Self-drive cars within the decade; Shock deficit figures for UK; Gratitude is an inside job

1 Self-drive cars within the decade (Christian Science Monitor/Khaleej Times) If the several companies already testing their self-driving automobile technology are to be believed, the future is now. Driverless cars could be integrated into traffic within the decade.

Ford announced last week that it will begin testing self-driving cars at a new compound called Mcity, a 32-acre fake metropolis in Ann Arbor, Michigan. The Detroit car company won't be the only manufacturer to use the MCity compound; it is one of many automakers that have poured $1 million into the testing grounds, which include traffic lights, pedestrian zones, storefronts, and other real-life elements.

Meanwhile 2,400 miles away, the Web giant Google is testing its own line of self-driving cars. Google has been testing autonomous cars for more than seven years, mostly in Mountain View, California but also recently in Austin, Texas.

Google's driverless cars made the news a week ago when one was pulled over by police. No, it wasn't speeding - it was going 24 miles per hour in a 35mph zone. Fortunately for Google, no citation was issued, and the company's driving record remains pristine.

"Driving too slowly? Bet humans don't get pulled over for that too often," the company wrote in a Google Plus post. "After 1.2 million miles of autonomous driving (that's the human equivalent of 90 years of driving experience), we're proud to say we've never been ticketed!"

A number of reports suggest that Apple is also getting into the autonomous car business. Tesla, Elon Musk's electric car venture, just unveiled an autopilot feature in its cars' software that steers and changes lanes without human intervention. It seems undeniable that the driverless cars are coming, and soon. Google claims its self-driving cars will be on the market in five years.

http://khaleejtimes.com/business/auto/what-is-the-future-of-driverless-cars

2 Shock deficit figures for UK (Katie Allen in The Guardian) George Osborne’s deficit-cutting drive has been dealt a blow ahead of next week’s spending review after official figures showed the worst October for UK public finances in six years.

The deficit, or the gap between what the government spends and takes in, swelled by 16% from a year earlier to £8.2bn in October, according to the Office for National Statistics (ONS). It was a larger shortfall than the £6bn forecast by economists.

The chancellor wants to eliminate the deficit on the public finances by the end of the decade. As part of that push, he will unveil plans in his spending review on 25 November to cut government department spending by around £20bn over the next four years.

Economists said the latest public finances suggest Osborne will miss his deficit-cutting goals for this year and that he will redouble austerity measures in next week’s spending review and accompanying budget update, known as the autumn statement.

The prolonged squeeze on wage growth since the recession has repeatedly led to disappointing tax receipts. But with the latest official figures showing pay increasing at an annual rate of 3%, income-related taxes are recovering. However, economists warn that a recent slowdown in economic growth could bode ill for future government income.

http://www.theguardian.com/business/2015/nov/20/worst-uk-deficit-figures-six-years-george-osborne

3 Gratitude is an inside job (Kim Thompson in San Francisco Chronicle) When you count blessings it’s easier to name the positive ones. However being thankful for your problems can have an added benefit as well. Research backs up the notion that being aware of gratitude in the midst of turmoil helps give you a different perspective.

Developing a grateful mindset is an equal opportunity habit that will help you work through some challenging situations in life such as an unexpected career transition as well as increase your overall happiness.

Here are some ways to help you build a thankful attitude: • Keep a gratitude journal. • Choose someone whom you should thank or someone who has been helpful to you and write them a letter, a gratitude visit. Tell the person how they have been helpful to you.

• Acknowledging things you are grateful for changes your brain chemistry in a positive way. • You function best when you are in a good mood and when you are grateful and appreciative you create “likeability”.

While every day might not be a national holiday dedicated to giving thanks, it can be a good reminder that showing gratitude is a powerful way to cultivate a positive attitude. The next time you encounter a difficult climb or obstacle, consider that it might be your chance to grow.

http://blog.sfgate.com/gettowork/2015/11/20/gratitude-is-an-inside-job/

Slave labour seen to be universal in supply chains; World's largest fine of $5.2bn in Nigeria; How philosophy saves from poverty and drugs

1 Slave labour seen to be universal in supply chains (Sydney Morning Herald) All businesses around the world have some form of slave labour in their supply chains but companies can find ways to eradicate this abuse, says a senior official from Britain's biggest retailer, supermarket giant Tesco.

The United Nation's International Labour Organisation (ILO) estimates 21 million people globally are trapped in forced labour, generating $150 billion in illegal profits in the farming, fishing, mining, construction and sex industries. Campaigners say forced labour often lurks along the supply chain with multiple suppliers in many different countries involved in manufacturing, packaging and distributing products.

"I think all corporations have slavery in their supply chains and some of those instances are absolutely horrific," Tesco's responsible sourcing director Giles Bolton said. "Sometimes it can be the case, that the pressure of the competition can lead to some of those problems, but for the most part (businesses are) part of the solution," he said.

Mr Bolton said it was no good for companies to boycott countries such as Bangladesh, where more than 1100 people died in the collapse of the Rana Plaza factory building in 2013. The tragedy, which sparked urgent demands for global retailers to ensure the safety of workers, dealt a severe blow to the poor South Asian country where millions depend on the garment industry for an income. Up to 150,000 people lost their jobs after 220 garment factories were shut down.

"Some of the more simplistic campaigners out there are saying, 'don't buy 10 T-shirts from Bangladesh, buy one from Italy'. Please don't do that," Mr Bolton said, noting the garment industry had lifted millions out of poverty in Asia.

http://www.smh.com.au/business/workplace-relations/all-companies-have-slave-labour-in-supply-chains-says-tesco-20151119-gl2u34.html

2 World’s largest fine of $5.2bn in Nigeria (San Francisco Chronicle) Nigeria's fine of $5.2 billion against MTN, Africa's largest telecommunications company, is billions more than any company has been hit with anywhere in the world and may scare off investors, analysts say.

MTN was fined for having 5.2 million active but unregistered SIM cards. The cards are a matter of national security as they can be used by extremists. Still, the sheer size of the penalty shocked the telecoms industry. "It is totally out of proportion," said expert John Strand, an analyst with Denmark-based Strand Consult. "I have never seen any operator receiving a fine of more $100 million and I've been in this business for 20 years."

Until now, the US tended to levy the highest fines on telecom companies. AT&T is suing the Federal Communications Commission over a $100 million fine, the largest ever imposed by that body. The fine's size may be attributed to the fact that unregistered SIM cards are a question of security in Nigeria and may have caused deaths.

Boko Haram Islamic extremists use cell phones to activate bombs and coordinate other attacks, say law enforcers. Mobile phones are also used in rampant armed robberies and kidnappings. Unregistered MTN SIM cards were used to make calls demanding ransom in the September kidnapping of a former Nigerian finance minister — weeks after a deadline for providers to deactivate unregistered cards.

MTN is the biggest player in Nigeria, where it had about 62 million subscribers before the deactivations and, according to Strand Consult, total revenue of about $10 billion in 2014. MTN said it made $2.6 billion in profits in Nigeria last year, making the fine equivalent to two years' profits and three times the $1.8 billion the company says it has invested here. MTN bought its Nigeria license for $285 million in 2001.

Strand warned the fine could hurt foreign investment: "The question is: What is the purpose in giving a company a fine of this amount? Is it just a revenue generator for the government? I think it's a big message to send to other investors in Nigeria: Stay out of this country."

http://www.sfgate.com/news/world/article/Analysts-5-2b-Nigerian-fine-against-MTN-is-6643582.php

3 How philosophy saves from poverty and drugs (Andy West in The Guardian) When I tell people I teach philosophy to children, they look surprised. Who can blame them? Philosophers stir their tea pondering how we know the sun will rise tomorrow, while the working classes worry whether there is enough money on the electric meter for today, right?

Growing up, my dad, brother and uncle were in and out of prison for violent and drug-related crime, while my mum worked two jobs. Teachers tried their hardest with me, but the more they told me “You have a choice” the more they convinced me that they knew nothing about the real world.

I left school with three GCSEs. To placate my stepfather, I said I’d join the army, but the authority made me even more contrary, and I pulled out. Earlier that year a teacher had photocopied an ex-student’s coursework and written my name on it. His gesture helped me understand there were teachers who were trying to help me. So I went to an open day at a sixth-form college where the philosophy teacher posed the question: “How do we know we’re not just dreaming this reality?”

Marooned in my own unrelatable reality, I embraced this chance to grapple with the true nature of things. In that classroom, my argumentative nature was a virtue and could be moulded into more nuanced skill. I decided to resit my GCSEs so that I could take philosophy. Largely because of the access I had to philosophy, I was brought safely away from the edge of the abyss that my life teetered above.

If philosophy is made more available to working-class children, then stories like mine won’t seem so unusual. I teach philosophy in schools because it allows young people to challenge authority and express themselves in a way that creates rather than destroys their life opportunities. Philosophical questions such as “Who should have power?” and “Can you be a good person if you do bad things?” are universally evocative; if we have the means to make them universally accessible, then we must do so. 

http://www.theguardian.com/commentisfree/2015/nov/19/philosophy-poverty-drugs-kids-young-people

World is on cusp on 'post-antibiotic era'; Fed rate rise likely in December; Boko Haram seen as deadliest terror group

1 World is on cusp of ‘post-antibiotic era’ (James Gallagher on BBC) The world is on the cusp of a "post-antibiotic era", scientists have warned after finding bacteria resistant to drugs used when all other treatments have failed. Their report identifies bacteria able to shrug off colistin in patients and livestock in China.

They said that resistance would spread around the world and raised the spectre of untreatable infections. Experts said the worrying development needed to act as a global wake-up call. Bacteria becoming completely resistant to treatment - also known as the antibiotic apocalypse - could plunge medicine back into the dark ages.

Common infections would kill once again, while surgery and cancer therapies, which are reliant on antibiotics, would be under threat. Chinese scientists identified a new mutation, dubbed the MCR-1 gene, that prevented colistin from killing bacteria. It was found in a fifth of animals tested, 15% of raw meat samples and in 16 patients.

Prof Timothy Walsh, who collaborated on the study, from the University of Cardiff, said: "All the key players are now in place to make the post-antibiotic world a reality. If MRC-1 becomes global, which is a case of when not if, and the gene aligns itself with other antibiotic resistance genes, which is inevitable, then we will have very likely reached the start of the post-antibiotic era.

“At that point if a patient is seriously ill, say with E. coli, then there is virtually nothing you can do." Resistance to colistin has emerged before. However, the crucial difference this time is the mutation has arisen in a way that is very easily shared between bacteria.

http://www.bbc.co.uk/news/health-34857015

2 Fed rate rise likely in December (Rupert Neate in The Guardian) Interest rate hikes are coming. Most members of the Federal Reserve now believe the US economy could sustain a historic rise in interest rates as soon as December.

Minutes of Fed policymakers latest meeting showed that “most” participants felt that economic conditions to allow a rate rise “could well be met by the time of the next meeting”. The next Fed meeting is on 16 December.

At the last meeting, policymakers voted to leave rates at 0-0.25% – where they have been for the seven years since the financial crisis – but pointed towards the possibility of raising rates in December. Since the October meeting, a number of Fed officials have publicly said that a December rate hike is on the table.

Janet Yellen, the chair of the Federal Reserve, told Congress earlier this month increasing rates in December was a “live possibility” if there are no shocks to the economy. Bill Dudley, the president of the New York Federal Reserve and the second most important US central banker after Yellen, agreed with her. Loretta Mester, president of the Fed’s bank in Cleveland, last week said the time to hike rates was “quickly approaching”.

http://www.theguardian.com/business/2015/nov/18/interest-rate-hikes-december-federal-reserve-minutes-janet-yellen

3 Boko Haram seen as deadliest terror group (San Francisco Chronicle) A new report says Nigeria's Boko Haram Islamic insurgents have become the world's deadliest extremist group, edging out the Islamic State group to which it is affiliated.

The Global Terrorism Index says deaths attributed to Boko Haram increased by 317 percent in 2014 to 6,644 compared to 6,073 blamed on Islamic State. Boko Haram pledged allegiance to IS in March and calls itself that group's West Africa Province.

The two are responsible for 51 percent of deaths by terror worldwide, according to the report published by the New York City-based Institute for Economics and Peace. Amnesty International has blamed Nigeria's military for the deaths in detention of another 8,000 civilians.

The new report says nearly all terrorist attacks have occurred in countries where political violence by governments is widespread.

http://www.sfgate.com/news/world/article/Report-Boko-Haram-is-deadliest-extremist-group-6640654.php

Walmart profit warning hits shares; Easy Jet records profit for fifth year; Bahrain plans more subsidy cuts, new charges

1 Walmart profit warning hits shares (BBC) Shares in the world's biggest retailer, Wal-Mart, have plunged after it cut its profit forecast. The company said it expected earnings per share to drop by between 6% and 12% in the next financial year. The announcement sent shares of the company tumbling by 8%, their biggest fall in six years.

Wal-Mart said the lower profit forecast was because it was investing in e-commerce as well as increasing employee wages. The retailer's spending efforts are in part a reaction to slowing sales, and competition from online retailers like Amazon.

It is also spending more to train and retain employees. In April, the company raised its base salary to $9 per hour and will increase it to $10 next year. The company revised down earnings figures for this year as well, predicting growth would be flat, rather than the previously forecast growth of 1%-2%.

Wal-Mart has blamed the fall in part on the strong dollar affecting overseas sales, something that has also affected other US retailers. Profits for the company dipped over the summer as sales in its UK supermarket chain, Asda, declined. The retailer also announced it would repurchase $20bn in shares from investors.

http://www.bbc.co.uk/news/business-34533894

2 Easy Jet records profit for fifth year (Sean Farrell in The Guardian) Air passengers have failed to show up for flights to and from France after the Paris attacks, but people’s desire to travel will override fears, Carolyn McCall, easyJet’s chief executive said, as the budget airline announced record annual profits.

Pre-tax profit for the year to the end of September increased by 18% to £686m – easyJet’s fifth straight year of record profits – as passenger numbers rose 6% to 68.6 million. The company filled record numbers of seats on planes in July and August as holidaymakers headed for the sun.

McCall said said easyJet was allowing passengers to defer or reroute flights to and from France, and that this had happened “a bit – it’s not one thing that is overwhelming”. McCall added that travel was now a part of everyday life and demand would resume as it did after the 2007 bombings in London and the Germanwings plane crash in March.

The easyJet chief executive said she was confident in the longer term outlook for the business and announced the order of 36 Airbus A320 planes. The airline increased its annual dividend by 22% to 55.2p a share.

EasyJet’s rival no-frills carrier Ryanair has predicted intensifying price competition between airlines, but McCall said such battles would be isolated and that her main competition was large national airlines, because there was little overlap between easyJet and Ryanair.

“This isn’t like a supermarket price war. What is a price war? We are watching prices all the time, but because we are 30% cheaper than the largest carriers at [main] airports, our prices have held up really well,” she said.

http://www.theguardian.com/business/2015/nov/17/easyjet-boss-says-travel-sector-will-recover-after-terror-attacks

3 Bahrain plans more subsidy cuts, new charges (Khaleej Times) Bahrain is planning more subsidy cuts and intends to impose charges for government services next year in order to boost revenues hit by slumping oil prices, the kingdom's minister for industry and commerce has said.

Like other Gulf oil-exporting states, Bahrain has for many years subsidised goods and services such as food, fuel, electricity and water, keeping prices ultra-low in an effort to maintain social peace.

But since its oil income began to plunge last year, the government's budget deficit has widened and the subsidies have become much harder for Bahrain to afford. "We have already started cutting subsidies and we are now looking at others - electricity, fuel, those are next year," Zayed bin Rashed Al Zayani said.

Governments around the Gulf have begun restraining expenditure and studying whether to cut subsidies, but most do not face as much pressure as Bahrain, which lacks the huge financial reserves of its neighbours.

Bahrain's revenues have dropped 60-70 percent because of low oil prices, Zayani said. Last month, Bahrain more than doubled prices of beef and chicken as it removed meat subsidies; local citizens but not foreigners will receive some compensation in the form of cash handouts.

In April, the government raised the price of natural gas sold to industry. The kingdom is also looking at boosting revenues by imposing charges on government services that are currently free or carry minimal fees. As part of efforts to diversify its economy beyond oil, Bahrain will in the first quarter of 2016 unveil a new short- and medium-term industrial strategy, now in the final stages of planning.

http://khaleejtimes.com/region/bahrain/bahrain-planning-more-subsidy-cuts-new-charges-to-boost-revenues 

UK inflation to remain negative; Investors flee precious metals; Maternal mortality cut by nearly half in 25 years

1 UK inflation to remain negative (Katie Allen in The Guardian) The UK’s inflation rate is expected to have remained in negative territory when official figures are released on Tuesday, leaving the Bank of England in little hurry to start raising interest rates.

Economists expect data for October to show the inflation rate as measured by the consumer prices index (CPI) held at -0.1%, according to the consensus in a Reuters poll. Inflation has been at or close to zero for most of this year and first dipped into negative territory in April when prices fell for the first time in more than 50 years.

The rate has been pulled down sharply by a combination of tumbling global commodity prices, from oil to food, and the effects of a strong pound, which makes imports cheaper. While some have described low inflation as a sign of economic fragility, it relieves the pressure on household budgets after several years of wages falling in real terms following the financial crisis.

For the Bank, low inflation has meant there is little immediate pressure to increase borrowing costs from their record low. The Bank is set an inflation target of 2% by the government, but the rate has been below that since the start of 2014. The Bank says it expects inflation to stay close to zero for the rest of this year and rise only slowly next year. In the UK, interest rates have been at the record low of 0.5% for more than six years.

http://www.theguardian.com/business/2015/nov/16/uk-inflation-forecast-to-remain-negative

2 Investors flee precious metals (Gulf News) Investors are back to dumping precious metals as gold trades near five-year lows and banks including Barclays Plc forecast more price declines. Outflows from US exchange-traded funds backed by precious metals have reached $1.12 billion so far in November, heading for the first monthly loss since July.

Gold prices have fallen for four straight weeks as Federal Reserve Chair Janet Yellen signalled that officials are getting closer to raising US interest rates, cutting bullion’s appeal as a store of value.

Until a few weeks ago, investors had poured money into precious-metal ETFs for three months, the longest stretch since 2012. Bulls were anticipating that slowing global economies, especially in China, would deter Fed policymakers from raising rates.

“The situation reversed with the strong jobs report and some little hawkish statements from Yellen,” said Donald Selkin, who helps manage about $3 billion as chief market strategist at National Securities Corp. in New York. “The dollar’s getting stronger because of the anticipation that the Fed might make a move next month. Since gold is priced in dollars, it’s negative. Prices have dropped tremendously. That’s a result of people pulling money out.”

Bullion is heading for a third straight annual decline, the longest slump since 1998. Gold loses out when monetary policy tightens because the metal doesn’t offer interest or pay dividends, unlike competing assets.

Other precious metals are also suffering. Platinum futures in New York fell for 12 straight sessions through Friday, the longest slump since 2002. Palladium prices tumbled 12 per cent last week, the biggest drop since 2011. The metal’s 60-day historical volatility last week reached the highest since February 2012. Silver has dropped for four consecutive weeks.

http://gulfnews.com/business/sectors/markets/investors-flee-precious-metals-as-etf-outflows-top-1-billion-1.1621112

3 Maternal mortality cut by nearly half in 25 years (Johannesburg Times) Deaths of women from pregnancy-related causes have fallen by almost half across the world in the past quarter century, but only nine countries have achieved the targets set by the UN, a report by UN agencies and the World Bank said.

"This report will show that by the end of 2015 maternal mortality will have dropped by 44% from its levels from 1990," said Dr Lale Say, coordinator for reproductive health and research at the World Health Organization. "This is huge progress but the progress is uneven across countries, across different regions of the world," with 99% of the deaths in developing countries, she said.

The report said that in 2015 some 303,000 women died as a result of complications during pregnancy or up to six weeks after giving birth, down from 532,000 in 1990. "This equates to an estimated global ratio of 216 maternal deaths per 100,000 live births, down from 385 in 1990," it said.

As part of the Millennium Development Goals adopted in 2000, UN member states pledged to reduce maternal mortality by 75% by 2015 from 1990 levels. But only nine countries have achieved this target, although 39 others have registered "significant progress" in reducing maternal deaths, said Say.

The greatest improvement was in eastern Asia, where the maternal mortality ratio fell from approximately 95 to 27 per 100,000 live births. Sub-Saharan Africa accounted for two out of every three deaths in the world. The UN has now set a goal of reducing the global maternal mortality ratio to less than 70 per 100,000 live births by 2030.

http://www.timeslive.co.za/lifestyle/2015/11/15/Maternal-mortality-cut-by-almost-half-in-25-years-UN

French airstrikes in Syria as police hunt for Paris attack suspect; Fifth recession in seven years for Japan; What Millennials want out of work

1 French airstrikes in Syria as police hunt for Paris attack suspect (BBC) Police have issued a photograph of a French national wanted in connection with Friday's deadly attacks in Paris that left 129 people dead. The man, named as Salah Abdeslam, 26, is described as dangerous.

Reports say he had already been identified as the renter of a car used in the attack when he and two others were stopped by police near the Belgian border. The officers apparently let him go after checking his ID. Seven attackers, two of whom had lived in Belgium, died during a series of assaults in the city, officials said.

Late on Sunday, French aircraft struck Raqqa in Syria - the stronghold of Islamic State (IS), the militant group that has claimed it was behind the Paris attacks. President Francois Hollande had described Friday's attacks in Paris as an act of war - and promised that France's reaction would be pitiless.

Ten fighter jets operating out of French bases in Jordan and the UAE dropped 20 guided bombs on a command centre, recruitment centre for jihadists, a munitions depot and a training camp for fighters, the ministry said. The attack was carried out in co-ordination with US forces.

France is marking three days of national mourning. On Sunday, a memorial service was held at Notre Dame cathedral. French police appealed for information about Salah Abdelslam but warned people not to approach him. Unnamed officials said he was one of three brothers linked to Friday's attack.

http://www.bbc.co.uk/news/world-europe-34826117

2 Fifth recession in seven years for Japan (The Guardian) Japan has slid back into recession for the fifth time in seven years amid uncertainty about the state of the global economy, putting 

policymakers under growing pressure to deploy new stimulus measures to support a fragile recovery.

The world’s third-largest economy shrank an annualised 0.8% in July-September, more than a market forecast for a 0.2% contraction, government data showed on Monday. That followed a revised 0.7% contraction in the previous quarter, fulfilling the technical definition of a recession which is two back-to-back quarterly contractions. It is the fifth time Japan has entered recession since 2008, a so-called “quintuple dip”.

The outlook for the Japanese economy remains weak. Many analysts expect the economy to grow only moderately in the current quarter as companies remain hesitant to use their record profits for wage rises, underscoring the challenges premier Shinzo Abe faces in pulling the country out of stagnation with his “Abenomics” stimulus policies.

The dismal reading may affect debate among politicians and policymakers on how much fiscal spending should be earmarked in a supplementary budget that is expected to be compiled this fiscal year. Private consumption, which accounts for about 60% of the economy, rose 0.5% from the previous quarter, roughly in line with forecasts.

But capital expenditure fell 1.3%, which was more than expected. External demand added 0.1 percentage point to GDP growth, while domestic demand shaved 0.3 point off growth, the data showed. The weak data would be of little surprise to many Bank of Japan officials, who had largely factored in the recession and expect growth to rebound in coming quarters as consumption and factory output show signs of a pick-up.

http://www.theguardian.com/world/2015/nov/16/japan-enters-fifth-recession-in-seven-years-in-latest-blow-for-abenomics

3 What Millennials want out of work (Pat Wadors in San Francisco Chronicle) When I joined LinkedIn in February 2013 as head of human resources, I thought: “I’ve got this.” I brought 20 years working in various roles and industries in Silicon Valley, a place that leads the country in creative thinking around workplace perks and pay. What I didn’t fully anticipate was the bold emergence of the next generation and how quickly they would change the world en masse.

You may call them Millennials, but I also call them Ben, Eddie and Katie. Those are my three kids; two in college, one in high school. Millennials are also known as “my employees.” At LinkedIn, we have more than 9,000 employees, and Millennials make up approximately 60 percent of my workforce. On average in the US, this population makes up only 34 percent of the overall workforce, so you could say we are leading the pack.

In getting to know this generation better, I’ve become a huge admirer of Millennials. I’ve learned to dismiss what I’d previously heard about them (that they can be self-serving, lazy, entitled, impatient and starved for frequent praise). In fact, Millennials have consistently won me over by being themselves.

When interviewing for a job, for example, they rarely bring up compensation. And when they do, it comes at the end with an insightful question, like “Do you believe this is fair comp for the position? And what is my opportunity for growth?” They ask about development and company purpose more frequently and earlier in the recruiting process.

Besides changing how work gets done, they are also changing the work environment. It is not uncommon for me to walk around a pingpong tournament on my way to a meeting. The crowd of Millennials all cheer for their favorite player — and their camaraderie is tangible. This increases employee engagement, which is why so many startups have pingpong, Foosball and other “virtual water-cooler” like spaces.

Millennials are fearless connectors — online and offline. The emergence of companies like LinkedIn, Pinterest, Snapchat and Twitter is a testament to the Millennial generation’s commitment to “communities” and connecting. My prediction is that with their sense of responsibility and acute social awareness, Millennials will change the world for the better. It will be a world where people get equal pay for equal work. A world where problems get crowd-solved by diverse individuals living around the world who never physically meet.

http://www.sfgate.com/business/article/What-do-Millennials-want-out-of-work-And-how-6632917.php

How China spent $1bn in eight minutes; Profit warning hits Rolls-Royce shares; Oil continues slide

1 How China spent $1bn in eight minutes (BBC) For Westerners, the site is nowhere near as ubiquitous as Amazon or eBay but in China Alibaba dwarves its American counterparts when it comes to one-day online sales.

Singles Day, an annual online shopping day in China similar to Cyber Monday in the US, has exploded in popularity since 2009. Held on 11 November each year, it draws its name from the “bare sticks” represented by the four number ones in the date.  Last year shoppers spent $9.3bn in one day. This year, Singles Day has eclipsed that amount by $5 bn.

In eight minutes the sales had crossed $ 1 billion, and in 24 hours it topped $ 14.3 billion on Alibaba. In the US, the biggest ever online sale in a day was $ 2.04 billion, achieved on December 1, 2014, also known as Cyber Monday.

http://www.bbc.com/capital/story/20151111-singles-day-a-billion-dollars-in-eight-minutes

2 Profit warning hits Rolls-Royce shares (Julia Kollewe in The Guardian) Rolls-Royce’s share price plunged more than 20% after the British engine maker issued its fourth profit warning in just over a year. The company pointed to a sharp drop in the number of corporate jets powered by Rolls-Royce engines in the third quarter, while demand for other corporate jet services also weakened.

The company now expects profit “headwinds” of £650m next year, more than double the £300m cut to profit identified in July. Rolls-Royce also announced on Thursday a major restructuring programme for next year to reduce fixed costs, streamline senior management and improve decision-making, all aimed at saving up to £200m a year.

Chief executive Warren East, who took over from John Rishton in July, said: “While 2015 remains broadly as expected, the outlook for 2016 is very challenging. The speed and magnitude of change in some of our markets, which have historically performed well, has been significant and shows how sensitive parts of our business are to market conditions in the short-term.”

The engine maker’s fortunes turned after a decade of rising sales, leading to a series of profit warnings from early last year. Annual profits more than halved in July. The Derby-based group has already announced it is cutting more than 3,000 jobs in its aerospace and marine arms. This includes closing factories in Ansty in Warwickshire, England, and East Kilbride in South Lanarkshire, Scotland.

http://www.theguardian.com/business/2015/nov/12/rolls-royce-share-price-plunges-after-latest-profit-warning

3 Oil continues slide (Tarik Chebib in Khaleej Times) Commodity prices have been falling across the board; Gold, Silver and Oil are all down in November. Focusing on Crude Oil, we can see that the decline has temporarily stopped at a key support level at 42.60. This level is significant, as the commodity has bounced off it three times this year already. First last March, a low of $42.64 printed before prices climbed all the way up to $62 in the following 7 weeks.

The support level at $42.60 held successfully on October 27 again when prices subsequently recovered to $48. Last night, the price again touched support at $42.60 after the price has dropped 11.9% in the last seven trading days from a high of $48.36. However, the price quickly recovered above $43.

The question traders have to answer now is whether we will see a significant bounce and a recovery in Crude Oil prices just as the previous two times or whether it will be different this time. Parts of the world are not recovering as quickly as projected such as the UK and Europe. The US is doing better but what is of real concern at the moment is China. GDP is growing below 7% for the first time in more than a decade and exports are declining. This leads to lesser demand, which ultimately weighs on the price of oil.

The rig count in the US has fallen an average of more than 10 per week in the last 2.5 months. Inventories have been going up for six straight weeks. Additionally, OPEC is committed to leaving its production levels unchanged. This has been putting great pressure on the commodity. If data continues to support a bearish outlook for Crude Oil and key support at $42.60 is significantly broken, we could be on the way to a new yearly low.

http://khaleejtimes.com/business/gold-forex/crude-oil-continues-to-slide-but-finds-support-at-4260