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Russia downed satellite internet in Ukraine -Western 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

NEWPORT, Wales (Reuters) -Russia was behind a massive cyberattack against a satellite internet network which took tens of thousands of modems offline at the onset of Russia-Ukraine war, the United States, 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. U.S. Secretary of State Antony Blinken said the cyberattack was intended “to disrupt Ukrainian command and control during the invasion, and those actions had spillover impacts into other European countries.”

British Foreign Secretary Liz Truss called the satellite internet hack “deliberate and malicious” and the Council of the EU said it caused “indiscriminate communication outages” in Ukraine and several EU member states.

The Viasat outage remains the most publicly visible cyberattack carried out since Russia’s invasion of Ukraine, in part because the hack had immediate knock-on consequences for satellite internet users across Europe and because the crippled modems often had to be replaced manually.

“After those modems were knocked offline it wasn’t like you unplug them and plug them back in and reboot and they come back,” the U.S. National Security Agency’s Director of Cybersecurity Rob Joyce told Reuters on the sidelines of a cybersecurity conference on Tuesday.

“They were down and down hard; they had to go back to the factory to be swapped out.”

The precise consequences of the hack on the Ukrainian battlefield have not been made public, but government contracts reviewed by Reuters show that KA-SAT has provided internet connectivity to Ukrainian military and police units.

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

The Russian Embassy in Washington did not immediately return a message seeking comment. Moscow routinely denies it carries out offensive cyber operations.

Viasat did not immediately return a message. A Viasat official told Reuters in late March that the hackers involved in the initial sabotage effort were still trying to interfere with the company’s operations, although to limited effect. [L2N2VW2XC]

The satellite modem-wrecking cyberattack remains the most visible hack of the war, but many others have taken place since and not all of them have been made public.

“That was the biggest single event,” said Joyce. “It certainly had new and novel tradecraft, but there have been multiple attacks.”

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Tencent Music Reports Q1 Miss, Revenues Down 15.1%

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© Reuters. Tencent Music (TME) Tencent Music Reports Q1 Miss, Revenues Down 15.1%

Tencent Music Entertainment Group (NYSE:TME) reported its Q1 results, with EPS of $0.06 coming in worse than the consensus estimate of $0.07. Total revenues declined 15.1% year-over-year to $1.05 billion, missing the consensus estimate of $1.23 billion, due to the headwinds in an evolving market landscape.

Revenues from online music services in Q1 were down 4.8% to $413 million. Revenues from music subscriptions grew 17.8% year-over-year to $314 million, with online music paying users reaching 80.2 million (up 31.7% year-over-year) and paying ratio increasing to 13.3% from 12.4% and 9.9% in Q4 and Q1/21, respectively.

Revenues from social entertainment services and others in Q1 were down 20.6% to $635 million.

Shares of Tencent Music were down 40% year-to-date into the results.

By Davit Kirakosyan

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Rivian Automotive CEO Purchases $1 Million Worth of Stock

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© Reuters Rivian Automotive CEO Purchases $1 Million Worth of Stock

According to SEC Form 4, on May 16, Robert Scaringe, the CEO of Rivian Automotive Inc (NASDAQ:RIVN), purchased 41,000 shares of the company’s Class A common stock at an average price of $25.7772. The total amount of purchased shares is approximately $1.05 million.

Following the purchase, Scaringe owns 169,175 shares directly, 4,337,997 through a trust and 4,595 by LLC.

Shares of Rivian are down 76% year-to-date given the correction in high-multiple stocks and supply chain issues faced by the EV maker.

By Davit Kirakosyan

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Buffett-backed Nubank swings to profit on strong client base, loan volumes

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© Reuters. FILE PHOTO: A banner for Nubank, the Brazilian FinTech startup, hangs on the facade at the New York Stock Exchange (NYSE) to celebrate the company’s IPO in New York, U.S., December 9, 2021. REUTERS/Brendan McDermid

(Reuters) – Nubank swung to a profit for the first quarter and reported record-high revenue as Latin America’s most valuable fintech benefited from strong growth in its loan book and clients.

The Brazilian digital bank backed by Warren Buffett’s Berkshire Hathaway (NYSE:BRKa) said on Monday its revenue more than tripled to $877.2 million, driven by a record-high activity rate.

This is Nubank’s second set of results since listing in December.

According to analysts, the digital bank is well-positioned to weather an ongoing deterioration in credit quality in Brazil as its portfolio skews heavily toward low-risk, low-yielding credit card receivables.

The company added 5.7 million new clients and said its average revenue per active client grew to $6.7, up 63% from the previous quarter.

It posted an adjusted net income of $10 million for the quarter, compared with an adjusted loss of $11.9 million a year earlier.

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