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WhatsApp outage hits trading in assets from crypto to Russian oil – Reuters

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LONDON/MOSCOW, Oct 5 (Reuters) – WhatsApp’s nearly six-hour long outage on Monday hit trading of assets from cryptocurrencies to Russian oil, market players said, although a quick shift to alternative platforms such as Telegram limited severe disruption.

Despite many financial institutions discouraging employees from using messaging services such as WhatsApp and other Facebook platforms that went down on Monday, their convenience has made them popular among traders communicating with clients in over-the-counter (OTC) markets.

Facebook Inc (FB.O) blamed a “faulty configuration change” for the outage that hit WhatsApp, as well as Instagram and Messenger, in the largest ever outage tracked by web monitoring group Downdetector. read more

Among those affected was BCB Group, a London-based crypto firm that offers OTC trading as well as other services. Facebook’s services went dark at around noon Eastern time (1600 GMT), a key window for BCB’s traders.

“The WhatsApp outage hit us in our busiest trading period where we face U.S. counterparties,” said Chief Executive Oliver von-Landsberg Sadie.

“Day-on-day volume was down 15% on the average daily, which we’re internally attributing to the connectivity issues. Telegram and Slack-based trading was on par with daily averages.”

WhatsApp usage among financial traders tracked by communications surveillance firm VoxSmart has boomed as banks accept that clients want to use the platform, even if bosses prefer their staff to use official messaging channels, VoxSmart CEO Oliver Blower said.

The app has become the “default messaging service” in many markets, especially in continental Europe and Asia-Pacific, Blower added.

From some 2,000 interdealer users sending 10,000 messages a day in the energy market in 2016, VoxSmart today tracks between three and five million messages weekly across asset classes, including between banks and buy-side clients.

“What’s interesting is both the volume and the content of the messages. It’s not just, what time are you headed to ‘The Dog and Duck’, it’s, what’s your price on a 5-year?,” said Blower, using slang for a British pub.

WHATSAPP TO TELEGRAM

Still, the prevalence of messenger services beyond WhatsApp meant Monday’s outage was a nuisance rather than a major disruption.

In India, for example, market chatter on WhatsApp has moved to Telegram where there are fewer restrictions on the size of group chats. The outage also came after markets had closed in much of Asia, limiting any impact.

In the Middle East, “crypto OTC trading is predominately on Telegram or WhatsApp, where you ask your OTC brokers for bid and offer, and then you hit it and they’ll confirm the transaction,” said Zachary Cefaratti, CEO of Dubai investment platform Dalma Capital, adding that Telegram was becoming more widely used.

OTC traders in oil markets were also hit, though again the blow was softened by the use of other platforms.

In Russia, oil traders said WhatsApp was commonly used to communicate details on orders across Europe and Asia. Monday’s outage was an “unpleasant surprise”, one Europe-based trader said.

“It was not nice. Everybody uses it. But we use alternative messengers too, so switched,” said another.

Reporting by Tom Wilson and Tommy Wilkes in London and Olga Yagova in Moscow; Additional reporting by Davide Barbuscia in Dubai; Editing by Jan Harvey

Our Standards: The Thomson Reuters Trust Principles.

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Enter the Zuckerverse? Social media churns with new names for Facebook

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Zuckerverse. Timesuck. Faceplant.

They’re just a few of the suggestions being bandied around online following reports that Facebook plans to rebrand itself with a new group name. The company refused to comment on rumor or speculation, of course, but the Twitterati had no problem.

The debate careered from sensible to screwball to strange.

“Meta” was one of the more sober trending suggestions, referring to Facebook’s reported desire to assume a name that focuses on the metaverse, a virtual environment where users can hang out.

Bookface, Facegram, Facetagram, FreeFace, FreeTalk, World Changer.

On the wilder side, Twitter user Dave Pell drew a comparison with musician Kanye West who recently changed his name to “Ye”.

“It would be awesome if Facebook changes its name to  Ye,” he said.

Several humorous suggestions reflected online speculation that the alleged rebrand was driven by founder Mark Zuckerberg’s yearning to make Facebook “cool” once more.

The platform has been deserted by many younger users who have moved to apps like Instagram, Snapchat and TikTok, and has become increasingly populated by older people.

“Teenage Wasteland”, one wit suggested.

“The Old People’s App because that’s what us younger people call it,” college student Vittoria Esteves told Reuters in Rome.

“Boomerville”, suggested Marco, referring to so-called baby boomers born in the years following World War II.

‘STREISAND EFFECT’

The online naming feast was sparked by a report on the Verge tech site that a newly named group would act as a parent for all the company’s brands, including Facebook itself, Instagram and WhatsApp, and reflect a focus on virtual and augmented reality.

An announcement is expected next week, according to the report.

Many suggestions however reflected the public’s concern about how the company handles user safety and hate speech. Internal documents leaked by a whistleblower formed the basis for a U.S. Senate hearing last week.

“Fakebook”, for example. Tracebook.

Other people were sceptical whether a name change would be enough to detract from the growing legal and regulatory scrutiny that has tarnished the company’s reputation.

“It’s going to be the Barbra Streisand effect thing going on,” said 20-year old Glasgow student Thomas van der Hoven, referring to the phenomenon where seeking to suppress something inadvertently turbo-charges popular interest in it.

“So they’re going to try and change it, and then that’s just going to put the spotlight on the fact that they’re changing it. Why are they changing this?” he added. “So it’s probably going to spit back in their face at some point.”

 

(Reporting by Nivedita Balu and Antonio Denti; Additional reporting by Reuters newsrooms; Writing by Josephine Mason; Editing by Pravin Char)

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Tesla says new factories will need time to ramp up, posts record revenue

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Tesla Inc said on Wednesday its upcoming factories and supply-chain headwinds would put pressure on its margins after it beat Wall Street expectations for third-quarter revenue on the back of record deliveries.

The world’s most valuable automaker has weathered the pandemic and the global supply-chain crisis better than rivals, posting record revenue for the fifth consecutive quarter in the July-to-September period, fueled by a production build-up at its Chinese factory.

But the company led by billionaire Elon Musk faces challenges growing earnings in coming quarters due to supply chain disruptions and the time required to ramp up production at new factories in Berlin and Texas.

“There’s quite an execution journey ahead of us,” Chief Financial Officer Zachary Kirkhorn said, referring to the new factories.

Price fluctuations of raw materials such as nickel and aluminum had created an “uncertain environment with respect to cost structure”, he added.

Even so, he said Tesla was “quite a bit ahead” of its plan to increase deliveries by 50% this year.

“Q4 production will depend heavily on availability of parts, but we are driving for continued growth,” he said.

Tesla shares, up about 23% this year, were down about 0.6% in extended trade late on Wednesday.

Musk himself was not present on the quarterly earnings call for the first time, a development that may have disappointed those investors keen to hear the celebrity CEO’s latest thoughts.

Third-quarter revenue rose to $13.76 billion from $8.77 billion a year earlier, slightly beating analyst expectations according to IBES data from Refinitiv.

Tesla’s automotive gross margin, excluding environmental credits, rose to 28.8%, from 25.8% the previous quarter.

Tesla’s overall average price fell as it sold more lower-priced Model 3 and Model Y cars, but it raised prices in the United States.

The company posted robust sales in China, where its low-cost Shanghai factory has surpassed the Tesla factory in Fremont, California, in terms of production.

Tesla also said it intended to use lithium iron phosphate (LFP) battery chemistry, which is cheaper than traditional batteries but offers lower range, in entry-level models sold outside China. Analysts said this would help keep costs down and address shortages.

It expected the first vehicles equipped with its own 4680, bigger battery cells to be delivered early next year, although it did not say which model would be fitted with them. Musk said in September last year that using its own cells would let Tesla offer a $25,000 car in three years.

In the third quarter, Tesla posted $279 million in revenue from sales of environmental credits, the lowest level in nearly two years. The company sells its excess environmental credits to other automakers that are trying to comply with regulations in California and elsewhere.

 

(Reporting by Hyunjoo Jin in San Francisco and Subrat Patnaik in Bengaluru; Editing by Matthew Lewis and Stephen Coates)

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Samsungs Galaxy Z Flip 3 Bespoke Edition lets users customize their phone – MobileSyrup

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Samsung is letting customers customize their handsets with a new ‘Bespoke Edition’ of the foldable Galaxy Z Flip 3.

The Bespoke Edition lets users configure the foldable smartphone with one or two frame colours (black or silver) and five-panel colours, including ‘Black,’ ‘White,’ ‘Yellow,’ ‘Pink’ and ‘Blue.’

The Bespoke Edition will be available starting October 20th for $1,399.99 CAD.

Samsung says altogether this gives users 49 different colour combinations.

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Additionally, the South Korean company will let users change their device’s colours after purchasing the smartphones with ‘Bespoke Upgrade Care.’

There will also be the Galaxy Watch 4 Bespoke Studio wearables that let users customize their smartwatch before purchasing. It seems like the Z Fold 3 isn’t getting a Bespoke Edition, which is odd considering it was possible to change the frame of the Z Fold 2.

The Bespoke Studio starts at $329.99 for the 40mm variant and the $459.99 for the 42mm version.

Samsung also announced a collaboration with the designer brand Maison Kitsuné that includes special brand editions of the Galaxy Buds 2 and Galaxy Watch 4. The special edition designs include cute fox branding on both the watch and buds.

The Maison Kitsuné 40mm Galaxy Watch costs $529.99. And the Maison Kitsuné Edition Galaxy Buds 2 costs $349.99.

The South Korean tech giant is also releasing a Galaxy Watch 4 update that lets users customize their watch faces and the mix and match complications. This update brings gesture controls and the ability to activate an app with a knock-knock motion on your wrist.

To learn more about the Galaxy Z Flip 3, check out my review of the foldable smartphone.

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