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Diesel scandal could threaten Volkswagen's existence, incoming chairman says

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Osborne Lauds Tory Victory With Focus on U.K. Economic Prudence

U.K. Chancellor of the Exchequer George Osborne delivered a speech to the Conservatives’ annual conference that made much of the party’s election victory and reiterated that economic prudence was central to its policies.

Q&A: Lloyds retail shares offer -

The City likes Lloyds because of the perceived quality of its loan book and its risk controls. Its shares are valued at 1.3 times its book value (a key measure for understanding the market’s view of banks). On this measure, Lloyds is the best performing share in its sector by a long stretch, with shares in Barclays , HSBC , RBS and Standard Chartered all trading below “book”.

U.S., BP Finalize $20.8 Billion Deepwater Oil Spill Settlement

WASHINGTON—The Obama administration said Monday it has finalized the terms of a record $20.8 billion dollar settlement with BP PLC over the 2010 Deepwater Horizon oil spill in the Gulf of Mexico.

Clinton Takes Trump, Bush and NRA to Task on Guns

Speaking at a town hall meeting in Manchester, New Hampshire on Monday, Democratic presidential candidate Hillary Clinton focused on gun violence. She blasted Republican rivals Jeb Bush and Donald Trump over their reaction to the shooting at Umpqua Community College, saying it was “an admission of defeat and surrender.” In outlining her proposals on gun control she said, “They're not new, there's nothing unique about them other than the fact that I am so determined.”

Alibaba’s Ma Puts Paint to Canvas for Charity

A painting done for charity by Zeng Fanzhi, one of China’s most popular artists, and Jack Ma, founder of Chinese e-commerce company Alibaba Group Holding Ltd., fetched 42.2 million Hong Kong dollars (US$5.4 million) at a Sotheby’s auction in Hong Kong on Sunday, well above the expected price.

Did the Supreme Court Just Rewrite Preet Bharara's Legacy on Wall Street Crime?

Securities law enforcement has seen decades of push and pull between regulators, prosecutors, courts, and people working in the trenches of finance, where the incentives to push the limits of what's allowed are enormous. In general, regulators and law enforcement are leagues behind the innovations of Wall Street, both in what they're focused on and the tools they have at their disposal for investigations. But sometimes the judicial system sends a strong signal that law enforcement may have gone too far. This is likely to be seen as one of those moments.  

Lust-Worthy Objects From the 2015 London Design Festival

WITH EACH PASSING year, London nips more closely at the heels of Milan in its bid to become the world’s first city of design . Exuberance, charm and sheer determination lead it forward—and those characteristics distinguished the offerings at last week’s annual London Design Festival, where professionals and the curious public came to sniff out new talent and ideas. Marjan van Aubel ’s stained-glass windows charged smartphones with solar power, Breaking the Mould’s 3-D-printed vases exploded craft traditions and Tom Dixon ’s Multiplex reimagined the department store inside the Old Selfridge’s Hotel. What’s going on in London? A whole lot of making. Here's the best of show.

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How Activist Investors Affect the Performance of the Largest U.S. Companies

The Wall Street Journal analyzed what happened at large U.S. companies that were targeted by activist investors. Click on individual company names or sort by column headers. Activist Investors: Helping or Hindering? »

Turkey Says Russian Fighter Jet Violated Its Airspace With Syria

What is it about the psyche of many Americans who are predisposed to conflict? These boards are littered with them. It seems whatever our press spoon feeds them they are willing accept. We have no reason to be in conflict with Russia. They have no grand designs to take over the world, as best I can tell. The US, through our actions around the world, is more inclined in this direction than any other nation. Unlike Russia and China, the two other potential superpowers, we are the country with bases and troops around the world. It is frustrating to read and hear day in and day out, on these pages and in our nightly news broadcasts, how Russia is the great boogie man and China is not far behind. Why would our press promote such ideas? Who drives the news? Who benefits? Stop and think. Don't just take everything in, hook, line and sinker.

A New Kremlin Show Trial

Nadya Savchenko, a Ukrainian officer, had finished tending to soldiers wounded in a firefight with pro-Russian separatists when her yellow scarf caught the eye of an enemy patrol in eastern Ukraine.

Evoking 'Think Small' Urged as Primary VW Message Post-Crisis

“We were planning to say here how happy we are Germany has become one country again," read the ads, just unadorned text on a white background. "But now we want to say just one thing: We’ll do everything to regain your trust.”

Five things you should know before you start your workday on Oct. 6

Financial Times on Twitter

What caused the flash surge in Glencore this morning? Speculation? Market structure?

Less Than a Third of Unemployed Americans Get Benefit Checks

Those receiving government payments last month represented less than 28% of all unemployed Americans, according to an analysis of Labor Department data. That figure is down from 31% a year earlier. And it’s well below the 67% who received the assistance in September 2010, when emergency federal programs extended benefits beyond the 26 weeks granted in most states, to as long as 99 weeks.

Peltz's Trian Takes 1% GE Stake to Pressure Change

Steve Rattner, chairman at Willett Advisors, discusses the move by Nelson Peltz's Trian Fund Management to take a $2.5 billion stake in General Electric amid calls for the company to sell its finance unit and focus on industrial businesses. He speaks on "Bloomberg <GO>." (Source: Bloomberg)

What to watch for in PepsiCo earnings

Earlier this week, analysts at Citi cut their earnings expectations for Pepsi and other beverage makers because of the stronger dollar. The Citi analysts said they now expect PepsiCo to earn $4.53 a share this year, down from expectations of $4.54, and $4.88 (from $4.91) a share in 2016.

3 ‘sure thing’ tech darlings including Apple are in trouble

When you consider this broader release, the 13 million units moved on the opening sales weekend for the iPhone 6S tend to look less impressive. Consider that in its fiscal third-quarter numbers in July, Apple reported $13.2 billion in net China sales, good for nearly 27% of total sales. Presuming that share is constant in the most recent quarter, then Apple moved about 3.5 million iPhones in China after its most recent launch. That means we are comparing 9.5 million units sold this year, excluding mainland China, with launch sales of 10 million a year ago, excluding China.

Dow, S&P 500 stage rally as rate-hike fear eases

The S&P 500 on Monday rose for a fifth session in a row, its longest winning streak this year, as a string of economic data appeared to push back the timing of a Federal Reserve rate hike to 2016.

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The first Arabic production of ‘Oliver!’ -

In early September on the cement terrace of the Royal Cultural Centre in Jordan’s capital, Amman, there was an air of euphoria as Fadi Al Assal blew out the 14 candles on his cake. Around him a group of 40 children, all of them refugees, surged and whooped. They were celebrating not only Fadi’s birthday but also the end of a three-day run of the first Arabic adaptation of Lionel Bart’s musical Oliver! in which they had all performed.

5 reasons American Apparel is now bankrupt

Too much debt. In March 2009, the company avoided Chapter 11 bankruptcy when it sold 18% of the company to private-equity firm Lion Capital. The company was facing pressure, including loan obligations, after it took on $111.6 million in debt to expand over five years. Still, the company’s debt problems have persisted. This summer, American Apparel introduced a plan to save $30 million over the next year and a half. But even so, the company is drowning in debt.

24 Will Use a Satellite to Beam Its Version of the Web to Sub-Saharan Africa

The partnership makes sense because Eutelsat has experience implementing satellite broadband in many regions like Europe and the Middle East, but the language of the press release makes it pretty clear that everyone is out for themselves and ready to "pursue their ambition[s]" in this collaboration. Eutelsat gets to expand its offerings and lure what it calls "professional users" while attempting to generate goodwill by partnering with And for it's an opportunity to piggyback on another company's expertise, while expanding and growing its user base.

French Labor Protests Are Crazy, and Surprisingly Effective

Striking ferry workers on June 23  blocked access to the English Channel tunnel by setting fire to tires and rubble they had piled at the tunnel entrance near Calais. The protest involved the planned sale of a ferry service owned by tunnel operator Eurotunnel that would have led to about 500 job losses. After sporadic protests disrupted passenger and freight traffic through the tunnel over the summer, unions won an agreement in September to save more than 400 of the jobs.

Pfizer Raised Prices on 133 Drugs This Year, And It's Not Alone

A single, 5,000 percent price hike on an anti-parasitic drug made by Turing Pharmaceuticals garnered national media attention. But it’s just one of hundreds of smaller price increases drug companies make in the U.S. each year, a tactic the industry uses to generate more revenue from older medications.

Fed Rate-Increase Odds Drop to 10% for October, Futures Show

The bond market shows traders see only a 10 percent chance the Federal Reserve will raise interest rates at its Oct. 27-28 meeting following weaker-than-expected employment growth.

The Biggest Super-Yachts at the Monaco Yacht Show 2015

With the Monaco Yacht Show all wrapped up for 2015, Bloomberg takes a final look at the biggest super-yachts at the show.

Record ATM Fees Rise Toward $5

A quick stop at the local deli’s ATM could wind up costing as much as your sandwich.

Through the roof

AS HOUSE prices rise globally, in Britain they are soaring. In the past 20 years they have increased by more than in any other country in the G7 (see chart 1); by some measures British property is now the most expensive in the world, save in Monaco. It is particularly dear in the south-east, where about one-quarter of the population lives. According to Rightmove, a property website, at today’s rate of appreciation the average London property will cost £1m ($1.5m) by 2020.


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Warning light

VOLKSWAGEN doesn’t just make cars. Its enormous lending arm also helps customers to pay for them. With €164 billion ($184 billion) of assets, this is a big business for Germany’s national champion. Others do it too: in all, the finance arms of the world’s top ten carmakers have almost $900 billion of assets on their books. Four firms—VW, BMW, Daimler and Renault—account for half of the $350 billion of debt on the consolidated balance-sheets of carmakers that needs to be refinanced this year. All four of these diesel-focused European carmakers have seen the cost of insuring their debt against default rise sharply since VW’s misdeeds were made public earlier this month.

One Chart That Shows the Federal Reserve Is Losing Credibility

For years, the Bank of Japan has struggled with the latter in its battle against deflation. But according to Société Générale, it's the former the Federal Reserve now has to worry about, as there are signs that market participants no longer take Janet Yellen at her word.

Financial Times on Twitter

From killers to customers, we uncover the bloody trail of the illegal poaching trade

Record ATM Fees Rise Toward $5

A quick stop at the local deli’s ATM could wind up costing as much as your sandwich.

A Day on the Campaign Trail With John Kasich

Bloomberg Politics' Mark Halperin spent the day with the Ohio governor and Republican presidential hopeful during a Friday swing through New Hampshire. And while Kasich would later describe his day as “typical,” he also managed to make a few headlines along the way. He announced endorsements from former New Hampshire Senator Gordon Humphrey and political and government official Peter Thomson. He called on the U.S. to establish no-fly zones and sanctuary cities along Syria's border with Jordan and Turkey. A feistier Kasich even reared his head, taking jabs at rival Jeb Bush for reports that representatives of the former Florida governor's super-PAC are conducting opposition research at the John R. Kasich Congressional Collection at Westerville Public Library in Ohio.

School bullying rates fall for the first time in 6 years

Other studies suggest that school bullying could be moving online. It averages at 26% of the overall population and has risen in recent years from 24% in October 2013 to 34% in February 2015, according to the Cyberbullying Research Center. On average, about 16% of the students who have been a part of the center’s nine studies involving 15,000 students since May 2007 have admitted that they have cyberbullied others at some point in their lifetime, although teen cyberbullying has fallen to 14.6% in February 2015 from 17% in January 2014. Any decline is good news, Esquith says, “but at the same time there’s still a lot of work to be done.”

New EU privacy rules could widen the policy gap with America

Privacy activists have never liked the pact’s reliance on self-certification. Firms can draw up a privacy policy and call themselves compliant, which nearly 5,500 have done. In late 2013 the European Commission published a list of the scheme’s “deficiencies”, including firms that falsely claim they follow the rules, incomprehensible privacy policies and lame enforcement by America’s Federal Trade Commission. Still, politicians and even many data-protection officers kept mum as European data mounted up in American data centres—until Edward Snowden, a contractor for America’s National Security Agency (NSA), leaked secret intelligence documents. Europeans were particularly shocked by PRISM, an NSA programme to collect data from big internet firms. Arguing that this sort of surveillance meant Facebook was unable to protect his privacy, Max Schrems, an Austrian campaigner, filed a complaint against the social networking site in Ireland, its European base. When the Irish data-protection authority said it did not have the authority to second-guess the European Commission which, by signing the safe-harbour pact, had decided that America’s data-protection rules were adequate, Mr Schrems took his complaint to the Irish High Court, which referred it to the ECJ.

Carly Fiorina, an Outsider Candidate Republican Insiders Can Love

Yet, as she recently demonstrated  when otherwise-feuding Republican lawmakers showed up to see her on Capitol Hill, she also has Washington credentials that have won her fans inside the Beltway, even as she seeks the nomination with a strategy that makes the GOP establishment a frequent punching bag.

Zaha Hadid’s New Moscow Office Building Is a Dizzying Piece of Architectural Eye Candy

Hadid’s design is a fascinating bit of sculptural, highly engineered eye candy. And although it’s easy to imagine the interior as the set of a futuristic office dramedy, at least from the photographs, it looks more like the kind of architecture you might love to visit, if not fritter away your working life in.

A new spectacle for the masses

IF HIS intent was to draw attention to his military muscle, he certainly succeeded. Vladimir Putin, Russia’s president, became the first leader in the Kremlin since Leonid Brezhnev, who invaded Afghanistan in 1979, to send military aircraft on bombing missions outside the territory of the former Soviet Union. On September 30th, Russian jets began a targeted campaign in parts of Syria held by rebels in order to prop up the beleaguered regime of Bashar al-Assad, a Russian client.

The consequences of the accidental bombing of an aid hospital

Both are wrong. The fall of Kunduz to the Taliban, however temporary, would almost certainly not have happened if American forces had not been pared down to such low levels (9,800) at the end of last year or been hamstrung by rules of engagement that only allow air support to protect Western forces, or Afghans in the direst circumstances. The Taliban may well have believed that they could take Kunduz without having to worry about NATO airpower. Air strikes, which seem to have been crucial in helping the Afghan security forces to regain control of the city, always run a greater risk of “collateral damage” when fighting is taking place within an urban space.

5 Things to Read Today: U.S. Reaches Trans-Pacific Trade Deal, 3 Share Medicine Nobel Prize, and More

Scientists from Ireland, Japan and China won this year’s Nobel Prize in Physiology or Medicine for discoveries leading to therapies against malaria and infections caused by roundworm parasites. Irish-born scientist William C. Campbell and Satoshi Omura of Japan discovered a new drug, avermectin, which has radically lowered incidences of river blindness and lymphatic filariasis, two diseases caused by parasitic worms, and showed efficacy against a number of other parasitic diseases, the Nobel Assembly said. Chinese-born Youyou Tu, the first recipient of the medicine prize from China, discovered artemisinin, a drug that has significantly reduced mortality rates for patients suffering from malaria.

When the tide goes out

LATIN AMERICA is a notoriously cyclical region, and the end of the long commodity boom has hit its countries hard. Although a weakening economy does not necessarily make officials more corrupt or criminals more violent, it does eliminate the distraction from these endemic problems that rising living standards provide. From Tijuana to Tierra del Fuego, discontent is growing. Mexicans are up in arms over the disappearance and presumed murder of 43 student activists; Venezuelan streets have erupted in occasionally violent protests against the authoritarian and economically incompetent government of Nicolás Maduro; and Brazilians are calling for the impeachment of their president, Dilma Rousseff, as a result of a kickback scandal and a credit-rating downgrade.

Ben Carson, false idol

AMERICA is having a Ben Carson moment. In July half of all Republicans told pollsters they had no clear sense of Dr Carson, a 64-year-old retired brain surgeon. Now he has surged to the front of the field of Republican presidential hopefuls. A recent poll put him within a percentage point of Donald Trump, the raucous property magnate who dominated politics all summer.

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Survey says....76 percent of workers are more productive outside of the office  via @AOL

Fake Privacy Notices Are Going Viral on Facebook Again. Here’s a Way to Stop Them.

They’re back: Like locusts, those viral copy-and-paste privacy notices have emerged from dormancy to swarm your Facebook feed once again. If you’ve logged into the social network in the past day or two, there’s a good chance you know the ones I’m talking about.

We all hang together

BY 2023 THE global offshore dollar shadow banking system had grown larger than America’s onshore domestic banking system. The euro’s credibility had slipped further after Italy’s partial default in 2018. The yuan’s ambitions beyond its borders came to a standstill during the final days of Xi Jinping’s rule in September 2019. In a last effort to placate conservative elements within the party, capital controls were temporarily reimposed, the head of the People’s Bank of China arrested for “deviations” and yuan deposits in Hong Kong were frozen. The redback’s use abroad never recovered.

How Haunted Hotels Turn Terror Into Cash

A few years ago, I took this tour and then spent the night in a pretty, historic hotel on this South Dakota town’s main drag. It's a 19th century mining town swathed in American frontier lore, and its contemporary economy is primarily driven by Wild West nostalgia. As I checked into my hotel, the concierge shared both Wi-Fi rates and the best places to see the ghost of sharp-shooting sheriff Seth Bullock, the Wild West legend who’d built the hotel in 1894. She also recommended a dinner theater in which local players reenacted the deaths of frontiersmen murdered on this very spot . Hours later, I spotted the actor cast as slain villain Wild Bill Hickok drinking alone at the hotel bar, the glow of nearby nickel slots his only witness. A phrase from the hotel casino’s marketing material—“Seth will be watching”—rang all too true.

China’s Middle-Class Dreams in Peril

Smaller cities on the cusp of China’s transformation toward consumer-driven growth struggle to overcome ill effects of previous economic model

51 Hillary Clinton proposes using executive power to tighten gun rules
52 Connecticut, America’s Richest State, Has a Huge Pension Problem
53 Old Money’s 7 Essential Ways to Stay Rich
54 Stocks Rise as Weak Dollar Lifts Commodities, Emerging Assets
55 Bloomberg Business on Twitter
56 American Jobs Machine Sputters as Global Woes Chip at Growth
57 Toronto-area detached home prices surge above $1 million, out of reach of first-time buyers
58 Remaking Marc -
59 Disneyland price shocker: Popular annual pass now costs over $1,000
60 The Fed and the Disappointing Jobs Report
61 Freakonomics on Twitter
62 Jaguar XE S Review: A Bold Stride Toward the Middle
63 George Osborne's plan to let boomtowns boom and failing towns fail
64 If Congress Wants Better Cybersecurity, It Should Change These Three Laws
65 Want to Boost Global Growth by Trillions? Improve Gender Equality, McKinsey Report Says
66 Pillow fight
67 Is the Theory of Disruption Dead Wrong?
68 Bernanke says ‘not obvious’ economy can handle interest rates at 1%
69 Bloomberg Business on Twitter
70 GOP's Next Stage: Voters Wake Up
71 E. I. du Pont de Nemours and Company
72 The Price We Pay for Sitting Too Much
73 Backs to the wall
74 Bernanke: More execs should have gone to jail after financial crisis
75 Website offers to cancel Comcast for $5
76 A Performance Review May Be Good for Your Marriage
77 ‘The Big Bang Theory’ Has Hidden Jokes Down to a Science
78 Donald Trump Is Wrong on Guns and Mental Illness
79 America's Beaten-Down Factory Worker Is Getting Squeezed Again
80 Are Millennials Financially Screwed?
81 Wily Attack on Microsoft Outlook Is Especially Worrying Because Everyone Uses Outlook
82 More Fed Stimulus 'Worst Thing in the World': Marc Lasry
83 Forget Russian Brawn. Oil Follows America: Liam Denning
84 Amazon to Ban Sale of Apple, Google Video-Streaming Devices
85 Twitter Taps More Seasoned Dorsey to Restore Site's Lost Allure
86 Bloomberg Business on Twitter
87 Blast from the past
88 Typhoon Mujigae Unleashes Destructive Tornadoes in China
89 Euro Area Urges Tsipras to Meet Bailout Pledges Without Delay
90 The Inside Secrets of New York's Most Exclusive Food Tour
91 Leaders in driverless cars
92 How a 'price spike' threat lurks even in a world awash in oil
93 To Find Top Currency Forecaster, Skip London and Head to Warsaw
94 Bloomberg Business on Twitter
95 The Mobile Web Is Alive and Well
96 Microsoft Lowers Its Expectations for Phones
97 The Economist on Twitter
98 Exit John Boehner
99 Have Half a Million Dollars? Here’s a Massive Roger Dubuis Pocket Watch
100 Can Jack Dorsey be Twitter’s Steve Jobs or Elon Musk?