We need to find a fairer way of providing Goods and Services to the rest of the people on Earth.Cryptocurrencies and/or Gold Standard of money....maybe the answer to fight hyperinflation caused by too much printing of paper/fiat currencies by Governments and Central Banks all over the World. (https://nomorefiatmoneyplease.blogspot.com)
Yahoo board to weigh potential sale of Internet business
Online search and advertising company Yahoo Inc's board plans to weigh the potential sale of its Internet business when it meets Wednesday through Friday, The Wall Street Journal reported on Tuesday the company's shares were up 5.2 per cent at US$35.45 in extended trading.
PHOTO: REUTERS
[BENGALURU] Online search and advertising company Yahoo Inc's board plans to weigh the potential sale of its Internet business when it meets Wednesday through Friday, The Wall Street Journal reported on Tuesday the company's shares were up 5.2 per cent at US$35.45 in extended trading.
People familiar with the matter told the newspaper that the board was expected to discuss whether to proceed with a plan to spin off more than US$30 billion in shares of Alibaba Holding Group Ltd or find a buyer for its core business of web properties or both.
In November, activist investor Starboard Value LP asked Yahoo to drop plans to spin off its stake in Alibaba due to tax concerns, and instead urged the company to sell its core search and display advertising businesses.
Yahoo's core business could attract private equity firms, media and telecom companies as well as firms such as Softbank Group Corp, analysts have said in the past.
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Apart from its core Internet business, Yahoo's other emerging businesses include what its CEO Marissa Mayer calls Mavens - mobile, video, native and social advertising.
Bank of China faces daily contempt fines in US: court ruling
A US judge will impose a daily fine of US$50,000 against Bank of China Ltd starting next week after holding it in contempt for refusing to turn over account information on Chinese customers accused of selling counterfeit luxury goods.
PHOTO: REUTERS
[NEW YORK] A US judge will impose a daily fine of US$50,000 against Bank of China Ltd starting next week after holding it in contempt for refusing to turn over account information on Chinese customers accused of selling counterfeit luxury goods.
In a decision made public on Tuesday, US District Judge Richard Sullivan in Manhattan said the "coercive fine" will be imposed starting on Dec 8 unless the state-run bank complies with subpoena requests for the records.
Bank of China is appealing the civil contempt order and fine.
The records come from Chinese entities that were sued in 2010 by Gucci, Yves Saint Laurent, Bottega Veneta and other units of Paris-based Kering SA for trademark infringement over their sales of knockoff handbags, briefcases and other products.
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Bank of China, which is not a defendant, said it could not turn over the records without violating Chinese privacy law and that the judge lacked jurisdiction to force compliance.
Judge Sullivan said, however, the bank's "manifest determination"to ignore the subpoenas and his orders has made it hard for the Kering plaintiffs to pursue their claims against "rampant counterfeiters," and could harm consumers who fall victim.
"BOC's refusal to comply with US law, while it continues to receive the benefits attendant to its banking activity in the United States, has inflicted a significant harm on plaintiffs and the general public," Judge Sullivan wrote. "Only a large fine will have a coercive effect on BOC at this stage."
Judge Sullivan also ordered the bank to cover the plaintiffs'costs of litigating the contempt issue.
He noted that the fine represents a tiny fraction of Bank of China's roughly US$27.8 billion of profit in 2014.
The dispute is part of a larger conflict over financial transparency between China and the United States, which employs a disclosure-based regulatory regime. Clashes have grown more frequent as Chinese companies expand beyond their country's borders and raise more capital internationally.
Allen & Overy, the law firm representing Bank of China, in a statement called the contempt order and sanctions unwarranted.
It also said Judge Sullivan should have invoked the multilateral Hague Evidence Convention to resolve the dispute, and respect the bank's "responsibility" not to violate Chinese law by turning over the account information.
Gucci and the other plaintiffs had asked Judge Sullivan to order Bank of China to reimburse US$12 million to cover their losses from the counterfeiting, or else to impose a fine.
Judge Sullivan initially ordered Bank of China to turn over customer records in 2011. He renewed his order in September, after a federal appeals court told him to revisit the matter in light of a recent US Supreme Court decision.
US manufacturing contracts for first time in three years
US manufacturing activity contracted for the first time in three years in November under pressure from falling energy prices, the stronger dollar and slowing global growth, a survey showed on Tuesday.
PHOTO: BLOOMBERG
[WASHINGTON] US manufacturing activity contracted for the first time in three years in November under pressure from falling energy prices, the stronger dollar and slowing global growth, a survey showed on Tuesday.
The Institute for Supply Management purchasing managers index for the manufacturing sector dropped to 48.6 in November from an October reading of 50.1 that was just a tick inside growth territory.
The contraction, the first since November 2012, was unexpected, with analysts on average forecasting an increase to 50.4 on the index.
"The fact that the manufacturing ISM declined in November to its lowest level since June 2009, i.e. since the end of the Great Recession, is unequivocally a very bad surprise," said Harm Bandholz, chief US economist at UniCredit Research.
But, he pointed out, manufacturing only represents about 12 per cent of the US economy and less than 10 per cent of total employment, and the much more important services sector "has continued to do very well."
Ten out of the 18 manufacturing industries surveyed reported contraction in November, "with lower new orders, production and raw materials inventories accounting for the overall softness," the ISM said.
New orders fell particularly hard, tumbling four points to 48.9. Production dropped 3.7 points to 49.2. Both components had been growing in October.
Inventories contracted at a faster pace, while customers' inventories fell slightly but were still considered to be too high for the fourth straight month.
"Downturn in China and European markets are negatively affecting our business," one survey respondent in the machinery sector.
"The oil and gas industry is realizing that (the) 'low' oil prices are now the new reality with expectations to continue at this level for some time," said a purchasing manager in the sector.
IHS Global Insight economist Michael Montgomery noted that manufacturing has been weak for some time.
"The manufacturing sector is suffering from a bad case of the blahs worldwide; some countries are firming from tepid to less tepid and others are in modest retreat, but worldwide PMI scores are hovering around 50 due to anemic global demand for goods," Mr Montgomery said.
