Image caption
Soldiers in a trench at Passchendaele
The Bank of England and the government covered up the failure of a World War One war loan bond to avoid damaging national morale, it has emerged.
The government wanted to use the loan to raise £350m to fund the war, and articles in the Financial Times claimed it had been oversubscribed.
However, the loan raised less a third of its target and the Bank of England was asked to help find the rest.
Current Bank employees discovered what had happened from old bank ledgers.
Investors could have made 4.1% by putting in some money, well above the 2.5% which was payable on other government debt at the time, but the bond still only managed to attract a narrow pool of investors.
Volkswagen is offering customers in Germany discounts of up to 10,000 euros (£9,000) if they trade in their old diesel vehicles and buy a new car.
VW will also offer incentives of 1,000-2,380 euros for customers buying alternative energy vehicles, such as electric and hybrid cars.
The incentives will run until the end of this year.
VW said the move would “make a marked contribution to the improvement of air quality in cities.”
The carmaker’s other brands, including Porsche, Audi, Skoda, Seat and VW’s commercial vehicle subsidiaries, will also be offering their own versions of the incentive.
Volkswagen agreed to bring in the plans last week after a top level summit between politicians and the country’s leading carmakers, including BMW, Daimler and Opel.
Diesel cars have been in the spotlight over high levels of nitrogen oxide emissions.
Two years ago, VW became embroiled in a scandal when it was discovered it had cheated emissions tests that affected 11 million vehicles worldwide.
Carmakers, including VW, BMW, Daimler and Opel, have offered to reduce emissions with free software updates for newer vehicles and trade-in payments for cars more than 10 years old.
Jobs can be rollercoasters: one minute you’re stressed out then the next you’re happily trucking along.
Insurance website Insurance Quotes recently surveyed more than 1,000 working Americans across different career types and generations to uncover how they feel about their work. The study compared the feelings of people by employment type, including freelancers, self-employed workers, salaried employees, hourly employees and people who have a base pay plus tips.
From work-life balance to job security, different career paths have different negatives and positives. Here are some facts about how people in different job types feel about their work.
Turns out people enjoy being their own boss. Entrepreneurs and other self-employed workers are some of the happiest working Americans today. On a scale of 1 to 7, self-employed scored 5.4 on the happiness spectrum, placing them above salaried and hourly workers.
Out of all employment types, freelancers are far more stressed than other workers — even the self-employed. According to the survey, almost all freelancers (92.9 percent) said they were unhappy about the stress their jobs bring. However, all of the surveyed freelancers said they were happy with their job’s flexibility.
Bad co-workers can be a nightmare. And employees who earn a base pay plus tip say that their co-workers are one of the worst aspects of their job. In fact, nearly two-thirds said their co-workers made them unhappy.
Today, more and more people are juggling multiple jobs — in fact, approximately 7.6 million Americans do, according to Bureau of Labor statistics. Overall, when it comes to most job aspects such as flexibility, work environment, responsibilities and stress, people who have more than one job are happier. However, people with more than one job are more negative when it comes to work-life balance and pay rate.
When it comes to affording a medical checkup or medical emergencies, people with multiple jobs are not as confident than people with one in their ability to pay for these events. Sixty-six percent of people with one job say they are comfortable paying for routine medical checkups, while only 58 percent of workers with multiple jobs said this.
People who only have one job were found to be more confident in their finances when it came to growing or starting a family and saving for retirement. Only one in four workers with multiple jobs felt comfortably about growing a family, while 34 percent of people who only work one job said so.
Across generations, baby boomers who are either self-employed or freelancing are most likely working two jobs. Compared to millennials and gen Xers, twice as many freelancing baby boomers have more than one job at a time.
Compared to other generations of workers who carry multiple jobs, gen Xers are bringing in the most weekly income from their side hustles. Twenty-one percent of these gen Xers are bringing in $300 or more every week, while only 13 percent of millennials and 18 percent of boomers bring in this much.
Paddy Power Betfair shares have had another bad day after the bookmaker said it had suffered from “adverse sports results” in recent months.
On Monday, the company’s shares closed down nearly 5% after it said its chief executive was to stand down.
The shares slid a further 4% on Tuesday after it released half-year results.
While profits were up, growth at its online division was hit by less favourable results and increased spending on promotions.
Paddy Power Betfair was the biggest faller on the FTSE 100, with the index down 2.98 points at 7,528.96 shortly after midday.
Another big faller was Intercontinental Hotels Group, which fell 4% after it reported a slowdown in revenue growth.
The hotel company – which owns brands such as Crowne Plaza, Holiday Inn and InterContinental – said its key measure of revenue per available room grew by 1.5% in the second quarter of the year, down from a rate of 2.7% in the first quarter.
Shares in Standard Life dipped 0.7% after it revealed its flagship GARS (Global Absolute Return Strategies) range of funds had seen net outflows of £5.6bn in the first half of the year.
However, the company reported a 6% rise in operating profits to £362m and said its merger with Aberdeen Asset Management was on track to be completed on 14 August.
In the FTSE 250, Pets at Home shares jumped 6.7% after it reported a 5% rise in first-quarter revenues, helped by strong demand for its veterinary and pet grooming services.
But shares in office provider IWG sank 7% after it reported a 4% drop in half-year pre-tax profits to £80.8m.
On the currency markets, the pound rose 0.05% against the dollar to $1.3024, but slipped 0.1% against the euro to 1.1030 euros.
Image caption
Are the days of airline pilots numbered?
The number of people jetting abroad on holiday could fall sharply if they had to board pilotless planes, a survey by financial services firm UBS suggests.
More than half the 8,000 people asked said they would be unlikely to take a pilotless flight, with only 17% saying they would board such a plane.
Boeing plans to test pilotless planes in 2018 and UBS says airlines could save more than $26bn (£20bn) in costs.
UBS added that plane travel would be safer, but safety experts disagreed.
Steve Landells, the British Airline Pilots Association’s (Balpa) flight safety specialist, said: “We have concerns that in the excitement of this futuristic idea, some may be forgetting the reality of pilotless air travel.
“Automation in the cockpit is not a new thing – it already supports operations. However, every single day pilots have to intervene when the automatics don’t do what they’re supposed to.
“Computers can fail, and often do, and someone is still going to be needed to work that computer.”
Extra revenue
UBS said that its projected savings for airlines would come through cutting pilot costs. It added that the business jet industry could save up to $3bn and civil helicopters about $2.1bn by introducing pilotless aircraft.
More than $3bn would also be saved in lower insurance premiums and there would be chances of extra revenue from increased numbers of cargo and commercial flights.
However, the savings could pale into insignificance if the numbers of people travelling by plane dropped.
Of the 54% of people who said they would be very unlikely to set foot inside a pilotless aircraft, the older age groups were the most resistant with more than half of people aged 45 to 54 shunning the idea.
The younger age groups were a bit more receptive, though, with the 25-to-34 age group most likely to give it a try (30%).
Improved safety
While flying is generally regarded as one of the safest forms of travel, the UBS report suggested that pilotless planes would make it even more secure.
It found that around 70% to 80% of the accidents that do occur are the result of human error, with crew fatigue responsible for 15% to 20% of those.
It is also clear that if pilotless planes were to become the norm, then military levels of security both inside the plane and in communications would be vital.
Acceptance of the concept would also be crucial to its success.
Jarrod Castle, UBS’s head of business services, leisure and travel research, told the BBC: “It is a question of public perception and people being comfortable with the idea.
“Clearly a seven-hour flight carrying 200 to 300 people would be the last part of the evolution but we also feel that machines can gradually take over and then reduce the number of pilots in the cockpit from two to one over time.”
Céline Fornaro of UBS added: “The smaller the plane and amount of passengers, the more realistic it is to see this.
“It is not just our view, companies like Airbus are trying to get into this world where you could have small helicopters carrying two or three people unmanned.”
Air transport consultant John Strickland believes pilotless planes could definitely become a reality, as long as certain hurdles are overcome.
“It is conceivable but would be some way off in the future,” he told the BBC. “There would have to be an overall focus on safety and there would be a psychological barrier to get over to win the public’s trust.
“We step on monorails at airports and travel in some driverless trains and cars, but the whole psychology of being in the air and not having humans at the front is quite a challenge.”
Image caption
The street, palm trees, and pathways of the elite Presidio Terrace now belong to someone else
Residents of an illustrious San Francisco private street where homes sell for millions have had the street itself bought from under them.
Presidio Terrace is now owned by two investors, Tina Lam and Michael Cheng, who snapped up the private road for about $90,000 (£69,039, €76,203).
The street – parking, pathways and all – was sold by the city over a $14-a-year tax which went unpaid for decades.
Wealthy residents say they knew nothing about the sale until it was done.
The result is that residents no longer own the road, pavements, trees, or any of the common land – and might have to pay its new owners for parking.
The terrace, an oval-shaped private compound, is seen as one of the expensive city’s most prestigious addresses.
Number 24, recently for sale, was listed at $6.5m. Number 26, an “exceptional residence” on the southern slope, was listed for $14.5m.
“Among San Francisco’s many prestigious communities, there are few that offer the privilege of privacy amid the magnificence of nature,” reads the blurb on one property ad.
The agency was keen to point out that “stone privacy walls and a round-the-clock security guard provide peace of mind”.
But despite the affluence of the neighbourhood, it didn’t pay its taxes – and so the city sold it at auction for defaulting on a $944 tax debt.
The auction took place in 2015, the San Francisco Chronicle reported, but residents didn’t know about it – it took place in an online auction among an eclectic mix of properties.
“We just got lucky,” Mr Cheng told the newspaper. He and Ms Lam outbid dozens of others to buy the street without seeing it – and are deciding what to do with their investment.
“We could charge a reasonable rent on it,” he said of the 120 lucrative parking spaces that they now own. But some residents believe their new landlords may be looking to sell the street back – at a profit – to the locals who believe they should still own it.
In a twist, the street is now owned by two investors of Asian origin – despite originally being governed by a “racial covenant” which prevented anyone except Caucasian whites buying property there (a provision made illegal decades ago). Mr Cheng is originally from Taiwan, and Ms Lam from Hong Kong.
Mr Cheng told the Mercury News newspaper that he was considering building a home for himself and Ms Lam on the street, if land use rules allow it.
But now, homeowners are asking the city to reverse the sale, portraying the deal as money-making ploy. One the residents said he had not heard of until May, almost two years after the auction.
Scott Emblidge, a lawyer for the homeowners’ association, claimed the street is “owned and controlled by the association” in a letter to city authorities.
“The association was shocked. The property management firm was not aware of any sale or of any taxes owed,” he said.
“It is hard to understand why anyone would buy this property for any amount. But perhaps the explanation is provided by Ms Lam’s subsequent attempt to get the association to ‘buy back’ their property from her,” it said.
The document also lays out an explanation for how the bizarre turn of events occurred, citing information gleaned from the tax collector’s office.
The small tax bill for the common area was sent “for many years” to an address at Kearny Street in the city – an address apparently unknown to any of Presidio Terrace’s inhabitants or property managers, Mr Emblidge wrote.
Since the bills were never received, no-one paid them. And no notice of an impending sale was posted on the street or delivered to any resident, he said.
He argued the sale was unlawful, and requested a hearing to rescind the sale.
But speaking to the San Francisco Chronicle, a spokeswoman for the tax office said everything had been above board.
“Ninety-nine percent of property owners in San Francisco know what they need to do, and they pay their taxes on time – and they keep their mailing address up to date,” she told the paper.
Ms Lam, meanwhile, denied any intent to make exploit the residents, and said the pair are in no hurry to sell up.
“I really just wanted to own something in San Francisco because of my affinity for the city,” she said.
About half of British citizens in France were working – the majority of those aged under 50 years old.
The ONS says the Brexit vote has increased the need for data about the people who may be most likely to be affected by the UK’s decision to leave the EU and this report is the third in that series.
It said that “unfortunately”, information on the occupations and industries of British citizens in France was not available, although it did establish that most of those aged 50 and over were neither working nor looking for work.
Among the 25-to-54-year-old age group, living close to Paris is most common. Its Ile-de-France region is home to 10,400 British citizens in this age group.
Choosing Spain
The ONS report backs up two commonly held beliefs, that the British like to retire to the Dordogne and that most of the French that come here to live and work are bankers.
The financial sector employs 29% of the French who are working, with the next highest employment sector, 25%, working in public administration, education and health.
The number living here in the UK is far lower than the 300,000 figure that has been generally estimated.
The ONS report highlights the dominance of Spain as a destination for those UK citizens wanting to live abroad.
A previous special report earlier this summer found the population of British citizens resident in Spain was 296,600 in 2016, twice the number choosing France.
But although the numbers of French and British are closely aligned, Spain appears to have no such mutual admiration for the UK, with the ONS saying there were 116,000 Spanish citizens resident in the UK in 2013 to 2015.
A company’s success involves the synergy of different factors such as great leadership, innovation, strong financial management, a well-defined vision and many others. However, companies aiming for global reach should prioritize strategies with both quantitative and qualitative benefts for its workforce and customers.
Perhaps an essential and tactical approach that organizations often overlook is language training. A 2016 study by Rosetta Stone shows that while 81 percent of the employees surveyed studied languages earlier in life, only 46 percent effectively used their learnings in the workplace.
Foreign language skills are vital in today’s global economy. Language proficiency supports executives to advance in their careers and helps multinational companies speed up overseas expansion. Every CEO or HR manager who wants to hire a language trainer struggles to quantify the value and benefit of language training to the business but there is convincing data to help them make their case.
Workers who receive language training become more confident and perform better.
Research shows that 70 percent of employees feel more confident in their work and interaction with teams, partners and vendors upon successfully completing language training. The top gainers by industry who feel the most impact are those in food and beverage, retail and communications industries. Meanwhile, employees in human resources, information technology and operations departments have expressed an increase in confidence and work productivity because they were given access to language training.
It’s reported that workers save an average of three hours or more weekly because of improved language skills. These wasted hours are likely spent with language translation or resolving problems caused by miscommunication amongst colleagues or between employees and their bosses. Whether you’re a line-level worker or an expat leading regional operations, language proficiency improves your productivity and overall job performance.
The confidence and increased productivity these people experience directly leads to promotions and upward mobility within the organization or in new job opportunities. I am a prime example of this having gone from QC inspector up to VP of Asian operations in my time in China. After leaving China, an opportunity opened to start BRIC Language Systems. Had I not learned to speak Chinese, I would have never thought to start an online language school.
One of the biggest and most common challenges for human resource managers or executives is keeping employees happy. According to an IDG Research Services’ survey, business line leaders have reported employee retention as their no. 1 long-term strategy priority.
In ethnically-diverse cities in North America like New York City, Los Angeles and Miami, it’s typical to manage employees whose native tongue is either Spanish or Chinese. While written foreign language proficiency can result in faster work turnaround, it’s equally important that employees can communicate comfortably with co-workers and managers in their commonly used language.
Day-to-day work is affected when a new hire does not speak the language of the team. The employee might feel ostracized, unable to establish rapport with colleagues and build trust with supervisors. Turnover is costly, and related expenses hurt the bottom line financials and team morale.
Meanwhile, employees who are given language training feel rewarded and more engaged in their work because their company invested in their personal and professional growth. Workers in the food and beverage industry who received employer-provided language training report they are more likely to remain with their current company.
It isn’t just work that frustrates an employee who doesn’t speak the native language. While living in China, prior to learning Mandarin, I had to renegotiate the price of each and every haircut. I alwyas went to the same shop and the same barber, but every time I saw him he wanted to renegotiate. We always wound up at 30 RMB. This was very frustrating, especially in a shop with no A.C. on a 90-degree day. This only stopped when I learned the language, and so did a lot of other nonsense. That made my day-to-day life much easier.
Knowing the local language is crucial to succeeding in foreign markets. You can’t serve diverse customers on a day-to-day-basis if you don’t understand each other. Most countries have multiple languages, and nuances in tone, pronunciation and delivery all affect how people perceive the message you want to send.
The largest global consumer-facing businesses all agree that you must speak the language of your customers, wherever they may be. At companies like Booking.com, a business that operates in more than 220 countries, employing people who can talk to customers in dozens of languages is a key priority. Unlike big corporations in the telecommunications or banking industries, Booking.com strongly believes that customer service shouldn’t be outsourced only to cut costs. The company delivers a satisfactory customer service experience with multilingual employees who fix problems quickly on the phone. Their data confirms that this helps retain customers in the long run.
As another example, companies that want to capture new markets should know the target customer’s local language to effectively launch marketing campaigns. It’s not enough to just hire an external agency to do the work for you. As the person in charge of delivering brand promise, you must ensure that value propositions and messaging are accurately translated and delivered to the market. If you are determined to acquire and keep loyal customers, your team should invest in learning the local language. Not only will your company be able work with external arms to effectively push out global campaigns, but you’ll also be able showcase dedication to understanding who your customer really is.
So whether it’s improving employee engagement and retention or earning customer satisfaction and loyalty, it’s undeniable that language training can positively impact businesses immediately, and in the future.
MLB All-Star, newly-inducted Baseball Hall-of-Famer and successful businessman Ivan “Pudge” Rodriguez talks about what it took to make it for 21 years in the professional baseball industry, and what propels him today.
Image copyright
