Wednesday, October 31, 2018

0 Here’s what the $10M-$20M NYC investment sales market looked like last week

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In the world of mid-market New York City investment sales last week, S.W. Management scooped up a building portfolio on the Upper East Side and a New Hyde Park-based firm bought two low-rise industrial properties in Long Island City. 1.) Stanley Wasserman’s S.W. Management bought a pair of five-story buildings in the Upper East Side for $12.2 million. The properties at 432-434 East 89th Street span 18,200 square feet and contain 41 apartments. The seller […]

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0 Trick-or-treating kids at higher risk of traffic deaths, study shows

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Pedestrian deaths for children between four and eight years of age are 10 times more likely on Halloween than other nights, researchers say.

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0 Venezuela Begins Public Sale of National Cryptocurrency Petro

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0 Shift to pickups and SUVs drives an earnings beat for GM in third-quarter —stock surges 10% pre-market (GM)

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Chevy Silverado

  • General Motors posted a beat on third-quarter earnings.
  • The automaker earned an adjusted $1.87 a share on revenue of $35.8 billion.
  • Pickups and SUV sales in the US drove the results.
  • Shares surged nearly 10% ahead of Wednesday's opening bell
  • Watch General Motors trade live.

General Motors on announced third-quarter results that topped Wall Street estimates. The automaker earned an adjusted $1.87 a share on revenue of $35.8 billion. Analysts had expected $1.26 per share and revenue of $34.85 billion.

The North American market again pulled the train for the largest US automaker by sales. GM achieved a 10.2% margin, on the back of new pickup trucks and crossover SUVs.

But the China market was also strong. 

"Despite challenging market conditions, GM China achieved record third-quarter equity income, driven by a strong mix of vehicles in popular segments, led by record Cadillac sales and strong Chevrolet deliveries," the carmaker said in a statement. "GM China is introducing 10 new or refreshed models in the second half of 2018."

In comments to the media after the results were announced, new CFO Divyha Suryadevara highlighted GM's fundamentals, especially pricing. 

"Our disciplined approach to the US market, combined with strength in China and further growth of GM Financial, drove a very strong quarter," she said in a statement. "We will continue to take actions to mitigate headwinds including foreign currency volatility and commodity costs."

GM surged in pre-market trading Wednesday, up more than 9% to $37. Shares were down 18% this year through Tuesday. 

GM Chart

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0 Khashoggi lowered his guard before his fatal visit to the Saudi consulate because they were so nice to him on an earlier trip, fiancée says

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jamal khashoggi

  • Jamal Khashoggi first visited the Saudi consulate in Istanbul on September 28, and was calmed by the fact that employees there were so nice to him, his fiancée Hatice Cengiz told ABC News.
  • He had been worried about getting captured and jailed like other Saudi dissidents in the past.
  • The journalist visited the consulate again on October 2 — where Saudi agents killed him inside.
  • Cengiz also called on Donald Trump to view Khashoggi's killing "from the point of view of humanity, adding that "it should come before international politics and diplomacy."

Jamal Khashoggi lowered his guard before his fatal visit to the Saudi consulate in Istanbul because officials were so nice to him at an earlier visit four days prior, his fiancée said.

The Saudi critic and journalist initially visited the consulate unannounced on September 28 — four days before his death — to request documents to get married, his Turkish fiancée Hatice Cengiz told ABC News, in an interview published on Tuesday. She made her remarks in Turkish, which were translated into English by ABC News.

He was wary about that first visit because he was worried he would end up imprisoned by the kingdom, like many other Saudi journalists in the past, Cengiz said.

"He thought of the possibility of them capturing him," Cengiz told the network, referring to Khashoggi's qualms before the first visit. "He didn't want to face the consequences of his political views."

hatice cengiz khashoggi fiancee

But after he came out, he said he was pleasantly surprised by the "nice treatment and hospitality" from consulate employees, which encouraged him to visit again on October 2 to pick up the rest of his documents for his impending marriage. Khashoggi had been married before and was hoping to collect documents certifying his divorce before marrying Cengiz.

Cengiz said: "He was very pleased with their nice treatment and hospitality," adding that Khashoggi had been feeling "homesick" and felt an "emotional connection" to home while in the consulate.

"At that point he mentioned how unnecessary it was to worry," Cengiz said.

That trip, however, proved to be fatal: Cengiz had said she waited outside the consulate for 11 hours for Khashoggi to emerge, only to find that he never did.

Read more: Here's everything we know about the troubling disappearance and death of Saudi journalist Jamal Khashoggi

Watch a video of Cengiz's ABC News interview here:

Saudi officials has since admitted that the journalist died at the hands of Saudi agents inside the consulate that day as part of a preplanned murder, but fell short of naming the person or people who ordered the job.

Crown Prince Mohammed bin Salman is widely believed to have orchestrated the murder, though Riyadh has repeatedly tried to distance him from it.

Reuters cited Arab and Turkish intelligence sources last week as saying that the operation that led to Khashoggi's death was coordinated by one of Crown Prince Mohammed's henchmen via Skype.

Recep Tayyip Erdogan, Turkey's president, hinted that the Saudi investigation into Khashoggi's killers could be an attempt to cover up for someone. It appeared to be a warning shot to Crown Prince Mohammed.

Read more: Erdogan hinted that Saudi Arabia is turning its Khashoggi probe into a cover-up, and it looks like a warning shot at the crown prince

saudi consulate istanbul

Cengiz also criticized the President Donald Trump's reaction to Khashoggi's killing. The journalist was a US green card holder and wrote for The Washington Post.

She told an audience in London earlier this month, according to Reuters: "President Trump should help reveal the truth and ensure justice be served. He should not pave the way for a cover-up of my fiancé's murder. Let's not let money taint our conscience and compromise our values."

She also called on Trump to "look at this from the point of view of humanity and consider it an international tragedy, and it should come before international politics and diplomacy."

Trump criticized the Saudi reaction to Khashoggi's death as "one of the worst in the history of cover-ups" but refused to cancel a $110 billion arms deal he negotiated with the kingdom last year.

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0 Most of the people who died in the Lion Air crash are probably trapped at the bottom of the ocean by wreckage, rescuers say

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lion air

  • Rescuers searching for the Lion Air plane wreck in the Java Sea say most of the 189 people onboard are likely trapped inside the wreckage.
  • Indonesia's navy found a 22-meter part of what they think is the plane, after picking up an emergency transponder signal on Tuesday night. 
  • The 40-meter long Boeing 737 Max 8 crashed after leaving Jakarta's Soekarno–Hatta airport on Monday. No survivors have yet been found.

Most of the 189 people who died in the Lion Air plane crash on Monday are likely trapped at the bottom of the ocean by wreckage, the Indonesian search and rescue agency said.

Most bodies were probably "trapped inside the fuselage of the plane in the seabed" of the Java Sea, according to a statement cited by Bloomberg, from the Indonesian National Search And Rescue Agency's (BASARNAS) Director of Operations Bambang Suryo Aji.

Read more: What we know about the victims of the Lion Air plane crash off Indonesia, where there were 'likely no survivors'

So far, rescuers have recovered around 49 body bags of human remains and given them to investigators, CNN reported.

The body bags may not contain complete human bodies, as Reuters reported individual body parts were found by rescue teams after the crash on Monday. 

lion air shoes

It came after the Indonesian navy located a large object on the sea bed, which they think is a large chunk of fuselage from Lion Air flight JT 610, the jet which crashed into the sea early Monday morning.

Experts found a 22-meter-long object, which they think is the largest part of the 40-meter long Boeing 737 MAX, the Associated Press reported.

Navy officer Haris Djoko Nugroho said in a television interview on Wednesday: "There are some small objects that we found, but last night, thank God, we found a large enough object," AP reported.

Lion Air planes have encountered technical problems before — the same aircraft which crashed on Monday had problems on its last fight and passengers said the plane rose and fell several times after take off.

Boeing's share price took dive as a result of Monday's crash.

All 189 people are likely dead, officials have said. 

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0 Facebook is set to jump at the open (FB)

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Mark Zuckerberg

  • Facebook reported mixed third-quarter results on Tuesday.
  • The social-media giant said US daily active users held at 185 million.
  • Shares rallied more than 5% ahead of Wednesday's opening bell.
  • Watch Facebook trade live here.

Facebook was set to open higher by more than 5% Wednesday after reporting mixed third-quarter results.

The social-media giant announced Tuesday that it earned $1.76 a share, easily beating the $1.47 that Wall Street analyst surveyed by Bloomberg were expecting. Revenue surged 33% versus a year ago to $13.73 billion, but that was shy of the $13.80 billion that was expected.

Facebook said its US daily active users held at 185 million, coming as a relief to investors after a tumultuous few months. The company has been trying to repair the reputational damage done by the recent scandals, including Cambridge Analytica and the hack of 30 million users' sensitive data.

"Growth is decelerating, yet '19 seems to be a pivot point with investment stabilizing," the Jefferies analyst Brent Thill said in a note sent out to clients following the results.

"As we model out into '20 we see EPS growth accelerating into high teens and model $10+ in EPS in '21. It will probably take a few qtrs for sentiment to reverse, but with FB trading ~20x our '19 EPS (17x '20) we see more upside than down. We believe patient investors will be rewarded at these levels as FB turns the corner on investment in '19."

Last quarter, Facebook said its monthly active users in the US stalled and warned that revenue growth rates would decline by "high single digit" percentages in the coming quarters.

Shares had plunged 35% through Tuesday after that report, sending Facebook shares to their lowest level since April 2017.

Facebook

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0 CPTPP trade pact to go ahead as Australia becomes 6th country to ratify

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A landmark 11-country deal that will slash tariffs across much of the Asia-Pacific will come into force at the end of December after Australia became the sixth country to ratify the agreement, four days after Canada's formal ratification.

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0 This month in real estate history: Opening night of the Met, Mercantile Building auctioned for $750K + more.

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1883: Opening night at the Met Opera marks victory for nouveaux riches The Metropolitan Opera House opened in its first location, on Broadway and 39th Street, 135 years ago this month. Occupying a full block, the opera house was founded by 25 newly minted millionaires, including Cornelius and William K. Vanderbilt, James Roosevelt and John Pierpont Morgan. At the time, attending the opera was seen as a validation for New York’s elite. But many of the […]

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0 These were the 10 biggest Bronx deals during the third quarter

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Brookfield Property Partners’ venture into the South Bronx topped the largest third quarter deals by a long shot. The company closed on its $165 million purchase of 101 Lincoln Avenue and 2401 3rd Avenue from Somerset Partners and the Chetrit Group in September. This was the largest deal in the borough during the third quarter by a margin of more than $100 million, according to data from Real Capital Analytics. Residential sites dominated the top […]

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0 Facebook is set to jump at the open (FB)

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Mark Zuckerberg

  • Facebook reported mixed third-quarter results on Tuesday.
  • The social-media giant said US daily active users held at 185 million.
  • Shares rallied more than 5% ahead of Wednesday's opening bell.
  • Watch Facebook trade live here.

Facebook was set to open higher by more than 5% Wednesday after reporting mixed third-quarter results.

The social-media giant announced Tuesday that it earned $1.76 a share, easily beating the $1.47 that Wall Street analyst surveyed by Bloomberg were expecting. Revenue surged 33% versus a year ago to $13.73 billion, but that was shy of the $13.80 billion that was expected.

Facebook said its US daily active users held at 185 million, coming as a relief to investors after a tumultuous few months. The company has been trying to repair the reputational damage done by the recent scandals, including Cambridge Analytica and the hack of 30 million users' sensitive data.

"Growth is decelerating, yet '19 seems to be a pivot point with investment stabilizing," the Jefferies analyst Brent Thill said in a note sent out to clients following the results.

"As we model out into '20 we see EPS growth accelerating into high teens and model $10+ in EPS in '21. It will probably take a few qtrs for sentiment to reverse, but with FB trading ~20x our '19 EPS (17x '20) we see more upside than down. We believe patient investors will be rewarded at these levels as FB turns the corner on investment in '19."

Last quarter, Facebook said its monthly active users in the US stalled and warned that revenue growth rates would decline by "high single digit" percentages in the coming quarters.

Shares had plunged 35% through Tuesday after that report, sending Facebook shares to their lowest level since April 2017.

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0 1 person is dead and 3 are injured after an explosion at a Russia's FSB intelligence agency

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russia fsb security service office.JPG

  • One person was killed and three were injured after an explosion near an office of Russia's Federal Security Service in the country's north.
  • The suspect entered the FSB building in Arkhangelsk and blew himself up at the entrance, state news agency TASS reported.
  • He died of his own wounds, TASS reported.
  • Bomb disposal experts are now working at the scene, TASS reported.

One person died and three people were injured after an explosion at the offices of Russia's security services (FSB) in northern Russia on Wednesday, local news agencies reported.

A man entered the FSB building in the city of Arkhangelsk, and blew himself up at the entrance, a spokesperson for Russia’s Anti-Terrorism Committee told state news agency TASS. The suspected died of his own wounds.

"According to preliminary data, the person, who entered the building, took an unidentified object from his bag, which exploded some time later in his hands," the anti-terror agency said, according to TASS.

"As a result, he received fatal wounds."

Bomb disposal experts are now reportedly working at the scene.

Three staff members were injured.

A source told state news agency TASS that the person who was killed was not an FSB officer.

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0 Wayne Rooney says he'd be the 'perfect roommate' while playing in the MLS — and claims to be the locker room DJ

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Wayne Rooney DC United

  • Wayne Rooney has claimed he is the locker room DJ at MLS club DC United.
  • As captain, Rooney gets the pick of the music and says he blasts out tunes by his old English pal Ed Sheeran.
  • Rooney also said he would make the "perfect room-mate," that he can buy British tea unrecognised at American supermarkets, and is looking forward to the upcoming playoffs.
  • Rooney leads DC United into Friday's knockout match against Columbus Crew.
  • Read all of Business Insider's world soccer coverage for the 2018-2019 season right here.

Wayne Rooney recently said he turned down first-class flights because he wanted to be part of the team, but there is one privilege he has accepted with relish.

As captain of DC United, the MLS team he joined in July, he gets to pick the music — and that means one thing; songs from his friend Ed Sheeran, the smash hit performer he once sang a duet with at a pub in Manchester in 2014, a year before they sung "Angels" together at a bar in New York.

"As captain, I put the music on that I want rather than their music all the time and I don't think it is bad," Rooney told the BBC. "It is a bit of James Bay, Ed Sheeran, Mumford and Sons, it is quite chilled out really."

He added that he "would be the perfect room-mate."

Perhaps looking back to rejecting offers of private hotel rooms and first-class flights, Rooney said: "I think it is important that you are part of the team and you do what your team-mates are doing. I've never been someone who wants special treatment, I wouldn't come in and start demanding things."

Ed Sheeran and Wayne Rooney

Buying British tea

Rooney has revolutionised life at DC United.

Prior to the Englishman's arrival, DC United struggled in the lower positions of the Eastern Conference. But within months, Rooney helped lift the team into a coveted play-off place by finishing fourth, with 51 points.

Regardless of his success there so far, he remains a relatively anonymous figure as soccer lacks the widespread popularity of the NFL or the NBA.

This, for Rooney, is a positive as it means he can go to the supermarket unrecognised and buy British tea.

"It is a bit more relaxing for us as a family," he said. "If you want to go to the supermarket or pop out and get a coffee then it's quite easy to do. At times in England, it could be a bit difficult but here not that many recognise you, or they are really respectful when they see you, so that is definitely a big difference."

He added: "The supermarket has an international aisle so there are British ones, you can get your normal tea and stuff. Even the small differences, like a bar of chocolate or a packet of crisps was a bit different, so when you come across one you enjoy it a bit more."

One of Rooney's more notable moments in the MLS arrived in August when he fired back at his fiercest critics with a glorious "quarterback"-style pass that led to an incredible last-minute winner in a 3-2 win over Orlando City.

Rooney showed incredible tenacity and pin-point accuracy, but the 33-year-old played the move down, credited the scorer Luciano Acosta instead, and is hoping for more success in the weeks ahead — when the MLS playoffs get underway.

Luciano Acosta and Wayne Rooney

"I chased the guy back and won the tackle and played a long ball to Luciano Acosta, who scored a great header," Rooney said. "I think his header actually gets lost — for the size of him, for him to get up so high and score a great header…!

"For the team, it was a big moment to go from drawing the game to winning the game and really giving us that belief that we could go on and make the play-offs."

Rooney is next in action on Friday, when DC United plays Columbus Crew in a knockout match.

SEE ALSO: Wayne Rooney turned down private hotel rooms and first-class flights when he joined DC United to be 'part of the team'

DON'T MISS: Wayne Rooney fired back at his fiercest critics with this glorious 'quarterback' pass that led to an incredible last-minute winner

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0 Facebook's user base is declining in Europe and that ought to terrify its American bosses (FB)

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Mark Zuckerberg, Dan Rose, Sheryl Sandberg

  • Facebook's user-base is declining in Europe, where privacy laws are stricter.
  • Facebook's privacy chief supports introducing new privacy laws in the US.
  • That raises the prospect of decline in the US, too.

Facebook's user-base declined in Europe, the company reported on its Q3 2018 earnings call last night. It is the second quarter in a row in which Facebook has lost European users.

The decline is significant because Facebook has more users in Europe than it does in the US. The downshift comes after the Cambridge Analytica privacy scandal and the implementation of GDPR, Europe's new continent-wide privacy law. The two issues have been on Europe's front pages for months, forcing users to acknowledge how much information they are giving away for free. Facebook's response to the GDPR rules required all users to inspect their privacy settings — and the result seems to have been that many users dialled down their engagement with the app. 

Facebook executives have promised they will follow Europe's lead on privacy regulation in the US, raising the prospect of similar potential declines in North America in the future.

  • Facebook monthly active users in Europe: 375 million
  • Facebook monthly active users in the US: 242 million

Two million users have abandoned the service in Europe on a monthly basis and 4 million have abandoned it on a daily basis. The declines occurred since Q1, before the GDPR rules came into effect. The third quarter is the first full quarter in which the new rules were in force.

Facebook

  • Decline in European monthly active users, Q1 to Q3: 377 million to 375 million
  • Decline in European daily active users, Q1 to Q3: 282 million to 278 million

When asked at a conference in Europe last week whether she would support the introduction of an equivalent to GDPR in the US, Facebook's chief privacy officer, Erin Egan, said "yes." "We support strong and effective privacy legislation in the United States and around the world," Egan said. "We recognize the value of regulation of privacy."

Read more: How to see all the apps tracking you on Facebook — and block them.

CEO Mark Zuckerberg has also made noises about being more careful with user privacy, although he has not specifically supported an American version of GDPR. Apple CEO Tim Cook, speaking at the same conference, said he would support such a move. Some US lawmakers are considering a new privacy law.

The decline in daily active users in Europe, peak to trough, was 1.4%. If a similar decline happened in the US, Facebook would lose about 8 million users, based on last night's numbers.

Facebook stock was up about 5% in pre-market trading this morning, perhaps because declines from GDPR were already priced in. Zuckerberg had warned investors on his Q1 call to expect declines as a result of GDPR. Historically, Facebook's stock price has been sensitive to its user-growth numbers. US user growth is currently flat. In Q4 2017, daily active users dipped by 1 million in the US, the only time that market has shown a sign of weakness.

Facebook

SEE ALSO: Mark Zuckerberg is a single point of failure at a company that is systemically important to the internet

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0 The psychological reasons why you don't forget the songs you listened to as a teenager

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listening music headphones podcast

  • People tend to enjoy listening to songs they heard while growing up.
  • It may be more than just nostalgia.
  • As teenagers, our bodies are full of hormones and intense feelings.
  • This means we can latch on to songs more than we do when we're older.
  • But there could also be an evolutionary explanation — being popular helped our distant ancestors survive.
  • The result is never forgetting a song you heard when you were young.

When I think back to being a teenager, music is a vivid part of the memories. Certain songs and artists take me back to school, friendships, parties, and even remind me of the intense, angsty emotions I left behind long ago.

Not only did I leave behind strong feelings in my youth, but also, apparently, the ability to appreciate new music.

Earlier this year, a survey by Deezer found that people tend to stop listening to new songs and artists by age 30. One reason for this is because between the ages of 12 and 22, our brains go through a lot of changes. We're incredibly hormonal and sensitive, so if we hear a song we really love, it's more likely to stay with us forever.

When we hear songs we like later in life, it might not elicit the same strong response because we aren't such sponges anymore.

We also often turn to music when we want to shut off from the world. And this can happen when we're particularly angry, upset, or generally having a lot of feelings. During puberty and the devastating relationship woes that come with growing up, music was likely a big part of helping you through it all.

Read more: Scientists finally figured out why you get goosebumps when you hear your favourite song

When economist Seth Stephens-Davidowitz analysed Spotify data, he found that if you were in your early teens when a song was first released, it will be more popular among your age group a decade later. Radiohead's "Creep," for example, is a favourite among 38-year-old men, but it doesn't even reach the top 300 songs for those born 10 years earlier or later.

Similarly, an article in Quartz explains why people in my generation — the millennials — will always remember Carly Rae Jepson's "Call Me Maybe."

"We're evolutionarily primed to take in a lot more social and emotional information during our teenage years than in other part of our life," wrote author Katherine Ellen Foley. "It's why your ultimate throwback playlist really depends on when you were in the throes of adolescence."

Earlier on in human evolution, the teenage years were where people tried to find mates. Behavioural adaptations we make to be popular and liked at this age may be strongly linked to that.

For example, listening to the same songs as everyone else helps to solidify your social standing in the group.

I never particularly liked "Call Me Maybe." It didn't stop me hearing it everywhere. Sometimes, it's just easier to pretend you like something that everyone else is singing, wearing, or watching.

We tried to fit in with a group back at school, so we collected as much social ammunition as possible to make sure everyone else knew we were relevant.

Although it seems less important in adulthood, when you've had more time to work out who you are, the connection is obviously hard to shake.

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0 Benedict Cumberbatch committed one of the cardinal sins of fashion — and even his die-hard fans aren't sure about it

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Benedict Cumberbatch seen with a moustache as he leaves leaves BBC Radio Two Studios after promoting his new film 'The Grinch'

  • Benedict Cumberbatch made a pretty wild fashion faux pas on Monday.
  • The British actor wore a double corduroy leisure suit in mustard brown on his way to the BBC studios in London.
  • Cumberbatch's super-fans bemoaned the outlandish look, but they still love him anyway.
  • The actor's choice is yet another signal that monochrome is well and truly in vogue.

Benedict Cumberbatch committed one of the cardinal sins of fashion on Monday when visiting the BBC studios in London to promote his new film, "The Grinch."

The "Doctor Strange" actor wore a full corduroy leisure suit in mustard brown, essentially making the fashion faux pas of double denim but in cord — and even his die-hard fans (known as the "Cumberb-----s") are finding it hard to defend him.

"Benedict Cumberbatch must have been quite chilled when he left the house," one person wrote on Twitter, "though I'm not sure that justifies a corduroy suit."

"He looks like some cheesy 1970s spy tv show guy here. Still love him to bits," another fan wrote.

"Dear haha when i saw this orange clothes, i just thought WTH [what the hell]," a user called "Jill's Cumberbatched" added.

It's not exactly a look you'd expect from the boarding school-educated 42-year-old, but it does show that the attitude to doubling up on your materials is changing.

Read more: Meghan Markle ditched her signature heels and wore $120 eco-friendly sneakers on a boat

More and more fashion icons are opting for double denim and monochrome looks and, while it may seem wrong, the look can be mastered expertly.

Fellow British actor Tom Hardy show exactly how to pull off the one-colour look earlier this year when he wore all white to Comic-Con.

tom hardy

Hardy switched up the look by wearing a range of palettes and patterns that gave his outfit depth and stopped it looking like a monochrome tracksuit. He also accessorised with a classic steel bracelet.

You'll notice that Cumberbatch looks a lot better below with his green beanie on, which adds another layer of colour and texture to the outfit.

Benedict Cumberbatch leaving Global Radio Studios after promoting his new film 'The Grinch' - London

Cumberbatch also tore a page out of Meghan Markle's style playbook, wearing a pair of the highly in-vogue, eco-friendly Veja sneakers.

The stylish low-top trainers feature sustainable leather — making them an environmentally conscious choice — and retail for a reasonable $120.

While the Cumberbatch ultras may not agree with this particular look, it's yet another celebrity signaller that monochrome is well and truly in.

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0 Meghan Markle spotted a fan she used to message on Instagram during her royal tour, and gave her a hug

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0 A travel blogger couple fell to their deaths trying to take a picture from a cliff in Yosemite National Park

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0 10 things you need to know before the opening bell (FB, AAPL, PZZA)

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Halloween Chile

Here is what you need to know.

Markets just got another ominous warning sign about the health of China's economyChinese manufacturing PMI fell to 50.2 in October — just above contractionary territory and to its lowest level since July 2016, according to data released Wednesday. 

Bitcoin turns 10On October 31, 2008, bitcoin's mysterious founder Satoshi Nakamoto published a nine-page-long academic-style paper called "Bitcoin: A Peer-to-Peer Electronic Cash System," paving the way for the world's first cryptocurrency. 

Baillie Gifford has gotten in early on Amazon, Facebook, and Alibaba — here are 2 under-the-radar stock picks the firm lovesThe 110-year-old Scottish investment firm that manages $255 billion and has made a name for itself by getting in early on a wide range of Silicon Valley unicorns told Business Insider in an exclusive interview about two names it expects to deliver big returns in the future.

Facebook users stallThe social media giant reported revenue spiked 33% year-over-year to to $13.7 billion, missing Wall Street estimates, and said that its daily active users were unchanged from second-quarter levels at 185 million.  

Apple announces new productsThe tech giant unveiled new iPad Pros, Mac computers, and more, at an event in Brooklyn, New York, on Wednesday. 

Private-equity firms are reportedly fighting for Papa John's. Bain Capital and CVC Capital Partners are among the private-equity firms trying to buy the pizza chain, Reuters says.

An NFL player who pleaded guilty to insider trading is facing an 8-game suspensionThe Seattle Seahawks linebacker Mychal Kendricks was suspended eight games after he pleaded guilty to insider trading. He faces a up to 25 years in prison when he is sentenced in December.  

Stock markets around the world are in rally modeJapan's Nikkei (+2.16%) led the gains in Asia and Britain's FTSE (+1.32%) is out front in Europe. The S&P 500 is set to open up 0.6% near 2,699.

Earnings reporting remains heavyGeneral Motors, Kellogg, Molson Coors, and Yum Brands report ahead of the opening bell while Express Scripts, Fitbit, and Sturm Ruger release their quarterly results after markets close.

US economic data flowsADP Employment Change will be released at 8:15 a.m. ET and Chicago PMI will cross the wires at 9:45 a.m. ET. The US 10-year yield is up 2 basis points at 3.14%. 

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0 'Red October' sees US stocks endure their worst month since the financial crisis

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Sean Connery Hunt for red october

  • The S&P 500 is set to finish the month having had its worst October since the 2008 financial crisis.
  • Benchmark US index has lost around 8.5% in October, the biggest monthly drop since February 2009.
  • Both the Dow Jones and Nasdaq have also endured major losses.
  • Concerns ranging from a US-China trade war, Federal Reserve interest rate policy and a slowdown in global growth led to a wave of heavy selling.
  • Global stocks have also slumped, with the MSCI All-World Index losing 4.5%.

Stocks are set to end October having endured the worst month for the S&P 500 since February 2009 and the worst October since the 2008 financial crisis. The benchmark US index is set to drop about 8.5%, only outdone by the 16.8% loss the index witnessed in 2008, just weeks after the collapse of Lehman Brothers. 

The month was plagued by bad news but lacked a clear catalyst. Concerns ranging from a US-China trade war, Federal Reserve interest rate policy and a slowdown in global growth led to a wave of heavy selling in the S&P, as well as the Dow Jones and the Nasdaq.

Selling was not limited to the US, with Chinese stocks plummeting, and the MSCI All-World index dropping about 10% across October.

In the US in particular, the biggest concern for investors is that after years of monetary stimulus and a short-term boost from the Trump administration's tax cuts, more rate rises and lower bond prices will ultimately bring the US economy to a halt.

Growth is still going strong, but many believe that will flip soon, particularly when factoring in the potential negative impact of President Trump's trade war, which by some measures is already starting to hurt the domestic economy.

Another factor for the markets is the slowing Chinese economy, which after a decade or more of blockbuster growth is reaching maturity, bringing with it smaller increases in GDP. Debt levels in China are also huge, another major concern for many in the markets.

China's current account balance is down significantly from last year's 1.3% and will likely turn into a small deficit in 2019. If so that would be the first time in 24 years.

"The larger the stimulus used by China to offset the trade war impact, the bigger will its deficit likely be," UBS's Tao Wang, chief China economist, said in a report earlier in the month.

That may hurt confidence and hasten outflows, putting pressure on the nation's currency.

"Although CNY depreciation can partially offset trade war impact, a large depreciation will likely hurt domestic confidence, trigger panic outflows and risk financial stability," UBS said.

The tail end of October has seen an additional negative driver, particularly for the Nasdaq, as disappointing earnings reports from the US tech giants AmazonGoogle, and Snap helped to further drag down sentiment.

Oil prices are also a major concern, with the combination of looming sanctions against Iran, and the possibility that Saudi Arabia will choke output in response to international outcry over the killing of journalist Jamal Khashoggi in the country's consulate in Istanbul, leading some to believe prices could ratchet higher in coming months.

High oil prices tend to stunt economic growth, particularly in developing markets where increasing oil consumption is a key driver of rapid growth. Brent traded as high as $84 per barrel in early October, and while it has now fallen around 9% to $76 per barrel, that remains an elevated level compared to the past four years.

Stocks may have witnessed a horror month, but look likely to bounce a little on October's final day, with the S&P 500 set to gain about 0.7% once markets open at 9.30 a.m. in New York.

SEE ALSO: ALBERT EDWARDS: Investors are ignoring the 'most underrated risk' in markets, one that could spark an imminent blowup

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0 Sundar Pichai emailed Google staff saying he is 'deeply sorry' for the firm's record on sexual misconduct

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Sundar Pichai

  • Sundar Pichai emailed Google staff saying he is "deeply sorry" for sexual misconduct at the company following last week's explosive New York Times report.
  • The email comes after news emerged that Google staff are planning a walkout to protest against the company's handling of the sexual misconduct allegations.
  • Pichai alluded to staff dissatisfaction in the email, and said Google must take a "much harder line on inappropriate behavior."

Google CEO Sundar Pichai sent an email to staff saying he is "deeply sorry" for the sexual misconduct of top executives laid bare in a report by The New York Times.

Ars Technica obtained the email, which was reportedly sent to employees on Tuesday evening. It followed an all-staff meeting at the company last week, in which Pichai and Google cofounder Larry Page addressed concerns.

"So first, let me say I am deeply sorry for the past actions and the pain they have caused employees. Larry mentioned this on stage last week, but it bears repeating: if even one person experiences Google the way the New York Times article described, we are not the company we aspire to be," he wrote.

The New York Times described sexual misconduct on the part of Andy Rubin, the creator of Android. Rubin left Google in 2014 following allegations he coerced a woman into oral sex, the Times reported. He denies the allegations.

Read more: Google employees are reportedly planning a walkout this week in protest of the recent sexual misconduct revelations

This email comes after news of a planned walkout by Google staff emerged on Monday. The "women's walk" is scheduled to take place on Thursday, and was organised in the wake of last week's all-hands meetings. In his email, Pichai alluded to staff dissatisfaction, writing:

"Since last week, I've heard from many of you. Some of you wrote me personally. Others have shared their thoughts with leaders and fellow Googlers. One thing that's become clear to me is that our apology at TGIF didn't come through, and it wasn't enough. We hear you."

Pichai also said in the email that Google has to take a "much harder line on inappropriate behavior." Yesterday an executive named in the Times piece — a director at Google's research lab Alphabet X named Richard DeVaul — reportedly resigned without an exit package.

Business Insider has contacted Google for comment.

You can read Sundar Pichai's full email here.

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0 10 things you need to know before the opening bell (FB, AAPL, PZZA)

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Halloween Chile

Here is what you need to know.

Markets just got another ominous warning sign about the health of China's economyChinese manufacturing PMI fell to 50.2 in October — just above contractionary territory and to its lowest level since July 2016, according to data released Wednesday. 

Bitcoin turns 10On October 31, 2008, bitcoin's mysterious founder Satoshi Nakamoto published a nine-page-long academic-style paper called "Bitcoin: A Peer-to-Peer Electronic Cash System," paving the way for the world's first cryptocurrency. 

Baillie Gifford has gotten in early on Amazon, Facebook, and Alibaba — here are 2 under-the-radar stock picks the firm lovesThe 110-year-old Scottish investment firm that manages $255 billion and has made a name for itself by getting in early on a wide range of Silicon Valley unicorns told Business Insider in an exclusive interview about two names it expects to deliver big returns in the future.

Facebook users stallThe social media giant reported revenue spiked 33% year-over-year to to $13.7 billion, missing Wall Street estimates, and said that its daily active users were unchanged from second-quarter levels at 185 million.  

Apple announces new productsThe tech giant unveiled new iPad Pros, Mac computers, and more, at an event in Brooklyn, New York, on Wednesday. 

Private-equity firms are reportedly fighting for Papa John's. Bain Capital and CVC Capital Partners are among the private-equity firms trying to buy the pizza chain, Reuters says.

An NFL player who pleaded guilty to insider trading is facing an 8-game suspensionThe Seattle Seahawks linebacker Mychal Kendricks was suspended eight games after he pleaded guilty to insider trading. He faces a up to 25 years in prison when he is sentenced in December.  

Stock markets around the world are in rally modeJapan's Nikkei (+2.16%) led the gains in Asia and Britain's FTSE (+1.32%) is out front in Europe. The S&P 500 is set to open up 0.6% near 2,699.

Earnings reporting remains heavyGeneral Motors, Kellogg, Molson Coors, and Yum Brands report ahead of the opening bell while Express Scripts, Fitbit, and Sturm Ruger release their quarterly results after markets close.

US economic data flowsADP Employment Change will be released at 8:15 a.m. ET and Chicago PMI will cross the wires at 9:45 a.m. ET. The US 10-year yield is up 2 basis points at 3.14%. 

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0 Kenya’s Bithub Africa Mines Bitcoin Using Solar Power

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0 PR: BitCanna – Dutch Blockchain Startup Launching a Revolutionary Cannabis Platform

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BitCanna - Dutch Blockchain Startup Launching a Revolutionary Cannabis Platform

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

Leading global cannabis brands are ready to go cashless and take advantage of all the opportunities offered by the BitCanna blockchain platform

AMSTERDAM, October 31, 2018 – With the current exponential growth of both the global cannabis industry and blockchain technology, there is a potential partnership that stands to benefit both. Within the cannabis industry, there is a growing demand for payment solutions, track & traceability of crops, and trust mechanisms. BitCanna is combining the best of all worlds, addressing each of these problems through the launch of its blockchain platform and associated cryptocurrency. Over the past year, a team of 20 dedicated specialists has worked in close collaboration with the cannabis industry on the development of the platform and its global expansion. A large and growing number of leading international brands have already confirmed their partnership, and on the first of November their ICO will open for interested investors.

Most banks and financial service providers still refuse to process cannabis transactions due to the large degree of regulatory uncertainty in the industry. Leading experts and entrepreneurs from both the financial and cannabis industries view this as a huge opportunity to build a global digital payment solution for cannabis retailers that can circumvent traditional financial institutions.

“Keeping up with constantly changing cannabis laws is very difficult. So banks, credit card companies, and online payment providers either refuse to get involved in cannabis, or they charge excessively high transaction fees,” according to Jan Scheele, CEO of BitCanna. “That puts companies who are selling cannabis products legally in a tricky situation — they have to figure out how to take their businesses cashless and sell online without breaking any laws. That’s where BitCanna will help.”

BitCanna is a global blockchain technology company that helps cannabis companies to go cashless securely, legally, and cost-effectively. The company claims to be able to process transactions using its BitCanna token almost instantaneously and for a fee of just a few cents. It will also let vendors manage their supply chains and record all customer identification data. It is an incremental technological breakthrough for the entire global industry.

“It doesn’t matter if it’s a $10 or $100 transaction. Our customers will pay a small flat fee,” says Scheele. “We’re introducing a payment system that will make it cost-effective and safe for all cannabis companies to accept digital payments — whether they’re selling online or in-store.”

It’s not just online retailers who can benefit from blockchain technology. Some brick and mortar cannabis retailers spend as much as 10-15% of their revenues on security and staff to upkeep a cash-only business. Providing these companies with payment processing technology can help them reduce security risks while complying with regulations.

Many industry experts believe that despite the growth we’ve seen over the past few years, the cannabis market is only just beginning to take shape. In the United States alone, the cannabis market is forecast to double from $22B in 2017 to $44B in 2020. And the global market is expected to reach $140B by 2027, according to European investment bank Bryan, Garnier & Co.

BitCanna is well-placed to benefit from this growing industry. The company will have direct integration with some of the largest online cannabis shops when it launches in Q3 2019. It will run pilots at brick and mortar locations in the cannabis capitals Amsterdam and Barcelona. BitCanna alone has already partnered with dozens of cannabis companies to create the BitCanna Alliance. Alliance members are active in 27 countries and attract a combined 10 million unique website visitors a month so far.

The company has ambitious plans to become the global digital payment solution for the cannabis industry. It will launch in Europe first and then quickly expand to the rest of the world.

About BitCanna

BitCanna is a decentralized payment network for the legal cannabis industry. The company was founded by Boy Ramsahai, a true cannabis industry veteran who founded an internationally successful cannabis media company in 1991. His Dutch-language magazines High Life and Soft Secrets are well known in the Netherlands. BitCanna has partnered with major brands in the European cannabis market to form the BitCanna Alliance. The Alliance is working to create a healthy and transparent cannabis market by securing and tracking digital transactions and implementing supply chain and customer management.

Contact Email Address
info@bitcanna.io

Supporting Link
https://www.bitcanna.io

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

The post PR: BitCanna – Dutch Blockchain Startup Launching a Revolutionary Cannabis Platform appeared first on Bitcoin News.

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0 Papa John's spikes after a report says private equity firms are fighting for a stake in the pizza chain (PZZA)

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Papa John's

  • Private equity firms are fighting to acquire a stake in the pizza chain Papa John’s, according to Reuters.
  • Shares of the pizza chain rallied 10% following the news.
  • Papa John’s is likely to be valued at $63.50 per share during a potential acquisition, Jefferies analyst Alexander Slagle recently said.
  • Watch Papa John's trade live.

Papa John's shares rallied 10% Tuesday after a Reuters report said private equity firms are fighting to acquire a stake in the pizza chain.

Reuters reports, Bain Capital and CVC Capital Partners are among the private equity firms competing to buy a stake.* 

Private equity firms KKR & Co and Roark Capital have also been vying for Papa John’s, with binding offers expected in the next few weeks, according to Reuters' sources.

Hedge fund Trian Fund Management, an investor in fast-food chain Wendy's that had expressed interest in Papa John’s, is said to be considering a potential investment should a deal for the sale of the company not be reached.

A special committee formed by Papa John’s board of directors is exploring a sale as part of a wide review of strategic alternatives, and there is no certainty that the company will agree to a sale, the sources added.

No matter who buys Papa John's, investors care most about what the pizza chain might be worth in the event of an acquisition. Jefferies analyst Alexander Slagle recently said that Papa John's is likely to be valued at $63.50 per share during an acquisition — 18% above where shares settled on Tuesday. Slagle made the conclusion by comparing Papa John’s potential deal with Inspire Brands' recent purchase of Sonic.

Pap John's was down 6% this year through Tuesday.

* An earlier version of this post incorrectly stated the private equity firms were trying to buy the  30%  stake owned by the former CEO and chairman John Schnatter. 

Read more stories on Papa John’s:

Now read:

PZZA

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0 Bitcoin is 10 years old today — here's a look back at its crazy history (BITCOIN)

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Happy Birthday Cake

  • Wednesday marks the 10th anniversary of the paper which led to the creation of bitcoin, the first ever cryptocurrency.
  • On October 31 2008, bitcoin's mysterious founder Satoshi Nakamoto published a nine-page long academic style paper called "Bitcoin: A Peer-to-Peer Electronic Cash System."
  • Since its creation, bitcoin has seen wild price swings, major battles for control, and $500 million hacks, but is now well in the mainstream.
  • Take a look back at the major events in the cryptocurrency's crazy 10 years.
  • Track the price of bitcoin, and other cryptocurrencies, at Markets Insider.

Halloween 2018 marks the 10-year anniversary of the foundations of bitcoin, the world's first cryptocurrency, an asset  that can fairly claim to have altered perceptions of what can truly be considered an asset in financial markets.

A decade ago today, bitcoin's mysterious founder Satoshi Nakamoto published a nine-page long academic style paper called "Bitcoin: A Peer-to-Peer Electronic Cash System." The paper would go on to act as the founding text for the cryptocurrency, and lead to the first bitcoin transactions being carried out in early 2009.

It's impossible to say how much bitcoin has increased in price single its earliest incarnation, because its value back then was in the fractions of cents. A conservative estimate, based on bitcoin's current price being around $6,300 per coin, and its early price being less than $0.01, would see bitcoin's value increasing more than 1 million fold in the last decade.

2008-2010: The early years

The first bitcoin transactions were carried out in private, so no one really knows when or how numerous they were, but the first trade is believed to have been between Nakamoto and developer Hal Finney. Many have speculated that Finney, who died in 2014, may actually have been Satoshi.

Bitcoin adoption grew slowly at first, with the cryptocurrency first fetching mainstream attention in May 2010 on a day that has since become known as "Bitcoin Pizza Day."

It was May 22, when the purchase of the two Papa John's pizzas by Laszlo Hanyecz from another bitcoin enthusiast marked what is believed to be the first "real-world" bitcoin transaction. Hanyecz traded 10,000 bitcoins for two large Papa John's pizzas, a sale now worth around $63 million.

2013 onwards: Mainstream appeal

Bitcoin's journey continued slowly at first, but it hit the mainstream in 2013 after the first of several hyperinflation incidents occurred in the currency. In late 2013, the cryptocurrency spike in value from around $100 per coin to $1,000 in just over a month, before halving in value over the next three or four months. Bitcoin would not hit $1,000 again until 2017.

The spike, however, drew mainstream media attention, with Business Insider's Joe Weisenthal penning a now well-known op-ed titled "I'm Changing My Mind About Bitcoin" — having just weeks earlier called bitcoin a "joke."

For the next three years, bitcoin stayed in a range of around $400 — never trading above $650 or much below $250. The most notable event during that time was the collapse of Mt Gox, the first ever exchange, which filed for bankruptcy protection after hackers stole nearly $500 million of bitcoin, and a further $30 million of cash deposits.

The hack, still the largest ever in the crypto space, exposed massive security flaws, and exacerbated bitcoin's reputation as a Wild West asset with little to no financial protection for its users.

Screen Shot 2018 10 31 at 09.37.04

 

2017: The bitcoin bubble inflates

After three years of relative calm, bitcoin truly hit the mainstream in 2017, a year which saw the cryptocurrency increase in value from around $1,000 per coin to almost $20,000 per coin in a matter of months.

Part of the spearhead for that huge jump in value was the bitcoin "fork" which saw bitcoin split into bitcoin and bitcoin cash, after a group of Chinese developers decided to split bitcoin's original code in protest at what Reuters calls "improvements to the currency’s technology meant to increase its capacity to process transactions."

2017 also saw the first major public efforts from financial institutions to get involved in cryptocurrencies, with two US exchanges, the CME and Cboe, creating platforms for customers to trade bitcoin futures. Numerous major banks also announced projects involving crypto, which helped fuel the rapidly expanding bubble in bitcoin's price.

That bubble began to burst just before Christmas — only a couple of weeks after futures were launched — and by the end of January 2018, bitcoin had fallen from around $20,000 per coin to just $10,000.

The falls were driven in part by rising fears that regulators planned to crack down on the cryptocurrency, which had largely operated outside the auspices of normal regulators until that point.

Bitcoin continued to decline during early 2018, before eventually stabilizing at around $7,000 per coin. It has remained in the $6,000 to $7,000 range since June, and the volatility that characterised the market in 2017 and early 2018 has all but evaporated. On its 10-year anniversary, bitcoin is trading at $6,305 per coin, according to Markets Insider.

While it has now well and truly entered the mainstream consciousness, there are still concerns that it has longevity, and could ultimately fail. Even Wences Casares, widely known as bitcoin's "Patient Zero" for his role in spurring interest in crypto in Silicon Valley, expressed worries about its future.

"It may work, it might not work," he told Bloomberg on Monday. "We are in the equivalent of 1992 for the internet."

SEE ALSO: 'Market manipulation 101': 'Wolf of Wall Street'-style 'pump and dump' scams plague cryptocurrency markets

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0 Baillie Gifford has gotten in early on Amazon, Facebook, and Alibaba — here are 2 under-the-radar stock picks the firm loves

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trader screens

  • Baillie Gifford, a 110-year-old Scottish investment firm that manages $255 billion, has made a name for itself by getting in early on a wide range of Silicon Valley unicorns, including Spotify, Airbnb, and Lyft.
  • The firm has also been an early investor in such market-dominating public companies as Facebook, Alphabet, Netflix, and Alibaba.
  • In an exclusive interview with Business Insider, Tom Slater — Baillie Gifford's head of US equities and co-manager of its flagship fund — reveals two under-the-radar stock picks he thinks will deliver explosive returns in the future.

You don't become an investing heavyweight by picking the same stocks as everyone else.

In order to truly rise to the top of the field, you have to find some hidden gems. And it's even better when those sleeper picks possess the type of latent growth potential that could explode further down the line.

Baillie Gifford — a 110-year-old Scottish investment firm that manages $255 billion — knows this as well as anyone. That's why it's so focused on becoming an early investor in companies it sees as having massive upside.

This may seem like an obvious objective to the casual observer, but actually doing it is extremely difficult. That's why it's so impressive that Baillie Gifford got in early on many of the stock market's most dominant names, including FacebookAlphabetNetflix, and Alibaba.

There's also Tesla, the holding for which Baillie Gifford is perhaps best known, since it owns one of the biggest chunks of any institutional investor.

In addition, Baillie Gifford has made it a priority to invest in early-stage companies that aren't yet public. It has holdings in so-called unicorns like LyftAirbnb, and Dropbox.

But those are all — for the most part — well-known, name-brand companies. What about the high-upside stocks that fly under the radar, unknown to most?

Don't worry, Baillie Gifford has you covered. In an exclusive interview with Business Insider, Tom Slater — the firm's head of US equities and co-manager of its flagship fund — reveals two sleeper stock picks Baillie Gifford loves.

All quotes below are attributable to Slater, while the descriptions were pulled from company websites.

The Trade Desk

"It’s a demand-side platform for buying advertising. The premise is that, at some point in the future, all buying of advertising is going to be programmatic. It’s just the economic reality. At the moment, some elements of online base advertising are programmatic, but there are huge swaths of the advertising market that aren’t."

"These guys have been making real progress in terms of aggregating demand for advertising outside the walled gardens of the internet. It looks increasingly likely that internet-connected television is going to go down this route as well. It won’t follow the traditional deals that were done in the cable industry. That’s a potentially huge market that’s just opening up for them."

Pinduoduo

"It’s a Chinese online retail business. The interest in it is, it’s a sort of group shopping premise. The idea is — if I want to buy something through the platform, if I can convince 25 of my friends or neighbors to buy the same product, we’ll all get it for a more attractive price."

"This is a product aimed at getting the next half a billion Chinese people online. These are people who live in villages and very low-tier cities in China that aren’t shopping on Alibaba, and aren’t familiar with how to use these tools. Having some of these experiences for the first time, doing something with people you’re familiar with, all in search of an attractive price, there’s a real safety-in-numbers effect."

"It’s the retail that could touch half-a-billion people that you’ve never heard of."

SEE ALSO: Panic has yet to peak in this stock market meltdown — here's why Wall Street thinks the crash has only just begun

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0 Britain risks a long Brexit recession as negotiators struggle to secure a deal

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Theresa May

  • Brexit talks resume in Brussels as negotiators struggle to secure a deal on the Northern Ireland border.
  • A leading credit ratings agency warns that Britain risks an extended recession if if fails to gain an exit agreement.
  • Britain could permanently lose 5.5% of growth.
  • Norway has rejected calls for Britain to temporarily join the European Economic Area after Brexit.

LONDON — Britain risks an extended recession if it fails to win a Brexit deal, a leading credit agency has warned as negotiators continue to struggle to agree a deal.

Standard & Poor’s, one of the world's leading financial services companies, said on Tuesday that a no deal Brexit would trigger a lengthy recession in the UK, that would shrink the UK economy by 1.2%  in 2019 and a further 1.5% in 2020.

"Most of the economic loss of about 5.5 % (of) GDP over three years compared to our base case would likely be permanent," S&P said.

If the UK exits with no deal and defaults to WTO trading rules, inflation will hit 4.7% and unemployment will increase to 7.4% by 2020 — its highest level since the aftermath of the 2008 financial crash, Standard & Poor's said.

The warning came as Brexit talks resumed in earnest on Tuesday evening as UK and EU negotiators try to make a breakthrough on the Irish border question and strike a deal in time for the December summit.

Olly Robbins, the UK's most senior civil servant handling Brexit negotiations, travelled to Brussels to meet with his EU counterpart, Sabine Weyand, who works for Brussels' chief negotiator Michel Barnier.

Talks are set to continue at a technical level for the rest of the week, sources close to both the UK and EU negotiating teams told Business Insider on Wednesday morning.

Negotiators are trying to find a mutually acceptable version of the backstop policy for preserving the frictionless Irish border no matter what the outcome of Brexit talks and subsequent UK-EU trade deal negotiations.

'You've only got five months left'

Dominic RaabBack in Westminster, MPs are searching for ways of avoiding a dreaded no deal scenario.

Conservative MP Nick Boles is leading calls for Theresa May to use the so-called Norway model as the backstop. Under Boles' plan — "Norway for now" — the UK would remain in the single market and be in a new customs union with the EU until a free trade deal covering the invisible Irish border is ready to be implemented.

BI understands that around 15 MPs met with Norway model campaigners to discuss the policy on Tuesday night. These MPs included Boles, plus his Tory colleagues Nicky Morgan, Stephen Hammond, and George Freeman.

However, Norwegian Prime Minister Erna Solberg appeared to kill any hope of the UK temporarily replicating Norway's relationship with the EU, telling reporters: We would welcome any good cooperation with Britain.

"But to enter into an organisation [the European Free Trade Association and European Economic Area] which you’re leaving is a little bit difficult for the rest of us," Solberg said on Tuesday.

Erna Solberg Theresa May

Solberg addressed the media alongside UK Prime Minister May, who announced that all Norwegian citizens living in the UK would automatically retain all of their rights no matter what the outcome of Brexit negotiations.

The prime minister's warm words about EU and EEA citizens living in the UK were somewhat undermined by Immigration Minister Caroline Nokes' comments before the Home Affairs Select Committee.

Nokes said that under a no deal Brexit, employers will need to check that EU and EEA staff have the right to work in the UK, despite the Home Office suggesting this summer that these checks would not need to take place.

Nokes also revealed that despite exit day being just five months away, the UK government does not know what these checks would entail, while just 650 of 3.5 million EU citizens who are estimated to live in the UK have completed the settled status scheme which confirms their right to remain in the country after Brexit.

An exasperated committee chair Yvette Cooper said she was "baffled" by Nokes' remarks and exclaimed "you've only got five months left" to the minister and others who were giving evidence to MPs on Tuesday.

SEE ALSO: Anti-Brexit MPs should accept May's deal and fight to rejoin the EU during transition, leading MEP says

DON'T MISS: The Norway model is back on the Brexit agenda — here's what that means

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0 How countries around the world are embracing digital disruption in financial services

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quarterly global fintech fundingThis is a preview of a research report from Business Insider Intelligence, Business Insider's premium research service. To learn more about Business Insider Intelligence, click here. Current subscribers can read the report here.

Fintech hubs — cities where startups, talent, and funding congregate — are proliferating globally in tandem with ongoing disruption in financial services. 

These hubs are all vying to become established fintech centers in their own right, and want to contribute to the broader financial services ecosystem of the future. Their success depends on a variety of factors, including access to funding and talent, as well as the approach of relevant regulators.

This report compiles various fintech snapshots, which together highlight the global spread of fintech, and show where governments and regulatory bodies are shaping the development of national fintech industries. Each provides an overview of the fintech industry in a particular country or state in Asia or Europe, and details what is contributing to, or hindering its further development. We also include notable fintechs in each geography, and discuss what the opportunities or challenges are for that particular domestic industry.

Here are some of the key takeaways:

  • Most countries in Europe have made some formal attempt to foster the development of domestic fintech industries, with Germany and Ireland seeing the best results so far. France, meanwhile, got off to a slow start, but that's starting to change. 
  • The Asian fintech scene took off later than in the US or Europe, but it's seen rapid growth lately, particularly in India, China, and Singapore.
  • The increasing importance of technology-enabled products and services within the financial services ecosystem means the global fintech industry isn't going anywhere. 
  • Fintech hubs will continue to proliferate, with leaders emerging in each region.
  • The future fintech landscape will be molded by regulatory bodies — national and international — as they seek to mitigate the risks, and leverage the opportunities, presented by fintech. 

 In full, the report:

  • Explores the fintech industry in six countries or states, and identifies individual fintech hubs.
  • Highlights successful fintechs in each region.
  • Outlines the challenges and opportunities each country or state faces. 
  • Gives insight into the future of the global fintech industry. 

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