10 Things You Need To Know Before The Opening Bell | ||
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Good morning! Here are 10 of the biggest stories you need to know before US markets open. Angela Merkel Hit Out At David Cameron. The German chancellor has signaled to the British prime minister that renegotiation of the European Union's freedom of movement is not on the table. The Eurozone's Manufacturers Reported Weak Growth. The euro area's four biggest economies had a PMI score of 50.6 for October, slightly higher than September's figure but barely above the neutral 50 mark. HSBC Is Bracing For A Major Forex Fine. The bank is the third in the last week to report that it's putting aside hundreds of millions for potential fines linked to an FX probe, following Barclays and RBS. Ryanair Isn't Gloomy About Europe's Grim Economy. After reporting a boost in profits, Ryanair CEO Michael O'Leary told analysts and reporters that a bleak picture for Europe could mean more demand for his budget airline. US PMI Data Is Coming. Markit's October manufacturing PMI is out at 9:45 a.m. ET, followed by the ISM manufacturing PMI and September's construction spending figures at 10 a.m. ET. Economists are expecting a 0.7% boost to builders. Growth In China's Service Sector Dropped To A 9-Month Low. The official non-manufacturing Purchasing Managers' Index (PMI) fell to 53.8 in October from September's 54.0, which was the weakest reading since January, the National Bureau of Statistics said. Russia Is Doubling Down On Its Disastrous Ukraine Adventure. The Russian government has officially recognised elections in rebel-held Donetsk and Luhansk regions in eastern Ukraine despite UN warnings that they violate the peace agreement in the country. European Markets Opened Down. France's CAC 40 is down 0.41%, Germany's DAX is down 0.34% and the UK's FTSE 100 is down 0.32%. The Nikkei was closed for a public holiday, and the Hang Seng closed down 0.34%. Toyota Is Beating China's Slowing Economy. Toyota and its two Chinese joint ventures sold about 104,700 vehicles in China in October, up 27.1 percent from a year earlier. After A Boost To The Country's QE Program, One Japanese Minister Wants More Stimulus. Japanese Economy Minister Akira Amari said on Monday that the government should deploy fresh fiscal stimulus to prop up the economy if third-quarter gross domestic data turns out weak. Join the conversation about this story »  | ||
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London's Bike Sharing Program Is A Huge Success | ||
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The Transport for London Barclays Cycle Hire Scheme is doing great. The monthly figures released by the London Database show that 2014 is set to become a record year for the bike-sharing program, increasing the appeal for a new sponsor. Since the scheme was launched at the end of July 2010, daily users have almost doubled, alongside an increase in the number of bike depots. The graphic below shows the evolution of the bike hire since its very first day, highlighting expected growth during the spring/summer and a decrease in the winter.
In 2012, you can see that the Olympics boosted the number of bike users, with more than 40,000 bikes going a day during several days of the games. And after a lower-than-expected performance in 2013, the bikes shares are back up again this year. Three of the five busiest days in the program's history were in 2014, with April 30 claiming the top spot with 49,025 single users. The Tube workers union strike was scheduled that day, meaning that hundreds of commuters had to rely on bikes instead of taking the underground. The second and third busiest days ever were August 9 and August 16, with 47,454 and 47,245 daily users, respectively. This year, an average of 27,827 people hired a bike every day, up from 14,070 in 2010. Join the conversation about this story »  | ||
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HSBC takes $378m hit for forex scandal | ||
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London (AFP) - HSBC bank on Monday took a $378 million (302 million euro) charge linked to allegations of foreign exchange market rigging, and posted mixed earnings for the third quarter. The Asia-focused lender added in a results statement that talks were ongoing with Britain's Financial Conduct Authority (FCA) regulator over the allegations and warned that a "significant" fine was likely. The news comes after rivals Barclays and Royal Bank of Scotland last week made huge provisions for possible costs and penalties arising from several probes into suspected price-rigging in the foreign exchange market. "Discussions are ongoing with the UK FCA regarding a proposed resolution of their foreign exchange investigation with respect to HSBC Bank plc's systems and controls relating to one part of its spot FX trading business in London," the bank said Monday. "Although there can be no certainty that a resolution will be agreed, if one is reached, the resolution is likely to involve the payment of a significant financial penalty. "We continue to cooperate fully with regulatory and law enforcement authorities in the UK and other jurisdictions." HSBC added on Monday that its earnings after taxation climbed seven percent to $3.431 billion in the three months to September 30 from a year earlier, boosted by falling impairments. However, adjusted pre-tax profits sank 12 percent to $4.4 billion in the third quarter, as it set aside around $1.7 billion to cover a series of one-off charges. HSBC also took a $701 million provision to compensate customers for mis-sold products and $550 million for a settlement with the Federal Housing Finance Authority. In addition, restructuring costs were $68 million. Total revenues meanwhile were almost flat at $15.575 billion in the period. "The third quarter was a period of continued progress," said chief executive Stuart Gulliver, adding that the bank had maintained a strong balance sheet and robust capital position. "Revenue continued to grow in Commercial Banking, dominated by growth in our home markets of Hong Kong and the United Kingdom. Global Banking and Markets contributed a strong revenue performance." He added: "Loan impairment charges are lower, reflecting the current economic environment and the beneficial changes to our portfolio since 2011." Join the conversation about this story »  | ||
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Here's A Look Inside Abu Dhabi's 2017 Guggenheim Museum | ||
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Abu Dhabi (AFP) - The Gulf emirate of Abu Dhabi offered a peek Sunday of several artworks that will be displayed at its Guggenheim museum, set to open in 2017. Visitors got a glimpse of 19 out of the 200 artworks acquired by oil-rich Abu Dhabi that will be on public display from Wednesday until January. US architect Frank Gehry designed the Abu Dhabi Guggenheim, which will be larger than its counterparts in New York, Berlin, Bilbao, Las Vegas, and Venice. The exhibition "Seeing through Light: Selections from the Guggenheim Abu Dhabi Collection" features artworks by 19 international artists from the 1960s until present day that explore the theme of light. It showcases works by contemporary artists from the United States, Europe and the Middle East, including Larry Bell, Dan Flavin, Robert Irwin, Douglas Wheeler and Keith Sonnier. Works by German artist Otto Piene, founder of the Düsseldorf-based experimental artist group ZERO, as well as those by Japanese avant-garde artist Yayoi Kusama, are among the pieces acquired by the museum. "This group of artworks illuminates the creative vision of the future museum, offers the first glimpse of what is to come, and represents a significant milestone in the evolution of the new museum," organisers said in a statement posted on the Guggenheim website. Last month the emirate, aiming to become a leader in the world of fine art, announced it would showcase masterpieces by Leonardo da Vinci and Vincent van Gogh, which will be among 300 works dating back to antiquity displayed at the Louvre Abu Dhabi. The museum -- part of a collaboration that saw Abu Dhabi pay $520 million (415 million euros) just to use the name of Paris' world famous gallery -- is set to open in December next year. Abu Dhabi is engaged in an ambitious development plan aimed at modernising the emirate and diversifying its economy. SEE ALSO: A Chinese Artist Has Done Something Incredible With Paper Join the conversation about this story »  | ||
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Ask.fm, The Social Network Linked To Teen Suicides, Is Moving To Ireland | ||
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Social networking site Ask.fm, linked to widespread bullying and several teen suicides, is moving to Ireland, the Financial Times reports. Ask.fm, the Latvian social network which allows users to post anonymous questions and answers, was bought by Barry Diller's US-based IAC Group through Ask.com in August — and is set to relaunch from the company's Dublin HQ. The site's founders, brothers Ilja and Mark Terebin, who claimed to have been bullied by the media, were ousted from Ask.fm as part of its acquisition. Since Ask.fm was launched in 2010 it has been continually criticised for being a platform for online abuse. In 2013 Business Insider said it had about 65 million users, half of which were under 18, and as of last year nine teenagers who were connected to the website had committed suicide. British Prime Minister David Cameron commented on the saga after Ask.fm was accused of not doing enough to deal with cyberbullying. But new CEO Doug Leeds has claimed that cyberbullying will be a thing of the past, with the owners investing "millions" into improving welfare standards and signing an improved safety agreement, according to the BBC. And as well as updating its policies and terms of service, the Financial Times says Ask.fm will also have a "law enforcement affairs officer" at its disposal to help the company deal with the police. IAC, which owns dating app Tinder as well as OkCupid, has reportedly brought in Annie Mullins from the UK government's child protection task force, and Yahoo's former safety expert Catherine Davis Teitelbaum. Join the conversation about this story »  | ||
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The New World Trade Center Is Now Open — Here's The Entire Construction In One Perfect GIF | ||
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Last year, DailyMotion Partnership Manager Dan Milano posted this amazing GIF showing the construction of One World Trade Center, formerly known as the Freedom Tower, from Ground Zero to 1,776 feet. On Monday, the state-of-the-art building is welcoming its first tenant, the publisher Condé Nast. Check out all 40,000 tons of structural steel being put together:
NOW: Read the incredible story of the Wall Street CEO who survived and rebuilt his firm after 9/11 Join the conversation about this story »  | ||
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