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corporate watch

January 04, 2014

Snapchat to update app in wake of hack

WASHINGTON: Snapchat said Thursday it would be releasing an updated version of its hit app after hackers accessed the phone numbers and usernames of 4.6 million accounts.

The numbers were partially masked when they were briefly published on SnapchatDB.info.

In a blog post, Snapchat confirmed the New Year’s Eve breach and said no other information was leaked or accessed.

It did not specify when it would be issuing the updated version of the app, which allows people to send smartphone photos or video snippets timed to self-destruct 10 seconds or less after being opened.—AFP

Ford tops Canada 2013 auto sales

TORONTO: Ford Motor Co’s Canadian arm sold fewer vehicles in December than a year earlier but held its position as the country’s best-selling automaker in 2013 as truck sales helped it notch overall growth of 2.7 per cent, the company said on Friday.

Chrysler said it took second place, with a 4.7pc jump in December sales and 6.6pc growth for the year, helped by record sales of its Ram trucks.

Ford said it was their best year for Canadian sales since1997, with the F-Series pickup truck leading all vehicle sales for the fourth straight year. The company’s Fusion and Escape models also recorded their best-ever sales.

Ford’s total vehicle sales in December slipped 4.2pc to 16,161, as it sold fewer cars than a year ago. For the year, it sold 283,588 vehicles, an increase of 2.7pc.

The company said in September that it would invest C$700million ($659m) in its Oakville assembly plant as North American demand surged to pre-recession levels.—Reuters

Singapore’s OCBC in talks to buy Wing Hang

SINGAPORE: Oversea-Chinese Banking Corp (OCBC) of Singapore has begun exclusive talks to buy Hong Kong’s Wing Hang Bank in a deal that would value the family-run lender at about $5.3 billion, two people familiar with the matter told Reuters on Friday.

OCBC has offered to buy Wing Hang at about twice its book value and final terms of the deal are still being negotiated, the sources added. It remains unclear when the two parties are likely to clinch a deal. Binding bids were due in mid-December.

Wing Hang had a book value of HK$20.4 billion ($2.63billion), accordingly to latest published data. —Reuters