People are being urged not to tip cooking oil down drain to prevent post-Christmas buildup of congealed fat in sewersChristmas dinner with all the trimmings could lead to congealed cooking oil and grease blocking drains up and down the country, water companies have warned.Engineers from Severn Trent Water have been digging tons of fatty gunk, which sets as hard as concrete, out of sewers in the West Midlands after reports of flooding caused by fatbergs. Continue reading...
Европейские фондовые индексы снизились в среду на слухах, что Европейский центральный банк (ЕЦБ) может приступить к постепенному сокращению программы количественного смягчения (QE), пишет MarketWatch.
Samuel Castro Paying for results is in vogue. The concept is fairly straightforward: The parties define the result up front, agree on a baseline, work out how confident the organization is in delivering the result, and then specify the expectation and payment in the contract. The idea isn’t new — it’s well established in online advertising, for example — but its application is becoming more widespread in the private and public sectors. Consider these examples: Education. The UK’s Department for International Development uses “results-based” aid to improve the educational outcomes of young girls in Africa and Asia. Pearson, the educational publisher, measures the efficacy of its products to improve educational outcomes. Its CEO, John Fallon, says of this approach, “It is by having a bigger impact on education — measured by expanding access and improving outcomes — that we will make Pearson a faster-growing and more sustainably profitable company.” Health care. Cigna is the first insurance company to get pharmaceutical companies to agree to value pricing based on results for certain cholesterol-lowering drugs. And the Health Care Transformation Task Force, a newly formed coalition of private insurers and provider organizations in the U.S., recently announced that its members are committing to transform 75% of their contracts into pay-for-performance models by 2020. Water. Severn Trent Water, among other UK water companies, has agreed to “outcomes-delivery incentives” with the regulator Ofwat that results in rewards and penalties if it meets or fails to meet, respectively, performance commitments. It’s no wonder that payment by results (PbR) is gaining traction. Customers and taxpayers want to see more value and accountability for the money they spend, so they’re starting to demand that the companies serving them focus on results. And providers want the flexibility to deliver outcomes in the best, most innovative, and most efficient way possible without being micromanaged by the customer. This often involves collaborating with other organizations to deliver the whole outcome – healthier living, better education, or lower crime rates. But as appealing as PbR is, it often goes off the rails. When PbR Doesn’t Work PbR can turn into a costly, risky exercise that delivers unpredictable results. Customers don’t always get the outcomes they expect, and providers can feel underrewarded for their efforts, especially when the result is hard to achieve. Another problem we’ve seen is that some providers, seeking to fit in to a payment cycle, focus on short-term results, losing sight of the end goals. Sometimes, measuring the results can involve a substantial amount of data collection and analysis, and the measurements are often in dispute. Disagreements focus on whether the result has been achieved and how much of the result was due to the organization under contract or to external factors. Did the patient really become healthier because of the drug in question, or because he’s eating better? Did the student get an A because of the textbook, or because the teacher was inspiring? Another problem is that badly designed contracts can leave open the possibility of companies gaming the system. There are plenty of ways to do this: going soft on the result in order to gain payment (for example, private probations officers being told to turn a blind eye to offenders who violate the terms of their probation); redefining the outputs to make it easier to achieve the result (for example, considering patients “admitted” when they’re placed on gurneys rather than assigned beds); adding cost into the contract to mitigate risk; or cherry-picking the best customers in order to achieve the result. Finally, some companies have struggled to finance their activities without payment while they work on delivering the results, limiting their ability to innovate too. As a result, some governments and private foundations have introduced social impact bonds to provide the necessary working capital. Making PbR Work We’ve found that PbR contracts function best when: The parties define the result — and the baseline — without ambiguity and agree to practical approaches to measurement The role of the provider in delivering the result can be verified independently without manipulation — for example, through randomized control trials, statistical analysis, and qualitative analysis The provider has sufficient capital and risk appetite to take on the challenge while it waits for the payment There is enough time to develop innovative solutions to achieve the results There’s trust between the parties and the outcome is not “political.” Too much subjectivity and sensitivity can scupper the scheme. There are management tools and incentives in place to encourage a focus on results and the end goals Typically, the results are defined after conducting market research and engaging with customers. Performance is then assessed against a baseline on a regular basis — say, quarterly or annually. However, with the growth of sensors and wearable technology, we’re seeing more ongoing real-time assessment of product- or service-use and results. The great benefits of this are improved accuracy and transparency, and therefore accountability. Required Capabilities Promising a result creates a greater expectation in the eyes of the customer than simply providing a product or service. It sets a clearer purpose, often in improving the lives of customers and citizens. In our experience, this demands a more agile, higher-performing organization that masters three differentiating capabilities: Effective partnering with other organizations involved in the delivery of the outcomes. This includes the closer alignment of incentives, active performance management, and use of risk-sharing mechanisms for the complex, lower-trust contexts. For example, health and social care providers may work more closely within “integrated care” models. Flexible internal organizational structures. PbR arrangements require more internal collaboration, transcending vertical siloes based on products to organization-wide outcomes in what Sir Martin Sorrell of WPP calls “horizontality.” Use of digital technology. Wearables, sensors, and IoT applications produce real-time insight into the needs, expectations, and behaviors of customers — and, crucially, into their achievement of value outcomes. Companies need to use this digital technology to capture, analyze, and then act on the new insight to deliver the agreed-upon outcomes with the highest efficiency, tweaking products and services along the way as required. At first sight, results-based payments can be appealing for customers and providers. And digital technology is making it easier to measure the results. But PbR arrangements only work in specific circumstances by organizations with the capabilities to deliver them. Otherwise, they’ll find they will pay for more than they bargained for.
Европейские фондовые индексы повышаются во вторник, инвесторы оценивают корпоративные новости и заявления представителей Федеральной резервной системы (ФРС).
Homes in Leicestershire and Derbyshire were affected after the company ‘over-chlorinated’ a reservoir, but the majority now have usable waterMost homes affected by Severn Trent Water’s chlorine crisis will be able to use their water as normal later on Sunday, the company has said.However, 241 homes in the region will continue to be left without usable water. Continue reading...
Severn Trent Water tells customers in postcodes DE11, DE65 and DE73 not to use supply as it examines reservoir problemAround 3,500 Severn Trent customers in Derbyshire have been advised not to use their water supply because of abnormal chlorine levels.The utility said in a statement that residents in the DE11, DE65 and DE73 postcodes should not use their water supply at all until further notice. Continue reading...
Total CEO de Margerie killed in Moscow as jet hits snow plough (Reuters) China GDP Growth Rate Is Slowest in Five Years (WSJ) Oil at $80 a Barrel Muffles Forecasts for U.S. Shale Boom (BBG) Carney Faces Scrutiny on Worst Payments Outage Since 2007 (BBG) Ebola crisis turns a corner as U.S. issues new treatment protocols (Reuters) Gold Buying Rebounds in India on Diwali Jewelry Sales (BBG) China-backed hackers may have infiltrated Apple's iCloud (Reuters) Greece Said to Seek Recycling of Bank Funds for Exit (BBG) Another merger-arb blows up: AbbVie to Pay Shire $1.64B Fee Over Nixed Merger (AP) Because the market is unrigged: Forex-Rigging Fines Could Hit $41 Billion Globally (BBG) Sears Seeks New Cash Via Two Paths (WSJ) Oil Slump Rings Alarm Bells for Nigeria as Elections Loom (BBG) SEC Is Steering More Trials to Judges It Appoints (WSJ) Hong Kong leader indicates possible concession ahead of talks (Reuters) Government Watchdog Recommends Review of Firm Facing Fraud Allegations (WSJ) For More Teens, Arrests by Police Replace School Discipline (WSJ) Staples says probing possible payment card data breach (Reuters) Overnight Media Digest WSJ * China's economy grew at its slowest pace for five years in the third quarter, suggesting the government's targeted easing measures to boost economic growth haven't yielded expected results. (http://on.wsj.com/1wl3lbA) * French oil company Total SA said Chairman and Chief Executive Christophe de Margerie died Monday in a plane crash at a Russian airport. (http://on.wsj.com/1tGL8bA) * The U.S. Government Accountability Office on Monday made a rare recommendation that the Department of Homeland Security consider stripping a $210 million contract from a major contractor, delivering a blow to the private company that once carried out most background security checks for the government. (http://on.wsj.com/1CO3PsO) * Samsung Electronics Co said Tuesday the U.S. National Security Agency approved a number of its mobile devices for use by government officials to carry classified information, a positive step for the smartphone maker's struggling mobile division. (http://on.wsj.com/1wh5ZQs) * The Securities and Exchange Commission is increasingly steering cases to hearings in front of the agency's appointed administrative judges, who found in its favor in every verdict for the 12 months through September, rather than taking them to federal court. (http://on.wsj.com/1DuRxHU) * Sears Holdings Corp is again turning to billionaire CEO Edward Lampert for funds, as the struggling retailer shores up its balance sheet ahead of the holiday season and seeks to reassure vendors worried about its health. (http://on.wsj.com/1s0zwss) * CVS Health Corp is offering a prescription-drug plan that charges patients more if they buy their medications at pharmacies that sell tobacco products, a plan that could benefit the company's own network of drugstores. (http://on.wsj.com/1vFcsFZ) * Amazon.com Inc and CBS Corp's Simon & Schuster publishing arm have reached a new multi-year print and digital contract, a pact that comes as the online retailer continues difficult negotiations with Hachette Book Group. (http://on.wsj.com/1FuiFJ6) FT Bank of England Governor Mark Carney launched an independent review on Monday into what is the worst disruption of Britain's banking payment system in seven years. British Prime Minister David Cameron is under pressure by members of his own Conservative party and harried by the anti-EU UK Independence party to formulate a policy to tackle the issue of curbing immigration - and fast. However, as the rest of Europe is in no mood to rip up the rules that allow freedom of movement within the European Union, the British prime minister risks angering everyone while pleasing no one. An overnight fire at one of UK's biggest power stations has cut capacity to generate electricity, however the government on Monday insisted that there was no risk of blackouts during winter. The head of U.S.-based pharma company AbbVie Inc, which had dropped its support last week for a $55 billion takeover of UK drugmaker Shire PLC, blamed the U.S. Treasury for destroying the deal as both the companies took the final step to nullify the deal. NYT * A slowing in the pace of growth, partly by design, has made assessing the Chinese economy and predicting its prospects difficult. Chinese inflation is at its weakest levels in nearly five years and foreign investment is contracting. The overall economy, though, continues to chug along at a steady pace. (http://nyti.ms/1t6Yzzn) * More than 14 million vehicles by 11 automakers that contain defective air bags made by Japan's Takata Corp have been recalled. At the heart of the defect is a faulty propellant that is intended to burn quickly and produce gas to inflate the air bag but instead is too strong and can rupture its container, shooting metal parts into the cabin. (http://nyti.ms/1oov2Ba) * Trinity Industries Inc, the highway guardrail maker accused of selling systems that can malfunction during crashes and slice through cars, was found by a Texas jury on Monday to have defrauded the federal government and as a result may need to pay $525 million in damages. (http://nyti.ms/1sJ31mo) * Wall Street's main regulator on Monday stepped up his campaign to improve the ethical culture of large banks. William C. Dudley, president of the Federal Reserve Bank of New York, told bankers assembled at the New York Fed that continued ethical lapses would be a sign that their institutions were too big to manage - and that they might need to be reduced in size. (http://nyti.ms/1CObSpr) * Apple Inc's biggest cash cow, the iPhone, is gaining weight. Sales of iPhones, including the new, big-screen iPhone 6 models released last month, helped carry Apple to a record-breaking quarter and offset slowing sales of one of Apple's other major products, the iPad, the company announced Monday. (http://nyti.ms/121vlYz) Canada THE GLOBE AND MAIL ** The Conservative government is weighing changes to its key income-splitting promise that would respond to critics who say the tax cut would mostly benefit well-off Canadians. Conservative sources say the notion of capping access to the tax cut so that it is less available to higher-income Canadians is under consideration. (bit.ly/1tHGauZ) ** A company's willingness to become a sponsor of the 2015 Toronto's Pan American/Parapan Games will be considered in the awarding of a new security contract, according to a request for proposals document issued by the TO2015 organizing committee. (bit.ly/1t7wnh5) ** Canada is looking at slapping duties on iconic U.S. products ranging from California wine to ketchup after the World Trade Organization found the country's meat-labelling laws offside for a third time in five years. (bit.ly/ZEewRC) NATIONAL POST ** Toronto Mayor Rob Ford is once again accused of breaking city rules after he was kicked out of three advance polling stations late last week. (bit.ly/10hmCRm) ** Evan Siddall, the president of Canada Mortgage and Housing Corp, acknowledges that there may be a "data gap" when it comes to the degree of foreign ownership in the marketplace, as debate swirls over whether overseas buyers are inflating house prices in markets like Vancouver and Toronto. (bit.ly/1yTR7Lj) ** Questions from the progressive conservatives about the possible sale of public assets and a government loan to a charity to expand a medical research center dominated the return of the Ontario legislature on Monday. (bit.ly/1whwWmZ) China SECURITIES TIMES - Beijing Tongchuang Jiuding Investment Management Co Ltd, a private equity firm, recently said it invested 3.64 billion yuan ($594.43 million) in Tianyuan Securities, making Tongchuang the first PE company to hold stock in a brokerage in China. SHANGHAI SECURITIES NEWS - China plans to publish the first regulations on the online insurance industry by the end of this year, according to a document obtained by the newspaper from authorities who are familiar with the matter. CHINA DAILY - Information transparency is of great importance for the accountability of the Chinese government and is fundamental to the rule of law, the newspaper said in an editorial. SHANGHAI DAILY - The dean of the Executive Master of Business Administration (EMBA) course at Fudan University said student enrolment has fallen 10 percent after the Chinese government rolled out a series of anti-corruption campaigns, including banning government officials from using public funding to take EMBA courses. PEOPLE'S DAILY - The rule of law has the power to push China going forward. The ongoing fourth Plenary Session of the 18th Central Committee of the ruling Communist Party is a historically important moment to realize this goal, the government's mouthpiece said in an editorial on Tuesday. Britain The Times SIGNALS OF DECLINE MOUNT FOR RAIL ROUTE The TransPennine Express is a microcosm of the British railway industry, at once enjoying unprecedented growth but with old, overcrowded trains that create a bar to economic progress. It is the railway that lives up to only half its name. Its core route is transporting people across the Pennines between Leeds and Manchester, but it does so at non-express average speeds of 40mph. (http://thetim.es/11ZcHk6) CGI EXPANSION GIVES WALES HIGH-TECH JOBS BOOST The burgeoning Welsh high-tech sector is set for a major boost after CGI Group Inc, the Canadian company that bought Logica, announced plans to create 620 skilled jobs in south Wales. CGI, which is the largest tech employer in the region with 900 employees, has announced plans to create hundreds of positions over the next five years after receiving a 3.2 million pound grant from the Welsh Government. (http://thetim.es/1zijBQd) The Guardian BARCLAYS CHAIRMAN QUESTIONS IMPACT OF LARGE BANK FINES ON PUBLIC CONFIDENCE David Walker, appointed chairman of Barclays Plc in the wake of the Libor-rigging scandal in 2012 said on Monday that big fines on banks were making it harder for the industry to win back public trust. He also suggested fines were being levied for activities that in the past might have been regarded as acceptable, though he acknowledged past conduct issues needed to be dealt with. (http://bit.ly/1yc58Rw) FORMER JJB SPORTS CHIEF FAILS TO GIVE EVIDENCE AT 1 MLN STG FRAUD TRIAL Christopher Ronnie, former chief executive of JJB Sports Plc, accused of a 1 million pounds ($1.62 million) fraud has chosen not to give evidence in his defence at his trial. Ronnie was warned by the judge that jurors may "draw such inferences as appear proper" by his failure to take to the witness box. Ronnie is accused of receiving three payments from two sporting goods companies and failing to declare them to JJB's board of directors. Southwark crown court heard he used some of the cash to buy property in Florida. It had been anticipated that he would give evidence in his defence, but his barrister, Jim Sturman QC, told the jury on Monday: "We are calling no evidence at all for Ronnie." (http://bit.ly/1wko2Ey) The Telegraph PUBLIC VOTE ON EU MEMBERSHIP WOULD 'RESOLVE UNCERTAINTY' FOR BUSINESS, SAY CONSERVATIVES A referendum on Britain's membership of the European Union would end companies' concerns over the country's increasingly fractious relations with Brussels, according to Matthew Hancock, Business Minister. Speaking at a CBI event on Monday about Britain's industrial strategy, Hancock denied that the Conservatives' pledge to put the decision on EU membership to voters would create problems for companies. (http://bit.ly/1rZggvj) EUROZONE STARTS QE-LITE AS CURRENCY BLOC FACES FRESH CRISIS The European Central Bank (ECB) has begun purchases of some French assets, in an attempt to revive a flagging eurozone. Monday's purchases marked the start of the covered bond purchase programme (CBPP3), and is one of three new tools intended to stimulate the euro area economy. By buying covered bonds - bonds backed by underlying loans - the ECB intends to expand its balance sheet, and boost demand in the region. (http://bit.ly/1r1mQlQ) Sky News ROYAL MAIL AND AMAZON CREATE 32,000 XMAS JOBS More than 30,000 temporary jobs are to be created for the Christmas postal rush, it has been announced. Royal Mail Plc said it would take on 19,000 additional workers and online retailer Amazon Inc wanted 13,000 staff. Privatised last October, Royal Mail said the jobs will start in the middle of November and end in January, with the peak staffing period in December. The roles will be in support of the company's 124,000 full-time sorting and delivery personnel. (http://bit.ly/1t68lmz) The Independent GREENE KING RAISES GLASS TO SPIRIT MERGER DEAL Greene King and Spirit Pub Company Plc have agreed a 723 million pound takeover to create a pub company with the highest sales in Britain. Together the two will own just over 3000 pubs nationwide, which places them behind rivals Enterprise with 5500 and Punch with 4000. (http://ind.pn/1ybbekU) GOOGLE COMMITS EXTRA $25M TO EUROPE'S TECH START UPS Google Inc has committed a further $25 million to invest in Europe's tech start ups, with the head of the search giant's venture capital arm revealing the company could be on the verge of investing in a London start-up. Bill Maris, who founded Google Ventures in 2009, revealed that the size of Google Ventures Europe's inaugural fund has been raised from $100 million to $125 million. The European arm was announced in July and is based in Clerkenwell. (http://ind.pn/1zilSL8) SHIRE CFO LEAVES FOR SEVERN TRENT AFTER ABBVIE BUYOUT FALLS THROUGH FTSE 100 pharmaceuticals giant Shire Plc has had its finance director poached by water firm Severn Trent Plc, days after the collapse of its $55 billion by US rival AbbVie Inc. (http://ind.pn/1sHVVhU) BALFOUR BEATTY WANTS 'EXTRA 50 MILLION STG' TO FINISH WEST HAM STADIUM CONVERSION Taxpayers could have to find tens of millions more to fund the conversion of the Olympic Stadium into West Ham United 's home as building firm Balfour Beatty Plc presses for more cash. Balfour Beatty - hit by a string of calamitous profit warnings and without a chief executive - won the deal to convert the stadium with a bid of 154 million pounds. But according to the industry website Construction Enquirer, Balfour has been pushing for around 200 million pounds to complete the deal due to the technical complexity of the contract in a series of meetings with the client. Sources told the Enquirer that builder Balfour Beatty is pushing for up to 50 million pounds more to complete the job. (http://ind.pn/1uuap37) ( Fly On The Wall Pre-Market Buzz ECONOMIC REPORTS Domestic economic reports scheduled for today include: Existing home sales for September at 10:00--consensus up 1% to 5.1M rate ANALYST RESEARCH Upgrades Belden (BDC) upgraded to Buy from Hold at Stifel Brandywine Realty (BDN) upgraded to Outperform from Market Perform at Wells Fargo Cabot Oil & Gas (COG) upgraded to Outperform from Market Perform at Bernstein EOG Resources (EOG) upgraded to Buy from Neutral at Guggenheim Eagle Materials (EXP) upgraded to Buy from Hold at Stifel Halliburton (HAL) upgraded to Buy from Neutral at Guggenheim Pioneer Natural (PXD) upgraded to Buy from Neutral at Guggenheim Post Holdings (POST) upgraded to Buy from Neutral at Goldman Rouse Properties (RSE) upgraded to Buy from Hold at MLV & Co. TECO Energy (TE) upgraded to Equal Weight from Underweight at Barclays Downgrades AbbVie (ABBV) downgraded to Neutral from Buy at Guggenheim BHP Billiton (BHP) downgraded to Hold from Buy at Jefferies Bank of Marin (BMRC) downgraded to Market Perform from Outperform at Keefe Bruyette Consolidated Edison (ED) downgraded to Underweight at Morgan Stanley HCP (HCP) downgraded to Hold from Buy at Jefferies IBM (IBM) downgraded to Hold from Buy at Evercore Inland Real Estate (IRC) downgraded to Underperform from Neutral at BofA/Merrill Universal Forest (UFPI) downgraded to Neutral from Buy at Sterne Agee Initiations American Axle (AXL) initiated with a Neutral at Susquehanna American Eagle (AEO) initiated with an Outperform at BlueFin Autoliv (ALV) initiated with a Neutral at Susquehanna BorgWarner (BWA) initiated with a Positive at Susquehanna CONE Midstream (CNNX) initiated with an Overweight at Barclays Dana Holding (DAN) initiated with a Neutral at Susquehanna Delphi Automotive (DLPH) initiated with a Positive at Susquehanna Ford (F) initiated with a Neutral at Susquehanna General Motors (GM) initiated with a Neutral at Susquehanna Lear (LEA) initiated with a Neutral at Susquehanna Liberty TripAdvisor (LTRPA) initiated with an Outperform at Oppenheimer Medley Management (MDLY) initiated with a Buy at Gilford Securities Medley Management (MDLY) initiated with a Neutral at Goldman Medley Management (MDLY) initiated with an Outperform at Keefe Bruyette PC Connection (PCCC) initiated with a Neutral at B. Riley PCM, Inc. (PCMI) initiated with a Buy at B. Riley RealNetworks (RNWK) initiated with a Buy at B. Riley Retail Opportunity (ROIC) initiated with a Market Perform at Wells Fargo Rexford Industrial (REXR) initiated with a Buy at MLV & Co. Tenneco (TEN) initiated with a Positive at Susquehanna Textron (TXT) initiated with an Outperform at Wells Fargo TripAdvisor (TRIP) initiated with an Outperform at Oppenheimer Twitter (TWTR) initiated with a Neutral at Citigroup Visteon (VC) initiated with a Positive at Susquehanna COMPANY NEWS AbbVie (ABBV), Shire (SHPG) announced termination of proposed merger. AbbVie will pay Shire a $1.64B break up fee AbbVie (ABBV) announced new $5B stock repurchase program, raised dividend nearly 17% to 49c per share Total (TOT) confirms death of CEO Christophe de Margerie. de Margerie was killed in a private plane crash at Vnukovo Airport in Moscow, following a collision with a snow removal machine Chipotle (CMG) sees FY15 low to mid-single digits comparable restaurant sales gains DISH Network (DISH) announced that Monday night Turner Networks (TWX) removed Boomerang, Cartoon Network, CNN, CNN en Español, HLN, truTV and Turner Classic Movies from the DISH programming lineup. The two companies have been unable to negotiate the terms of a renewed distribution agreement Rhino Resources (RNO) lowered quarterly dividend to 5c per share from 44c per share EARNINGS Companies that beat consensus earnings expectations last night and today include: Apple (AAPL), Customers Bancorp (CUBI), Lexmark (LXK), Regions Financial (RF), Carlisle (CSL), Signature Bank (SBNY), Steel Dynamics (STLD), First Defiance Financial (FDEF), Helix Energy (HLX), Celanese (CE), East West Bancorp (EWBC), BancorpSouth (BXS), Healthstream (HSTM), Texas Instruments (TXN), Rent-A-Center (RCII), Rambus (RMBS), Illumina (ILMN), Hexcel (HXL), Cadence Design (CDNS), Washington Trust Bancorp (WASH), ServisFirst (SFBS), Chipotle (CMG) Companies that missed consensus earnings expectations include: BBCN Bancorp (BBCN), GulfMark Offshore (GLF), Steel Dynamics (STLD), Potlatch (PCH), Kaiser Aluminum (KALU), Ultra Clean (UCTT), Zions Bancorp (ZION), Wilshire Bancorp (WIBC) Companies that matched consensus earnings expectations include: Brown & Brown (BRO), Packaging Corp. (PKG), Werner (WERN) NEWSPAPERS/WEBSITES Staples (SPLS) may be latest retailer to be hacked, Krebs reports (TGT, HD) Lawyers for Ackman, Valeant (VRX) say Allergan (AGN) CEO oversaw campaign to discredit Valeant, Reuters reports Actavis (ACT), Sanofi (SNY) among bidders for Omega Pharma, Bloomberg reports (PRGO) Yahoo (YHOO) in talks to acquire BrightRoll, TechCrunch reports Apple (AAPL) iCloud may have been attacked by Chinese hackers, Reuters reports Apple (AAPL) to supply more iPhone 6 Plus to satisfy China demand, DigiTimes reports Investigators say plough driver in Total (TOT) crash was inebriated, Reuters says SYNDICATE CEL-SCI (CVM) announces proposed offering of common stock, warrants Tesoro Logistics (TLLP) 20M share Secondary priced at $57.47
FTSE 100 pharmaceuticals giant Shire has had its finance director poached by water firm Severn Trent, days after the collapse of its $55 billion (£32 billion takeover) by US rival AbbVie.
Shire's (NASDAQ:SHPG) interim CFO, James Bowling, is stepping down only days after AbbVie walked away from a $55B planned takeover of the company.Bowling will leave Shire at the end of the first quarter of 2015 to join Severn Trent (OTCQX:STRNY) as the water utility’s finance chief. Post your comment!
Retail spending takes a tumble in Japan as the sales tax hike kicks in, as retail chain Kingfisher reports that French economy remains weak 8.05am BSTThe big news overnight is that Japanese retail sales took a real tumble last month, as the country's sales tax hit consumers.Japanese retail sales fell by 4.4% on an annual basis in April, the biggest fall in three years (since the Fukushima disaster), as people cut back on purchases of cars and electronics.In one encouraging sign, declines in sales of apparel and toiletries were limited, which suggests consumer spending will pick up in May in line with the Bank of Japan's scenario, but there are worries that a recovery in durable goods could take more time. "There are signs that declines in spending on daily necessities is already bottoming out, which supports a gradual recovery in spending," said Shuji Tonouchi, senior fixed income strategist at Mitsubishi UFJ Morgan Stanley Securities. 8.04am BSTGood morning, and welcome to our rolling coverage of the financial market, the world economy, the eurozone and business.Lots of corporate news knocking around this morning -- with results from retail chain Kingfisher, sugar-maker Tate & Lyle and water firm Severn Trent.Just published: front page of the Financial Times UK edition Thu May 29 pic.twitter.com/82iTlK0U6MBond prices continued to rise yesterday, but this time it wasnt just US, UK and German bonds that were in demand but peripheral bonds as well. US treasuries hit their lowest yield since July last year while both German bunds and UK gilts headed back towards their 10 month lows set earlier this month. Continue reading...
Coalition's business secretary asks for advice from equalities watchdog on legality of move that would be highly controversialVince Cable has asked the Equalities and Human Rights Commission (EHRC) to advise him on the legality of all-female shortlists for top City jobs as part of the coalition's latest push to get more women on to the boards of major companies.The business secretary acted after being presented with a report into the headhunting industry commissioned from Charlotte Sweeney, a former head of diversity at banks including HSBC and Nomura, which is published on Tuesday.Cable said: "The headhunting community is a crucial catalyst to introduce more capable women in the boardroom."However, they can often be one of the first hurdles that talented, board-ready women face when trying to reach the top."The request from the Department for Business, Innovation and Skills for advice from the EHRC on whether a policy of positive discrimination could be legal is a big surprise.The British government has long argued that its voluntary code has stimulated a significant shift towards more women in Britain's boardrooms, and has vigorously opposed mandatory quotas compelling public companies to hire more female directors – a policy championed by Viviane Reding, European commissioner for justice and rights.Audrey Williams, a partner at global law firm Eversheds, said that excluding men from candidate lists was littered with legal problems."The difficulty with all-women shortlists is that it requires a selection to be made on the basis of gender, which, on the face of it, directly contravenes fundamental principles of EU law prohibiting sex discrimination."Whilst there is an exception in EU law which allows derogation from the principle of non-discrimination … this still requires assessment on merit and other conditions to be met."Any provision or guidance in support of all-women shortlists would have to be heavily qualified."In the UK, Lord Davies's 2011 Women on Boards report called for 25% of FTSE 100 directors to be female by 2015. At the time, just 12.5% of FTSE 100 directors were women – although that was more than the 7.8% in the second-tier FTSE 250. There were also 21 FTSE 100 companies with all-male boards.When the numbers were last analysed in January, they had risen to 20.4% for the FTSE 100 and 15.1% in the FTSE 250. Only two FTSE 100 companies – miners Antofagasta and GlencoreXstrata – currently have all-male boards.However, critics say the real rise in female boardroom representation has come from the hiring of non-executive directors, who fill part-time roles.Women make up just 7.2% and 5% of executive directors in the FTSE 100 and FTSE 250.Currently, there are just four women running FTSE 100 companies: Carolyn McCall at easyJet; Angela Ahrendts at Burberry; Alison Cooper at Imperial Tobacco; and Moya Greene at Royal Mail.A fifth, Liv Garfield, is joining Severn Trent this spring, although Ahrendts is quitting Burberry in mid-2014 to join Apple, and is to be replaced by Christopher Bailey.Sweeney's report also recommended that:• Headhunters should commit themselves to putting forward at "least one strongly recommended woman on the shortlist for all board positions".• A database of "board-ready" women should be created, to be shared with City firms and investor groups.• The industry should share its statistics on the percentages of male and female candidates "during the various recruitment stages with government".Sweeney said: "Throughout my review there was a clear, articulated commitment from the majority of search firms to support the creation of more diverse and balanced boards."However, examples where the commitment was transferring into consistent and sustainable action were mixed."Further transparency across the industry will help identify where any further barriers are and inform where focused action is required."Davies will publish his latest annual update to his Women on Boards report this month.Financial sectorVince CableEquality and Human Rights Commission (EHRC)Simon Goodley theguardian.com © 2014 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds
Two of Britain’s biggest water companies shrugged off the catastrophic flooding yesterday, saying the country’s 6,000 flooded homes and businesses would have no impact on their bottom line.
Новый лопастной компрессор заменяет традиционные поршни и делает любой двигатель на 20 процентов эффективнее
Источник перевод для gearmix (Cowanchee) Новый лопастной компрессор способен работать с любым типом двигателя, при этом делая его на 20 процентов более эффективным. Спроектированный технологом и предпринимателем Стивом Линдси, этот компрессор заменяет традиционную поршневую систему вращающейся лопастью, которая засасывает воздух позади себя, и сжимает прямо перед собой, создавая замкнутый повторяющийся цикл. В результате, устройство представляет собой компактный роторный компрессор двойного действия с высокой эффективностью. Эта технология находится в процессе становления уже 10 лет, и на сегодняшний день может быть применена к любому типу двигателя, но первым её применением станет помощь в более быстрой и эффективной очистке питьевой воды. Система прошла испытания на одной из очистных станций водяной компании «Severn Trent Water». Компрессор показал себя с лучшей стороны, и, по словам исполнительного директора Severn Trent Тони Врея, позволил компании сэкономить 3 процента на счетах за электричество в прошлом году. Благодаря успеху своего прототипа, Линдси получил премию за самую инновационную технологию года на Water Industry Achievement Awards. Основанная им компания Lontra подписала глобальное лицензионное соглашение с мировым производителем машин для очистки сточной воды. Также Линдси продолжает работать над расширением сферы применения своей технологии. Приведённое ниже видео показывает Стива Линдси, объясняющего принцип работы Лопастного компрессора. А это анимированный дизайн устройства.
Company, which expects to pay no corporation tax for a decade, says rise is needed to pay for London's supersewerThames Water wants to put up customer bills by 11% above inflation by 2020 to help pay for the £4.2bn London supersewer.On a day when energy firms announced that bills would rise by less than expected, the UK's largest water company proposed price rises of £8 a year plus inflation for five years from 2015.If the water regulator Ofwat approves the plans, the average bill for Thames's 14 million customers will rise to £398 before inflation in 2020, compared with £358 today.Thames Water, which provides water and sewerage services from Kent to Gloucestershire, revealed its intentions on Monday as water companies submitted their five-year business plans to Ofwat.Severn Trent, Anglian Water and Wessex Water all pledged to keep bill rises below inflation until 2020, while Yorkshire Water said it would keep charges in line with retail prices.The regulator, which rejected a Thames bid to put bills up by 8% in 2014-15, will give feedback on these plans next April, but will not make a final decision until January 2015.Jonson Cox, Ofwat's chairman, said: "Ofwat challenged companies to listen carefully to their customers in preparing their plans. Our board made clear that current economic circumstances gave companies an opportunity to deliver falling bills in real terms over the coming five years while maintaining substantial ongoing investment."Martin Baggs, Thames Water's chief executive, defended the above-inflation rises, arguing that London's Victorian waterworks and sewer tunnels needed to be upgraded. The Thames Tideway tunnel, a 16-mile (25km) sewer from Acton to Abbey Mills, is intended to prevent raw sewage flooding into the Thames during heavy rain."The Thames Tideway tunnel is a huge 'must-do' project to stop tens of millions of tonnes a year of sewage entering the tidal river Thames," Baggs said. "The current situation is simply unacceptable, which is why this project – developed over many years – has cross-party support and forms part of the government's National Infrastructure Plan."Critics – including a former Ofwat director general – have accused Thames and the government of failing to investigate cheaper and greener alternatives to the supersewer.Sir Tony Redmond, London and south-east chair for the Consumer Council for Water, said Thames Water's sewer charges raised concerns over the one in eight customers who already struggle to pay their bills. He added: "The £40 charge [over 2015-20] is not the complete picture. The actual construction work will not finish until 2023, so there will be more to come."The proposed charges come days after Thames Water revealed that it does not expect to pay any corporation tax for up to a decade. Announcing a 19% surge in pre-tax profits on Friday, Thames Water said that infrastructure investments of £1bn a year over the next decade would allow it to defer £20m a year in tax liabilities.The company, owned by a consortium led by the European arm of the Australian banking group Macquarie, has faced repeated accusations of ripping off the taxpayer by not paying corporation tax in recent years.Water billsWaterLondonHousehold billsJennifer Rankin theguardian.com © 2013 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds
Severn Trent, the UK's second-largest water supplier, has raised its dividend while boasting its customers pay the lowest water and sewerage bills in England and Wales.
Severn Trent, the UK's second-largest water supplier, has raised its dividend while boasting its customers pay the lowest water and sewerage bills in England and Wales.