Bank of America has reported a net profit of $4.07 billion for Q3 of 2015 against a loss of $470 million a year earlier.
The report comes a year after Bank of America reached a $5.6 billion settlement with the US government over mortgage loans extended to homebuyers before 2008.
Profits at its consumer banking division, the bank’s largest unit, rose 5% from a year ago to $1.8 billion.
Residential mortgage lending rose by 13% to $17 billion.
“The key drivers of our business – deposit taking and lending to both our consumer and corporate clients – moved in the right direction… and our trading results on behalf of clients remained fairly stable in challenging capital markets conditions,” said Bank of America CEO Brian Moynihan.
Bank of America, which has paid more than $70 billion in legal expenses since 2008, said its legal costs fell for the third quarter in a row, dropping to $231 million from $6 billion a year earlier.
Separately, Wells Fargo reported its first profits rise for three quarters, with the results helped by its acquisition of commercial loans from General Electric earlier this year.
Net income edged up 0.65% from a year ago to $5.44 billion in Q3 of 2015 with revenues up 3% to $21.9 billion.
However, its mortgage banking revenue fell 2.7% to $1.59 billion.
Earlier this year, the bank bought a portion of GE’s commercial real estate loans worth $9 billion, which helped to boost profits in the latest quarter.
On October 13, Wells Fargo said it would buy a $30 billion portfolio of commercial loans and leases from GE.
Former senior Google executive Omid Kordestani has been appointed as the new executive chairman of Twitter.
Omid Kordestani, 53, joined Google in 1999 and held various senior roles before leaving a decade later.
He returned last year as Chief Business Officer to advise on Google’s rebranding to Alphabet.
“It’s rare you get to be at a company with an amazing business that’s also transforming the world,” he tweeted. “I’ve had good fortune to be at three: Netscape, @google, and now @twitter.”
Twitter CEO Jack Dorsey said Omid Kordestani was a “proven and experienced leader” who would coach him and other senior executives as well as help attract top talent to the company.
“A great chairperson is the first step towards continuing to make our board one of the best in the world, and purpose-built to serve Twitter,” he tweeted.
Twitter had said it would seek an external appointment as chairman in a bid to allay concerns about Jack Dorsey’s dual role as Twitter boss and chief executive of Square, the mobile payments company he founded.
Twitter co-founder Jack Dorsey replaced Dick Costolo, who stepped down in July after five years in the role amid pressure to increase growth.
It is his second stint as Twitter boss, having held the position between May 2007 and October 2008.
Twitter shares rose 0.7% to $29.26 following the announcement.
However, the shares are still down almost 30% from the level at which it floated in late 2013.
Tehran-born Omid Kordestani’s appointment comes a day after Twitter said it was cutting 336 jobs, or about 8% of its global workforce, as part of a restructuring to cut costs.
Pope Francis has apologized for recent scandals “either in Rome or in the Vatican”.
The pontiff made the surprising apology at his weekly general audience in St Peter’s Square, but did not specify which scandals.
Pope Francis is thought to be referring to a senior Polish priest who was dismissed from his Vatican post after announcing he was in a gay relationship.
The Pope’s spokesman said the pontiff had not been referring to the recent resignation of Rome’s mayor.
Father Federico Lombardi admitted to reporters that Pope Francis’ apology had been “broad and generic” but said it did not refer to “political” situations involving Mayor Ignazio Marino, who resigned earlier this week over an expenses scandal.
Photo AFP
The Vatican spokesman said Pope Francis was referring to scandals in which there is a “responsibility of men of the Church”.
To thousands of people who had gathered for his weekly address, Pope Francis said: “Before I begin the Catechism, in the name of the Church, I want to ask you for forgiveness for the scandals that have occurred recently either in Rome or in the Vatican. I ask you for forgiveness.”
The pontiff also said: “The word of Jesus is strong today, woe to the world because of scandals. Jesus is a realist. He says it is inevitable that there will be scandals. But woe to the man who causes scandals.”
Rome Mayor Ignazio Marino has come under criticism recently for the slow start in the city’s preparations for the holy year due to begin in the second week of December.
Millions of pilgrims are expected to travel to Rome for a series of Church events, and this will require extra policing and provision of accommodation and food and water.
Israeli authorities have begun a major security operation in Arab areas of occupied East Jerusalem, after a surge in attacks by Palestinians.
Entrances to Jabal Mukaber, a district where three men accused of killing three Israelis on October 13 came from, have been blocked by police on October 14.
The Israeli military also deployed hundreds of soldiers to assist.
Later, police said they had shot dead a man who attempted to stab a guard on the edge of Jerusalem’s Old City.
Since the beginning of October, seven Israelis have been killed and dozens wounded in shooting and stabbing attacks, the Israeli authorities say.
At least 30 Palestinians have also been killed, including assailants, and hundreds have been injured, according to the Palestinian health ministry.
On October 13, Israel’s security cabinet authorized police to close or surround “centers of friction and incitement” in Jerusalem.
It also announced that the homes of Palestinians who attacked Israelis would be demolished within days and never rebuilt, and that their families’ right to live in Jerusalem would be taken away.
On October 14, a police spokeswoman told the AFP news agency that checkpoints were being set up at “the exits of Palestinian villages and neighborhoods in East Jerusalem”.
Israeli newspapers later reported that several entrances to Jabal Mukaber had been blocked by police, with neither people nor vehicles allowed in or out. Several more areas were expected to be closed off by the end of the day.
Human Rights Watch warned that locking down parts of East Jerusalem would “infringe upon the freedom of movement of all Palestinian residents rather than being a narrowly tailored response to a specific concern”.
“The checkpoints are a recipe for harassment and abuse,” said Sari Bashi, the group’s Israel/Palestine country director, in a statement.
Meanwhile, the Israeli military said it was preparing to deploy six companies to assist police. Three hundred soldiers are already providing additional security under police command.
The security cabinet’s decisions were made after the bloodiest day in Jerusalem since the latest wave of unrest began in early October.
China’s consumer price index (CPI) rose 1.6% in September 2015 compared with a year earlier, the country’s National Bureau of Statistics (NBS) said.
That was lower than analysts’ forecasts of 1.8%, and down from the rate of 2% recorded in August 2015.
Producer prices fell for a 43rd straight month as manufacturers cut prices to win business.
The latest inflation figures added to fears of a rapid slowdown in China, the world’s second largest economy.
Photo Reuters
Asian markets were all lower in response to the inflation figures, which came a day after data that showed imports fell for an 11th straight month in September.
China’s producer price index (PPI) fell 5.9% in September 2015 from a year earlier, matching the rate of decline in August, which marked the biggest fall since the financial crisis.
Non-food consumer inflation was even lower with an annual growth rate of just 1% in September, the NBS data showed.
The easing CPI was mainly due to a high comparison base last year, Yu Qiumei, a senior NBS statistician, said.
CPI rose 0.5% month-on-month in September 2014, compared to a 0.1% growth last month.
Reflecting growing strains on Chinese companies from persistently weak demand and overcapacity, manufacturers continued to cut selling prices to win business.
China has already launched a wave of economic stimulus measures since late 2014, including cutting benchmark interest rates five times since November, but some analysts believe the moves have been less effective than when the economy was more tightly controlled, exports were strong and debt levels were much lower.
Weak producer prices are also threatening to erode the profits of Chinese companies and add to their debts, something analysts expect to continue for the remainder of the year.
The inflation figures come as trade data on October 13 showed imports tumbled for the 11th month in a row in September, as result of weaker global commodity prices and lower demand. Exports also fell for a third month, although by less than expected.
Other surveys showed activity in China’s factory sector shrank in September on fewer new orders, sparking fears the Chinese economy may be slowing down more rapidly than expected.
China will release gross domestic product (GDP) data for Q3 of 2015 on October 19. Many economists expect the three months to September to show economic growth fell below the government’s target of 7% for the first time since the financial crisis.
Apple could be facing up to $862 million in damages after losing a patent case to University of Wisconsin.
The tech giant used microchip technology owned by the University of Wisconsin without permission in some iPhones and iPads, a jury in Madison found on October 13.
The patent, filed in 1998, is said to improve the power efficiency of microchips.
Photo Reuters
The case relates to use of the technology in the iPhone 5s, 6 and 6 Plus – but an additional lawsuit making the same claim against Apple’s newest models, the 6S and 6S Plus, has also been filed.
The University of Wisconsin sued Intel over the same patent in 2008. The case was settled out of court for an undisclosed sum.
In court papers, the University of Wisconsin claimed Apple ignored its offers to license the patent, which would mean paying a fee for its continued use.
Therefore the university said Apple was willfully infringing the patent, something which, if the court agrees, could carry a heavier fine.
The precise amount Apple may have to pay will be decided at a later stage in the court proceedings.
Despite recent well-publicized truces between some big tech firms, fierce patent battles are still being fought in courts globally.
Last week, a judge threw out claims by graphic card specialist Nvidia that Samsung and others had infringed three of its patents.
Toyota has announced it is planning to all but eliminate carbon emissions from its production processes by 2050.
The target is one of several set by Japanese automaker, which also pledged to sell 1.5 million hybrid cars a year by 2020.
Toyota said it will increase the use of renewable energy and hydrogen-based production methods at its factories.
Separately it said it plans to sell more than 30,000 hydrogen fuel-cell vehicles around or shortly after 2020.
Unveiling new environmental targets Toyota confirmed that its new Prius hybrid would be a fifth more fuel-efficient than its predecessor as the car manufacturer hopes to boost flagging sales of the environmentally friendly model amid a slump in global oil prices.
Toyota said it planned to reduce average emissions from its cars by 90% by 2050 compared with 2010 levels.
However, Toyota’s plans did not include any commitment to manufacturing electric cars.
The strategy outlined on October 14 came as Volkswagen said it would cut investment at its biggest division by €1 billion a year from 2019 and increase development of electric vehicles.
VW said on October 13 it would speed up cost cutting at its VW division and put only the latest and “best environmental technology” in diesel vehicles.
VW is facing the biggest crisis in its 78-year history after admitting last month it installed software in diesel vehicles that could deceive US environmental regulators about the true level of their toxic emissions.
Jamaican novelist Marlon James has won this year’s Man Booker Prize for A Brief History of Seven Killings, a novel inspired by the attempted assassination of Bob Marley in the 1970s.
Michael Wood, chair of the judges, described the 680-page epic was “full of surprises” as well as being “very violent” and “full of swearing”.
Marlon James, 44, was announced as the winner of the £50,000 ($80,000) prize in London on Tuesday, October 13.
He is the first Jamaican author to win the Man Booker Prize.
Receiving the award, Marlon James said a huge part of the novel had been inspired by reggae music: “The reggae singers Bob Marley and Peter Tosh were the first to recognize that the voice coming out our mouths was a legitimate voice for fiction and poetry.”
Marlon James was presented with his prize by Camilla Bowles.
Photo Getty Images
The author admitted it was “so surreal” to win and dedicated the award to his late father who had shaped his “literary sensibilities”.
Set across three decades, the novel uses the true story of the attempt on the life of Bob Marley to explore the turbulent world of Jamaican gangs and politics.
In his novel’s acknowledgements, Marlon James himself thanks his family but adds: “This time around maybe my mother should stay away from part four of the book.”
This is the second year the Man Booker prize has been open to all authors writing in English, regardless of nationality.
Marlon James, who currently lives in Minneapolis, can expect a dramatic boost in sales following his win. After A Brief History of Seven Killings was named on the Booker shortlist last month sales tripled to more than 1,000 copies a week, according to Nielsen Book Research.
2015 Man Booker Prize shortlist:
Marlon James (Jamaica), A Brief History of Seven Killings
Asian markets traded lower on Wednesday, October 14, as investors digested disappointing economic data from China.
Chinese inflation figures came in weaker than expected, and came a day after trade figures showed a steep fall in imports.
Japan’s benchmark Nikkei index closed down 1.8% at 17,907.39.
China’s main index Shanghai Composite edged up 0.2% to 3,299.51, while in Hong Kong the Hang Seng index was down 0.61% at 22,460.16.
In Australia, the S&P/ASX 200 fell 0.56% to 5,173.80, while South Korea’s benchmark Kospi index dropped 0.55% to 2,007.72.
The latest official data from China – the world’s second largest economy – showed consumer inflation slowed to 1.6% in September from 2% in August. Wholesale inflation was 5.9%, unchanged from the month before.
The wholesale numbers were in line with expectations, but consumer inflation was expected to rise 1.8%. China’s target for consumer inflation is about 3%.
Economic data released on October 13 showed that imports in September fell by a more-than-expected 17.7% in yuan-denominated terms, while exports fell 1.1% from a year earlier.
As it continues to face a slowdown in economic growth, China is trying to move away from an export-led economy towards one led by consumer demand.
The sharp fall in imports posted on October 13 raised concerns around the world that domestic demand in China is weakening.
Over the years, Rolex, Patek Philippe, and Omega have grown to become synonymous with luxury. The three watch brands have developed over time from small businesses to large, multinational brands with worldwide recognition. Today, they continue to produce watches that combine the latest cutting-edge technology with a careful attention to craftsmanship and from the finest materials.
Check out the infographic below to learn more about the development of Rolex, Patek Philippe, and Omega below, from TrueFacet!
Brazil’s President Dilma Rousseff has accused her political opponents of seeking to oust her government by “coup-mongering”.
Speaking at a meeting of union leaders in Sao Paulo on October 13, Dilma Rousseff also said the opposition was spreading hatred and intolerance across Brazil.
Dilma Rousseff’s comments come after an audit court last week ruled that she broke the law in managing last year’s budget.
The opposition says this could pave the way for impeachment proceedings.
President Dilma Rousseff was re-elected less than a year ago but currently has record low popularity ratings.
Addressing the gathering, Dilma Rousseff accused the opposition of practicing “deliberate coup-mongering” against a “project that has successfully lifted millions of Brazilians out of poverty”.
“The artificiality of their arguments is absolute, their poisoning of people in social networks, their relentless game of <<the worse she does, the better for us>>,” she was quoted as saying by Reuters.
Dilma Rousseff’s remarks follow the ruling of the Federal Accounts Court on accusations that the government borrowed money illegally from state banks to make up for budget shortfalls.
The minister who handled the case in the court, Augusto Nardes, said the government disregarded fiscal and constitutional principles in the handling of the 2014 accounts.
The irregularities amount to more than 100 billion reais ($26 billion), according to the court.
The opposition said after the ruling it would seek impeachment proceedings in the Congress.
Also last week, Brazil’s top electoral authority said it would re-open an investigation into alleged misuse of funds during Dilma Rousseff’s re-election campaign.
The Brazilian economy has gone into recession and is expected to shrink by 3% in 2015.
The government’s popularity has fallen amid corruption scandals involving senior politicians from Dilma Rousseff’s Workers’ Party and other coalition members.
Hillary Clinton has clashed with her main rival Bernie Sanders over gun control at the first Democratic presidential debate in Las Vegas.
When asked if the Vermont senator was strong on gun control, Hillary Clinton said “no, not at all” before vowing to go after the makers of guns used in shootings.
Bernie Sanders also attacked Hillary Clinton, saying her support for a no-fly zone in Syria would create “serious problems”.
His rallies have drawn big crowds and he has challenged Hillary Clinton’s frontrunner status in some key states.
A lot of the key exchanges came between Bernie Sanders and Hillary Clinton, and the three other candidates on stage in Las Vegas – former Maryland Governor Martin O’Malley, former Virginia Senator Jim Webb and former Rhode Island Senator Lincoln Chafee – struggled to make headway.
One of the sharpest points of difference between the two main candidates came over gun control.
Photo EPA
The hugely divisive issue came back on the agenda after a mass shooting at a college campus in Oregon.
When Hillary Clinton said Bernie Sanders was not tough enough, she was referring to him voting in 2005 for a measure to give gun manufacturers immunity from lawsuits.
The two also argued over the merits of capitalism, with the former first lady saying it would be a “grave mistake” for the nation to reject it.
Vice-President Joe Biden is still considering a run for the White House and did not make a last-minute entry on to the stage, as his supporters hoped.
Hillary Clinton has seen her support wane amid questions about her use of a private email account when she served as secretary of state, a move she now calls a mistake.
However, she was unfazed during the debate when Lincoln Chafee questioned her credibility over it, refusing to respond when invited.
The candidates tried to draw a distinction with the two Republican debates, where candidates took a tougher stance on immigration and spent more time discussing social issues like abortion and gay marriage.
Martin O’Malley used his 90-second closing speech to say the Republican debates were lessons in intolerance.
Republican candidate Jeb Bush said he saw nothing on the Las Vegas stage to impress him.
“If you think this country is on the wrong track, Hillary Clinton just told you she has no interest in changing direction. I sure will.”
Fifteen Republicans are vying to be the party’s White House nominee in 2016.
Iowa will be the first state to choose its candidate from each party in February, then other states hold primaries in the following weeks and months.
By next summer, each party will have a presidential nominee who will do battle in the race for the White House.
Presidential hopeful Hillary Clinton is preparing for the first Democratic presidential debate, seeking to mix her mastery of policy with a more personal touch.
Meanwhile, for chief rival Bernie Sanders, the debate is a chance to reach a broader audience after months of appealing to the party’s most liberal voters.
However, unlike recent Republican debates, today’s Democratic outing is expected to be more substance than slugfest.
Analysts expect a heavy focus on economic issues like income inequality.
The three other, mostly unknown, candidates – former Maryland Governor Martin O’Malley, former Virginia Senator Jim Webb and former Rhode Island Senator Lincoln Chafee – will be seeking a standout moment after months of languishing in the polls.
Vice-President Joe Biden, who is still considering a run for the White House, will loom large despite not actually being on stage.
The debate organizers at CNN have set aside a lectern just on the off-chance Joe Biden decides to enter the fray at the last minute. The debate is set to start at 17:30 local time.
Photo USA Today
Hillary Clinton – long seen as the presumptive front-runner – has seen her support wane amid questions about her trustworthiness.
She has been criticized for using a private email account when she served as secretary of state, a move she now calls a mistake.
Some Republicans say Hillary Clinton put classified information at risk by using the private account – a charge she denies.
On October 22, Hillary Clinton will go before a Congressional panel investigating a 2012 attack on the US consulate in Benghazi, Libya. Four Americans – including the US ambassador to Libya, Chris Stevens, died in the attack.
Critics say Hillary Clinton could have done more as secretary of state to ensure their security.
Her performance in both Tuesday’s debate and the coming hearing are being closely watched as her campaign enters a key phase.
Analysts say Hillary Clinotn needs to shake off perceptions that she is too stiff and overly political by delivering spontaneity and more personal warmth.
BernieSanders, a Vermont Senator who calls himself a democratic socialist, has drawn record crowds in recent months with his message of increased economic fairness for the working class.
He is leading in early voting states of New Hampshire and Iowa and has defied expectations, raising large amounts of money from thousands of small donors.
However, Hillary Clinton maintains a substantial lead in many Southern states like South Carolina and swing states like Nevada, where today’s debate will be held.
Bernie Sanders has resonated with the party’s affluent white voters but has yet to make inroads with African Americans and Latinos – key Democratic constituencies.
Hillary Clinton and Bernie Sanders have mostly avoided direct criticism of each other in contrast to the raucous Republican field.
However, even if the candidates themselves practice restraint, Republican frontrunner Donald Trump promises to provide live commentary on Twitter.
The Democratic debates are between all major candidates running for President in 2016.
The Democratic National Committee has announced six sanctioned debates which will begin on October 13, 2015, in Las Vegas.
The second Democratic debate will take place on November 14 in Des Moines, Iowa.
Twitter has announced it is cutting 336 jobs, roughly 8% of its global workforce, as part of a restructuring of the business.
The job cuts will cost between $10 million and $20 million in severance pay, while the restructuring will cost between $5 million and $15 million, Twitter said.
Twitter shares rose 2% in pre-market trading following the announcement.
The move comes just days after Twitter co-founder Jack Dorsey was confirmed as the company’s permanent CEO.
Jack Dorsey had served as Twitter interim CEO for three months after Dick Costolo stepped down on July 1.
Dick Costolo, who was Twitter CEO from 2010 to 2015, had been under pressure from investors unhappy with the company’s user growth.
In a letter to Twitter employees, Jack Dorsey wrote: “We have made an extremely tough decision – we plan to part ways with up to 336 people from across the company.
“We are doing this with the utmost respect for each and every person.
“Twitter will go to great lengths to take care of each individual in providing generous exit packages and help finding a new job.”
Environmentally minded Leonardo DiCaprio will produce a movie about Volkswagen’s emissions scandal following a deal with Paramount Pictures.
Leonardo DiCaprio’s production company Appian Way and Paramount Pictures have bought the rights to an as-yet-unwritten book about the scandal, according to the Hollywood Reporter.
It is not known whether Leonardo DiCaprio will star in the new movie.
Last month VW admitted 11 million of its diesel vehicles worldwide are fitted with software that beat emission tests.
The Environmental Protection Agency (EPA) found that many VW cars being sold in America had devices in diesel engines that could detect when they were being tested, changing the performance accordingly to improve results.
The “defeat device” allows cars to pass lab testing even though they actually emit 40 times the emissions standard.
VW CEO Martin Winterkorn resigned after the scandal broke.
Volkswagen has recalled almost 500,000 cars in the US alone and it has set aside €6.5 billion to cover costs.
The book proposal about the scandal is by New York Times journalist Jack Ewing and it will reportedly explore the “more, better, faster” ethos and how it played into the scandal.
Leonardo DiCaprio has produced a number of environmental documentaries including the 2014 films Cowspiracy: The Sustainability Secret and Virunga, about the battle to save the last of the world’s mountain gorillas.
The actor’s environmental foundation has given $30 million in grants since it was founded in 1998.
In 2013, Leonardo DiCaprio announced he would enter a team in the new electric motor racing championship Formula E.
Leonardo DiCaprio, an environmental campaigner, said: “The future of our planet depends on our ability to embrace fuel-efficient, clean-energy vehicles.”
VW will cut investment by €1 billion ($1.1 billion) a year as a result of the growing scandal over cheating on emissions tests.
Volkswagen said efficiency and technology would be the company’s watchwords as it “repositioned itself for the future”.
The automaker added that all new diesel cars would be fitted with the “best environmental technology”.
There will also be greater focus on hybrid and electric cars.
“We are becoming more efficient, we are giving our product range and our core technologies a new focus, and we are creating room for forward-looking technologies by speeding up the efficiency program,” said Chairman of the Volkswagen Passenger Cars Dr. Herbert Diess.
The automaker said it would now be fitting the kinds of clean diesel technologies needed to meet stricter US standards across all its cars in both the US and Europe.
VW also revealed that its flagship Phaeton model would in the future be purely electric, capable of driving long distances on a single charge.
According to the Dutch Safety Board report, Malaysia Airlines Flight MH17 crashed in Ukraine as a result of a Russian-made Buk missile.
MH17 flight crashed in Ukraine in July 2014 killing 298 people.
The missile hit the front left of the plane causing other parts break off..
The West and Ukraine say Russian-backed rebels brought down the Boeing 777, but Russia blames Ukrainian forces.
The report does not say who fired the missile, but says airspace over eastern Ukraine should have been closed.
The plane – flying from Amsterdam to Kuala Lumpur – crashed at the height of the conflict between government troops and the pro-Russian separatists.
Among the victims were 196 Dutch nationals.
The report says the three crew members in the cockpit were killed by the missile explosion instantly.
However, the report adds, it was unclear at which point the other occupants died, and the possibility of some remaining conscious for some time during the one-and-a-half minutes it took for the plane to go down could not be ruled out.
The Dutch Safety Board presented its findings first to the victims’ relatives before briefing reporters at the Gilze-Rijen military base in the Netherlands.
The board showed parts of the aircraft that had been brought back from the rebel-held Donetsk region and reconstructed.
Dutch Safety Board President Djibbe Joustra said the impact pattern on the plane showed a missile was responsible – not a meteor, air-to-air missile or internal explosion.
Djibbe Joustra said paint had been found on metal fragments within the plane that matched with missile fragments on the ground.
The evidence pointed to a 9N314M warhead, which can be fitted to a 9M38M1 missile launched by the Buk surface-to-air missile system, the report found.
Djibbe Joustra said there was sufficient reason to have closed off Ukrainian airspace to commercial traffic but Ukraine did not do that – and on the day of the crash, 160 flights flew over the area in question.
The board does not have the authority to apportion blame, under the rules governing international crash investigations.
Djibbe Joustra suggested that the aircraft is most likely to have been brought down by a Russian-made Buk surface-to-air missile – which experts say both Russian and Ukrainian armies possess.
The government in Ukraine and several Western officials have said the missile was brought from Russia and launched from the rebel-held part of Ukraine.
A separate Dutch-led criminal investigation is under way. Dutch Prosecutor Fred Westerbeke on Tuesday said a number of “persons of interest” had been identified, but there was still much to be done and the inquiry would not be finished this year.
Russian officials from Almaz-Antey – the state company which manufactures Buk missiles – once again rejected those accusations.
During a presentation timed to pre-empt the Dutch report, officials said the evidence suggested the plane was shot down by a surface-to-air Buk missile fired by Ukrainian forces.
Using video footage of their own mock-up of shrapnel hitting the fuselage of an aircraft, the officials said trajectory evidence showed the missile had been fired from Ukrainian-controlled territory. They argued the missile used was a decades-old model no longer in use in the Russian arsenal.
Russia says Dutch investigators have not taken account of its findings.
In July, Russia vetoed a draft resolution at the UN Security Council to set up an international tribunal into the MH17 air disaster.
President Vladimir Putin said at the time the establishment of such a tribunal would be “premature” and “counterproductive”.
Giant beer producer SABMiller accepted an increased takeover offer from rival Anheuser-Busch InBev.
SABMiller said it had agreed “in principle” a £44-a-share offer, after four previous attempts from AB InBev.
AB InBev’s brands include Stella Artois, Budweiser and Corona, while SABMiller produces Peroni and Grolsch.
If the deal, worth about £70 billion ($112 billion), goes ahead, the newly-created company will make about 30% of the world’s beer.
SABMiller has a workforce of close to 70,000 people in more than 80 countries, and global annual sales of more than $26 billion. AB InBev has a workforce of 155,000 and global revenues of more than $47 billion.
Photo Reuters
AB InBev had made four previous bid approaches for SABMiller – at £38, £40, £42.15, and £43.50 per share – but they had been rejected by SABMiller, which argued they undervalued the company.
In a statement, the boards of the two companies said they had now “reached agreement in principle on the key terms of a possible recommended offer”.
The two companies have not yet formally finalized the terms of an offer, but the latest development means they have extended the City deadline for a firm offer until October 28.
The latest proposal comes a day before the original deadline, by which AB InBev had to make a formal bid for SABMiller or walk away for six months.
The offer represents a premium of about 50% over and above SABMiller’s share price in mid-September, before the bid battle started.
On October 13, SabMiller’s share price rose 9% to £39.48 in London trade, while shares in AB InBev were 2.85% higher at €101.15 in trading in Brussels.
According to Israeli police, at least three Israelis have been killed and many injured in shooting and stabbing attacks in Jerusalem and central Israel.
Two were killed and 16 others were wounded when two assailants opened fire and stabbed passengers on a bus in Jerusalem.
Another died in a vehicle and knife attack elsewhere in the city.
Near-daily stabbings by Palestinians have left dozens of Israelis dead and wounded over the past two weeks.
Several attackers and at least 17 other Palestinians have been killed in the upsurge of violence.
Israeli PM Benjamin Netanyahu will convene an emergency session of the security cabinet on October 13 to discuss the surge in violence.
The militant Palestinian Islamist movement Hamas, which dominates the Gaza Strip, praised the “heroic operations in Jerusalem and greets the heroes who carried them out”.
In the bus attack, the two assailants shot several passengers and stabbed others after boarding the vehicle in East Talpiot, a district in East Jerusalem also known as Armon HaNetziv, police said.
A security guard was able to overpower one of them and shoot him, Israeli media said. The second assailant then reportedly locked the bus doors in an attempt to stop police from boarding it and passengers from escaping, but police opened fire from outside and shot him.
Police said one of the attackers was killed and the other seriously wounded.
Minutes later, a man ran over three people with his car at a bus station in the Geula district of West Jerusalem. He then got out of the car stabbed them with a knife, police said. The attacker, identified as a resident of East Jerusalem, was shot by police. His condition is unclear.
Earlier in the morning, a Palestinian stabbed an Israeli man, moderately wounding him, at a bus stop in Raanana, a town north of Tel Aviv, police said. The attacker was captured and reportedly beaten and seriously injured by passers-by.
Not long afterwards, at least four other people were wounded in another knife attack in Raanana, police said. The assailant fled, but was then arrested by police.
Police identified both of the attackers in Raanana as residents of East Jerusalem.
Tensions between Israelis and Palestinians have escalated since last month, fuelled by clashes at a flashpoint holy site in Jerusalem, in the West Bank, and across the Gaza border, as well as the wave of stabbings.
Asian stock markets have traded lower on October 13 following the release of disappointing Chinese trade numbers.
China’s latest economic data showed that imports in September fell by a more-than-expected 17.7% in yuan-denominated terms, while exports fell 1.1% from a year earlier.
The sharp fall in imports raised concerns on weakening domestic demand.
The Shanghai Composite ended up 0.2% at 3,293.23, while Hong Kong’s Hang Seng index closed down 0.6% at 22,600.46.
Japan’s benchmark Nikkei index ended down 1.1% at 18,234.74 after being closed for a public holiday on October 12.
Shares in electronics maker Sharp rose 6.5% on reports a government-backed fund may make an investment in the struggling firm.
In Australia, the S&P/ASX 200 closed down 0.9% at 5,202.9, dragged down by oil-related stocks following a sharp fall in crude prices on October 12.
South Korea’s benchmark Kospi finished lower by 0.13% at 2,019.05.
Donald Trump is making a splash in politics this year. The loud-mouthed reality TV star and casino mogul has rocketed to frontrunner status in the Republican primary race. Touting his business experience, Trump believes he can “make America great again”.
A cursory examination of his record proves somewhat troublesome, however. Particularly interesting is Trump’s propensity to file his businesses for bankruptcy. How can Trump call himself a successful businessman with so many bankruptcies under his belt? The answer, as you might expect, lies with “The Donald” himself. As it turns out, Donald Trump has a very different perception of bankruptcy than the general public does.
“I have used the laws of this country,” Trump told the audience at a debate, “the [bankruptcy] chapter laws, to do a great job for my company, for myself, for my employees, for my family.”
In short, Trump has used bankruptcy laws strictly to restructure his businesses, many of which he was keeping afloat with his own personal stash of cash. When you’re a business mogul like Trump, the people working under you are bound to make some poor decisions, but if anything—Trump’s dedication to doing whatever it takes to keep his projects above the water is actually somewhat admirable. Still, you can’t help but feel Mr. Trump’s success might have more to do with having a good bankruptcy attorney than business sense.
Let’s take a look at Trump’s four biggest bankruptcy blunders, and how he handled those situations.
Trump Taj Mahal, 1991
The Trump Taj Mahal is a sprawling casino and resort located in Atlantic City. When it hit hard times financially, Trump invested a lot of his own money to save it. To come up with the needed funds, he sold off his 282-foot party yacht. He also ditched his private jet, the so-called “Trump Shuttle”, which carried him between Washington D.C., New York, and Boston.
In the end, Trump gave up half of his ownership stake in the Casino. His efforts paid off, however, as the Trump Taj Mahal still stands. Funnily enough, Trump’s largest creditor at the time of the bankruptcy was Carl Icahn, who Trump says he’ll pick for secretary of Treasury if he wins the presidency.
Trump Castle Associates, 1992
Unfortunately, about a year after winning the fight for the Trump Taj Mahal, his other Atlantic City properties experienced some severe financial difficulties. The Trump Plaza Hotel in New York city was also struggling. In all, the Trump Castle Casino Resort, the Trump Plaza Hotel and Casino, and the Trump Plaza Hotel in New York (Trump sure likes to put his name on things) filed for bankruptcy.
The restructuring meant Trump had to give up half his interest in the New York Plaza Hotel to his debtor, Citibank. He was able to retain majority ownership of the casinos, however.
Photo Source: counterpunch.org
Trump Hotel & Casino Resorts, 2004
Trump managed to stay out of bankruptcy court for over ten years, but decided it was time to shed some debit in 2004. Over the course of the proceedings, Trump’s enterprises threw off some $500 million in debt. Trump once again gave up majority ownership of some of his properties but remained in control of his casinos.
Trump Entertainment Resorts, 2009
Now here’s something “The Donald” may not have been completely straightforward about during the Republican debate. He claimed he left Atlantic City due to foreseeing a future financial crisis, but he may have been forced out after his businesses again suffered financial hardship and had to file Chapter 11.
“I had the good sense, and I’ve gotten a lot of credit in the financial pages, seven years ago I left Atlantic City before it totally cratered,” he told the debate audience.
In 2009, however, Trump simply resigned from the board of his Atlantic City casino properties. Though many of them still bear his name, he gave up his remaining stake in the companies.
Now it seems Trump doesn’t want to be involved with Atlantic City at all. When two of the casinos that still bore his name again filed for bankruptcy in 2014, Trump sued them to have his name removed.
China’s imports fell a more-than-expected 17.7% in yuan-denominated terms in September 2015, while exports fell 1.1% from a year earlier, official figures show.
The new figures leave China with a trade surplus of 376.2 billion yuan ($59.4 billion).
The steep fall in imports compares with a fall of 14.3% in August and continues to reflect lower commodity prices globally.
China recently revised down its 2014 economic growth from 7.4% to 7.3%.
The revision marks its weakest growth for almost 25 years. After decades of double-digit growth, the government is expecting to see growth of about 7% in 2015.
China is attempting to shift from an export-led economy to a consumer-led one.
Exports in September held up better than expected, after some had forecast a fall of as much as 7%.
However, the significant fall in imports means domestic demand is not as strong as the government would have hoped.
China’s official trade numbers in US dollar denominated terms were reported shortly after the yuan-denominated numbers.
They showed exports fell a less-than-expected 3.7% in September, while imports slumped 20.4% from a year earlier. The numbers leave the country with a surplus of $60.34 billion for the month – which the government said was higher than expected.
Currency conversion factors based on US dollar and Chinese yuan movements over the last year mean some official numbers from the mainland are now reported in both currencies.
LVMH Moët Hennessy Louis Vuitton SE, better known as LVMH, saw an 18% rise in revenue in the nine months to September 2015 – to €25.3 billion ($28.7 billion) – compared with the nine months prior.
The French multinational luxury goods conglomerate posted organic revenue growth of 7% for Q3 of 2015, against forecasts of about 5.5%.
Organic revenue growth strips out the effects of currency movements.
A weaker euro as well as strong wine and spirits sales boosted Q3 revenue.
LVMH noted overall growth in Europe and the US as well as an “acceleration” in Japan.
Overall revenue for Q3 of 2015 rose 16% to $9.76 billion.
LVMH is the world’s biggest luxury group.
It sells the likes of Louis Vuitton handbags, several Champagne brands, Hennessy cognac and fashion labels Fendi and Marc Jacobs. It also sells perfumes, cosmetics, watches and jewellery.
Wine and spirit sales in China, which had been hurt by the country’s anti-corruption drive, saw a “notable acceleration in the third quarter”, the firm said.
“Hennessy cognac …benefited in the third quarter from a strong rebound in shipments to China and continued excellent momentum in the United States,” it stated.
Sales in LVMH’s fashion and leather business were slower than expected.
