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Russia downed satellite internet in Ukraine -officials

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© Reuters. FILE PHOTO: Figurines with computers and smartphones are seen in front of the words “Cyber Attack”, binary codes and the Ukrainian flag, in this illustration taken February 15, 2022. REUTERS/Dado Ruvic/Illustration

By James Pearson

(Reuters) -Russia was behind a massive cyberattack against a satellite internet network in Ukraine which took thousands of modems offline at the onset of the war, Britain, Canada and the European Union said on Tuesday.

The digital assault against Viasat’s KA-SAT network in late February took place just as Russian armour pushed into Ukraine, helping facilitate President Vladimir Putin’s invasion of the country, the Council of the EU said in a statement.

“This cyberattack had a significant impact causing indiscriminate communication outages and disruptions across several public authorities, businesses and users in Ukraine, as well as affecting several EU Member States,” the statement said.

A British Foreign Office statement quoted Foreign Secretary Liz Truss as saying the cyberattack was a “deliberate and malicious attack by Russia against Ukraine”.

Russia’s primary target in the attack was the Ukrainian military, but it also disrupted wind farms and internet users in central Europe, the statement said, citing Britain’s National Cyber Security Centre (NCSC).

The cyber attack was one of the most serious and debilitating ones to impact Ukraine in the lead up to the Russian invasion and during the war.

The Foreign Office statement cited “new UK and U.S. intelligence” which suggested Russia was behind the cyberattack, without elaborating.

Canadian officials said they were sharing cyber threat intelligence with Ukraine and providing assistance “in an effort to strengthen that country’s defence against Russia’s unprovoked and illegal invasion.”

The remote sabotage caused a “huge loss in communications in the very beginning of war,” Ukrainian cybersecurity official Victor Zhora said in March.

Russia routinely denies it carries out offensive cyber operations. The Kremlin did not immediately respond to a request for comment.

Western intelligence agencies, including the U.S. National Security Agency, French government cybersecurity organisation ANSSI, and Ukrainian intelligence were investigating Russia’s potential role in the attack in the days after it, Reuters reported at the time.

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Kim Kardashian Named Beyond Meat’s First Chief Taste Consultant, Shares Fail to Hold on to Gains

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© Reuters. Kim Kardashian Named Beyond Meat’s (BYND) First Chief Taste Consultant, Shares Fail to Hold on to Gains

Beyond Meat (NASDAQ:BYND), the maker of plant-based meat substitutes, announced it is launching a campaign with the beauty icon Kim Kardashian.

Kardashian will help the California-based company’s unique product portfolio attract more attention through advertising, signature recipes, and fresh creative content.

“I’ve been focusing on going more plant-based and can tell you that Beyond Meat is my absolute favorite – I love how all their products not only taste amazing but are also good for me and my family. Plus, my kids are obsessed with my Beyond Beef® taco recipe, the Beyond Burger® for BBQs, and Beyond Chicken® Tenders for a quick snack,” said Kim Kardashian.

Kardashian added she is honored to be involved in the new Beyond Meat campaigns as the company’s Chief Taste Consultant “to inspire people to include Beyond Meat in their diets.”

Furthermore, the celebrity will also share thoughts on her favorite Beyond Meat offerings through the newsletter which will contain exclusive offers, recipes, and more.

Even though Kardashian is very cautious when teaming up with brands, her decision to collaborate with Beyond Meat was not surprising as she has been a long-time fan of the company’s products and vision.

Apart from Kim, Beyond Meat collaborates with a number of beloved celebrities including Snoop Dogg, Liza Koshy, Kevin Hart, and Shay Mitchell, among others.

“I am really inspired by Beyond Meat’s mission and love that they are not only making plant-based eating delicious and accessible but are doing so in a way that benefits both people and the planet. It’s empowering to know that the small changes I’m making for my family, like incorporating more Beyond Meat into our meals, can add up to make a big impact,” Kardashian added.

Beyond Meat stock price initially rose 10% on the news before erasing all gains to trade over 5% in the red.

By Senad Karaahmetovic

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Ralph Lauren expects margins to grow as rich customers shrug off inflation

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© Reuters. FILE PHOTO: A man walks past Ralph Lauren Corp.’s flagship Polo store on Fifth Avenue in New York City, U.S., April 4, 2017. REUTERS/Brendan McDermid

By Praveen Paramasivam

(Reuters) -Ralph Lauren Corp forecast higher sales and improved margins for the year as demand for its luxury apparel in its biggest markets in North America and Europe stays strong at a time when inflation is denting profits at major U.S. retailers.

The spending power of higher-income customers has stayed unaffected by higher prices of essentials, and they are now splurging on fashion as they venture out more with the easing of COVID-19 restrictions across the globe.

“Consumers are starting to go out during the day, so there’s a need for sports coat, outerwear and dresses. And then they return to social activities in the evenings or on the weekend,” Chief Executive Officer Patrice Louvet said on an earnings call on Tuesday.

The 55-year-old brand also forecast revenue to increase in high single digits, versus Wall Street’s expectation of a 3.6% increase, according to Refinitiv IBES.

Ralph Lauren (NYSE:RL), which said it could raise prices further to counter increased freight and product costs, forecast fiscal 2023 gross margin to increase 30 to 50 basis points on a comparable, constant currency basis.

Major discount chains, meanwhile, have seen their profits dwindle. Walmart (NYSE:WMT) Inc, Target Corp (NYSE:TGT) and Kohl’s Corp (NYSE:KSS) have reduced their earnings expectations.

Shares of Ralph Lauren fell 2% amid broader declines, after the company also forecast gross margin to be down for the first half of fiscal 2023 due to higher expenses and a strong dollar.

The brand said its forecasts take into account a potentially softer consumer sentiment in Europe and the impact of Chinese lockdowns. Still, Ralph Lauren expects its business in China to grow this year.

For Ralph Lauren, which increased its quarterly dividend by 9%, fourth-quarter net revenue rose 18% to $1.52 billion, beating estimates of $1.46 billion. Adjusted per-share profit was 49 cents, above estimates of 36 cents.

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Snowflake Stock Plunges 7% Despite Rosenblatt Upgrade to Buy on Valuation and Growth

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© Reuters. Snowflake (SNOW) Stock Plunges 7% Despite Rosenblatt Upgrade to Buy on Valuation and Growth

By Senad Karaahmetovic

Shares of Snowflake Inc (NYSE:SNOW) are down more than 7% today on broader sector weakness despite the fact that Rosenblatt analyst Blair Abernethy upgraded it to Buy from Neutral.

A new price target is $255.00 per share, down from the prior $325.00. The upgrade call comes as the company prepares to report Q1 results on Wednesday after market close.

“Given the ongoing enterprise Digital Transformation momentum, strong Q1 growth reported by the leading Cloud Service Providers (CSPs), and Snowflake’s healthy +160% Net Revenue Retention (NRR) rate, we expect Snowflake to meet or marginally exceed our Q1 Product Revenue growth estimate of 81% y-o-y,” Abernethy said in an upgrade note.

The price target implies a near 100% upside from current levels.

As of 10:15 EST, Snowflake stock price trades at $128.89.

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