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Global markets are tumbling after shockingly weak data out of China shows wounds of Trump's trade war https://ift.tt/2Qspaua
Fear has taken hold in equity markets after China's industrial production plummeted, sparking a selloff that spread globally. Cracks in the European economy are also continuing to show, weighing on those region's equities. China's November industrial production growth eased sharply from 5.9% to 5.4%, the lowest level since 2009. The data pointed to weak performance in key export sectors such as computers, electronics and autos. Retail growth also eased, growing at 8.1%, which is the weakest pace in 15 years, says Russ Mould, investment director at AJ Bell. China's November trade data indicated signs of weaker growth in the rest of the world. Export growth declined from 15.5% to 5.4% with shipments to the EU and ASEAN countries showing weakness while exports to the US dropped to 9.8% from 13.2%, according to Societe Generale. “There have been some troublesome figures coming out of China in 2018 and another batch has now served to drag down markets in Asia and Europe," Mould said. "China is finding it hard to sustain high levels of economic growth. There is some concern that the impact of the US-China trade war has yet to be properly felt, suggesting that China’s economic data could be in for more shocks in early 2019 unless the countries secure a permanent truce." Problems are also rumbling in Europe. Fears about Italy's budget remained front and center on Friday after the European Union suggested there was more to be done on the country's budget deficit. British Prime Minister Theresa May was rebuffed by EU leaders in her attempts to renegotiate her Brexit deal. Germany's problems continued with composite PMI numbers sliding in December. It follows an already subdued mood in Europe. The European Central Bank announced Thursday that it cut its economic growth forecasts and would end its bond buying stimulus program. France's yellow-vest protests are harming the country's economy. Here's a roundup of markets:
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Business via Business Insider https://ift.tt/1IpULic December 14, 2018 at 05:03AM
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TransferGo raises $17.5 million as global remittance market heats up https://ift.tt/2QPPz4B TransferGo, an international money transfer service based in London, has raised $17.5 million in a series B round of funding led by San Francisco VC firm Hard Yaka and Vostok Emerging Finance, with participation from Revo Capital, U-Start Club, and Practica Capital. Founded in 2012, TransferGo is one of a number of London-based fintech startups to raise VC cash for services involving transferring money to individuals or businesses in other countries. WorldRemit has raised north of $230 million, including a $40 million tranche last year, while Azimo raised $20 million earlier this year. Elsewhere, TransferWise nabbed a whopping $280 million last November, taking its total funding past the $400 million mark. A couple of months back, TransferGo launched a “free” international money transfer service, which is subsidized in part by its premium “same day” service. Market opportunityAccording to World Bank data, the remittance market — payments made by an individual working abroad to someone in their home country — grew seven percent last year to $617 billion, and is likely to grow to a further 10.3 percent this year to around $690 billion. For now, TransferGo is only available to send from European countries, but it is open for sending money to 47 markets around the world, including the U.S., China, and India. Indeed, India tops the remittance recipient market, accounting for some $80 billion this year. With a fresh $17.5 million in the bank, TransferGo said that it plans to expand into more markets and develop more products. “We’ll use this funding to fuel our international expansion and increase market share particularly across Turkey, India, Ukraine, and Russia and continue to develop new products and services for our customers,” noted TransferGo CEO and cofounder Daumantas Dvilinskas. Today’s news comes in the same week as PayPal’s remittance service, Xoom, expanded beyond the U.S. for the first time, and it now allows people in Canada to transfer money into more than 130 markets globally. Xoom is expected to launch in further markets in the coming months. The international money transfer market, it seems, is hot.
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: Get the latest news in your inbox every weekday. Business via VentureBeat https://venturebeat.com December 14, 2018 at 04:56AM Apple is dropping the 'Connect' social feature from Apple Music 1 year after buying Shazam12/14/2018
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Apple is dropping the 'Connect' social feature from Apple Music, 1 year after buying Shazam https://ift.tt/2EoSQBt AP Images / J. Scott Applewhite
Apple will shut down a feature of its streaming service Apple Music which was built to let artists connect directly with their fans. The "Connect" feature was introduced alongside Apple Music in 2015. It's somewhere between a streaming service and a social network, where artists could post updates for their fans. In a blog post yesterday, the company revealed that "Connect posts from artists are no longer supported." In a letter to artists obtained by Macrumours, Apple said that all previously posted content will remain discoverable until May 24 2019. The Verge reports that in 2016 Connect's dedicated tab was relegated from the navigation bar of Apple Music, an early sign that the feature was underperforming. Multiple news sites and blogs have compared Connect's fate to that of its failed social network iTunes Ping, which it launched in 2010 and was shut down two years later. There could be a good reason for Connect's impending disappearance. Apple acquired the song recognition company Shazam in September 2017 with an eye to integrating it with Apple Music. Apple hasn't made the connection explicit, but Shazam already allows people to follow their favourite artists through its service. It's possible Apple doesn't want to double up on the feature. NOW WATCH: Why NASA blasts half a million gallons of water during rocket launches See Also:
SEE ALSO: We compared Spotify and Apple Music subscriptions — and the winner is clear Business via Business Insider https://ift.tt/1IpULic December 14, 2018 at 04:45AM
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Theresa May's Brexit deal in peril after EU leaders reject demands for changes https://ift.tt/2PCbVSh Dan Kitwood/Getty Images
LONDON — Theresa May's request for new concessions from Brussels were firmly rejected by EU leaders on Thursday, putting her on a collision course with MPs in Westminster. The prime minister asked EU leaders in Brussels to "hold nothing in reserve" and make legal changes to the Withdrawal Agreement, specifically on the backstop for the Irish border, which would make it more palatable for UK MPs. However, rather than win changes to the deal, May's requests led the EU to harden its position. "We don’t want the UK to think there can be any form of renegotiation, that is crystal clear," European Commission President, Jean-Claude Juncker, said at the end of the first day of the European Council summit. "We can add clarifications, but no real changes. There will be no legally binding obligations imposed on the Withdrawal Treaty." He then publicly chastised May's approach to negotiations, after reports that German Chancellor Angela Merkel interrupted the meeting of EU leaders to ask May to be clearer about what she wanted from them. "Our UK friends need to say what they want, instead of asking us to say what we want," Juncker said. "We would like within a few weeks our UK friends to set out their expectations for us, because this debate is sometimes nebulous and imprecise — and I would like clarifications." May wanted the EU to make legally binding reassurances that the backstop for avoiding a hard border on the island of Ireland would be temporary by including a fixed target date of December 2021 for a new UK-EU free trade deal. This was designed to allay concerns of Brexiteers in Westminster that if activated, the backstop would keep the UK trapped in the EU's customs union indefinitely, stuck with EU rules and a limited ability to sign new trade deals. The Democratic Unionist Party, which props up May's government, also hates the current terms of the backstop because it would create new border checks between Northern Ireland and the rest of the UK. However, May's proposals were roundly rejected. "You cannot put a fixed date in writing," Dutch Prime Minister Mark Rutte told reporters outside the Council building in Brussels last night. EU leaders also removed from their draft statement a pledge to "examine whether any further assurance can be provided" in a sign that they would not budge. Dan Kitwood/Getty Images Unless EU leaders unexpectedly change their minds on Friday morning, May will return to Westminster without the changes she had promised to the pro-Brexit MPs who tried to get rid of her in a no confidence vote on Tuesday. The embattled prime minister told hostile Conservative MPs that she would secure "legally binding solutions" for the backstop as part of her pitch to them on why they shouldn't vote to ditch her as leader and prime minister. One UK government source told Business Insider that the EU's private statements to May had been more positive. "She managed to get some quite strong wording on the temporary nature of the backstop," a Cabinet source told BI. However, looking ahead to when MPs hold a so-called meaningful vote on the Brexit deal, set to take place in January, they added: "I doubt very much it's enough to win the vote." EU leaders also refused to approve a special European Council summit in January to ratify a potentially revised Brexit deal after May failed to convince them that it'll be able to get through UK Parliament next month. See Also:
SEE ALSO: Exc: Theresa May's government drafted Brexit deal addendum weeks before meaningful vote debate began Business via Business Insider https://ift.tt/1IpULic December 14, 2018 at 04:03AM
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The inside story of how short seller Carson Block made a killing this year, even as the market made life miserable for many investors https://ift.tt/2UHQWkV REUTERS/Benjamin Myers Short seller Carson Block, founder of Muddy Waters Capital, says he's managed to dodge the wild ride in equity markets that have put many of his hedge fund peers in the red. "We’re happy with how things have gone this year," he said in an interview. While he declined to quantify the fund's performance, a person familiar with the matter said Muddy Waters has posted returns this year of about 18%. It's not a bad result for what has been a brutal year for many equities traders. October was a bloodbath for stock markets, and few felt the pain like hedge funds, which turned in a rocky month for the ages. "Because we trade around short activism, we’re not really correlated to the market," he said. "Our strategy is slightly negatively correlated to the market. The only catch here is that for a purely short activist strategy, it's not super scalable." This year Block targeted Canadian insurance firm Manulife; a London semiconductor company called IQE; and Chinese tutoring company TAL Education Group. The stocks all plunged when he released his reports. Muddy Waters is not alone among short-seller peers doing well in 2018. Ben Axler’s Spruce Point Capital is up 25% so far this year, while Eiad Asbahi’s Prescience Point Capital Management has posted gains of about 47% in the first nine months of this year, people familiar with those returns told Business Insider. Reuters has reported that Sahm Adrangi’s Kerrisdale Capital was up 45% through the end of September. "Obviously, we do take into account macro factors," Block said. "We try to hedge the beta of our trades, somewhat isolate for that and really try to focus on the idiosyncratic aspects of the name." Block is best known for calling out fraudulent Chinese companies, shooting to fame after calling timber company Sino-Forest a fraud in 2011. The company has since filed for bankruptcy. After he called out Rino International and China MediaExpress, they were de-listed from major US exchanges. Some powerful players in China didn't appreciate his line of work, and Block, a Mandarin speaker, left China for San Francisco in 2010, claiming he was chased out by "gangsters." He now finds companies to short all over the world. Leveraged loans Block also makes bearish bets on stocks via corporate bond markets. One strategy is to buy a bond, then use the repayments to help fund the purchase of long-dated contracts — or puts — that pay out when the stock declines. "It's a synthetic short position in the stock," he said. He might consider ramping up that strategy if a disconnect emerges between loans and stocks, for example if the loans get cheaper and thus offer more funding to buy more puts, before the equity market catches up. "There are some concerns about the leveraged loan market," he said. "If we didn’t have equity hedges on, its something we’d be really concerned about." Souring on Europe "Europe has a lot of structural issues that promotes poor corporate governance," he said, including a more deferential investing culture relative to that of the US. "Presumably, that creates a target rich environment, but in Europe there just isn't the protection of free speech the we have here in the US." He continued: "That presents issues when your business model is speaking truth to power. There’s a temptation for power to be misused to punish the speakers unduly when the scrutiny should be on the companies." Block said Muddy Waters hasn't initiated a short against a European company since April 2016, when he accused German ad firm Stroeer of overstating its cash flow. "Never say never," he said of targeting Europe again. "I’m always watching." NOW WATCH: The legendary economist who predicted the housing crisis says the US will win the trade war See Also:
Business via Business Insider https://ift.tt/1IpULic December 14, 2018 at 03:45AM
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Barclays just named its new crop managing directors. Here is the list https://ift.tt/2CcvBsz Spencer Platt/Getty Images
Barclays just unveiled its new crop of managing directors, naming 85 employees to the position effective January 1. "They are viewed as the future leaders of our organisation," Barclays said in an announcement on Friday. “Our new managing directors have all consistently demonstrated strong client focus, outstanding performance, and excellent leadership," Tim Throsby, president of Barclays Bank PLC and CEO of Barclays International, said in the release. "It makes us proud to see our colleagues progress in their careers, and I am confident that the 85 colleagues promoted will continue to make a significant contribution across Barclays International.” Investment-banking boss Throsby, who joined from JPMorgan in 2015, has said he planned to unleash “commercial zeal” at the unit. The bank earlier this year culled about 100 senior investment bank staff. The number of new MDs at Barclays is smaller than those at some other competitors. Citigroup just promoted a new class of 125 managing directors. Bank of America Merrill Lynch promoted nearly 140 employees to MD in late November. Morgan Stanley promoted 153 employees to MD in January— up from the 140 it promoted in 2017. At Goldman Sachs, where MD is one rung below the prestigious role of partner and the classes are announced every two years, 509 employees were promoted to MD in 2017 and 69 were promoted to partner in November. Here is the list of the class of 2018 MDs:
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Business via Business Insider https://ift.tt/1IpULic December 14, 2018 at 03:21AM Why The Third Wave Of Swedish Startups Will Be More Successful Than Spotify Skype And King12/14/2018
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Why The Third Wave Of Swedish Startups Will Be More Successful Than Spotify, Skype And King https://ift.tt/2rAfVcr In the early 2000s, Skype came and led the digital startup environment in Sweden. Then came the likes of Spotify, Klarna, iZettle, and King. You may think that Sweden has already punched above its weight in terms of the technology it has introduced to the world, but we have, in fact, only just got going. The next generation of Swedish startups is starting to scale up, but rather than simply trying to replicate what their international trailblazer predecessors have achieved, they are actually going to become more successful, innovative, and important to the world. ARTICLE CONTINUES AFTER ADVERTISEMENT This first generation of startups was defined by the “geeks" who built great companies and finally succeeded in a world that slowly but surely accepted them. The second generation can be defined by big-name CEOs, big money and major hype. Looking forward to tomorrow, the third generation will be defined by success for the many, and not just a few, with a focus on improving society and redefining how we work. The way that these newer startups operate is radically different when compared to the startups and businesses that they are following in the footsteps of. It is no longer enough for entrepreneurs to build profitable companies. Entrepreneurs not only want to build great products and companies, but they also want to make a positive change at the same time. Beyond this penchant for improving the world, I believe that the Swedish startups of tomorrow will succeed by following these three philosophies. Flat hierarchies and humble leaders Whilst flat hierarchies are almost synonymous with startup culture, the third wave of startups will be the first to genuinely put it into practice in a meaningful way In the past ten years we have seen a surge of celebrity startup CEOs and other leaders pushed into the limelight, and a company culture which means that flat hierarchy only manifests itself when everyone sits in the same open-plan office. However, company politics means that in practice these startups are as hierarchical as any old-school corporation. The only way to really achieve flat organizations is by having humble leaders who are happy to be proved wrong, strip away the prestigious, old-fashioned titles, and focus on driving results. A work-life balance where you have time to live Startups have the reputation of being fun, but difficult places to work. All-night working sessions disguised as “hackathons”, fridges crammed with energy drinks, and cosy offices that blur the line between work-life and home-life have enabled many companies to scale up quickly. But the new wave of startups does not consider this culture to be sustainable, or in fact humane. Rather than glamorizing long working hours, these startups will value having a workforce that is healthy, both mentally and physically, and with a good work-life balance. Of course in Sweden, this is more easily achievable as there are already generous parental leave laws in place and culturally there is a respect for one’s personal life. It might be a little more difficult for other startup hubs across the world to achieve this in the short term, and this will give Sweden a crucial advantage when it comes to being at the forefront of the next stage of startups. ARTICLE CONTINUES AFTER ADVERTISEMENT Diversity that goes beyond gender balance The third wave of startups continues to push for diversity. In smaller tech hubs such as Stockholm, diversity is a must as startups realise that there are simply not enough engineers in order to be able to meet demands. In recent years there has been a lot of emphasis on creating a gender-balance in startups. Whilst there is still work to do there, diversity goes beyond gender and many startups are measuring diversity in different ways. In my company, we have more than fourteen different nationalities represented. Diversity builds better products and better companies which is a welcome break from the current political rhetoric that we see both in Europe and the States. Whilst the future of entrepreneurship will still very much be focused on building fast-growing, profitable companies, the secret to long-term, meaningful and sustainable success for startups will be to build a company that put the employee at the centre. Business via Forbes - Entrepreneurs https://ift.tt/dTEDZf December 14, 2018 at 03:10AM
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Mobility startup Dott raises $23 million for its durable electric scooters and bikes https://ift.tt/2QB09xe Urban transportation startup Dott announced today that it has raised $23 million in venture capital as the electric scooter and bike company prepares to launch its first pilot early next year. Founded in Amsterdam earlier this year by French expats Maxim Romain and Henri Moissinac, the company says its scooters are designed explicitly for urban use, with wider wheels for better grip, wider decks for more stability, and more effective brakes. In addition, the modular design allows all parts to be repaired or replaced, easing maintenance. The company also vows to work directly with local governments and partners to launch services that are tailored to cities’ needs and regulations. “We believe we can significantly reduce the number of cars in cities if we make green vehicles such as eBikes and eScooters an enjoyable and practical experience for city residents,” Romain said in a statement. “This is why we focus on well-designed vehicles, safety, and sustainability – so we’re still operating in cities in 20 years.” The round was led by EQT Ventures and Naspers Ventures. The round also included money from Axel Springer Digital Ventures, DN Capital, Felix Capital, FJ Labs, U-Start Club and various angel investors. “Due to environmental and congestion concerns, last mile transport in cities has to get smarter and it’s no surprise that eScooter adoption is rapidly increasing,” said Lars Jörnow, partner and investment advisor at EQT Ventures, in a statement. The company is launching its first electric scooter pilot in January at Paris’ Station F startup campus. The program will be linked to Station F’s new co-living space, Flatmates.
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: Get the latest news in your inbox every weekday. Business via VentureBeat https://venturebeat.com December 14, 2018 at 02:55AM
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10 things in tech you need to know today https://ift.tt/2Et3zvn Charles Sykes/AP Good morning! This is the tech news you need to know this Friday.
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Business via Business Insider https://ift.tt/1IpULic December 14, 2018 at 02:27AM Ego: The Enemy Of Good Leadership https://ift.tt/2EhLAqR The company is falling apart and its survival is in the balance. It has: Investment, Technology, Markets, Expertise, Experience, Prospects, Good People... Basically everything it needs to succeed. And yet it may not. Why? The reason is quite simply ego. The shareholders, chairman and chief exec are all at war with each other. They have seen eye-to-eye on much, but disagree on some important issues and cannot - will not - find any accommodation, compromise, or entertain a meeting of minds. The deafening mantra behind all their communication is:
And when your identity is invested in knowing what you are talking about - being successful, being the expert and being right - when that is challenged it generates an existential crisis. Your very being is threatened. So you fight and you fight for your life to protect the priceless, sacred ideas that you hold about yourself. It's a nasty business. The good news is that none of it is real. All of this is ego - just an accretion of vapid thoughts and feelings that we have about ourselves. It has no substance and no actual reality. But it can cause havoc in our relationships in direct proportion to the degree to which we identify with it. It is, without doubt, the biggest barrier that any of us have to fulfilling our true potential. The irony is that in protecting itself, the ego destroys communication, relationships and even businesses - and for what? The privilege of being seen to be right. Fortunately in the real-life example above, the egos are high-profile - easy to spot and not difficult to manipulate (unless you have a big ego yourself). Some others are more difficult to see as they can appear utterly reasonable and in tune with our own ego. Here are caricatured examples of some of the ideas (beliefs) which the individual invests their identity in, to create an ego in the process: I'm Right - As above. Whether it's through reason or feeling, you know you're right. You have the intellect and experience and you will overcome any arguments to the contrary. If it's a strong feeling you have, you will justify it with logic. I'm Nice - You really want to be liked and will avoid confrontation to maintain the feeling of being a nice person. You simply can't abide the thought of anyone not appreciating your efforts to accommodate and value them. I'm Fair - Even if it means upsetting someone, you have to do the right thing. You have a keen sense of morality and could not live with yourself if you abandoned your principles just to keep someone happy or make things work better. I'm Successful - Your status and success says it all. You have the car, the clothes and the lifestyle to prove it. Why would anyone challenge you when you are evidently more successful than those around you. I'm The Boss - You've worked tirelessly to get where you are today and you have no desire to relinquish that hard-earned status. You don't really care what people think, you're paid the big bucks to make decisions and you carry the can. I'm The Owner - It's all very well for others to have an opinion but when all is said and done, it's your business and you're the one with everything to lose if it goes down the pan. You may listen to others but they'll never really get what being the owner means. I'm Surrounded By Idiots - If you'd known what a bunch of losers you'd end up with, you'd never have employed them in the first place. But if you can just keep them on the right track for a little longer, you'll be able to sort things out - just not right now... In practice our egos are a mashup of all or some of the above and many other beliefs too. Let's just make one thing clear: egos are not inherently bad. Many would assert that it is part and parcel of being human and that operating without an ego of some sort is simply not possible. So we're not talking about eradicating the ego. We need leaders to look inwards and start to recognise some of the belief systems that underpin the egos they carry around with them. In fact all of us need to do just that. Only when you can start to perceive ego as your own construct can you begin to operate beyond it, rather than hanging on to it as if your life depends on it. Business via Forbes - Entrepreneurs https://ift.tt/dTEDZf December 14, 2018 at 12:33AM |
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