Connect with us


Gina Ortiz-Jones on Diversity and Equality in the Military




As a young student under the “Don’t ask, don’t tell” – the past US policy that publicly forbade gay, transgender and American people from serving in the military –Gina Ortiz Jones She was forced to conceal her identity as a lesbian. Jones, who is now proudly the undersecretary of the Air Force and is the first woman of color in this role and the first lesbian to graduate from any military branch, spoke Tuesday at Wealth The strongest women’s top in Laguna Niguel, Calif. about its goal of making the armed forces more inclusive, “ensuring that our people can operate to their full potential.”

Jones says those early experiences “knowing that your leadership team cannot be fully committed to your success because that was the policy” shaped her leadership style. As the Air Force’s second-highest civilian commander, she prioritizes surrounding herself with people with different perspectives, and is committed to addressing head-on challenges that disproportionately affect women and people of color, which in turn “affect readiness and retention.” ”

“If someone in their day can’t focus 100% on a task, then we need to fix that, right? I need people who focus on the task, not on childcare, not on other distracting things, which we can, frankly, Invest in it and make sure we have enough resources for it. Because at the end of the day, if we leave talent on the table, we leave lethal force on the table,” she says.


Jones has also committed to addressing the long-standing problem of sexual assault in the military, and has issued a joint directive to support services to make it easier for victims to find resources when they need them. “One, it reduces trauma again; I don’t want someone to have to tell their story four or five times if they don’t need to. Second, this also allows for better data collection…. which will ensure that we provide better support to survivors as well as ensuring that we are able to informing our preventive efforts.”

It also drew on the data to help highlight other “severe challenges” around race, gender, and ethnicity that remain in the armed forces and to counter previous reports showing that women in the military in general are doing well. When I looked at the intersection [race, gender, and ethnicity]In fact, I saw that the advancement of white women masked the lack of advancement of women of color. “So having this data allows us to be clear about where we are facing some unique challenges, and how we can put some effort into ensuring that the problem is identified, and then we can address these things appropriately and in a comprehensive way.”

Jones, the daughter of a Filipino immigrant who came to the United States as a domestic worker, says she realizes how fortunate she is to have the opportunity to serve. “So you better believe every day I walk into the Pentagon, squeeze myself, and make sure I’m the undersecretary I wish I had when I was that young officer.”

Sign up for Wealth Features Email list so you don’t miss our biggest features, exclusive interviews and investigations.

Source link


Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.


A lawsuit was filed against JPMorgan and Deutsche Bank by Epstein’s victims




A lawsuit has been filed against JPMorgan Chase and Deutsche Bank by victims of deceased sex offender Jeffrey Epstein, who accuse the lenders of aiding sex trafficking.

The lawsuits filed in New York on Thursday allege that the banks turned a blind eye to suspicious withdrawals and payments from Epstein’s accounts, “knowing that they would earn millions of dollars facilitating Epstein’s exploitation of sexual assault and trafficking.”

The lawsuit against JPMorgan highlights how the bank chose to keep Epstein as a customer, even after he was convicted and jailed in Florida in 2008, in order to “motivate profits.” JPMorgan declined to comment.

The lawsuit says Epstein was subsequently selected as a client by a Deutsche Bank banker who had previously worked for JPMorgan and said Epstein could generate up to $4 million in fees a year.


New York’s Department of Financial Services discovered that Epstein and entities he controls had more than 40 accounts at Deutsche.

The DFS investigation discovered that Deutsche had sent 120 wires totaling $2.65 million to Epstein to “The Butterfly Trust”, whose beneficiaries included “a number of surnamed Eastern European women”. The payments were justified as “hotel expenses, tuition and rent,” plus settlement payments in excess of $7 million, and legal expenses in excess of $6 million. In addition, Epstein’s unnamed attorney withdrew $800,000 in cash for travel, tips, and expenses.

Bank payment a A fine of $150 million in 2020 for its failures to comply and apologized for a “huge error” in dealing with Epstein as a client.

“Deutsche Bank knowingly benefited and obtained objects of value to assist, support, facilitate, and provide services most importantly to the Jeffrey Epstein sex trafficking organization,” the suit says. “Without Deutsche Bank’s help, Epstein would not have abused or trafficked the dozens of young women he abused between 2013 and 2018.”

A Deutsche spokesperson said: “We believe this claim lacks merit and will present our arguments in court.”


The accusations bring back attention to the long-standing ties between Wall Street and Epstein, who have built a network of wealthy and powerful partners from business, academia, politics and the royal family, including Britain’s Prince Andrew.

Several high-profile financial figures, such as Apollo’s Leon Black and former Barclays CEO Jes Staley, have had to step down over their links to the late paedophile. Epstein died by suicide in 2019 while awaiting trial for the sex trafficking of underage girls.

The unnamed woman suing JPMorgan was a ballet dancer in New York when a friend recruited her to meet Epstein. The alleged abuses continued from 2006 to 2013. The woman in the lawsuit against Deutsche also is not named and is described as a resident of New York State. The two lawsuits seek class action status and unspecified monetary damages.

The charges against JPMorgan rest heavily on the close relationship between Staley and Epstein, who for years was his private banker at JPMorgan and visited him after his conviction in Florida. He also sailed to Epstein’s private Caribbean island with his family shortly before he was appointed CEO of Barclays in 2015.

Late last year, Staley resigned after seeing the preliminary findings of an investigation by regulators into whether he had mischaracterized his relationship with Epstein as professional. Staley contests the results and is awaiting the results of his appeal.


The Financial Times reported that the UK investigation uncovered 1,200 emails between the two men while Staley was at JPMorgan, with content that included unexplained terms such as “Snow White”.

The Financial Times also reported that Staley pressured his employer to keep Epstein as a client – despite the fact that the disgraced financier had been convicted of prostitution offences – before the bank cut him off as a client in 2013.

Staley’s lawyer declined to comment.

The Unsung Claimants are represented by David Boise of Boise’s Schiller Flexner. He previously secured a settlement for Epstein victim Virginia Giuffre in a case against Prince Andrew.

Source link


Continue Reading


Researchers investigate a missing tomb related to a Native American boarding school




The bodies of more than 80 Native American children are buried at the former Genoa Indian Industrial School in central Nebraska.

But for decades, the location of the student cemetery remained a mystery, lost over time after the school closed in 1931 and memories of the once-busy 640-acre campus in the small community of Genoa faded.

This mystery may soon be solved thanks to the efforts of researchers who have pored over century-old documents and maps, scanned the land with specially trained dogs and used ground-penetrating radar in search of lost graves.


“These kids, in my opinion, were disrespected, and they were throwaway kids that no one talked about,” said Judy Jayashkipus, executive director of the Nebraska Indian Affairs Committee, whose mother attended the school in the late 1920s. They have been hidden and buried underground, and it is time to remove the darkness. Until we do that, we haven’t honored these kids.”

The search for the graves comes as the federal government is in the midst of a First ever comprehensive examination The national system of more than 400 Native American boarding schools. Additional privately funded schools and institutions were part of the effort to integrate indigenous people into white culture by forcibly or coercively separating children from their families and isolating them from their heritage.

Led by the US Department of the Interior Secretary Deb Haaland, a member of Laguna Pueblo in New Mexico and the first Native American cabinet secretary, released a report last spring detailing the boarding school program and noting more than 500 deaths. This number is expected to increase significantly in the second Home Office report, which will explore boarding school deaths and how the forced eviction of children to schools harmed Indigenous communities.

The federal investigation did not prompt action in Genoa, but it added new urgency to the effort.

If Genoese burials are found, decisions about whether to memorialize those graves or consider exhuming the remains will be left to representatives of the Native American tribes, but simply finding the cemetery will be an achievement for individuals who have sought for years to gain an understanding of the greater Nebraska school.


The Genoa Indian Industrial School opened in 1884 and at its height was home to nearly 600 students. In the decades it has been open, more than 4,300 children have lived in it, making it one of the largest Native American schools in the country. The students received a basic academic education and spent much of their time learning practical skills such as bridle making for boys and knitting for girls that were of limited value to a country in the midst of industrialization.

Children usually He spent long, exhausting daysGetting up as early as 4 a.m. to do housework, Gayashkipos said, followed by several hours of school before working the rest of the day in kitchens and workshops or in the fields. Discipline can be harsh, even with young men Children being beaten to break the rules.

“Sure, we know that children were living in fear,” Gayashkipos said. “There were no hugs from my mother or grandmother. There were no songs sung. Everything was foreign to them.”

Children from more than 40 tribes from as far away as Idaho and Maine were brought to the school. They were forbidden to speak their native languages, had their hair cut short—a traumatic experience given the cultural significance of many long-haired Native Americans—and were required to wear uniforms.

This “forced imprisonment” of children in a school hundreds of thousands of miles away from their homes had the dual purpose of crushing Native American cultures and helping to steal Native lands, said Varina King, an associate professor at the university. Oklahoma which focuses on Native American studies.


“More than anything else, there was a clear agenda of severing ties between their people, their country, and their culture,” said King, a Navajo member whose father attended a boarding school. “They wanted to drive them away as best they could.”

At Genoa, this usually meant catching a train that stopped at the school grounds, about 90 miles (145 kilometers) west of Omaha.

After the school closed most of the large buildings were demolished and the land sold for other uses. A two-story brick workshop that has been converted into a museum remains, as does the chimney towering over the community, but the gymnasium, multi-storey classroom buildings, and dormitories are long gone and it is hard to imagine there once being a large school in the small community.

The cemetery is also forgotten, if not for the residents who for 30 years have been scavenging documents and land surrounding their community for a burial site. Their efforts were augmented about six years ago by the Genoa Indian School’s Digital Reconciliation Project, which included counselors from some of the tribes whose ancestors attended the school and the University of Nebraska-Lincoln.

Based on newspaper clippings, superintendent’s records, a student’s letter that described a cemetery, and other documents, they identified at least 86 students who died at the school. It is unclear if the close living conditions contributed to the deaths, but records indicate that students died commonly from diseases such as tuberculosis, typhoid, and measles. There was also at least one death as a result of accidental shooting and another from a neck injury.


The researchers identified 49 of the children who died but were unable to find the names of the 37 students. It is believed that the bodies of some of the children were returned to their families.

But while the researchers gave their accounts of the deaths, they were unable to find where the children were buried.

Interest in bringing in more professionals to help in Genoa grew after Canada announced in 2021 that it would be ready to help in Genoa Discovery From Mass graves of indigenous children In boarding schools, said Dave Williams, a Nebraska archaeologist.

“We’ve heard from residents that they know there are burials nearby, knowing that this is the Genoese school cemetery, but that exact location has been lost to time,” said Williams. “We’ve heard it’s in a few different locations but so far it’s not gone.”

There have been plenty of theories from residents and even former students, but it took studying maps and aerial photos to narrow down some options. Initial efforts to find remains using ground-penetrating radar were unsuccessful, but last summer an Iowa man volunteered to come to the site with dogs trained to detect the faint smell of decomposing remains.


Two dogs separately indicated that they smelled leftovers on a narrow plot of land wedged between railroad tracks, a corn field, and a canal dug shortly after the boarding school closed. In late October and early November, a National Park Service team made two trips to the site and used different types of ground-penetrating radar in hopes of discovering what was beneath the soil.

The results of their examination should be available later in November.

For gaiashkibos, a member of the Ponca tribe in Nebraska, the thought of boarding school and the search for the graveyard brings an overwhelming feeling of sadness. But she said finding the cemetery was an essential step in honoring the children and acknowledging what they had to endure.

“To heal,” she said, “we have to have answers and get done.” “We need to find out where these children are?”

Source link


Continue Reading


Musk shuns EU as Twitter disbands entire Brussels office




Twitter’s Brussels office has been disbanded – SARAH YENESEL/EPA-EFE/Shutterstock

Elon Musk has disbanded Twitter’s entire office in Brussels after a row over the policing of the social network’s content in the bloc.

Julia Mozer and Dario La Nasa, who were in charge of Twitter’s digital policy in Europe, left the company last week, according to the Financial Times.

The executives were the driving force in getting the company to comply with the EU’s landmark Digital Services act, which came into force last week setting new rules for Big Tech firms to keep users safe online.

Other executives had already left the small Brussels office at the start of the month as Mr Musk sacked half of the company’s from 7,500 to around 3,750 in the weeks following his £38bn takeover.


The Tesla and SpaceX chief executive had tweeted that “the bird is freed” after completing his acquisition of the platform.

Shortly afterwards, European commissioner Thierry Breton issued a curt reminder of the EU’s content-moderation laws, saying: “In Europe, the bird will fly by our rules.”

Mr Musk had said that Twitter’s series of layoffs was over this week, as he launched a recruitment drive.

Read the latest updates below.

03:49 PM

North Sea driller’s fears over Sunak’s tax raid

Rishi Sunak’s tax raid on oil and gas companies risks damaging investment in the North Sea, one of the basin’s largest drillers has warned.


Our energy correspondent Rachel Millard has the details:

Amjad Bseisu, chief executive of Enquest, said the increase in the windfall tax on the sector was “particularly disappointing” at a time when ministers are also keen to boost power supplies and shift to cleaner energy.

However, he stressed Enquest remained “committed” to the North Sea as he announced a 5.2pc increase in overall group production, to 46,593 barrels of oil equivalent per day.

High oil and gas prices triggered by Russia’s war on Ukraine have led to a cost-of-living crisis, prompting Mr Sunak to increase the tax rate on North Sea producers, when he was chancellor in May.

Last week, his administration increased the windfall tax rate, from 25pc to 35pc, and extended its lifetime from 2025 to 2028. The Government is trying to find cash to help subsidise household energy bills and other spending.

The move means North Sea producers now face a total tax rate of 75pc, its highest so far and among the highest in the world.


03:23 PM

JPMorgan and Deutsche Bank sued by Epstein accusers

Sex trafficker Jeffrey Epstein died in his New York prison cell in 2019 – New York State Sex Offender Registry via AP

Two of the world’s largest investment banks have been reportedly accused of enabling the sexual abuse of Jeffrey Epstein in a New York legal case.

The two lawsuits, filed separately in a New York court, said JPMorgan Chase and Deutsche Bank had “knowingly benefited and received things of value for assisting, supporting, facilitating, and otherwise providing the most critical service for the Jeffrey Epstein sex trafficking organization”.

JPMorgan was accused in the suit of “financially benefiting from participating” in the alleged sex trafficking through providing financial support from 1998 to August 2013, the suit said.


Deutsche Bank was accused of knowing that it would “earn million of dollars” from its relationship with Epstein.

The suit is seeking unspecified damages and asks for the suit to be certified as a class action.

JPMorgan declined to comment. A spokesman for Deutsche Bank said: “We believe this claim lacks merit and will present our arguments in court.”

03:11 PM

Amazon warehouse workers to strike on Black Friday

Amazon employees pack boxes at its warehouse in Rugeley in Staffordshire – Nathan Stirk/Getty Images

Thousands of Amazon warehouse workers across about 40 countries plan to take part in protests and walkouts to coincide with Black Friday sales, one of the busiest days of the year for online shopping.


Employees in the UK, US, India, Japan, Australia, South Africa and across Europe are demanding better wages and working conditions as the cost-of-living crisis deepens, in a campaign dubbed “Make Amazon Pay”.

The campaign is being coordinated by an international coalition of trade unions, with the support of environmental and civil society groups.

In Britain, workers who are members of the GMB union have planned protests outside several warehouses, including Coventry.

“Amazon workers in Coventry are overworked, underpaid and they’ve had enough,” said Amanda Gearing, a senior GMB organiser, adding that “hundreds” will assemble to demand a wage increase from £10.50 an hour to £15.

03:01 PM

‘Deal to be had’ with RMT, says Transport Secretary

Transport Secretary Mark Harper said “there is a deal to be done” with rail unions after his meeting with RMT chief Mick Lynch.


Rail workers are due to go on strike in the run up to Christmas and in the New Year in their long-running dispute over pay. Mr Harper said:

This morning I had a constructive meeting with Mick Lynch, where we had an open and honest conversation about the serious challenges facing the railways.

We have common ground – we both want the dispute to end and we both want a thriving railway which delivers for passengers and workers alike.

To achieve this though, we need to work together, across the entire industry to ensure our railway industry thrives.

There is a deal to be done, and I believe we will get there – I want to facilitate the RMT and the employers to reach an agreement and end the dispute for the benefit of the travelling public.

02:50 PM

Sam Bankman-Fried to address New York Times event

Former FTX chief executive Sam Bankman-Fried – Erika P. Rodriguez/New York Times/Redux/eyevine

The disgraced crypto tycoon Sam Bankman-Fried has confirmed he will speak at a New York Times event, sparking anger from those affected by the collapse of his FTX empire.

The former founder and chief executive of the crypto exchange, which filed for bankruptcy earlier this month, confirmed in a tweet his appearance at the summit next Wednesday.

FTX was the world’s second largest cryptocurrency exchange which just months ago was valued at $32bn (£26bn) before its collapse left around one million creditors out of pocket, including 80,000 in Britain.

Mr Bankman-Fried is expected to participate in the interview from the Bahamas, where he is currently located.

The move has drawn ire from commentators:


02:12 PM

Government orders removal of Chinese surveillance equipment

The Chancellor of the Duchy of Lancaster has instructed government departments to stop installing security cameras made by companies subject to Chinese security laws, disconnect such devices from core computer networks and to consider removing them altogether.

The order, set out in a written statement to parliament by Cabinet Office minister Oliver Dowden, said the decision had been taken following a review of “current and future possible security risks associated with the installation of visual surveillance systems on the government estate”.

Matt Hancock was infamously caught on one of the cameras in an embrace with his now girlfriend during Covid restrictions, prompting his resignation as Health Secretary after the footage was leaked. Mr Dowden said:

The review has concluded that, in light of the threat to the UK and the increasing capability and connectivity of these systems, additional controls are required.

Departments have therefore been instructed to cease deployment of such equipment onto sensitive sites, where it is produced by companies subject to the National Intelligence Law of the People’s Republic of China.

01:57 PM

RMT’s Lynch and minister have ‘got rid of the bellicose monsters’

RMT chief Mick Lynch speaks to reporters after his meeting with Transport Secretary Mark Harper – Leon Neal/Getty Images

RMT general secretary Mick Lynch said Mark Harper had agreed to write to him with how he sees the union’s dispute with rail operators “going forward and taking forward steps towards a resolution”.

However, strikes due to cause chaos for commuters in the run up to Christmas and in the New Year will still go ahead.

The Transport Secretary has also said he will “consider” setting up a liaison group at ministerial level so the industry and trade unions can speak with them about how a settlement can come about, Mr Lynch said.

He said their meeting was “positive” in the sense they had “got rid of the bellicose monsters that we used to have”.

“We’re now starting to get a dialogue,” he told reporters outside the Department for Transport. He added:


What we’ve chiefly asked him to do… you’ve heard him say that he’s going to be a facilitator towards a settlement or a resolution of the dispute.

And we’ve said to him that there’s no good having these warm words, we’ve heard them from his predecessor, Anne-Marie Trevelyan, but nothing actually happened.

So we want him to set down in writing what he’s going to do about the mechanics of how a resolution will be facilitated.

01:47 PM

Greene King brewers to strike

Greene King IPA – Andrew Matthews/PA Wire

Workers at brewers Greene King will go on strike in a row over pay.

Unite said 188 of its members based in Bury St Edmunds, Eastwood, Nottinghamshire, and Abingdon, Oxfordshire, will walk out for five days from December 5.


The workers brew and distribute Greene King’s products including IPA, Old Speckled Hen and Abbot Ale.

Unite said members voted for strike action after Greene King offered them a 3pc pay rise and a one-off payment of £650, which it described as a substantial real-terms wage cut because of inflation.

01:37 PM

EU to approve Hungary’s recovery plan

People stroll among stands of a Christmas market in the square in front of St. Stephen Basilica in downtown Budapest – Balazs Mohai/EPA-EFE/Shutterstock

The European Commission is likely to approve next week Hungary’s post-pandemic recovery plan to keep open the possibility of EU disbursements later, but hold back any payouts until Budapest fulfils all agreed conditions.

Under the EU recovery scheme, Hungary could get €5.8bn euros (£5bn) in grants to spend on making the economy greener and more digital – cash Budapest badly needs amid surging inflation, slowing growth and rocketing borrowing costs.


Separately, the Commission is also likely to recommend next week that EU governments suspend 65pc of transfers from the EU budget to Hungary, or some €7.5bn (£6.4bn), until many of the same conditions as for the recovery fund cash are met, sources at the EU executive told Reuters.

Top Hungarian officials said they were confident EU money would start flowing to Hungary next year because the government was committed to meeting all EU requirements, including the one on judiciary, by March 31.

01:09 PM

‘Large majority’ on ECB backed rate increases

Investors appear unable to agree on the outlook for European markets after the European Central Bank published the minutes today from its most recent policy meeting.

The ECB minutes showed a “very large majority” of policy members supported the rate hike of 75 basis points that happened in October.

“The market’s main focus is on the pace of rate hikes going forward,” said a note by strategists at Dutch banking group ING.


“The ECB still hiked rates by 75bp last month, but subtle tweaks to the wording of the press statement were already interpreted as a dovish sign.”

Investors currently expect euro zone rates to top out around 2.8pc by the end of next summer.

Yet some strategists thought the ECB minutes were more hawkish:

12:36 PM

Natural gas prices slump amid high cap talks

European natural gas prices have fallen by as much as 6.3pc as EU ministers try to resolve their differences on capping prices.

The European Commission had come up with a proposal to cap the price of gas this week after repeated calls from a large group of member states – even amid concerns from other quarters that the move could endanger supply.


The proposed emergency brake level of €275 (£236) per megawatt-hour is well above current levels, raising the question if it will ever be used.

A decision has been delayed until mid-December, with a group of countries pushing to toughen the price-cap plan, according to two EU diplomats.

Unseasonably mild weather over the past two months and the filling up of European storage sites had recently brought down prices from their summer peaks, although the risks of a disruption of supply during the peak winter season could drive prices higher.

12:27 PM

Waitrose shuns purchase limits on eggs

Waitrose shuns egg purchase limits – David Rose for the Telegraph

Waitrose has pledged a £2.6m investment in its egg suppliers as it remains one of the few supermarkets not to impose purchase limits on customers.


Marks & Spencer and Morrisons are the latest grocers to join Tesco, Asda and Lidl in rationing the sale of boxes as the impacts of rising costs and bird flu continue to take their toll.

However Waitrose said it has no plans to introduce such limits, adding that it is confident it has “strong availability of British free-range eggs available for purchase both online and in our shops”.

Sainsbury’s and the Co-op have also not introduced any limits, with Co-op saying it is continuing to monitor the situation.

Waitrose said its £2.6m investment will go directly to farmers to support them with soaring production costs such as energy and chicken feed.

12:13 PM

EU hopes to secure Russian oil price cap today

European Union diplomats are optimistic they can reach a deal as early as today on a price cap level for Russian oil exports despite sharp splits over the plan.


Poland on Wednesday rejected the EU’s executive arm’s proposed price of $65 per barrel as being too soft on Moscow, while Greece, whose shipping industry transports lots of oil, does not want to go below $70.

Identifying the ideal price – high enough to keep Russia’s oil flowing and avoid price spikes, low enough to cut funding for Russia’s war in Ukraine – is the final high hurdle in a months’ long process in shaping the G7-led plan, which US officials have pushed.

Ambassadors are scheduled for more talks this evening to continue their discussions, people familiar with the matter told Bloomberg.

Major new European sanctions kick in on Dec 5, creating an urgency to get the price and other details buttoned down.

Oil prices are slightly down today, with Brent crude dipping 0.6pc to $84.89 and WTI crude worth $77.78 a barrel, down 0.2pc.


11:57 AM

Black Friday key as Christmas ‘pulled forward’

Black Friday sale signs in London’s West End – Matthew Chattle/Future Publishing via Getty Images

Black Friday could be more important for British retailers this year as they try to encourage shoppers to spend cash now before the cost-of-living crisis erodes their Christmas budgets.

Almost 70pc of British shoppers plan to participate in the discount event imported from the US, up from 57pc last year, according to McKinsey & Co.

Online searches for Black Friday sales have risen by a quarter since last year as customers look to save money, according to the Audit Lab, a data research firm.

Sales in the week leading up to Black Friday have increased by a third compared to last year, according to Klarna, the buy-now-pay-later firm.


However, strikes by postal workers at the Royal Mail have raised concerns that retail sales could take a hit during the shopping event.

“Black Friday is going to be even more key in the shopping calendar,” said Anita Balchandani, head of the UK consumer practice at McKinsey in London.

“All of Christmas has been pulled forward.”

11:41 AM

Turkey cuts rates despite runaway inflation

Turkish President Recep Tayyip Erdogan – ADEM ALTAN/AFP via Getty Images

Turkey’s central bank has bowed to pressure from President Recep Tayyip Erdogan to take interest rates into single digits by the end of the year despite the country’s runaway inflation.


The monetary policy committee led by Governor Sahap Kavcioglu today lowered the benchmark to 9pc from 10.5pc, although it said this was the end of the easing cycle.

The lira was little changed after the decision, trading 0.1pc lower at 18.6309 to the dollar.

The MPC said in a statement that “the current policy rate is adequate and decided to end the rate-cut cycle that started in August”.

The fourth straight cut underscores Turkey’s extreme outlier status as the world’s central banks tighten monetary policy to get a grip on inflation.

Turkey has done the opposite, guided by Mr Erdogan’s unconventional belief that lower rates have the power to cool inflation.


Before the latest decision, the central bank had slashed its benchmark by 350 basis points since August despite price growth that has exceeded 85pc and will likely end the year as the second-highest in the G20 after Argentina.

11:29 AM

Bank deputy governor ‘not yet confident’ inflation is easing

Sir Dave Ramsden, deputy governor of the Bank of England – Hollie Adams/Bloomberg

Sir Dave Ramsden, the Bank of England’s deputy governor, said he was “not yet confident that domestically generated inflationary pressures from increased costs and firms’ pricing pressures are starting to ease”, writes Szu Ping Chan.

He told a London conference he believed “further increases in the Bank rate” were needed to get inflation, which currently stands at 11.1pc back to the Bank’s 2pc target.

“If the outlook suggests more persistent inflationary pressures then I will continue to vote to respond forcefully,” he said.


Interest rates currently stand at 3pc. Investors believe rates will rise to 4.5pc by next Spring.

Sir Dave added that tax rises and spending cuts introduced by the Chancellor in the Autumn Statement were unlikely to materially change the Bank’s outlook because the bulk of the fiscal tightening will come into effect after 2025, outside its three year forecast horizon.

11:24 AM

Bank of England forecasts too pessimistic, admits deputy governor

The Bank of England’s economic forecasts are too gloomy, according to its own deputy governor, who warned that Threadneedle Street may need to keep raising rates “forcefully” to keep a lid on price rises.

Our economics editor Szu Ping Chan reports:

Sir Dave Ramsden noted that the Bank was much more pessimistic about the outlook for growth and inflation than other City forecasters.

He said big changes to the economy following the pandemic, including a notable decline in the size of Britain’s workforce, meant it could no longer rely on old economic models to predict the future.


Sir Dave added that while an uptick in the jobless rate from the current rate of 3.6pc was likely as the economy cools, he said he was “materially less confident” about the Bank’s prediction for around half a million more people out of work by the end of next year.

While Sir Dave said he was not “advocating ignoring the forecast” made by the Bank this month, he added that policymakers should be more “sensitive to errors” given the heightened uncertainty surrounding the economy.

10:57 AM

EasyJet urges empty-nesters to become cabin crew

Mike Tear, aged 57, Eva Lewis, aged 48, Peter Wanless, aged 68, Neil Brown, aged 59 and Gary Fellowes, aged 63 feature in a new recruitment campaign from easyJet aimed at older workers – Matt Alexander/PA

Empty-nesters are being urged to consider a second career as cabin crew, as airlines try to shrug off the notion that the career is only for young jet setters and ease recruitment woes.

Hannah Boland has the details.


Budget airline easyJet has kicked off a new recruitment drive for adults over the age of 45 “to show a career as cabin crew is open to anyone with the right skills, regardless of age”.

It is particularly targeting people whose children have left the home or are looking for a new career later in life, following a survey that suggested more than three quarters of empty-nesters were on the hunt for a new challenge.

EasyJet said it had already seen a rise in the number of older people applying to become flight attendants in recent years, leading to a 27pc increase in the number of cabin crew over the age of 45 since 2018 and a 30pc increase in those over 60 in the past year.

Read how the recruitment drive comes after major staff cuts in the industry.

10:26 AM

Britain’s least and most popular railway stations revealed

Elton and Orston station in Nottinghamshire is currently served by one train a day in each direction – Matt Limb OBE / Alamy Stock Photo

An interesting one for commuters – a Nottinghamshire railway station has been named Britain’s least popular, with just 40 travellers using it in the last year.


Oliver Gill has the details:

Elton and Orston, which dates back to 1850, had two fewer visitors than Teesside Airport in Darlington, and four fewer than third place station Stanlow and Thornton in Cheshire, according to the list compiled by the Office of Rail and Road (ORR).

The unstaffed Nottinghamshire station was opened more than a century and a half ago by the Ambergate, Nottingham, Boston and Eastern Junction Railway. It is now operated by East Midlands Railway.

Located off the A52 trunk road in between two small villages that bear its name the station’s website warns that it “is served by a very sparse train service, currently only one train a day in each direction”.

Read why winning the award of being Britain’s least favourite could well be the station’s saviour.

10:08 AM

UK commercial property market to outperform Europe

Brexit will deliver a huge boost for the UK’s commercial property sector, according to a prominent US real estate investment firm.


The UK will be Europe’s best performing real estate market over the next five years because UK property yields are less vulnerable to rate increases than continental peers, according to a report published by AEW, which managed €87.8bn (£75.6bn) of property at the end of June.

Properties in the UK have been trading at a discount compared with European peers since Brexit and that has created a buffer.

The 2016 vote to leave the European Union prompted some international investors to pour more capital into other parts of Europe as the break by the UK from its biggest trading partner created uncertainty.

That helped stoke red-hot demand for buildings in cities including Paris, Berlin and Milan that forced prices to record levels, with the help of cheap debt.

Those elevated prices and anemic returns now look less attractive as interest rates and government bond yields rise, meaning some parts of Europe are more exposed to a real estate correction.


09:57 AM

Postal workers walk out in wave of strikes

Postal workers on the picket line at the Kilburn Delivery Office in north west London – Aaron Chown/PA Wire

Postal workers, teachers and university staff across Britain have gone strike today to demand better pay, with warnings that there will be more industrial action and widespread disruption in the run-up to Christmas.

More than 70,000 staff at British universities, teachers across Scotland and 115,000 Royal Mail postal workers have walked out amid a growing number of disputes as workers and businesses grapple with a cost of living crisis.

The general secretary of the University and College Union (UCU), Jo Grady, said the planned three-day walkouts were the “biggest strike action in the history of higher education” due to a dispute over a pensions, working conditions and pay.

Teachers across Scotland also began the first day of strikes in almost four decades after talks on a pay deal with the Scottish government and COSLA (the Convention of Scottish Local Authorities) broke down.


Royal Mail postal workers took to the picket lines to begin strike action for two days, coinciding with the annual Black Friday sales.

Levelling Up Secretary Michael Gove said there needed to be fruitful negotiations between employers and unions. He told the BBC:

My first thought is for those people who are affected by the strike action, people who, whether it’s disruption to the Royal Mail or to transport, find that their everyday lives are disrupted.

What I want to see is people able to go about their daily lives without disruption.

09:51 AM

Pound surge puts London back in No 1 slot

The Canary Wharf financial district in east London – REUTERS/Suzanne Plunkett

The rally in the pound which has taken it back about $1.20 for the first time since August has also put the UK stock market back on Europe’s top spot in dollar terms.


London’s markets lost the title 10 days ago to its French equivalent but now the UK’s total market cap is $2.9trn, about $63bn higher than France.

The pound is up 2.5pc over the last seven sessions against the dollar, although it is up just 0.7pc against the euro.

Also, luxury shares, which dominate the French market, have been stalling in the second half of this month amid mixed headlines about the reopening of China from Covid restrictions.

09:39 AM

‘Probably’ more crypto collapses coming, says Binance chief

Changpeng Zhao said there would “probably” be some more crypto collapses as part of a “contagion” in the industry.

However, the Binance chief executive said he felt the crypto sector was safe long term as “each term there are cascading effects, the effects become smaller”.


Regarding FTX, Mr Zhao said he blames himself “for tweeting that too late” after his tweets raising concerns about the financial credibility of the platform precipitated its collapse.

Mr Zhao has faced criticism for asking questions about the liquidity of rival exchange Coinbase and digital currency investor Grayscale Investments in since deleted tweets.

He said:

I think as an industry we let FTX grow too big before we started questioning some of those things.

I’m taking the approach where we ask questions much earlier.

It does not mean any attacks on our industry peers. We just want to build more transparency and more scrutiny into the industry.


Having said that Coinbase has been operating 10 to 12 years. I am sure they have lots of audited financials but we don’t see that on the blockchain.

For people in the industry, we like to see data on the blockchain because it is the most transparent way to display information.

09:14 AM

Binance aims to set up £1bn crypto rescue fund, says Zhao

Binance chief executive Changpeng Zhao – Benjamin Girette/Bloomberg

Crypto giant Binance is aiming to set up a roughly $1bn (£830m) fund for the potential purchase of distressed assets in the sector and will make another bid for bankrupt lender Voyager Digital, its chief executive has said.

Changpeng Zhao, known as CZ, said there would be a blog post about the fund soon and that his company has spoken to a number of industry players about it.


“If that’s not enough ($1bn) we can allocate more,” Mr Zhao told Bloomberg Television.

“We are going with a loose approach where different industry players will contribute as they wish.”

This year’s deep crypto rout has lopped about $80bn off Mr Zhao’s personal fortune but at $15bn it still far exceeds anyone else in crypto, according to the Bloomberg Billionaires Index.

His tweets highlighting concerns about the health of Sam Bankman-Fried’s rival FTX exchange and trading house Alameda Research precipitated their collapse, leaving 80,000 creditors in Britain out of pocket.

Since then his exchange has been cementing its position as the world’s largest crypto trading platform following FTX’s chaotic slide into bankruptcy.


Mr Zhao announced plans last week for an industry recovery fund to help strong projects facing a liquidity squeeze.

The goal is to curb the contagion from FTX’s wipeout, he said, attempting to take on the role of crypto’s rescuer-in-chief.

08:54 AM

Dr Martens slumps after profit warning

Dr Martens shares slumped – BEN STANSALL/AFP/Getty Images

Shares of Dr Martens tumbled after the bootmaker warned of weaker demand ahead of the busy Christmas season.

The domestically-focused FTSE 250 midcaps is up 0.1pc but shares of Dr Martens were the biggest faller, tumbling 17pc after it warned that its annual core profit margin would be lower than last year.


Although revenues surged 13pc to £418.6m in the six months to the end of September, this was slower than analysts had predicted.

Meanwhile, the FTSE 100 has slipped as the strength of the pound hurts the export-focused market.

The blue-chip FTSE 100 is down 0.1pc, with shares of Vodafone, Imperial Brands and National Grid sliding as they traded without entitlement for dividend payout.

Overall, trading volumes were light as US markets were closed on account of the Thanksgiving holiday.

08:33 AM

Hornby losses swell as it fills warehouses early for Christmas

Hornby – Dan Kitwood/Getty Images

Model maker Hornby suffered a 75pc increase in losses as it tried to avoid issues with its supply chain by bumping up stocks in its warehouse ahead of Christmas.

The company enjoyed a 3pc increase in revenues to £22.4m, although pre-tax losses climbed to £2.9m in the six months to the end of September.

Bosses said they have mitigated potential supply disruptions this Christmas “by bringing forward the shipping dates on key product lines, which are already available in our warehouse”.

Executive chairman Lyndon Davies said:

Revenues have marginally increased in the first half of a difficult 2022/23 trading period.

A year ago, sales in the second half were held back by supply chain disruption, but we are now in a stronger position, having taken strategic decisions to raise stocks to support sales and avoid shortages.


As we are heading into our key Christmas trading period it is hard to predict the outcome for the full year results, but we are well-placed, with our order book very strong and higher than it was a year ago.

08:21 AM

Pound highest since August

The pound has continued its march against the dollar after the US Federal Reserve showed support for tapering interest-rate increases in its latest meeting minutes published overnight.

Sterling has increased 0.4pc this morning to reach close to 1.21, its highest level since August.

Minutes from the Fed gathering earlier this month indicated several officials backed the need to moderate the pace of rate increases.

This adds weight to expectations the central bank will raise rates by 50 basis points next month, ending a run of jumbo 75 basis point increases.


08:07 AM

Apple supplier offers staff £1,150 to quit after factory riots in China

Apple’s major supplier Foxconn has reportedly offered staff $1,400 (£1,158) to quit after riots at one of its factories in China.

The company apologised to workers after it was rocked by fresh labour unrest, with hundreds of workers smashing equipment and clashing with hazmat-clad police over pay and living conditions.

Some workers complained they were forced to share dormitories with colleagues who had tested positive for coronavirus.

Others claimed their bonuses had been cut from 3,000 yuan (£347) to 30 yuan (£35), according to AFP.

The Taiwanese company said a “technical error” had occurred when hiring new recruits the Covid-hit iPhone factory and it would respect the wishes of new recruits who wanted to resign and leave the factory campus.

It would offer them “care subsidies” worth 10,000 yuan (£1,158) per worker, according to Bloomberg.


08:02 AM

UK markets flat at open

The internationally-focused FTSE 100 has inched up 0.1pc at the open to 7,467.38.

The FTSE 250, which is more geared towards the domestic market, is also up 0.1pc to 19,574.72.

07:55 AM

Jet2 took £50m hit from airport chaos

Jet2 plane takes off from Barcelona – Urbanandsport/NurPhoto via Getty Images

Holiday firm Jet2 has said full-year earnings will be better than expected after swinging to a first half profit, despite a hit of more than £50m from airport chaos.

But it cautioned that profit margins may come under pressure given soaring costs, including for fuel and staff wages, as well as from the weaker pound.


Jet2 reported pre-tax profits of £450.7m for the six months to the end of September, against losses of £205.8m a year ago.

It said profits before currency changes stood at £505m against losses of £195.1m.

The company said it was a “difficult return to normal operations”, with the costs of disruption at airports and staff shortages leaving it with delay and compensation costs of more than £50m in the first half.

Jet2 added: “With winter 2022/23 bookings encouraging and pricing remaining robust, but recognising that the important post-Christmas booking period is still to come, we are presently on track to exceed current average market expectations for group profit before FX revaluation and taxation for the year ending 31 March 2023.”

07:41 AM

Working from home also boosts B&Q owner

After revealing higher sales, Thierry Garnier, chief executive of B&Q owner Kingfisher, said:


Our sales trends continued to be resilient, with like-for-like sales 15.3pc ahead of pre-pandemic levels in the quarter.

This was supported by continued market share growth, including strong gains at Screwfix, TradePoint and Castorama Poland.

While the market backdrop remains challenging, DIY sales continue to be supported by new industry trends such as more working from home and a clear step-up in customer investment in energy saving and efficiency.

DIFM (Do it For Me) and trade activity also continues to be well supported by robust pipelines for home improvement work.

07:38 AM

Kingfisher boosted by DIY home insulation boom

B&Q is owned by Kingfisher – Rui Vieira/PA Wire

B&Q parent firm Kingfisher has revealed higher sales over the past quarter as the DIY market was boosted by customers seeking to improve energy efficiency and the continued shift towards home working.


The company, which also owns Screwfix, revealed that total sales grew by 0.6pc to £3.26bn over the three months to October 31, compared with the same period last year.

Like-for-like sales were 0.2pc higher for the quarter.

Kingfisher added that it has seen a “good start” to trading in the new quarter, with like-for-like sales growth of 2.8pc over the three weeks to November 19.

07:31 AM

Good morning

The Government will have to pay nearly 21pc more towards the average household energy bill from the start of next year after regulators lifted the energy price cap.

The move does not affect household energy bills, which have been limited to an average of £2,500 from the Government’s energy price guarantee.


However, the increase in the price cap set by Ofgem has increased the cost to the Government, as this would have been the ceiling at which energy companies could charge households for their services.

Today, Ofgem raised the price cap from £3,549 to £4,279 from January, which leaves the Chancellor needing to pay an extra £730 on average per household to cover the cost of supplying gas and electricity to Britain’s homes.

It means the Treasury would need to fork out another £1,779 on average per home for the year to pay for the energy costs of Britain’s nearly 28m households.

The increase will cost taxpayers £42bn over 18 months, according to analysts Cornwall Insight.

Experts at energy consultancy Auxilione estimate the new cap will cost the Government around £15.1bn to subsidise household bills between January and March.


However, the Government has limited its bill should the cap rise again in Ofgem’s next announcement in February.

Jeremy Hunt announced in his Autumn Statement that the energy price guarantee will rise from £2,500 to an average £3,000 a year from April 1 until the end of March 2024.

5 things to start your day

1) Households must slash energy use to defeat Putin, says Hunt – Britain must cut energy usage by 15pc to defeat Vladimir Putin, Jeremy Hunt has said as the country scrambles to head off potential disruption this winter.

2) Sunak abandons plans to overrule City regulators after Bank of England backlash – Rishi Sunak has abandoned plans to give ministers the power to overrule City regulators in a major climbdown by the Prime Minister.

3) As Silicon Valley swings the axe, Ireland counts the cost of its tech addiction – When Google’s executives landed at Dublin Airport two decades ago on a scouting trip for a potential European head office, they were ferried by Irish government officials to the city’s down-at-heel docklands.


4) Middle-class outcry over wholemeal flour in ‘white’ sourdough – Ocado shoppers are up in arms after an upmarket sourdough overhauled white loaf recipe to include wholemeal flour, prompting the bakery behind it to deny cost cutting prompted by the war in Ukraine.

5) Rishi Sunak faces backbench rebellion over wind turbines amid energy crisis – Rishi Sunak is facing a rebellion from his MPs over onshore wind amid efforts to beat the energy crisis. Simon Clarke, the MP for Middlesbrough South and East Cleveland, has tabled a legislative amendment aimed at relaxing planning rules so turbines can get built more easily if communities want them.

What happened overnight

In the US, minutes from the Federal Reserve meeting at which officials raised rates by 0.75 percentage points for the fourth consecutive time suggested support for a slower pace of rate rises.

Central bank officials are seeking to stamp out inflation around the world.

Shares in the US closed higher as a result, with The S&P 500 up 0.6pc, while the Dow Jones Industrial Average gained 0.3pc. The Nasdaq composite closed 1pc higher.


Bond yields declined. The yield on the 10-year benchmark US government debt, which influences mortgage rates, slipped to 3.69pc from 3.76pc.

Crude prices fell 3.7pc, which depressed energy stocks. US homebuilders rallied after a report showed that the housing market was healthier than previously thought.

Meanwhile, Asian shares were up on Thursday, buoyed by signals the US Federal Reserve may slow the pace of interest rate hikes and news of fresh economic stimulus from China.

MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 0.8pc in early trade, boosted by a 0.6pc gain in South Korean shares, a 0.5pc increase in China’s bluechips and a 0.9pc jump in Hong Kong’s Hang Seng index

Japan’s Nikkei rose 1.3pc, S&P 500 futures gained 0.2pc and Nasdaq futures inched up 0.3pc.


Source link

Continue Reading