Tuesday 31 May 2016
Monday 30 May 2016
Tuesday 24 May 2016
Monday 23 May 2016
Millionaires: Hard work, family values yield success
The wealthiest Americans say it's not connections or talent that make you rich -- it's strong family values and hard work.
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Facebook finds no evidence of Trending bias
The company said it found no evidence of bias but would make some changes to how its Trending Topics are chosen.
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HBO names Casey Bloys president of programming
Casey Bloys has been promoted to president of programming for HBO, replacing Michael Lombardo, who had held that job since 2007.
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Family holidays could cost £230 more after Brexit, PM claims
David Cameron says falling pound could hit holiday spending and accommodation in latest warning about Britain leaving EU
The cost of a family holiday could rise by £230 and new limits on duty free could put an end to “booze cruises” to the continent if Britain votes to leave the EU, David Cameron is to claim.
In the latest warning about the price of Brexit, the prime minister will argue that the cost of holiday spending and accommodation could go up because of the falling pound.
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Less than 9% of decently paid job vacancies offer flexible working – study
Little progress made despite warnings to employers facing skills shortages that they are failing to tap into large pool of talent
Less than 9% of vacancies for decently paid jobs in the UK offer flexible working, according to research that claims the lack of such options is keeping millions of people in dead-end jobs or shut out from the labour market.
Analysis of more than 5m job adverts found little progress in the past year on offering more flexible options to jobseekers, despite warnings to employers who face skills shortages that they are failing to tap into a large pool of potential workers.
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Bricklayers benefit from rising demand in construction sector
Skills shortage means brickies earning up to £1,000 a week and Brexit could exacerbate situation, say recruiters
Bricklayers are earning up to £1,000 a week as firms compete for workers to keep housebuilding and infrastructure projects on track, according to a survey of recruitment firms.
A skills shortage in the sector is making it hard for recruiters to meet rising demand, the Recruitment and Employment Confederation (REC) said. It added that a vote to leave the EU at next month’s referendum would exacerbate the problem.
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Coca-Cola production halted in Venezuela due to sugar shortage
Company spokeswoman says sugar suppliers have temporarily stopped operations ‘due to a lack of raw materials’ as country grapples with recession
The Venezuelan bottler of Coca-Cola has halted production of the sugar-sweetened beverage due to a lack of sugar, a Coca-Cola Co spokeswoman said on Monday.
Venezuela is in the midst of a deep recession, and spontaneous demonstrations and looting have become more common amid worsening food shortages, frequent power cuts and the world’s highest inflation.
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Delays could get worse with Memorial Day travel
Memorial Day brings one of busiest days of year for air travel, and this year that could mean much longer delays at TSA security checkpoints.
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CBS thrives despite Sumner Redstone's Viacom turmoil
When Sumner Redstone split Viacom and CBS into separate companies in 2005, the appraisal was clear: CBS would be slow growing "old media" while "new media" Viacom would be in the fast lane. But CBS is thriving while Viacom struggles.
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Brexit fears grow as China, oil worries abate
The British referendum vote on whether to stay in the European Union has sparked major concerns as fears about China and low oil prices are subsiding for now.
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Lawsuit accusing 16 big banks of Libor manipulation reinstated by US court
Judge warns case could ‘bankrupt 16 of the world’s most important financial institutions’ including Barclays, Bank of America, Deutsche Bank, HSBC and UBS
A US appeals court on Monday reinstated a civil lawsuit accusing 16 major banks of conspiring to manipulate the Libor benchmark interest rate. The ruling, which overturns a 2013 decision, could bankrupt the institutions, the judges warned.
A lower court judge erred in dismissing the antitrust portion of private litigation against Barclays, Bank of America, Deutsche Bank, HSBC, UBS and others on the ground that the investors failed to allege harm to competition, according to the US circuit court of appeals in Manhattan.
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BHS inquiry, act III: enter the bankers and lawyers
Sir Philip Green should have listened to advice from Goldman Sachs over Retail Acquisitions – the MPs certainly took note.
Goldman Sachs merely had a walk-on role in the great BHS sale giveaway, but Sir Philip Green should have listened more closely to Anthony Gutman, his old mucker from the investment bank.
Gutman seems to have taken about two minutes to spot the obvious flaw in selling BHS, a loss-making chain of department stores with 11,000 staff and 20,000 pensioners, to Retail Acquisitions: the outfit was led by Dominic Chappell, a former bankrupt individual with no retail experience waving a sketchy business plan. Gutman did the sensible thing and flagged his worries to Paul Budge, finance director of Green’s Arcadia group.
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Kipper Williams on AXA's move to sell 'unhealthy' tobacco shares
Health insurer calls on industry peers to follow suit as it unveils plans to abandon €1.8bn worth of stocks
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BHS collapse: Sir Philip Green was warned about buyer, MPs hear
Goldman Sachs executive tells MPs that Arcadia was told Dominic Chappell had history of bankruptcies and lacked retail experience
Sir Philip Green’s retail business was warned before the sale of BHS that Dominic Chappell, the man who led the buyout, had a history of bankruptcies and lacked experience in the retail industry.
A key executive for Goldman Sachs told Paul Budge, the finance director of Green’s retail business Arcadia, about Chappell’s background in the run-up to the deal, MPs heard on Monday.
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Purdah period set to silence officials on EU referendum from Friday
Civil servants prohibited from making EU pronouncements or releasing information in four-week run-up to poll
The flurry of officially backed statements warning about the dangers of Brexit will come to an end on Friday, when Treasury officials enter a four-week “purdah” that prevents any activity that could be perceived as an attempt to sway the outcome of the 23 June vote.
Civil servants will no longer be able to publish reports such as the Treasury analysis on Monday that stated that in the event of a vote to leave the EU, output would fall up to 6%, house prices would tumble and half a million jobs would be lost.
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Axa to divest €1.8bn of tobacco investments
Insurer calls on industry peers to follow suit as it announces plans to abandon tobacco stocks despite their lucrativeness
Insurer AXA plans to divest €1.8bn (£1.4bn) of tobacco investments and called upon rivals to do the same, citing the industry’s “tragic” impact on public health.
The announcement by one of the world’s top investment institutions is the second major blow for UK tobacco firms inside a week, after the high court rejected their legal challenge against plain packaging.
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IMF tells EU it must give Greece unconditional debt relief
Fund’s debt assessment calls for ‘upfront and unconditional’ debt relief for Athens or it will refuse to part-fund latest bailout
The International Monetary Fund has called for “upfront” and “unconditional” debt relief for Greece as it warned that without immediate action the financial plight of the recession-ravaged country would deteriorate dramatically over the coming decades.
In a strongly worded assessment, the IMF said that there was no prospect of Greece meeting the draconian terms of its current bailout plan and that interest payments on the soaring national debt would eat up 60% of the budget by 2060 in the absence of debt forgiveness.
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20 stocks the 'smart money' is betting against
Walt Disney, GE and Netflix are among the stocks that hedge funds have wagered billions of dollars betting against, according to Goldman Sachs.
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A sweeter choice: synthetic perfumes, while unpopular, are better for the planet
While today’s consumers demand all natural products, in the case of perfume, synthetics might prove to be the greener choice
In a coastal jungle in northern Madagascar, biologist Fanny Rakotoarivelo places a plastic bubble over a branch of papaya flowers. Inside, air currents run through the flowers, sucking out essential oils. The scented air that remains is funneled into another bag, which Rakotoarivelo places inside a metal briefcase. It will be flown and delivered to the German headquarters of Symrise, the second largest flavors and fragrances company in the world, where scientists will attempt to recreate the scent.
The mechanism Rakotoarivelo uses is, rather poetically, called a headspace. For the last thirty years, it has allowed scientists to recreate nature in a bottle, often in a far more environmentally friendly manner than tapping the real thing, according to a 2013 study by watchdog conservation organization ETC Group.
Related: Madagascar: the country that's poor but not poor enough for aid
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Rangers launches legal action against Sports Direct and Mike Ashley
Civil case also lists former Rangers executives and directors associated with the billionaire retail boss
The increasingly bitter relationship between Sports Direct and Rangers FC took yet another dive on Monday as the football club launched legal proceedings against the retailer, its founder Mike Ashley and four of the club’s former executives.
The civil case lists Rangers’ former chief executives Charles Green and Derek Llambias, former director Imran Ahmad, and former finance director Brian Stockbridge as “defenders” alongside the sportswear chain and its billionaire boss.
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Will the new overtime rules actually hurt workers?
The Labor Department says the new overtime rules will either mean more money or more free time for employees. Employers are telling a very different story.
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The U.S. is 'basically at full employment'
America is 'basically at full employment,' San Francisco Federal Reserve President John Williams said Monday.
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Tinder sues threesome app rival 3nder
Smaller, independent app fights back by asking users to tweet pictures of their socks with #TinderSuckMySocks
Two’s company but three’s a crowd according to dating app Tinder, which has launched a legal bid to kill off a rival app aimed at people looking for threesomes.
Related: Tinder launches group dating feature – and exposes you to Facebook friends
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Apple, tech giants lead $1.6 trillion cash hoard
Apple, Microsoft and Google are leading corporate America's cash hoarding to over $1.6 trillion, double the pre-recession figure for cash assets held by non-financial U.S. companies.
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GE is creating over 2,000 new jobs here
General Electric is making a big bet on Saudi Arabia by investing $1.4 billion in various projects that will create more than 2,000 new jobs in the OPEC country.
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Competition watchdog objects to Land Registry sell-off
Planned privatisation would grant new owner monopoly on commercially valuable data with no incentive to improve access, warns CMA
The competition watchdog has objected to government plans to privatise the Land Registry, warning that allowing a private firm to take possession of property ownership information could cause problems for other businesses.
The Competition & Markets Authority (CMA) said selling off the organisation that keeps the official record of commercial and residential land ownership in England and Wales would give the new owner a monopoly on commercially valuable data with no incentive to improve access to it.
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Surreal estate: a folly of towering proportions … quite literally
The 19th-century Hadlow Tower is located near Tonbridge and stands at 175 feet, and could be yours for … well, the market will decide
The UK’s tallest folly, the Grade I-listed Hadlow Tower near Tonbridge in Kent, is one of three historic properties up for sale after its owner, the heritage charity Vivat Trust, went into liquidation last year.
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Viacom chief executive sues his boss Sumner Redstone over trust removal
Philippe Dauman and George Abrams, a director of the MTV and Comedy Central owner, are suing over their unexpected removal last week from the trust
The power struggle for control of media conglomerate Viacom escalated on Monday with the most trusted aide of the company’s chairman suing his boss, alleging he is being squeezed out of the business by the boss’s daughter.
Philippe Dauman, chief executive of MTV and Comedy Central owner Viacom, and George Abrams, a Viacom director, are suing over their unexpected removal last week from the trust that will control Viacom when its driving force, 93-year-old Sumner Redstone, dies.
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'Beauty and the Beast' trailer reveals new Belle
"Beauty and the Beast" teaser trailer gives a quick glimpse of Emma Watson as Belle in next year's live-action film.
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This self-driving car company is on fire
Nvidia, a chip company that is most well-known for gaming technology, is making a big bet on autonomous cars. The stock has soared for the past year and a half. But are shares about to run off the road?
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1,600 fake credit cards later: $13M is gone
Japanese police are trying to figure out how a group people managed to take $13 million out cash machines across the country using fake South African credit cards.
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Senate Hearing Opens Discussion On BDC Regulation Changes
A hearing by the Senate banking committee showed bi-partisan agreement for BDCs as a driver of growth for smaller U.S. companies, but exposed some rifts over whether financial companies should benefit from easier regulation. BDCs are seeking to reform laws, including allowing more leverage of a 2:1 debt-to-equity ratio, up from [...]
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G4S police control room staff suspended over claims of bogus 999 calls
Five members of call handling team for Lincolnshire force accused of making hundreds of ‘test calls’ to meet targets
Five G4S Lincolnshire police control room staff have been suspended after allegations that they were making hundreds of 999 calls at quiet times to improve their perceived performance.
The five call handling staff, who are believed to include the Lincolnshire force control room manager, are understood to have made more than 600 bogus “test calls” in order to meet their target of answering 92% of calls within 10 seconds or less.
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So Google wants to make emojis for real women? Here are a few suggestions
For those of us whose range of experience runs beyond brides, haircuts and dancing Playboy bunnies, a list of alternative female emoticons
When it comes to women and emojis, it can feel a bit like the 1950s got trapped in your keyboard. The “femoji” are all girly girls; they get their nails done , get haircuts , get married , and dress up as dancing Playboy bunnies .. Meanwhile “menmoji” are policemen , construction workers and cyclists ..
There have been many suggestions as to how best to change the emoji-optics. Michelle Obama tweeted that she’d like to see an emoji of a girl studying. Always and Bodyform, the feminine hygiene companies, have both launched campaigns to introduce less stereotypical emoji. In Bodyform’s case these revolve around periods and include an angry-PMS-face emoji, which isn’t stereotypical at all.
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Vietnam's defense spending is $5 billion and rising fast
Vietnam has been spending big in recent years to build up its military as tensions have risen over territorial disputes with China.
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UK govt: Brexit would spark year-long recession
The U.K. Treasury has predicted a year-long recession if Britain votes to leave the European Union.
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Bayer Offers To Buy Monsanto For $62 Billion
Bayer, a German conglomerate best known for its powerhouse life sciences business that includes products like Asprin, Alka-Seltzer, Claritin, Copportone Sunscreen and Xarelto, is looking to expand in the agriculture business by buying U.S. seed giant Monsanto.
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Food prices falling faster than official figures show
Official CPI figures for the price of food and drink are vastly different from those unearthed by an ONS project which ‘scrapes’ supermarket website price data
The price of food and drink may have fallen faster than official estimates, according to the government body charged with collecting the data.
The Office for National Statistics said the official consumer prices index (CPI) figure for food shows that prices have fallen by 3.3% since June 2014, while alcoholic drinks have dropped by 3%.
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World's top insurer ditches $2B tobacco investment
The world's biggest insurer is ditching its $2 billion tobacco investment, saying it can't continue to invest in an industry that kills six million people a year.
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Portland's black residents putting faith in 'Soul District' to counter gentrification
Distraught by the disappearance of the neighborhood’s cultural identity, professionals hope to reclaim the area with black-owned business developments
Portland’s north-east Martin Luther King Jr Boulevard is a four-lane thoroughfare peppered with general conveniences but little foot traffic. Drivers are just trying to get somewhere else, accelerating past the unremarkable architecture and chain stores.
But over the next decade, the city of Portland has pledged to spend $32m on affordable housing in what is called the Interstate Corridor, which encompasses MLK Jr Blvd. Businesses are moving into the traditionally African American area and, as has too often been the case in the US, black residents are moving out.
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Chromebooks outsell Macs for the first time
Google has quietly become an important force in PC sales, according to latest figures
More Google Chromebooks are sold in the US than Apple Macs, according to the latest figures from analyst firm IDC.
While few think of the company, famous more for its mobile and internet software, as a major creator of PC operating systems, the slimmed-down Chrome OS has powered almost 2m laptops sold to Americans in the first quarter of 2016, IDC told the Verge.
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100 thieves steal $13m in three hours from cash machines across Japan
Organised crime believed to be behind coordinated raids across stores in Japan
Members of an international crime syndicate are suspected of stealing more than 1.4bn yen (US$12.7m) from cash machines in Japan in the space of less than three hours, in an audacious heist that involved thousands of coordinated withdrawals.
Police believe that as many as 100 people, none of whom have been apprehended, worked together using forged credit cards containing account details illegally obtained from a bank in South Africa.
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Bayer bids $62bn for Monsanto
Deal would be the biggest takeover by a German company, and create a company making birth control bills, pesticides and seeds
Bayer, the German drugs and chemicals group, has offered to buy Monsanto, the GM seed pioneer, for $62bn (£43bn) to create the world’s biggest agricultural supplier.
The $122 a share cash offer - the largest all-cash deal in history - values the US Monsanto group at 37% more than its closing share price on 9 May, before rumours of a bid emerged.
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Outsourcing group Mitie climbs despite warning of healthcare funding crisis
Company sees lower revenues, partly due to government spending cuts
Government spending cuts, rising labour costs and the uncertainty surrounding he EU referendum have combined to hit revenue growth at outsourcing group Mitie.
The company, whose services range from a healthcare business providing care at home to facilities management for clients such as Sky and Rolls-Royce, said full year revenues slipped 1.8% to £2.23bn. Profits jumped from £41.5m to £96.8m, although last year saw a £45.7m charge relating to energy contracts.
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Cameron warns against 'self-destruct' vote to leave EU
PM and chancellor unveil Treasury report predicting falls in GDP, sterling, house prices and wages in event of Brexit
British people would be voting to “self-destruct” if they choose to leave the EU because it would cause either a shock or severe shock to the economy, David Cameron has said.
The prime minister said voting to stay in the EU was the “moral” thing to do because the financial consequences of leaving could be so bad for UK families.
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FTSE shrugs off early losses as Royal Mail leads the way higher
Postal group lifted by upgrades after last week’s results
Leading shares are searching for direction at the start of the new trading week, but Royal Mail has risen sharply after positive comments about last week’s results.
Its shares are up 17.6p or 3.5% to 509.5p as analysts at RBC moved their recommendation from underperform to sector perform and lifted their target price from 445p to 525p. Meanwhile Cantor Fitzgerald issued a buy note with a forecast raised from 530p to 550p. Cantor’s Robin Byde said:
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Tata Steel UK bids expected ahead of Mumbai talks
Potential buyers include Liberty House, the metals group headed by Sanjeev Gupta, and Excalibur Steel UK, a management buyout team
Potential buyers of Tata Steel UK are due to submit firm bids as the business secretary, Sajid Javid, prepares to travel to Mumbai for talks with the business’s Indian owners.
Up to seven possible buyers have been working on proposals to buy Britain’s biggest steelmaker, which employs about 12,000 people and includes the blast furnace at Port Talbot in south Wales.
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Ryanair to cut prices by as much as 12%
Michael O’Leary’s vow to ‘fill our aeroplanes’ raises prospect of price war
Ryanair plans to cut fares this year to fill its planes, raising the prospect of a price war for passengers between Europe’s airlines.
The group, Europe’s biggest airline, will cut prices by an average of 7% in its current financial year, which ends in March 2017, its chief executive, Michael O’Leary, said. Prices will drop by 5% to 7% during the summer and as much as 12% in the winter, O’Leary predicted.
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Adele set to sign £90m Sony deal
Reports suggest the Someone Like You singer is negotiating the biggest record deal for a British artist in history
Adele is reportedly due to sign a deal with Sony Music for £90m, the biggest in history for a British musician. If true, it will double the singer’s current fortune, which is estimated to be at £85m.
According to reports in the Sun, a Sony Music source said: “We’ve secured Adele, who’s without doubt the biggest music star in a generation. This is massive.”
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Monsanto takeover would be 2016's biggest deal
The world's largest seed seller is the target of a $62 billion takeover bid from Bayer.
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Axa to stop investing in tobacco industry
One of the largest insurance companies in the world says the economic and human costs of smoking are too high
Axa, one of the largest insurance companies in the world, will stop investing in the tobacco industry, it has announced.
The firm, which has more than 10 million customers in the UK, has also pledged to sell investments worth more than £1.7bn (£1.3bn).
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Support for EU falls sharply among FTSE 350 boards, says survey
Only 37% of respondents now believe their company benefits from the UK being in the EU, finds report
The number of FTSE 350 company boards that believe EU membership is good for their business has dropped significantly over the past six months, with just over a third now saying the EU has a positive impact.
The biannual FT-ICSA boardroom bellwether survey, which canvasses the views of the FTSE 350, reported a substantial fall in the number who believe their company benefits from EU membership to 37%, down from 61% in December 2015.
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Sunday 22 May 2016
Corporate governance crisis at Viacom
Sumner Redstone has officially broken with his protege and friend of 30 years, Viacom CEO Phillippe Dauman.
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Nurofen false pain claims: consumer watchdog appeals 'inadequate' fine
ACCC says makers of drug should have been fined at least $6m instead of $1.7m because it made millions from products it claimed targeted specific pain
The consumer watchdog is appealing what it says is an inadequate fine imposed by the federal court against the makers of Nurofen over misplaced claims of targeted pain relief.
The Australian Competition and Consumer Commission says Reckitt Benckiser should have been fined at least $6m, rather than the $1.7m imposed, because the company made millions from products it misleadingly claimed were tailored to treat specific pain.
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Beyond Meat's burger drips canola oil not blood
Beyond Meat is launching its most important product yet -- a plant-based burger that looks and cooks like a beef one.
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Jobs and growth slogan may haunt Coalition as economic outlook droops | Greg Jericho
Government can sigh with relief at unchanged deficit forecast, but the jobs and growth seem more elusive than ever
The government would have greeted the release of the pre-election fiscal and economic outlook on Friday with a sigh of relief as the budget deficits were essentially unchanged. But the numbers in the Pefo and the commentary by the heads of the Treasury and the Department of Finance provide a tough question for the government – for all the talk of a plan for jobs and growth, where are the signs of either?
The Pefo ended up being released a bit earlier than needed. The Treasury and Department of Finance had 10 days from the issuing of writs last Monday; instead it was released it within four days. Releasing so early meant the departments didn’t need to consider the record low wages growth figures released last week. And because the Treasury makes its assumptions on commodity prices – such as iron ore – on “an average of the preceding weeks” there would be little changed from the budget even with the recent sharp fall in iron ore prices.
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Michelle Fields to cover Donald Trump...for HuffPo
Michelle Fields, the conservative reporter who had Donald Trump's campaign manager charged with battery, has a new job with the Huffington Post.
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Cashless Britain advances as contactless and debit cards thrive
Less than half of consumer payments were in cash in 2015, while direct debits were worth £1.22tn
Britain has passed another milestone on the path to a cashless society, with 2015 the first year that cash was used for less than half of all payments by consumers.
Cash usage will be eclipsed by debit cards and contactless payments by 2021, said Payments UK, which represents the major banks, building societies and payment providers.
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UK finance firms face anxious year
China, Brexit fears and volatile markets mean only 3% of companies are more optimistic about economy than last year
More than four in 10 major financial services firms say their confidence has been knocked by the slowing global economy, Brexit fears and a slump in oil prices.
In recent months 42% of major banks and insurers said their “confidence had diminished” because of this cocktail of ongoing uncertainties, according to a survey by Lloyds Bank.
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Three FinTech Developments That Benefit Borrowers
FinTech firms disrupted the small business credit marketplace by developing technology that streamlined the lending process and sped up the loan-making process to 21st century standards. As it has done for just about all other industries, technological advances resulted in a great reduction of paperwork and the ability to apply [...]
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American companies may just have a mountain's worth of problems --> http://ift.tt/1s3CyEr
American companies are 'masking' a $6.6 trillion mountain of debt
Companies have a lot of cash, but even more debt.
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Companies have a lot of cash, but even more debt.
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Club owned by Shell tries to block local hydropower scheme
Private club owned by oil giant appealing against judicial review defeat in favour of co-operative renewable energy scheme at Teddington Lock
Shell is involved in blocking the development of a renewable energy project in a legal battle between a private club owned by the company and a community hydropower scheme on the river Thames.
The scheme at Teddington lock and weirs has won planning permission and defeated a judicial review from the Lensbury club, but the club is now seeking to appeal against the judicial review decision.
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Brexit would cause 'DIY recession', says George Osborne
Inflation would rise and house prices and GDP would fall if Britain leaves EU, chancellor argues
George Osborne is warning that Britain would face a year-long “DIY recession” following a vote to leave the European Union, as he raises the stakes in the referendum battle on Monday with one month until polling day.
The chancellor and David Cameron will present a Treasury analysis into the short-term economic impact of Brexit, which claims GDP will be 3.6% lower after two years than it would be if Britain votes to remain.
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Greece to unveil fresh round of austerity to unlock bailout funds
Parliament voting on bill proposing taxation of luxury goods and sale of public property before crucial meeting of eurozone ministers next week
A fresh round of austerity – widely regarded as the most punitive yet – is set to be passed by the Greek parliament amid hopes the move will lead to much-needed debt relief when eurozone finance ministers meet next week.
Alexis Tsipras, the prime minister, was expected to muster the support of all 153 of his deputies on Sunday to vote through policies that many have previously rejected. Addressing the 300-seat house, Giorgos Dimaras, an MP in Tsipras’s Syriza party, said he was appalled at being forced to support measures he had spent a lifetime opposing. “I am in mourning,” he said, visibly emotional. “This is what can only be called wretchedness.”
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UK property executive drawn into violent African mine dispute
Graham Edwards defends environmental credentials of titanium-mining project
A wealthy British investor has been dragged into a deadly dispute over a South African mine, after a community leader was killed amid allegations that excavating the site would damage the environment.
Threatening comments by Mark Caruso, the chief executive of the firm at the heart of the dispute, have also served to heighten tensions, say locals.
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MP urges City regulator to impose caps on overdraft charges
Labour MP Rachel Reeves wants FCA to impose caps on charges to help financially vulnerable customers
The City regulator is being urged to impose caps on charges for unarranged overdrafts to stop financially vulnerable customers being ripped off by their banks.
The Financial Conduct Authority should go further than the competition watchdog, which last week stopped short of issuing mandatory pricing restrictions on banks, according to Rachel Reeves, a Labour MP who sits on the Treasury select committee.
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Sir Philip Green could help draft law to protect pensioners, says MP
Frank Field, co-chair of inquiry into controversial sale of BHS, says tycoon could advise on new legislation
Sir Philip Green, who offloaded BHS for £1 leaving a £571m deficit in its pension fund, could work with MPs on drafting new laws to ensure pensioners are protected in future, the MP Frank Field has suggested.
Field, a co-chair of the parliamentary inquiry into the controversial sale of the stricken retailer, which has left around 13,000 employees facing pension losses, said Green could advise on new legislation regarding occupational schemes.
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Unrest slows UK travel to Egypt, Tunisia and Turkey
Visits to Egypt down 50% since 2011, trips to Tunisia down 40% last year, and bookings for Turkey down by a third this year
A series of terrorist attacks, geopolitical unrest and an unabating migration crisis have dealt a severe blow to the tourist economies of north Africa and the near east, figures suggest.
Office for National Statistics figures released on Friday show that the numbers of British nationals travelling to past holiday hotspots such as Egypt, Tunisia and Turkey is in sharp decline.
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Hedge funds hate Apple ... but love Facebook
Apple was dumped most often by hedge funds in the first quarter while big money managers added a big chunk of Facebook. Still, most top hedge fund holdings lagged the performance of the S&P 500.
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The innovators: the laser that can spot bacteria in food
Scientists in South Korea have developed an early warning system for consumers in the home and in restaurants, takeaways and grocery shops
In a highly critical report last month, the British government came under fire for what the Centre for Crime and Justice Studies said was a failure to tackle the problem of food poisoning, which results in 20,000 people being hospitalised and 500 deaths every year.
The thinktank blamed the worsening situation on a substantial fall in the number of food standards and environmental inspections over a decade between 2004 and 2013. The lack of inspections resulted in a cut in prosecutions, the thinktank said, and allowed sloppy procedures in the food industry to go unchecked.
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Donald Trump's brand appears to be thriving – but could his bubble burst?
Trump released his personal financial disclosure statement last week – but it’s unclear if his financial wellbeing is substantial or of the Groupon variety
Could we be about to elect a one-man financial bubble as president of the United States of America?
Donald Trump released his second annual personal financial disclosure statement last week. It was the largest ever and “tremendous”, according to Trump. And it did indeed show that the Trump brand appears to be thriving, financially speaking.
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Has convenience turned you into a monster? | John Paul Brammer
Like me, you might be a liberal who loves Uber and Airbnb. But the darker side of the new economy isn’t something we can simply ignore
As I write this, I’m about to travel to beautiful, sunny Puerto Rico for a brief vacation. If all goes according to plan, there will be keys waiting for me in a mailbox outside an apartment in San Juan, which will hopefully look like the pictures I saw on the Airbnb website.
To get to the airport, I’m probably going to take an Uber, partly because I just moved to New York and still feel like a fool trying to wave down a cab, but mostly because calling an Uber is really, truly, ridiculously easy to do.
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Group that pushed for Iran nuclear deal gave NPR $100,000 to support reporting
Ploughshares Fund’s annual report says it donated to National Public Radio, but group’s spokeswoman says funding did not influence coverage
A group recently identified as a key surrogate in selling the Iran nuclear deal gave National Public Radio $100,000 last year to help it report on the pact and related issues, according to the group’s annual report. It also funded reporters and partnerships with other news outlets.
Related: Was the Iran nuclear deal just a triumph of White House spin?
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Huge profits in store for firm that can make a great leap in battery technology
The problems of storing and carrying energy for our gadgets and homes are proving difficult to solve. But a breakthrough is sorely needed
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From the phones in our pockets to the cars on our roads, almost everything with an electrical circuit needs a battery. But while the rest of the technology industry has made great leaps over the past couple of decades, batteries have not.
The shortcomings of batteries are now one of the biggest bottlenecks in transport, energy, infrastructure and more. Our power demands are ever-increasing, but our ability to carry or store power is limited. Smartphones barely last a day, electric vehicles have much shorter ranges than petrol or diesel cars, and storing energy from sources such as solar panels is difficult.
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EasyJet flight to Mallorca is diverted due to disruptive passengers
The easyJet flight from Glasgow was diverted to Toulouse, France, where the group were escorted off the plane by police
An easyJet flight from Glasgow to Mallorca had to be diverted because of a disruptive group of passengers, the airline said.
The group were marched off the plane by police after the jet was diverted to Toulouse, France, on Saturday night.
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George Osborne, the really unfortunate chancellor
Like some of his predecessors, Osborne has to cope with a trade deficit and budget deficit at the same time
Britain’s economic problem is easy to identify. As a nation, we live beyond our means. Consumption exceeds production. Exports are lower than imports, resulting in a balance of payments deficit that has got bigger over time.
None of this is new. George Osborne is not the first chancellor of the exchequer to arrive in office expressing concern about the unbalanced nature of UK growth. Nor, as things stand, will he be the last.
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Thursday 19 May 2016
Monsanto targeted in potential mega-merger
The world's largest seed seller is the target of a massive takeover bid from Bayer.
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Royal Mail profits slump by a third
Postal delivery company says it took hit from transformation costs but chief executive hails ‘resilient performance’
Royal Mail has said its full-year pre-tax profits slumped 33% to £267m as it took a hit from transformation costs.
The postal delivery company said the fall reflected one-off items, such as pension charges, that distorted its balance sheet.
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FTSE falls on US rate rise hints, with mining shares down but banks higher
Banks outperform on hopes that higher rates will support balance sheets
The market is caught in a two way pull, with banking shares moving higher but commodity companies on the slide.
It is the prospect of a US rate rise next month, as suggested by the minutes of the last Federal Reserve meeting released on Wednesday, which is responsible for both trends. Banks are buoyed by the idea that higher rates will bring some relief to their balance sheets, but mining companies are being hit by the prospect that a dearer dollar will push down commodity prices and also possibly curb economic growth.
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Thomas Cook shares fall as terror fears take toll on key destinations
Holiday company says bookings for Spain and Canaries did not make up for slump in demand for Turkey, Tunisia and Egypt
Thomas Cook shares have tumbled more than 15% after the holiday company warned that bookings had fallen in the wake of terrorist attacks in Tunisia and Brussels.
Bookings for summer 2016 are 5% down on last year as demand for holidays to Turkey, Tunisia and Egypt fell sharply. Full-year earnings are now expected to come in at the bottom end of City expectations.
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Bayer in talks to buy GM foods company Monsanto
German pharmaceuticals giant has approached world’s biggest seed company about ‘negotiated acquisition’ likely to be worth more than $40bn
The German drugs and chemicals group Bayer has pounced on Monsanto, the world’s biggest seed company, with an unsolicited takeover offer likely to be worth more than $40bn (£27bn).
Bayer, which invented aspirin in the 19th century, said executives from both companies had met to “privately discuss a negotiated acquisition of Monsanto Company” to create a “leading integrated agriculture business”.
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First-time buyers would benefit from Brexit, says Moody's
Ratings agency says fall in house prices and less competition triggered by vote to leave EU would make homes more affordable
First-time homebuyers in the UK would benefit from a vote to leave the EU, according to a leading ratings agency.
Moody’s said a fall in house prices and lower competition for housing triggered by a Brexit would make it more affordable for people trying to get on the property ladder for the first time.
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Worsening economies threaten to undo gains against poverty – ILO
UN agency urges west to focus on helping developing world create more sustainable and better paid jobs, rather than just on aid
Worsening economic conditions in Asia, Latin America and the Arab world threaten to undo decades of progress in reducing global poverty, according to a report by the International Labour Organization.
The UN agency said a third of workers earn less than the “moderate poverty threshold” of $3.10 (£2.10) a day and their prospects are deteriorating as global trade slows and low oil prices affect producers in developing countries.
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Storied UK soccer team sold to Chinese businessman
Tony Jiantong Xia's Recon Group is taking control of Aston Villa, a 140-year-old English soccer club, from American tycoon Randy Lerner.
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Theranos issues thousands of blood-test corrections
Theranos has issued corrections for thousands of blood tests and has voided two years' worth of results from one of its devices, the company said.
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Wednesday 18 May 2016
Ayrex Review – Binary Options Platforms
A relative newcomer on the highly competitive and ever expanding online retail binary options scene that appears to hold a lot of promise and potential, as well as departing from the mainstream broker offering, is Ayrex.com, a binary options trading brand that is owned by Advanced Binary Technologies Ltd which is based on the Caribbean islands of St. Kitts and Nevis Clients. Although around for only two years Ayrex has already earned several awards and it appears to be gathering much attention and a lot of positive reviews and feedback from customers and industry insiders, chiefly due to its unique, proprietary platform that many hail as a joy to use. Let us have a closer look at this promising, new broker to discern whether it truly deserves such praise:
To take advantage of our exclusive bonus, simply open an account on ayrex by clicking on the link above. Our bonus offer will be automatically acquired.
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The platform
The strongest asset of Ayrex as a broker is their technologically advanced, proprietary platform that was developed in-house and boasts a very robust and feature rich trading environment and a very modern, unique and attractive design. The Ayrex platform is very easily navigated and user friendly, but its strongest point is its speed since transactions are said to be executed in a mere fraction of a second. No lags, freezes or hiccups and near instantaneous execution time appear to be Ayrex’s competitive edge over its rivals. Moreover, for those wishing to trade on the go, Ayrex has developed an Android-based trading application, whose latest version features a reinvented technical structure, an optimized data communication protocol ensuring quicker loading times, as well as improved app stability and execution times, offering a truly smooth mobile trading experience.
Types of trading
The types of trading supported by the Ayrex platform are the traditional high/low or call/put binary options contracts, as well as short term options with expiry times ranging from 30 seconds, to 1,2,3 and 5 minutes. Moreover, traders can choose to trade via the Touch/No Touch Options –Below, Touch Below, Touch and No Touch trading instruments. All the contracts are available for early closure through the “Close Now” feature, allowing traders the ability to sell options early. As a result, potential payouts when trading through Ayrex can be said to be high, with returns topping out at 85%.
Asset list
The tradable assets list offered for trading by Ayrex might not be the most impressive you have seen, but is still more than adequate to offer most types of traders a healthy choice of different assets to choose from and ensure they best match their investment portfolio and trading preferences. More specifically, the available tradable assets menu on the Ayrex trading platform includes more than 50 different assets from across the four main asset categories of forex currency pairs, commodities, stocks and indices markets.
Account types and bonuses
Opening an account with Ayrex is a very simple and straight forward process and it is completely free, while the minimum initial deposit required is merely 5$. More recently and subject to certain terms and conditions, Ayrex has also launched a “$30 No Deposit Bonus” for new traders that gets them free $30 from Ayrex and allows them to turn this bonus amount into a fully withdrawable $200, thus allowing a new trader to profit without making an investment and to try the real trading platform risk-free. Unlike other binary options brokers, Ayrex treats all its customers equally and thus does not have different account types, but a single standard account type for all. Moreover, another distinguishing feature of Ayrex is that it is particularly suited to Muslim traders since it also offers Islamic Trading accounts which are in compliance with Sharia law and the requirements of their faith. In terms of bonuses, Ayrex offers a fully withdrawable deposit bonus of up to 30% that is flexible and instant, while it often runs interesting and rewarding contests and other promotional offers for its clients.
Deposits and withdrawals
One of the most distinguishing features of Ayrex is the ultra low minimum deposit amount, which is set to merely 5 USD/EUR, thus making opening a live account truly accessible to everyone. The minimum withdrawal amount is also 5 USD/EUR and all customers are entitled to one free withdrawal per calendar month, with each subsequent withdrawal in the same month being charged with a commission based on the processing fees and/or conditions of the payment system used for withdrawal. The acceptable deposit and withdrawal methods include credit cards, such as Visa and Mastercard, as well as Neteller, Skrill, fasapay and UnionPay. All banking transactions are executed in a manner that is secure, simple and prompt.
Customer Support
The Ayrex website does cover the need of a significant portion of traders in the global community to be able to trade in their own language since it is available not only in English, but in Italian, German, Indonesian and Chinese as well. All customers can easily access the comprehensive and detailed FAQs section of the website in order to seek answers to their queries and of course also contact the broker’s customer service department either directly via live chat from the website, by sending an email or by phone. Customer support promises an immediate response and it is available on a 24/5 basis.
Besides offering their highly trained and helpful staff for the assistance and guidance of each customer throughout the trading process, Ayrex also offers its customers an educational centre, under the motto “learning is the eye of the mind” which currently contains useful information on the basic principles of binary options trading, a neat glossary and a very comprehensive platform manual in pdf format. Moreover, under the analytics section of the website, customers can gain access to an economic calendar and a market news line up, which are also very useful for those learning to trade the markets effectively.
Conclusion
The people behind Ayrex promote their offering under the motto “binary options reinvented”. We will refrain to fully back this argument just yet, as this broker is still relatively young in the market. A fair assessment of their offering however reveals that they do indeed possess unique features, such as their own platform, and do operate differently than the industry standard, such as the very low deposit amount, the single standard account type etc. They are different, but they also come across as committed to succeeding in the industry and excelling in their offering to their clients, thus they may well worth a chance to become your broker of choice, especially if you are a newbie wishing to try out binary options trading for the first time.
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The post Ayrex Review – Binary Options Platforms appeared first on Binaryoptionswire.com.
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'Empire' finale highlights limits of 'shocking' TV
Headlines hit every week about "Empire's" latest shocking twist. Just Google "Empire" and "shocker," and you'll find a bundle: "Pregnancy Shocker," "Baby Daddy Shocker," "Violent Shocker. Being consistently shocking, however, isn't easy.
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This airline will spend millions to speed up TSA lines
American Airlines plans to spend $4 million to hire contract workers to help reduce TSA security lines.
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Australia's unemployment rate stays flat at 5.7% in April
Statistic beats market expectations, while total number of people with jobs rises 10,800 in the month
Australia’s unemployment rate was flat at 5.7% in April, beating market expectations.
The total number of people with jobs rose by 10,800 in the month, the Australian Bureau of Statistics said on Thursday, which was worse than expectations of a rise of 12,000.
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The real story about growth and why we don't need to worry about bracket creep | Greg Jericho
With record low wages growth and low inflation, the bracket-creep tax cut is combating wage rises that aren’t even happening
The latest wages growth figures released on Wednesday saw a record low annual growth of just 2%. It marks three years of negligible growth in real wages, and renders the need for a tax cut for those earning over $80,000 to protect against bracket creep an idea rather out of step with reality.
Oh for the days of the wages breakout.
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CBS' stability become network TV model at upfronts
For years, CBS provided an easy punch line to its broadcast rivals during the annual upfront week. But a funny thing happened at this year's annual programming showcase for advertisers: Everybody seems to look more like CBS.
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Tesla selling $2 billion of stock to build Model 3
Tesla is raising money to finance a huge ramp up of production to meed the strong demand for its new, affordable Model 3.
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Bank of England's chief economist calls for more simple pension system
Andrew Haldane says workers have little chance of making sense of funds when financial experts ‘have no clue either’
Over-complex pensions are harming the UK economy and reinforcing mistrust of the financial sector, the Bank of England’s chief economist has warned, as he admitted even he was unable to make the “remotest sense” of them.
Andrew Haldane said ordinary workers had no chance of making informed decisions for their retirement funds when experts and financial advisers “have no clue either”.
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Grayson Perry creates huge phallus to represent bankers' worldview
Artist says latest work, which is covered in banknotes and George Osborne’s image, was inspired by industry’s self-denial about gender bias
The artist Grayson Perry has revealed two new works inspired by his experience of the world of high finance, including a giant penis embossed with banknotes and George Osborne’s face.
For the final episode of his Channel 4 series exploring masculinity in the 21st century, Perry spent time interviewing the men who control the UK’s financial services industry.
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Rents and property values would drop after Brexit, say landlords
Associations for estate and letting agents say average UK house would be worth £2,300 less in 2018 if Britain leaves the EU
Rent bills are likely to fall if Britain exits the EU and property will become more affordable to first-time buyers, according to the bodies that represent the UK’s estate agents and landlords.
The National Association of Estate Agents (NAEA) and the Association of Residential Letting Agents (Arla) said that Brexit would cut levels of immigration and depress future price rises, leaving the average UK house worth £2,300 less in 2018, and £7,500 less in London.
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Donald Trump's favorite stocks
Donald Trump calls himself the 'king of debt,' but he likes stocks too. He invests heavily in hedge funds, Apple and bonds.
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Who's to blame for long airport lines?
Airport security lines are growing and the influx of fliers is testing the limits of TSA security check points.
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The best jokes from the networks' upfronts this week
Tuesday's Turner Upfront held a CNN-style debate that pitted Conan O'Brien and Charles Barkley and was moderated by CNN's Anderson Cooper.
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Mark Zuckerberg set to woo conservatives
Facebook's Mark Zuckerberg is set to court nearly a dozen conservative leaders following charges that the site was biased against conservative news stories.
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Viacom stops paying Sumner Redstone's salary
Viacom has decided to stop paying the salary of Sumner Redstone. The company's chairman emeritus is ailing and will turn 93 later this month.
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Airbnb sued for discrimination
Airbnb is facing a class action lawsuit filed by an African American man who says he was denied accommodations because of his race.
Popular: Radical Islam in America | Graham Opposes Republican Leader | Guns in America
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Glencore zinc mine must be shut down, say traditional owners
A protest planned outside the company headquarters in Sydney will be matched by others around the world by people affected by Glencore mines
The McArthur River mine in the Northern Territory – one of the world’s biggest zinc, lead and silver mines – must shut immediately and owner Glencore must cover the clean-up costs, say traditional owners who will protest outside the company’s headquarters in Sydney on Thursday.
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CBS slammed for lack of diversity
The network was criticized for a seeming lack of diversity in its just-announced fall lineup. Six of the network's eight new shows star white male actors.
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Sports Authority to close all remaining stores
Bankrupt Sports Authority, once nation's largest sporting goods chain, to close all of its remaining stores.
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Shareholders revolt over executive pay at Foxtons and Paddy Power Betfair
Backlash against high remuneration levels continues as 20% and 30% of investors respectively vote against pay deals
Protests over boardroom pay have been registered at estate agent Foxtons and betting company Paddy Power Betfair as shareholders maintain their scrutiny of executive remuneration.
After the annual general meeting season began with pay deals being voted down at FTSE 100 companies Shire Pharmaceuticals and BP, boardrooms have been on alert. At the Foxtons AGM, where the chief executive, Nic Budden, received a 19% salary increase to £550,000, 20% of shareholders voted against the remuneration report and the company promised to consult further with investors.
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Sports Direct's Mike Ashley outbid on BHS
Bids from Edinburgh Woollen Mill owner Philip Day and a mystery fourth bidder are thought to be ahead of Ashley in the running
Sports Direct tycoon Mike Ashley is understood to have been outbid by rivals including the owners of Matalan and Edinburgh Woollen Mill as administrators try to secure the future of BHS.
Sources said Ashley had put in a “low-ball offer” for the business, which collapsed into administration at the end of last month, putting 11,000 high street jobs at risk.
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Interest rates could rise as soon as June, Federal Reserve suggests
Members say threat of a global economic slowdown has lessened, but US economy, Britain’s EU referendum and China’s exchange rate raise concern
The US Federal Reserve could raise interest rates as early as June, according to minutes from its April meeting, with Fed members arguing the risks of a slowdown in the global economy have receded.
Yet even as the members have become more bullish about US economic resilience, they remained cautious about raising rates. They voted 11-1 to keep interest rates unchanged for a third time this year at the April meeting.
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Kipper Williams on women delaying retirement
UK employment rate for women reaches record high of 69.2% in March following changes to retirement age
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Fed rate hike odds rise for June
Three Federal Reserve Presidents said a June rate hike is a strong possibility after a slew of positive U.S. economic data.
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Christopher Bailey: from Burberry chief executive to chief hatchet man
Fashion brand’s profit fall prompts bolder thinking from Bailey, who could use a retail specialist to help him turn things around
Burberry’s Christopher Bailey has two jobs already, chief executive and chief creative officer, and now he has a third: chief hatchet man. Strictly speaking, he can perform the cost-cutting role while wearing his CEO trench coat, but the size of the task is greater after a 10% fall in annual profit and a prediction of another decline to follow.
Last year’s modest cost-saving programme was about inspecting his executives’ minibar receipts and trimming a few people’s bonuses, or so it seemed. For 2016-17, the thinking is bolder: remove at least £100m of hard overheads.
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Type 1 diabetes treatment could end need for insulin shots
Cell and Gene Therapy Catapult and Aberdeen University are working on lab-grown treatment that could help hundreds of thousands of people
Insulin shots could become a thing of the past for type 1 diabetes patients thanks to a technology being developed by Cell and Gene Therapy Catapult, a London-based not-for-profit organisation, and Aberdeen University.
The pre-clinical results have encouraged CGT and Aberdeen University to create a spin-out company, called Islexa. It will manufacture lab-grown islets, the organoids responsible for insulin production, by reprogramming donated pancreatic tissue.
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M&S abandons plan to open flagship store in Amsterdam
Retailer has sold site on Rokin shopping street in Dutch capital to Canadian group Hudson’s Bay Company
Marks & Spencer has ditched plans to open a major store in Amsterdam less than two months after the exit of Marc Bolland, its Dutch former chief executive of six years.
The retailer said it had sold a site on the Rokin shopping street in the city, which had been intended as M&S’s second flagship store in the Netherlands, to Canadian department store group Hudson’s Bay Company.
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Licence to drill: Centrica awarded rights to explore Barents Sea
Owner of British Gas criticised by Greenpeace for risking safety by drilling in Alaskan Arctic
Centrica has walked into new controversy by obtaining a licence to drill for oil and gas in the Arctic.
The owner of British Gas, fresh from rows over annual domestic energy profits, has been awarded rights to explore in the Barents Sea off Norway.
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A peek at Donald Trump's finances
Trump filed a 104-page financial disclosure form with the Federal Election Commission. Here's what's inside.
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Burberry to cut jobs and product range to save £100m a year after profit fall
British clothing brand to reduce number of items it sells by one-fifth amid challenging trading conditions in luxury goods market
Burberry is to cut jobs and reduce its product range by up to one-fifth in an attempt to save at least £100m a year, following a 10% fall in profit.
Christopher Bailey, the chief creative officer of the British clothing brand, who also became its chief executive in 2014, said “change is not a choice” as the market for luxury goods faces challenging trading conditions.
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European commission delays decision on Spain and Portugal deficits
European economics commissioner Pierre Moscovici postpones potential action over countries breaking budget rules until July
The European commission has avoided handing a propaganda weapon to those campaigning for Britain to leave the EU by delaying a decision on disciplinary action against Spain and Portugal for breaking budget rules until after the EU referendum.
Brussels said the postponement of possible action, which could include fines, was due to the general election in Spain on 26 June, three days after the referendum on Britain’s EU membership.
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Impact Investors Plan To Boost Their Funding This Year
While impact investors plan to increase their total commitments this year and report positive investment results, they still face some big challenges.
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Change the channel on Pandora?
An activist investor wants Pandora to try and sell itself. But analysts say that there may not be any interested buyers.
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The party is over for hedge funds
Hedge funds are struggling a lot these days. They're failing to beat their targets and investors are yanking money. That's why many at the SALT hedge fund conference believe hedge fund fees are going down.
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Rangers say they are ending retail contract with Sports Direct
Scottish club announces termination of agreement on jointly owned company Rangers Retail, set up to sell merchandise
The bitter battle between Rangers and Sports Direct has flared up again after the club said it was ripping up a contract allowing a jointly owned company to sell shirts and other official merchandise.
The Scottish side said on Wednesday that it was withdrawing its trademarks from Rangers Retail, a joint venture company set up with Sports Direct to sell the club’s merchandise. This means that the company, which is 51% owned by Rangers and 49% owned by the retailer, will be prevented from selling goods featuring the Rangers badge.
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New overtime rules: How it may impact your pay
Read full story for latest details.
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Mitsubishi president steps down over test-fixing scandal
Tetsuro Aikawa resigns as rival Suzuki says it has also found discrepancies in its fuel economy testing
The president of Mitsubishi Motors is to step down over the Japanese carmaker’s test-fixing scandal.
Tetsuro Aikawa, who became the company’s president and chief operating officer in June 2014, has denied any personal involvement in the scandal – which involved 625,000 cars over 25 years – but has apologised to customers and shareholders. His resignation is expected to take effect on 24 June, once it is approved by shareholders. A successor is yet to be announced.
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Will Millennials ever be able to retire?
Follow these 3 steps to improve your chances of building an adequate nest egg.
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Why financial regulators are always fighting the last war
We are better prepared for the next financial crisis but regulators are still slow to adapt to the changing public mood
What do people mean when they criticise generals for “fighting the last war”? It’s not that generals ever think they will face the same weapon systems and the same battlefields. They certainly know better. The error, to the extent that the generals make it, must operate at a more subtle level. Generals are sometimes slow to get around to developing plans and ordnance for those new weapon systems and battlefields. And just as important, they sometimes assume that the public psychology, and the narratives that influence the morale that is so important in achieving victory, is the same as in the last war.
That is also true for regulators whose job is to prevent financial crises. For the same reasons, they may be slow to change in response to new situations. They tend to be slow to adapt to changing public psychology. The need for regulation depends on public perceptions of the last crisis, and, as George Akerlof and I argued in Animal Spirits, these perceptions depend heavily on changing popular narratives.
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U.S. hikes duties on Chinese steel to more than 500%
A trade spat over steel boiled over on Wednesday, with China demanding the U.S. roll back new duties of more than 500% on some of its steel products.
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T.J. Maxx plans to open thousands of new stores
Read full story for latest details.
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JD Wetherspoon launches price war with 99p tea and coffee
Pub chain to capitalise on Britain’s love of caffeine by offering takeaway hot beverages at its 950 branches
JD Wetherspoon is taking on Britain’s high-street coffee chains with the launch of takeaway tea and coffee for just 99p.
The pub chain is capitalising on the country’s addiction to caffeine by offering hot drinks to go at its 950 branches.
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New York Times names Elizabeth Spayd public editor
Columbia Journalism Review editor and publisher Elizabeth Spayd is the next public editor of the New York Times.
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Can hackers attack the global financial system?
Hackers are breaking into smaller banks to access bigger banks. Wall Street executives are deeply worried about this.
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UK's labour market has boomed, but what about productivity and wages?
Employment rate reaches record high, but wage growth is running behind and EU referendum fears have yet to show
Britain’s labour market has reached a plateau. The number of people working has risen slightly to a record level. Regular pay growth has edged down a fraction. The unemployment rate is holding steady at 5.1%.
There are two reasons for this. The first is that 2015 was a year in which employment grew by almost 600,000, and a pause for breath was always in prospect after such a rapid increase. Progress towards full employment will inevitably be slower from this point.
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UK and EU urged to act on Chinese steel dumping after US raises duty on imports
Unions say Britain and EU must ‘stop treading on egg shells’ and follow lead of US which has raised tariffs to 522%
Britain’s steel trade body and unions have called on the UK and the EU to take urgent action to stop Chinese steel dumping, after the US government increased tariffs to more than 500%.
In an escalation of the trade spat, the US has raised its tariffs on imports of cold rolled steel from China to 522% from 266%, citing a refusal to co-operate with anti-dumping investigations. By comparison, the EU has imposed provisional tariffs on China of 16% for cold rolled steel, which is used to manufacture cars and appliances and in construction.
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Nokia returns to the phone market as Microsoft sells brand
Phone brand is back after being bought by Finnish company HMD and iPhone manufacturer Foxconn. But can it win back those nostalgic for the 3310?
Soon, you’ll be able to buy a Nokia again, 18 months after Microsoft quietly killed the name, seemingly for good.
Microsoft has sold the brand, which was worth $300bn at its height, in two parts for a total of just $350m. The brand name was sold to a new company called HMD, formed by former Nokia employees in Finland. Meanwhile, the manufacturing, distribution and sales arms of Nokia have been bought by iPhone manufacturer Foxconn, which has also agreed to build the new Nokia phone for HMD.
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Household finances 'under most pressure in 22 months'
Higher prices, a drop in savings and weak pay growth weighed heavily on family budgets in May
British households were under the worst financial strain in almost two years in May, according to a new report.
Weak pay growth, a drop in savings, and higher prices weighed heavily on family budgets in May, the survey by Markit found.
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Mitsubishi president quits amid fuel scandal
Top executives at Mitsubishi Motors are resigning, weeks after the company admitted it falsified fuel efficiency tests affecting hundreds of thousands of cars.
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Stocks: 6 things to know before the open
Here's what you need to know about the markets before you start your business day.
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Photo - #OptionsXO Daily Signal! #Silver – The precious metals are trading lower today, as traders look ahead to minutes of the Federal Reserve’s April policy meeting, which many feared could be more aggressive than the statement. For that reason we’ll look for Low/Put options on Silver today. Trade now --> http://ift.tt/1TgjNo4 Like OptionsXO for more signals! #binaryoptions
#OptionsXO Daily Signal! #Silver – The precious metals are trading lower today, as traders look ahead to minutes of the Federal Reserve’s April policy meeting, which many feared could be more aggressive than the statement. For that reason we’ll look for Low/Put options on Silver today. Trade now --> http://ift.tt/1TgjNo4 Like OptionsXO for more signals! #binaryoptions
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Housebuilders gain more ground after Taylor Wimpey update
Sector continues to be supported by Tuesday’s positive update
Housebuilders continue to be supported by Tuesday’s positive update from Taylor Wimpey.
Taylor has climbed another 2p to 195.6p as JP Morgan raised its target price from 220p to 250p and Deutsche Bank issued a buy note, lifting its forecast share price from 247p to 261p. Deutsche said:
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UK job numbers boosted by women delaying retirement
Employment rate for women hit a record in March after pension changes pushed up retirement ages
Britain’s employment rate reached a record high and wages ticked up in March, dashing government claims that the jobs market was being harmed by the threat of a no vote in the EU referendum.
The number of people employed increased by 44,000 to 31.58 million while total pay including bonuses edged up by 2% from 1.9% in February on the Office for National Statistics’ rolling three month on three month measure.
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FTSE falls on mining weakness but Arm edges higher after $350m Apical deal
Chip firm boosts presence in imaging technology by buying UK-based Apical
Leading shares are falling back as the strong dollar, lifted by renewed talk of a US rate rise in June, hits the mining sector.
But among the risers is Arm, up 6p at 934p as the chip designer announced the $350m purchase of imaging specialist Apical. Arm said Apical’s technology is used in more than 1.5bn smartphones and 300m other devices including cameras and tablets.
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SSE profits under pressure after drop in energy prices
Energy supplier says lower wholesale gas prices and intense competition weighed on annual profits
SSE, one of the big six energy suppliers, has lost 370,000 customers over the past 12 months but still managed to keep its retail operating profits steady at £455m.
Overall group profits before tax and after adjustments were down by 3.3% to £1.5m due to lower gas prices, mild weather and price controls in the distribution side of the business. But the company still raised its annual dividend by 1.1% to 89.4p.
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i newspaper's sales rise to almost 300,000 after Independent closure
Johnston Press title’s circulation increases by 7% in April, but it reports overall 17% falls in print and digital in first quarter
The i newspaper increased its sales by 7% in April to almost 300,000, a rise of almost 20,000 copies a day, making it the single biggest beneficiary of former Independent readers looking for a new national newspaper to buy.
i, which was sold by Evgeny Lebedev to regional newspaper group Johnston Press for £24m in February, reported average sales of 297,849 a day in April, according to its own unaudited figures.
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Japan's economy avoids recession
The Japanese economy grew more than expected in the first quarter, but officials face stiff challenges ahead.
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Burberry to overhaul retail operations after 10% fall in profits
Luxury brand to relaunch bag range, improve customer service and overhaul logistics
British luxury brand Burberry said it would overhaul its retail operations and simplify its product range after full-year profits fell 10%.
The group, famous for its trench coats, said it expected profit to come in towards the bottom of market forecasts in the year to March 2017, and be more weighted to the second half than last year.
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Tuesday 17 May 2016
Kipper Williams on Haynes's profit warning
Publishing firm has been hit by a decline in demand for print manuals in the US and Australia
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Gas exporters would have to pass 'national interest test' under Labor plan
Shadow treasurer, Chris Bowen, says local manufacturers are being crushed because they’re failing to secure reliable gas supplies at competitive prices
Labor plans to introduce a “national interest test” for all energy companies that want to expand their export facilities to sell more of Australia’s natural gas overseas.
The shadow treasurer, Chris Bowen, says local manufacturers are being crushed by the current regime because they’re failing to secure reliable gas supplies at competitive prices, forcing many local businesses to close down while household prices are being pushed up.
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Wages grow at slowest rate for 20 years as another rate cut looms
Earnings saw the weakest increase since 1997, undermining the Coalition’s economic message
Australia’s weakest growth in wages for nearly 20 years has reinforced the prospect that the Reserve Bank will be forced to cut interest rates at least once more in 2016.
Private sector wage rates rose by just 1.9% over the year to March, the Australian Bureau of Statistics said on Wednesday. When public sector wage increases are included, the overall figure was growth of 2% – the slowest since the data series began in 1997.
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