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Oct 18, 2013

The Economist Group | Management Thinking Digest October 18, 2013: Management Thinking Digest: Sustainability Insight








Driven by a range of motives, companies are continuing to invest in sustainability initiatives, despite the global economic slowdown. Sustainability insights: learning from business leaders, a Coca-Cola Enterprises report written by the Economist Intelligence Unit, investigates European companies’ experiences in setting and pursuing sustainability objectives – the measures that have worked well, and those that have not.

On our blog site Sara Mosavi, an EIU editor, speaks to DHL's CEO Ken Allen about the role of management in employee engagement. And Mark Kenber, CEO at The Climate Group, explains why he thinks companies must put sustainability and innovation at the heart of business strategy to succeed in today's environment.

Finally we'll be hosting The European Energy Summit in Istanbul on October 30th. Join policy makers, industry leaders, investors and influential thinkers to find out how the energy sector is changing, explore the drivers of innovation, and examine emerging business risks and opportunities.

FTC Returns Almost $2 Million to Consumers Harmed by 'Free Gas for Life' Scam: FTC I Actions Taken October 18, 2013.

FTC Banner


The Federal Trade Commission is mailing 58,234 refund checks to consumers who lost money to Green Millionaire, an online scam whose “free” book explained how to power cars and homes at no cost, and then billed them for an online magazine they never ordered.
More than $1.9 million is being returned to consumers, about 54 percent of consumers’ total estimated loss.  Each person will receive an average amount of about $33.88, based upon the amount of individual loss divided pro-rata.  Those who receive the checks from the FTC’s refund administrator should cash them within 60 days of the mailing date.  The FTC never requires consumers to pay money or to provide information before refund checks can be cashed.  Those with questions should call the refund administrator, Epiq Systems, Inc., at 1-877-866-6385, or visit www.FTC.gov/refunds for more general information.
The Federal Trade Commission works for consumers to prevent fraudulent, deceptive, and unfair business practices and to provide information to help spot, stop, and avoid them.  To file a complaint in English or Spanish, visit the FTC’s online Complaint Assistant or call 1-877-FTC-HELP (1-877-382-4357).  The FTC enters complaints into Consumer Sentinel, a secure, online database available to more than 2,000 civil and criminal law enforcement agencies in the U.S. and abroad.  The FTC’s website provides free information on a variety of consumer topics.  Like the FTC on Facebook, follow us on Twitter, and subscribe to press releases for the latest FTC news and resources.
MEDIA CONTACT:
Office of Public Affairs
202-326-2180

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More news from the FTC >>

The Damage Done by Paul Krugman: Asian Morning Today's Headlines | Opinion October 18, 2013.

The New York Times



Friday, October 18, 2013


Top News
Saudi Arabia Rejects Security Council Seat

By ALAN COWELL, RICK GLADSTONE and ROBERT F. WORTH

The decision stunned the United Nations and even some Saudi diplomats, and it appeared to reflect anger over the council's record on Syria.
Gen. Jamea Jamea, a prominent Syrian intelligence officer, is the most senior security figure confirmed dead in more than a year.
Top Syrian Intelligence Officer Is Killed in Fighting

By HWAIDA SAAD and ANNE BARNARD

Gen. Jamea Jamea, a respected figure in the country's powerful inner circles of intelligence and military leaders, is the most senior security figure confirmed dead in more than a year.
. Syrian Official Says Peace Talks Could Be Held in Late November
A site in Barton, England, is being prepared for exploratory drilling by IGas.
Britain Looks to Fracking as North Sea Oil Dwindles

By STANLEY REED

While the government has endorsed shale gas development, environmental groups worry about water pollution, noise and other disruptions. 


Editors' Picks

WORLD

Video Video: Delhi's Urban Sprawl
As Delhi continues to expand, people living at the edges of the sprawling city question the benefits of urbanization.
Dangerous Donations

OPINION | Latitude

Dangerous Donations

By HUMA YUSUF

The hides of sacrificial animals generate big money and violent rivalries in Pakistan.
. Comment Comment
World
Edward J. Snowden said there was a
Snowden Says He Took No Secret Files to Russia

By JAMES RISEN

In an interview, Edward J. Snowden responded to accusations by critics, provided insights into why he disclosed secret documents and talked about the debate over surveillance.
The office of Google France. A European Union proposal would give it oversight of U.S. warrants for its citizens' information.
Europe Moves to Shield Citizens' Data

By JAMES KANTER

Lawmakers have introduced a measure that could require American companies to seek European clearance before complying with United States data warrants.
Members of the Army's First Infantry Division have been called on to conduct more than 100 missions in Africa over the next year.
U.S. Army Hones Antiterror Strategy for Africa, in Kansas

By ERIC SCHMITT

The first-of-its-kind program will draw on the Army's storied First Infantry Division, based in Kansas, to conduct more than 100 missions in Africa over the next year.
Business
Susan Wojcicki, Google's senior vice president for advertising, at an event last month in the Northern California garage where the company was founded 15 years ago.
Google Stock Scales $1,000 a Share

By QUENTIN HARDY

The shares closed up by a record 14 percent after a better-than-expected earnings release late Thursday.
. Google Earnings Top Estimates, but Ad Price Slides
Morgan Stanley Quarterly Profit Beats Estimates

DealBook

Morgan Stanley Quarterly Profit Beats Estimates

By ALEXANDRA STEVENSON

The Wall Street bank's positive results capped off a week of disappointing bank earnings and sent Morgan Stanley's share price higher in morning trading.
. Earnings and China Data Push Shares Higher
China Reports a Modest Acceleration in Growth

By CHRIS BUCKLEY

Economists disagree over how robust the economic uptick is, with some arguing that a lift provided by a rise in bank credit could soon fade.
Technology
Outside of Google's headquarters in Mountain View, Calif. Google is still the leader in online advertising, according to eMarketer, yet the advertising business is changing under its feet.
Google Tops Estimates, but Prices of Ads Slide

By CLAIRE CAIN MILLER

Google impressed investors, but people's changing behavior on mobile phones and even on desktops threatens the company's main business.
. Google Stock Scales $1,000 a Share
Two researchers discovered that they could freeze, or crash, the software that monitors a substation, thereby blinding control center operators from the power grid.

Bits Blog

Electrical Grid Is Called Vulnerable to Power Shutdown

By NICOLE PERLROTH

The communications protocol used at many electric and water utilities may have flaws that some worry are not being fixed.
Video Game Sales Bounce Back, Thanks to Grand Theft Auto

Bits Blog

Video Game Sales Bounce Back, Thanks to Grand Theft Auto

By NICK WINGFIELD

To find a month when the industry performed better you need to go back nearly half a decade.
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Sports
In remote places like Manaus, the main city in the Amazon, young players will often leave home, traveling south to bigger cities.
Pickup Soccer in Brazil Has an Allure All Its Own

By SAM BORDEN

Pickup soccer games, known as pelada, have long been a part of Brazilian culture, attracting players day and night who play for the love of the game.
. Video  Video: Rio Soccer Reaches New Heights
. Photographs  Slide Show: The Beautiful (Street) Game
Paolo Di Canio was fired last month after nine tumultuous months.
Sunderland Tries to Steady Itself and Emerge From Premier League Cellar

By JOHN F. BURNS

Gus Poyet has replaced Paolo di Canio, who alienated fans and players, at a widely supported English Premier League soccer club that is facing relegation.
This looks like Serena Williams's best and most complete year since she turned pro in 1995. That it comes at the advanced tennis age of 32 only makes it more remarkable.
The Year of Serena Williams

By CHRISTOPHER CLAREY

Williams has won 10 singles titles this year and will be the heavy favorite to capture an 11th in the season-ending W.T.A. Tour Championships that begin on Tuesday in Istanbul.
U.S. News
Mike and Kim Sorenson with their children on their farm in Ross, N.D. The Sorensons are fighting a relative's offer to lease his land to a company that wants to build an oil drilling waste dump.
In North Dakota, New Concerns Over Mixing Oil and Wheat

By JOHN ELIGON

A proposed landfill for oil drilling waste has farmers worried that a state long known for agriculture is putting the energy industry's needs ahead of theirs.
Government Gets Back to Business, but Effects of the Shutdown Linger

By MICHAEL D. SHEAR

Hundreds of thousands of employees streamed back to work on Thursday after President Obama and Congress ended the shutdown, paving the way for another series of budget talks in the weeks ahead.
From the Right, Despair, Anger and Disillusion

By CAMPBELL ROBERTSON

For frustrated conservative voters, the end of the government shutdown was as much a surrender to reality as to Democratic demands.
Opinion

Op-Ed | Matthew d'Ancona

The Fall Guy and the Bobbies

By MATTHEW D'ANCONA

A police scandal is the latest evidence of the neurotic crisis in British institutions.
Paul Krugman

Op-Ed Columnist

The Damage Done

By PAUL KRUGMAN

We may have managed to avoid driving off a cliff this week, but we are still on the road to nowhere.
. Columnist Page | Blog
Thomas L. Friedman

Op-Ed Columnist

From Beirut to Washington

By THOMAS L. FRIEDMAN

Covering the Middle East is helpful in explaining American politics.

DealBook P.M. Edition October 18, 2013: Weekend Reading: Take the Wall Street Earnings Quiz.

 
 
Friday, October 18, 2013
TOP STORY
Weekend Reading: Take the Wall Street Earnings Quiz Investment banks are struggling in Wall Street's third-quarter earnings season following a drop in mortgage refinancing and a downturn in trading. How well do you know the big banks? Test yourself by matching the financial giant to the quote about their earnings reports.

If you're keeping score, one correct answer: Back to business school, #financebros. Two correct answers: Meredith Whitney won't respond to your LinkedIn request. Three correct answers: Belated congratulations on your Gentleman's B at Harvard. Four correct answers: A hedge fund recruiter calls you at least once a week. Five correct answers: This is partnership material. Six correct answers: Maybe @GSElevator should start following you on Twitter. Seven correct answers: You're either Michael Duvally or a quant.

The financial firms are JPMorgan Chase, Wells Fargo, Citigroup, Bank of America, BlackRock, Goldman Sachs and Morgan Stanley.

1. "It's pretty straightforward: Whenever regulators go after the big financial institutions and corporations, it's very good business for the law firms that represent them," said Allen D. Applbaum, a co-leader of global risk and investigations at FTI Consulting and a former federal prosecutor.

2. "It is a quarter," the bank's chief financial officer reiterated several times, sounding frustrated while discussing poor performance.

3. "This was the best third quarter that wealth management has had - ever," the bank's chief financial officer said.

4. "Weak mortgage banking clearly stole the show," said Shannon Stemm, a financial services analyst at Edward Jones. "That said, they're able to continue their consecutive earnings growth."

5. "Fundamentals continue to be outweighed by policy decisions and global growth is dictated more by central bankers and elected officials than business leaders," the bank's chief executive said.

6. "It is growing its more stable businesses like wealth management and reducing risk in the more volatile businesses like fixed income," said Ms. Stemm.

7. "I can't think of a significant business that had revenue growth year over year," the bank's chief financial officer said.

The answers are below.

A look back on our reporting of the past week's highs and lows in finance.
Friday, Oct. 18
Morgan Stanley Quarterly Profit Beats Estimates
Morgan Stanley Quarterly Profit Beats Estimates The Wall Street bank's positive results capped off a week of disappointing bank earnings and sent Morgan Stanley's share price higher in morning trading.
Madoff's Sons Cleared in London Trial
Madoff's Sons Cleared in London Trial A British judge has concluded that neither Andrew or Mark Madoff had any knowledge of their father's Ponzi scheme and had some harsh words for the trustee seeing to recover money for victims of the fraud.
HSBC to Appeal $2.46 Billion Judgment The HSBC Group said Friday that it would appeal a $2.46 billion judgment in a long-running securities fraud lawsuit in the United States related to a consumer loan and credit card business that the British bank acquired more than a decade ago.
Thursday, Oct. 17
If You Like a Star Athlete, Now You Can Buy a Share
If You Like a Star Athlete, Now You Can Buy a Share Fantex Holdings, a start-up backed by prominent investors, is creating stocks tied to the value and performance of an athlete's brand. First up: Arian Foster of the Houston Texans.
Steven A. Cohen, the chief of the hedge fund SAC Capital Advisors.
Plea Agreement Could End SAC's Advisory Business The winding down of SAC Capital's business of managing money for outside investors is said to be part of a plea deal prosecutors are negotiating with Steven A. Cohen's embattled fund.
Traders at the Goldman Sachs posts at the New York Stock Exchange in 2012. On Thursday, Goldman's revenue in the quarter fell well below analyst forecasts, and its shares dipped 2.4 percent.
Fall in Revenue at Goldman Sachs Raises Concerns The weakness renewed worries about the headwinds that Goldman and other banks are facing in big money-producing areas like fixed-income trading.
Wednesday, Oct. 16
Investors Cheer Deal to End Shutdown but Worry About Reruns
Investors Cheer Deal to End Shutdown but Worry About Reruns Many investors were left worrying that the budget crises that have become more frequent in recent years could spin on endlessly.
A Regulator Cuts New Teeth on JPMorgan in 'London Whale' Case
A Regulator Cuts New Teeth on JPMorgan in 'London Whale' Case Wall Street is feeling the effects of a Commodity Futures Trading Commission rule it fought hard to tame.
Jury Rules for Mark Cuban in Setback for S.E.C.
Jury Rules for Mark Cuban in Setback for S.E.C. The Securities and Exchange Commission accused Mr. Cuban, the billionaire owner of the Dallas Mavericks, of using insider information when he sold shares in an Internet company.
Despite Loss in Mortgages, Bank of America's Profit Surges
Despite Loss in Mortgages, Bank of America's Profit Surges Bank of America reported earnings of $2.5 billion in the third quarter, even though the bank lost $1 billion in mortgage operations.
BlackRock's Profit Rose 14% in Third Quarter
BlackRock's Profit Rose 14% in Third Quarter Laurence D. Fink's money management firm is now managing a record $4 trillion after customers put more money into its stock mutual funds and exchange traded funds.
An Activist Investor Is Urging Darden to Break Itself Up
An Activist Investor Is Urging Darden to Break Itself Up Barington Capital is calling for significant changes at the Olive Garden and Red Lobster empire including spinning off its brands.
Tuesday, Oct. 15
Stalemate Puts Strain on a Vital Debt Market
Stalemate Puts Strain on a Vital Debt Market The continuing sell-off in Treasuries, a by-product of the impasse in Congress, could disrupt the so-called repo market, making it hard for investment banks to operate.
David Meister of the Commodity Futures Trading Commission is shaping a deal with JPMorgan.
JPMorgan Expected to Admit Fault in 'London Whale' Trading Loss JPMorgan Chase has reached a preliminary agreement with the Commodity Futures Trading Commission to settle accusations that a trading blowup in London last year represented reckless behavior.
A ticker and an unrelated billboard juxtaposed in Times Square appear to tell the Twitter story.
Twitter Picks N.Y.S.E. for Stock Listing The decision, disclosed in an amended prospectus, gives the market operator a piece of the year's highest-profile initial public offering.
Citigroup Hurt by Lower Fixed-Income Trading
Citigroup Hurt by Lower Fixed-Income Trading Grappling with a tepid mortgage market, the nation's third-largest bank by assets reported disappointing third-quarter earnings growth.
Deal Professor: A Push to End Securities Fraud Lawsuits Gains Momentum Litigation against companies for disclosure violations of the federal securities laws has been a big business, and opponents are fighting to end it, writes Steven M. Davidoff.
Monday, Oct. 14
Buyout Firms Combing U.S. for Sky-High Sums to Invest
Buyout Firms Combing U.S. for Sky-High Sums to Invest Nearly 2,000 private-equity firms hope to raise nearly three-quarters of a trillion dollars for their next, new funds, but the recession's effects have lingered for poor performers.
Andrew Ross Sorkin, columnist and editor for DealBook.
DealBook Column: The Bloodlust of Pundits Swirls Around Jamie Dimon Regulators and investors seem to disagree with recent calls for the ouster of the head of JPMorgan over the bank's expensive legal troubles, writes Andrew Ross Sorkin.
Moncler Files to Go Public on Milan's Stock Market
Moncler Files to Go Public on Milan's Stock Market The cold-weather apparel maker said it had applied to go public on the Milan Stock Exchange, becoming the latest fashion company to pursue a stock listing.
Chastening the Giant Banks Banks have lost some of their swagger, but they are back in fighting form, reports Peter Eavis in a special report for The International New York Times.
Sunday, Oct. 13
Legal Bills Rising, Cohen Is Said to Plan Art Sales
Legal Bills Rising, Cohen Is Said to Plan Art Sales Sotheby's will sell two major Andy Warhol paintings and a canvas by Gerhard Richter owned by the billionaire hedge-fund manager Steven A. Cohen.
DealBook Video
'Nerd Versus Jock' MC Frontalot on the eternal battle at the heart of finances and fantasy sports.
'Family Affair' Mary J. Blige tries to get SAC excited about operating as a family office.
The Answers