The Divide (Video)

The Divide

2015  

Across the United States and the United Kingdom, economic policies that were set in place decades ago continue to harbor a growing wedge between the wealthy and the poor. The ambitious two-part documentary The Divide introduces us to seven citizens who have experienced the effects of this disparity firsthand.

Though the film includes archived news footage related to several key economic milestones - the technology boom, the rise of Wall Street, and the calamitous financial crisis of 2008 among them - it is by no means a dry lesson in government policy. Instead, the filmmakers focus almost exclusively on the human side of the equation.

In New York City, a psychologist serves the mental health needs of Wall Street's most successful movers and shakers. Not content to teach or open a practice for less privileged clients - where his salary might be limited to a mere $100,000 a year - he now lives the high life, or at least works hard at maintaining the appearance that he is.

A small business owner was forced to close her shop after a Walmart was erected nearby. Later, she procured employment from that same Walmart that put her out of business. Over the years, she's detected a depressing change in corporate culture. Employees are pushed to their limits, no longer recognized for their hard work as they once were, and the company leaders are less willing to share the fruits of their success.

Through these and other portraits, we understand the psychological and societal implications of wealth inequality between the haves, the have nots, and those who are trying to break from one social status to the other. This dynamic is especially profound in the story of Jen, a mother from Sacramento, California who lives in a luxury gated community. She doesn't know her neighbors, and she can frequently feel them judging her based on the type of car she drives and her willingness to do her own yard work.

Economic inequality is currently at its highest level since 1928. The Divide mourns the passing of a way of life that is no longer simple, balanced or just, and which now values the facade of success over all else.

Directed by: Katharine Round

The pound is jumping after reports that the UK has agreed a €50 billion Brexit bill

• Will Martin
 

• 6h
• 653

Brexit secretary David Davis greets the EU's chief negotiator Michael Barnier Reuters

• Sterling climbs after reports that UK and EU have settled on the cost of the so-called Brexit "divorce bill."
• Estimates suggest that it will be around €50 billion.
• The pound reacts well to the news, climbing above 1.34 against the dollar to a two-month high.

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LONDON — The value of the pound is climbing on Wednesday as traders and investors react to reports overnight that the UK and EU have finally reached an agreement on the amount Britain will pay in a so-called "divorce bill" when it leaves the bloc.

Both the Daily Telegraph and the Financial Times reported on Tuesday evening that bill had been agreed, although their estimates of how much that bill would be differed.

Citing unnamed diplomats, The FT reported that Britain has agreed to liabilities of up to €100 billion, while it expects to ultimately pay "less than half that amount."

The Telegraph, meanwhile, reported that the UK will reportedly pay between €45-55 billion as it leaves the European Union, with the exact figure depending on how it is calculated.

The divorce bill has been a major sticking point in negotiations, with EU negotiators refusing to progress talks onto subjects like the transition deal until "sufficient progress" was reached on it and other issues like EU citizens' rights and the Irish border.

Initial reports of the agreement sent the pound substantially higher on Tuesday evening, and it has continued to rise on Wednesday morning in European trading, climbing above 1.34 against the dollar to hit a two-month high.

The logic behind the move seems to be that the agreement of a settlement represents substantial progress in talks, and removes a little bit of the uncertainty that has been plaguing market participants in recent weeks and months.

By just after 9.15 a.m. GMT (4.15 a.m. ET) the pound is around 0.3% higher on the greenback, having pulled back from a gain of around 0.6% a little earlier during trade. Here is the chart:

Markets Insider

"Following last night’s jump, the cable continued its rise today on hopes of a significant Brexit breakthrough. Shorts are coming out as the squeeze comes on but will the rally last? It’s down to the politics again, with various risks to the bullish case still unresolved. Nevertheless it may be time to turn cautiously optimistic on sterling," Neil Wilson, senior analyst at ETX Capital said in an email earlier on Wednesday morning.

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More: Pound Pound dollar Brexit Brexit Bill

Meredith buying Time Inc. for about $1.8 billion

• Associated Press

• Nov. 26, 2017, 7:23 PM
• 5,659
 

Eugene Gologursky/Getty Images

NEW YORK — Meredith Corp. says it is buying Time Inc. for about $1.8 billion in a deal that joins two giant magazine companies.

Meredith will pay $18.50 a share in cash and tack on about $1 billion in debt.

Meredith brings with it a magazine portfolio that includes Better Homes & Gardens, Family Circle, Allrecipes, and Shape, while Time Inc. owns properties including Time, Sports Illustrated, People, Fortune, and Entertainment Weekly.

The companies said the deal was unanimously approved by their boards of directors and would close early next year.

Combined, the companies posted $4.8 billion in revenue last year. Meredith expects it will save up to $500 million in costs in the first two years of operation.

More: Associated Press Time Inc Meredith Corp.

Jeff Bezos' net worth grew to over $100 billion after a Black Friday stock surge

• Alex Morrell
 

• Nov. 24, 2017, 1:19 PM
• 11,594
 

Amazon CEO Jeff Bezos is close to becoming the world's first $100 billion man.David Ryder/Getty

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• Amazon.com founder and CEO Jeff Bezos' net worth has hit $100 billion.
• Retail stocks have surged after strong Black Friday sales figures, pushing Amazon stock to record highs and adding $1.7 billion to Bezos' fortune.
• He would be the first person in the modern era with a known fortune of $100 billion.

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Jeff Bezos, the world's richest person, has a net worth of $100 billion after Black Friday buzz sent Amazon stock soaring to record highs.

Retail stocks are surging after Americans went crazy for Black Friday deals, spending about $1.5 billion online Thanksgiving evening.

Amazon gained 2.6% Friday to $1,186 a share, pushing his total fortune to over $100 billion, based on data from the Bloomberg Billionaires Index.

He is the first person in the modern era with a known fortune of $100 billion or more.

Bezos, Amazon's founder and CEO, owns 78.9 million shares of the tech and retailing giant, according to November filings with the Securities and Exchange Commission, a roughly 16% stake worth $93.6 billion.

His fortune stood at $97.9 billion after the last stock-market close on Wednesday, according to the Billionaires Index, which is updated at the close of every trading day in New York.

With Amazon up 2.6% Friday, the value of his stake in the company would have increased to $93.6 billion — a $2.4 billion jump since Wednesday.

In addition to his Amazon holdings and cash investments, Bezos owns a roughly $3 billion stake in rocket company Blue Origin, and he owns The Washington Post, which he paid $250 million for, according to Bloomberg.

Bezos eclipsed Bill Gates as the world's richest person in October.

It's difficult to compare the net worth of today's billionaires with tycoons of the past or of heads of state presumed to have shadowy but enormous fortunes.

Some surmise oil baron David Rockefeller was worth the equivalent of several hundred billionbased on the percentage of the economy he controlled, and Vladimir Putin is believed by some to secretly have similarly vast assets.

But Bezos is the first to reach $100 billion since organizations such as Forbes and Bloomberg began tracking the fortunes of the world's richest.

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More: Jeff Bezos Jeff Bezos net worth Amazon

AstraZeneca steps up China push with new drug joint venture

• Reuters

• Nov. 27, 2017, 2:07 AM
• 90
 

FILE PHOTO: The logo of AstraZeneca is seen on medication packages in a pharmacy in London Thomson Reuters

By Ben Hirschler

LONDON (Reuters) - Drugmaker AstraZeneca plans to turbo-charge its already substantial Chinese business through a new drug development joint venture with a state-backed private equity fund.

The stand-alone business, Dizal Pharmaceutical, will be owned equally with the Chinese Future Industry Investment Fund (FIIF), which is part-owned by the China State Development & Investment Corporation, the companies said on Monday.

By getting into bed with a local player, AstraZeneca aims to ride a wave of regulatory reform in China's pharmaceuticals sector and get new drugs to market more quickly.

It dovetails with Beijing's desire to see more "discovered-in-China" drugs as the country targets life sciences for growth. The FIIF's remit in pharmaceuticals is to promote such local drug development and manufacturing.

China is now the world's second-largest drugs market after the United States, with more cases of cancer and diabetes than any other nation, creating a big opportunity for local and international drug companies.

Recently, the China Food and Drug Administration has taken steps to accelerate new drug approvals, while local funding agencies are also moving faster to agree payments for innovative drugs, albeit with some tough negotiations on pricing.

The reforms have triggered growing interest in China as a center for drug development, reflected in a wave of initial public offerings and licensing deals with foreign drug companies.

In the case of the new joint venture, Dizal will incorporate all the scientific and technical capacity of AstraZeneca's existing Innovation Center China (ICC) in Shanghai, including exclusive rights to three drugs in pre-clinical development.

Dizal's chief executive will be Xiaolin Zhang, previously head of the ICC, and all ICC staff have been invited to join the new company.

In exchange for the AstraZeneca assets, FIIF will provide development funding and expertise in establishing strategic partnerships in China. There are no upfront payments.

As and when new Dizal drugs reach the market, AstraZeneca is likely to receive income from the venture as a dividend, a company spokesman said.

China has been a bright spot for AstraZeneca as it struggles with patent losses on past blockbuster medicines and the country now accounts for 15 percent of group product sales -- a far higher proportion than at other big pharma companies. China sales were $2.14 billion in the first nine months of 2017.

The success is in contrast to British rival GlaxoSmithKline, which is still suffering falling Chinese sales after a bribery scandal that landed it with a record fine in 2014.

Chief Executive Pascal Soriot said AstraZeneca's new joint venture would reinforce its strong position in China, while also creating opportunities to supply future China-discovered drugs to international markets.

"We aim to accelerate the local discovery and development of innovative, affordable medicines for patients in China and around the world," he said.

(Reporting by Ben Hirschler; Editing by Keith Weir)

More: Reuters

Smartphone shoppers help Black Friday online sales reach a record high

• Richa Naidu, Reuters

• Nov. 25, 2017, 4:25 PM
• 996
 

Black Friday shopping at Target. Adam Hunger/AP Images for Target

• Online sales on Black Friday and Thanksgiving this year hit an estimated $7.9 billion, a record high.
• Some 40% of Black Friday online sales were made through mobile devices, up from 29% last year, according to another estimate.
• Despite the surging web and mobile sales, traffic to brick-and-mortar stores was estimated to be down less than 1%.

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CHICAGO — Black Friday and Thanksgiving online sales in the United States surged to record highs as shoppers bagged deep discounts and bought more on their mobile devices, heralding a promising start to the key holiday season, according to retail analytics firms.

US retailers raked in a record $7.9 billion in online sales on Black Friday and Thanksgiving, up 17.9% from a year ago, according to Adobe Analytics, which measures transactions at the largest 100 US web retailers, on Saturday.

Adobe said Cyber Monday is expected to drive $6.6 billion in internet sales, which would make it the largest US online shopping day in history.

In the run-up to the holiday weekend, traditional retailers invested heavily in improving their websites and bulking up delivery options, preempting a decline in visits to brick-and-mortar stores. Several chains tightened store inventories as well, to ward off any post-holiday liquidation that would weigh on profits.

TVs, laptops, toys and gaming consoles - particularly the PlayStation 4 - were among the most heavily discounted and the biggest sellers, according to retail analysts and consultants.

Commerce marketing firm Criteo said 40% of Black Friday online purchases were made on mobile phones, up from 29% last year.

No brick-and-mortar sales data for Thanksgiving or Black Friday was immediately available, but Reuters reporters and industry analysts noted anecdotal signs of muted activity - fewer cars in mall parking lots, shoppers leaving stores without purchases in hand.

Stores offered heavy discounts, creative gimmicks and free gifts to draw bargain hunters out of their homes, but some shoppers said they were just browsing the merchandise, reserving their cash for internet purchases. There was little evidence of the delirious shopper frenzy customary of Black Fridays from past years.

However, retail research firm ShopperTrak said store traffic fell less than 1% on Black Friday, bucking industry predictions of a sharper decline.

"There has been a significant amount of debate surrounding the shifting importance of brick-and-mortar retail," Brian Field, ShopperTrak's senior director of advisory services, said.

"The fact that shopper visits remained intact on Black Friday illustrates that physical retail is still highly relevant and when done right, it is profitable."

The National Retail Federation (NRF), which had predicted strong holiday sales helped by rising consumer confidence, said on Friday that fair weather across much of the nation had also helped draw shoppers into stores.

The NRF, whose overall industry sales data is closely watched each year, is scheduled to release Thanksgiving, Black Friday and Cyber Monday sales numbers on Tuesday.

US consumer confidence has been strengthening over this past year, due to a labor market that is churning out jobs, rising home prices and stock markets that are hovering at record highs.

SEE ALSO: Amazon seizes half of all online Black Friday sales in an 'eye-popping' show of dominance

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More: Reuters Black Friday Holiday Shopping Mobile Commerce