September, 2018

• 26 September

  Facebook’s ugly snapshot on future of Instagram

  

  Mark Zuckerberg is starting to suck Facebook Inc.’s eponymous product dry as far as rapid growth is concerned. Next target: Instagram. That might explain the departure of Instagram co-founders. Six years after Zuckerberg acquired their then 13-person startup for $715 million, the photo-sharing app has become Facebook’s most important source of growth. Zuckerberg has subsequently assumed a more hands-on role, ...

  Read More »
• 26 September

  Climate change could cost even more than we think

  The potential costs of climate change, already the subject of heated debate, may actually be understated. It’s not just the potential disruptions to weather systems, agriculture and coastal cities; it’s that we may respond to those problems in stupid and destructive ways. As the philosopher and cartoon character Pogo said: “We have met the enemy and he is us.” Consider ...

  Read More »
• 26 September

  Gig-economy workers are the modern proletariat

  

  Karl Marx defined the proletariat as labourers “unencumbered by any means of production” who were increasingly impoverished by the rise of machines. In that classic form, Marx’s favourite class doesn’t really exist in the rich world today, except in the so-called gig economy. Reports from the International Labour Organization and the JPMorgan Chase Institute describe the plight of different kinds ...

  Read More »
• 26 September

  Tesco wakes up and smells the discounts

  

  Better late than never. Tesco Plc has finally revealed Jack’s, its new store format to take on the might of the German discounters, Aldi and Lidl. Tesco should have made this move when the no-frills supermarkets started winning significant market share a few years ago. And cut-price chain B&M European Value Retail SA is expanding aggressively, and increasing its food ...

  Read More »
• 26 September

  Iceland found another way to clean up a financial crisis

  While flying last week to a conference in Reykjavík, it dawned on me that I knew almost nothing about Iceland. What little understanding I had was based on Michael Lewis’ epic tale of the nation’s financial collapse in Vanity Fair magazine entitled, “Wall Street on the Tundra.” His 10,000-word missive is a Norse saga of its own. Other Icelandic literature ...

  Read More »
• 26 September

  UBS splits investment bank job after Orcel quit

  

  Bloomberg UBS Group AG’s investment bank was dealt a fresh blow as Andrea Orcel, the top rainmaker at a business that’s lost much of its clout in a shift toward wealth management, left for Spain’s Banco Santander SA. The Swiss bank promoted two executives to jointly lead the investment bank, splitting the role held by Orcel, it said. Piero Novelli, ...

  Read More »
• 26 September

  JPMorgan plans 50 new branches in Philadelphia

  

  Bloomberg JPMorgan Chase & Co. is opening its first retail branches in the Philadelphia area as part of a broader plan to bolster the consumer bank by expanding into more than a dozen new markets over five years. The largest US bank by assets is planning to open about 50 branches and hire 300 people in Philadelphia, Delaware and Southern ...

  Read More »
• 26 September

  Trump’s latest Fed candidate seen strengthening board as risks bubble

  

  Bloomberg The White House’s latest pick for the Federal Reserve Board was deliberately chosen for her financial stability expertise and knowledge of the Fed system to round out a board of monetary policy experts and Wall-Street savvy lawyers. President Donald Trump plans to nominate Nellie Liang, a Ph.D. economist who ran the Fed’s financial stability unit until her retirement last ...

  Read More »
• 26 September

  Morgan Stanley plans lifting ranks of its women leaders

  

  Bloomberg Morgan Stanley’s highest ranking women are flying to New York this week from around the world to solve a gnawing problem: There aren’t enough of them. The bank, looking to support the advancement of women to its top echelons, is hosting a summit in Manhattan on Wednesday and on Thursday for about 350 who are already managing directors at ...

  Read More »
• 25 September

  UAE and UN reinforce global security, stability

  Abu Dhabi / WAM The UAE has created, through its support for relevant United Nations agencies and organisations, a unique model of serving the UN’s goals and its efforts to promote diplomatic action, through specialist Emirati agencies and organisations. During its participation in the 73rd session of the UN General Assembly, the UAE confirmed its support for UN and highlighted ...

  Read More »