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Volkswagen counting cost of emissions scandal

News

Elliot

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28 September 2015

Volkswagen counting cost of emissions scandal

Following the global Volkswagen scandal prosecutors in Germany have commenced an investigation into the “allegations of fraud in the sale of cars with manipulated emissions data”, with former Volkswagen chief executive Martin Winterkorn reportedly facing criminal charges.

Winterkorn resigned last week, after nearly a decade leading the world’s largest automakers, insisting at the time of his resignation that he had no knowledge of the deliberate manipulation of emissions results in more than 11 million diesel-engine vehicles produced by the company.

Regulators in the United States discovered “cheat” software in some VW built diesel engines which lowered emissions when cars were being inspected.

Several parties – apparently even including VW themselves – have raised official complaints about the matter to prosecutors in Braunschweig, near the company’s HQ in Wolfsburg.

The number one global carmaker in terms of absolute sales have apparently set aside €6.5bn to deal with the fallout of the scandal but some experts believe VW could face up to $18bn in potential fines.

The former boss of VW owned brand Porsche, Matthias Mueller, was announced as the successor to Winterkorn on Friday. The revelations about the deliberately deceptive emissions software have rocked the European car industry and senior VW executives have been called to Brussels for discussions with senior EU officials.

VW owned brand Audi say more than two million of its cars are fitted with the software worldwide, mostly in Europe but also in the United States. Several news agencies have reporting that VW has suspended senior Research & Development directors across its family of brands, including Audi and Porsche.

Volkswagen shares have lost about 35% of their value since the manufacturer acknowledged wrongdoing in the US emissions tests. In addition to potential fines from authorities across the world, senior staff are facing potential lawsuits from clients and shareholders.

Investigations have also been initiated in Italy, France and South Korea, whilst authorities in Switzerland have even temporarily banned the sale of diesel-engine VW vehicles. The company have been told to recall more than half a million vehicles in the U.S. and sales have been suspended there.

Owners of VW vehicles have been advised by U.S. regulators that their cars are safe to drive, but ultimately the cars involved need to be repaired by mechanics in order to pass emissions tests with the benefit of the ‘cheat software.’

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Apple undertakes App Store clean-up following malware attack in China

News

Elliot

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21 September 2015

0

Apple undertakes App Store clean-up following malware attack in China

US tech giant Apple has admitted it is undertaking work to counter breaches of the App Store, after malware code was added to a number of apps for iPads and iPhones which are popular in China.

Apple, who earlier this year reported the biggest quarterly profit ever by a public company when a net profit of approx £12bn was reported in the fiscal first quarter, has generally been regarded as producing security tight platforms and products, so this attack comes as something of a surprise.

The attack is believed to be the first large-scale attack the App Store, after hackers produced a fake version of Apple’s iOS app-building software, which was promoted to developers to download. Apps created with the software allowed leaking of app-user data, with the information being sent back to the hackers’ servers.

The malware also prompted users to reveal passwords and additional data through fake alerts on infected apps and devices. The apps affected were typical mass consumption apps such as an Uber-style taxi app, a music download management app and the WeChat app developed by Tencent.

Most of the apps were only available in China and most users affected were Chinese, but some affected apps are also available outside China.

A spokesperson for Apple, Christine Monaghan, stated that apps created with the malicious software, called XcodeGhost, were now eliminated. She commented, “We are working with the developers to make sure they’re using the proper version of Xcode to rebuild their apps.”

For years the stability of Apple’s devices has been one of the company’s core strengths with their MacBook computers, in addition to their handheld devices, hailed by users for their consistently well performing operating systems.

computerworld.com recently said of the new iOS 9, “Apple’s free update to its mobile OS, delivers relevant information, smarter search, better security and much needed stability.” Such plaudits have long been commonplace for the California based tech giant, but this weekend’s Chinese attack shows that no-one is immune to cyber security issues.

The App Store is generally regarded as a secure marketplace as the barrier to entry is kept high by Apple and instances of malware on iOS apps have occurred.

However, on this occasion both Apple and the Chinese iOS app developers have been caught out.

Reacting to the attack Wee Teck Loo, head of consumer electronics at market research firm Euromonitor International, told the BBC he did not expect it to have any significant impact on Apple’s product sales.

“It is definitely embarrassing for Apple but the reality is that malware is a persistent problem since the days of PCs and the problem will multiply as the number of mobile devices explodes from 1.4 billion units in 2015 to 1.8 billion in 2020,” he commented.

Apple will hope this is a blip and will continue to maintain their undoubtedly high standards. Their aforementioned record Q1 profit of approximately £11.8bn ($18bn) is the biggest in history for a public company, beating the $15.9bn made by ExxonMobil in Q2 of 2012.

The company recently revealed their new iPhone 6s and iPhone 6s Plus, which are officially launched for sale on 25^th September. The pre-order period commenced on 12th September after the new phones were unveiled earlier in the previous week.

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Catalan businesses divided over talk of split from Spain

Elliot

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17 September 2015

0

Catalan businesses divided over talk of split from Spain

Forthcoming local elections in Spain’s North Eastern region of Catalonia on 27^th September are being viewed as a de facto opinion poll on a theoretical independence push, though the voting public and business leaders are clearly undivided on the matter.

Catalonia is a relatively prosperous area compared to some parts of Spain though it too has suffered with political corruption issues and a slow economy since the global financial crisis. During this period of austerity a Catalan independence movement has grown louder, yet they have never truly been able to demonstrate that a majority of their population are in favour of independence – the polls swing back and forth.

However, with its own language and a strong cultural identity, some Catalans feel they are not Spanish and they also feel unfairly treated by the central government in Madrid when it comes to taxation and the subsequent re-distribution of wealth.

In short, some Catalans feel they put in more than they get out and some would even prefer to be worse off than be dictated to by the rest of Spain. One major issue that pro-independence Catalan politicians have is that they have been unable to get a clear majority behind them and are unable to form a sensible dialogue with the Spanish government on the matter, though not for lack of trying.

The upcoming elections may change that if the population demonstrates a clear appetite for a split from Spain. Even if the pro-independence parties do gain more power, it is unclear what their way forward will be in legal and constitutional terms.

One key issue is that Catalan businesses have widely varied views on the situation. Some politicians in Barcelona and those aligned with the Catalan president Artur Mas believe Catalonia can split from Spain yet remain within the EU.

British Prime Minister David Cameron ought to be aware of the implications of testing EU legislation given his sometimes choppy relationship with the union, but at a recent press conference with his Spanish counterpart Mariano Rajoy in Madrid he commented, “If part of a state secedes, it’s no longer part of the EU and has to take its place at the back of the queue behind other countries applying to become members. Just like the UK, Spain is a great country with a long and proud history, and if I had a message, it would be the same as the one in the UK, that we are better off together.”

The respected Catalan business group, Foment del Treball, recently noted that a theoretical new independent Catalonia would not be a part of the European Union.

The Chancellor of Germany Angela Merkel also recently expressed similar opinions, whilst U.S. President Barack Obama highlighted his opposition to the ambition of some Catalans to break away, after his talks with Spain’s King Felipe VI on 15^th September, stating, “As a matter of foreign policy, we are deeply committed to maintaining a relationship with a strong and unified Spain.”

In response, the pro-independence bloc in Catalonia insist these statements are being provoked by Rajoy and Spanish government to sway sentiment against them. They believe Catalonia, with its industrial past, excellent trade links with Europe, modernised infrastructure and productive micro-economy can survive and prosper without Spain.

The separatists claim an independent Catalonia could have GDP per capita higher than the European average, have lower taxes and more generous pensions. They believe as a nation they could post a surplus of €11.5 billion euros per annum. The autonomous region already produces a fifth of Spain’s economic output.

Clearly no-one can prove that viability before any potential split. Catalonia has no military, relatively little access to natural resources and is highly dependent on the rest of Spain in terms of exports, with over 40% of its trade being with the rest of Spain. Meanwhile the powerful Catalan banking sector relies heavily on business with the rest of the country.

Nonetheless, if the separatist succeed at the ballot box on 27^th September president Mas has pledged to create an 18-month roadmap to secession.

Many local business leaders have kept quiet on the issue due to concerns over causing offence to their fellow Catalans or local government. One exception to that trend is the president of Freixenet, Jose Luis Bonet, whose company are a leading producer of sparkling wine.

He recently told AFP, “a unilateral declaration of independence would be a disaster for the Catalan economy.”

In addition this week, statements from Cercle d’Economía, a prominent collective of Catalan businessmen and economists, described their opposition to the proposed roadmap to a unilateral declaration of independence even in the case of a majority in the regional parliament for the separatists.

The Cercle d’Economía acknowledge that they are concerned about the ‘economic, financial and investment’ implication the election result could produce for Catalonia. Their statement read, “As we have said in previous opinions, we do not support unilateral declarations that put the principle of legality and belonging to the European Union and the euro at risk.”

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FFP proves effective as 15 Champions League clubs curb spending in 2015

News
World

Elliot

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16 September 2015

0

FFP proves effective as 15 Champions League clubs curb spending in 2015

One of Spain’s biggest secondary ticket market platforms Ticketbis.net have revealed that Manchester City were the biggest spenders out of this seasons Champions’ League Group Stage participants as well as being top of the Champions League ‘Net Spend Table’ on transfers in 2015.

City are followed by Ligue 1 champions PSG and Spanish side Valencia who had to qualify for this seasons competition through a play-off victory over PSG’s French counterparts Monaco. However, despite some of the major net spends of some of Europe’s elite in 2015, 15 of the 32 teams in this seasons competition had a negative net spend for the year, highlighting that many of the sides are taking a prudent approach towards spending despite FFP rules being relaxed in recent times.

Many of the teams in Europe’s biggest club competition have shied away from spending huge figures in 2015 due to the effects Financial Fair Play may have on them, with penalties including a potential eight figure fine and squad deductions for next seasons European competitions if they were to qualify. Even teams who have spent large amounts on transfers in the past including the likes of Zenit St.Petersburg, Shakhtar Donetsk and Galatasaray have been unable to loosen their purse strings significantly in 2015.

AS Roma were penalised by UEFA over FFP in May this year and have an overall net spend of minus £27.7 million. In this summer’s transfer window they’ve had to resort to signing players on loan instead of purchasing them outright, with the most notable loan signings being Manchester City’s Edin Dzeko and Arsenal goalkeeper Wojciech Szczęsny.

Not surprisingly, Portuguese sides Benfica and FC Porto are the two sides in this seasons Champion’s League competition with the lowest net spend in 2015. As both sides continue to develop highly talented footballers from both their homeland and South America, the big sides in Europe’s most coveted leagues such as the Premier League and La Liga continue to invest in the league’s biggest talents for astronomical fees. The most high profile departure from the Portuguese Superliga in 2015 was FC Porto’s Columbian forward Jackson Martinez who joined Spanish giants Atletico Madrid for an estimated £25.5 million.

Manchester City are way out ahead with regard to money spent in 2015, spending £175m on new signings, including the £51m signing of Wolfsburg’s Kevin De Bruyne and the £44m acquisition of England international Raheem Sterling. They have also acquired Fabian Delph, Nicolas Otamendi and Wilfried Bony this year and whilst they have recouped just over £50m by selling players their net spend is the highest in Europe at £124.7 million.

City are one of six teams in the Champions League to break their transfer record in 2015 along with Wolfsburg, Porto, Valencia, Maccabi Tel Aviv and FC Astana.

Like City, PSG have also highlighted their confidence in avoiding further FFP punishment with a net spend of £71.8 million in 2015, as they too aim to achieve European success on the back of their domestic progress.

Unsurprisingly, City’s neighbours Manchester United are also one of the competition’s biggest spenders in 2015 as Louis Van Gaal’s rebuilding continues with momentum. However, United were able to recoup just over £73 million on players in the two 2015 transfer windows and were second to Benfica in terms of total money received from transfers.

Despite being under a transfer embargo, Barcelona have a total net spend of £10.8 million due the acquisitions of Arda Turan and Alexis Vidal and the departure of versatile forward Pedro. The Catalan club fell well behind the biggest spenders in Spain, Valencia, who have a total net spend of £71.8 million in 2015 as they look to make ground in Europe again, having overcome financial difficulties in recent years. Meanwhile, Real Madrid have not spent as heavily as in previous years.

FC Astana and Maccabi Tel Aviv are the only participants outside of UEFA’s top six ranked leagues to have a positive net spend in 2015.

Irene Recio from Ticketbis.net, who commissioned the study, commented, “The Champions League is club football’s elite competition so it’s no surprise that some of the world’s biggest teams are continuing to flex their muscles in the transfer market as they strive for European glory. For Manchester City and PSG the Champions League trophy is certainly the next step if they are to be regarded as two of the world’s biggest clubs and the net spend figures show they are certainly going for it.”

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Hewlett-Packard set for big changes as IT giant prepares to split

Elliot

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16 September 2015

0

Hewlett-Packard set for big changes as IT giant prepares to split

American IT giant Hewlett-Packard has announced plans for significant job cuts, as it prepares to restructure over the coming months. HP is also set to be divided into two separate companies before the end of 2015.

The company’s chief executive Meg Whitman addressed the press this week, with figures revealing that HP is planning to reduce its workforce by 25,000 to 30,000, adding to the 54,000 jobs that have been cut in the last three years as the firm pushes to streamline its operations.

The proposed job losses would mean HP will have shed 100,000 employees in a decade, a notable figure given that the entire firm’s workforce is estimated to be around 300,000 in total. The number of job losses are reminiscent of the big telecoms and IT boom and bust cycles of the late 1990s and early 2000s.

Many of HP’s staff reductions will come from their corporate hardware and services operations, which is to be rebranded as Hewlett Packard Enterprise (HPE) later this year. The new company will operate separately from HP Inc, which is focused on the printer and PC marketplace.

Plummeting sales of PCs are perhaps what has hit HP hardest over recent years. Meanwhile, competitors have made massive gains in the mobile and tablet markets, while Apple’s tech market share has skyrocketed over the past five years.

HPs streamlining and split will be undertaken with the aim of putting its new HPE enterprise business in a more advantageous position as an independent entity.

Whitman and her fellow management executive team at the Silicon Valley firm have been fighting hard over recent years to turn the company’s fortunes around. A large percentage of its services workforce has already been moved to lower cost offshore facilities.

On the restructuring and changes of direction that have already taken place, in addition to the latest plans, Whitman insisted this week, “This has been a bit of a moving target. It has been a bumpy road, no doubt about it. We are conscious there have been a number of restructuring plans for this business. While we need more restructuring, I have the highest confidence I’ve had in four years that we will get there.”

Whitman will lead HPE after the split and has also warned analysts to expect modest growth rates for the company, more closely aligned with global GDP than the booming tech enterprise market. Meanwhile, in the quarter which ended on 31st July HP revenue from the PC and printer side of its business – its biggest concern – fell by over 11%.

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Markets react positively to China’s fifth rate cut in nine months

Elliot

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7 September 2015

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Markets react positively to China’s fifth rate cut in nine months

Global stock markets breathed a sigh of relief yesterday as markets recovered billions of dollars after China’s ‘Black Monday’.

European equities saw strong European investment, with indications that many losses were being recovered after losses incurred on what may describe as the worst day of trading for years.

After gaining 183 points, the FTSE ended the day 3.1% higher, it’s best performance since 2011. This reversed a 10 day run of losses, with much of the 280 point wipe out recovered.

It seems investors were tempted back into the markets after US and Chinese central banks reassured investors about the state of their respective economies.

In a much anticipated move to prevent further damage and stimulate their economy, the People’s Bank of China simultaneously cut interest rates and eased lending rules for banks.

In Shanghai the composite closed under the 3,000 mark for the first time since late 2014, shedding 42pc of its value since its May peak.

The index was the biggest faller in Asia. Japan’s Nikkei plunged another 4pc, while Hong Kong’s Hang Seng recovered from its steepest decline in over 30 years on Monday, to close up 0.75pc.

Aspects relating to the rise of the British Pound

Business

Elliot

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4 August 2015

0

Aspects relating to the rise of the British Pound

The soaring pound is making holidays much cheaper for the British. This is surely something many British tourists are grateful for because it is one of the best times to schedule a holiday. With the rising pound British tourists are availing of holidays to 19 Eurozone countries that are nearly 12% cheaper than what they cost last year. The rising pound is also being supported with the fall in the Euro. The Euro has in fact fallen below 70p on the 16^th of July 2015. This was the first time in eight years that this happened.

Since the average Briton typically takes some £450 of spending money, it basically means that there is about £50 being saved thanks to the currency cost. Spain is the most popular tourist destination for British tourists, with France and Italy being favourites too.

Those tourists who were planning to travel to Turkey should make the most of it right now. This is because one will be able to save even more since the Turkish lira has fallen victim to the political uncertainty that there is in the country and also because of their neighbour, Syria. Tourists heading to Turkey will be able to spend some 20% less than what they would have spent in the same time last year.

Those who are considering going to Ukraine should also pack their bags and head there this summer as it can be a great bargain. Since the Ukrainian currency, the Hryvnia weakened considerably against the sterling because of the sanctions that were imposed by Russia, Ukraine is a must-go this summer if you want to save a great deal of money.

After outlining some of the best countries to visit this summer, it may be worth pointing out some of the less advantageous ones. With the strengthening Swiss franc and US dollar, holidays to areas such as Geneva or Orlando are going to cost more from a currency perspective.

Following the Central Bank’s decision last January to scrap the three-year cap on the Swiss franc, this currency had a tumultuous year as it surged to parity against the euro.

The rising British pound is proving to be great news to travellers, but it certainly is not so favourable for exporters. Now UK exports are going to be more expensive and so sales volumes will suffer. According to the British Chamber of Commerce, the UK will not be hitting its target of £1tn worth of exports by the year 2020, and it will fail to do so by some 14 years.

Considering that the UK is the second biggest exporter of services in the world, just after the US, this is something worth considering. The BCC believes that besides the usual three countries, namely, Germany, France and the USA, there are also the United Arab Emirates and China as being possibly new service hot spots for the UK over the next five years.

The relative strength of the pound might end up dampening the Bank of England’s keenness for an early interest rate rise. Considering the implications this will have on exports, it is critical to take such a decision very carefully.

Pensioners given warning regarding fraudster threat

News

Elliot

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31 July 2015

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Pensioners given warning regarding fraudster threat

Pension savers are being warned by the Federal, controllers, and budgetary association’s bodies about the peril of fraudsters seeking to overwhelm them out of the lifetime’s hypothesis stores. Individuals are being asked to arm themselves with data just for them to see the signs involving traps.

Fraudsters will probably usually speak to problems all of a sudden featuring all of them beginning having access to their particular cash or perhaps statements and affirmations involving get-rich-savvy options. On the other hand, the fact remains they may be fundamentally building manifestations, this getting started. Your undetectable technique for annuity draws in is usually these kinds of that it’s challenging to work positively this way of measuring dollars may be missing.

Brand-new adaptability have been renowned within May this year together which allow persons included in fifty-five and also more than more adaptable, having access to their particular focal points undertaking sports, still, it’s dreamed of that will numerous at fault get-togethers may perhaps utilize this being an added possibility to lure some people outside of their particular dollars.

Minister for pensions Baroness Altmann stated: “The hoodlums behind this outlawed enhancement a terrific, perhaps the period sets a good impelled lure filled with shimmering benefits and also skilled places that will make all of them appear exceedingly reliable. Endeavor not ever to receive bulldozed because of it.

“Their aim is always to capture people off one’s guard just for so that they can take away your saving. Steps accident people’s life; it can be because basic and also apparent because that will. “On this off likelihood that you just think some lure, you should record the item to be able to Activity Scam or perhaps speak to this Pensions Advisory Assistance. ” Suspecting some sort of some sort of scam he passed the data to Activity Scam. They furthermore named this Pensions Advisory Assistance who had been careful of the swindlers.

Gillian Dude, PRESIDENT involving Residents Tips, stated: “Fraudsters are not purely seeking to tempt people’s points of interest baskets absent together with delivers involving annuity classes involving steps; they will moreover attempt to appeal persons to hand more than their particular dollars together with huge try opportunities, regarding incident, property or home overseas and also very good wine beverages.

“Reconsider previous to reacting to your clean call or perhaps a good advertising featuring a free of charge ‘annuity diagram’, or perhaps unparalleled yield meander. In the event that you imagine you have been based within with a blackmailer, record them to these strengths. “

How to make everyday items last longer

News

Elliot

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31 July 2015

0

It has become the norm to go bargain hunting now, and be proud of our ability to get more for less at this supermarket. However, as soon as we get those items household, we seem to forget all our canny purchasing credentials, and use and dispose of items in no time.

One expert has shared her unusual methods for making some common household items be preserved longer, including the shocking key of what fresh flowers prefer to drink to make them be preserved longer, and the bizarre reason your bananas go brown leafy.

She also reveals effortless alternatives to throwing unclean sponges away, the two great ways your freezer may help items last longer, methods for sharpening blunt razors, plus a cunning way to cease your hairdryer motor working out.

These seven tips are a great start, and once you’re hooked on getting more out regarding everyday items, there are plenty additional life hacks that could save you a fortune by minimizing waste.

1. Once you’ve got opened a bag regarding salad, put it within a sealed container with a new paper napkin – that can absorb the water of which normally turns it brown leafy.

2. Punch holes within a paper bag using a normal hole punch, and then you can shop onions and garlic inside the bags in a dark cupboard for approximately three months.

3. Should you choose a lot of producing, consider using a font referred to as deco font, which has tiny divots in it that will save you ink?

4. Wash garments in cold water. Many man-made fibers ensure better in cold h2o – and it’ll save on energy bills as well.

5. Zip up things like hoodies before you put them inside the wash – otherwise the zips are likely to cut holes in other clothes.

6. Store herbs within a vase of water to prevent them drying out.

7. For anyone who is struggling to get your current shower curtain clean, put it in the washing machine with some vinegar and some towels – the towels may help scrub it clean

8. Put an elastic band around the base of the pump in your soap dispenser, so it can’t go down all the way, and it dispenses fewer soap.

9. Move your current furniture around. The carpet will always be worn in specific places – like while you’re watching sofa – so preserve it moving and ensure less wear in specific spots.

10. Store your flour in the freezer. It’ll last longer, and you’ll reduce the risk regarding flour mites.

Do you’ve got any great tips to making everyday items past? Let us know inside the comments.

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Calls and internet access price hikes for BT customers

Elliot

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31 July 2015

0

Calls and internet access price hikes for BT customers

BT clients face paying more for their telephone calls and web access after the organization reported a pile of value treks.

Calls to landlines and mobiles are ascending, alongside month to month line rental and call arranges, with the progressions coming in on September 20. Broadband costs will likewise increment of just about 7%, the organization said.

BT said its cost rose return on the of comparative increments by different telecoms suppliers, including Sky, TalkTalk and Virgin Media.

Among the expanded charges are:

– Calls to UK landlines and 0870 numbers for clients not available to come back to work comprehensive bundles will ascend from 9.58 pence a moment to 10.24p, while the set-up expense for landline calls, charged every time a call is associated, goes from 15.97p to 17.07p.

– Calls to mobiles from a BT landline will ascend from 12.77p to 13.65p a moment.

– Standard line rental is to ascend from £16.99 to £17.99, while line rental, also, to go up from £18.99 to £19.99.

Month to month call arrangements is likewise situated to increment. BT’s boundless at whatever time calls bundle will ascend from £7.45 to £7.95 a month, for individuals who joined before June 20 last year, while boundless night and weekend calls go from £2.12 to £2.26 for the same clients.

The individuals who have purchased the bundles from that point forward will see the boundless at whatever time calls ascend from £7.50 to £7.95, while boundless night and weekend calls go from £3 a month to £3.20.

The expense of accepting paper bills will likewise increment, from £1.59 to £1.70.

John Petter, CEO of BT Consumer, said: “We understand that clients never welcome value rises. However, we have guaranteed that low-paying clients maintain a strategic distance from value rises

“Furthermore, we keep on highlighting cash sparing choices for all clients, including the individuals who simply need an extraordinary worth bundle of a line and calls, for example, Home Phone Saver 2018.

“We likewise presented a twofold information offer for broadband clients who sign another contract and free calls.”