February 26, 2020

Business Briefing | Economy: Barclays Faces Sanctions in Japan

Barclays said it would comply with the ban but that the violation was the result of a technical error, not deliberate short-selling.

In short-selling, traders bet against a stock’s rise and make money if the stock goes down in price. Regulators around the world have tried to regulate short-selling, saying it destabilizes financial markets.

Saddled with a stock market that has underperformed for years, Japanese regulators have been particularly wary of any destabilizing trades in equities.

On Friday, the Nikkei stock average closed flat at 8,700.29, ending three months in which stocks tumbled 11.4 percent.

In a statement, Japan’s Financial Services Agency said that Barclays Capital Japan had failed to properly code short-selling maneuvers on the Osaka Securities Exchange during an 18-month period that started in February 2010.

The agency will suspend equity trades between Barclays Capital Japan and Barclays’ other affiliated companies. The ban runs for 10 business days, ending Oct. 24.

Barclays Capital said the trades had not been coded properly because of a technical malfunction. The firm had suspended transactions on the system that had caused the error, it said in a statement.

“An internal review concluded that there was no deliberate intention to manipulate the market and derive a benefit,” Barclays said.

The agency ordered Barclays Capital to submit a report by Oct. 12 offering more details of the breach, including those responsible for the transactions, and outlining measures to prevent similar errors.

Article source: http://feeds.nytimes.com/click.phdo?i=784e80d043ba030530a5dfaf72781947

Barclays Faces Sanctions in Japan

Barclays said it would comply with the ban but that the violation was the result of a technical error, not deliberate short-selling.

In short-selling, traders bet against a stock’s rise and make money if the stock goes down in price. Regulators around the world have tried to regulate short-selling, saying it destabilizes financial markets.

Saddled with a stock market that has underperformed for years, Japanese regulators have been particularly wary of any destabilizing trades in equities.

On Friday, the Nikkei stock average closed flat at 8,700.29, ending three months in which stocks tumbled 11.4 percent.

In a statement, Japan’s Financial Services Agency said that Barclays Capital Japan had failed to properly code short-selling maneuvers on the Osaka Securities Exchange during an 18-month period that started in February 2010.

The agency will suspend equity trades between Barclays Capital Japan and Barclays’ other affiliated companies. The ban runs for 10 business days, ending Oct. 24.

Barclays Capital said the trades had not been coded properly because of a technical malfunction. The firm had suspended transactions on the system that had caused the error, it said in a statement.

“An internal review concluded that there was no deliberate intention to manipulate the market and derive a benefit,” Barclays said.

The agency ordered Barclays Capital to submit a report by Oct. 12 offering more details of the breach, including those responsible for the transactions, and outlining measures to prevent similar errors.

Article source: http://feeds.nytimes.com/click.phdo?i=784e80d043ba030530a5dfaf72781947

Sony Reshuffles Leadership at Video Game Unit

TOKYO — Sony said Wednesday that it would reshuffle the management of its video game unit, two months after an extensive hacker attack forced the electronics giant to shut down its popular PlayStation Network.

Kazuo Hirai, the president and chief executive of the unit, Sony Computer Entertainment, will be replaced by Andrew House, the current head of the unit’s European business, Sony said in a statement. The changes are effective Sept. 1, the company said.

Mr. House will spearhead the company’s PlayStation strategy, especially the release of the PlayStation Vita, its next-generation handheld game machine.

Vita’s release comes at a time when portable gaming devices must compete with phones and other gadgets that are luring players away with cheap, downloadable games.

Mr. House must also contend with a growing threat from hackers, who have staged a flurry of attacks on Web sites and services in recent months, including several run by Sony.

In mid-April, the company was forced to shut down its PlayStation Network, which lets users download games or play games online, after a hacker attack compromised personal information from up to 100 million accounts. After a monthlong scramble by Sony to bolster its online security, the network was restarted in most countries.

Sony has estimated that the recovery from the breach will cost about ¥14 billion, or $173 million.

Mr. House, who joined Sony in 1990, has worked in corporate communications and marketing, and worked on the introduction of Sony’s original PlayStation game console. He has headed Sony Computer Entertainment’s European unit since May 2009.

Mr. Hirai, meanwhile, is seen as a front-runner to eventually replace Sony’s chief executive, Howard Stringer, who is in his seventh year at the helm of the Tokyo-based company.

Mr. Hirai, who has been chief executive of the video game unit since December 2006, will continue to oversee the gaming business as the unit’s chairman, Sony said.

He will also retain his post as executive deputy president of the entire Sony group, where he is in charge of Sony’s many consumer electronics lines, including its Bravia TVs and CyberShot digital cameras.

Article source: http://feeds.nytimes.com/click.phdo?i=72b34de00359f551f0ee448aa8ec42fc

Bucks: Monday Reading: Boutique Hotels Offer Loyalty Programs, Too

June 06

Monday Reading: Boutique Hotels Offer Loyalty Programs, Too

Boutique hotels offer loyalty programs, Lockheed breach linked to hack of RSA security tokens, explaining Google’s new Chromebook and other consumer focused news from The New York Times.

Article source: http://feeds.nytimes.com/click.phdo?i=d369a9b6522580e12440e24f51fcab68