MILAN/LONDON On the morning of July 29, former Italian Industry Minister Corrado Passera was traveling in a high-speed train toward the medieval city of Siena, racing to meet the directors of the world’s oldest bank to present them with a rescue plan. Monte dei Paschi di Siena, Italy’s third-largest lender, was destined to be wound down within months unless it could raise billions of euros and pull […]
Over the past year, technology and ‘sharing economy’ start-ups have continued their disruption of traditional industries — from Uber and other ride hailers’ shake-up of the taxi market to Airbnb’s myriad alternatives to conventional hotel stays. But which will be the next businesses to be challenged by further digitisation and automation? FT correspondents have looked ahead five to 10 years to identify those industry sectors and companies […]
The Associated Press and the Center for Public Integrity investigated how pharmaceutical companies are using their political clout to push a new form of opioids as their answer to the epidemic of prescription painkiller abuse. The pills are marketed as abuse-deterrents because they usually are difficult to crush and dissolve, but they also are lucrative for the industry. Some key findings: Lawmakers in 35 states introduced more […]
Submitted by Michael Jabara Carley via Strategic-Culture.org, Relations between Russian president Vladimir Putin and US president Barack Obama are poisoned and irretrievably damaged. It’s therefore a good thing that Obama is leaving office on 20 January. Bad US-Russian relations are of course nothing new. Since the Anglo-American war against Iraq in 2003, the US-Russian relationship has been headed downhill. For Obama, it appears that everything has gotten […]
ANKARA At least 30 civilians were killed and many others were wounded on Sunday after Islamic State launched an attack in the Syrian town of al-Bab to prevent people from fleeing, the Turkish military said in a statement on Monday. Syrian rebels supported by Turkish troops have laid siege to the Islamic State-held town for weeks under the “Euphrates Shield” operation launched by Turkey nearly four months […]
SEOUL Headed for a fourth straight annual profit decline, Hyundai Motor (005380.KS) is trimming its cost fat; scaling back on business class flights and annual family home trips for overseas employees, executives told Reuters. The South Korean automaker has been hit by its exposure to weak emerging markets, and a product line-up that features more sedans than sport utility vehicles, just as SUVs have become more popular […]
In February, Anis Amri, a Tunisian refugee with a criminal past, was officially classified by the German authorities as a potential terrorist. For six months this year he was under near constant police surveillance. None of that helped. Amri went to ground and only resurfaced three days ago as the man investigators believe rammed a truck into a Christmas market in central Berlin, killing 12 people. The […]
But with few spies in the city, American officials say assessing the enemy is difficult. “We’ve spent a lot of time trying to understand the situation on the ground in Raqqa,” Lt. Gen. Jeffrey L. Harrigian, the air war commander, said in an interview from his headquarters in Qatar. “It’s improving. It’s still not at the level we’d like it to be.” Continue reading the main story […]
When US authorities started pursuing banks for their role in slicing, dicing and packaging the arcane products that sparked the financial crisis, they initially focused on domestic lenders. Now it is Europe’s banks that are in the crosshairs. Two days before Christmas, Deutsche Bank and Credit Suisse have agreed to settle with the US Department of Justice over the alleged mis-selling of mortgage-backed securities in the run-up […]
BAGHDAD Christians in Baghdad celebrated Christmas on Sunday in a heightened state of fear after deadly attacks on Christian-owned shops that sell alcohol. Two shops next door to each other were riddled with bullet holes and spattered with blood after gunmen opened fire late on Friday in Baghdad’s Ghadeer neighbourhood. Police and medical sources said three people were killed and four wounded. Local activists gave a higher […]
By Stephen Kalin | EAST OF MOSUL, Iraq EAST OF MOSUL, Iraq This is the third Christmas that Staff Sergeant Magdiel Asencio is spending in Iraq. For Sergeant First Class Noel Alvarado, it is number four. And so it is with many U.S. troops stationed less than a hour’s drive from the front line with Islamic State. Few thought they would be back nearly 14 years after […]
AMMAN Syrian President Bashar al Assad told Russia on Sunday he was saddened by the crash of a Russian military plane on its way to Syria but the countries’ fight against Islamist militants would not be affected. In a condolence message sent to Russian President Vladimir Putin, Assad said the two countries were partners in the “fight to lay the foundations of stability, security and peace” in […]
“The resolution that was passed by the U.N. yesterday is part of the swan song of the old world that is biased against Israel,” Mr. Netanyahu said at a Hanukkah candle-lighting ceremony honoring wounded soldiers and terrorism victims. “But, my friends, we are entering a new era and, as President-elect Trump said yesterday, that is going to happen a lot faster than people think.” Continue reading the […]
More than a month after the election, the following sentence has become a cable news cliché: Journalists in New York and Washington, D.C. are out of touch with the rest of the country. It’s true. There’s a lot of local nuance that doesn’t make the national news. And it’s even true within cities like New York — growing up in the Bronx often meant watching reporters based […]
Tunisian security forces have arrested three suspected militants, including the nephew of the man believed to be responsible for the attack on a Berlin Christmas market, the country’s interior ministry said on Saturday. The ministry said that the three men, aged between 18 and 27, had been arrested after their links to Anis Amri, who was shot dead by police in Italy on Friday, had been uncovered, […]
NAIROBI Burundi has halted legal action against 11 non-governmental organisations that were banned due to accusations they conspired with opponents of President Pierre Nkurunziza, the prosecutor general’s office said on Saturday. Nkurunziza’s government has often accused civil society groups of working against it during a crisis that erupted last year over his disputed election for a third term. About 450 people have been killed in political violence. […]
By Maher Chmaytelli | BARTELLA, Iraq BARTELLA, Iraq Several hundred Iraqi Christians flocked on Saturday to a northern town recently retaken from Islamic State, celebrating Christmas for the first time since 2013, their joy tainted with sadness over the desecration of their church. Once home to thousands of Assyrian Christians, Bartella emptied in August 2014 when it fell to Islamic State’s blitz across large parts of Iraq […]
A round up of some of 2016’s most significant corporate events and news stories. Smartphone sales © EPA A bright start to the year for Samsung Electronicswent up in smoke, after it took the unprecedented decision to axe its Galaxy Note 7 line, following a spate of safety issues that saw the smartphone banned from aircraft, writes Nic Fildes. The 2016 Galaxy Note iteration won substantial praise […]
By Yun Hwan Chae | SEOUL SEOUL A large crowd of South Koreans took to the streets of central Seoul on Saturday for the ninth weekend in a row to demand the immediate resignation of President Park Geun-hye, who has been impeached by parliament over a corruption scandal. About 200 young people dressed as Santa Claus gave out gifts to some of around 200,000 people taking part […]
ISTANBUL Turkey-backed rebels killed 68 Islamic State militants in clashes in northern Syria overnight, Turkish state media reported the military as saying on Saturday, as intense fighting around the town of al-Bab continued. Syrian rebels supported by Turkish troops have been laying siege to the Islamic State-held town for weeks, as part of the “Euphrates Shield” operation launched by Turkey nearly four months ago to sweep the […]
“The boundaries of uncertainty have increased [for fixed-income markets],” says Dan Ivascyn, chief investment officer at Pimco, the bond specialist that invests more than $1.5tn. “Rates certainly can go higher.” What is clear for bond investors is that they face a true test of their convictions in 2017 after an end to 2016 that challenged the consensus of low inflation and rates that, at one point, drove […]
A hundred years ago, an arms race between the dominant global superpower the (British Empire) and a rising power (Kaiser Wilhelm’s Germany) culminated in the mass slaughter of World War One. The deep mistrust between the United States and the People’s Republic of China has all the potential to spawn a traumatic chapter in international relations. Despite its “pivot” to Asia, the Obama White House was cautious […]
The renminbi’s seemingly endless grind lower against the US dollar has been one of the financial stories of 2016, triggering a wave of capital outflows from China that Goldman Sachs estimates may have totalled $1.1tn since August 2015. The once closely controlled Chinese currency has tumbled 6.5 per cent to an eight-year low of Rmb6.945 against the greenback this year, taking its slide since August 2015 to […]
MOSCOW Turkish President Tayyip Erdogan gave an update on the investigation into the killing of the Russian ambassador in Ankara in a phone conversation with President Vladimir Putin on Friday which also covered the Syrian crisis, the Kremlin said. The envoy, Andrei Karlov, was shot dead on Monday by an assassin who shouted “Allahu Akbar” and “Don’t forget Aleppo”. He was buried with military honours in Moscow […]
