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Former Barclays CEO Antony Jenkins believes the global financial system is beginning to undergo the "Uber moments" he predicted in the sector a year and a half ago. Speaking on a panel at the Treasury's International Fintech conference in London this week, Jenkins said: "18 months ago I gave a speech about approaching the Uber moment in financial services. I suspect we might be beginning to see some Uber moments popping up. For example, branch traffic has almost halved in the last 5 years in the UK, ATM usage is declining, Scandinavian countries are talking about going completely... [Read More]
This liquid rocket fuel becomes magnetised when near a magnetic field. So it dances and morphs when magnets are moved around it. It is called ferrofluid and it was invented by NASA's Steve Papell to be a rocket fuel that could work in zero gravity due to its magnetic qualities. Magnet Expert Ltd recorded the experiment using a selection of strong neodymium magnets which can be bought on their website. Produced by Leon Siciliano Join the conversation about this story »... [Read More]
including Uber and SoundCloud... [Read More]
Theresa May has used her Easter message to call on Christians to be "confident" of their role in British society. The prime minister spoke of the values she learned "growing up in a vicarage" and said that British people must "feel able to speak about their faith."  In recent years British prime ministers have been reluctant to talk about their religious beliefs, with most following the example of Tony Blair's press secretary Alastair Campbell. Campbell famously interrupted an interview with Blair to tell the prime minister that "we don't do God." Blair was also reportedly prevented from ending his address to... [Read More]
Google Maps Most properties in San Francisco don't come cheap. But a small part of the Richmond District just hit the market asking just $35,000. Of course, there's a catch. A 7,200-square-foot alley at 81 22nd Avenue, just a block from the Presidio park, is for sale and it currently functions as a shared driveway that runs between a block of houses, according to the New York Post. "I assumed that these sorts of things were owned by municipalities," listing agent Fred Glick told Curbed in 2015, when it first listed for $50,000. "But I was wrong."... [Read More]
Flickr/Steven Depolo Springtime brings many things, from proverbial showers to birds chirping and warmer weather. It also signals tax season is upon us once more. Every year 140 million US taxpayers spend countless hours gathering receipts and statements, filling out a variety of schedules and forms, and submitting their 1040s and various other supporting documents to the Internal Revenue Service. This year the deadline is April 18. As an economist, I wondered whether this tax filing burden results in us paying more taxes than we should. What I found is quite surprising and should be especially disturbing... [Read More]
Part of being a global superpower is having some money to throw around. Want to fund a giant 80 million person megacity in the Pearl River Delta for $322 billion? Piece of cake. Re-build the Silk Road for up to $1 trillion? Not an issue. But China doesn't only show off its deep pockets domestically. The country has also been extremely active on the global market, buying up everything from natural resources in Africa to luxurious real estate in Manhattan. In total, Chinese companies have spent over $1 trillion on overseas investment over the last decade,... [Read More]
A North Korean missile "blew up almost immediately" on its test launch on Sunday, the U.S. Pacific Command said, hours before U.S. Vice President Mike Pence was due in the South for talks on the North's increasingly defiant arms program. The failed launch from the east coast came a day after North Korea held a military parade in its capital, marking the birth anniversary of the state founder, in which what appeared to be new long-range ballistic missiles were on display. Pence is due in Seoul at the start of a 10-day trip to Asia in what... [Read More]
Law enforcement leaders across the country are divided over how best to tackle the Trump administration's demands that local authorities enforce federal immigration law. Some sheriffs and police chiefs have bristled under the scrutiny, while others have grown emboldened by the heightened authority. Attorney General Jeff Sessions appeared to deepen the rift earlier this week when he addressed the International Association of Chiefs of Police, reiterating his condemnations of so-called "sanctuary" jurisdictions that refuse to enforce federal immigration laws. "Some mayors and city councils, and even a police chief and a sheriff here and there, are... [Read More]
and McDonald's should pay attention Since Mealmade moved into McDonald's, Nobbs says it's not unusual for someone to stumble in looking for the Golden Arches, though the front-of-house is completely em... [Read More]
Activity tracker maker Fitbit has made its smartwatch ambitions abundantly clear: A full-fledged smartwatch that supports third-party apps is in the pipeline, and it will leverage the recent acquisitions of Coin, Pebble, and Vector. What's been less clear is the timing that Fitbit has been targeting to unveil and launch the product in order to defend from the impending threat of Apple Watch. Yahoo! Finance is reporting that Fitbit was originally hoping to launch its smartwatch this spring, but various problems during development have delayed the timeline to the fall, citing two anonymous sources. The GPS antenna had... [Read More]
A judge in Brazil's biggest city ruled this week that a driver using the Uber ride-hailing app is an employee of the San-Francisco-based company, threatening its business model in one of its biggest markets. Uber said it would appeal the decision on Tuesday by Judge Eduardo Rockenbach Pires at the regional labor court in Sao Paulo, which was made public in recent days. "By connecting drivers and users, Uber creates thousands of flexible opportunities for generating income," the company said in a statement. Pires ordered Uber to pay the driver 80,000 reais ($25,000), including compensation for... [Read More]
Right and left-wing protesters clashed on Saturday at a park in downtown Berkeley, California, exchanging blows and throwing bottles and cans as police in riot gear sought to separate the two camps, using explosive devices at one point. At least 13 demonstrators were arrested during the brawls, according to Berkeley police, who also said they "anticipate more." Police initially announced that there had been 15 arrests, but later tweeted out a correction.  "There continues to be a number of large fights, some property damage and numerous projectiles being thrown, including fireworks," law enforcement officials said.  And... [Read More]
The risk of overconfidence for Tesla is now at its highest point since the company was founded. The business news cycle for weeks has been dominated by the carmaker's surging market cap, which at about $48 billion has passed both Fiat Chrysler Automobiles and Ford. For a brief period, Tesla also climbed above General Motors to become the largest US automaker by stock valuation. As I've pointed out a few times, Tesla's $300-plus share price isn't driven by any meaningful fundamentals. It's pure futurism, and anyone buying in now is betting on a very big payday far... [Read More]
The Trump administration's failure to overturn Obamacare poses a big risk to investors, according to hedge fund Omega Advisors. The failure to pass the American Health Care Act first time around puts the administration's ability to pass corporate tax reform in doubt, Omega founder Lee Cooperman and vice chairman Steve Einhorn wrote in a letter last week to investors. That represents a risk, as strategists have assumed in their S&P 500 earnings models, Cooperman and Einhorn said. Here's the relevant bit from Omega's 56-page note, a copy of which was reviewed by Business Insider:... [Read More]
Noah Berger/Reuters This story originally appeared in The Daily Californian. It is republished here with permission. On Jan. 5 of last year, UC President Janet Napolitano sent letters to deans and department chairs at every UC campus asking them to attend seminars "to foster informed conversation about the best way to build and nurture a productive academic climate." If you cut out the flowery language and the obfuscation, that means "to learn new things that can no longer be said in class." One of the handouts distributed at that meeting was titled "Recognizing microaggressions and the... [Read More]
In late 2012, Kathleen Boluch needed a new car — a drunk driver had left hers totaled — but she knew it wouldn't be easy to get. Boluch, who lives in Massachusetts, was freelancing and wasn't making much money. She didn't have much in savings. On top of that, she had a credit score below 500, which is considered very risky. It took visits to numerous dealerships in the Boston area before she found one that would let her finance a car. "I remember they were on the phones and computers trying to find a bank... [Read More]
On April 15, thousands of people in 48 states participated in Tax Marches, nationwide demonstrations that called on President Donald Trump to release his tax returns. The marches — organized by a coalition of 70 progressive groups — took place three days before the deadline to file taxes in the US (April 18). Trump has so far declined to release any of his tax returns, claiming that they are under audit by the IRS. Most presidents since the early 1970s have released at least one year's-worth of tax returns, but Trump is not legally required to do... [Read More]
REUTERS/Donna Carson In recent years, U.S. shale has thrown in another unknown in the mix of factors driving the price of oil. This year, shale output forecasts combine with OPEC's production cuts, geopolitical factors, and unexpected outages to further complicate supply/demand and oil price forecasts by Wall Street's major investment banks. The biggest banks remain bullish on oil prices, expecting moderate price gains by the end of the year, even after last month WTI prices dropped below $50 for a couple of weeks. But analyst projections about oil global supply and demand are increasingly diverging, because expectations... [Read More]
Save your weird internet search habits for your personal computer. Seriously. You don't want to become an office cautionary tale — that person who got fired because they were busted Googling something inappropriate during an all-hands meeting. When you're on your work computer, your employers can track pretty much everything you do. "Any personal data or behavior done on any work device can and is collected by your employer," said management expert Andrew Wittman. "Be mindful of every search, click, and email sent, as well as any personal data or behavior, including searches, shopping, social... [Read More]