34 Burst results for "business editor"

Pubs, Hairdressers Set to Reopen as UK Eases Virus Lockdown

BBC World Service

00:50 sec | 2 d ago

Pubs, Hairdressers Set to Reopen as UK Eases Virus Lockdown

"England is lifting many off its coronavirus restrictions after months off lockdown. The Prime Minister Boris Johnson, described the move as a major step towards normality, but urged everyone to behave responsibly. Is our business editor Salmon Jack. Shoppers, Jim fans, domestic holidaymakers, outdoor drinks and diners, plus those in need of a haircut will share the government's hated today is an irreversible step towards old and cherished freedoms. Say, Well, the business owners who will be welcoming them back, But this significant easing of restrictions is also an important test. Will customers want will be able to return and sufficient numbers for firms to break even? And if they don't What will it take to make the economy work again? Only two in five. Hospitality venues have any outdoor space on the rules on future indoor opening are still unclear.

Prime Minister Boris Johnson Salmon Jack England JIM
Ship Stuck in Suez Canal Threatens More Supply-Chain Disruptions

WSJ What's News

02:01 min | 2 weeks ago

Ship Stuck in Suez Canal Threatens More Supply-Chain Disruptions

"There's a massive traffic jam in the suez canal. A giant container ship got stuck in one of the world's busiest trading routes tuesday blocking the canal and leaving dozens of ships. waiting experts. Say even if the stuck ship is dislodged quickly the ripple effects of the logjam could last for days. Blockage comes at a challenging time with global supply. Chains already stretched joining me now. With the latest on efforts to dislodge the vessel and the economic impacts is wall street journal business editor for europe. Chip cummins chip. Thanks for being here prior marie so up on what's been happening. What do we know about how this ship got stuck. Where are we right now. We're not exactly sure how it got stuck. There's reports of strong gusty winds which sometimes happens in the canal. It's highly unusual to have winds so strong that you would essentially push the ship out of the channel and onto the beach and once that happens it can easily jack knife. That's exactly what's happened so that you have the bow in one end of the canal and the stern and the other which means no other ships can go in and out of that canal for the time being. And what's the current estimate as to when they can on ground. The ship late today as the sun set in cairo they were able to partially refloat the vessel so essentially. What they're doing is digging it out from the bank upon which it stuck and then it will float on the water again once. There's water underneath the whole so. They've partially done that. They're going to have to finish that job tomorrow and that could take you know hours. Maybe another day. We're not exactly sure. Tell us what the impact has been so far on traffic since the ship has been stuck. Traffic has had to grind to a halt. It's a narrow channel. The ships that were already in the canal are pretty much halted not making way ships. That hadn't entered the canal will be hiding in front of the

Suez Canal Jack Knife Wall Street Journal Marie Europe Cairo
"business editor" Discussed on Discover Lafayette

Discover Lafayette

01:48 min | 3 months ago

"business editor" Discussed on Discover Lafayette

"This is john swerved and you're listening to discover laughing at a podcast dedicated to the people and rich culture of lafayette the gateway to south louisiana. I'd like to thank our sponsors. Who make our podcast possible. We take our podcast with ongoing support of raider and jason sikora sound engineer. Reiter is a hands on. It service provider that integrates. All of your needs for advanced technical support. Effective communication options in cybersecurity. writers motto. Is you just wanted to work. We understand please visit reiter solutions dot com for more information iberia bank and first horizon. Who are now one bank to relationship driven banks. Both in the industry have officially joined forces. The combination of iberia bank and first horizon creates a leading financial services company dedicated to enriching the lives of their clients associates in their communities. I'd also like to thank lafayette general health. Who has joined the national.

MacKenzie Scott gives Chicago-based Easterseals its biggest-ever donation

Chicago Tonight

01:06 min | 4 months ago

MacKenzie Scott gives Chicago-based Easterseals its biggest-ever donation

"Here to go behind the headlines as crain's chicago business editor and wire and great to see you as always so. Let's start with chicago based nonprofit easter seals which serves people who have disabilities. They're getting a massive donation from a pretty big name who has been given out a lot of money lately. Tell us about that. Well mackenzie scott. As you mentioned peres. Is the ex wife of amazon billionaire. Jeff bezos and she has been using the wealth that she generated through her divorce from him to become truly one of the most important philanthropists of our day. We just learned that she's given easter seals. One hundred sixty two million dollars to spread out over twenty two of easter seals. Us affiliates including its national headquarters. Which does happen to be here in chicago That easter seals gift is part of an overall four billion dollar gift. That scott has just made in the past few weeks to be split between nearly four hundred organizations a another recipient with local routes Is united way of metro chicago which we reported last week is getting twenty five million dollars from

Chicago Mackenzie Scott Crain Jeff Bezos Amazon Scott United States
Airbnb files to go public, turned a profit last quarter

Axios Today

01:18 min | 5 months ago

Airbnb files to go public, turned a profit last quarter

"Airbnb is likely to make the paperwork for an initial public offering public this afternoon. And that makes it set to be one of the biggest filings of the year. Reuters estimates the company could be worth as much as thirty billion dollars in his host of the exorcist. Recap podcast he's also a business editor at axios. And he's here with the scoop. Good morning. Good morning if you were not paying attention to the market or you don't know anything about ipo's what is to you the most interesting thing about airbnb and what we're going to see this week with it. The most interesting thing about airbnb is that it has survived this. It seems the pandemic better than have the company's trying to disrupt namely the hotel companies. Airbnb problems this year had layoffs this. Ipo is coming much later than the company had hoped. But compared to hotels airbnb seems to be thriving so when we think about sort of this gig economy door dashes also supposed to go public later. This year. I wonder what you think these two. Ipo's will tell us about the role. These types of companies will play in the tech economy of the future. These were both questionable business models as far as silicon valley and particularly wall street were concerned and the fact that they took the punch and seem to have got off the mat and started punching back. I think it's going to be something wall. Street's gonna take a real hard look at in view very positively.

Airbnb Reuters
Britain Introduces a Scaled-Back Wage Support Plan

The Leader

04:01 min | 7 months ago

Britain Introduces a Scaled-Back Wage Support Plan

"The job support scheme explained. I'm announcing today, the new jobs support scheme. Almost as soon as the fairly scheme was announced, Reshi sooner was being asked what comes next as that job saving program comes to it's inevitable end the chancellor was on his feet in the Commons to reveal it replacement. The government will directly support the wages of people in work giving businesses who faced depressed on the option of keeping employees in a job on two hours rather than making them redundant. It will allow millions of people to effectively go part time working a minimum of one third of their normal hours. But keep around four fifths of their regular wage employers will pay for the our staff do work, and then they'll split the bill for some of the lost time with the government paying a third each it starts on November fast more cost three, hundred, million pounds a month editorial column though Physics Chancellor will have to dig even deeper into the Treasury's pockets soon. Our prediction is today announcements might not be enough and there will be more to come. As jobs go and the economy finds itself in Cold Storage Richie soon will be under pressure to repeat the magic tricks he produced in the spring which carried the economy through to the start of the recovery. The trouble with magic tricks is that they unless impressive the second time the chancellor also has less to play with the furlough scheme was ferociously expensive it cannot be afforded again ministers hope that by the spring testing really will be working infections falling and vaccine beginning to offer some hope but that could be more than six months away. Consumer Business Editor Jonathan Prynne was watching wishy soon accent Aspen Jonathan Time Slow told the Commons ECON save every job and he can't save every company but he does appear to put more money into this than a lot of people were expecting I. Think it's a package of measures that will be generally welcomed and the feedback initial feedback on on getting from the business community is the pretty pleased with what got compared with what they were facing over the coming winter particularly the cliff edge at the end of October when the original color scheme was to. The new scheme which tops up wages of employees who think about to work should help save a good number of job losses. We don't know yet how it's going to pan out, but certainly, companies will feel a little bit more comfortable about surviving the coming wind. So the night did this yesterday the massive all this is quite complicated there a Jonathan, you've got companies paying some money and then the government pays money and then a company will pay some more money. The employee doesn't get quite as much money as they used to get. A lot of people are going to be wondering how much earning now. Yes it is complicated but I think I think companies are getting use complicated schemes now after the the opposite rash of Schemes Feller Scheme was quite complicated the various loan scheme of were quite complex as well. companies got debt. So seeing through the bureaucracy that unwelcomed of Europe see but they do welcome the fact that the government will pay them effectively to to keep on staff and I got to be a good thing because I think mass unemployment is the reigning big specter the haunts everyone at the my with the economy is just about creeping on the talk of the shape has gone but. I. Think if if we were looking at huge amounts of two, thousand, nine, hundred, eighty style unemployment of the winter that that could be something to change the calculation for everyone.

Chancellor Jonathan Prynne Feller Scheme Commons Richie Europe Reshi Treasury Business Editor
Are Commercial Aircraft Production Plans Still Too High?

Aviation Week's Check 6 Podcast

05:03 min | 7 months ago

Are Commercial Aircraft Production Plans Still Too High?

"There's a lot of talk these days about when the commercial aircraft industry will recover from the COVID nineteen crisis and return to normal and normal is almost universally defined as the your twenty nineteen. But, what if Airbus and Boeing were already at peak production and twenty nineteen with little room for growth over the coming decade? Scary. As that thought may be a look at the numbers suggests it's possible and that in turn raises questions about whether the two airframes have reduced production enough to whether the OVID. Nineteen. Storm. Joining me from Frankfurt to make sense of all this is Jens to aviation weeks executive editor for Commercial Aviation and here with me in Washington is Michael. Bruno Aviation Week, senior business editor who closely watching production rates and the aviation supply chain. Jens. Let's start with you. You wrote column in the August thirty first edition of Aviation Week and space technology that I don't think Airbus or Boeing are going to be too happy about would you say? Probably not well, what I did is I looked at a Abbas global market forecast, which is the forecast for the next twenty years, and by the way, the Boeing fingers are pretty similar. So but for practical purposes, let's just stick with the the Abbas version. and. Looked at production racing compared to to figures. So the to the. Market forecast Abbas puts out is for thirty nine, thousand Costa over the next twenty years. Divide that by twenty, you come up with an average annual production. Off Nine, thousand, nine, hundred, and seventeen aircraft to seventy aircraft to be precise. That's across the entire industry. So that's Abbas Boeing all the other manufacturers. Now I compared this with the. Actual production. Rates. For Two thousand, nine, nineteen, and the plans. For a front nineteen on the buying side because remember Max wasn't delivered. So there's a big difference between what they planted what they actually did. So the plans for Amazon Boeing were. Already over eighteen hundred at Croft. For Twenty nineteen so they were very very close to the. Longtime over two decades. Average rate that Abbas claims is the size of the overall mark. In this case, we ignore all the others there's going to be aircraft delivered by Komax, there's going to be. Did it by a C. by Embraer who knows maybe someone someone else will come in that we don't know yet on the electric hybrid hybrid electric front, maybe some some new comer there's also. No more room for for growth by both Abbas and and. If you remember. Absent. TIKOLO was pushing it suppliers very, very hot higher. They were talking about rights beyond seventy not an I wasn't in any twenty thirties seventy aircraft for Mancha I should say and I wasn't an in the twenty thirties that was in the next few years. So my point is. They were already producing too many aircraft before covert. Based on their own assessment of the market. And now with covert, of course, it's a whole different story. and. My conclusion is that. They haven't made deep enough cuts so far and more will follow. You and you're right when we started twenty nineteen everyone was talking about how fast can the supply chain ramp up How quickly can Airbus and Boeing increase production? I? Guess what you're saying is everybody was wrong. Yeah everything the the the industry went too far. In its. Appetite for growth and its vision for you. Look back we were coming out of the industry was coming out of the global financial crisis in eight eight or nine, which was a big crisis at that standards back. Then by the Senate's back then and then we have had this decade of unprecedented growth. We were industry got used to growth rates, well in excess of global GDP, of course, that's used that. Twice of global GDP, I should say. which is typically the level of growth that's aviation has seen over the past decades. Looking back is clear to me that. This could not be sustained for that much longer. Now the crisis we were seeing now is you know probably more dramatic than anyone could have expected but. On the other hand. That's gross could not have continued. At the same pace was clear.

Boeing Abbas Airbus Abbas Boeing Aviation Week Jens Commercial Aviation Komax Embraer Senate Business Editor Frankfurt Executive Editor MAX Tikolo Amazon
Bytes and Pieces: Americas Chinese-Tech Attack

The Economist: The Intelligence

08:26 min | 8 months ago

Bytes and Pieces: Americas Chinese-Tech Attack

"As the heads of Amazon Alphabet facebook and apple were being berated in Congress, last month how many competitors did facebook ended up copying we called it Amazon heroin. Why does bny steel content from honest businesses tiktok the goofy funny video sharing app was having an altogether better time of it. Golden. Do. Not, so much anymore we're looking at Tiktok we may be banning TIKTOK. Thursday the trump. Issued a deadline of September twentieth for ending all American transactions bite dense to talks parent company as well as with. China's second most valuable, Tech Company ten cent with Para companies based in China apps like Tiktok we chat and others are significant threats to personal data of American citizens not to mention tools for CCP content censorship. China's government called the executive orders a nakedly hegemonic? act. By dense is looking for a fire sale buyer for some of its international Tiktok operations and it seems Microsoft is checking pockets. But the administration's zeal is likely to harm America's interests as well as the Chinese tech champions. We knew a band was in the offing at is still everyone by surprise Thompson booth is the economists technology and business editor I. Think most people were expecting president trump to wait until a a TIKTOK deal had gone through to reach a resolution on whether there would be a ban on not and it's also quite surprised that he's gone after we chat and tencent. And the reaction from the two companies has been quite strong. Bite dance has said that it's GonNa fight the executive orders in court. Well, as you say, there had been some expectations around Tiktok by dense. Why? Why was ten cents included in the end? Well there isn't a certain unfortunate logic to this. If you're going to say that you're concerned about Tiktok on national security and espionage grounds, you sort of have to be consistent and we chat has about nine hundred, million daily users in the US and the executive order basically bans people from making transactions on we chat which it's a sort of super APP. That is really widely used in in China and Chinese diaspora what is the trump administration's rationale for these orders? Do you think so the stated reason from the administration is the Chinese government is spying on Americans and hear the evidence is Circumstantial. So the worry is that Chinese spy agencies have stolen massive consumer data sets from various companies over the past ten years. So from Mariot Equifax anthem health insurance TIKTOK has been downloaded two billion times. It's the mother of data sets. There is no hard evidence that bite dance would ever cooperate in such an endeavor but the idea is that if you've got engineers with access to Tiktok by Don, service than the government could lean on them to get the information out. So that's the stated reason from the trump administration. Think that's enough for the American government to threaten to ban the APP. I gather from investors case to buy dance at the real reason is a level playing field issue as much as the spying concern. So one gathered that in particular. Mark, Zuckerberg of facebook has been outlining pointing out to trump that take talk is wildly successful in the US and yet facebook google than allowed into China. It's sort of the idea of why should tech top able to come to compete with us when we can't do so in the other direction? And as things stand now, Microsoft is the evidence suitor for for Tiktok operations at least in a in a few countries what's in it for them? I think for Microsoft is really stunning opportunity on their part. So bite dance reckons that the TIKTOK US asset is worth in the realm of two hundred billion dollars oversee the pudding, very generous estimate on that. So the price being talked about now that Microsoft might pay and that it's on the block for more life fifteen, forty billion. So it's just a real steel in terms of the price. I'm talking to the hottest social media property out there right now it's uses incredibly highly engaged and Microsoft you out of stroke gets into territory of the social, the digital media giants, and it gets a massive data set on teenagers daters the new oil. Attack, there is lots of sketches in the Microsoft just is kind of getting out of its core competence that it won't really know how to get and keep the teenagers. The other risk for Microsoft is just kind getting dragged into the Mile Strom of content moderation and hate speech and all this kind of stuff that attracts more political scrutiny and then regulatory scrutiny having said that Microsoft is regarded as a really high quality acquirer of businesses it generally tends to do it quite well. Microsoft. CEO Sachin Adela notably is currently probably regarded as the best big taxi. Oh so now we've got this deadline of September twentieth what happens between now and then Firstly, Microsoft going to carry on negotiating to try and buy Tiktok we're seeing more suitors for Tiktok on the scene over the weekend the reports that twitter is definitely interested I know that Netflix's on the coolest the venture capital backers of Bite Don's possibly even Disney I do think the likeliest thing is still the Microsoft probably strikes a deal just because it's got the deepest pockets will also be really interesting to see whether Microsoft manages to get more markets at. The moment, it's only going for the US, Canada, New Zealand and Australia. It's not buying the UK having the actual executive order from trump will create more uncertainty around Tiktok and there's no doubt that it is already harming the asset. It's no joke said, the clock really is taking on that deal and what about ten cents? It's unclear. What ten cents is going to do it's unlikely to try and sell international we chat as by dance is doing with Tiktok. It's possible that it could come up with some kind of structure to address. US concerns. It's a complete unknown how tencent now is going to react but I guess the question is, is the right way for America to get its concerns addressed with a problem with. It so far as that feels completely sort of ad hoc on his whim. Really undermines investor confidence in the US is the place of the rule of law. And there are alternatives and I think there's three main steps that we would advocate versus to strengthen the vetting procedure that's already in place. So the Committee on foreign investment in the US surface that probes should stop properly and quickly. So in the case of Tiktok and musically the US APP that bike dance bought therefore triggering this whole situation, they took two years to start looking at it and then did it in a rush which guarantees Robert chaotic ad, hoc situation. And overwhelmingly, the US needs to tighten up its own data privacy regime. So the reason that tiktok is such. A worry in terms of spying theoretically is that US firms, your facebook's Google's and so on her normalized that the slurping just masses of personal data from Americans. So what's required is a strong federal data privacy law. The third element is displayed to you can do in. Terms of requiring transparency into the Algorithms being used auditing code that's coming in from overseas for now, the question for those two billion or so people who've downloaded tiktok whether their favourite platforms going to survive or whether the current chaotic procedure that has affected, the company will mean it. It's rivals take it over and teens leave. Thanks very much for your time Tamsin it's been a pleasure.

Tiktok United States Microsoft Facebook Executive China Tencent America American Government Google Chinese Government Heroin Amazon Congress Apple Ceo Sachin Adela Mariot Equifax Tamsin
What happens when the global economy gets sick?

The Big Story

11:10 min | 1 year ago

What happens when the global economy gets sick?

"I won't pretend that I pay much attention to the stock market. Let's just say I don't have much reason to do so. Occasionally though it is unavoidable now with all the reaction to the corona virus world markets have tumbled phased suffering. Its biggest drop. Since the nineteen eighty seven crash Wall Street plunged the most is the financial crisis the losses so steep on both sides of the border at it actually triggered a trading halt for the Fed and other central bankers drop in oil prices is adding another complication as they try to gauge. How the corona virus will impact the global economy the fascinating thing about the reaction of markets around the world to Cova Nineteen. It's not really about dollars and cents. Yes a lot of billionaires lost millions and millions more are are. Sp's have taken ahead but watching what's happening here even if you have no money in the markets is a glimpse to how we all value risk. So what have we seen in the past few days and weeks? It's different from financial shudders like the crisis of two thousand eight. Where could the markets go from here? How far could they sing? And what will the world's governments do to prevent that and what happens beyond dollars gained or lost as a result of all this weather or not. Stock prices surged again. When this is over what happens in other words when global economy comes down with flu like symptoms. I'm Jordan Heath Rawlings. This is the big story. Mike Apple is these senior business editor at six eighty news. He's been busy the last few. Hello Mike How are you? I'm doing well. Why don't you quickly outline? I keep in mind that we are talking in the middle of the day so stocks may do any thing quickly outline. What have we seen in the past couple of days with stock markets and oil prices? You have to go back actually three weeks because up until about the mid part of February the markets were on fire. Everybody was buying everything you could not lose money It was the greatest momentum rally not necessarily based on fundamentals which turned out to be a bit of a problem but Tesla was at a record SPACEX and Virgin Galactic Apple Microsoft all these big companies record highs and krona virus was starting at March so to speak in China. That's peculiar. Why isn't the market more worried about this well? Then as it started to spread people include in and airlines were. I think the first trigger where they started air. Canada cut flights to China. So there was this wakeup call that this was going to have an economic impact and that started the selloff for stocks and over the course of the past three weeks we have seen the biggest point declines and subsequent point gains on the benchmarks in history like there have been massive swings one day huge selling next a big buyback and we are coming off now the subsequent largest slump ever on a points basis. I WanNa make that designation for the Tsa X. Endow because when we look at it on a percentage basis. It's big but not October. Nineteen eighty seven big where the Dow Single Day drop twenty two percent. It's massive. We're talking trillions of dollars of market value. I don't want underestimated but again I wanNA put it into some context. The TSA was down over ten percent. Second biggest ever point percentage decline. Explain what's driving this. You touched on airlines. Yes okay. So that was the that was the first economic shock that the tourism industry was was seeing a major revaluation. People weren't traveling companies. Their supply chains were being shut down in China ripple effect elsewhere than into Italy in Europe and Potentially into North America. So that was the first wave of selling and then what happened? Was the reaction from the market for what? The Saudi Arabian government announced on the weekend. Last week they wanted to cut production to stabilize the oil market which had seen a bit of a downturn so they were holding meetings OPEC cartel and Russia. There's sort of a new player in the global market newish and they wanted to cut production well. Russia had been playing ball the better part of a couple of years but then for some reason they walked away from the table on Friday. They said we. We're really not thinking about cutting production. Now we think we can withstand lower prices. Have at it as you will. This incense the Saudis who say okay. Fine. We're going to raise output in an already oversupplied market to record levels. We're going to crush the low hanging fruit. Any company that produces at say forty or fifty dollars a barrel every barrel they produce is going to lose money but the Saudis can produce it around twelve to fifteen and we're still around thirty and change and the Russians are close but that was the second hit so to speak. Do we know if those two are connected the the sort of oil price wars and the corona virus? It is because the first reason oil dropped was because China basically came to a standstill China's one of the largest buyers of oil prices dropped dramatically. And then this next thing developed at the worst possible time for the market really. It's like really you got to do this now anyway They don't seem to care because this morning again. They said starting next month. Twelve million barrels Russia said okay. We'll match that or very close to it. You've got Canada in the mix the US already at record levels. Suir a globe that is going to be a washing oil which just kind of sounds gross by at least a lower prices lower prices at the gas gas stations. Great for consumers horrible for the industry. Guess what Albert is going to get hit again. Yeah how efficiently can Alberta Produce oil? And and what do they need? Oil PRICES TO BE AT in order to not crush their economy. More than it already. Is this Most recently the tech resources project that was mothballed by tech a few weeks back had a break even price. I think it was north of fifty dollars per barrel okay so significantly higher than than where we are now the established producers son core and the others. They're at a lower price point because they're already moving commodities around and this is why we're talking about you know the oil market being a barometer of the global economy and then you've got the travel and tourism industry in the mix and why the markets have done what they've done they they've re priced risk They've lowered earnings expectations. Apple has already said that its sales in China dropped substantially in February. They're gonNA drop again in March. Their supply chain has been hit again. Apple's got deep pockets. They don't have to worry. Long-term THEY'RE GONNA come out of this. But is the company worth a trillion dollars anymore. Right it's all a repricing and the pendulum that we see moves incredibly fast because everything and and it was funny to to to hear commentators about how quickly markets dropped and then recuperated in previous crises whether it was eighty seven or the DOT COM bubble. Or whatever over there was SARS or murders or any of these other things the Russian ruble crisis it. All of these would take months if not years now. We're talking about weeks and that's that's what shocks and scares people. Because it's like what do you do it? So let's just talk about people like myself and probably like many people listening who don't have tens of thousands of dollars sitting in stocks and aren't you know directly impacted the second. This happens when you look at a ticker in your money's dripping away. What does the crash of the market mean for someone like me? It's psychological more than anything else. Because you're not you're not selling you're not buying necessarily not cashing in for X. number of years on your RSP. So I mean time is your friend and all of the old market adages but you see that and you say wow. Do I want to go and buy anything big today? Do I WANNA spend money? You know when you're when you are in a good mood you're more willing to be happy consumer and when you're not and you see all these negative headlines You Kinda Kinda retrench. That's the biggest problem and again from an investing standpoint. You know it is so difficult to sell it. The high and via the low people do the inverse ratio. As you're thinking who I'm missing out when things are hitting records and then when things are on sale you don't WanNa touch with ten football so now is actually time it it. It's it's not over yet. We still seeing the virus ripple through. This is going to take some time. There's no doubt about it. Bought companies that were priced. Way Up here in the stratosphere a few weeks ago discount if you like them then should love them now and that's the hard thing to get past. How much risk has the priced in already? You know we've Seen Corona virus spreading in North America particularly So far at least in the United States is a larger spread of that already priced into these drops or could it get even worse as it expands it it. It could get worse but we are already looking at the forecasters saying okay. We are expecting that. The economy will slow dramatically. Hopefully it doesn't but it is likely going and they are already saying that interest rates which were cut last week going to fall that much further over the next two months you know the bond market which is another one of these barometers of risk and worry and flipside euphoria We have seen bond yields dropped to all time record lows lower than what we saw during the financial crisis when banks were going out of business which is just to me remarkable now as it was explained to me the reason they're lower than where they were then because they never got back up to where they were previously so you're starting at a lower point and then dropping from that so it okay that kind of makes sense but you know we could see zero percent interest rates in North America. This was something we were looking at in when Greece was defaulting. Right right and people were going. How does that work? You're getting zero percent. Yeah because you're buying that bond or whatever it is because you think that the stock market or any other asset classes going to drop further than just keeping it at something get zero percent and again that that adds to the concern in the caution right. How much of a role does politics play here? I mean there's a tremendous amount of discussion in the United States about the role. The economy will play in an election year. And I'm wondering how individual governments and especially Let's say prominent world leaders How their response to the crisis might drive the markets and impact. Well again. You're talking about a health. Risk as opposed to a financial risk more than anything. Oh Eight Oh. Nine was banking industry crisis.

China Russia United States North America TSA Canada Mike Apple Apple FED Cova
Reset at Boeing

Aviation Week's Check 6 Podcast

05:06 min | 1 year ago

Reset at Boeing

"Hello and welcome to this week's check six podcast. I'm Joanne. SOMO aviation weeks editor editor in chief. And this week we're talking. About all things Boeing joining us from. Washington is aviation week senior business editor. Michael Bruno who's here to talk about Boeings dismal earnings report and its first annual loss since nineteen ninety-seven due to the Max crisis and joining us from Los Angeles is senior. Your Guy Norris. Who's going to talk about Boeing's anime pullback and what its next move might be guy also has some good news to discuss? The first flight of Boeing triple all seven X so Michael. Let's talk with you. That earnings report yesterday was pretty ugly. It was in fact. It was the ugliest in a generation if a few assume a generation is about a twenty year long span People really hadn't seen this much reading from Boeing since one thousand nine hundred ninety seven and as you said in the setup this was the first annual loss that Boeing has reported since the time that President Clinton was in office and so people knew it was going to be bad. Nobody quite knew how bad. And we might get into this a little bit. But just some figures to to throw out to to show where Boeing actually came in at the end of twenty nine thousand nine hundred They reported a net loss of six hundred and thirty six million dollars dollars compared to earnings of ten billion dollars last year which were a record in and of themselves for the hundred three year old company company and then on the revenue side Boeing reported about seventy six billion dollars in revenue. which you might think is kind of amazing that all things is considered with the Max ebay companies still raked in seventy six billion dollars and that is kind of amazing but they were supposed to rake can about one hundred and ten billion that was their original forecast for last year? And it's certainly also below the one point something being billion that. They raked in the year before in regards to revenue. So there's no good way to look at it but analysts weren't surprised as I said Said but there were a couple of other things that they were surprised and we can get into that when we talk more about the Max okay and one of the things that also came out. Michael is that the potential attentional cost of the maximum. Boeing is up to eighteen billion dollars more than eighteen billion dollars so one of the big things everybody nobody was watching for yesterday during the teleconference with new CEO. Dave Calhoun was to figure out. Exactly how much more Boeing in was going to have to set aside to pay for the Max in many different ways and what I mean by that. Is We already know that Boeing up. Until until yesterday Boeing had set aside five point six billion dollars last year as part of a kitty of money a little treasury three of money that they had set aside that they said that's what it's going to be worth to compensate airlines and lessors and all of the customers of the Max so that was five point six billion originally. Yesterday they added two point six billion more to that at the same time as everybody might remember the way that at Boeing accounts for the seven three seven is through what's called in accounting block basis. This isn't a year in year out. Money spent money made kind kind of accounting. It's looking at the total development of the seven three seven through a large swath of aircraft. And in this case it's over a roughly three thousand one hundred aircraft accounting block and originally up until yesterday Boeing had said that they were going to add three point six billion dollars dollars in cost to that accounting basis. Well then yesterday morning they added another two point six billion and so already there. You know you've got five point. A two billion being added but wait there's more Boeing introduced a new charge that they said we'll be incurred starting starting this year and it could be worth up to about four billion dollars or at least four billion dollars initially. And that's what it's GONNA cost to pay for the Max halt the production halt. That's going on as well as any support to suppliers and any other costs that are incurred from the fact that production action. I got ramp down to forty two last year. Now has been halted altogether in January. So you put that all together and it comes out to at least eighteen billion dollars and that stuck out to me for one. Big reason which is eighteen billion dollars is probably on the high end of what people had thought might might have been the cost of developing the enemy. The new mid-size aircraft Boeing went ahead and spent that money. But they don't have a new aircraft. They're trying they get the Max back in the air.

Boeing Michael Bruno Somo MAX Dave Calhoun Editor Editor In Chief Business Editor President Clinton Los Angeles Washington Boeings CEO Ebay
"business editor" Discussed on Discover Lafayette

Discover Lafayette

02:17 min | 1 year ago

"business editor" Discussed on Discover Lafayette

"This is John Swift and you're listening to discover Lafayette a podcast dedicated to the people and rich culture of Lafayette the gateway to South Louisiana. We tape in the offices of Raider which offers a complete fleet of it solutions for businesses of all sizes raiders motto. Is You just wanted to work. We understand if you're wondering if greater can help your business please visit reiter solutions. Sion's DOT com. I'd also like to thank Berea Bank for its support founded in eighteen eighty seven Iberia. Bank is the largest bank based in Louisiana and is headquartered quartered in Lafayette with three hundred twenty five combined locations throughout the south. They offer the resources of a national bank. With the personal touch of a community bank please visit Kabiri Bank Dot Com for more information and lastly thank you for the support of Lafayette General Health as Katyushas largest nonprofit community on regional health system. Lafayette General Health is committed to restoring maintaining and improving health in the communities it serves for more information visit. Lafayette General Dot Dot Com our guest. Today is Adam. diggle who has served as business editor of the ACADIAN advocate. Since August twenty eighteen Adam previously worked worked for the Tulsa World in Oklahoma for twelve years. He's a native of Gonzales. Louisiana and a graduate of Southeastern Journalism Adams served as sports editor and later executive editor of the lion's roar southeastern student newspaper adamant his wife. Shelly have four children and their members of asbury methodist this church in Lafayette. I want to express my deep appreciation for Adam and the advocate for the ongoing support. They have given discover Lafayette and the weekly articles articles. Atem publishes which highlights each of our guests we look forward to the second annual Acadian. Ah Economic Summit to take place on January Fifteenth Twenty Twenty where were the advocate will welcome local business leaders who will forecast a katy on his business climate and what is in store for us. Adam joins us today to look back over Twenty nineteen and share business highlights and news of Interest Adam. Welcome to discover Lafayette..

Boeing On The Hot Seat

Aviation Week's Check 6 Podcast

07:50 min | 1 year ago

Boeing On The Hot Seat

"OPEAN Aviation Safety Agency Patrick key has a big say and when the Max is certified and our business editor Michael Bruno will round out today's discussion with his views on where Boeing just another case of congressional grandstanding yes so there was certainly I was chairman Peter defazio surprised us by sharing slides featuring documents including communications our emails and text messages problems with the Max and with the flight control system acid from twenty fifteen from a senior engineer developing the a seven thirty seven Max accident sequence another in which a general manager retired general manager he expressed his view that workers Michael Mistakes and he went as far as to say in the letter to Muhlenberg to step foot on a Boeing Max aircraft and this is a guy who had worked for the company Burke. Yeah I think what Ben's pointing out we're probably the two biggest revelations kind of what not what Boeing knew and when but what Boeing had been but also in public relations about what Boeing had been telling people once the what Boeing said it was is now out there and perhaps it gets over to Europe yen's what it what did Patrick key confirm that won't be far behind the FAA and and on Adair aren't any last minute problems that we don't know of and that open items one of the one of being how cockpit they're not there yet had suggested the introduction of third there is still a not yet agreement on the training requirements issue even for your lines which have typically smaller and we have to agree on this as far as I understood him that understanding return to service in the US and it could be many months after that before returns the service in Europe he decides in January that the maximum can return each country each member-state lifting the flight bands and a question that needs to be resolved so there is a lot of training this is some some member states have told him already so there will already be some exceptions that will delay that about what it means for the certification of future aircraft worldwide. Yeah I mean that's the that's a really really important

Boeing Peter Defazio Michael Bruno General Manager Europe Michael Mistakes Adair Senior Engineer FAA Business Editor Muhlenberg Chairman Patrick United States Burke BEN
Can Aerospace Shrug Off Trade Wars and the MAX?

Aviation Week's Check 6 Podcast

15:10 min | 1 year ago

Can Aerospace Shrug Off Trade Wars and the MAX?

"The boeing seven three seven max fiasco has dominated headlines as aircraft grounding has affected airlines and production slowdown repsonses supply chain president trump continues to escalate a trade war with china putting u._s. Aerospace exports particularly civil aircraft at potential risk the u._s. government's budget deficit has hit a trillion dollars this year and there are words about a global economic slowdown and yet the aerospace and defense industries so far it has remained surprisingly resilient hitter discuss that are michael bruno aviation week senior business editor and in the moscow our executive editor for defense and space ace michael. Let's start with you because you just wrote an article at painted a radi bullish outlook for the centers for you want to explain yeah <hes> joe and jen good to talk about this. It's it's a very interesting picture to me. Because it seems counter intuitive. There were all of these issues that are iraqi pie in our daily brains the ones you've listed joe everything from the max to trade wars and if you just kind of did a sentiment poll you'd think everyone everyone was thinking the end of the world was near but i read about two analyst reports <hes> over the past several weeks and the analyst reports aren't just this their own musings. They're based on their own interviews with ceos and others from across the industry and it's pretty unanimous. Everybody's still expects growth for this year and next year and his mind boggling that is they've got some really good reason to buy jenn. It's it's hard to argue that the trump administration has not been good for defense spending. What's the environment like now. There's been a budget agreement that takes us to the election in two thousand twenty or are we out of the woods all-clear well. We're better than we might have been a few months ago but we're. I don't think we're out of the woods yet. The there's still a poisonous atmosphere. That's very pervasive in washington. What we have right now is an agreement over the the amount of money that the federal government can spend in twenty twenty an in twenty twenty one. That's a big milestone because it gets us past. Ask the twenty eleven budget control act caps it kind of somewhat settles that issue but still we don't have have any appropriations bills that have been passed yet into law so until that happens. There's always the dark potential attention cloud of a government shutdown of a continuing resolution of more fights to come but in the meantime time until any of those doomsday scenarios actually emerged defense is one of the leading reasons why people are expecting growth for not just this year it next year the budget agreement what it's done is it's provided certainty in what the business sector wants more than anything else is certainty the direction of where business going then they can plan and they can make their investments and changes and cuts or whatever they need to do in order to keep rewarding shareholders percents fake holders and the budget agreement provides the certainty not just for two years. It's a two year budget agreement yes but federal outlays which is the money that actually <unk> gets written by the treasury department that goes to contractors and other people federal outlays tend to lag budget authority by in two years so if you've got a budget agreement that sees you through fiscal twenty twenty one that means you pretty much with the federal outlays are going to be going all the way through twenty twenty three four years from now and i mean you think we're going to have a presidential election. You very well could have a u._s. Recession as well as a world recession recession between now and then and yet the defense sector has got really good clarity into what looks like italy's a modicum of growth over the next two to four years pointing out lawmakers have have agreed on how much money to spend basically. They said we'll just borrow it. All grandkids is pay for it someday but they haven't agreed exactly how to spend it right. I mean the president's already shifted some money from defense to pay for the wall aw that he wants to build a mexico so are are the do you see any potential fights brewing or even none of the government shutdown over how to spend all this money yes i do. That's the short answer. I need. You mentioned the border wall. There is an lingering disagreement with with the trump administration's tactics and making that happen <hes> their their propensity to what is called called reprogram money or transferred between accounts without consulting with congress. Were asking for congress after they've decided to do something lawmakers. I really don't like that so at the same time there's pressure for politicians to come to an agreement because we are getting into an election year so so there is some pressure for them to make a deal to make this so it can go either way and then looking to next year a lot does depend on the <music> outcome of the election and that is really a wild card we don't know but the presidency may be in play the control of the senate and house a lot of that will determine the future puts and takes underneath that top line which programs get funded in which don't although you know within the defense budget you can pretty much say that there will be support for certain areas like hypersonic hypersonic missile defense those kinds of programs. I'd say probably have a strong cancer getting funded regardless of the changing political winds. There's one big dad. Jensen jen and i are both a former congressional reporter recovering congressional reporters and there's an old saying tale about how nothing's agreed to until everything it is agreed to so whether it's a wall or some other unrelated topic something could emerge that pops up and holds up defense in at the end and everybody in washington knows that's a reality. It's a fact of life that won't change. Speaking of something. Emerging blew the commercial side the industry large large jets commercial jets has not seen a downturn since two thousand three. It's even led some people to predict. The industry is now recession proof <hes> what what could come out of the blue that could sort of handicap commercial aerospace or even send a new downturn. Oh wow well. How much time do we have on his podcast. Because the you know the the mind wanders with possibilities and the thing about you know we could list several roll things and one of them is the trade war goes south overnight between china and the u._s. I think that's on the top list arrive on most people's tops of their lists and the reason is is because the chinese market represents about a quarter of the commercial aircraft craft backlog at the two major o._e._m. Owing an airbus and if suddenly that is used as a weapon in an economic war that you don't just replace a quarter in fact there's no one else you gotta start finding martians or somebody on another planet. Who's going to buy some of these aircraft because there's nobody else in the world. Who's who's going to step in and buy the equivalent of what china is expected to buy and so that's a big one. You've got other things however there used to me this rule before we got into this endless cycle that you referred to you know this greatest expansion since two thousand three the old rule in commercial aircraft or craft used to be g._d._p. Was a precursor to air traffic to air passenger traffic volume and when g._d._p. He's fell around the world. You would see within about six to eighteen months lag in air passenger traffic and air passenger traffic is what what would drive orders and so there was a natural succession and if one started falling it was just a matter of time until the next point. A lot of people say things are different now. Look for for all kinds of reasons. They look at other indicators beyond just national g._d._p. Around the world but we haven't tested this yet <hes> <hes> it remains to be seen whether we get another recession whether smaller great whether that's actually true and then there's all kinds of small things that could pop up you could see a major cyber security flaw emerge overnight that could perhaps down the supply chain. Maybe not take it down and whole all but if everybody's getting more and more digital in their operations and suddenly you find there's a flaw. You're not just going to develop new plants overnight and bring in thousands of workers who are going to make things the old fashioned way without computers. That just isn't going to happen so i mean there's all kinds of scenarios that could doom things but i'd say at at the end of the day people are worried about china yeah yeah when you talk about things coming out of the blue i mean the the max grounding certainly came on the bill what he saw that the the only thing that's limited is not that many max have been delivered yet right right and had this happened in three years airlines like southwest might all of a sudden have to avid aircraft it could be disastrous for the industry also it's a max remains a hit. It remains a bit of a theory and hear me out for a moment. It's it's a bit of a theory based on an unproven assumption and what i mean by that is the max is all about meeting the growth in air passenger traffic. That's that's expected over the next several years that is based on middle classes continuing to grow well that theory about middle classes growing and continuing to use discretionary spending to buy commercial airline tickets to travel around the world has yet to be tested by. I am major recession so we are thinking that maxwell continue to go on next year and the year after that boeing and airbus are going to sell major numbers of venero bodies and even a few wi- bodies and everybody's still gonna make a lot of money in the end but this is all the first time any of this has been tested jeb. We're gonna wake you up. Stop talking a model. It's commercials what about defense and you talked about. It depends on the election but hasn't defense spending it also always been driven by the threat yes and no i mean it is driven by the threat but what we've seen really since two thousand thousand one since the nine one one terrorist attacks is is generally record high levels of defense spending so even when you had a downturn in the the obama years and they reigned in defense spending a little bit it wasn't <hes> wasn't pure downturn and so so that's been kinda turned on its head mainly because the threat level has been high regardless of where you go in the world if you're fighting terrorism in the middle east now now you know the national defense strategy is more geared toward near peer competitors like china and russia so <hes> so yes that is true but in a in an era where there are threats everywhere you have to be able to adjust the budget otherwise <hes> someday hey you deficits and debt might catch up with you as a nation okay. It is is pretty scary world out there. I mean your team writes. All the time about china's and russia's carr's efforts in hyper sonics about the vulnerability do a space pearl harbor u._s. Space assets are attacked wiped out a lot of a lot of meat certainly defense a lot of neat yeah i. I think there's one other thing and that's interesting about this gentleman. It could be worth explaining for a moment about how despite despite whatever growth the defense budget is gonna have they still clamor for more and they say they need it because they've got growth needs that petr beyond just inflationary adjustments so they need what three percent a year over inflation just to stay to maintain their operations as they are so one reason. They're always screaming as they're never getting real growth. They're only getting inflationary growth so that's right i. I still think we're on course for a reckoning. I mean if you look at the national debt. It's it's a short matter of time before. We're spending more money on interest interest on the national debt than we are in defense. If interest rates tick up. That's a huge problem. Too is in your spending a lot more so you're either going to raise taxes which congress hasn't done in years or or you've got to find the money somewhere and if you have a u._s. Recession you wound up. You wind up in almost every the u._s. Recession having the government increased benefits to the population to support them through the recession and so that's more money going out the door yet another pressure on the budget the trade war with china are they gonna help out there. You go so michael with you or the question. Things are feeling. I'm pretty good right now. But is it nineteen twenty eight for this industry rian nine hundred twenty eight where everything was roaring before the stock market collapsed in the great depression. Ah yeah you know if i can answer that question. I wouldn't be here. I'd be on wall street playing some big numbers and making even bigger numbers <hes> and that's the problem. Is you know not too fancy too much philosophy talk here but there's there's always been this this known unknown. We know that the good times can't go on forever and you know that things happen and changes come and can the question is when does it happen and nobody right. Now says they really think they see it happening in the next six to eighteen months but just about all of these same people say kind of happen so now the now the best guesses are sometime in the early twenty twenty s. You're going to see a real significant hip dip in commercial aircraft orders and you may even see a rise in the cancellation of commercial aircraft orders so that that would be the testing ground but for the next eighteen months things are looking at were end on that positive upbeat prediction hold you to it. Michael comeback fared in a few

China Michael Bruno Boeing President Trump Jensen Jen Washington Airbus Federal Government JOE Analyst Jenn Congress Donald Trump Business Editor Executive Editor Moscow
It's Been an Interesting Year for Deutsche Bank

Trump, Inc.

11:49 min | 2 years ago

It's Been an Interesting Year for Deutsche Bank

"The head of Japan Christian seven did an interview with the Houston business editor at the German newspaper did site. The two were speaking at a reception at the World Economic Forum in Davos, Switzerland. You wanted to become a journalist of all profuse Heusen, the newspaper, man, asking the banker if you were a journalist, how would you report on Deutsche Bank today? So in a nutshell what you, right? The Deutsches CEO is taken aback. He fumbles for a moment. I would say Deutsche Bank is the most significant self-help story, the financial industry. That's how the detailed editor doesn't really want to talk about self help sometimes with Dutch makes the case that just it seems to get better. There is another problem like in, in November when things really looked up and then all of a sudden stated Tony's came in search dodger Bank headquarters under the suspicion that Dutch was involved in in Monday, laundering activities. What was your first thought? In a nutshell. A few months earlier, the German police had raided the bank's Frankfurt headquarters. No. Of course at that point in time. It's it's disappointing not disappointing. You know, personally for me, but being subject to investigations and regulatory actions has become the new normal for Bank in recent years. The Bank has been fine billions of dollars for lax controls on everything from laundering Russian money to violating sanctions against Iran, Libya. And Sudan, somehow you life is tainted by pest how with the constant uncertainty that something is light pop up. You know, I think that makes live really interesting, right? I mean. That's life has become very interesting for deutchebanks. In a recent portfolio congress reveal that has been asking for detailed records of frump family business interactions with Deutsche Bank in the file in congress said straight out, it's investigating the relationship for possible money laundering, illicit financial deals fraud and foreign influence in the two thousand sixteen elections. By its own admission. Deutsche Bank has a history of serious compliance. Deficiencies when it comes to global money laundering in the very recent past. Now comes a new revelation from the New York Times deutchebanks own anti money laundering experts flagged multiple suspicious transactions, they were as recent as twenty sixteen and twenty seventeen and involved Trump's business and the one formerly run by his son in law, Jared Kushner among the transactions one, we're money had moved from Kushner companies to Russian individuals. The times wrote that deutchebanks money laundering experts were so concerned they wanted to report these transactions to the US treasury, but supervisors refused to do so. Carrie McCue, deutchebanks spokeswoman said in a statement alert dispositions by investigators undergo a higher level review by qualified staff. Transaction monitoring castle wide net and not all alerts will result in esscalation. She added we take responsibility for compliance very seriously. And that the Bank has increased our anti financial crime, staff and enhanced its controls in recent years. A spokesperson for the Trump organization emailed, the statement, this story is absolute nonsense. We have no knowledge of any flagged transactions with Deutsche Bank. In fact, we have no operating accounts with Deutsche Bank, we sent questions to the Kushner companies, the White House Trump's private banker and lawyers for the Trump's in Jared Kushner, the White House did not have comment. The others didn't respond. Meanwhile, the investigations pile up those Pena's were sent a multiple financial institutions including Georgia Bank, the house, intelligence and financial services committees are hoping to get information on loans. The German Bank gave a to the Trump and Trump organization and vicious presidential harassment. This is all these people do ever Trump earlier today and FOX and friends calling it harassment is the Trump family and the organization, sue deutchebanks and Capital, One two blocks of Pena's. So we've issued subpoenas into your Bank, and we are collecting a lot of the documents that we had requested. And we are reviewing I can only tell you that the investigation came about as the result of the testimony, Michael going. Hello, and welcome to Trump Inc podcast from WNYC, and propublica that digs deep into the secrets of the Trump family business. I'm Andrea Bernstein today on the show Trump and his family's relationship with Georgia Bank, a Bank with a history of problems. They were laundering money for wealthy Russians and people connected to Putin in the Kremlin in a variety of ways for almost the exact time period that they were doing business with Donald Trump. This is David enrich, the finance editor of the New York Times, and all of that money through DOJ Bank was being channeled through the same exact legal entity in the US that was handling the Donald Trump relationship in the us. And so there are a lot of coincidences here. There's a lot of smoke. I have not found any fire, but unfortunately, I do not possess subpoena power. We're going to walk you through all that smoke. Trump Inc, is an open investigation. So we're just going to say wait now. We're still not sure what this all adds up to. What we do know Trump right now about three hundred and fifty million dollars to your Bank more than he does any other financial institution. And so much is happening regarding the Bank so fast. But we decided to lay out what we've learned by digging into Trump's financial deals with the Bank and why his recent loans, raise so many questions questions raised by congress. The new York Attorney General and the bank's own employees. Let's get to know Deutsche Bank it likes to think of itself as a cousin of other global institutions like J, P Morgan Chase or Citi group, but Deutsches recent history, sets it apart from its competitors after the global financial crisis in two thousand eight Deutsche Bank, like all banks was under financial pressure. At the same time, there was more and more wealth, building in Russia and Russians wanted to get it out of the country. Maybe they earned it illegally. Maybe they were just scared that, if they kept their money in Russia, Vladimir Putin would have it seized banks are supposed to run checks to make sure they're not helping criminals move dirty money, and New York state regulators found deutscher didn't do that between two thousand eleven and two thousand fifteen the Bank improperly and covertly helped usher, ten billion dollars out of Russia and into London and New York and it got caught. We spoke to the woman. Man who did the catching my name is Maria Vullo? And I was the superintendent of financial services from early two thousand sixteen through February one of two thousand nineteen, she oversaw banking, and insurance in New York state, just after Trump was inaugurated Vullo signed a consent order with, which a Bank in it Deutsche acknowledged it had allowed bad actors to achieve improper ends. This consent order addresses the man had serious compliance. Deficiencies that spanned deutchebanks global empire. These flaws allowed a corrupt group of Bank traders offshore entities to improperly and covertly transfer more than ten billion dollars out of Russia by conscripting Deutsche Bank operations in Moscow London and New York to their improper purpose. Deutsche Bank paid over six hundred million dollars in penalties in New York, and in the UK and said it would address its deficiencies. Here's how the corrupts game worked it began in Moscow with an order by a shell company to buy a specific amount of stock, but the buyer, one asked for a particular company stock just the amount. They wanted to spend investigators found some prettiest Pacific emails like this one I have a billion ruble today. Misspelled, by the way ruble. But will you be able to find a security for this size? So then what would happen the same day, which a Bank made up Murchison in Moscow, it would make a sale in London of the same amount of stock the trades. Mirrored each other for that reason, they're called mirror trades, ten billion dollars were moved in this way rubles to pound two dollars, possibly dirty money going in clean money coming out. If you're a Bank, you're supposed to have systems in place to prevent trades like this, because it makes it easy for criminals to wash their money through the. Mancial system. So, yes, there was a supervisor on the Moscow desk, which appeared to have been paid a bribe or some other undisclosed compensation to facilitate the schemes employees complained. They were pushed off. No one did anything even when another bag asked which Bank is something going on here. Deutsche Bank responded, essentially, no, no problems here. Instead, they should have elevated the concerns. Yes, and should have raised a red flag again, and we're looking at issues, like know your customer, looking at who these counterparties are, and who's behind the counterparties, if one was going to actually do the proper KYC process, KYC know your customer, this is key underpinning of the financial system away to keep the money launderers terrorists, and other crooks out, or somebody comes to the Bank, who is this person Deutsche Bank, did not have a central? Is know your customer system and its Moscow office Deutsche Bank, had one person as head of compliance, head of legal and anti money laundering, all at the same time, and you certainly need more than one person who is doing three jobs to actually have an effective compliance system. I mean staffing for compliance is essential. And this was woefully inadequate. New York regulators were not able to track them the actual people behind the ten billion dollars in suspicious transactions. And so a very big question remains. What was the reason behind the because money was exchanged, why we still don't know. There's no evidence, these mirror trade deals, involve Trump were telling you about them because in the words of New York regulators, serious compliance deficiencies at the Bank spanned deutchebanks global empire during the same period. Donald Trump was borrowing hundreds of millions of dollars. And because congress is taking a closer look, according to a legal brief fits investigating. Whether Deutsche Bank is doing enough to stop schemes like mirror trading. The brief says this is important in determining the volume of illicit funds that may have flowed through the Bank and whether any touched the accounts, held there by Mr. Trump his family or business.

Deutsche Bank Bank Donald Trump Trump Inc Georgia Bank Dodger Bank New York German Bank Congress Doj Bank New York Times Jared Kushner Moscow United States Editor Vladimir Putin
Why the exclusion of women from data matters

FT News

08:53 min | 2 years ago

Why the exclusion of women from data matters

"Treating men as the default. Human and economic planning is not only costly for society for the practice can also be deadly for women when applied to things like medical trials. This is the case made by Caroline creo. Peres in new book invisible. Women exposing data bias in a world designed for men Fritz student talk to business editor Sarah, Gordon about the arguments put forward. Sarah tennis this book by Caroline created Peres invisible. Women what exactly is the problem that she's seeking to diagnose we've heard about quite a lot and you've written extensively on things like the gender pay gap. But this is a different aspect of the gap between men and women. Yes. Yes. I mean, what she's to hear about is the gender data gap, which she defines as the absence of women in a whole range of databases, which then affect resource allocation and policy decisions in healthcare in call design in disaster relief in a is so cheap not only gone as the evidence of that absence. But then talks about what the consequences are. And in some cases, the consequences are really serious. I mean, and then some extraordinary examples that I have confess personally, I wouldn't have thought of. I mean, it's everything from. How seatbelts might be designed to medical equipment how it's calibrated? But even an examp-, which are the you deployed in your review of the book about how you plan for clearing of snow. I mean, it's extraordinary the range of of s where this is prominent. Yes, the snow clearing. One is a very good example. It's a town in Sweden which decided to include women in the data that used to decide its nuclear policies. They wanted to done is it had prioritized clearing. Snow? I from the roads before getting to the pavements, and it looked at patents of accident and injury in winter snowfall situations, which in Sweden on many and decided to reverse that priority. So to clear the pavements rather than the roads. Now that not only benefited women in one particular way in that there were more women on the pavements than on the roads and women. On the pavements were also suffering more than men on the roads in the sense that pushing a buggy or a shopping call talk being an elderly woman and walking on a pavement. It turns out. His actually more dangerous. Are you're more likely to be injured than driving a car through the snow? So number one benefited women, but it actually also benefited the public purse because what they found is that the cost of injury accident emergency admissions lost work time in terms of broken bones. Whatever that actually they made a huge saving just by reversing that policy priority. And that's one of the examples that she uses to look at the positive benefits of including women in the data. But what she does more of in the book whose look at the whole range of negative consequences from excluding them and some of these are actually life threatening. I mean, we talked about seatbelts. It gets worse. Yes. So the car design chapter is. Pretty shocking in the sense that driving seats all designed predominantly for the male body. And indeed creo Peres talks a lot about this idea of the default human, and the default human, of course, is not just a man, it's also a white, man. So what she also points out is that the ethnic gender data gap is even larger than just the gender date gap. But one of the things I found my shocking was the healthcare chapter. So in some cases, because a lot of healthcare databases that mainly men there, actually, mainly young men who take part in a lot of clinical trials, one of the reasons is their availability. But another is that women are simply too variable. She has this tastic phrase, which she takes from Henry Higgins in my fair lady. Which is why Konta women be more like command, which is a song. That Henry Higgins sings in the musical my fair lady. And this is one of the root causes for the problems. With healthcare data is that women all as they are all is actually easier to measure, male healthcare indicators. Anyway, the consequences of this are that for example, in the US the level of haunt activity at which you have a pacemaker fitted has been set based on male data. It should be lower for women, and therefore women are not having pacemakers fitted in situations where the loaves could actually be saved because of it. So the gen dictator gap. She oak us doesn't just have consequences for urban planning or whatever it's actually in some cases fatal for women. I'm one of the other really interesting what she did was around disaster relief and the response to the Ebola epidemic in Sierra Leone in and she talks about the fact that a lot of the age was in the form of food aid, the food aid went into the quarantine dare is but people providing it didn't think to provide the fuel. So women who cook the food. We're going out of the quarantined areas to get the fuel to cook the food that was being brought into the quarantine dares to stop them leaving it, and of course, spreading the disease by doing. So I gather she also goes beyond the human if you like to also look at how this system if you like is being now extended into the world of AI algorithms also with negative consequences. It's very interesting book. But this is probably the most interesting, and I think also the most important message in her book is that what she argues that the situation the gender data gap is not just there. It's actually worsening wealth of an improving and one of the examples she gives for that is a I and the databases on which is based for example, the software that's used to scan CV's. She gives the example of a software platform cool guild, which does the first sweep of CV's for technology companies to that employee. All. An interview software coders, and it has decided the software has decided that a particularly strong predictor of coating power is how much time you spend on a certain Japanese online manga site now as you doubtless know manga saw its are not female friendly for lots of reasons also women research shows have less spur time to go on line gaming. Yeah. That's your line and you'll sticking to it. And therefore, the that's being used to preselect potential candidates is already excluding women from those databases. So what she's saying is that a in some instances is not just perpetuating biases. But actually amplifying them in science fascinating. She's obviously done a lot of research and his diagnosing a lot of problems does she put forward solutions. How this could be redressed corrected. I mean is it possible to actually remove these biases easily? I mean, the bias is so broad ranging that she doesn't say that it's difficult to do that what she's proposing. And I think it's one of the reasons why it's a very good book. His because she makes the point that in most cases, this is not a wilful exclusion of women from research or from data. It's an absence a lack of presence, if you know what I mean, it's not willed. It's not malicious, and this it simply in many cases. Is that the often men who are collecting the data don't see what they're doing? So as much of this whole debate. And that's why it's relevant beyond just data is that it's about a recognition of the problem goes some way to solving the problem. And in fact, a lot of this is not rocket science. I mean thinking about for example, designing replacements for slum environments in Brazil, you don't just move apartment blocks. You move schools you move families. So that grandparents could go looking after children, you know, it's not rocket science as soon as you see it. It's completely obvious. What should be done, but you need to see it to do it. So I mean in summary. You would say this book is an important contribution to that. I mean, it certainly contained lots of information that I hadn't thought of myself was simply not aware of says interesting from that point view. But I also think it's very important for policymakers to read because as we know data guides resource, allocation and bad data means bad. Source on occasion. Sarah. Thank you very much. Thank

Creo Peres Caroline Creo Henry Higgins Sarah Sweden Business Editor Konta United States Gordon Ebola Sierra Leone Brazil
California's governor wants to pay residents a data dividend

Marketplace Tech with Molly Wood

03:09 min | 2 years ago

California's governor wants to pay residents a data dividend

"Earlier this month. California's new governor Gavin Newsom proposed that perhaps tech companies that make lots of money collecting and monetize ING, our personal information should share that wealth, and that people who live in California should get paid something called a data dividend, and we are going to chew on this idea today in quality assurance the segment where we take a deeper look at a big tech story, Owen Thomas is the business editor of the San Francisco Chronicle. He recently wrote that the data dividend idea was let's say overly simplistic and has been tried before. It's actually a really old idea that goes back to some of the earliest business models that people tried out in the first dot com. Boom that you know, if there's some value to your attention. Why can't you the consumer directly monetize that attention instead of someone else making all the money, but it kind of takes a twist when you try to apply that idea that your personal data has. This kind of abstract guaranteed value. And you should just get a cut of that. It's true. This is not a new idea and actually just even recently like Microsoft researcher. Glenn Weil started proposing the idea again that we are all increasingly becoming unpaid data laborers. We are contributing all of this. And that the bargain is unfair. You're arguing essentially good luck with that. And is it partly because it's so hard to figure out a flat rate if you will value. Well, I think that the companies would say you're getting something of value. If you are posting your photos on Instagram, you get an audience, you're able to connect with your friends you're able to use their filters. They would argue it's an even exchange, but I want to go back to the idea that like data has some value that you can extract your personal data. Let's say that you could somehow share it exchange, it it might turn out not to be worth that much. And I think that would be kind of shocking to people because these companies are clearly making a lot of money, but they're making the money through an alchemy. Of some amount of personal data that you have a lot of data that they have and maybe data that advertisers themselves have contributed like targeting information advertising segments. Budweiser might know, you know, exactly where it's ads are most effective and they use that information to place ads online. So where did the value come in? And where does the value go out? I think these are really hard questions if we look at this as a process of sort of starting a conversation. Do you think anything could come of a proposal like this? I think that if you're looking at this and saying, hey, these companies are really profitable. And we feel like they're unfairly profiting from society at large. Well, we have a system for extracting that value it's called taxes. So why don't you just tax their profits? And then apply that to any number of public goods that you might need. Oh, and Thomas is the business editor of the San Francisco Chronicle now despite the skepticism and there is. Plenty a company called aunt transaction machines at ATM dot com. Launched right after the governor's speech. They say in response to it and promised to help people control their online information, and hopefully also get paid for it.

San Francisco Chronicle Owen Thomas Business Editor California Gavin Newsom Glenn Weil Microsoft Budweiser Researcher
"business editor" Discussed on Recode Media with Peter Kafka

Recode Media with Peter Kafka

03:23 min | 2 years ago

"business editor" Discussed on Recode Media with Peter Kafka

"It's a pain in the shadow to being foaming in Brooklyn. They say, I don't do plumbing. And it's way too far for them to travel for me. I like being those are good guys. Are we are? We should we take another break you're smiling. Yeah. Let's take one more break. We'll hear from an advertising, and we'll keep rambling. This is Peter Kafka here to endorse be indeed plumbing, I pay for them of my own money. I'm here with Dan still hanging out. Let's talk about your current job. Well, y'all been talking about on and off you were at fortune. I can think of a lot of good reasons to leave a timing publication, especially we have why did you end up at axios? And how did that happen? So actually us also because Mike Allen called and and while he was in Boston. And he wanted to get together and have lunch. And I to be honest. I missed his initial Email into spam. And I did know Mike what I was reader. I I was a longtime fan we didn't know at politico. Yeah, political, and so we got together and had lunch. I knew they he had left and Jim to hide left political. And we're launching at the time just something right? I think the only media report was they were going to do something. And so my can I start talking a little bit about what they were thinking about. We kept talking I covered both the and the DNC conventions that was summer sixteen for fortune. And they were obviously all their those talk them a bit more. Honestly, I left I wanted to I like. The idea of two things one I said earlier working with smart people thought, Jim Mike, and some of the other people they were putting together with just a smart group of folks who didn't really have a great idea of what they were planning to do at the time. But it was kind of like let's figure this out together in two as reporter. And you know, this you don't you get a bunch of chances. If you want to join younger companies or more established companies this was one of the first opportunity. I'd really had to join something that didn't truly didn't exist was a true white space and was being asked to help figure out what the hell they were going to do next and the pitch to you was the to what you're doing. But something else the pitch to me was we're going to put together a bunch of smart people who kind of have Nisha expertise to cover at the time. The idea was covered politics, healthcare and business, and let's figure out what how we're gonna make this thing work that was the pitch. My perception of it was these guys who created this thing with politico there they had a problem with with the founder, which may have just come to simply down to like calm. I think I think in. You know, you read about nonstop. I haven't really had this conversation with Jim I think it came down to the fact that he never wants to sell. They were kind of founders of a startup that was never never going to realize the value. The in basically, they didn't want to say this because there's less sexy. But we wanna build the thing we built again, maybe better and bigger sort of. But we want to be owners, and we sh we want any want to create value in realize the balance the reason why every single employees got equity, and that's a big deal. Right. You know, you they want everybody to be an owner of this account. Jessica lesson does this information is on paying people inequity and paying them real money because I don't use Rowlett. Yeah. I think she's well, look, I obviously we pay people salaries to make money I've got her mortgage, and I pay it. And that's important. If I wasn't being paid a salary wouldn't take the job. I think equity bring this a startup thing. Right. I think everybody helps people not necessarily row in the same direction. You can disagree about things, and obviously certain people leave. But I think everybody realizes that. What's good for you? What's good for the person? You know at the desk next me is ultimately good for me. I think there's a value to that. And and I think we. You know, we talked earlier about editorial folks, not either knowing what's happening on the business side or maybe not caring. What's happened in the business side? I think it makes everybody care little bit more..

Jim Mike founder Mike Allen axios Brooklyn Peter Kafka DNC Dan Boston Nisha reporter Rowlett Jessica
"business editor" Discussed on Recode Media with Peter Kafka

Recode Media with Peter Kafka

02:56 min | 2 years ago

"business editor" Discussed on Recode Media with Peter Kafka

"Hey, you suddenly focusing on us with a lot of intensity that wasn't there before look with great power comes great scrutiny. Right. Facebook's pick the day the number two or number three most valuable company in the world. And and look and as for media, they they're they're not just the media company that the thing that a reporter coz home, and they look at their feet to see, you know, the pictures of their kids and their friends like it's part of everybody's life. So for Facebook to be surprised by this. And look it's been an awful year for them. I mean, an objectively awful year for them everything from politics to some of the stuff that's come out. Look, I think some of it's been a little overstated. I thought the definer stuff was way overblown, but in general, it's been a bad year. And you know, what Facebook's had a decade, plus. Run of generally positive coverage. And you know, this is bound to happen. And if if you're in tech, I think I think one difference in tech versus and other industry where you don't really understand. How media works is that at least in startup tacking Silicon Valley tech is that you're used to primarily agile, Tori, coverage getting positive stories written about you because you raised money, which has a weird idea. But it was very commonplace for a long time. And it's also a world in which you again, this is true in most in most businesses, you know, more about the story than the person writing about it. But not only that in in the tech world, right? There's a whole slew of people who are not journalists and putting air quotes around, but are writing in our public in our have a lot of influence, and I mean, I think it's a really interesting ecosystem, but you don't need to depend on the New York Times. Learn about Facebook because you might have an interesting VC blogging about some random guy tweeting about it. And all of that stuff that random guy tweeting might have a not maybe the New York Times as audience, but. We'll have a very substantial audience. Right. And so you go to you that we have to pay attention. It's a different world where I don't know if you're doing plastic extrusions in New Jersey, probably doesn't happen. No, no, look, it's true. It look it. It's one of the reasons a lot of these companies, didn't you know, Facebook is pretty good example, this years ago didn't want to go public, right? And and and the private public thing isn't perfect Uber is still private and they've certainly got their share of scrutiny. But this is a part of it. Right. The the bigger you are in the more out there. You are the more ripe for criticism. You are. It's a reason a lot of companies and see owes. You know, I said for years that when Facebook decided to go public that was going to push a bunch of other companies public as well, if if Zuckerberg is willing to do it man, I think what's happened to Facebook recently will cause some to reconsider. Let's let's talk about that again, not strictly media. But but important to bunch of us, the conventional wisdom is this is the year that slack and Uber and lift and who else Airbnb mayor on her all gonna go out one real recording this release January. Do you think that is still the case? Yeah, it should be. I mean, there's a huge variable. Again, we're depending on we're recording this if the government shutdown ends right now, you know, so lifting Uber, for example, have put in confidential files with the SEC. There is no one to review them right now. Those people are not working. So those documents are sitting on a desk somewhere. So assuming that we get our government back in the next couple of weeks. Yeah. I think this should still be the year..

Facebook New York Times New Jersey reporter Airbnb SEC Zuckerberg
"business editor" Discussed on Recode Media with Peter Kafka

Recode Media with Peter Kafka

03:33 min | 2 years ago

"business editor" Discussed on Recode Media with Peter Kafka

"We're back here with Dan Freeman gold is out there. Blowing your nose. I go to I made a left to thanks for listening. We left we left on a on a cliffhanger stand it to criticize other journalists journalists at least when it comes not necessarily the business, but but media business, I don't think they understand the business of media necessarily all that. Well, I think one hundred percent of I think a lot of journalists. You know, there's all the talk about the Chinese wall right between the business side and the editorial side, and I think that the majority and maybe I'm overstating this. But the majority of journalists therefore intentionally don't pay attention to the other side of the wall. Wall proud of not knowing absolutely. But then when something goes badly, they're absolutely shocked by it absolutely shocked, and there's a lot of blame to go around. I think look I don't think the average reporter should be out there. You know, hitting the street and selling the ads and being in those meetings. But man, I do think that you particularly at newer companies in the younger companies you need to know both sides. They know what's happening on the other side. I do think in the digital era there people in in part because metrics that used to be non-existent or kept from the the editor -ill side are now very often very public of very often. They're being told to hit metrics, I think people are at least aware of some sort of mechanism. They might misunderstand it this. I don't know when this is going to air, but there's this back and forth about Facebook feels about the New York Times Thomas feels about Facebook. And I do think that something is particular to. I think the Facebook slash Meteo relationship is you did have reporters who had some knowledge or understanding of what? Facebook was doing to their business than reporting on Facebook. The Facebook folks being aware of the guys I think also business, and I said, it's generally not media business. You think business has an awful understanding of how mediaworks LTd phrase how reporters and how editor works the take the Facebook thing. Right. This idea that there's this. This is a this is a story that that don't buyers popped up and really like a two line story. But without any sourcing, I I. mean without on the records rising saying that the Facebook is Facebook people are steamed with the New York Times, they feel that the New York Times is going after them and are doing so unfairly well doing so unfairly in doing so for nefarious purposes that I think the two things right? That it mainly they clicked driven. You know, the the reporters that the times are worried about their numbers personal numbers and therefore writing Facebook stories because they know that will move their needles. It's just not how most reporters do things. I'm sure there are some that do to my knowledge at least from working with reports. Reporters like finding a good story and telling the story there's a little bit more nuance right there. They're literally have been I think are less so in the patch because the business model doesn't work people who are getting paid based on clicks. There's also people two times now who are dedicated Facebook reporters, which isn't something there one. I think the I think the thing that is actually more truthful, and I think the Facebook people don't really get is that you don't get paid based on clicks at the New York Times you by the way, they they are very interested in how their stories perform, socially, maybe less. So and how they convert, but it's there's certainly wear of it. It's that. Institutionally you do get rewarded for big juicy stories that make something happen now. Usually if you've written a big juicy story that makes something happened means was also an accurate story. Yeah. But. And then there's probably a negative piece. Check, it wasn't what a great company Facebook is if you don't win a Pulitzer for that. But you know, for for a long time the times is very interested in the Murdoch business, which again is a very important business to be covering. There's no shame in that. But institutionally they were very consumed with Murdoch, and you it wouldn't be unfair for someone to Facebook to go..

Facebook New York Times Dan Freeman editor Wall Murdoch reporter Pulitzer mediaworks LTd Thomas one hundred percent
"business editor" Discussed on The Steve Austin Show - Unleashed!

The Steve Austin Show - Unleashed!

04:40 min | 2 years ago

"business editor" Discussed on The Steve Austin Show - Unleashed!

"Dealing with your ass. They wanna bring anything to me. So to work. I'd like a fucking banshee. Welcome to Stephen Ted's Showtime wheels, walk out with my little clipboard, sir. Madam tell me what's wrong with this pilot shit. Man. Between the rocket heart place yesterday Christian wanted to ride a horse. Because now that we're out here in horse country. She got her horse shoes to rise. Do we left for the old horse was spurred? I was hoping we would touch on this. She she sound let some data horse of names rebel. It's a good horse. He's twenty three years old, Missouri. Foxtrot, and a foxtrot or has a smooth gait because like most horses move opposite legs when they advance themselves, the Missouri foxtrot or if they're if they're taking a step at the right front. Hope. They're also taking a front step with the right rear Huw. Most orces walk. Opposite of that. You know what I'm saying? So anyway, she lives mother fucker up and she little nervous about getting on it. Because it just get owning us. Don't use. Ryan it and watch her since up the saddle and lone time ago back we used to be in. The cattle business editor Texas me being the soft hearted son of a bitch that I am. I had no Shetland pony named shorty. And I'm told the story main times, and I'm aware of that. But this last podcast of year so fucking so my brother and his best friend, Tom pension, and I we're gonna ride EDNA barade- and EDNA parade ten thousand people you just ride back behind all the, you know, the real attractions, and then you just ride your shit through and everybody looks at you. So they fuck you though, candy as you whatever. So we ran down main street and into Texas and finally get through the parade. Rod down, the blacktop and his damn cornerstone. Gary's drive in. We used to go to driving all time rubbish. Gary's drive, and it's about a five acre pasture still there the state while they built a little service center on it. And when when I sat a little short. Yup. I didn't sense that damn saddle up. Very good. And all of a sudden, they get kicked just had the way they woke quick little trot. And fuck fucking Sal started sliding off to the left to the live slide, dude, I'm riding this motherfucker upside down for twenty yards. But at twenty yards as about all I could hang on the twenty one yard, Mark. I was asked over TC KENDALL. And he was putting the hook prints on my ass. And then he hauled asked hooked to left and started getting run in circles and five five acre pasture and I'm over chasing him down. Got Dave shorty. Fuck I'm only like fourteen fifteen years old. But I think I'm the baddest motherfucker in town shorty. Shorty got David violent. I catch at motherfucker but half hour. Everybody had a passion by laugh at my sorry ass on never ever had a hard time girton that motherfucker up after that. Anyway, fast forward all these years and in Christians going to ride a horse, even and she's got this loan since strep on her. It's kind of the Rome setup. And she's got these steps that you can step on two steps to get into the stirrups and throws a leg of the horse and gets old. I'm watching to go to the process ain't say shit because you know, what about Dino? I was only in the cattle business thirty forty years ago. But you know, since I've been hitting somebody still cheers fuck also she gets on that motherfucker, and I'm gonna lead around the dam Ryan, the rain, or whatever you wanna call it. Upset. Sampled over two left. Staved up a horse. As I told you need to Girt that mother fuck up a little bit tired of the net. So it away. Got it all situated, Ted. Here's a thing me. No one what I'm know about the internal combustion engine. And what I could know were to complete an ASC certified course, and due to my background from coming up and the cattle business with my dad, he was an insurance salesman. But we were in the cattle business on the side due to my knowledge of this..

Dave shorty Stephen Ted salesman Ryan Texas Missouri Gary EDNA barade Huw business editor Tom pension ASC Sal Rome Mark Dino David twenty yards fourteen fifteen years
Mind the gender pay gap

FT News

11:09 min | 2 years ago

Mind the gender pay gap

"Compulsory for UK companies with two hundred and fifty or more employees last year. But those hoping to see swift action from employers to narrow the gap will be disappointed financial times analysis of the data launched in April. Twenty eighteen reveals the GATT belly had shifted from the previous year, Sarah Connor discusses the findings with Sarah Gordon of business editor and Alexandra Vishnevskaya. He's been crunching the data. Alex. Can you tell us a bit about what the latest data telling us truth be told that data shows that there hasn't been much change? The median peg up shifted just a tiny little bit from Iran. Eleven point eight percent last year to around eleven percent. This year, the free sectors. We have the largest pay ups have been construction of thirty three percent finance insurance as well as technical activities and those free remained in top positions from last. Yes. Well, Sarah, the whole point of this was it might encourage companies to do something about the gender pay up. So why do you think is actually we're not seeing much change? When I think we should point out first full that this year's reporting exercises in complete. So we've only had under tenth of the employees who will have to report by next April. So that's April twenty nine hundred. So we've looked at what the employees so far have reported. I mean, I think there are probably two answers to the question of why so little has changed number one. Is how useful is this exercise? Really? Oversleep? You can report your number. It can be forty two percent. You have a forty two percent and pay up. But you don't actually have to do anything about it. And I think that the government hoped that employers would be sort of named and shamed by a large number. But that also that employers by looking at the data would start to understand why they had a gender pay gap and start to address it. And that's the second pot the answer because it's quite difficult to change your gender, pay gap as you, and I have joked in the post, they could just give the women ice payrise but addressing the sort of longer term structural reasons behind the gender pay Cup does take time, and that's often. Because of course, there are just lots of men in the more senior jobs and oversee you can't go from nowhere to having kind of fifty fifty absentations at the top necessarily know. And I mean, what last year's data showed us when Alex, and I looked at all the data, and what it showed him, and that is the fundamental explanation for why there is a gender pay gap. It simply because in the top twenty five. Percent. Most highly paid employees men massively dominate and in the lowest twenty five percent there for more women than men. Alex one thing that I've been wondering about is. I mean, come even trust this data have employers actually been doing it in good faith of they've been putting in accurate numbers, though. We should all hope. So whether it's true, we will probably never know it used to found some interesting things in the data haven't either look quite right last year. Our analysis identified a range of analysts in the data. They have persisted into this year with sixteen companies reporting gender, pay gap, which rows two zero and seven reporting that they have exactly equal numbers of women in each of their pay corps tiles, say that that is kind of statistically highly implausible, highly implausible. Yeah, what we say. What would means? It's. But in the past. I mean, I remember cooled some companies up about this last year. Didn't you think Hugo Boss was one was one? But they changed the data raised it. Right. Right. So that's another problem. I suppose this is all completely self reported and other than the brilliant work that Alex and some of her colleagues are doing there isn't really anyone sort of checking whether it's accurate or not in theory. There is I mean in theory, the equality and human rights commission is responsible for ensuring. The accuracy of the day truce was employers compliance with the requirements. The question is they have an extremely small budget to do that work. We don't believe that. There is a definitive list of the employers covered by the legislation. I mean in theory, it's all employers with two hundred fifty or more employees, both private sector and public sector. But the government is not being able to provide us with a definitive list of who falls into that scope. So we have questioned whether the EH or see the equalities commission knows exactly. How many employees should actually be recording the data, and we also question really whether they're actually able to monitor the accuracy of ten and a half thousand employers who reported last year. I mean, they say that they've insured, Alex. You tell them what the Email said that they were hundred sent compliance. So all the companies cope we're supposed to have reported somewhere lights, but they did report apparently. And they've said that when they've identified tonight kisses they followed up with employers and the inaccuracies have been corrected thus avoiding as they put it costly legal action, which is great. But I think the interesting thing about looking now at this year's numbers. And I think that's how we should look at it is this is meant to be a progressive exercises meant to get better. Every year the gender pay up who's went get smaller employment to take more action. I think what we found most interesting so far this year is that we're seeing some of the very same problems with the data this year as we saw last year, and in our colleague, Billy era. Berg has. Started doing somewhat finding at how many employers are the same as the ones that reported us repeat offenders that leads on I suppose to my next question, which is as you say we're in the second year of this. Now, do you get the sense that companies all beginning to take it more? Seriously, as time goes on is there evidence that obviously it's not showing up in the data. But do we think they are actually doing things to try and address this in a long term way? I think there was some companies and some employers is not just private sector who are taking this extremely seriously and really putting a whole range of measures in place to address an improve gender pay up. Not just the gender pay Cup. But the whole challenge of improving diversity in the workforce is much more broadly. It's difficult. There's a relative paucity of evidence to show you what measures most effective with slowly getting to a place where we understand that things like sponsorship worse better than mentoring. We have to be very careful with the language of job adverts, we have to change recruitment processes promotion processes. But yes, there are some companies. Really incredibly serious about making progress on this, then they're all some communist, which absolutely don't think this is important and still don't get the business case for why a more diverse and more equal workforce is in the long-term more profitable workforce. And then I also think one of the other things is two hundred fifty employees is really very small. I mean, we had companies which were reporting in and they've got two hundred fifty one they've really got very small H oil function. It's very difficult when you're in for example, small retailer in the current situation. Frankly addressing your Genta is not necessarily number one on your priority list. Now, the other element of this is what's going on with women brought to the top in leadership positions, but there's been various evidence that actually there isn't been a huge amount of progress on improving diversity on company boards. I is that right? Is that what the research shows? Yes. I mean the latest research. Both globally, and in the UK shows that the rates of progress of women's participation both in the boardroom, and the most senior executive level of companies is progressing extremely slowly. And there's some evidence that in the UK is actually going backwards. So in the footsie three fifty or three hundred fifty largest listed companies twenty seventeen fifteen female chief executives this year. There are twelve female chief executives, and I think that speaks very much to this big problem, which is it's quite easy to promote one woman onto your board. But to have equal representation at the most senior executive levels, you need to have women coming up through the what force in its have a pipeline of executive ready board, ready, women and lots and lots of companies don't have that. I think the problem is is that to be honest. The government's taken it's off the ball particularly here. I mean the country which has shown the most progress recently as France where you've not just have a legislative requirement to increase the. Of women in the boardroom. But you've also had a president who's ready put his money way his mouth is. So he has huge number. I don't I'm not sure it's fifty percent. But it certainly approaching fifty percent of his ministers of women. And you know, you've really got very public commitment from the very top of government. I think as we all know something else is going on them. Not to ask. Why is it Sarah? That's the you have taken. It's I off the ball. But if it was just Brexit fine. But I think the problem is now that there are companies which really don't want to address this. And the question is is the companies where the chief executive gets it. The chairman gets it, and it is still generally a chairman that doing the right thing, they're making progress the companies and the employers that owned the question is do you need some stricter form of enforcement or some more targeted intervention by government. And frankly, this is not a government that appears ready to take such action. One thing that they are doing. That they are planning to ask employers to report their ethnicity pay cups as well as the gender pay gaps. Alec Sasha's wondering given everything that we've learned over the last year or two about how this exercise is gone with the gender, pay cups. What lessons do you think the government needs to learn as they go about asking people to do the same thing for necessity? I think they should start with setting up the process in a way that would allow employers to report meaningful numbers as we know from last. Yes. And all of this the bonus data was reported Progresso, which didn't really help with lazing that they anyway, isn't really helping anyone is transparency from transparency sake. But no, not Michael statistical conclusions can be drawn from that setting it up right from the beginning in a way that allows this to happen in a proper way would be a great one of the things that sit disappointing is that the government doesn't seem to have learned the lessons, even with this loss year's gender pay got reporting, and there are ways in which they could have tweaked the websites and one of the peace. Research that I'll extend which was extremely informative was about the cost of designing the website. So the cost for enforcing the gen pay. Cut regulations is three hundred thousand pounds a year, and Alex what we know about the cost of the website as reported by Victoria Atkins. Costa website was two point four million pounds for design and development, which feels like a steep price website from very quick research online, customized website, design and development of one cost around ten thousand pounds. But I haven't found any estimates that would point to two point four, and we worked out that was what was it about two hundred and fifty pounds per day to record an eight times the budget for enforcing it. Interesting distribution of resources, they're excellent. Well, Sarah, Alex. Thank you very much. Joining me.

Alex Sarah UK Sarah Connor Sarah Gordon Hugo Boss Iran Alexandra Vishnevskaya Senior Executive Business Editor France Progresso Chairman Chief Executive Billy Era Michael Costa Berg Alec Sasha
"business editor" Discussed on KNST AM 790

KNST AM 790

04:54 min | 2 years ago

"business editor" Discussed on KNST AM 790

"Chief executive officer Mary Barra at General Motors says a plan that will save about six billion dollars by laying off fourteen thousand workers and I'd link five North American factories illustrates the carmakers resolve in the face of industry challenges like higher supply costs and shifting customer. Preferences business editor James Langford at the Washington Examiner says it's a quality GM will need in order to weather. The backlash from Washington were employees are better known as voters James explain what happened GM announced as it involves basically idling several plants in North America that, you know, employed thousands of workers, obviously goes against what people in Washington. Especially when it's in district, but it's in their own districts like Ohio was particularly affected by these cuts. The major plant that made Chevy Cruz. It's going to be is and laying off workers on Chris don't want to do this. And adding to the backlash is the fact that Ohio's kind of a swing state, it tends to white deer back and forth or. Way between Republicans and Democrats. This was a state that Trump wine in two thousand sixteen was not necessarily expected to win. That was a bit of a surprise. And he has visited there. A couple of times promising that his policies for bringing back factory jobs. This obviously flies in the face of that the president was quite upset about it posted on Twitter. A number of times kind of plastic GM talking about getting rid of federal subsidies for some of its products, and I'll makers on both sides of the hall actually from Ohio also critical of the decision. Understand the white meat for GM sort plan for the future. But at the same time, they don't want to see by Stephen episode, the traditional business involving making cars that haven't sold to speak with James Langford business editor at the Washington Examiner. He's written a piece entitled Washington backlash tests GM's resolve on factory closings and layoffs. What about going after maybe some of those federal subsidies, reducing them slashing them, cutting them. What can the president do that kind of thing that the president probably would not be able to do on its own on his own? What is coming into play here as there are subsidies for electric vehicles date back a couple of years they were designed to. Maricar or touch American car buyers if you will in to buy these electric vehicle, and depending on how much of the electric as opposed to gasoline. If you could get a tax credit of up to seventy five hundred dollars that was to the I two hundred thousand vehicles company sold in the US. Tesla has already passed that level GM is perilously close to it at last count, you know, upwards of one hundred ninety thousand. They would like to extend that. And this is where the president. There's been a Bill proposed in the Senate that would do this on its been bottled up in committee, so far, but you know, with enough pressure from electric car makers, there's a chance it could end up moving forward. It has opposition from the president. Especially with the divided congress. It'd be hard to get enough to really become a veto. Okay. They can't get Trump's backing, you know, about Bill would be even more trouble. One of the reactions. That's come up a couple of times. And I know you mentioned in your story to is this whole idea the taxpayers rescued GM right during the recession. GM now. Well, you know, making a good bit of money now, obviously, the after the rescue happened on the government funneled in some more than fifty billion dollars and to GM the kind of prop it up, and they took a substantial sheriff that stock for that. They stole the stock after about five or six years. So we're talking twenty thirteen or so and was. The ost about eleven billion dollars. I'm not investment. So. There's a sort of grudge on the part of tax payers that on the part of what my way. Wanamaker's representing taxpayers involving saying, well, if GM's not gonna keep employing our workers, and maybe they should have to pay this money back. Anytime you have a government bailout. There's an expectation realised the company is going to be kind of in the government's debt and do what it can to wait economy, help workers, etc. Etc. You saw some of the same backlash against things in the wake of the two thousand eight inch crisis with the exception that the banks paid back the full amount of what the government invested in them. James James Langford business editor at the Washington Examiner..

General Motors Washington Examiner James James Langford president Ohio GM business editor Chris Washington Bill James Langford Chevy Cruz North America Chief executive officer Mary Barra Tesla congress
"business editor" Discussed on 600 WREC

600 WREC

02:19 min | 2 years ago

"business editor" Discussed on 600 WREC

"Chief executive officer, Mary Barra at General Motors says a plan that will save about six billion dollars by laying off fourteen thousand workers and idling five North American factories, Bila straights. The car makers resolve in the face of industry challenges like higher supply costs and shifting customer. Preferences business editor James Langford at the Washington Examiner says it's equality GM will need in order to weather. The backlash from Washington were employees are better known as voters James explain what happened. Does it involve basically idling several plants in North America? That. Employ thousands of workers. Those obviously goes to what people in Washington. Especially what is in district districts Ohio was particularly affected by these cuts, but Notre plant that may Chevy Cruz is going to be. Laying off workers lawmakers don't want to see this and added to the backlash is the fact that Ohio's kind of a swing state get back and forth or a house in the past anyway between Republicans and Democrats. This was the state that Trump won in two thousand sixteen was not necessarily expected to win was a bit of a surprise. And he has visited there. A couple of times promising that his policies were factory job. This obviously flies in the face of that the president was quite upset about it posted on Twitter. A number of times blasted GM talking about getting rid of federal subsidies for some of its products and makers on both sides of the aisle, actually from the high also were critical of the decision. Understand the white meat for GM sort of plan for the future. But at the same time, they don't want to see by traditional business involving making cars that haven't sold to. Well. Yeah, we're speaking with James Langford business editor at the Washington Examiner. He's written a piece entitled Washington backlash tests GM's resolve on factory closings and layoffs. What about going after maybe some of those federal subsidies, reducing them slashing them, cutting them. What can the president do that kind of thing that the president probably would not be able to do on its own on his own? What is coming into play? Here is there are subsidies for electric vehicles..

Washington Examiner General Motors James Langford Washington president business editor Trump GM Chief executive officer North America Ohio Mary Barra Chevy Cruz Notre six billion dollars
"business editor" Discussed on News Talk 1130 WISN

News Talk 1130 WISN

07:41 min | 2 years ago

"business editor" Discussed on News Talk 1130 WISN

"Written by David the business editor at the newspaper he does make a very good point here about the new. Venture capital, fund that Foxconn and. Three other companies Aurora advocate northwestern Johnson Controls seating this one. Hundred million. Dollar thing as being a. Watershed moment in Wisconsin it's an interesting point here I don't want it to get lost in the shuffle even though. It's getting lost in the shuffle of my program one of the problems that. We've had in Wisconsin in terms of economic development and I've just been here a couple of people. Who worked at, this area a few years ago it's just. Very very hard for new businesses to get buddy When, I say get money just that get money You. Want to start up business, by you need body It's been hard in this. State for a lot of reasons were a frugal state The, entrepreneurial economy that's been going on in the. United States has been very tech driven and we've not been, a tech oriented area People don't want to take as many risks as, they may in higher flying areas where yet Risk taking a thing Austin Texas risk taking a thing in Silicon Valley it's been very hard in other words for entrepreneurs who need a million or two million dollars in capital either. Via, loan or better yet investment in. Their company to get somebody to come. Up with it well you have one hundred million dollars it's. Going to be laying out there that's going to be invested, in a bunch of different companies the way of the economy grows in. Our country is yes you can move companies around, and bringing companies. Like Foxconn and so on but everyone knows that economies grow with new businesses start and succeed Foxconn at one point. Was a new business it wasn't that long ago Google didn't exist Apple. For heaven's sakes was a relatively small company struggling until jobs came back in the nineties Microsoft at one. Point didn't exist that now. It's a behemoths The way. That economies, grow in, the way that state economies grow is you have, to encourage entrepreneurialism startups most startups fail it's. Hard to get people to invest in it's like you know This, found is it gonna relate to restaurants asked to anybody who tried to set up a restaurant hardest thing in the world is. Able to give, them any money because most restaurants fail well. Most knew, anything fail But you have to have a bunch of them that. Try, or nothing ever succeeds We have lag and entrepreneurial startups in in part because so many of, the entrepreneurial setups that we've seen over the last twenty years have been tech oriented and people who start small businesses, that, are, tech oriented tend to start, them. A where the money is Silicon Valley Cambridge Austin the triangle in North, Carolina etc and they want to beat near where the other companies are and say they have, to be where other tale it is if they do start ramping up in staffing Well Money's a remarkable. MAG and now we've got one hundred million dollars laying around to this venture, capital and I suspect that there will now be. Others why would anybody do any of? This, well because they get a chance to buy into these companies before they go. Public imagine if when Sergio and Eric and whatever the other games name is that I don't remember we're starting Google and you were one of the people that gave them two million dollars to get started before the company ever went, public will you know a, billionaire many times over you wouldn't have even add after give. Many that's why people are interested in doing. This so the Foxconn thing is going to. Result I think you talk about collateral. Damage this is collateral. Success it's why people who just like at the Foxconn job Cohen to the money there I think are missing the entire. Point you're creating something that is going to be a hub for a radical expansion of our entire, economy and I think it's going to be as compelling here as it's not Silicon. Valley I would be lying if I told you It. Would make Wisconsin it's biggest Silicon Valley I think you can compare it to the. North Carolina triangle the city said Raleigh Durham What's the third one is it, Winston Salem you, think it is you don't know for sure well the vine leading the, blind here I think it is Raleigh Durham. Whatever it, is but you know. That that that helped it's down there in North Carolina which has become a big big, tech center Cambridge there Harvard and so on it can rival some of those Austin medium one simply because Foxconn is so monstrously beg and there's gonna be. A desire for so. Many other people that. Are trying to do startups in the tech field to be. Near such a large, manufacturer Another story here this is I'm racing as usual to get it all in the GDP number for the. Second quarter was earlier reported the preliminary number, came in at four point one percent. Which is off. The charts We've been sitting here looking. At one and two percent growth the. Entire. Recovery best case scenario a lot of people thought annualized here at eighteen we'd be, looking at it about. Two and a half. Corporate once phenomenal they just revised the number at everybody okay the revisions gonna come in the final thing. It'll be going on three point nine they, revised that upward it's four point two This is an extraordinary thing that's, happening under, Trump our academies Rory now the. Problem is going to be in, nineteen you're going to be, comparing to these. Great numbers of eighteen it's going to be hard to sustain the growth and you might even. Back off that is the, whole problem. With the American business cycle being gauged than percentages using my football analogy like to, use if. You go fourteen and two one year it's very very hard to improve on that thirteen and three is still good but it is a declining your win percentage. The thing that I find so extraordinary about this and nobody, ever likes to admit they're wrong. I don't like to admit I'm wrong I just. Do it when I am wrong because otherwise you sound like an idiot. Denying reality nobody ever wants to bit. There. Where haven't we been told now by every economists that every pundit out there that, the terrorists are going. To harm the economy The tariffs are in place and the, economy's booming, the tariffs aren't even going to. Stay permanently the tariffs are there, as part of a process, for Trump to. Try to get us better trade deals we're gonna have zero tariffs between us and Mexico they're. Getting rid of theirs we, won't have. Any of ours because he got that there well imagine what's going to happen then, but whether. You support the tariffs as parts as part of Trump's attempt to get us better trade deals or not we have been told by almost every economist out there In, the interim the tariffs were going to kill. The economic growth that we were seeing has an app that at all now maybe you can make the. Case we'd be at four point seven if there. Weren't tariffs but those who. Said that the tariffs are going to have a negative impact. On, the American economy are being undeniably. Proven rod try to get them to admit that they're just going to continue to argue that the earth is flat. Under the sun rises in the west all reality notwithstanding It's like John Wyatt's point the zoo interchange is start how can you argue it's not well the north. Leg isn't. Done True it's. That that's a fact? I granted? But, it's not in the energy Age Is the bucks arena dot is the Pfizer formed? Done, yes it. Is is the entertainment district? Done, no it's. Not so the overall, project the overall? Complex is it? Finished. No is the fre Pfizer forum itself? Done, yes unless you're simply going to make up words that don't have any meaning Six fifteen seconds w I said business. Owners are faced with.

Foxconn Wisconsin Silicon Valley Google Trump Austin Aurora Point North North Carolina business editor David Raleigh Durham Microsoft Johnson Controls Well Money United States Texas
"business editor" Discussed on Coffee House Shots

Coffee House Shots

01:30 min | 2 years ago

"business editor" Discussed on Coffee House Shots

"Welcome to this podcast to talk about the spectators economic disruptor of the year awards coming to you from the offices of Julius Baer in the city of London. I'm Martin Vander. I'm the business editor any other business columnist of the spectator. And I've got two guests with me Tracy Reading's who is the head of front office for Julius baron. She'll tell us what that means in a moment and Rory Sutherland who is vice chairman of Ogilvy the advertising group and is of course the Wikki man columnist of the spectator. So welcome to both of them. So first of all, Tracey tellers a better by your own role at Julius Baer and and the development of Julius Baz business in the UK. Thank you, Matt. In my role. Julius Baer is really to work with high net worth and alternate high net worth clients here in the UK and Ireland of which there is a significant. Cont- proportion of entrepreneurs that we look after, which is why partnering with the spectator for the economic disruptor awards was an exciting opportunity for us. We strongly believe that private businesses are important to the economic growth of the UK and anything that we can do to encourage the entrepeneurship and finding the next generation of entrepreneurs is fantastic for us, and we will continue to to help those in the development of their businesses. We've certainly between those manage to to make.

Julius Baer Julius baron Julius Baz Ireland Tracy Reading Martin Vander Rory Sutherland business editor Ogilvy London vice chairman Tracey Matt
Amazon is being used as a laboratory for new products

Marketplace All-in-One

02:13 min | 2 years ago

Amazon is being used as a laboratory for new products

"Ten years ago, the financial crisis changed the global economy as we knew it. If you've been following our project divided decade, you've heard some of the many ways that crisis also affected people's personal economic lives in today's installment of our series. How we changed. We hear from shontae Ray talking to us from one of the three toy stores. She owns in the Saint Louis area in one thousand nine hundred five. I took a job as a clerk in a little toy store and Edwardsville while I was getting my BFA in sculpture, and just I feel like kind of became a natural retailer. My husband was very supportive and seemed like he was willing to dive in lead a toilet with me. So we bought three giant stores with thirty five employees and the future was wide open. Two thousand eight. The holidays can didn't come. We didn't sell any doll houses. We didn't sign castles, train tables at stopped, and we came out of that season with a what the heck is going on. What? What just happened? Part of our strategy during the worst part of the crisis was to go directly to our Bank and talk to them. They could see it going on with everyone. So it wasn't a surprise that we were also struggling and we renegotiated the terms of our SPA loan. In two thousand thirteen. We went to our normal Bank appointment and the bankers called the entirety of our of our loan. We were shocked and heartbroken. The Bank guy cried with us. We cried and we were crushed. We sent out a letter on a Friday afternoon telling everyone that we were closing our stores. And at that point, hundreds and hundreds of families came people like, what are you talking about? This can't be possible. You know, I had moms that are like my water broke in your store. As all these families were coming in the question kept coming up, well, what do you need? Like? How much do you need? And we, you know, we said, I, it's a lot. I don't know. We don't know what it what we need to keep going, but we were kind of forced to give a number. And so we said, well, if we had seventy five thousand dollars, then we could push the Bank off, but I'm not comfortable with that, you know? And that's kind of where we left it. My husband and I was are actually our tenth wedding anniversary pi day twenty thirteen. My phone exploded and they had raised eighty two thousand dollars, and we're giving it to me no strings attached. And we were floored. When you have a town that says, we really want you here. You know, it's a very powerful statement by their grace was the only reason we're here. Well, in my hard work. The company shanty Ray and her husband own is called happy up Inc. We've got some pictures on our Instagram that marketplace APM. And while you're there, tell us your story with the hashtag how we changed. Welfare has been back in the news lately with the White House council of economic advisers calling earlier this month for reform of social programs, like food stamps and rental housing assistance. But while welfare has long, been one of those hot button issues that people tend to have a lot of opinions about the facts about how the system works in this country aren't so well known over the last few years. Our wealth and poverty team has been working to change that in their podcast, the uncertain our marketplace's Chrissy Clark led an investigation into how federal welfare funding actually gets spent across the country, and the answers are pretty surprising. She joins me now with an update on her reporting. Hi Chrissy. Hey, Amy. So we use the word welfare to mean a lot of things. What are we talking about specifically today? Yeah, so it can be used to refer to everything from food stamps, Medicaid. But what we're talking about right now is the program known as temporary assistance for needy families or Tanith. And this is the federal program that provide. Ads, cash assistance to poor families after welfare reform in nineteen, Ninety-six cash assistance, stop being something based strictly on need. And now there, lots of work requirements and time limits involved. The thing that changed is that welfare became a block grant. Capped at about sixteen point, five billion dollars a year. And now each year, the federal government gives a certain amount of town of money to each state states have to contribute some of their own funds. And then the key part is that each state decides how they're going to spend their pot of federal and state ten of money, and they are given a lot of flexibility and what do we know about how states are actually spending the money, so they're spending it in some pretty unexpected ways. The first surprise is that for the last few years, if you look at all the states combined only about a quarter of Tanna funds goes to actual cash assistance to poor families. Then another quarter of the funds goes to what you might call work, supports, things like job training. And child care transportation to and from work. But that's all to say that just a little more than half of Tanna funds go to what most people think of as like the core purpose of welfare, which is money directly assisting poor families or helping them get a job, where does that leave the other half? So that's where things get even more surprising. So states use some of it to fill their own budget gaps for unrelated things like pre k. and child protective services. And then there's this kind of crazy quilt of other programs that the money goes to for many years. For example, in Oklahoma, some welfare funding was going to marriage counseling workshops, not just for poor couples, but for anyone who signed up. And then Michigan is an interesting example about fifteen percent of Tanta funds there go into college financial aid and scholarship programs, and these largely benefit students from middle and upper income families, not just poor kids. So in fact, when you crunch the numbers, actually. More Tanith money is going to these college scholarship programs in Michigan than to actual cash assistance for needy families. Wow. Is that because there are just fewer families that need that help? No. So so nationally poverty has slightly declined in the last couple of years since the recession when it spiked. But the poverty rate is just about as high as it was back in nineteen Ninety-six. When we overhauled welfare around thirteen percent of Americans live below the poverty line. And that's about twenty four thousand dollars a year for a family of four. The other startling thing that I found in my reporting is that nationally very few families who are poor receive cash assistance. In fact, there are more avid postage stamp collectors than there are people who get cash welfare in the in the in the country nationally, just twenty three out of every one hundred families who live at or below the poverty line gets cash assistance in more than a dozen stay. As the decline is even more pronounced less than ten out of every hundred. Poor families gets cash assistance and what's behind that decline. So part of it is the time limits. You're just not allowed to receive assistance for as long even if you are still struggling with poverty. It's also just a harder program to navigate. Now, the application process is more difficult and more time consuming. There are these work requirements that can be hard to meet. So for families who don't have a lot of resources that might just discourage them from even applying in your reporting, what did you find in terms of what this actually means for families who are out there struggling to get by and could use that cash assistance? Yeah. So I've talked to people who sell their blood plasma to get by. They're also just the everyday tough choices that families face. I talked to one mom who on a given day might be grappling with whether to buy toilet paper or cough syrup for her kids because she just did not have enough money to buy both. So the hard question what is being done, if anything about this. So there is a welfare reform Bill that has been introduced in the house that would put more oversight on how states spend their money. And in the hearings leading up to the Bill, a member of congress actually pointed to things that we had revealed in our reporting like these college financial aid programs that we're getting ten if money that was going to higher income families. They pointed to that as one of the problems with how the program works. These days, the Bill had been expected to come to the floor this month. But in the run-up to the midterm elections, it looks like welfare is just too hot button topic to touch right now. So we'll have to see. All right, Christy Clark host of our documentary podcast, the uncertain our Krissy. Thanks so much. Thanks for having me. And you could see our updates to how your state spends welfare money at marketplace, dot org. Coming up for the first time, children with disabilities are entitled to more than just the bare minimum. But what if schools can't offer much more than that first, let's do the numbers. The Dow Jones industrial average fell thirteen points less than one tenth percent close at twenty five thousand forty four. The NASDAQ picked up twenty one points two-tenths percent to finish at seventy eight forty one and the s&p five hundred rose five points a tenth of a percent to end at twenty eight. Oh six more than a third of companies in the s&p five hundred report earnings this week investors will be watching for signs. The tariffs are affecting company decision-making bonds fell. The yield on the tenure t. note, rose to two point nine, six percent, and you are listening to marketplace. This marketplace podcast is brought to you by lending club for decades. Credit cards have been telling us by now pay for it later with interest, despite your best intentions that interest can get out of control fast with lending club. You can borrow up to forty thousand dollars to consolidate your high interest debt or pay off credit cards into one fixed monthly payment. Your path to financial stability starts today go to lending club dot com. Slash marketplace today to check your rate in minutes. All loans made by web Bank member FDIC equal housing lender, and by lifeproof backpacks. Check them out at lifeproof dot com. Slash marketplace and get fifteen percent off any pack. So phones and other small devices stay safe inside. Select backpacks also have an ingenious side access laptop pocket ideal. For when you're going through airport security. And speaking of security, most lifeproof backpacks are quipped with a super secret stash pocket when you need to hide away a passport or some cash, and they're all outfitted with front tie-down stole overseas stuff. Outside with four sizes, there's a lifeproof backpack for any outing grabbed the Quiapo eighteen leader for day trips up your carrying capacity with the squamish twenty liter or go with the go twenty two leader for tons of pockets or max out on space with the squamish XL thirty two liter get your lifeproof backpack. Now at fifteen percent off by going to lifeproof dot com. Slash marketplace, lifeproof backpacks, carry on. This is marketplace. I made me Scott. When you think about buying this week's groceries, chances are Amazon, isn't your go to destination? At least not yet, but that doesn't mean food isn't selling on the site. Nisha novelty food products are increasingly popular on Amazon, which has kind of turned it into a laboratory for testing new food products. Vanessa Wong as written about this. She's the deputy business editor for BuzzFeed news. I asked her, I some examples. Some of their bestselling products include like protein powder and like weird chocolate covered almonds that you've never heard of and strange, like limited time or promotional offerings from some of the bigger food manufacturers. So like one of the big themes this summer, you might know this a lot like Jurassic World Food being watched on Amazon, which includes like a twenty five dollar box of Kellogg's. Frosted flakes that comes with a digital screen loaded with behind the scenes footage of the film. Film which you can only get from a box of cereal on Amazon. You know, twenty five dollars sounds pretty cheap. That's true. You know, it's interesting. I was wondering like who actually buys this stuff, and I found this guy who bought the drastic world, frosted flakes and admitted that like in no sense was it worth twenty five bucks? He could have bought the cereal and like gone to see the movie for less than that. Why are they putting some things on Amazon that you wouldn't find say in a grocery store, there are a couple of reasons. It's kind of like a lower risk environment. So at traditional grocery stores, they actually charge manufacturers fee to have their products on display. And so there's that, you know, there are a lot of kind of logistical complications and supply chain things that get in the way of launching a new product. And when you go an Amazon, you kind of have a lot more control over the situation in terms of like how many you sell, how many produce how it's marketed. The thing that is a little. Complicate about Amazon is that Amazon obviously has a lot of control over like algorithms and like where your things show up, which obviously has a lot of impact on whether or not consumers see them and buy them. And how does this fit into Amazon's overall strategy? I mean, obviously, with the purchase of whole foods, it's a bigger player in the grocery space. Is this part of its larger effort to take over? You know, when it comes to Amazon's strategy who can really say at this point, they are like all over the place, but in terms of their food strategy, obviously they're trying to beef up like what types of offerings they have for customers. And one of the ways to like differentiate themselves from brick and mortar grocery is to like, have a different product assortment. So you know, by getting food startups launch, they're kind of like novel and novelty snacks and big manufacturers to kind of like tryout promotional items and other things kind of like brings customers to your sites in. Talking about food, right. Well, how long do you think before we might get there where people go to Amazon for their regular groceries, not just their Jurassic world, frosted flakes I think we're a long ways from their e commerce has had a lot more success in other industries like electronics, apparel, things that ship. Well, groceries is complicated. I mean, aside from like snacks and kind of other dry goods that are temperature sensitive at cetera. It's really hard to get people like, you know, regular food that they can cook that day. The market share of like ecommerce and food is tiny. It's like less than five percent. Still the nessa Wong is deputy business editor for BuzzFeed news. Thanks, thanks so much. At last count more than six and a half million public school children receive special education services, how schools educate those children is governed under a federal law that covers thirteen disabilities. A lawsuit about that law went all the way to the US supreme court last year. The court's ruling changes. What kinds of services schools and districts are legally obligated to provide? Marketplace's Lizzie O'Leary went to find out what that means for the country's largest school district New York City. I hate it. I'm listening Heinsohn picking in a bright orange shirt eight year Old Aden's ready to show off what he's learning in third grade. French, his mom Alana Philip remembers meeting his French teacher. I said French, he studied French because in pre k. Aden was diagnosed with a subtype of autism. One thing that really comes out clearly is it seems as though this thing is going to take a lot of money, there was the occupational therapist. So Aden could learn to hold a pencil. The reading program at one hundred fifty bucks a session and a private neuro psych evaluate and that costs forty five hundred dollars out of pocket in New York City within sixty days of requesting an evaluation. Parents, teachers and other school staff are supposed to hash out an implement a student's individualized education program or IEP under federal law. It's the document that lays out exactly what services a student with disabilities gets. Here's Alana. Philip again, what I had to really fight full was one to one tutoring, an extra support as we know not. All schools have the same resources that's Laurie pod Vesper. She's an advocate at include NYC a nonprofit that helps students with disabilities access services. She says school, sometimes make recommendations based on what they can give, not necessarily what students need in the past New York students with disabilities were often taught separately in their own classes. But then in two thousand ten, they changed the funding formula. Now the district give schools more money if they keep kids with disabilities in mainstream classrooms. The idea being that if you educate students with disabilities alongside their peers, they'll do better academically and socially, but it's just that enough again, Laurie pod Vesper who's a proponent for these kinds of classrooms? My gut reaction is no. There's still huge achievement gap between students with disabilities in New York City. In general education students, New York City schools spent three point, seven billion dollars on classroom instruction. For special education students last year about thirty percent of such spending and they're doing better at getting students classroom services than ever before. But still one in four kids don't get the full services. They're legally entitled to two families. Recently sued the district in a statement, the New York City department of education says they ensure students with disabilities have access to education in quote, the least restrictive environment, and they say they try to resolve concerns as quickly as possible nationwide. A lot of families have sued Jack Robinson Representative, Colorado family whose case went to the supreme court. You have this inherent tension between what the parents want and believe is necessary for their child to succeed. And you know, with the school district is is willing to do alerts financially or just conceptually the supreme court ruled unanimously that just access to education is not enough chief Justice. John Roberts wrote, schools need to offer. Services. So students quote, make progress appropriate in light of the child circumstances. But the first time children with disabilities are entitled to more than just the bare minimum, the federal law, which gives students with disabilities rights to an education also promises funding to cover forty percent of extra special education costs today, only fourteen percent of those funds have come through leaving it up to states and districts to figure out how and what they can pay for since the supreme court ruling the federal education department released guidance to schools clarifying their increased duties. What we don't know yet is how that will play out for students like Aden or anyone else with a disability since divided by ten by ten. Correct? Good boy, high five for now, it likely still means a lot of hard work in New York. I'm Lizzie O'Leary for marketplace. You can check out a marketplace, special report on the economics of disability. Fear more stories about work and healthcare, all at marketplace, dot org. And this final note, the new York, Daily News lost half of its newsroom staff today, publisher trunk Inc, which also owns the Chicago Tribune and the Baltimore Sun among others bought the tabloid last year for just a dollar plus the outstanding debt in a note sent to employees. The company said efforts. So far to stem revenue losses have not gone far enough. The cuts include the paper's editor in chief Jim rich who tweeted, and I quote, if you hate democracy and think local government should operate unchecked and in the dark, then today is a good day for you. That's it. We gotta go. The Dow Jones fell thirteen points less than one tenth percent. The NASDAQ picked up twenty one points, two tenths of a percent and the s&p five hundred rose five points a tenth of a percent. Our daily production team includes Bridget Bodmer Maria Holland. Horace Sean McHenry and daisy. Philosophies are special projects. Desk includes Tommy Andre

New York Bridget Bodmer Maria Holland Lizzie O'leary Horace Sean Mchenry Aden Tom Desk Tommy Andre Chicago Tribune Daily News Editor In Chief Trunk Inc Jim Rich Baltimore Publisher Producer AMY Scott
"business editor" Discussed on The Economist Radio

The Economist Radio

03:03 min | 3 years ago

"business editor" Discussed on The Economist Radio

"Kinda show people how electricity can work for them and then they'll pay for it thanks henry thanks we work we just rent office spaces to companies and freelancers is valued at more than twenty billion dollars workers in energy of people doing their own thing while actually still being part of something greater than themselves whereas much co working spaces amazon is a book selling store only think about the value of community and collaboration and having employees that are more engaging are happier to go to work that's something not is much bigger than real estate company that wants to provide people with an energy source wanna provide people with motivation with excitement who want them to love what they do the vice warren our us business editor took the difficult task of heading along for some cucumber infused water at we work offices to find does it really justify this physi valuation now you're anything like me you spend more time in your office than you do at home is this the way that we can have a nicer come fear worklife while the company would certainly like us to think that and it must be admitted we work offices are very pleasant they have put a lot of thought into designing them so they tend to be quite comfortable and fashionable when you walk into a we work anywhere in the world and they have several hundred locations you can count on coming in and being welcomed by a concierge for the members that work there the concered gets to know what you like what your company companies needs are and they arrange events on a regular basis there's often a a coffee bar even free flowing local beer that served there's a social buzzy atmosphere when you come into what we work and of course they have and semi private offices where people go off to to take care of business so it makes the environment much more convivial than than most corporate offices which have sort of soulsucking cubicles in elitist executive suites but none of this either tells us whether people do better work in them or whether it justifies it said i'm very busy valuation what do you think those are two different questions in a way in terms of productivity and and the happiness of workers there is some evidence actually in published in harvard business review in various academic outlets by by independent researchers that suggests that co working or these kinds of more convivial working environments do make people happier and at margin make them more productive particularly in areas where you want people to collaborate if you our innovation team for example if you keep them locked up in the basement of your very boring headquarters and don't let the mix and mingle with outsiders get some new ideas they're less likely to to be as innovative as if for example nasdaq which is an american stock exchange they've taken one of their more technology and innovation rented units and put them in a we work building a few blocks away from their own headquarters and manage their tells me it's for example much easier for him to recruit top talent that might have gone to work at google in this cool building in space where they can mix mingle with entrepreneurs and other companies during their breaks rather than their own headquarters just a few hundred meters away and then.

twenty billion dollars hundred meters
"business editor" Discussed on The Adam and Dr. Drew Show

The Adam and Dr. Drew Show

01:47 min | 3 years ago

"business editor" Discussed on The Adam and Dr. Drew Show

"Yeah they don't they just go into their talking points so i think that's what he does it's probably do know he's not met a couple of times should good guy but i don't know what he's doing it was just grandstanding trying to all right critic political capital where he can i'd rather do it this way then like by undermining treatment of the homeless oh i agree but here's my thing making shit up is not okay with me while you're on the clock if this is something you truly believe as going on then by all means get your talking points in order and come laham out you know what i mean like here here's what i want out of these guys you gotta you gotta business editor do i'll tell you what you say your business all right here's what i want these guys what these guys went out of us nightstand that's right father's day's coming everybody and if your dad has a mess accords all devices you can help them organize and charged with nightstand white tst andy bestselling quad doc charges everything apple twenty for models from two ten devices per doc about that ten devices productive charge your iphones ipads apple watches and more all together and organize everything so it's not such a damn mets mess in the side of the bed where on your desk if you own an iphone eight or nine phone ten nightstand in which he s t n d has all of your wireless solutions that's right wireless for iphone eight an iphone ten and there are android solutions available to so it's beautifully handcrafted start up by young entrepreneur couple here in america no big chinese company nodes z t e or anything like that evolved all you gotta do.

business editor mets america
"business editor" Discussed on C-SPAN Radio

C-SPAN Radio

01:30 min | 3 years ago

"business editor" Discussed on C-SPAN Radio

"Almost ridiculously long history we first met in nineteen eighty one when we were both reporters for the wall street journal fred's been one of my close friends ever since and i love watching what he's done with the atlantic council it's really an astonishing story so thank you fred for for bringing us together it's really fun to have a chance to talk with with howard about a subject that i don't write about enough business once upon a time when regime chandrasekaran who works with howard worked for me i was business editor at the washington post and italian diplomat i told us do what said you must be joking and obviously improbable but it's great to have a chance to come back and talk with one of the really dynamic business leaders in the world and how would i want to ask you to begin our story the way almost every story begins which is how we grew up the world that that shaped us informed us and gave us are ambitions and quirks as i read a little bit about your story you grew up in a in brooklyn that was not always an easy place to be times where sometimes tougher your dad little parts of the story almost sound like a brooklyn version of hillbilly lg tough tough world sometimes and maybe you could talk about what that boyhood was like for you and and when you began to think i want to be in business i wanna i wanna try to have my own slice of business to to make my way in the world.

wall street journal atlantic council howard business editor brooklyn fred washington
BT to cut 13,000 jobs in biggest cull in a decade

Paul Ross Full Set Breakfast

01:27 min | 3 years ago

BT to cut 13,000 jobs in biggest cull in a decade

"Sandy boo talk radio our headlines good morning bt has announced plans to cut thirteen thousand jobs in the next three years there also moving out of their london headquarters skies business editor mark kleinman has been looking at the details we've been expecting a significant headcount reductions and we certainly got them in the shape of these thirteen thousand cuts now bt also says it will recruit six thousand people mainly frontline engineers people to work in roles in areas like cybersecurity so the net job cuts figure is going to be seven thousand between now and twenty twenty president trump has arrived at the andrews air force base in washington where three americans released from north korea awaiting for him i've traveled with the us secretary state mike pompeo the men say they're deeply appreciative of the work the government's done in releasing millions around us is set to benefit from a transformation on the railways network rail is upgrading signaling say it's the biggest transformation since steam to diesel investments will start on routes from london up to the pennines transfer secretary chris greyling says it is a big leap forward best way of explaining what we're doing today when we all moved from analog television to digital television we started off with hd ready televisions waiting for the new channels to arrive what i'm saying today is the new trains on the network and all your signaling projects are all the same equivalent hd reggie digital railway for a type of technology that's going to transform railways for passengers in the future dame barbara windsor's husbands revealed.

BT Mark Kleinman Donald Trump Washington North Korea Mike Pompeo Barbara Windsor Sandy Boo London Business Editor President Trump Secretary Chris Greyling Three Years
"business editor" Discussed on WGIR-AM

WGIR-AM

01:45 min | 3 years ago

"business editor" Discussed on WGIR-AM

"Union leader business editor deputy managing editor joins us now if it was france good morning mike how are you sir doing great jack are you now you know just have some fun for tuesday lot of different stuff going on sure yeah how about on your end interesting i not today but yesterday at a article michael coups and guitar center to open a manchester some other business stories what's going on in the business community well in that particular uh um strip mall in manchester one or two eight it though alex big bait so it took back the owners of that properly awhile to it it was a party center that went in there and sardia pet cohen this qatar center so they basically carved up space to a few different a few different saw spot and you know took a couple years fill it but um it shows that there's you know there's some retail still coming here even in the amazon it even in the him his son aged they have an amazon hasn't stopped all business outside of the amazon is are we saying exactly what i'm interested to find out and i and i spent some time i looked at a list of like eighty five air conditioner manufacturer said governors new laugh at the pentagon milliarden talking to budget commercial real estate folks and client developers uh the callers international put together and the governor said that new hampshire and commend the kids are competing for a airconditioning manufacturing company to move from quebec um so either either overdose state he was kind of did governor's going to disagree connecticut connecticut is a a home with g headquarters but he wouldn't say who the company was and i think it might be a component com maybe not necessarily a.

managing editor mike michael coups manchester amazon pentagon new hampshire connecticut business editor france guitar center alex qatar quebec
"business editor" Discussed on KQED Radio

KQED Radio

02:01 min | 3 years ago

"business editor" Discussed on KQED Radio

"Confidence of employers so what did not wait is because we've heard for years that wages have been stagnant last night in his state of the union the president said that wages are rising are they barely but they are they they barely so basically you're saying barely i'm saying barely wages have been stagnant in the us for a really really long time the average workers wages really haven't hasn't grown much since the mid 70s so last year once you adjust for inflation the average workers pay increase by less than onehalf of 1 percent so that's a pretty meagre increase it is an increase but it's not there's it's very hard to make the case that these years and years of wage stagnation have been reversed i ain't i ain't npr business editor hurry berliner breaking down the state a union address last night thanks cemetery nicu rachel the midday people watching the president's discussion of immigration last night included voters in the battleground state of nevada immigrant rights activists and organizers their watched with anne pierce lentil fought in time it is was already swimming across our land and that a watch party the pretty diverse crowd older younger black brown and white listening sceptically to a president they feel has made a target of people of color hey laughed sarcastically when the president calls for unity and later assumes credit for the record low unemployment rate of african americans the who when he calls for the end of quote chain migration by which he means the policy than allows american citizens to sponsor their families to be with them and the united states open dr larry larry bird feeding yeah and when he equates gang violence and terrorism with immigrants people here feel attacked your genero marciel wars that is a high school student in the national honour society he was right here when he was seven and.

president unemployment rate african americans united states business editor nevada anne pierce dr larry larry bird 1 percent
"business editor" Discussed on BBC Radio 4

BBC Radio 4

02:04 min | 3 years ago

"business editor" Discussed on BBC Radio 4

"Brexit the cbi indians to do to direct his will be represented as will business organizations from germany france spain and seven other countries they will press theresa may and the brexit secretary david david to clarify the future relationship between the uk and the rest of the nation and demand they maintain current arrangements is our business editor simon jack the head of the european lobbying group business europe emma marci galliagh will stress the need for transitional deal that preserve the status quo of mutual trade with half a trillion pounds the next round of brexit it talks is due to start in middecember and business groups on both sides of the channel will today tell the prime minister have hoping for real progress at that meeting on a future trade agreement and a transitional arrangement until that can be implemented some uk business leaders in favor of brexit are concerned that that will delay and for straight britain's attempts to strike new independent deals while hope we can deal with the eu can be achieved some pray brexit bosses are concerned the lack of progress so far plays into the eu's hands they are therefore recommending the government use it's time to prepare for no deal scenario which would see the uk trade with europe on the same terms and tariffs as the rest of the world the shadow brexit secretaries akhir stormer told us no deal would create a constitutional disturbance and the government would not be able to continue i think no delays it is a very very bad outcome people talk about this in different ways taken literally it means we've not agreed anything and that means we haven't agreed anything about eu citizens we haven't agreed anything about the border in northern ireland while the great anything on security i think of that sort of no delays on thinkable i actually don't think a responsible government would allow us to get that place a majority of eu countries will sign a pledge to cooperate more closely on defence at a meeting of foreign ministers in brussels today at least twenty member states will be part of the plan which is designed to streamline decisions about military matters the uk is in joining for now but.

spain david david uk simon jack marci galliagh middecember prime minister britain eu ireland brussels germany theresa secretary business editor europe trillion pounds
"business editor" Discussed on talkRADIO

talkRADIO

02:14 min | 4 years ago

"business editor" Discussed on talkRADIO

"Teach them voice recall of governor haranguing and instead of it rotation but a great injury mount juliet she's by today from ten to one after that john holmes and then send that i need as i was saying educators conversation in full with the jackson's it's six thirty five it's chuck radio will get you choking yes address matters in the excellent company richard fletcher business editor of the times newspaper can only richard your morning finally early start with your piece in the paper today each on page forty one and it's about the immigrant cap on the problems that might present in the future yes we've got i'm aware of example of a business person could be enormous debates about immigration that'll be quite careful about what they say because i realized that what can our culture back customers oh but be used from their customers who look chairman of scottish power barrett developments jon allen and he's basically wandering and he's going to speak about a lung his own but we do have an immigration car i'm an restrictive immigration policies he said we're gonna join the economy down about from want me to go talk about the fat everyone in the business community believes you you can't have a free flow and that's gonna be some regime but he's very much opposed to the coen i to read them might happen is basically saying a blanket ban will will damage the economy so i'm interested in in banja knock in the past eight lewis if you've had about the parapet uh you know to publicly about a police demonstrators that business is increasingly concerned about restart davis of an immigration louise parker for weeks ago somebody on behalf of the market garden association element of the nfu the farmer's union and they're very concerned but recruiting for example soft fruit pickers you come from eastern europe yeah and we've got a story about that and the paper this morning about strobe reason and the fact that are just on that well the bliss be industry claims there aren't enough pickens here to pick the strawberries i mean it quite common the lobby groups to say what he's gone comedies for a business leader to shelter sort of prison alive i mean the the opposite augments vis obviously is the you know business hasn't done enough to try and you know in the indigenous were also knifed rely on cheap i would say.

john holmes jackson business editor chairman lewis davis louise parker nfu pickens richard fletcher scottish power jon allen banja europe