‘Rich Dad’ author Robert Kiyosaki: If you’re investing for the long term, ‘you’re crazy’

“I flunked out of school three times, because I can’t write, and I couldn’t type. I flunked out of accounting. What do I write all day about? And type all day about? Accounting. Accounting is the subject. If you’re going to do anything, start with a bookkeeping course. You’ve got to know your numbers. Numbers tell you a story. After you get through a basic bookkeeping course… then you can take basic business accounting. That’s how you learn, it’s in the numbers. If you can’t read the numbers, you don’t know what’s going on. It’s not that hard to get ahead quickly because most people highly educated, with good grades, have no financial education.”

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Winging it

Analysts based in China tend to think that the string of purchases represents a bubble. The nation is likely to have less success in spending its way to the top in football than it has had in the Olympics, says Mark Dreyer of China Sports Insider, an industry blog. Corruption now is not as bad as in the old days of “black ball” scandals, when many matches were fixed. Still, the Hong Kong Jockey Club, which hosts betting on a range of sports, remains suspicious and does not allow bets on Chinese football matches.

Mafia management

Nonetheless, the syndicate thrives, in part because the rewards are so huge and in part because the alternatives are so sparse. Italy’s economy has been stagnant for well over a decade. The country ranks number 45 in the World Bank’s ease-of-doing-business table, with southern Italy being a particularly hostile place for legitimate enterprise. On August 22nd the heads of the euro zone’s three biggest economies—Angela Merkel of Germany, François Hollande of France and Matteo Renzi of Italy—met on an island off the coast of Naples to talk about relaunching the European project. To be successful, any such plan must make it easier to create legal businesses—and thus likelier that the management genius displayed by the likes of the Camorra is directed towards the creative side of creative destruction.

Cloud chronicles

These two organisations have been central to the rise of cloud computing, the provision of all kinds of number-crunching services over the internet. Global networks of huge data centres, of the sort run by AWS, have become one of the world’s most important infrastructures. Without open-source programs like Linux, however, cloud computing would have been stillborn. Old-style “proprietary” software was too expensive and hard to adapt. In writing his program, Mr Torvalds was just scratching his own itch: he simply needed what later became Linux for his own PC. Now about 1,500 developers contribute to each new version of Linux. As for AWS, rapid growth had left its parent company with “jumbled IT systems”, says Mr Jassy, and it needed to integrate them into a single platform, or set of reusable services, which later emerged as AWS.

Here are the disturbing reasons ISIS marketing is so effective

Personalization of content is also crucial in supporting the radicalization and mobilization process. Since ISIS doesn’t typically own the platforms where its propaganda is hosted, it isn’t able to develop the detailed user profiles most companies rely on for targeted advertisement. Instead, ISIS supporters and recruiters match propaganda with the motivations and interests of each potential recruit they target.

Singapore Confirms 41 Cases of Local Zika Virus Infection

The government said it’d carry out Zika testing on people living and working in the affected zone who have symptoms of fever and rashes. The country will be inspecting residential premises and spraying insecticide to contain the spread of mosquito-borne pathogens responsible for chikungunya and dengue diseases.

7 Visit The World's Most Epic Dinosaur Manufacturing Plant

Hello World ’s Ashlee Vance recently paid a visit to Creature Technology’s weird and wonderful factory. It’s there that he got to see the intense process that goes into building a dinosaur, where every part, from the eyes and skeleton to skin, is hand-crafted. Vance even had the chance to control one of these beasts, and no one got hurt along the way.

This College Football Team Doesn’t Want to Join the Big Leagues

Moving into the FBS, which the team has faced increasing pressure to do, would give the Bison the chance to play against the Alabamas, Ohio States, and Oklahomas of the college football universe, grab more media attention, and possibly rake in huge financial rewards—but it could also cost them money and championships. Stay put in the FCS, and the Bison should keep winning. ESPN stops by. The executive director of the booster program, Pat Simmers, continues to receive $250,000 donations from fans who don’t want to wait for season tickets. What’s a ridiculously dominant small-town football team to do? It’s a question with the potential to roil the Bison faithful and ruin this overachieving team’s role as ambassador for an overachieving city. Matt Larsen, the university’s athletic director, who was hired to make this decision, says he’s torn: “Our teams can compete at that level, but we need to ask, ‘Can we afford to make the jump?’ A lot of programs have moved up, looking for glitz, glamour, and glory, and sometimes it’s not there.”

More than just getting from A to B

As London expanded and metamorphosed from one century to the next, as institutions, churches and homes came up, thrived, decayed and were regenerated, what remained the same are the routes that wind between the wood, brick and concrete. When Crossrail opens fully in 2018, it will trace a similar path to the one taken most days by John Pocock, a young messenger boy in the early 19th century, as he walked from his home near Paddington to the City. By the second half of the century, Crossrail’s earliest ancestor, the Metropolitan underground line, had started ferrying commuters between the same two destinations. Crossrail is only, as the book’s subtitle puts it, a new route for old journeys. It is a rewarding trip.

Turnbull Faces Fresh Opponents in Tricky Parliament

Struggling to restore his authority after a close election result two months ago, Australian Prime Minister Malcolm Turnbull will formally present his government’s agenda on Tuesday when lawmakers gather for the first sitting of the new parliament.

In the name of the father

Whoever takes the job has a difficult task. Under Mr Dauman, a corporate lawyer by training, the firm was sapped of its creative energy, former executives say. He discouraged risk-taking, especially in the digital space, preferring to protect his existing portfolio of assets. He sued YouTube in 2007, after clips of Viacom shows started appearing on the video site. When ratings at the firm’s channels plummeted, he increased the number of commercials to keep up revenues. Recently Mr Dauman also tried to sell half of Paramount to Dalian Wanda, a Chinese conglomerate, in order to pay down debt. The studio that made “The Godfather” films has languished at the bottom of the box office rankings for four years. A sale of Viacom itself is an option, whether to a much bigger media conglomerate or to a trophy hunter. But not while Mr Redstone is still alive, says Mr Gabelli.

Cracks in the surface

The group of cement bosses that environmentalists need to win round is small. Just six firms—LafargeHolcim, Anhui Conch, CNBM, Cemex, Heidelberg and Italcementi—dominate the global market. The last two are set to merge this year, leaving just five behemoths. The nature of the industry helps explain its propensity for consolidation. The great weight of cement and its ingredients makes the materials tough to transport, creating localised markets. Companies prefer to serve distant markets by buying firms that are already there. Deals have multiplied as firms from the rich world have splurged on those in developing countries, and, occasionally, vice versa. Slowing growth in China has created a huge, grey supply glut of cement in the country, which is likely to mean more dealmaking.

How To Get A First Class Upgrade Every Time

Until recently, if you had even mid-tier elite status with an airline, you could bet on getting upgraded from economy to business or first class on many, if not most, of your flights. Not anymore. These days, scoring a free upgrade has become the exception rather than the rule of frequent flying. Here’s why—and what you can do about it.

Last minute Labor Day travel deals

According to Hopper, a flight prediction site, there are three places catching the interest of travelers. So far, the most watched destination for Labor Day is Chicago, where the average airfare for a round-trip ticket is $232. The second most watched destination is Denver ($258), followed by Las Vegas ($286).

China’s Murky World Where E-Commerce Meets Student Lending

Aixuedai, a lending app founded in 2014 by former Alibaba employees, raised $45 million in December from a fund jointly established by Bank of China and the state-owned Zhejiang Railway Investment Group. Fenqile has started selling securitized student loans to Chinese banks and other investors and will gradually link all of its user profiles to the central bank’s credit system as it seeks to serve the hundreds of millions of people who don’t have credit cards, Xiao said.

America's Fastest-Growing Restaurant Is On a Roll

The resulting subs deliver livelier flavors than what you get at Subway. They’re also more expensive. Nationally, a regular-size original Italian with a fountain soda and chips goes for about $11. Josh Funderburk, the director for training, who joined the company 20 years ago, says the menu at Jersey Mike’s has changed only slightly since its inception. (Bologna sandwiches were removed.) Despite its growing success, the company tamps down the swagger. If you invert the preening, hot-tub splashing, ab-flashing attitude made famous on MTV’s Jersey Shore, you get the culture of Jersey Mike’s. “One of the sayings we have is, ‘Don’t spike the football,’ ” Funderburk says.

Forecasts of Brexit Gloom May Be Overdone

It’s early, but data so far suggest the British decision to leave the European Union could be another example of a recurring phenomenon: expert predictions of dire consequences to political decisions that end up proving overheated.

Health Insurers’ Pullback Threatens to Create Monopolies

Nearly a third of the nation’s counties look likely to have just a single insurer offering health plans on the Affordable Care Act’s exchanges next year, according to a new analysis, an industry pullback that adds to the challenges facing the law.

9 tricks for saving money that grocery stores don’t want you to know

If you are looking for items in your grocery store, it’s a good idea to check the size and price. For example, you may see a 64-ounce bottle of ketchup on sale for $3.25, which appears to be a good deal. Take a look at this per unit. At this price, you are paying $0.051 per ounce. If you look at the 40-ounce bottle priced at $1.99, you will see you are paying $0.0498 per ounce. There is not too much difference per ounce here, but it all adds up and you get more for your money if you purchase a 40-ounce bottle instead.

Hillary Clinton’s Broadband Plan Draws Criticism From Experts

On the campaign trail, Democratic presidential nominee Hillary Clinton sketches a vision where every home in the U.S. is connected to broadband.

Financial Times on Twitter

Just published: front page of the Financial Times UK edition Monday August 29 http://on.ft.com/2bKnqnH  pic.twitter.com/xBIhSdtoIe

Out of Africa

The book is striking but not perfect. Ms Verjee simplifies issues and some of her characters feel too much like vessels for the author’s voice. She has said that, growing up, she was “guilty of possessing certain old-fashioned stereotypes”. Maybe it is in an attempt to make amends that the book veers into idealism and cliché: “This country is beautiful and full of life…who will fight for it, if not us?” But the story’s message of hope, resilience and redemption is as important as it is timely. Just as the novel’s timeline moves unstoppably into the bloody elections of 2007, from which the country has not recovered, Kenya today is preparing itself for a new poll next year. If only Kenyan politicians and police had as much idealism as this book.

Iraq Asks Saudi Arabia to Replace Its Ambassador to Baghdad

The Iraqi government officially asked Saudi Arabia to replace its first ambassador to Baghdad in more than a quarter of a century, accusing him of fabricating a story about an attempt on his life.

Scaling Up Is Hard to Do

Academics and government agencies usually group businesses like Tipton’s into a category variously called scale-ups, high-impact companies, or gazelles—the parameters differ somewhat. The Organisation for Economic Co-operation and Development defines them as enterprises with greater than 20 percent annual growth in revenue or head count for three years running, after reaching a minimum of 10 employees. High-impact companies are “believed to create nearly all net new jobs” even though they make up a minority of companies in the U.S., according to a 2011 study for the U.S. Small Business Administration’s Office of Advocacy. A 2014 paper by the Royal Bank of Scotland suggests that shifting just 1 percent of all U.K. businesses with more than 10 employees into high-growth mode would generate 238,000 jobs and almost £39 billion ($51 billion) in additional revenue at the end of the third year.

For the Abrahamic religions, clothing is both trivial and vital

The idea that attire is a gift from God, and that it should be tidy and discreet, is emphasised elsewhere in the Koran. People should dress neatly and cleanly when going to the mosque. As one translation puts it: “O children of Adam, put on your finery at every place of prayer...Who has forbidden God’s finery which He fashioned for his servants, or the good things He has provided?” Modesty is enjoined for both sexes: believers should “cast down their eyes and guard their private parts” and women in particular should “drape their bosoms with their veils” and not show their beauty except to close family members. That last verse has been interpreted as an instruction to women to cover their heads, although there are some Muslim women who disagree. Women who convert to Islam  often note that there is something paradoxically liberating about dressing modestly, in a way consistent with one’s beliefs, rather than feeling compelled to impress society or attract men.

Brexit Is May’s Top Priority as U.K. Cabinet Meets at Chequers

U.K. Prime Minister Theresa May is meeting with her cabinet on Wednesday to discuss plans for leaving the European Union, along with steps to end economic disparity and support companies that will fuel expansion, her office said Sunday.

Bahrain Islamic Bank Plans $218 Million Sale of Non-Core Assets

The lender sold 14 million dinars-worth of these assets in the first half and plans the sale of a similar amount in the remainder of the year as it focuses on its main lending business, Chief Executive Officer Hassan Jarrar said in a phone interview from Manama, Bahrain. The bank has appointed an external adviser to dispose of “all non-core investments,” including properties and shares in associate companies, he said.

Dana Gas May Seek to Roll Over Part of $700 Million Islamic Bond

Dana Gas PJSC, a producer of natural gas in Egypt, Iraq and the United Arab Emirates, may seek to roll over part of the $700 million Islamic bonds maturing next year, the chief executive officer said.

Forget Iran and the Saudis

Iran still isn't likely to accept a cap while neighbor Iraq and arch-rival Saudi Arabia continue to boost supply. But its grounds for opposition are diminished. It's determined to get to 4 million barrels a day by the end of September. And if its production reaches a point where it can't be raised further without significant investment and a long lead-time it might, just might, agree to a freeze to call the Saudis' bluff. 

For Dubai Government Workers, Today Was the Wrong Day to Turn Up Late

Dubai’s ruler was known for his surprise visits in the early days of transforming the city from a desert town into a thriving business center. Although none of the officials absent on Sunday were identified, the sheikh in the past hasn’t shied away from naming and shaming. Following Dubai’s credit crisis, some officials at property companies, including state-owned firms, faced legal action as he tried to root out corruption.

War games

ABOUT a decade ago, a series of earnest and mostly dull Hollywood films weighed the cost of America’s wars in the Middle East. Paul Haggis’s “In the Valley of Elah” came out in 2007 and “Stop-Loss”, directed by Kimberly Peirce, in 2008. These downbeat dramas were followed by a generation of action movies which fetishised the danger of being a soldier in Afghanistan and Iraq. Chief among them was Kathryn Bigelow’s “The Hurt Locker” (2008), Peter Berg’s “Lone Survivor” (2013) and “American Sniper” directed by Clint Eastwood a year later. More recently, Hollywood’s embrace of war in the Middle East has shifted again.

Charles Osgood retiring from 'CBS Sunday Morning'

Legendary newsman Charles Osgood is stepping down from "CBS Sunday Morning," the weekly magazine program he has helmed for the past 22 years. His final day as host will be September 25.

Who might be the next Palestinian leader?

The Palestinian people have had just two leaders since they achieved a degree of autonomy from Israel in 1994. The current one, Mahmoud Abbas, is 81 and has repeatedly threatened to quit the job. Who the next one might be, and to what extent he could legitimately claim to represent all Palestinians, is the subject of increasing speculation. The credibility of the next leader has implications for relations among rival Palestinian factions, peacemaking with Israel and the significant foreign aid that flows to the Palestinian territories.

US hedge fund Marathon makes Brexit bet on European property - FT.com

US hedge fund Marathon makes Brexit bet on European property

Amazon nears launch for music streaming service - FT.com

Amazon nears launch for music streaming service

A sudden light

Fuel from beyond could keep some satellites in orbit indefinitely. Others, though, need to be got rid of. In the lowest orbits—those of the ISS and below—the problem has a natural solution: drag in the outer reaches of the atmosphere will bring anything down in a matter of decades (the ISS has to be regularly boosted). But in other orbits space debris—consisting of dead satellites and their fragments, as well as the leftovers of discarded launchers—builds up. Even in the most debris-ridden orbits, between 700km and 900km, the risk of hitting something is pretty low; the chance of a close call is perhaps 1% per satellite-year, according to Brian Weeden of the Secure World Foundation, an American NGO. But satellites have been lost to such collisions; more satellites mean more such collisions; and collisions create yet more junk. Left to itself, the problem can only get worse. “It’s like climate change,” says Mr Weeden. “By the time it becomes a really big problem it may be too late to do anything about it.”

Jeremy Corbyn and the parable of the Virgin berth - FT.com

Jeremy Corbyn and the parable of the Virgin berth

Which State Is a Big Renewable Energy Pioneer? Texas

SAN ANTONIO—On a blustery February night, the Texas electricity market hit a milestone. Nearly half the power flowing onto the grid came from wind turbines, a level unimaginable a decade ago in a place better known for its long romance with fossil fuels.

Five countries where you should buy a second home

Want a casa in the Costa Del Sol? Thinking of retiring to the Caribbean? Some property markets around the world may be benefiting from a strong dollar or an expanding middle class. If you’re looking for overseas investments, consider these five markets, as recommended by Kathleen Peddicord, publisher of Live and Invest Overseas . Peddicord reports on opportunities for living, retiring, and investing overseas on her website, and is the author of “How To Retire Overseas—Everything You Need To Know To Live Well Abroad For Less.” These are five property markets that could be promising investments this year:

BOJ won’t hesitate to take action to meet inflation goals, Kuroda says

JACKSON HOLE, Wyo. — Bank of Japan Gov. Haruhiko Kuroda said Saturday that the central bank will take additional monetary easing measures “without hesitation” to achieve its inflation target.

New Millennial Trend: Working During the Summer

Eh, just wait until this $15 minimum wage nonsense takes hold. Youth unemployment will spike again due to unskilled workers not worth $15 an hour in most locations. Minimum wage jobs should not be a career, they should be entry level to teach youth the value of working. Now we have a ton of people who choose not to get skills or education crying they cannot raise 4 kids on a minimum wage job paying $9 an hour? Who asked you to have 4 kids, who asked you to drop out of high school and get no skills?

Singapore mobilises against Zika cluster - FT.com

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Angry impeachment scenes spur calls for changes to Brazil’s political system - FT.com

Angry impeachment scenes spur calls for changes to Brazil’s political system

44 The Financial CHOICE Act | House Committee on Financial Services

Support Builds for the Financial CHOICE Act

U.S. Election So Nuts I Just Might Win, Libertarian Johnson Says

Libertarian Gary Johnson’s plan for capturing the White House hinges on voters following through on polls suggesting they dislike the Republican and Democratic presidential nominees more than in any election year in history.

Trump campaign benefits from criticism of trade imbalances - FT.com

Trump campaign benefits from criticism of trade imbalances


Welcome to the new FT.com

Goldman Sachs, Morgan Stanley Take a Tough Assignment: Reinventing Themselves

In the darkest days of the financial crisis, Goldman Sachs Group Inc. and Morgan Stanley became bank-holding companies to shore up confidence and gain the implicit backing of the Federal Reserve.

Donald Trump Plans Events for Black Audiences Soon, Campaign Chief Says

After more than a year on the campaign trail, Republican presidential nominee Donald Trump is preparing to make his pitch directly to black audiences.

Caesars Entertainment owners blamed for failure to reach deal with creditors - FT.com

Caesars Entertainment owners blamed for failure to reach deal with creditors

51 Central bankers fear threat of low-growth rut - FT.com
52 FT.com
53 Cleveland Fed’s Mester outlines ‘compelling’ case for rate rise - FT.com
54 FT.com
55 Fighting Escalates on Turkey-Syria Border, Endangering U.S. Forces
56 Key Presidential Swing States Gain Jobs in July
57 Carlyle weighs withdrawal from hedge funds - FT.com
58 Half of Germans Oppose Fourth Term for Angela Merkel, Survey Finds
59 Nova Innovation hails ‘world first’ for tidal energy - FT.com
60 Ford Feels Pressure of China Rivals’ Pursuit
61 Tensions rise between Greeks and refugees - FT.com
62 FT.com
63 Japan’s shrinking funeral market drives hearse makers overseas - FT.com
64 The Art of Fashion
65 London’s Notting Hill in carnival mode, unlike its property market - FT.com
66 North Korean defector-activists step up propaganda war - FT.com
67 FT.com
68 Australia’s Kangaroo Bond Market Bounces Into Life
69 Revenge of the nerds
70 English winemakers raise a glass to Brexit
71 Gordhan’s Duel With Police Stirs Case for South Africa Rate Rise
72 JLyonsFundMgmt shared a chart on StockTwits
73 Ferrari's newest car was inspired by these two classics
74 Hogan Says Gawker’s Denton Is Lowballing Condo in Bankruptcy
75 Currency Traders Can’t Lose as Trusted Strategies Reap Big Gains
76 Mexico’s Vicente Fox Says Pena Needs ‘Crusade’ Against Graft
77 CNNMoney on Twitter
78 7 lessons on failure from a guy who’s sold businesses for millions—and fallen flat on his face
79 China’s Three Biggest Airlines Face $1.3 Billion Currency Losses
80 The empty crib
81 Dollar Climbs on Fed’s Rate-Hike Signals as Japan Shares Surge
82 What does the Clinton Foundation do, anyway? We explain
83 After Unhealthy Haze, Singapore Air Quality Improves: Chart
84 True Love Is Dead. Want a $300 Tiffany Dog Tag?
85 Verizon is once again the best performing mobile carrier
86 Why millennials don’t know how to cook
87 Need a Photo That Fits the Mood? Ask This Startup’s Algorithm
88 U.S. News Money on Twitter
89 Deep waters
90 Yahoo Finance on Twitter
91 95% of China's Electric Vehicle Startups Face Wipeout
92 Oil Refining Empire Helps Sinopec Outshine Chinese Energy Rivals
93 The Robotics Revolutionizing the Operating Room
94 The Secrets to Subtly Mixing Prints in Décor
95 The real story behind James Bond's Aston Martin
96 This elevator could shape the cities of the future
97 Winners and Losers in the New China
98 This Drug Could End America’s Painkiller Epidemic
99 You don’t need to commit a million dollars to invest in these alternative assets
100 No Need to Be Alarmed by China Private Investment Crash, Say Analysts