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JPMorgan trades banker offices for shared desks

JP Morgan Chase & Co. corporate headquarters in New York
A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar/Files

February 22, 2019

By Elizabeth Dilts

NEW YORK – JPMorgan Chase & Co is tearing down walls and moving its San Francisco investment bankers onto “hot desks,” a space-saving layout that has long been a fixture at tech companies, while redesigning offices in Dallas and other cities.

Shared workspaces have been relatively slow to catch on at banks, but JPMorgan is following recent renovations by some rivals, which designers tout as cost cutting and productivity boosting. Still, bankers who covet the status and privacy of personal offices are in for big changes.

When JPMorgan renovated two floors at its Mission Street office in San Francisco last month, it replaced many offices with diner-style booths, designated quiet zones and communal tables for the roughly 250 investment bankers and other employees there.

Noah Wintroub, a San Francisco-based vice chairman of investment banking at JPMorgan who focuses on tech and media companies, said he lobbied for the open-desk layout, though it may be a culture shock for some.

“We have historically been very hierarchical. When you become a managing director you have this kind of office,” Wintroub said.

The bank already set up hot desking for investment bankers in Hong Kong, said David Arena, JPMorgan’s head of global corporate real estate. It was able to cut costs by putting more people on fewer floors.

Arena did not say if U.S. renovations will help JPMorgan shrink its real estate footprint. He noted limits to the approach, saying it is “counter-productive if too many people are squeezed into one space.”

JPMorgan is also redesigning offices in Phoenix and Columbus, Ohio. It did not say if there were any plans to include hot desks at the bank’s New York main office, which is currently under construction.

Goldman Sachs Group Inc tore down walls in its New York asset management office in 2017, and Morgan Stanley, is redesigning its midtown Manhattan headquarters to move brokers, traders and tech employees closer together, according to media reports.

Multiple users sharing one workstation has been common at tech and consulting companies for more than a decade, and a 2015 study by industry group the International Facility Management Association found a majority of businesses now use hot desking for at least some staff.

But the layout was slower to take hold in banking, where a cultural resistance stems in part from the need to take confidential calls in private, according to the report.

Offices were also status symbols, and sitting at a communal table instead of one’s own glass office is a big shift for investment bankers.

Some will still have offices, including Wintroub, though he said he prefers to sit with others in the open area and use his office as a conference room.

(Reporting By Elizabeth Dilts; Editing by Meredith Mazzilli)

Source: OANN

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Milan’s Malpensa Airport temporarily shut by drone sighting

Milan's Malpensa Airport was temporarily closed by a drone flying near a terminal, forcing four planes to be redirected to nearby airports.

The airport operator SEA said Monday that the airport was closed for about a half hour after the drone was sighted around midday. Three flights landed at Milan's Linate airport and a fourth in Turin.

Malpensa underwent a similar closure last month when a drone was spotted from the control tower several kilometers (at least two miles) away. Police were investigating both incidents.

Drone sightings have caused major chaos at London airports in recent months. Rules by the Italian Civil Aviation Authority specify that drones are not permitted to fly within 5 kilometers (3 miles) of airports.

Source: Fox News World

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Trump Lawyers Giuliani, Sekulow Defer to DOJ on Mueller Report 'Next Steps'

Two of President Donald Trump's lawyers have spoken out regarding the end of special counsel Robert Mueller's Russia investigation, saying the ball is now in the Department of Justice's court.

Rudy Giuliani and Jay Sekulow released the following statement, which is similar to the straightforward one made by White House press secretary Sarah Sanders:

"We're pleased that the Office of Special Counsel has delivered its report to the attorney general pursuant to the regulations. Attorney General [William] Barr will determine the appropriate next steps."

Mueller delivered his final report on the Russia investigation, which began in May 2017 over allegations that the Trump campaign colluded with the Russians, to Barr on Friday. It's not yet clear what the report says, although a DOJ official told the Associated Press the report does not recommend any more indictments as part of the probe.

Source: NewsMax Politics

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Prosecution expected to rest case vs. officer in teen death

Prosecutors are expected to wrap up their case Thursday against a white former police officer charged with homicide for fatally shooting an unarmed black teenager.

Former East Pittsburgh Police Officer Michael Rosfeld's trial continues into a third day in a Pittsburgh courtroom.

The first two days of testimony included compelling statements from witnesses and neighbors, one of whom said he heard Rosfeld panicking after the June 2018 shooting, repeatedly saying, "I don't know why I shot him. I don't know why I fired."

Rosfeld fired three bullets into 17-year-old Antwon Rose II in June after pulling over an unlicensed taxicab suspected to have been used in a drive-by shooting minutes earlier. Rose was a front-seat passenger in the cab and was shot as he fled.

John Leach, who lives close to the site of the shooting, said Wednesday he was on his front porch when Rosfeld fired three bullets into Rose.

Leach said he saw other officers consoling Rosfeld as he was bent over hyperventilating.

Rosfeld's attorney said the officer was justified in the shooting and did nothing wrong.

After the prosecution rests its case, the defense is expected to call an expert witness on use of deadly force.

In his opening statements earlier this week, defense attorney Patrick Thomassey described the area where the shooting happened as a high-crime area.

"You have to make, as a police officer, a split-second decision. You hesitate, you die," he told the jury. He said Rosfeld was "a policeman who did his duty."

Police have said Rosfeld changed his story about whether he saw or believed a gun was in Rose's hands. Authorities said two guns were found in the car, one with Rose's DNA on it, but it doesn't appear to have been fired. An empty magazine was found in Rose's pocket.

Witness Patrick Shattuck said Wednesday he was standing outside a senior center when Rosfeld pulled over the unlicensed cab in front of the building. About five minutes after the shooting, Shattuck said Rosfeld entered the building and said, "Why did he do that? Why did he do that? Why did he take that out of his pocket?"

East Pittsburgh Mayor Louis J. Payne, who was also there, said he, too, heard Rosfeld say, "Why did he do that?" but said he didn't hear the comment about the pocket.

The video of the shooting, recorded by a neighbor, was posted online, triggering protests in the Pittsburgh area last year.

A jury of six men and six women was selected and will be sequestered in a hotel for the duration of the trial, expected to take a week or more.

Additional video, where another police car approaching and the sound of gunshots is visible, was shown in court, taken by a college student who was in his car at a stop sign nearby.

Rose had been riding in the front seat of the unlicensed taxi when Zaijuan Hester, in the backseat, rolled down a window and shot at two men on the street.

Hester pleaded guilty Friday to aggravated assault and firearms violations for the shooting, which wounded a man in the abdomen. The 18-year-old told a judge that he, not Rose, did the shooting.

Source: Fox News National

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AI must be accountable, says EU as sets ethical guidelines

FILE PHOTO: An activist from the Campaign to Stop Killer Robots, a coalition of non-governmental organisations opposing lethal autonomous weapons or so-called 'killer robots', protests at Brandenburg Gate in Berlin
FILE PHOTO: An activist from the Campaign to Stop Killer Robots, a coalition of non-governmental organisations opposing lethal autonomous weapons or so-called 'killer robots', protests at Brandenburg Gate in Berlin, Germany, March, 21, 2019. REUTERS/Annegret Hilse/File Photo

April 8, 2019

By Foo Yun Chee

BRUSSELS (Reuters) – Companies working with artificial intelligence need to install accountability mechanisms to prevent it being misused, the European Commission said on Monday, under new ethical guidelines for a technology open to abuse by authoritarian regimes.

AI projects should be transparent, have human oversight and secure and reliable algorithms and be subject to privacy and data protection rules, the commission said, among other recommendations.

The EU initiative taps in to a global debate about when or whether companies should put ethical concerns before business interests, and how tough a line regulators can afford to take on new projects without risking killing off innovation.

“The ethical dimension of AI is not a luxury feature or an add-on. It is only with trust that our society can fully benefit from technologies,” Commission digital chief Andrus Ansip said in a statement.

AI can help detect fraud and cybersecurity threats, improve healthcare and financial risk management and tackle climate change.

But it can also be used to support unscrupulous business practices and authoritarian governments.

The EU executive last year enlisted the help of 52 experts from academia, industry bodies and companies including Google, SAP, Santander and Bayer to help it draft the principles.

Companies and organizations can sign up to a pilot phase in June, after which the experts will review the results and the Commission decide on the next steps.

IBM Europe Chairman Martin Jetter said guidelines “set a global standard for efforts to advance AI that is ethical and responsible.”

(Reporting by Foo Yun Chee; editing by John Stonestreet)

Source: OANN

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Kid Rock Plays Golf With President Trump

President Donald Trump spent Saturday afternoon at his Trump International Golf Club in West Palm Beach, Fla. playing a round of golf with musician Kid Rock.

“Another great day on the links!” Kid Rock tweeted. “Thank you to POTUS for having me and to EVERYONE at Trump International for being so wonderful. What a great man, so down to earth and so fun to be with!! KEEP AMERICA GREAT!! -Kid Rock.”

An avid golfer who is known to often mix his play with work, the president has played the game with a gamut of notaries, from professionals like Tiger Woods and Jack Nicklaus to politicians like Lindsey Graham and Rand Paul to world leaders like Japanese Prime Minister Shinzo Abe.

US President Donald Trump shakes hands with musician Kid Rock (R) after signing the Hatch-Goodlatte Music Modernization Act, a bipartisan bill aimed at ensuring artists who released records prior to 1972 are paid royalties from digital services, in the Roosevelt Room of the White House in Washington, DC, October 11, 2018. (Photo by SAUL LOEB / AFP) (Photo credit should read SAUL LOEB/AFP/Getty Images)

US President Donald Trump shakes hands with musician Kid Rock (R) after signing the Hatch-Goodlatte Music Modernization Act, a bipartisan bill aimed at ensuring artists who released records prior to 1972 are paid royalties from digital services, in the Roosevelt Room of the White House in Washington, DC, October 11, 2018. (Photo by SAUL LOEB / AFP/Getty Images)

Source: The Daily Caller

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New Zealand initiates bill to ban guns used in terror attack

New Zealand's government has introduced a bill to ban the types of weapons used by a terrorist to kill 50 people at two mosques.

Police Minister Stuart Nash said Monday that if lawmakers pass the bill as expected, the new law will take effect April 12, less than a month after the March 15 attacks. The bill follows a government-imposed ban on sales of the weapons.

The bill bans "military-style" semi-automatic guns and high-capacity magazines. It also bans semi-automatic shotguns that can be fitted with detachable magazines and pump-action shotguns that can hold more than five rounds.

It doesn't ban guns often used by farmers and hunters, including semi-automatic .22-caliber or smaller guns that hold up to 10 rounds, or shotguns that hold up to five rounds.

Source: Fox News World

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A worker holds a nozzle to pump petrol into a vehicle at a fuel station in Mumbai
FILE PHOTO: A worker holds a nozzle to pump petrol into a vehicle at a fuel station in Mumbai, India, May 21, 2018. REUTERS/Francis Mascarenhas

April 26, 2019

By Manoj Kumar and Nidhi Verma

NEW DELHI (Reuters) – Surging global oil prices will pose a first big challenge to India’s new government, whoever wins an election now under way, especially as domestic prices have been allowed to lag, meaning consumers are in for a painful surge as they catch up.

For oil-import dependent India, higher global prices could lead to a weaker rupee, higher inflation, the ruling out of interest rate cuts and could further weigh on twin current account and budget deficits, economists warned.

But compounding the future pain, state-run fuel suppliers and retailers have held off passing on to consumers the higher prices during a staggered general election, which began on April 11 and ends on May 23, according to sources familiar with the situation.

That delay is expected to be unwound once the election is over. And there could be additional price increases to make up for losses or profits missed during the period of delayed increases, the sources said.

In some major Asian countries, such as Japan and South Korea, pump prices are adjusted periodically so they move largely in tandem with international crude prices.

That was what was supposed to happen in India but the election means there have been many days when pump prices have been unchanged.

In New Delhi, for example, while crude oil prices have gone up by nearly $9 a barrel, or about 12 percent, in the past six weeks, gasoline prices have only risen by 0.47 rupees a liter, or 0.6 percent.

State-controlled fuel suppliers and retailers declined to say why they had delayed price increases, or discuss whether there has been any pressure from the government of Prime Minister Narendra Modi.

A government spokesman declined to comment.

The opposition Congress party said Modi’s government was violating its own policy of daily price revision by advising the state oil companies to hold prices steady.

“The government should cut fuel taxes otherwise consumers will have to pay much higher oil prices once the elections are over,” said Akhilesh Pratap Singh, a senior leader of the Congress party.

(GRAPHIC: India Polls: Fuel price hike lags crude surge – https://tmsnrt.rs/2XLlxik)

Nitin Goyal, treasurer at the All India Petroleum Dealers Association, representing fuel stations in 25 states, said prices were similarly held down for 19 days in the southern state of Karnataka last year, when it held state assembly elections.

Only for them to surge after the vote.

“Consumers should be ready for a rude shock of a massive jump in retail prices, similar to the level we have seen in the Karnataka state election,” Goyal said.

‘CREDIT NEGATIVE’

Sri Paravaikkarasu, director for Asia oil at Singapore-based consultancy FGE, said retail prices of gasoline and gasoil prices would have been up to 6 percent, or about 4 rupee, higher if they had been allowed to rise in line with global prices.

“Indian pump prices have failed to keep up with the recent uptrend in crude prices,” Paravaikkarasu said.

“With the country’s general elections underway, the incumbent government has been keeping pump prices relatively unchanged.”

India had switched to a daily price revision in June 2017 from a revision every two weeks, as the government allowed retailers to set prices.

But the government faced protests last October when retailers raised prices by up to 10 rupees a liter after the crude oil price went above $80 a barrel, forcing it to cut fuel taxes.

Global prices rose to their highest level in 2019 on Thursday, days after the United States announced all Iran sanction waivers would end by May, pressuring importers including India to stop buying Tehran’s oil. [O/R]

Higher oil prices will mean Asia’s third largest economy is likely to see growth of less than 7 percent rate this fiscal year, economists said. Growth slowed to 6.6 percent in the October-December quarter, the slowest in five quarters.

Rating agency CARE has warned that a 10 percent rise in global oil prices could increase demand for dollars, putting pressure on the rupee and widening the current account deficit.

India’s oil import bill rose by nearly one-third in the fiscal year ending March 31 to $140.5 billion, against $108 billion the previous year.

“The increase in international oil prices is a credit negative for the Indian economy,” ICRA, the Indian arm of the Fitch rating agency, said in a note.

“Every $10/ bbl increase in crude oil prices increases the fiscal deficit by about 0.1 percent of GDP.”

Any big price rise would also build a case for the central bank to keep rates steady, or even raise them.

The Reserve Bank of India’s Monetary Policy Committee, which cut the benchmark policy repo rate by 25 basis points this month, warned that rising oil and food prices could push up inflation.

Policymakers are worried that a sustained increase in the oil price in the range of $70-75/barrel or higher can move the rupee down by 3-4 percent on an annual basis.

The rupee has depreciated by 1.24 percent against the dollar since a year high in mid-March.

($1 = 70.1800 Indian rupees)

(Reporting by Manoj Kumar and Nidhi Verma; Editing by Martin Howell and Rob Birsel)

Source: OANN

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FILE PHOTO: Uber's logo is displayed on a mobile phone in London, Britain
FILE PHOTO: Uber’s logo is displayed on a mobile phone in London, Britain, September 14, 2018. REUTERS/Hannah Mckay/File Photo

April 26, 2019

(Reuters) – Ride-hailing company Uber Technologies Inc unveiled terms for its initial public offering on Friday, telling investors it would seek to sell as much as $10.35 billion in stock at a valuation of up to $91.5 billion.

In a regulatory filing, Uber set a target price range of $44-$50 per share for its IPO. The company will sell 180 million shares in the offering, with a further 27 million sold by insiders.

In the filing, Uber also reported a net loss attributable to the company for the first quarter of 2019 of around $1 billion and revenues of roughly $3 billion.

(Reporting by Joshua Franklin; editing by Patrick Graham)

Source: OANN

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FILE PHOTO: Jet Airways aircraft are seen parked at the Chhatrapati Shivaji Maharaj International Airport in Mumbai
FILE PHOTO: Jet Airways aircraft are seen parked at the Chhatrapati Shivaji Maharaj International Airport in Mumbai, India, April 18, 2019. REUTERS/Francis Mascarenhas/File Photo

April 26, 2019

By Aditi Shah and Abhirup Roy

NEW DELHI/MUMBAI (Reuters) – The grounding of India’s Jet Airways is turning into a quick windfall and long-term opportunity for international airlines keen to scoop up nearly a million outbound passengers from what was once the nation’s biggest airline.

Jet, which previously had a fleet of around 120 largely Boeing Co planes, was forced to indefinitely halt all flight operations on April 17 after its banks rejected the carrier’s plea for emergency funds.

The carrier’s descent into crisis has benefited international airlines in the form of rising fares and demand, data showed.

Fares from India to cities such as Dubai, London, New York, Singapore and Bali in the first quarter of 2019 rose between 4 percent and 32 percent from a year ago, according to Indian travel portal MakeMyTrip Ltd.

In the peak travel months of May and June, fares to London have spiked as much as 36 percent and tickets to San Francisco are up nearly 20 percent from a year ago, according to data from travel portal Yatra.com.

“For the next three months it’s actually bonanza time for international players,” said Ashish Nainan, a research analyst at CARE Ratings. “At least until the middle of June, the fares are not going to come down.”

Due to rising demand, even before Jet’s lessors grounded planes, carriers such as British Airways, Cathay Pacific Airways Ltd, Singapore Airlines Ltd and United Airlines saw an up to a 27 percent increase in passenger numbers from India in the last quarter of 2018, data from India’s aviation regulator showed. That is the latest period for which the data is available.

India is one of the world’s fastest-growing aviation markets, clocking 15-20 percent domestic growth in recent years. It has long had only two full-service long-haul carriers, state-run Air India and Jet.

Jet is now hoping to be bailed out by a new investor, with final bids due on May 10.

INCREASING CAPACITY

Before its grounding, Jet had the biggest share of India’s outbound international air traffic, carrying 12 percent of the 7.8 million passengers headed overseas in the Oct-Dec quarter, down from 14 percent a year earlier, data from the Directorate General of Civil Aviation showed.

For an interactive graphic on Jet’s market share, click https://tmsnrt.rs/2WvDQYi

For an interactive graphic on average daily flights by the airline, click https://tmsnrt.rs/2FeFDel

The total number of passengers traveling overseas with Jet fell 10 percent during the last quarter of 2018 even as the outbound travel market grew about 5 percent.

Meanwhile, Singapore Airlines posted a 27 percent increase in passengers from India, Cathay registered 17 percent growth and British Airways saw a 10 percent rise in the same period.

Cathay said the events at Jet combined with increasing demand for travel had led it to deploy larger aircraft with more seats on some Indian routes.

“In the long term we would certainly like to be able to offer more capacity into India, not just on our existing routes but by establishing new services to secondary cities,” Cathay said in a statement.

Singapore Airlines, in an email to Reuters, said the Indian market is “very promising” but declined to give details of airfare levels or demand patterns in the wake of Jet’s exit, citing a quiet period before the release of its annual results.

DOMESTIC GAINS

Jet’s grounding has also had a big impact on the domestic market, with inter-city air fares to major cities such as New Delhi, Mumbai, Bengaluru and Kolkata soaring more than 20 percent in May and June, according to Yatra.com.

The spike in fares is expected to underpin strong earnings for IndiGo and SpiceJet Ltd, which are set to report results for the quarter ended March 31 in the coming weeks.

“Domestic Indian carriers are the main benefactors, but I suspect if Jet fails to be revived by May 10 then Vistara and other airlines that ply international routes, particularly the lucrative Gulf market, are the main winners,” said Shukor Yusof, the head of aviation consultancy Endau Analytics. Vistara is a joint venture of India’s Tata Sons and Singapore Airlines.

Inadequate bilateral traffic rights between India and other countries, however, could be an impediment to foreign carriers’ hopes of winning business lost by Jet, some analysts said.

“Even before Jet’s operational shutdown, international capacity was significantly constrained,” said Kapil Kaul, CEO for South Asia of consultancy CAPA. “We have now more serious capacity challenge … this is unlikely to be stabilized in the near term.”

A new national government likely to be in place sometime after elections end in May is expected to address the international capacity constraints, and once bilateral agreements are eased airlines including Emirates, Turkish and Qatar would immediately benefit, said Kaul.

“We would love to add more flights but we are at the limit of the allocation granted to us for traffic rights,” Emirates Chief Commercial Officer Thierry Antinori told reporters in Dubai on Wednesday.

(Additional reporting by Alexander Cornwell in Dubai, Jamie Freed in Singapore and Tanvi Mehta in Mumbai; Editing by Muralikumar Anantharaman)

Source: OANN

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FILE PHOTO: The company logo for pharmaceutical company AstraZeneca is displayed on a screen on the floor at the NYSE in New York
FILE PHOTO: The company logo for pharmaceutical company AstraZeneca is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 8, 2019. REUTERS/Brendan McDermid

April 26, 2019

By Pushkala Aripaka and Ankur Banerjee

(Reuters) – AstraZeneca Plc beat first-quarter sales and earnings expectations on Friday as the British drugmaker benefited from a push into cancer drugs and emerging markets including China.

Newer treatments such as lung cancer drug Tagrisso, now the company’s top selling medicine, have helped the drugmaker’s return to growth after years of crumbling sales due to patent losses on older drugs.

Sales in China have shown explosive growth, more than doubling since 2012, but AstraZeneca executives on Friday said that may not be sustained.

“The enormous growth you currently see in China, 28 percent, probably is not sustainable, but we feel very bullish that the growth will continue to be at a pace of between 15 percent and 20 percent,” Ruud Dobber, executive vice president, BioPharma, told Reuters.

Shares of the company were down 0.2 percent at 5,878 pence at 1031 GMT.

The turnaround in AstraZeneca’s fortunes has been powered by a push into cancer treatments led by Chief Executive Pascal Soriot, who saw off a 2014 takeover bid from Pfizer in part by promising annual sales of $45 billion by 2023.

In the first quarter, sales from its oncology unit rose 59 percent to $1.89 billion, accounting for 35 percent of total product sales.

The company has moved deeper into cancer therapy market through wide-ranging deals, including those for immunotherapy and targeted therapy. Last month, it agreed a multi-billion dollar oncology deal with Japan’s Daiichi Sankyo Co Ltd.

Interactive graphic on AZN’s top 10 drugs by sales – https://tmsnrt.rs/2W5XIRX

“We’re reaching that point where after years of having to keep faith, we have actually got something tangible to believe in,” Hargreaves Lansdown analyst Nicholas Hyett said.

AstraZeneca also backed its annual sales and earnings forecast and said it has extensively prepared for UK’s anticipated exit from the European Union, even in the event of a no-deal exit.

The company has already spent more than 40 million pounds ($52 million) on Brexit preparations, including stockpiling six weeks’ worth of drugs in the UK and four weeks in continental Europe to guard against shortages.

AstraZeneca said product sales rose 14 percent at constant currency to $5.47 billion in the quarter, led by its lung cancer drug Tagrisso and respiratory treatment Pulmicort.

Interactive graphic on AZN’s quarterly oncology sales – https://tmsnrt.rs/2W9tbCD

China sales increased by 28 percent to $1.24 billion in the quarter, accounting for nearly a quarter of overall product sales.

Core earnings came in at 89 cents per share in the quarter. Analysts on average were expecting core earnings of 85 cents per share and product sales of $5.29 billion, according to a company provided consensus of 19 analysts.

(Reporting by Pushkala Aripaka and Ankur Banerjee in Bengaluru; Editing by Bernard Orr/Keith Weir)

Source: OANN

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Source: InfoWars

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