Gets Only Sell Rating as Jefferies Double-Downgrades
* SocGen Downgraded at MS With Investment Case ‘Less Appealing’
* Teleperformance’s ‘Highly Egregious’ Exit Positive: Street Wrap
* Unibail Cut, Tritax Raised as Goldman Tweaks Property Ratings (+)

>>> Stoxx 600 Pre-Market Indications

  • Teleperformance (RCF TH) +3%
    • Teleperformance’s ‘Highly Egregious’ Exit Positive: Street Wrap
  • Vodafone (VODI TH) +2.1%
    • Telefonica To Hike Spanish Prices by 6.8% in Strategy Shift (1)
  • Knorr-Bremse (KBX TH) +1.6%
    • Knorr-Bremse Raised to Outperform at Oddo BHF; PT 63 euros
  • Mowi (PND TH) +1.4%
    • Mowi ASA: Ex-dividend NOK 1.70 today
  • Zalando (ZAL TH) +0.9%
    • Zalando Shows Profit Is Sanity, Cash Is King as E-Tail Sales Ebb
  • Thyssenkrupp (TKA TH) +0.9%
  • MTU Aero (MTX TH) +0.9%
  • M&G (7MP TH) +0.8%
  • Schneider Electric (SND TH) +0.8%
  • Shell (R6C0 TH) +0.7%
  • TUI (TUI1 TH) -0.8%
  • Michelin (MCHA TH) -1.3%
    • Michelin and Continental Downgraded at Exane as Demand Cools
  • Legrand (LRC TH) -1.5%
  • SocGen (SGE TH) -2%
    • SocGen Downgraded at MS With Investment Case ‘Less Appealing’
  • SAP (SAP TH) -2.7%
    • SAP Gets Only Sell Rating as Jefferies Double-Downgrades

>>> TradeGate Pre-Market Indications

DAX:
  • Zalando (ZAL TH) +1.3%
  • Continental (CON TH) -0.4%
    • Continental Cut to Neutral at Exane; PT 65 euros
  • SAP (SAP TH) -2.4%
    • SAP Gets Only Sell Rating as Jefferies Double-Downgrades
MDAX:
  • Knorr-Bremse (KBX TH) +2.1%
    • Knorr-Bremse Raised to Outperform at Oddo BHF; PT 63 euros
  • Thyssenkrupp (TKA TH) +1.1%
  • Aroundtown (AT1 TH) -0.5%
SDAX:
  • Metro (B4B TH) +1.5%
  • SAF-Holland SE (SFQ TH) +1.3%
  • Deutz (DEZ TH) +0.8%
  • Heidelberger Druck (HDD TH) -0.7%
  • Nordex (NDX1 TH) -0.8%

WSJ : BHP, World’s Top Miner, Nears Biggest Acquisition in a Decade

BHP, World’s Top Miner, Nears Biggest Acquisition in a Decade
Australia’s OZ Minerals says it intends to recommend BHP’s revised offer valuing its equity at $6.34 billion

ADELAIDE, Australia— BHP Group Ltd. BHP -0.14% raised its offer for OZ Minerals Ltd. to value the Australian miner at $6.34 billion, as it seeks to produce more copper and nickel needed for electric vehicles, wind turbines and solar farms.

OZ Minerals said it intends to recommend shareholders vote in favor of BHP’s revised offer of 28.25 Australian dollars, the equivalent of about $18.90, a share. A completed deal would represent BHP’s largest acquisition since 2011 when it bought Petrohawk Energy Corp. for more than $12 billion.

BHP, based in Melbourne, Australia, approached Adelaide-based OZ Minerals about a potential takeover in August, but its offer was quickly rejected by directors as too low.

On Friday, OZ Minerals said it had received a new proposal from BHP to buy the company. The latest offer represents an improvement on BHP’s initial proposal of 25 Australian dollars a share. OZ Minerals’s shares closed at 26.30 Australian dollars on Tuesday, the last session before trading in the stock was halted pending news of the transaction.

BHP predicts that demand for copper, which is an excellent conductor of electricity and has wide-ranging uses including in construction and electronics, will double in the next three decades. OZ Minerals runs two copper-and-gold mining operations in South Australia, and another in Brazil.

Electric vehicles use four times as much copper as gasoline-powered cars, says BHP, while wind- and solar-energy production requires more copper, per megawatt hour, than producing electricity from fossil fuels.

Yet the global outlook for copper production is hampered by the declining quality of deposits, water scarcity and a lack of exploration success, it says.

BHP also wants to produce more nickel, which OZ Minerals has in a project it is developing in Western Australia, where BHP already runs nickel mines and processing facilities. The mining giant last year agreed to a nickel-supply deal with Tesla Inc.

“Where we are really putting our growth emphasis is in potash, copper and nickel,” BHP Chief Executive Mike Henry told a conference last month.

BHP said the offer is its best and final price, unless a rival bidder emerges.

Global miners including BHP have been cautious about acquisitions in recent years after megadeals during a commodities boom a decade ago led to large write-downs, frustrating shareholders. BHP last year sought to buy Canadian nickel explorer Noront Resources, but lost a bidding war to Wyloo Metals, owned by Australian billionaire Andrew Forrest.

“OZ is a nice-to-have,” Mr. Henry said at the conference last month. “It is not a must-have for BHP.”

BHP currently relies on iron ore, the main ingredient in steel, for the bulk of its earnings. It is also the world’s biggest exporter of steelmaking coal in a joint venture with Japan’s Mitsubishi Corp. BHP recently bet on the transition to a lower-carbon world by selling its oil-and-gas unit and approving a $5.7 billion project to mine potash in Canada.

OZ Minerals was trading as low as 16 Australian dollars a share in the weeks before BHP’s initial approach, as recession concerns weighed on copper prices. Yet, it had traded at nearly 30 Australian dollars earlier in the year, when copper prices surged to an all-time high on fears of scarce supplies.

BHP has been granted four weeks to conduct due diligence exclusively, starting Monday.

OZ Minerals Chief Executive Andrew Cole said the revised price better reflected the company’s potential in producing metals that the world needs more of as the energy transition gathers pace.

Some analysts say OZ Minerals is a good fit for BHP, which runs the large Olympic Dam copper mine in South Australia. BHP is also working on another nearby prospect, known as Oak Dam. In August, OZ Minerals said BHP had accumulated an interest of less than 5% in the company.

Some of OZ Minerals’s assets are small when measured against BHP’s existing operations, although they could be developed into bigger or longer-life operations, analysts say. BHP counts a majority stake in Chile’s Escondida, the world’s biggest copper mine, among its assets.

WSJ : Finra Warns of Pump-and-Dump Frauds on U.S. Exchanges

Finra Warns of Pump-and-Dump Frauds on U.S. Exchanges
Price manipulation involves many China-based issuers, Wall Street’s self-regulator says

The Financial Industry Regulatory Authority, Wall Street’s self-regulator, alerted its members to what it calls “a heightened threat of fraud” associated with unusual price spikes in small-cap IPOs on U.S. stock exchanges.

The regulatory notice published Thursday warned that certain small-cap issuers, typically those that raised less than $25 million, may be subjected to pump-and-dump-like schemes, which appear to be linked to social media scams known as “pig butchering.”

These schemes often begin with a seemingly misdirected online message leading to a relationship between victims and bad actors, sometimes romantic in nature. “After a relationship is established, the bad actor will make a recommendation to the victim to place limit orders in certain securities at a specific time and price,” Finra said.

Many of these issuers’ operations are based in China, with broker-dealers in Hong Kong being allocated a significant portion of the IPO shares, sometimes as much as 90% or more of the public float, according to Finra. The concentration of shares being held in very few hands makes these listings vulnerable to price manipulation.

The regulator also raised concerns about the role of nominee accounts primarily held by foreign nationals. It noted that these individual accounts are often controlled by an undisclosed person or group, and can be traced back to similar IP addresses, bank account information, as well as trading history.

Thursday’s warning follows the volatility seen in many new listings in recent months. Hong Kong-based fintech company AMTD Digital Inc. briefly jumped over 320-fold after its July listing, while Chinese garment maker Addentax Group Corp. rose more than 130-fold on its market debut in August. The two stocks have since lost more than 99% of their value.

The Nasdaq Stock Market has quietly halted listings of small-cap Chinese companies since late September and demanded more information about related parties in deals, The Wall Street Journal previously reported.

The New York Stock Exchange and the Nasdaq Stock Market released separate notices Thursday highlighting some of their concerns about recent small cap IPOs. Both exchanges said they would continue to investigate underwriters and other exchange members involved in fraudulent and manipulative practices. Nasdaq has been scrutinizing these deals over the last two months, but it hadn’t previously issued a public notice on book building standards.

In recent communication with attorneys, Nasdaq has re-raised the requirement that companies from restrictive markets, including China, would have to raise at least $25 million in their IPO, or more than a quarter of their post-listing market capitalization, said Daniel McClory, head of equity capital markets at Boustead Securities. “The idea is that when there are enough shares in the market, it reduces the likelihood of wild price swings,” he said.

The Securities and Exchange Commission has begun asking prospective issuers to include “the potential of rapid and substantial price volatility” as a risk factor for companies with relatively smaller public floats, and that value of the stock may be unrelated to operating performance and financial condition, according to comment letters reviewed by The Wall Street Journal.

Douglas S. Ellenoff, a partner in the law firm Ellenoff Grossman & Schole, said Finra’s alert sent a clear message to the brokerage industry that they should be aware of certain trading dynamics overseas. “This should allow people to have greater comfort proceeding with the transaction so long as they don’t run afoul,” Mr. Ellenoff said.

Meanwhile, Mr. McClory has taken steps in diversifying away from China by focusing on domestic and European markets, as U.S. regulators continue to step up scrutiny of Chinese IPOs. “We probably had two-thirds to three-quarters weighted toward Chinese deals about four to five years ago, now it’s only 15 to 20%.”

WSJ : Biden Administration Says Saudi Crown Prince Has Immunity in Khashoggi Tri

Biden Administration Says Saudi Crown Prince Has Immunity in Khashoggi Trial
Dismissing the case would help Saudi Arabia end a period of international ostracism triggered by the U.S.-based journalist’s 2018 killing

The Biden administration told a U.S. court that Saudi Crown Prince Mohammed bin Salman’s status as a sitting head of government shields him from a civil lawsuit brought by the fiancée of slain Saudi journalist Jamal Khashoggi.

Mr. Khashoggi, a former royal insider who criticized Prince Mohammed’s policies in Washington Post columns, was killed in 2018 and his body dismembered by Saudi agents during a visit to the kingdom’s Istanbul consulate where he was seeking papers needed to marry Hatice Cengiz, a Turkish citizen.

The American intelligence community concluded that the crown prince likely ordered the killing. The Saudi government initially denied involvement in Mr. Khashoggi’s death but later acknowledged that government officials carried out the killing and said the crown prince wasn’t personally involved.

In a filing Thursday, the State Department said “common law principles of immunity” informed its determination of Prince Mohammed’s status, but that “does not reflect a judgment on the underlying conduct at issue in the litigation.” The de facto Saudi leader was deputy prime minister at the time of the killing but in September he was named prime minister, a title traditionally held by the king—currently his father, King Salman.

The court is expected to take up the issue in a hearing next month. Getting Ms. Cengiz’s lawsuit dismissed would help Saudi Arabia move past an episode that drove a wedge between Prince Mohammed and Western allies, particularly the U.S.

While then-President Donald Trump expressed support for the prince after the killing, President Biden has taken a harder line, vowing during his 2020 presidential campaign to treat Saudi Arabia as a pariah. Barely a month into office, he released the long-delayed intelligence report about the prince’s role in the killing and sanctioned a number of Saudi security officials without penalizing the prince himself.

Mr. Biden refused to speak with Prince Mohammed during his first year in office. But in July, following a period of sustained high oil prices, the president traveled to Saudi Arabia. There, he fistbumped the young ruler ahead of a nearly three-hour meeting in which he said he accomplished “some significant business” and confronted the prince about the killing.

Prince Mohammed has steadily regained his international standing since then after staying away from the U.S. or Europe since 2018 and skipping international summits last year.

Supporters of Mr. Khashoggi criticized the court filing as a betrayal and Ms. Cengiz said the administration’s decision was unexpected.

“We thought maybe there would be a light to justice from #USA,” she tweeted. “Jamal died again today.”

The case was brought in 2020 jointly with Democracy for the Arab World Now, a U.S.-based nonprofit set up to promote human rights and the rule of law that Mr. Khashoggi founded while living in self-exile in Washington.

“It’s beyond ironic that President Biden has single-handedly assured MBS can escape accountability when it was President Biden who promised the American people he would do everything to hold him accountable,” Sarah Leah Whitson, executive director of the nonprofit, said using Prince Mohammed’s initials. “Not even the Trump administration did this.”

A Saudi court has handed down final sentences to eight low-ranking officials for their role in the killing, repealing death sentences after Mr. Khashoggi’s eldest son pardoned them. The public prosecutor declared the case closed.

>>> Europe : Brokers Upgrades & Downgrades - 18th of November 2022

>>> Up
* Aker Carbon Capture Raised to Buy at SEB Equities; PT 18 kroner
* HAL Raised to Outperform at Oddo BHF; PT 150 euros
* Knorr-Bremse Raised to Outperform at Oddo BHF; PT 63 euros
* Saipem Raised to Buy at Berenberg; PT 1.45 euros
* Tritax Big Box Raised to Buy at Goldman; PT 170 pence

>>> Down
* Alcon Cut to Sell at SocGen
* Appreciate Group PLC Cut to Hold at Panmure Gordon; PT 43 pence
* Bakkavor Cut to Hold at HSBC; PT 90.10 pence
* Continental Cut to Neutral at Exane; PT 65 euros
* Intertek Cut to Sell at Stifel; PT 3,700 pence
* Legrand Cut to Neutral at Oddo BHF; PT 84 euros
* Michelin Cut to Underperform at Exane; PT 25 euros
* SAP Cut to Underperform at Jefferies; PT 90 euros
* SocGen Cut to Equal-Weight at Morgan Stanley; PT 33 euros
* Unibail Cut to Sell at Goldman; PT 39 euros

>>> Initiation
* E.On Rated New Buy at SocGen; PT 10.70 euros
* J. Martins Reinstated Equal-Weight at Morgan Stanley

>>> Call
* Intertek Down to Sell at Stifel as Expectations Look Challenging
* SAP Gets Only Sell Rating as Jefferies Double-Downgrades
* SocGen Downgraded at MS With Investment Case ‘Less Appealing’
* Teleperformance’s ‘Highly Egregious’ Exit Positive: Street Wrap