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Final SDL Report of the 4th Semester - 15.04.2020

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Final SDL Report of the 4th Semester - 15.04.2020

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4th Semester SDL Report Christian Gerdenitsch

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Grammar for academic writing - 08.04.2020

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Grammar for academic writing - 08.04.2020

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4.5 Fill in the gaps
4.6 Underline all future verbs
4.7 Re-write the text in an academic style
4.8 Add the verbs in the gaps
4.9 Underline the future verbs

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Grammar for academic writing - 01.04.2020

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Grammar for academic writing - 01.04.2020

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4.1 Underline all future verbs
4.2 How many different tenses are in the text
4.3 Find any other verbs that express the notion of the future
4.4 Fill in the gaps

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Grammar for academic writing - 25.03.2020

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Grammar for academic writing - 25.03.2020

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3.9 Fill in the gaps
3.10 Check your understanding of expressions
3.12 Write a letter

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Grammar for academic writing - 18.03.2020

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Grammar for academic writing - 18.03.2020

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3.3 Expressions that mark politeness
3.6 Underline the would expressions
3.7 Complete the gaps
3.8 Writing a request

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Grammar for academic writing - 10.03.2020

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Grammar for academic writing - 10.03.2020

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2.5 Change information of sentence
2.10 Cause and effect language
2.11 Cause and effect language

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Grammar for academic writing - 04.03.2020

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Grammar for academic writing - 04.03.2020

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2.1 Compare to versions
2.2 Flow from old to new
2.3 Change the order of information
2.4 Best sequence and re-write sentences to one paragraph

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Grammar for academic writing - 27.02.2020

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Grammar for academic writing - 27.02.2020

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1.7 Fill in the appropriate marker
1.8 Fill in the appropriate marker
1.9 Rewrite the information
1.10 Relative connectors
1.12 Paragraphing

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SDL Report of the 3 Semester - 17.03.2020

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SDL Report of the 3 Semester - 17.03.2020

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Wow, you are doing A LOT on grammar. maybe I'm blind, however, I don't see any REFLECTION!!!!  Please, include from now on! Well done!

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Grammar for academic writing - 22.01.2020

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Grammar for academic writing - 22.01.2020

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1.1 Punctuation
1.2 Punctuation
1.4 Types of clause
1.5 Types of clause
1.6 Paraphrasing

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Grammar for academic writing - 22.01.2020

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Grammar for academic writing - 22.01.2020

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Paraphrasing and avoiding plagiarism - 15.01.2020

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Paraphrasing and avoiding plagiarism - 15.01.2020

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7.15 paraphrasing by changing the word order
8.1 writing definitions 1
9.10 toning down the strength of an affirmation 1
9.11 toning down the strength of an affirmation 2

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Paraphrasing and avoiding plagiarism - 08.01.2020

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Paraphrasing and avoiding plagiarism - 08.01.2020

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7.10 finding synonyms: nouns 1
7.11 finding synonyms: nouns 2
7.12 finding synonyms: adjectives
7.13 finding synonyms: adverbs and prepositions 1
7.14 finding synonyms: adverbs and prepositions 2

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Paraphrasing and avoiding plagiarism - 18.12.2019

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Paraphrasing and avoiding plagiarism - 18.12.2019

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7.4 paraphrasing by changing nouns into verbs
7.7 finding synonyms: verbs 1
7.8 finding synonyms: verbs 2
7.9 finding synonyms: verbs 3

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Ambiguity and political correctness - 11.12.2019

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Ambiguity and political correctness - 11.12.2019

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6.3 avoiding ambiguity due to use of -ing form: 1
6.4 avoiding ambiguity due to use of -ing form: 2
6.6 disambiguating sentences: 2
6.7 pronouns and political correctness
6.8 non-use of masculine terms for generic situations: 1

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Being concise and removing redundancy - 04.12.2019

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Being concise and removing redundancy - 04.12.2019

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5.10 replacing a verb + noun construction with a single verb: 2
5.11 replacing a noun phrase with a verb or can: 1
5.12 replacing a noun phrase with a verb or can: 2
5.13 replacing nouns with verbs in titles of papers

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Word order and being concise - 27.11.2019

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Word order and being concise - 27.11.2019

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2.10 shifting the parts of the phrase to achieve optimal order: 3
2.11 shifting the parts of the phrase to achieve optimal order: 4
5.7 replacing several words with one word
5.8 replacing a verb + noun construction with a single verb: 1
5.9 identifying verb and noun clauses

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Being concise and removing redundancy - 20.11.2019

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Being concise and removing redundancy - 20.11.2019

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5.1 removing individual redundant words
5.2 removing several redundant words: 1
5.3 removing several redundant words: 2
5.4 reducing the word count: titles
5.5 replacing several words with one preposition or adverb
5.6 replacing several words with one adverb

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Spelling, word order, link words - 13.11.2019

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Spelling, word order, link words - 13.11.2019

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1.11 spelling
2.9 shifting the parts of the phrase to achieve optimal order: 2
4.4 choosing best link word
4.5 reducing the length of link words / phrases
4.12 connecting sentences by repitition of key word or a derivation of the key word

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1.10 various punctuation issues: 2
2.6 choosing the best word order to help the reader: 2
2.7 choosing the best word order to help the reader: 3
2.8 shifting the parts of the phrase to achieve optimal order: 1
2.14 typical mistakes

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1.5 hyphens: adding
1.6 hyphens: deciding where needed
1.9 various punctuation issues: 1
2.4 avoiding beginning the sentence with it is: 2
2.5 choosing the best word order to help the reader: 1

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1.1 commas: reducing number of
1.2 commas: adding
1.3 semicolons: replacing
1.4 brackets: removing
2.1 choosing the best subject to put at the beginning of the phrase
2.3 avoiding begiinin the sentence with it is: 1

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Link to the chapters of English for Academic Research: Writing Exercises - 23.10.2019

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Link to the chapters of English for Academic Research: Writing Exercises - 23.10.2019

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English for Academic Research: Writing Exercises

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This book is based on a study of referees' reports and letters from journal editors on reasons why papers written by non-native researchers are rejected due to problems with English (long sentences, redundancy, poor structure etc).

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2. Semester SDL error correction and analysis

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1. Semester SDL error correction and analysis

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1. Semester SDL error correction and analysis

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1. Semester SDL error correction and analysis

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19.06.2019 - SDL Report, Schedule, Result

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19.06.2019 - SDL Report, Schedule, Result

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 Price distortion induced by a flawed stock market index . 22.05.2019

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 Price distortion induced by a flawed stock market index . 22.05.2019

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Big five personality factors in the Trust Game - 24.04.2019

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Big five personality factors in the Trust Game - 24.04.2019

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Big Five personality factors in the Trust Game

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Growing interest in using personality variables in business and economic research has led to the question of whether personality, as measured by psychology, is useful to predict behavior. While...

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The rise of the digital economy - 03.04.2019

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The rise of the digital economy - 03.04.2019

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Preparing your business for valuation - 20.03.2019

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Preparing your business for valuation - 20.03.2019

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The search for relative value in bonds - 27.02.2019

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The search for relative value in bonds - 27.02.2019

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SDL goal for the second semester - 27.02.2019

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SDL goal for the second semester - 27.02.2019

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Gerdenitsch Christian SDL Proposal 2. Semester

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NYT - Calls on businesses to lead, not just live, with purpose - 15.01.2019

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NYT - Calls on businesses to lead, not just live, with purpose - 15.01.2019

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DealBook

A year after his annual letter to chief executives urged them to run their companies with the social good in mind, the BlackRock C.E.O. said they must step into a leadership vacuum.

Image

BlackRock's chief executive, Larry Fink, released his annual letter to fellow executives on Wednesday, several hours after it had been spoofed. Credit Credit Mike Cohen for The New York Times

Larry Fink, the investment manager who oversees nearly $6 trillion at BlackRock, set off a yearlong conversation among business leaders and policymakers last January when he wrote a letter to chief executives declaring that companies needed to do more than make profits.

Mr. Fink wrote that it was crucial that businesses also made "a positive contribution to society" - and that he planned to hold them to account.

Coming from the world's largest investor, the letter was seen as an inflection point in the long-simmering argument over the state of global capitalism. Chief executives began explicitly talking about their companies' "purpose" - not just in high-minded mission statements but in government filings and investor reports. Others bristled at Mr. Fink's challenge.

Late Wednesday, chief executives received a new missive from Mr. Fink that will almost certainly stir up an even louder debate. Businesses, he wrote, cannot merely have a purpose. They must be leaders in a divided world.

"Stakeholders are pushing companies to wade into sensitive social and political issues - especially as they see governments failing to do so effectively," he wrote in his new letter, which was obtained from a recipient.

As this column has chronicled, the business world has been tested over the past year, feeling pressure to take sides on everything from climate change to gun control to whether do business with the Pentagon.

Executives faced moral questions over working with foreign governments, like the seminal moment when executives had to choose whether they would stand shoulder to shoulder with the crown prince of Saudi Arabia, Mohammed bin Salman, at a conference after the murder of the journalist Jamal Khashoggi. Much of the business community backed out of the event at the risk of upsetting relationships and business with the House of Saud.

"As a C.E.O. myself, I feel firsthand the pressures companies face in today's polarized environment and the challenges of effectively navigating them," Mr. Fink wrote.

His letter is a continued explanation of his evolving view of the role of business, one that last year prompted Barron's to call him "the new conscience of Wall Street."

BlackRock has used its heft to promote policy change in the past year, including voting for a shareholder resolution that required the gun maker Sturm, Ruger & Company to be more transparent about the safety of its products.

In some respects, Mr. Fink is limited in what he can do. Much of BlackRock's holdings are through 401(k) plans in index funds, and the company isn't able to sell specific companies whose policies it might disagree with. But it recently introduced a series of socially responsible investment funds that exclude entire industries, such as tobacco, firearms or coal.

The letter is also a defense against those who criticized him over last year's letter.

"I didn't know Larry Fink had been made God," the real estate billionaire Sam Zell said the day after Mr. Fink's letter was sent last year. And Warren Buffett, the chairman of Berkshire Hathaway, said he did not believe it was the role of investors to push their views in the way Mr. Fink suggested.

"I don't believe in imposing my political opinions on the activities of our businesses," Mr. Buffett said last year.

In Mr. Fink's latest letter, he wrote that he had "no intention" of telling companies what their purpose should be. "Rather, we seek to understand how a company's purpose informs its strategy and culture to underpin sustainable financial performance," he wrote.

He also pushed against the notion, long espoused by the economist Milton Friedman, that a company's only social responsibility is its profits.

"Profits are in no way inconsistent with purpose," Mr. Fink wrote. He added, "Purpose is not the sole pursuit of profits but the animating force for achieving them."

Executives, according to Mr. Fink, must be prepared to think about social considerations as they encounter a new generation of workers, managers and investors.

"With unemployment improving across the globe, workers, not just shareholders, can and will have a greater say in defining a company's purpose, priorities and even the specifics of its business," he wrote.

Although Mr. Fink did not offer examples, the past year did provide them. Employees at Google held walkouts over the company's handling of sexual misconduct allegations against top executives and staged a separate protest that ended its role in the Pentagon's Project Maven, which uses artificial intelligence to interpret video images and could be used to improve the targeting of drone strikes.

"This phenomenon will only grow as millennials and even younger generations occupy increasingly senior positions in business," Mr. Fink wrote. He pointed to a survey by Deloitte that asked millennials what businesses should try to achieve. "Improve society" was chosen by 63 percent more respondents than "generate profit."

Mr. Fink also suggested that the millennial generation's priorities would change the very metrics that were used for investing.

"This generation will drive not only their decisions as employees but also as investors, with the world undergoing the largest transfer of wealth in history: $24 trillion from baby boomers to millennials," he wrote. "As this wealth shifts and investing preferences change, environmental, social and governance issues will increasingly material to corporate valuations."

While companies must look forward, Mr. Fink suggested they also look back to a time when they were leaders in preparing workers for retirement. Surprisingly, he said the move toward defined contribution plans - like the 401(k) plans that BlackRock oversees - along with longer life expectancy meant more workers would not be financially ready to retire.

"This lack of preparedness for retirement is fueling enormous anxiety and fear, undermining productivity in the workplace and amplifying populism in the political sphere," he wrote, although he did not call for a return to traditional pension plans.

For all his talk about purpose, Mr. Fink has also been criticized in some quarters for not using his influence enough. Various advocacy groups have called for BlackRock to sell its shares in certain industries, like oil companies.

That was the subject of a fake version of Mr. Fink's letter that was sent out Wednesday morning and was convincing enough to prompt The Financial Times to quote it in a since-retracted story. The letter, which pointed to a website that mimicked BlackRock's, said BlackRock planned to sell its shares in fossil fuel companies and would screen out businesses that were not in compliance with the Paris climate agreement.

While Mr. Fink can take some comfort in knowing that his letter has become enough of an annual event in corporate America to inspire a spoof, the bogus letter's position on climate change is one that some of his critics would happily endorse.

Those critics, and their counterparts who criticize Mr. Fink for thinking beyond his investments' immediate bottom line, will never be satisfied with the positions he takes.

But whether you view his letter as empty virtue signaling or as a heavy-handed attack on traditional business practices, he has helped create and continue a conversation and debate that is undoubtedly positive.

Andrew Ross Sorkin is a columnist and the founder and editor-at-large of DealBook. He is a co-anchor of CNBC's Squawk Box and the author of "Too Big to Fail." He is also the co-creator of the Showtime drama series Billions. @andrewrsorkin * Facebook

A version of this article appears in print on , on Page B1 of the New York edition with the headline: Top Investor Says C.E.O.s Can Bridge Global Rifts. Order Reprints | Today's Paper | Subscribe

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Larry Fink Calls on Businesses to Lead, Not Just Live, With Purpose

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DealBook A year after his annual letter to chief executives urged them to run their companies with the social good in mind, the BlackRock C.E.O. said they must step into a leadership vacuum.

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B - Beyond bitcoin: What next for blockchain - 15.01.2019

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B - Beyond bitcoin: What next for blockchain - 15.01.2019

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Beyond Bitcoin: What's Next for Blockchain?

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The technology underpinning cryptocurrencies could make stock trading faster and cheaper. But it will be some time before the financial services industry can put blockchain to work.

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B - Three ways blockchain will revolutionize finance - 15.01.2019

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B - Three ways blockchain will revolutionize finance - 15.01.2019

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Three Ways Blockchain Will Revolutionize Finance

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Blockchain technology promises to transform finance the way the internet transformed communication.

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Jeffrey Gundlach on the Growth of U.S. Debt

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DoubleLine's Jeffrey Gundlach discusses the economic implications of the increasing U.S. deficit and national debt with Jack Hough, Barron's associate editor.

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Inc - 7 habits of empathic people - 12.01.2019

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Inc - 7 habits of empathic people - 12.01.2019

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In a busy, complex, stressful world, empathy is the glue that holds relationships together. Whether you want to connect with your colleagues, customers, or children, you need to master the art of empathetic communication.

Empathy is defined as the ability to detect other's emotions and understand their perspective. When people feel accepted and validated, it builds trust. It's what you need to comfort a grieving co-worker, get people on board with your ideas, or defuse tension with your boss, for example.

Humans are social beings and everyone has the capacity to develop empathy. It's a skill, and like any skill, empathy can be cultivated through intentional effort.

As an executive coach and human-behavior professor, I have an inside view into how the great leaders and high-performers practice empathy. Here are similarities I've observed in how they flex their feeling muscles.

1. They are fully present with others.

Empathetic people have a way of making you feel like you're the only one in the room. When they interact with someone, they give that person the gift of their full attention and respect, which is rare in today's hyper-distracted world.

2. They've mastered the art of active listening.

To truly support someone, you must first understand that person. Empathetic people take the time to understand their counterpart's priorities, preferences, and motivations. This requires listening non-judgmentally and leaving your assumptions at the door. Empathetic people use active listening skills to gain insight, including:

Reflecting: "What I'm hearing you say is..." or "It sounds to me like..."

Affirming: Smiling, nodding, or brief verbal affirmations like "I see" and "mm hmm"

Encouraging: "And then?"

3. They tune into nonverbal communication.

Communication runs deeper than words alone. If you notice someone tensing up, pulling away, or suddenly dodging eye contact, those are important clues that you can use empathy to reach out.

Rather than ignoring the emotion gently -- and with kindness -- ask them to describe what's happening for them. This gives people the freedom to share their feelings openly, knowing they won't be judged or criticized. Letting emotions flow freely can be a gateway to productive problem-solving.

4. They pause.

In an effort to be helpful, we often jump in to finish people's sentences, offer advice, or interrupt. Empathetic people know how powerful silence can be. They don't interrupt or talk over other people. They think before they speak.

5. They replace advice-giving with asking questions.

Instead of offering their opinion, empathetic people ask questions to better understand another person's perspective, like:

6. They speak in terms of "we," not "me."

Empathetic leaders shift to talking about how they'll tackle challenges as a team -- speaking in terms of "we" and "us" -- so other people feel empowered and supported.

Research shows changing your language is step toward adopting an empathic attitude. People who use more second-person pronouns are better at interpreting others' thoughts, feelings, and behaviors -- the essence of empathy.

When you want to genuinely connect with someone, create a bond by talking about your shared goals (i.e., "Let's talk about what we're going to do next to solve this," "We'll get through this").

7. They imagine others' point of view.

Empathetic people practice a skill called "perspective taking." In other words, they step into other people's shoes to imagine what fears they might be facing.

Do this exercise yourself by practicing (internally) to assume that person's point of view. Especially when you're dealing with a difficult person, it's important to assume positive intent. That is, give people the benefit of the doubt that they are coming from a respectful place, not a malicious one.

This mindset shift can do wonders for your mood and ensure you stay in an empathic state.

Even if you have moments where you're less compassionate than you'd like, following these highly empathic habits can help you keep what's important at the forefront: connection.

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In a busy, complex, stressful world, empathy is the glue that holds relationships together. Whether you want to connect with your colleagues, customers, or children, you need to master the art of empathetic communication. Empathy is defined as the ability to detect other's emotions and understand their perspective.

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YT - Stock market vocabulary - 12.01.2019

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YT - Stock market vocabulary - 12.01.2019

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English Lessons with Adam - Learn English [engVid]

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Business English Vocabulary: The Stock Market

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YT - The dark side of happiness - 19.12.2018

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YT - The dark side of happiness - 19.12.2018

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The Dark Side of Happiness | Meik Wiking | TEDxCopenhagen

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E - Europe needs a new approach to regulate AI - 16.12.2018

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E - Europe needs a new approach to regulate AI - 16.12.2018

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Image credit: Shutterstock

8 min read

Opinions expressed by Entrepreneur contributors are their own.

When many people think about artificial intelligence, it's in a science fiction, Terminator, Her or 2001, scenario. Groundbreaking sci-fi author Isaac Asimov's "laws of robotics" are often trotted out as a possible template for future legislation.
Related: Why Europe Will Come Out on Top in the Tech Race Between the U.S. and China
AI can be broadly defined as technology that mimics human-like intelligence. However, while we are a long way from the artificial sentience of Hollywood and pulp fiction blockbusters, Asimov's first law isn't actually a bad place to start: "A robot may not injure a human being or, through inaction, allow a human being to come to harm." Indeed, European Parliament member and author of the European Parliament's report on artificial intelligence, Mady Delvaux, noted these laws in her original report.

This has led many approaches to regulating AI to focus on liability and consumer protection, which are of course hugely important, but are not the whole story.

While it is a step in the right direction that Europe is focusing on creating these guidelines, our ethics-in-tech organization, the Good Technology Collective (GTC), believes that we also need to focus on measures of accountability that no one is yet talking about. For instance, what use are regulations if there is no real accountability? Some international technology companies find it easy to evade or avoid regulations that they consider onerous. Lawmakers need to start asking how they can ensure that these companies are held accountable.

Technology is already creating a lot of issues today, even before we throw widespread AI into the mix, including, but not limited to: tax evasion, consumer protection, monopolistic structures, gambling and negative social impact, as we are seeing with fake news and elections. We need to consider the broader impact of technology on human life, before it becomes a human rights issue.

If I build a bridge that is not safe, I'm held accountable. Journalists and doctors are self-governed by a strong set of ethical and moral codes that they are supposed to adhere to. But, that doesn't seem to be the case for tech. Regulation is already lagging decades behind. Tackling the problem of a theoretical robot uprising in the far future doesn't fix the present.
Related: European Businesses Need to Embrace Automation Before It's Too Late
The GTC believes that Europe needs to think about pushing for regulation that is global in scope, and ethics must play an integral part of that -- why not conceive of a UN charter for the interaction of humans and technology, or an international "ethics-in-tech" judicial organization like the International Criminal Court?

Of course, we believe that good regulation can help. For example, GDPR has already had a large impact in exposing security breaches, massive leaks and data selling data practices. But, we need to think bigger.

In a report published in September, the European Economic and Social Committee (EESC) called on the Commission to "define the relationship between humans and machines, how autonomous the latter can be, and how they will complement the work of human beings," and urged it to address these questions in the ethical guidelines.

"The EU needs to ensure that the AI revolution does not endanger the quality of work in Europe. Interactions between workers and machines must be regulated in such a way that humans never become underlings to machines," the EESC said.

Of course, no one is realistically arguing that AI, machine learning and decision-making algorithms don't have the potential for huge benefits to society: AI can relieve workers of boring, repetitive and dangerous tasks; speed up medical diagnosis; cut out redundancies in manufacturing and even enhance our social time just by suggesting the right song.

But, there are wider dangers, too -- and not just the risk of being hit by an autonomous car or malfunctioning drone. Applying transparent algorithms to sensitive decisions such as sentencing, recruitment, access to health care, immigration or asylum questions runs the risk of amplifying discrimination.
Related: Busting Myths About Europe's Tech Sector
Back in May, Access Now and Amnesty launched a joint declaration on human rights and AI at RightsCon 2018. The declaration focuses on the right to equality and non-discrimination and is also endorsed by Human Rights Watch and the Wikimedia Foundation.

Estelle Massé, senior policy analyst at Access Now, explained that both the public and private sectors have to work to promote and respect human rights in the digital age particularly in light of "growing evidence of the discriminatory harms by machine learning systems."

The declaration aims to establish itself as a widely accepted global ethics framework that is legally binding, full-blown legal instruments are lagging behind in most European countries. There is one good and clear reason for this: Most politicians do not understand AI or machine learning. The big tech companies have, with some validity, argued that governments should not rush to regulate something they -- and increasingly even the technologists -- don't understand.

The European Commission, for its part, wants the EU to become the world leader in ethically responsible AI. It sees AI as having huge potential to boost the EU economy if it can be "put ... at the service of European citizens and boost Europe's competitiveness, while guaranteeing highest European standards for personal data protection."

But that costs money. In April, Vice President for the Digital Single Market Andrus Ansip said the EU needs to invest at least €20 billion by the end of 2020. Putting its money where its mouth is, the Commission is increasing its investment to €1.5 billion for the period 2018-2020 under the Horizon 2020 research and innovation program. This investment is expected to trigger an additional €2.5 billion of funding from existing public-private partnerships, for example on big data and robotics.

The EU does not have same level of funding as the United States or China and this needs to be rectified, pointed out Delvaux.
Related: Why Europe Is Facing a Digital Skills Crisis
The Commission says it is encouraging member states to modernize their education and training systems and support labor market transitions, building on the European Pillar of Social Rights.

"As with any transformative technology, artificial intelligence may raise new ethical and legal questions, related to liability or potentially biased decision-making. New technologies should not mean new values. The Commission will present ethical guidelines on AI development by the end of 2018, based on the EU's Charter of Fundamental Rights, taking into account principles such as data protection and transparency, and building on the work of the European Group on Ethics in Science and New Technologies," said the Commission.

However, Pekka Ala-Pietilä, former president of Nokia and tech entrepreneur, who is heading up the Commission's expert group on AI, is known to take the view that no regulation is better than bad regulation, the guidelines will be just that -- guides for how to behave, not fixed rules with penalties.

But, AI is a general-purpose technology, and its development already falls under other legislative proposals. The GDPR already sets out the rules for data-driven innovation, and the Commission has also vowed to update the interpretation of the Product Liability Directive by mid-2019 in the light of technological developments.

"The EU has to grasp immediately to ensure it is setting the global standard, not following it. We are already seeing different member states across Europe adopting national legislation which has endangered our cohesion and risks fracturing our market. The European Commission has promised to come forward with legislative packages next year, but this is already getting too late," warned Delvaux.

The European Commission has identified several key consumers areas such as the risk of discrimination, lack of information and control of data.

European consumer rights group BEUC has called on the Commission to implement some specific rules including: "A set of transparency obligations to make sure consumers are informed when using AI-based products and services, particularly about the functioning of the algorithms involved and rights to object automated decisions; specific safety standards for AI products and adequate powers for market surveillance authorities so that unsafe or potentially insecure AI products or services are not placed on the market; and updated rules on product liability to ensure that consumers are better protected if they suffer damage or harm because of products running on AI technology."

But, if the EU really wants to become a global leader, it needs to start fixing the issues that we already face with tech giants today. We must address existing problems before we start thinking about the future. And whatever solutions we come up with, they must be evidence-based. Otherwise, we will end up with regulation that doesn't make sense, supports tech giants in their unrestrained growth, and cripples innovation.

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Europe Needs a New Approach to Regulating Artificial Intelligence

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8 min read Opinions expressed by Entrepreneur contributors are their own. When many people think about artificial intelligence, it's in a science fiction, Terminator, Her or 2001, scenario. Groundbreaking sci-fi author Isaac Asimov's "laws of robotics" are often trotted out as a possible template for future legislation.

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Inc - 5 tiny tweaks to your daily routine - 04.12.2018

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Inc - 5 tiny tweaks to your daily routine - 04.12.2018

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There are many elements associated with high levels of productivity. Ask any given person how to be productive and you're most likely going to be inundated with a plethora of suggestions. But at its core, productivity comes down to your energy and flow state (or being "in the zone," as some call it).

Without those two elements, it's impossible to be your most productive self. Getting those two elements firing on all cylinders doesn't need to be complicated. In fact, implementing these five tiny tweaks to your daily routine will set you on the right path.

1. Start and end your day like Benjamin Franklin.

The daily and meticulous routine of this historical figure has been well-documented. While his daily schedule is the most popular thing that people share from his autobiography, the biggest benefit to my productivity has come from implementing his two daily questions.

During breakfast, Franklin asked himself, "What good shall I do this day?" and at night, he asked, "What good have I done today?"

If you're anything like me, you probably have an ambitious and aggressive daily to-do list that can sometimes become bloated with actions that aren't moving the needle forward. Asking these two questions will help you remove what's unnecessary from your day and overall work life.

Anchoring your day with these two questions keeps your goal top of mind and leads to a higher probability that you'll stay in alignment with what you're trying to achieve.

2. Go to sleep and wake up at the same times.

In an effort to get more done, many entrepreneurs are tempted to cut sleep. This approach is counterproductive. While you're sleeping, not only are you recovering from your daily activities but you're also consolidating your memories and new information into long-term knowledge.

As humans, we're creatures of habit, and finding a consistent sleep rhythm is pivotal. The habit that delivers the largest ROI to improving your sleep and energy, according to a Fitbit study in March 2017, is to consistently go to sleep around the same time.

One to two hours daily of lost sleep quietly wreaks havoc on your productivity and energy. Pick a consistent sleep time and wake-up time that also allow you enough time in the morning to slowly ease into the day.

3. Consume quality food and water before coffee.

Your car isn't going to make it far without fuel, and you're not going to perform at a high level without quality nutrients in your body. It's not just food. It's water, also.

In fact, being dehydrated by as little as 1 percent can lead to a decrease in positive mood and cognitive abilities, according to a study published in The Journal of Nutrition in February 2012.

Before reaching for your morning espresso, properly rehydrate by drinking 20 to 32 ounces of water. To save time, I have a morning smoothie that has my water and fruits and vegetables all thrown in together.

4. Schedule and name your work sessions.

It's imperative to get into a flow state in which you're completely focused on the task at hand. A random mental trick I learned more than a year ago is to name my work sessions. Give them specific names and objectives.

If you think about it, we're playing numerous roles and characters in our day-to-day life. Why not bring that spirit to our work? Instead of thinking that you have to write each morning, create an avatar and specific mission for your writing.

5. Take breaks to reenergize yourself.

This can look different to each of us. However, what's most important is to separate yourself from your work and de-stress. This time is ideal for a walk in nature, eating some healthy food, making a green juice, finding funny materials to get some laughs in, or listening to an audiobook to stay inspired.

Some people like the 25-minute Pomodoro technique, but I prefer longer work sessions and then a break. Think and act like a scientist, and experiment until you find your winning regimen.

If you desire to create more energy and become more productive, start with addressing the tiny and everyday habits before adding more complex tactics to your life.

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5 Tiny Tweaks to Your Daily Routine That Will Double Your Energy and Productivity

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There are many elements associated with high levels of productivity. Ask any given person how to be productive and you're most likely going to be inundated with a plethora of suggestions. But at its core, productivity comes down to your energy and flow state (or being "in the zone," as some call it).

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E - How U.K. startups can improve Britains image after Brexit - 04.12.2018

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E - How U.K. startups can improve Britains image after Brexit - 04.12.2018

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Image credit: Shutterstock

7 min read

Opinions expressed by Entrepreneur contributors are their own.

The Brexit vote was a major turning point in Britain's national history, and the outcome will be the start of a new era. An era full of questions around the nation's global position. Regardless of what side of the Brexit fence you fall, you'll agree that how Britain is perceived by the global community will be more important than ever for the nation's future moving forward.
Related: Irish Border Town Businesses Will Suffer Without a Sensible Brexit Deal
As an immigrant brand consultant, I assure you that Britain has an incredibly powerful brand outside this country. I've been involved in 100-plus startup investment campaigns over the past three years, and through meeting a lot of the teams involved, I know how passionately they're working toward their mission. So, why not harness that powerful startup energy to develop existing, top ranking brands and empower Britain's own global image?

The British government and other national institutions have been fighting to secure the future of the fifth largest economy in the world, but there's no guarantee of success. The jobs and frictionless trade could be saved through the sorts of discussions that go on behind closed doors, but it's no secret that across the EU there's a battle to take over the City of London's position as a global financial capital.

The big boys of the old economy still hold the power majority in global trade, and governments decide whom to trade with and how, but they lack one important thing due partly to the digital transformation of business and partly to the nature of their existence: a direct influence on the foreign consumer.

A survey shows that Britain's people are more trusted than their government.

Every year, the British Council conducts its From The Outside In survey, looking at how young people living in the G20 countries perceive the U.K. That survey shows the general appeal of the U.K. hasn't changed after the Brexit vote, with 71 percent of people still finding the U.K. attractive.

There are three other key findings within that research, post-Brexit:

1. The U.K.'s people are trusted more than its government or institutions.

2. Globally, people think the U.K. population are less open and more patriotic.

3. Nineteen percent said they're less likely to do business with the U.K., 14 percent are more likely to do so, and 52 percent said it won't have any impact.

These findings should encourage startups to adjust what they think of their position in the global economy, recognize the strong strategic foundation they have, and consider how they can strengthen that position using branding and communications.
Related: U.K.-Based Entrepreneurs Are Sleep-Walking Into Brexit
If the government can't rebuild Britain's positive image, then who?

The rise of the shared economy and nature of startup culture equips those involved with a powerful weapon: openness. It's no secret that almost every London workspace is now like a UN office, working toward global community. This openness is reflected in the marketing campaigns, user experiences, designs and products being serviced to the world.

Besides, the digital transformation and high connectivity of global economies made businesses part of national brands. When Tim Cook stood against the government to protect people's privacy, he executed a multimillion-dollar brand positioning campaign with zero cost.

But, why startups? How dare we have the same privileges as Apple? Below are three concrete reasons why startups can use the same tactics as much larger, globally established companies to grow brand awareness and client base.

U.K. startups are already leading the global race to attract global investment, leveraging the "London effect."

Startups are agile enough to adapt to the changing economic climate.

Startups have smaller teams, making it easier to build more "human" brands.

There is an issue to overcome: Many people in Britain aren't aware of the real value of a British brand. And if they are aware, almost none can see why. I believe the answer runs as deep as it does wide: history, cultural institutions, universities, democracy and best of all, "the system." Regardless of how smoothly it works, it works.
Related: How Will Brexit Affect the Sale of My Business?
So, what can startups do to grow together with Britain's own, national brand?
1. Show your product or service really works.
As I mentioned, people outside Britain know there is a functioning system in place that works, regardless of the people running it. We can complain about the NHS's performance or the sluggish pace of government office responses, but the infrastructure still works, and this is a huge part of external perception.

There's a certain expectation that any product made in Britain is engineered to precision and would work well. This also means there's an expectation for the U.K. to provide a topnotch brand experience across different platforms, from the product/service itself and customer relations, to social media content and ads.

Be sure to provide your customer base with the best you can offer and take good care of your product.
2. Introduce cultural codes to your customer relationships.
The general global perception of British people is that they're kind, with good manners. It's an incredibly valuable asset for any brand to use when communicating with their audience.

Simply build your business relationships, be it B2C or B2B, using your cultural communication codes like kindness and patience (yes, this really is how other countries think of Brits). Knowing that they're engaging with a brand made in Britain, people will expect to have the "English" experience they've heard of, seen in popular culture or have already experienced.

In particular, make use of the crisp British accent where possible, in video campaigns, podcasts, social media posts or direct sales activities. A clear British accent is easy for foreigners to understand, will genuinely charm your audiences and will have a positive influence on their decision-making process.
Related: 3. Balance your brand experience with openness. Why I'm Moving My Company From the U.K. to the Continent
I don't think there's a single person that doesn't know about the Brexit vote. It's no stretch to conclude that Brits are intolerant to foreigners and cultural differences.

In your marketing campaigns, products or services, try to create a visual and verbal language that actively avoids alienating people from different backgrounds. And no, using models from the Far East or featuring fifty shades of skin color is not what I mean.

Create a system that has something for everyone within your target market. To do so, use design as a tool to develop the right UX and UI systems, giving the feeling of both open-mindedness and acceptance.

Here's an example to visualize: Square forms convey messages evoking trustworthy feelings, while round forms remind people of flexibility and adaptability. Depending on the medium you use, picking the right usage of forms and colors can help you convey the right message simply, and without saying, "We are open-minded."

To summarize, U.K. entrepreneurs are all responsible for contributing to the future of Britain's economy and working together with our EU counterparts to develop holistic prosperity for the wider global community. Regardless of the result of the Brexit vote and inter-governmental relationships, clearly the world still trusts the British people, wants to sustain existing good relationships and to do business with them. This is a moment that U.K. startups can take advantage of and spearhead the efforts to grow U.K. economy even further.

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How U.K. Startups Can Improve Britain's Image After Brexit by Empowering Their Own Brands

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7 min read Opinions expressed by Entrepreneur contributors are their own. The Brexit vote was a major turning point in Britain's national history, and the outcome will be the start of a new era. An era full of questions around the nation's global position.

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Quit social media | Dr. Cal Newport | TEDxTysons

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WSJ - Facial recognition tech - 29.12.2018

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WSJ - Facial recognition tech - 29.12.2018

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Facial Recognition Tech Aims to Identify Good and Evil

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Facial recognition is going mainstream. The technology is increasingly used by law-enforcement agencies and in schools, casinos and retail stores, spurring privacy concerns. In this episode of Moving Upstream, WSJ's Jason Bellini tests out the technology at an elementary school in Seattle and visits a company that claims its algorithm can identify potential terrorists by their facial features alone.

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WSJ - The columnists on luck - 29.12.2018

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WSJ - The columnists on luck - 29.12.2018

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Chef Yotam Ottolenghi, artist Lorna Simpson, designer Karl Lagerfeld and others discuss luck--and whether they believe in it--in this final episode of WSJ. Magazine's series, The Columnists.

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BI - Deutsche Bank raided by police - 29.12.2018

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BI - Deutsche Bank raided by police - 29.12.2018

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Deutsche Bank's Frankfurt, Germany, offices were searched as part of a Panama Papers-linked investigation.

The bank is being investigated over money-laundering suspicions raised by the 2016 data leak.

The German lender is under increasing pressure, and its shares are plunging.

Six Deutsche Bank branches were searched Thursday in a money-laundering investigation linked to the 2016 Panama Papers data leak. The company's shares dropped.

In total, 170 prosecutors, police officers, and tax inspectors took part in the raid, according to a statement from the prosecutor's office in Frankfurt, Germany. Two bank employees, ages 50 and 46, were targeted as suspects in the case, according to the statement. Deutsche Bank shares fell as much as 3% on the news and were down 2.6% as of 11:20 a.m. in Frankfurt (5:20 a.m. ET).

According to prosecutors, Deutsche Bank is suspected of aiding some 900 customers in setting up offshore companies in tax havens. Prosecutors have reportedly said roughly 311 million euros ($354 million) is believed to have been laundered, citing information from the so-called Panama Papers.

"We confirm that the police are currently conducting an investigation at a number of our offices in Germany," the bank said in a statement. "The investigation relates to the Panama Papers. We will be issuing further details in due course. We are cooperating fully with the authorities."

It's been a tough few weeks for Deutsche after reports that its head of the Americas, Tom Patrick, would leave the bank by year-end alongside a raft of other senior management changes. The bank's stock fell last week after Citigroup's CEO, Michael Corbat, dismissed merger talk between the two lenders.

Deutsche was also embroiled in the Danske Bank scandal, adding to a growing list of concerns for the Frankfurt-based lender.

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Deutsche Bank's headquarters are being raided by police as part of a Panama Papers probe

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Deutsche Bank's Frankfurt, Germany, offices were searched as part of a Panama Papers-linked investigation. The bank is being investigated over money-laundering suspicions raised by the 2016 data leak. The German lender is under increasing pressure, and its shares are plunging. Six Deutsche Bank branches were searched Thursday in a money-laundering investigation linked to the 2016 Panama Papers data leak.

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It's OK to be bored at work - in fact, sometimes it's advisable.

That's according to Lindsay Gordon, a career coach and a former Google employee.

Gordon said if the job fulfills your top values, like financial security, then it might be worth keeping.

Plus, a boring job can afford you time and energy to spend on hobbies and family life.

Lindsay Gordon remembers one of her early career-coaching clients: a high-powered lawyer who was making a lot of money.

The only problem? "She was pretty bored at work," Gordon said. "She was feeling underutilized and not challenged and all of her friends were constantly telling her, 'You should not stay in this boring job!'"

But instead of helping the woman launch a search for a more fulfilling job, Gordon took a step back. She guided the woman in some exercises to figure out her most important values.

As it turned out, financial stability was at the top, largely since the woman had a young child. And financial stability was exactly what the woman's "boring" job provided.

Gordon runs career-coaching company A Life of Options; she previously worked at Google, most recently as a career development and team culture program manager. On her blog, she has a post titled " It's OK to Have a Boring Job" - an argument she describes as "revolutionary" to many people.

In the blog post, Gordon writes that some clients react to this message with "incredible relief that their job doesn't have to be everything to them." Others realize that they do in fact want to be excited about something they spend so much time on.
Read more: I went to a career coach so you don't have to - and it was a rude awakening
The high-powered lawyer Gordon worked with was in the first group.

Once the woman heard that it was fine to have a boring job, Gordon told me, "it really reframed her entire experience of her job because being able to provide for her family and have financial stability was the No. 1 important thing for her."

A boring job can allow you to dedicate time and energy to other pursuits

For many people, Gordon added, a boring job has a lot of advantages, like being able to dedicate time and energy to experiences outside of work. Think hobbies, volunteering, or simply spending time with family. One client worked eight-hour days and spent the rest of his time writing a novel.

Gordon's clients aren't the only people seeking validation in their choice of a boring job.

Over on Reddit, Pete_Worst wrote that he was looking specifically for an "office job that is 9-5 and requires no additional thought once you clock out." Pete_Worst added, "I know that seems lazy and unambitious, but I just can't help wanting a 'normal' job. All of my professional jobs have been drama-filled (working with individuals with disabilities) and very emotionally exhausting."

Some people responded urging Pete_Worst to find work that is fulfilling; others were more sympathetic. As profoundlybored put it, "priorities vary from person to person, so it's entirely likely that one person's 'boring and monotonous' is another person's 'stable and predictable.'"

The key, Gordon said, is figuring out what works for you, at this point in your life. In the blog post, Gordon writes that "just because you choose a boring job at this stage of life doesn't mean that you won't want to challenge yourself more in your job in the future, or vice versa."

Gordon told me, "If it's a boring job, and your friends are telling you that you need a change. but you know that it works for you, [you should be] able to feel good and confident in that position."

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A former Googler and career coach tells clients with boring jobs that it's OK, and it can even be a good thing

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It's OK to be bored at work - in fact, sometimes it's advisable. That's according to Lindsay Gordon, a career coach and a former Google employee. Gordon said if the job fulfills your top values, like financial security, then it might be worth keeping.

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Business English Pod - Learn Business English

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Legal English Vocabulary VV 27 - Contract Law (Lesson 2) | Business English Vocabulary

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F - Seven deadly sins of crisis management - 25.11.2018

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F - Seven deadly sins of crisis management - 25.11.2018

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Wall Street's Investment Bankers used to be called the Masters of the Universe, but that seems so last millennium now. As the mantle of unbridled self-confidence and ego has moved westward, many new "Tech Masters" have surpassed their predecessors in over-confidence, over-estimation of how powerful they are, and in how badly they can get things wrong. Crisis, of course, ensues.

Facebook showcases the whole issue. Every industry and every generation feels invulnerable as long as everything is going their way. And the behemoth that Mark Zuckerberg built has led the pack. But when a fall from grace comes, as it has come for Facebook (through their own mistakes says yesterday's blockbuster New York Times article " Delay, Deny, Deflect: How Facebook Leaders Leaned Out in Crisis"), it shakes the world. At least the cyber world, and all who live or visit there.

Crisis demands the ability to see clearly, the humility to admit mistakes readily, and the courage to do whatever it takes to fix those mistakes immediately. If you can't do this, you are committing one or more of the seven deadly cardinal sins of crisis management. Facebook, it turns out, has committed all seven:

Truth-Shifting: Believing that what you say is true is true -- just because you say it is. We all know that truth has lost its primacy these days. But corporate executives (unlike politicians perhaps) still cannot lie with impunity and think they can get away with it. Maybe sometimes they will, but in the most egregious situations, the truth will rear up... and bite them. When Facebook CEO Mark Zuckerberg stood up in front of Congress and admitted Facebook had made mistakes in granting data access to companies like Cambridge Analytica, he ignored the the fact that previously, Facebook had been strongly denying the influence of Russian hackers on its platform. The cognitive dissonance, when pointed out, was damaging.

Self-Importance: Believing that your product or service is just too important to fail. Now, I LOVE Facebook, and have since the moment I could join. It has immeasurably improved the quality of my life, and my connection to friends. And billions of people feel the same way. But, Facebook can still alienate them permanently. There is a tipping point of arrogance that an organization simply can not recover from. Rome burned; the Renaissance faded; and Facebook can be replaced if they are not very, very careful.

Letting denial or calculation impede a swift response: Speed matters in today's world, and no one should know it better than Facebook. Information and misinformation transit the globe at the speed of light on their platform. Yet, once word of Cambridge Analytica came out, and the outrage began, Facebook went radio silent for over 3 days - longer than it took Johnson & Johnson to decide to take Tylenol capsules off the market after some had been laced with cyanide...in 1986! This was a shocking example of internal disarray that allowed Facebook's own voice to be drowned out by its critics.

Going on the offense when you should be tearing down your defenses: As corporations adopt some of the worst traits of political campaigns, they are forgetting that while America can tend to forgive transgressions when a company fesses up quickly, they will punish organizations when they too visibly go on the offense. It works in sports, and it works in politics sometimes...but when Facebook hired political strategists to obfuscate facts, deflect attention to competitors, bad mouth them, and deny reality, they were really ignoring the best strategy open to them - come clean, apologize, and fix the situation as quickly and thoroughly as possible. The result of going on the offense is often socially inept, tone-deaf, reprehensible behavior that is called out by the public - especially customers.

Ignoring the Good Will: Building trust and a reserve of good will has never been more important, but never more evanescent, than today. "What have you done for me lately?" has turned into "What have you done for me in the past Nanosecond?" It's an endless treadmill in the social media whirlwind world -- but it can't be ignored. In a world populated by more and more haters, even Masters of the Universe can't count on universal good will. They need to redefine their value proposition continually...and subsume their pride and certainty to the will of their customers. Facebook forgot this critical lesson, as they possibly took their power and good will for granted.

Ducking the Blame: You can not fight off undeniable blame with bluster (even if you have in the past.) Facebook should have known better. Bluster is not a holding strategy while you fix things, or worse, while you don't. The ONLY way to face an extinction-level mistake is to humbly, immediately, and stunningly admit your failure: step into the blame. Think of it as a trip to the corporate confessional. You've got to admit your sins, fix them, and do your penance. And in this case, that penance needs to be very public indeed.

Inability to Apologize: Apologies can be highly under-rated by Masters of the Universe: "What, ME apologize? Never." But just as non-apologizers make bad spouses, they also make bad leaders. Not admitting your mistakes makes folks want to "get you" even more. Similarly, if you do apologize, but it is disingenuous - such as Mr. Zuckerberg's "apology tour" happening at the exact time that Facebook was on the attack against its critics - no one will trust you. And trust today is the most powerful and elusive currency there is.

Choosing pragmatism over idealism: Idealism puts you on the side of the angels, and gives you a laudable, relatively bullet-proof defense in a crisis. Pragmatism, on the other hand, comes across as ethically-challenged, soulless, money-grubbing and indefensible. When Facebook chose to pull back on its findings regarding Russian meddling, it chose pragmatism over idealism - provoking fury from many loyalists.

And finally, the eighth deadly sin is to get into a pitched battle with The New York Times. The old adage used to be: "Never get into a battle with those who buy ink by the barrel. You are destined to lose, at least your reputation."

Today the battleground has moved to electrons...as Facebook's virtual powerhouse platform battles The Times ' virtual investigative powerhouse. But mass headlines are still winning over targeted news feeds for at least a while longer...and any company ignores that lesson at its own peril.

I am a global crisis, risk, and reputation strategist working at the highest levels to help create, enhance and save reputations and coach organizational leaders. I am the founder of Temin and Company, a boutique management consulting firm focused on providing world-class m...
Davia Temin, CEO of crisis management firm Temin & Company, helps create, enhance and save reputations at board and executive levels. She is also an Advisor to Springboard.ai. Twitter: @DaviaTemin

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When Masters Of The Universe Fall--How Facebook Committed The 7 Deadly Sins Of Crisis Management

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Crisis demands the ability to see clearly, the humility to admit mistakes readily, and the courage to do whatever it takes to fix those mistakes immediately. If you can't do this, you've committing 1 or more of the 7 deadly sins of crisis management. Facebook, it turns out, has committed all 7.

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IP - Forces behind interest rates - 16.11.2018

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IP - Forces behind interest rates - 16.11.2018

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An interest rate is the cost of borrowing money. Or, on the other side of the coin, it is the compensation for the service and risk of lending money. In both cases it keeps the economy moving by encouraging people to borrow, to lend, and to spend. But prevailing interest rates are always changing, and different types of loans offer different interest rates. If you are a lender, a borrower, or both, it's important you understand the reasons for these changes and differences.​ They also have a heavy effect on the rare metals trade, including silver stocks.

Key Takeaways

Lenders and Borrowers

The money lender takes a risk that the borrower may not pay back the loan. Thus, interest provides a certain compensation for bearing risk. Coupled with the risk of default is the risk of inflation. When you lend money now, the prices of goods and services may go up by the time you are paid back, so your money's original purchasing power would decrease. Thus, interest protects against future rises in inflation. A lender such as a bank uses the interest to process account costs as well.

Borrowers pay interest because they must pay a price for gaining the ability to spend now, instead of having to wait years to save up enough money. For example, a person or family may take out a mortgage for a house for which they cannot presently pay in full, but the loan allows them to become homeowners now instead of far into the future.

Businesses also borrow for future profit. They may borrow now to buy equipment so they can begin earning those revenues today. Banks borrow to increase their activities, whether lending or investing and pay interest to clients for this service.

Interest can thus be considered a cost for one entity and income for another. It can represent the lost opportunity or opportunity cost of keeping your money as cash under your mattress as opposed to lending it. And if you borrow money, the interest you have to pay could be less than the cost of forgoing the opportunity of having access to the money in the present.

How Interest Rates are Determined

Supply and Demand

Interest rate levels are a factor of the supply and demand of credit: an increase in the demand for money or credit will raise interest rates, while a decrease in the demand for credit will decrease them. Conversely, an increase in the supply of credit will reduce interest rates while a decrease in the supply of credit will increase them.

An increase in the amount of money made available to borrowers increases the supply of credit. For example, when you open a bank account, you are lending money to the bank. Depending on the kind of account you open (a certificate of deposit will render a higher interest rate than a checking account, with which you can access the funds at any time), the bank can use that money for its business and investment activities. In other words, the bank can lend out that money to other customers. The more banks can lend, the more credit is available to the economy. And as the supply of credit increases, the price of borrowing (interest) decreases.

Credit available to the economy decreases as lenders decide to defer the repayment of their loans. For instance, when you choose to postpone paying this month's credit card bill until next month or even later, you are not only increasing the amount of interest you will have to pay but also decreasing the amount of credit available in the market. This, in turn, will increase the interest rates in the economy.

Inflation will also affect interest rate levels. The higher the inflation rate, the more interest rates are likely to rise. This occurs because lenders will demand higher interest rates as compensation for the decrease in purchasing power of the money they are paid in the future.

Government

The government has a say in how interest rates are affected. The U.S. Federal Reserve (the Fed) often makes announcements about how monetary policy will affect interest rates.

The federal funds rate, or the rate that institutions charge each other for extremely short-term loans, affects the interest rate that banks set on the money they lend. That rate then eventually trickles down into other short-term lending rates. The Fed influences these rates with "open market transactions," which is the buying or selling of previously issued U.S. securities. When the government buys more securities, banks are injected with more money than they can use for lending, and the interest rates decrease. When the government sells securities, money from the banks is drained for the transaction, rendering fewer funds at the banks' disposal for lending, forcing a rise in interest rates.﻿﻿

Types of Loans

Of the factors detailed above, supply and demand are, as we implied earlier, the primary forces behind interest rate levels. The interest rate for each different type of loan, however, depends on the credit risk, time, tax considerations (particularly in the U.S.), and convertibility of the particular loan.

Risk refers to the likelihood of the loan being repaid. A greater chance that the loan will not be repaid leads to higher interest rate levels. If, however, the loan is "secured," meaning there is some sort of collateral that the lender will acquire in case the loan is not paid back (i.e., such as a car or a house), the rate of interest will probably be lower. This is because the risk factor is accounted for by the collateral.

For government-issued debt securities, there is, of course, minimal risk because the borrower is the government. For this reason, and because the interest is tax-free, the rate on treasury securities tends to be relatively low.

Time is also a factor of risk. Long-term loans have a greater chance of not being repaid because there is more time for the adversity that leads to default. Also, the face value of a long-term loan, compared to that of a short-term loan, is more vulnerable to the effects of inflation. Therefore, the longer the borrower has to repay the loan, the more interest the lender should receive.

Finally, some loans that can be converted back into money quickly will have little if any loss on the principal loaned out. These loans usually carry relatively lower interest rates.

The Bottom Line

As interest rates are a significant factor of the income you can earn by lending money, of bond pricing and of the amount you will have to pay to borrow money, it is important that you understand how prevailing interest rates change: primarily by the forces of supply and demand, which are also affected by inflation and monetary policy. Of course, when you are deciding whether to invest in a debt security, it is important to understand how its characteristics determine what kind of interest rate you can receive.

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What Are the Forces Behind Interest Rates and What Causes Them to Rise?

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An interest rate is the cost of borrowing money. Or, on the other side of the coin, it is the compensation for the service and risk of lending money. In both cases it keeps the economy moving by encouraging people to borrow, to lend, and to spend.

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IP - How do interest rates affect the stock market - 16.11.2018

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IP - How do interest rates affect the stock market - 16.11.2018

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The investment community and the financial media tend to obsess over interest rates-the cost someone pays for the use of someone else's money- and with good reason. When the Federal Open Market Committee (FOMC) sets the target for the federal funds rate at which banks borrow from and lend to each other, it has a ripple effect across the entire U.S. economy, not to mention the U.S. stock market. And, while it usually takes at least 12 months for any increase or decrease in interest rates to be felt in a widespread economic way, the market's response to a change (or news of a potential change) is often more immediate.

Understanding the relationship between interest rates and the stock market can help investors understand how changes might affect their investments and how to make better financial decisions.

The Interest Rate That Impacts Stocks

The interest rate that moves markets is the federal funds rate. Also known as the overnight rate, this is the rate depository institutions are charged for borrowing money from Federal Reserve banks.

The federal funds rate is used by the Federal Reserve (the Fed) to attempt to control i nflation. Basically, by increasing the federal funds rate, the Fed attempts to shrink the supply of money available for purchasing or doing things, by making money more expensive to obtain. Conversely, when it decreases the federal funds rate, the Fed is increasing the money supply and, by making it cheaper to borrow, encouraging spending. Other countries' central banks do the same thing for the same reason.

Here is a chart from the Fed showing fluctuations in the federal funds rate over the past 20 years:

Why is this number, what one bank pays another, so significant? Because the prime interest rate-the interest rate commercial banks charge their most credit-worthy customers-is largely based on the federal funds rate. It also forms the basis for mortgage loan rates, credit card annual percentage rates (APRs) and a host of other consumer and business loan rates.

What Happens When Interest Rates Rise?

When the Fed increases the federal funds rate, it does not directly affect the stock market. The only truly direct effect is that borrowing money from the Fed is more expensive for banks. But, as noted above, increases in the federal funds rate have a ripple effect.

Because it costs them more to borrow money, financial institutions often increase the rates they charge their customers to borrow money. Individuals are affected through increases to credit card and mortgage interest rates, especially if these loans carry a variable interest rate. This has the effect of decreasing the amount of money consumers can spend. After all, people still have to pay the bills, and when those bills become more expensive, households are left with less disposable income. This means people will spend less discretionary money, which will affect businesses' revenues and profits.

But businesses are affected in a more direct way as well because they also borrow money from banks to run and expand their operations. When the banks make borrowing more expensive, companies might not borrow as much and will pay higher rates of interest on their loans. Less business spending can slow the growth of a company; it might curtail expansion plans or new ventures, or even induce cutbacks. There might be a decrease in earnings as well, which, for a public company, usually means the stock price takes a hit.

Interest Rates and the Stock Market

So now we see how those ripples can rock the stock market. If a company is seen as cutting back on its growth or is less profitable-either through higher debt expenses or less revenue-the estimated amount of future cash flows will drop. All else being equal, this will lower the price of the company's stock. (For related reading, see: Taking Stock of Discounted Cash Flow.)

If enough companies experience declines in their stock prices, the whole market, or the key indexes (e.g., Dow Jones Industrial Average, S&P 500) many people equate with the market, will go down. With a lowered expectation in the growth and future cash flows of the company, investors will not get as much growth from stock price appreciation, making stock ownership less desirable. Furthermore, investing in equities can be viewed as too risky compared to other investments.

However, some sectors do benefit from interest rate hikes. One sector that tends to benefit most is the financial industry. Banks, brokerages, mortgage companies and insurance companies' earnings often increase as interest rates move higher, because they can charge more for lending.

Interest Rates and the Bond Market

Interest rates also affect bond prices and the return on CDs, T-bonds and T-bills. There is an inverse relationship between bond prices and interest rates, meaning as interest rates rise, bond prices fall, and vice versa. The longer the maturity of the bond, the more it will fluctuate in relation to interest rates. (For related reading, see: How Bond Market Pricing Works.)

When the Fed raises the federal funds rate, newly offered government securities, such Treasury bills and bonds, are often viewed as the safest investments and will usually experience a corresponding increase in interest rates. In other words, the "risk-free" rate of return goes up, making these investments more desirable. As the risk-free rate goes up, the total return required for investing in stocks also increases. Therefore, if the required risk premium decreases while the potential return remains the same or dips lower, investors might feel stocks have become too risky and will put their money elsewhere.

What Happens When Interest Rates Fall?

When the economy is slowing, the Federal Reserve cuts the federal funds rate to stimulate financial activity. A decrease in interest rates by the Fed has the opposite effect of a rate hike. Investors and economists alike view lower interest rates as catalysts for growth-a benefit to personal and corporate borrowing, which in turn leads to greater profits and a robust economy. Consumers will spend more, with the lower interest rates making them feel they can finally afford to buy that new house or send the kids to a private school. Businesses will enjoy the ability to finance operations, acquisitions and expansions at a cheaper rate, thereby increasing their future earnings potential, which, in turn, leads to higher stock prices.

Particular winners of lower federal funds rates are dividend-paying sectors such as utilities and real estate investment trusts (REITs). Additionally, large companies with stable cash flows and strong balance sheets benefit from cheaper debt financing. (For related reading, see: Do Interest Rate Changes Affect Dividend Payers?)

Impact of Interest Rates on Stocks

Nothing has to actually happen to consumers or companies for the stock market to react to interest-rate changes. Rising or falling interest rates also affect investors' psychology, and the markets are nothing if not psychological. When the Fed announces a hike, both businesses and consumers will cut back on spending, which will cause earnings to fall and stock prices to drop, everyone thinks, and the market tumbles in anticipation. On the other hand, when the Fed announces a cut, the assumption is consumers and businesses will increase spending and investment, causing stock prices to rise.

However, if expectations differ significantly from the Fed's actions, these generalized, conventional reactions may not apply. For example, let's say the word on the street is the Fed is going to cut interest rates by 50 basis points at its next meeting, but the Fed announces a drop of only 25 basis points. The news may actually cause stocks to decline because assumptions of a 50-basis-points cut had already been priced into the market.

The business cycle, and where the economy is in it, can also affect the market's reaction. At the onset of a weakening economy, the modest boost provided by lower rates is not enough to offset the loss of economic activity, and stocks continue to decline. Conversely, towards the end of a boom cycle, when the Fed is moving in to raise rates-a nod to improved corporate profits-certain sectors often continue to do well, such as technology stocks, growth stocks and entertainment/recreational company stocks.

The Bottom Line

Although the relationship between interest rates and the stock market is fairly indirect, the two tend to move in opposite directions: as a general rule of thumb, when the Fed cuts interest rates, it causes the stock market to go up; when the Fed raises interest rates, it causes the stock market as a whole to go down. But there is no guarantee how the market will react to any given interest rate change the Fed chooses to make.

(For related reading, see: 5 Ways to Play the Stock Market After an Interest Rate Hike.)

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How Do Interest Rates Affect the Stock Market?

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The investment community and the financial media tend to obsess over interest rates-the cost someone pays for the use of someone else's money- and with good reason. When the Federal Open Market Committee (FOMC) sets the target for the federal funds rate at which banks borrow from and lend to each other, it has a ripple effect across the entire U.S.

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WSJ - Is the European Union economic recovery here to stay? - 13.11.2018

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WSJ - Is the European Union economic recovery here to stay? - 13.11.2018

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1/30/2018 1:21PM

Global leaders at the World Economic Forum in Davos, Switzerland, were upbeat about the European Union's economic growth prospects. Most agreed the region offers attractive investment opportunities despite doubts over the impact of Brexit. Photo: Getty Images

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Is the European Union Economic Recovery Here to Stay?

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1/30/2018 1:21PM Global leaders at the World Economic Forum in Davos, Switzerland, were upbeat about the European Union's economic growth prospects. Most agreed the region offers attractive investment opportunities despite doubts over the impact of Brexit. Photo: Getty Images

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TG - Skills shortages harming UK business - 13.11.2018

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TG - Skills shortages harming UK business - 13.11.2018

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uk unemployment and employment statistics

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Skills shortages harming UK business, employers warn

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Figures reveal biggest fall in workers from eastern Europe since record began

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CD - BRI helps companies build global bridges of connectivity - 13.11.2018

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CD - BRI helps companies build global bridges of connectivity - 13.11.2018

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Illuminated Big Ben at dusk in London, UK. [Photo/VCG]

The China-proposed multitrillion-dollar Belt and Road Initiative has ignited the imagination of business leaders around the world and many are striving to find projects they can participate in.

Most of the global entrepreneurs are keen to know where they can find a comprehensive list of BRI projects, or to be told what constitutes a BRI project. Many, however, are a little confused upon realizing that no such comprehensive list exists, and some even speculate that there might be a list, but that it might be kept secret.

Such speculation has led some commentators to draw the conclusion that the BRI lacks transparency. Sadly, people with this sort of logic fail to see the advantage of the BRI's inclusiveness and they could miss valuable engagement opportunities if they continue to think in this way.

The BRI, which was proposed by President Xi Jinping in 2013, is a vision that advocates improved connectivity of infrastructure, trade, ideas, and knowledge between Europe, Africa and Asia.

The vision was partly inspired by the ancient Silk Road trade routes that connected the East and West thousands of years ago, but, more importantly, it reflects the increasing globalization of trade, people, and ideas in our highly connected world today.

Organizations that believe in the BRI vision have produced their own forecasts. HSBC estimates that BRI projects will require up to $6 trillion of financing during the next 15 years, while PricewaterhouseCoopers estimates the cost at $5 trillion.

These estimate discrepancies reflect the fact that different companies understand BRI opportunities differently, and that the vision is constantly evolving as new players begin to engage, and new opportunities are being uncovered.

Within the evolving BRI vision, countries and companies that actively engage will benefit the most, and the United Kingdom's engagement is a perfect example.

When the BRI was first discussed, few would have thought of the UK as being within the area covered by the initiative, or of it being a nation that stood to benefit, simply because the UK is not a strong trader of merchandise. Instead, services make up almost 80 percent of its economy.

Still keen to profit from BRI trade potential, the British government decided to encourage British companies to supply banking, legal, engineering, consulting, and other services to the rapidly growing number of BRI projects around the world.

That was a smart and logical move, considering that many complex infrastructure and power projects did require complex financing structures in order to get off the ground, and London's financial sector has existing expertise to offer.

To turn this vision into reality, the UK Treasury has appointed HSBC's former chairman, Douglas Flint, as the country's Belt and Road envoy, an important government post. The City of London's policy chairman, Catherine McGuinness, has repeatedly emphasized that London is a "natural western hub" for the BRI. This October, her team joined the research arm of China's central bank to launch a report looking at how London can contribute to financing projects in the region covered by the Belt and Road Initiative.

Inspired by government support, British companies started to participate in some of the biggest BRI projects. Standard Chartered bank, for instance, financed more than 50 BRI deals in 2017 alone, including a $515 million project financing a power plant in Zambia, a $200 million loan for a power plant in Bangladesh, and a $42 million export credit facility for a Sri Lankan gas terminal.

Similarly, British engineering consulting companies including Mott MacDonald and Arup, and law companies including Linklaters and Herbert Smith Freehills have provided services for hundreds of BRI projects. Meanwhile, the London Metal Exchange is supporting its partner companies in building new metal warehouses along BRI trade routes because it believes that BRI infrastructure connectivity will help global metals trading grow in scale and efficiency.

Some BRI projects are easy to spot, such as the construction of roads, rail lines, and bridges that directly fuel physical connectivity. Others require deeper thinking, such as supplying smart cities planning, entertainment and logistics services to underdeveloped regions on track to enjoy significant growth due to BRI trade activities.

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BRI helps companies build global bridges of connectivity

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The China-proposed multitrillion-dollar Belt and Road Initiative has ignited the imagination of business leaders around the world and many are striving to find projects they can participate in. Most of the global entrepreneurs are keen to know where they can find a comprehensive list of BRI projects, or to be told what constitutes a BRI project.

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CD - Focus may shift toward fiscal side - 13.11.2018

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CD - Focus may shift toward fiscal side - 13.11.2018

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Consumers browse products at a supermarket in Guangzhou, Guangdong province, on June 20, 2018. [Photo/VCG]

While China's inflation level is not putting the brakes on the central bank's more relaxed monetary stance, financial authorities may tend to rely more on the fiscal side to help ease economic downward pressure in the future, according to analysts and experts.

Inflation data from the National Bureau of Statistics released earlier this month indicated little pressure ahead for China to pump more money to support the economy, as the consumer price index in October rose 2.5 percent, well below the government's target ceiling of 3 percent for 2018, and the producer price index climbed 3.3 percent in October from a year earlier amid sluggish demand.

Nevertheless, "the space on the monetary side is limited as we need to stick to our efforts to contain the leveraging ratio, while the room for fiscal action is larger－more tax cuts, especially in value-added tax, and a reduction in social security contributions can soothe economic concerns," said Ma Jun, an advisor to the People's Bank of China, in an interview with China Daily, adding to signs that the financial regulators do not intend to change course from current deleveraging moves.

[Liu Lunan/China Daily]

While the central bank has lowered the reserve requirement ratio four times since the beginning of the year, a relatively mild increase in aggregated social financing in recent months adds more strains, as the supply of credit remained clogged, in particular for small and medium-sized enterprises.

Fiscal policy is expected to be the key focus of the next round of counter-cyclical adjustment, which can be fur-ther expanded through more tax cuts for corporate sectors, wrote economists with China International Capital Corporation in a note.

The fiscal deficit rate is expected to increase by around 1.5 percentage points in 2019 compared to this year's level, they said.

China lowered its fiscal deficit target to 2.6 percent of GDP for 2018 at the beginning of the year, down by 0.4 percentage points compared with 2017.

"The government has already made adjustments on the monetary side, keeping liquidity relatively loose and has been very much tolerant of the fluctuation of the yuan's exchange rate," said Zhang Bin, a senior researcher with China Finance 40 Forum, a non-government think tank.

Zhang added that there can be more space to let fiscal policy play a more important role to help reduce downward economic pressure, and expanding more channels for infrastructure projects in a more "proactive way".

Such efforts, expanding more viable channels to raise money, are quite crucial to soothe downward concerns at the time when the government has closed the door on illegal financing for infrastructure projects.

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While China's inflation level is not putting the brakes on the central bank's more relaxed monetary stance, financial authorities may tend to rely more on the fiscal side to help ease economic downward pressure in the future, according to analysts and experts.

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Executive Summary

Social media platforms finally appear to be making a real effort to take on fake news. But manipulative posts may soon be the least of our problems. What looms ahead are deep fakes, realistic forgeries of people appearing to say or do things that never actually happened. Imagine, for example, an authentic-seeming video that shows your CEO promising to donate $100 million to a charitable cause - or saying something racist or sexist. Companies' crisis communication plans must begin to address these kinds of scenarios, and be ready to call out malicious fictions before they do too much damage.

t_kimura/Getty Images

After a public outcry over privacy and their inability - or unwillingness - to address misleading content, Facebook, Twitter, and other social media platforms finally appear to be making a real effort to take on fake news. But manipulative posts from perpetrators in Russia or elsewhere may soon be the least of our problems. What looms ahead won't just impact our elections. It will impact our ability to trust just about anything we see and hear.

The misinformation that people are worried about today, such as made-up news stories or conspiracy theories, is only the first symptoms of what could become a full-blown epidemic. What's coming are "deep fakes" - realistic forgeries of people appearing to say or do things that never actually happened. This frightening future is a side effect of advances in artificial intelligence that have enabled researchers to manipulate audio and video - even live video.

The end result of this manipulated reality may be that people no longer believe what they hear from a world leader, a celebrity, or a CEO. It could lead to "reality apathy," when it is so hard to distinguish truth from lies that we stop trying altogether. This means a future in which people believe only what they hear from a small circle of trusted friends or family - more similar to a conflict region than to a modern economy. Try factoring that into your quarterly earnings call or televised speech.

An obvious scenario, one that some companies might find themselves dealing with in the not-too-distant future, is a faked video of their CEO making racist or sexist comments, or bribing a politician. But equally damaging could be a video about, for example, corporate spending.

Imagine an authentic-seeming video of a CEO saying their company will donate $100 million to feed starving children. This surprise announcement - which never actually happened - leaves the company with a stark choice: go ahead with the donation or publicly state that you don't care that much about starving children after all.

As corporate leaders grapple with the question of how to prove something is (or isn't) real, they will need to invest in new technology that helps them keep one step ahead of bad actors. And they will have to do it quickly. A company won't be able to stay ahead of determined, tech-savvy manipulators if it has a yearlong procurement cycle.

One crucial step is for the social media platforms to incorporate real-time forgery detection into all of their products, building out systems that can adapt with improvements in the technology. But that technology is still in its early stages, and as it develops you can be sure that bad actors will be working on ways to defeat it.

It may also be possible to create software that can timestamp video and audio, showing when they were created and how they have been manipulated. But relying on the tech sector to quickly address societal challenges like this without accountability from regulators and users hasn't worked all that well in the past.

Corporate marketers and communicators, as the people who supply platforms with the money that is their lifeblood, are in a strong position to push for faster action. Last year P&G pulled $140 million in digital ad spend, in part because of brand safety concerns that arose when its ads were placed next to questionable content.

You can bet this got the attention of social media companies. But it worked only because P&G was willing to back up its words with action. Platforms are more likely to take proactive measures if they know that inaction will hurt their profitability. Industry pressure helped push YouTube, for example, to reevaluate its content policies and dramatically increase its investment in human moderation.

Industries often form coalitions to influence the government on regulations affecting their business interests. With some of the biggest tech companies starting to rival governments in their reach and power, the same model could be employed here, using the threat of lost ad revenue. These coalitions may find it helpful to partner with consumer groups and NGOs to amplify their message. Pushing these platforms to take the future of misinformation seriously would be good not only for corporations but also for society at large.

In addition, companies must begin to factor deep fakes and other reality-distortion techniques into their crisis-scenario planning. Reputation protection in this new world will require adding a new layer to a company's rapid response and communications strategies. Executives must be prepared to communicate the facts quickly and to correct the fictions before they spread too far.

Communicators should make sure they have the right tools in place to deal with a fast-moving manipulated-reality crisis. New companies are forming that use technology, open-source intelligence techniques, and crowdsourcing to quickly discern what's real and what's not. The key to uncovering a falsehood may lie in someone using geolocation, or simply their own knowledge, to recognize that a street sign in a faked video isn't really at that location. As with any crisis, social-media analytics tools are critical when it comes to tracking the spread of misinformation. These tools can help executives see whether a story is gaining traction and identify the most-influential people spreading the misinformation, whether wittingly or unwittingly.

It is crucial that individual companies learn to understand and mitigate their particular risks - but that alone will not protect them. Our information ecosystem is like a game where deceivers have a massive edge; a company may lose even if it "plays" perfectly. That's why we need to fix the rules. We all must pitch in to support cross-company, cross-industry, and even cross-sector efforts to turn the tide. It will be incumbent on everyone with a stake in a reality-based society to work together to ensure that we can continue to discern fact from fiction.

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Is Your Company Ready to Protect Its Reputation from Deep Fakes?

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Executive Summary Social media platforms finally appear to be making a real effort to take on fake news. But manipulative posts may soon be the least of our problems. What looms ahead are deep fakes, realistic forgeries of people appearing to say or do things that never actually happened.

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Facebook said Friday that it would stop forcing employee harassment complaints into arbitration. Google made a similar move a day earlier, after pressure from employees. Credit Credit Aly Song/Reuters

SAN FRANCISCO - Facebook said on Friday that it would no longer force employees to settle sexual harassment claims in private arbitration, making it the latest technology company to do away with a practice that critics say has stacked the deck against victims of harassment.

Facebook acted one day after Google announced similar plans. Last week, 20,000 Google employees staged a walkout from the company's offices around the world to demand that it change the way it handled sexual harassment incidents. Microsoft changed its arbitration policy about a year ago, as did the ride-hailing company Uber six months ago.

The technology industry, known for its groundbreaking products as well as its trendsetting office culture, has gone to considerable lengths in recent years to keep work-force disputes out of the court system. Forcing employee complaints into arbitration has become as common as free lunches and shuttle buses to the office.

In arbitration, employment experts say, the playing field shifts toward businesses. Cases are decided by arbitrators instead of judges, and the more cases that companies take to arbitration, the better they fare, according to a 2011 analysis by Alexander J. S. Colvin, a professor at the Cornell University School of Industrial and Labor Relations.

"This is a pivotal moment for our industry and corporate America more broadly," Lori Goler, a Facebook vice president, said in a statement. "We think this is the right thing to do and hope other companies do, too."

The use of arbitration clauses, embedded in the fine print of contracts, has soared in the last decade, as corporations try to keep disputes away from public scrutiny.

Chris Baker, an employment lawyer and partner at the law firm Baker Curtis & Schwartz, said arbitration cases were often heard by a retired judge who may not be as empathetic as a jury to a harassment victim. They are often shrouded in confidentiality, and arbitration awards tend to be less than those in a jury trial.

Mr. Baker said the moves by the tech firms could chip away at arbitration in all kinds of employee disputes because it would be hard for companies to draw the line at sexual harassment.

"I think it's the pebble that starts the avalanche," he said. "This is very meaningful."

The tech industry is reacting, at least in part, to anger among employees that harassment has often gone unpunished, particularly when powerful executives are involved. The walkout at Google was prompted by a New York Times article last month that revealed the company had paid out millions in exit packages to executives even after it found that they had been credibly accused of sexual harassment.

Because the claims are often kept under wraps in confidential arbitration hearings, critics say harassers often move easily to other jobs without warning to future victims.

It has become a significant issue in Silicon Valley, where gender imbalance is stark and tales of sexual harassment are rampant. Critics of arbitration requirements have pushed companies to do away with arbitration and confidentiality clauses that often help companies keep the public and their own employees in the dark about bad behavior.

The Equal Employment Opportunity Commission has noted that forced arbitration "can prevent employees from learning about similar concerns shared by others in their workplace."

Facebook said it would now make arbitration an option, but not a requirement, for employees reporting a sexual harassment claim. Facebook said it had been planning to make the changes to its arbitration policy for "a while" but did not specify a time frame. There is no indication the company was facing specific pressure to alter its policies.

In May, Uber announced that it was eliminating the practice for employees, riders and drivers who make such claims against the company. Uber took the step after 14 women who have accused Uber drivers of sexually assaulting them wrote a letter to the company's board, urging it to waive the requirement and allow them to proceed with a lawsuit in open court.

Lyft, Uber's top competitor, made a similar policy change around the same time.

In December, as Microsoft faced a proposed class-action lawsuit by female technical staff claiming discrimination, it vowed to end the arbitration requirement for harassment claims. The women lost the case and are appealing.

Microsoft's policy change was largely symbolic because the company rarely used arbitration clauses in its employment agreements. However, Microsoft also said it would support federal legislation making the requirement of arbitration in harassment cases unenforceable.

Companies large and small have figured out how to use arbitration to prevent employees from taking disputes to court and to prevent others, including customers, from banding together in a class action. Some state judges have called the ban on class actions - one of the few ways that ordinary citizens can fight deep-pocketed corporations over unfair business and employment practices - a "get out of jail free" card for employers.

In recent years, it has become tough to apply for a credit card, get cable service, rent a car or shop online without agreeing to settle any disputes in arbitration. The same is true for getting a job.

The use of arbitration clauses can be traced back to a coalition of credit card companies and retailers that came up with a plan to shield themselves from expensive lawsuits. Starting around 1999, the group's legal teams began discussing how to use the fine print of contracts to stop class actions. Bank of America, Chase, Citigroup, Discover, Sears, Toyota and General Electric all attended.

Arbitration clauses that don't allow class-action suits are used by a wide variety of companies, including Macy's and Kmart. In 2016, when Gretchen Carlson sued Roger E. Ailes, her former boss at Fox News, over allegations of sexual harassment, his lawyers pushed for the case to move into arbitration.

Google Walkout for Real Change, the group behind last week's employee protest, responded to Facebook's decision on Twitter: "When we said this is a global movement, we didn't just mean within Google - it's inspiring to see the effects of #GoogleWalkout spread past our company."

Follow Daisuke Wakabayashi and Jessica Silver-Greenberg on Twitter: @daiwaka and @jbsgreenberg.
Daisuke Wakabayashi reported from San Francisco, and Jessica Silver-Greenberg from New York. Karen Weise contributed reporting from Seattle, and Mike Isaac from San Francisco.

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Facebook to Drop Forced Arbitration in Harassment Cases

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SAN FRANCISCO - Facebook said on Friday that it would no longer force employees to settle sexual harassment claims in private arbitration, making it the latest technology company to do away with a practice that critics say has stacked the deck against victims of harassment. Facebook acted one day after Google announced similar plans.

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Business English Pod - Learn Business English

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Legal English Vocabulary VV 27 - Contract Law (Lesson 2) | Business English Vocabulary

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Federal prosecutors filed criminal charges on Thursday against a Malaysian financier and two former Goldman Sachs investment bankers who helped raise money for a Malaysian government investment fund from which about $4 billion disappeared.

The charges against the former Goldman bankers, Tim Leissner and Roger Ng, were announced by federal prosecutors in Brooklyn. Also charged was Jho Low, the Malaysian financier whom prosecutors have depicted as being a mastermind of a scheme to misappropriate money from the Malaysian sovereign wealth fund.

Mr. Leissner pleaded guilty to conspiring to commit money laundering and to violating foreign anti-bribery laws. Mr. Ng faces similar charges. Mr. Ng was arrested on Thursday in Malaysia, the authorities said. Mr. Low remained at large.

The filing of criminal charges in the matter was a rare move against senior executives of a major American bank in the decade since the financial crisis. The charges could put pressure on Goldman - the primary bond underwriter for the fund at the center of the case, 1Malaysia Development Berhad, or 1MDB - to reach a potential settlement with the federal authorities.

The charges could also have wider repercussions within the bank. Mr. Leissner, the charging documents said, arranged to pay bribes and kickbacks to officials in Malaysia and Abu Dhabi with either the help or knowledge of several unnamed conspirators, one of whom was identified as "an Italian national who was employed as a participating managing director" at Goldman.

The authorities contend that the bribes and kickbacks were paid to secure 1MDB's bond underwriting business for the bank. The unidentified co-conspirator agreed with Mr. Leissner not to tell anyone in Goldman's compliance department about the bribes, according to court documents.

The unidentified co-conspirator is Andrea Vella, according to two people familiar with the matter who spoke on the condition of anonymity because they were not authorized to speak publicly.

Until two weeks ago, Mr. Vella was Goldman's co-head of investment banking in Asia. At that point, according to a Reuters report, Mr. Vella and his co-head were replaced by another veteran Goldman banker.

The alleged misappropriation of billions of dollars from the 1MDB fund has become the focus of an international scandal reaching from Malaysia to the United States to Hong Kong.

Until recently, the investigation had mainly focused on allegations that Mr. Low misappropriated billions of dollars from the 1MDB fund. Federal prosecutors in Los Angeles have filed multiple civil lawsuits to recoup assets bought with some of that money.

Prosecutors in the United States and elsewhere believe that a group of people with close ties to the former Malaysian prime minister Najib Razak stole from the fund to buy paintings, yachts, real estate and even investment stakes in movies like "The Wolf of Wall Street."

Some of those allegations were described in civil forfeiture complaints filed by federal prosecutors in Los Angeles last year. Prosecutors from the Justice Department's s money laundering and asset recovery division also played an active role in the foreign bribery investigation.

The investigation rocked Malaysian politics earlier this year, leading voters to oust Mr. Razak. The new prime minister, Mahathir Mohamad, has moved quickly to investigate the alleged theft of billions of dollars from the investment fund, which was created under Mr. Najib. The Malaysian government is seeking restitution from Goldman, according to the country's new finance minister.

Goldman provided an array of services to the fund, including helping it sell billions of dollars in bonds to investors, earning about $600 million in fees for its work. The authorities have examined what role, if any, the firm played in the 1MDB fraud, whether it knew about the alleged fraud and whether it should have done more to uncover the misappropriation of funds.

Goldman has repeatedly played down its role in the scandal, saying it was unaware of how money from the fund was being used. The firm has said it was cooperating with the investigation.

Goldman did not immediately have a comment on Thursday. A lawyer for Mr. Leissner could not be reached for comment. A representative for Mr. Low did not have an immediate comment.

Mr. Leissner, who worked closely with the Malaysian fund, had been in plea talks with federal prosecutor for some time. Mr. Ng reported to Mr. Leissner at Goldman. It was not known who was representing Mr. Ng.

Both Mr. Leissner and Mr. Ng left the bank more than a year ago.

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U.S. Charges 2 Former Goldman Bankers and Financier in Vast Malaysian Fraud

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The filing of charges, by federal prosecutors in Brooklyn, could increase pressure on Goldman, the primary bond underwriter for the development fund at the center of the so-called 1MDB scandal.

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The race is on to create lab-grown meat products. Still, little is known about their safety and potential impact. In this episode of Moving Upstream, WSJ's Jason Bellini visits entrepreneurs, scientists, and ranchers to understand how it's made, and gets a first taste of steak grown from cultured cells.

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The race is on to create lab-grown meat products. Still, little is known about their safety and potential impact. In this episode of Moving Upstream, WSJ's Jason Bellini visits entrepreneurs, scientists, and ranchers to understand how it's made, and gets a first taste of steak grown from cultured cells.