(Bloomberg) — A.P. Moller-Maersk A/S raised its full-year guidance amid a recovery in demand and sweeping efforts to cut costs.
The container shipping company, which is eliminating hundreds of jobs, said earnings before interest, taxes, depreciation and amortization will be in the range of $7.5 billion to $8 billion, before restructuring and integration costs. That compares with an earlier forecast of $6 billion to $7 billion, according to a statement.
“The upgrade underlines the strong earnings momentum,” Brian Borsting, a credit analyst at Danske Bank A/S, said in a client note.
Copenhagen-based Maersk, which transports about 15% of the globe’s seaborne freight, said there was a “continued recovery in demand” in the third quarter. It reported revenue of $9.9 billion for the quarter, and an EBITDA before costs of $2.4 billion.
Maersk is undertaking a major restructuring as the world’s biggest shipping company grapples with the effects of the Covid-19 pandemic. It’ll take restructuring costs of around $100 million in the third quarter related to around 2,000 job cuts, as it reorganizes its ocean and logistics and services operations.
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The almost 20% increase in the full-year EBITDA guidance means analysts are likely to materially upgrade their estimates, Jefferies analyst David Kerstens said in a note.
Read More: Maersk Plans Major Restructuring Affecting Thousands of Jobs
The upgrade could also be more good news for holders of Maersk debt, as the borrower may see a change in the negative outlook that it’s been assigned by S&P Global Ratings, according to Danske’s Borsting. Moody’s Investors Service already recently lifted its outlook to positive, he
- Walmart is perhaps the best example of the commonly used mantra “every company is now a technology company”: The world’s largest retailer has invested heavily in building out its tech team to create new offerings, like express delivery.
- But it also partners with a slew of outside AI partners — some which it purchased — that help with operations like store cleaning, supply chain negotiations, and ad placement.
- “This is a company that had really focused on execution in more traditional ways of doing business and was a little behind the curve in the last few years. It’s significantly caught up,” UBS analyst Michael Lasser told Business Insider.
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No company embodies the ongoing digital push underway across corporate America better than Walmart.
Walmart has transitioned into a software behemoth over the last several years as it strives to catch up to Amazon in e-commerce. For example, it has invested in emerging technology like artificial intelligence across the enterprise, from robotic cleaners in physical stores, to applications that autonomously manage the company’s intricate web of suppliers around the globe.
While Walmart relies on vendors for some of the tech, it’s also building much of it in-house through an army of thousands of data scientists and software engineers. The system for its recently-launched express delivery offering — which relies on AI to make real-time calculations based on factors like weather conditions and labor costs to figure out the fastest way to get products to a customer’s door — was all built internally.
“This is a company that had really focused on execution in more traditional ways of doing business and was a little behind the curve in the last few years. It’s significantly caught up,” UBS analyst Michael Lasser told Business
German tech giant Software AG has been hit by a ransomware attack that caused the company to suspend services.
The attack occurred Oct. 3 and has been attributed to Clop ransomware. As is typical in a ransomware attack in 2020, the company’s files were encrypted and those behind the attack demanded a ransom payment of about $20 million or they would publish internal company data.
Software AG did not pay the ransom and, according to a report on ZDNet Friday, those behind the attack have started to publish internal company information. In one screenshot, the personal details of Software AG Chief Executive Officer Sanjay Brahmawar were published, including a scan of his passport.
The company formally disclosed the ransomware attack in a statement Oct. 5, describing it as a “malware attack.” Although its current recovery status is unknown, for now the company has as its lead story on its website “important customer information.” The statement says that “due to technical issues with our online support system, we kindly ask you to send us an email with your problem description and a number for call back.” It would appear that a week later, it’s still having issues due to the ransomware attack.
Clop ransomware and the related ransomware group have been linked to previous attacks, including data being stolen from pharmaceutical industry outsourcing company ExecuPharm in April.
“Ransomware gangs are becoming bolder and more sophisticated, going after larger and more lucrative targets with their criminal attacks,” Saryu Nayyar, chief executive officer of security and risk analytics firm Gurucul Solutions Pvt Ltd A.G., told SiliconANGLE. “Even with a complete security stack and a mature security operations team, organizations can still be vulnerable. The best we can do is keep our defenses up to date, including behavioral analytics tools that can identify new
Pinduoduo Inc. (NASDAQ: PDD) is turning out to be the second most successful e-commerce channel in China. Through its advanced and integrated business model, it has outperformed many of its competitors in a noisy and over-crowded industry. In terms of number of orders and consumers, Pinduoduo is the second largest internet giant in China, according to a detailed analysis by Turner Novak.
Pinduoduo was founded initially back in 2015 as Pinhaohuo (PHH). The initial business model of PHH was buying fruits in bulk from farmers and selling them directly to the consumers using online channel. Pinhaohuo, since a newly established entity did not have its own website or application, used the group chats platform of Tencent’s popular Wechat – often referred to as the Facebook of China. Since a huge chunk of people were using it, it proved a jump-off point for Pinhaohuo’s growth.
Initially, it got fame and the orders started rolling in. In a few months, it was China’s #01 free app, receiving 100k orders daily and 10 million registered users. Due to the increasing number of orders and deliveries, PHH joined hands with SF traders for delivery. In 2016, PHH merged with Pinduoduo (PDD) which was game-like ecommerce platform. This merger proved an inaugurating point for the new entity as it doubled the number of its users. PDD already had 70 million active users and took 0.6% of all the sales. Majority of the revenue came about the in-app ads for PDD.
Pinduoduo has brought revolution in the market place through its customer-centered business model. The sales strategy is simple: buy everyday products and receive discount up to 90%, invite friends and family. Another strategy of their success is the team buying. Their goal is to make every purchase a team purchase. They charge an upfront
Software AG, one of the largest software companies in the world, has suffered a ransomware attack over the last weekend, and the company has not yet fully recovered from the incident.
A ransomware gang going by the name of “Clop” has breached the company’s internal network on Saturday, October 3, encrypted files, and asked for more than $20 million to provide the decryption key.
Earlier today, after negotiations failed, the Clop gang published screenshots of the company’s data on a website the hackers operate on the dark web (a so-called leak site).
The screenshots show employee passport and ID scans, employee emails, financial documents, and directories from the company’s internal network.
Software AG disclosed the incident on Monday when it revealed it was facing disruptions on its internal network “due to [a] malware attack.”
The company said that services to customers, including its cloud-based services, remained unaffected and that it was not aware “of any customer information being accessed by the malware attack.” This statement was recanted in a later press release two days later, when Software AG admitted to finding evidence of data theft.
The message about the attack remained on its official website homepage all week, including today.
Software AG did not return phone calls today for additional details or comments about the incident.
A copy of the ransomware binary used against Software AG was discovered earlier this week by security researcher MalwareHunterTeam. The $20+ million ransom demand is one of the largest ransom demands ever requested in a ransomware attack.
The ID provided in this ransom note allows security researchers to view the online chats between the Clop gang and Software AG on a web portal managed by the ransomware group. At the time of writing, there is no