Saturday, September 12, 2015

35 Business Leaders Share Their Daily Habits -TIME

http://time.com/4027015/business-success-habits/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+timeblogs%2Fcurious_capitalist+%28TIME%3A+Business%29

35 Business Leaders Share Their Daily Habits
Christina DesMarais / Inc. Sept. 10, 2015  
How to stay on top of your game



When it comes to achieving success, actions speak louder than words, connections, or opportunities. Think about the importance of your daily habits, for example. Do you run five miles every morning because you value being fit and healthy? Or is it your regular routine to watch three hours of television every night because you feel the need to escape? Without a doubt, what you achieve in life depends on your actions. Take it from 35 founders, entrepreneurs, and executives who have achieved great things and credit simple daily rituals for helping them do it. Here are their quotes on what helps them get more out of business and life.


1. Hold Back-to-Back Meetings in One Location

If I must have multiple meetings throughout a day, I often aim to set them back-to-back in one location. This way, I maintain efficiency and focus throughout the meetings, setting the pace according to the agenda and maximum time allotted, [while] knowing we must get straight to the points at hand since the next meeting is impending. Additionally, placing these meetings back to back enables me to maintain a clear frame of mind during the times before and after the block of meetings, since I am freed from the constant self-reminders to be punctual to the next meeting.
– Tiffany Pham, founder and CEO of MOGUL, an award-winning technology platform for women


2. Read Voraciously

My first job at Warner Bros. was preparing a daily press packet without internet. I had to read everything physically, clip pertinent articles, copy and distribute them to execs. This job taught me the power one garners by knowing everything that’s going on in business and the world — who’s doing well and might be a candidate for a sale of a popular Warner Bros. TV series or movie and who is in trouble and might need a hit TV series or movie. One needs to be able to converse with other executives intelligently about their business.
–Eric Frankel, founder and CEO of AdGreetz, a cloud-based SaaS platform that empowers brands such as Intel, NBC, and Toyota to deploy relevant, personalized video messages that build stronger customer relationships and increase engagement, activation, and revenue

3. Constantly Triage Your To-Do List

The role of the CEO is really to keep the team focused on the most important topics, and it’s important that you do the same for yourself.
–Vikram Aggarwal, CEO of EnergySage, a solar-marketplace company that recently secured a $1.5 million Series A round of funding and announced a partnership with Green America


4. Unsubscribe Mercilessly

I get a lot of unwanted email from folks who’ve subscribed me to lists that are irrelevant to me. I combat this clutter daily and find it’s a useful way of removing one distraction from my day.
–Apu Gupta, CEO of Curalate, a platform for marketing with images that works with 650 brands, reaching millions of consumers a day




5. Block Time on Your Calendar According to Tasks

It is so easy to fall into daily distractions, forcing you to play catch up the next day. This cycle can go on forever. Time blocking keeps me on track. I schedule a timeframe where I am responding to emails, then the next hour is blocked for meetings, etc.
–Jayna Cooke, CEO of EVENTup, an online marketplace for event venues that has listed more than 15,000 venues and attracts more than one million consumers a month


6. Connect With Your Passion

Every week I check in and participate with the product and technology teams. Even as the company has grown, I have forced myself to make time to stay connected. As an engineer, I personally enjoy participating in the technology challenges and love to learn about the solutions our team comes up with. Not only does it keep me up-to-date on the latest ideas, but it also gives the team an opportunity to see the bigger picture and ask why? Not all startup CEO/founders are technologists, but each CEO has a passion. Staying connected with your passion will keep you engaged, even when your job evolves to require bigger strategic thinking. Sometimes you have to let yourself have fun with the things you love.
–Alex Muller, CEO of GPShopper, a developer of mobile apps with a focus on the retail industry and annual revenue growth of 50 to 70 percent


7. Limit the Time Spent on Email Every Day

It’s easy to get caught up answering emails all day and feeling like work is being done but by the end of the day realize that no progress has been made on strategically pushing the business forward. You just spent the whole day fighting fires and solving immediate problems but the to-do list remain the same as the day prior. Email can also be a bit of a disruption given that it comes in in random intervals and thus can take focus away from projects and work that require a continuous block of time and thinking. As a result, it is really important to invest blocks on time on email every day but also block off times where email is not checked. I do not let email become the default work item because it eventually [becomes an] insidious kind of semi-procrastination.
–William Hsu, co-managing partner of Los Angeles-based venture capital Mucker Capital, which was ranked as the No. 2 accelerator in the U.S. by Seed Accelerators Ranking, a joint study by MIT and Rice University


8. Spend One Hour Outside Every Day

As a digital-only company, almost all of my time is spent in an office in front of a computer. This is why I make it a rule to be outside for at least one hour a day. Be it walking my dog, riding my bike or just sitting on a patio with friends, I find being outside to be a form of meditation. No matter if it’s broken into 20-minute chunks or late at night, the fresh air helps me relax, release any stress, and restart my mind for the next challenge.
–Alex Matjanec, CEO of MyBankTracker, a Brooklyn-based personal finance and banking hub, which helps more than 1.5 million visitors a month make smarter banking decisions



9. Use Technology for Personal Relationship Management (PRM)

Every CEO has a to-do list or actions they need to accomplish daily. While we have many strategic objectives and initiatives that we work on, one daily habit is to target relationships to accelerate our organization’s progress. These include clients, partners, internal team members, and board members. I schedule a weekly agenda of engagement with each of these relationships via a PRM tool, CallPlease, which allows for real-time daily prioritization of my relationship interactions. I leverage the mobile CallPlease app on my iPhone and, since it is a team-based system, my executive admin can support these interactions via a web console through its workflow.
–Kris Snyder, CEO of Vox Mobile, a Cleveland-based enterprise mobility solution provider with annual growth that trends above 30 percent, a recent funding round closing at $6.7 million, and consistent inclusion in Gartner’s MMS Magic Quadrant. Snyder is also the founder of the Global Enterprise Mobility Alliance (GEMA).


10. Prioritize Key Employee Objectives

I know even my best employees have a range of focus and performance. In addition to motivating them through traditional recognition methods, I’ve found that letting them know their personal objectives are important to me earns their best efforts and loyalty. In the past this has included sponsoring night classes not directly related to their job and helping an employee secure a book deal with a major publisher.
–James Roche, CEO of Houseplans.com, a San Francisco-based stock home design site that has grown 25 percent year over year


11. Focus on 2 to 3 Things a Day

I can’t multitask. It creates too much chaos.
–Tim Eisenhauer, president of San Diego software provider Axero Solutions, a profitable bootstrapped company with hundreds of customers playing in the crowded enterprise software market with huge venture-backed competitors

12. Have a Family Dinner

We may be co-founders, but we are also mom and dad to three daughters. No matter how hectic running a fast-growing startup is, we make sure to shut off the cell phones and have a family dinner with our girls. While many CEOs are still going strong at 6 p.m., we’re passing the green beans and focusing on what matters most to us — our family. What’s most amazing is how many of our business and marketing ideas have come from our twin 8-year-olds and our 11-year-old right at the dinner table.
–Scott and Missy Tannen, founders of Boll & Branch, a New York-based company with a line of accessibly priced luxury bed linens that launched in January 2014 with first-year revenue topping $2 million and more than a $10 million run rate in its second year in business



13. Get Home on Time

I try and be religious about the time I leave my house in the morning for work and the time I get back. It helps balance things and ensures I am present, both physically and mentally, with my family.
–Jeff Braverman, CEO of snack and candy store Nuts.com, which has grown revenue to $35 million, up from $1.5 million in 2002

14. Exercise Every Day

I try to run every day, and science now shows a positive correlation between running and creativity. It has helped me maintain a sense of balance. It grounds me and offers an outlet on my most stressful days, and allows me to lean into risk and uncertainty. What I find is that many people, especially executives, take the workouts off the calendar when they get busy or are dealing with a particularly stressful time in their careers or lives. It should be opposite. The more stressed out you feel, the more important it is to carve that time for workouts that nourish not only your body but your soul as well.
–Julie Smolyansky, CEO of Lifeway Foods, which has grown gross sales to $130.2 million


15. Read 20 to 30 Unsolved Customer Support Tickets Every Morning

I think proactively knowing about customer problems can really help you build a long-term intuition about the important things you need to get right when you build your company. And it helps you build empathy with the people that ultimately have to do the hard work of working through those customer problems.
–Suhail Doshi, CEO of Mixpanel, an analytics platform for mobile and web that helps companies gain insights into user activity and leverage this data to build better products. Mixpanel now tracks 50 billion actions people take in applications per month

16. Check KPIs First Thing in the Morning

As an organization grows, it’s easy to let a little distance get between the CEO and the day to day. By checking KPIs first thing in the morning, I already know the answer to how we’ve been performing and can immediately move on to the why. I’m in a better position to ask my team important questions, and we can all work more efficiently and effectively.
–Michael Ortner, CEO of Capterra, a web service that has helped companies such as Coca-Cola, Walmart, and Home Depot find and purchase business software



17. Be Unpredictable

Successful people predict trends but are original and innovative. Have your own workflow, stick with it or break the rules, but try to stay ahead of others by getting away from patterns.
–Serban Enache, CEO of global stock photo site Dreamstime.com, which has been used by more than 11 million users since its launch in 2000


18. Always Ask Why

So much of work becomes too focused on the what — the plan we’re writing, the project we’re trying to complete on time, the deadline we missed. We don’t ask why enough, even though it’s the best way to get context for the stuff we’re trying to get done. I’ve found asking it of myself is as important as asking it of the people I work with. It’s critical to staying grounded in what’s most important. I try to keep asking why until I can’t go any deeper. Then get going.
–Jay Simons, president of software company Atlassian which offers team collaboration products including JIRA, Confluence, Bitbucket, and HipChat, which are collectively used by more than 48,000 companies worldwide


19. Allow Enough Unscheduled Time During the Day to Think, React or Write

This enables me to get things done on the same day instead of allowing the guilt pile to build up. I keep blocks on my schedule to avoid overscheduling each day… I am significantly more productive when I am not forced to multitask. Studies have shown that multitasking leads to inefficiency. By creating pockets of time in which I can work alone, I am able to accomplish tasks on the same day and leave time for collaboration.
–Dr. Walter S. Scott, founder, executive vice president, and CTO of satellite imagery company DigitalGlobe, which provides images and geospatial content to U.S. government defense and intelligence agencies, international governments, and major online mapping platforms such as Google


20. Exude Positivity

I’ve made it a habit to be a positive, enthusiastic source within my company. Even in the morning, ‘hi’ or ‘welcome’ has huge ripple effects across the organization at scale. It seems simple but has the power to make employees feel valued and appreciated.
–Kris Duggan, CEO of BetterWorks, an employee-related goals platform that recently closed a $15.5 million Series A round and is more than doubling active users every quarter


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21. Prioritize a Daily To-Do List

I’m a zero-inbox CEO. Occasionally I don’t get there, but each night I give it my all to power through via all available gmail shortcuts and give folks the response they need as quickly and efficiently as possible. I hate feeling like a delay on my response might prevent Omada employees from quickly progressing their work.
–Sean Duffy, CEO of Omada Health, a digital-therapeutics company that was selected by Fast Company as one of “The World’s 50 Most Innovative Companies”

22. Talk to People

This is often described as ‘managing by wandering around,’ but don’t undervalue it. Having random conversations with different people across the organization will help you keep your ear to the ground on what is really happening. Be respectful and don’t interrupt people who are working, but catching someone making a coffee in the kitchen, give them a big smile and learn a bit about their day in a friendly, non-creepy way. You will easily stay on top of the pulse of the organization.
–Jonathan Cogley, CEO and founder of IT security company Thycotic, which ranks 2,671 on the Inc. 5000 list of fastest growing companies in 2014, up 760 spots from 2013


23. Prepare Budgets by Initiatives and Expected Outcomes Rather Than by Functions

Thinking about spending this way keeps me focused on how each dollar contributes to building the company.
–Mike Zivin, co-founder and CEO of Whittl, an online appointment booking platform for neighborhood businesses, which recently raised a $3.3 million Series A round with backing from GrubHub co-founder Mike Evans, as well as GrubHub’s first VC, Origin Ventures in Chicago

24. Get Coached

Olympic athletes have coaches — so should CEOs. I have had a coach for years, Ed Batista, who I work with at least biweekly to recognize and improve my weaknesses.
–Douglas Merrill, former CIO of Google and now CEO of ZestFinance, a big-data startup that uses more than 100,000 data points about an individual to figure out if he or she will pay back a loan



25. Keep a Close Eye on the Competition

I use the first 15 minutes of each day to read competitive websites and any press they might be receiving. Knowing what our competition is doing or thinking is critical to our ability to both win and keep business.
–Darin LeGrange, CEO of Aldera, a company that provides health plan insurers with the back-office technology to handle billing, claims processing, coverages, and more

26. Get Moving

I am a huge believer in walking, and in moving around in general. At the very least, I make sure to get up from my chair every hour and walk the office. Not only does this get the blood flowing, it helps me see what the team is working on and helps spur the spontaneous discussions that lead to new ideas and innovations. I also love to do walking meetings. Instead of going into a conference room, we’ll walk around our neighborhood, a mix of businesses and beautiful old houses and apartment buildings. I find this brings out more natural and authentic discussions, and keeps people in the moment — you can’t mentally check out like you can if you’re sitting at a table.
–David Kalt, founder and CEO of Reverb, a marketplace for musical instruments and gear that has raised about $5 million in funding and expects to do $130 million in transactions this year, up from $40 million last year


27. Read the News About Your Industry First Thing in the Morning

The first thing I do once out of bed is read 15 to 30 minutes religiously. I jot down anything interesting for rumination vis-a-vis healthcare, [such as] Netflix’s god mode, or Jaguar’s brainwave tracker. It’s amazing how many dots you can connect by just reading.
–Ahmed Albaiti, founder and CEO of Medullan, a digital health innovation company that works with payers, providers, and pharma on patient engagement


28. Adjust Your Perspective

Every Tuesday at noon, San Francisco administrators test the emergency alarm system, which I now use as a marker for a notable time each week. Every Tuesday at noon, I deliberately try to “let go of all things negative, retain all things positive, and march forward to a better week, and a better you!” Though this started as a personal habit, it’s become a company-wide event across multiple time zones.
–Neha Sampat, CEO of digital tech solutions provider Built.io, which powers innovation at the intersection of enterprise mobility and the internet of things (IoT) for startups and industry-leading companies. Sampat also co-founded KurbKarma, was named a “San Francisco Business Times 40 under 40″ honoree, as well as one of “50 Women in Tech Dominating Silicon Valley” in 2015


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29. Get to Inbox Zero

Anything that’s not actionable immediately, I get out of my inbox. This frees me up to think and focus on the tasks that I know will take up most of my time, like building a team of amazing people who are smart, thoughtful and motivated to achieve something. That is the No. 1 most important thing in building a company, as I truly believe a company is only as good as what is made up of.
–Rick Morrison, CEO of Comprehend Systems, which works with big names in the life-sciences industry, such as Boston Scientific, Astellas, and AstraZeneca, modernizing and improving the quality in their clinical process through cloud-based tech


30. Make a daily ‘top three’ to-do list

“As CEO, my to-do list is never ending, so it’s important for me to prioritize. Typically, I’ll make a daily list of the three most important things I need to get done that day. It really helps to make my day more manageable. As a morning person, I tend to complete those activities before noon, which then gives me time to address other urgent items that come up during the day.”
–Ratmir Timashev, CEO of Veeam, a data center backup company founded in 2006 that now employs more than 1,500 employees around the world and brings in hundreds of millions of dollars in revenue, with its sights on reaching $1 billion in revenue in the next five years


31. Get Up to Speed With Direct Reports First Thing

Informally, I call each of my direct reports between 7 and 8 a.m. daily to catch up and get updates on various parts of the business.
–Michael MacDonald, CEO of nutrition and weight-loss company Medifast

32. Plan Your Work and Work Your Plan

I think Evander Holyfield said that. But anyhow, I use [the project management app] Trello to manage my day-to-day. It’s color-coded between Hiring, Investor, Legal, Sales/Marketing/Press, Product, Admin and JFDI. Every Sunday night, I get my week prepped by looking at my calendar and my Trello board. Then, every morning, I take a quick look at the Trello board and mentally prep myself for the day.
–Jason van den Brand, co-founder and CEO of online mortgage refinancing startup Lenda, which graduated from Silicon Valley-based 500 Startups last year. Since then, the company has raised its first round of funding, grown 40 percent month over month, and passed the $40 million mark in loans financed through the platform



33. Keep a Short To-Do List

I keep my to-do list short. Every morning I write down the three most important things I need to do that day to move the needle forward. This helps me to make sure I’m playing more offense than defense. It’s so easy to get bogged down in email and other people’s to-do lists that when you look up at the end of the day you realize you didn’t make any progress on the things that are most important. Keeping my to-do list forces me to prioritize and do just the things that are most important.
–Ethan Austin, founder of the online fundraising website Give Forward, which has raised more than $150 million and hosts 20,000 active fundraisers at any given time


34. Take time to reflect

As a CEO, you can’t be afraid of the decisions you make. But it’s just as dangerous to have full confidence in your decisions. Every day I reflect back on the effects of my decisions that day and how I can improve upon them in the future.
–John Yung, CEO of cloud application management platformAppcara which is used by customers including Sysorex, AIS, HP Cloud Services, and Intermedia


35. Be Consistent and Proactive

I was an avid bodybuilder back in my college days, and to succeed you had to be religiously consistent day after day with diet, nutrition, and training. I applied the same in business. It takes time to create great products and a stable business, so I’ve learned that to succeed you have to remain consistent, especially when you truly believe in something. It’s a two-edged sword that if not managed can also have negative ramifications, so I also try to be proactive to know when to change angles when the need arises.

– Payman Taei, CEO and founder of Visme, a DIY online tool that has empowered over 200,000 businesses and nonprofits to create better presentations and infographics. Taei is also the founder of HindSite Interactive, an award-winning web agency that helps companies improve their online presence with effective websites

This post is in partnership with Inc., which offers useful advice, resources and insights to entrepreneurs and business owners. The article above was originally published at Inc.com

Friday, September 11, 2015

The U.S. Has a Moral Obligation to Help Syrian Refugees - TIME

September 11, 2015 at 12:05am
http://time.com/4024901/the-u-s-has-a-moral-obligation-to-help-syrian-refugees/

The U.S. Has a Moral Obligation to Help Syrian Refugees
Rabbi David Wolpe Sept. 9, 2015   
syrian refugees greece
Alkis Konstantinidis—Reuters

David Wolpe is the Max Webb Senior Rabbi of Sinai Temple in Los Angeles.
Indifference is a betrayal of America's founding mission

Moral clarity is important because moral decisions are often difficult. The easy choices that pose no risk—one should contribute to charity, help old people across the street, and be kind to children—these are not moral dilemmas. Today, with an estimated 4 million Syrian refugees streaming across the globe, we see a genuine moral crisis in the capitals of the West.

What makes this a moral dilemma is not only a claim on resources. It is also the lurking suspicion that we might be admitting people who, arriving from a region where terrorism and anti-Western feeling is rife, will end up causing harm.

We need to remind ourselves that this is not primarily a problem for the Western world. The countries that have the most refugees per capita are Lebanon, followed by Jordan. Countries including Chad and Turkey have a higher per capita refugee population than Germany or the U.S. The Western country with the highest per capita refugee population is Sweden.

The U.S. has admitted some 1,500 Syrian refugees. With our resources, we can devote more time and energy to the vetting process involved when admitting. Will we ever get it wrong? Of course. But the U.S. standard has been to admit those with a well founded fear of persecution, a criteria more than amply met by those fleeing the conflict in Syria.

There is a temptation for everyone who has made it safely to the shore of a secure nation to roll up the drawbridge behind them. Those who come after may spoil it for those who are already here.

But America was founded on the ideal of refuge. Indifference is a betrayal of its founding mission. The words on the Statue of Liberty cannot be an empty promise if we are to remain the great nation we have been for close to 250 years.

Give me your tired, your poor,
Your huddled masses yearning to breathe free,
The wretched refuse of your teeming shore.
Send these, the homeless, tempest-tost to me.
We cannot take everyone. We have to exercise caution when refugees arrive from a region that breeds anti-Western terrorists. But we remain that shining city on a hill. We must not close our arms to the world, or to the family on a raft, tempest-tossed, praying for safety. No country can afford to be all things to all people. Equally, this country cannot afford not to be America.

Thursday, September 10, 2015

iPhone 6s and iPhone 6s Plus: Top 10 New Features - New DelhI TV News

http://gadgets.ndtv.com/mobiles/features/iphone-6s-and-iphone-6s-plus-top-10-new-features-738148

iPhone 6s and iPhone 6s Plus: Top 10 New Features by Manish Singh , 10 September 2015


On Wednesday, Apple unveiled the latest refresh to the iPhone lineup: the iPhone 6s and the iPhone 6s Plus. Being an 's' upgrade, both the new iPhone models largely look largely identical to their respective immediate predecessors (iPhone 6 and iPhone 6 Plus), but both the new iPhone models come sporting new hardware capabilities, and a bunch of software features that are exclusively available for the new models.

"The only thing that's changed is everything," said Tim Cook, Apple CEO on Wednesday as he announced the two new iPhone models. Regardless of which iPhone generation you currently use (or whatever Android handset you rock), the new features offered on both the iPhone 6s and the iPhone 6s Plus might be enough to entice you to upgrade. Here are top 10 features that the new iPhone models offer.

1. 3D Touch

Apple announced at the event that both the iPhone 6s and the iPhone 6s Plus come with Retina displays that support 3D Touch. The pressure-sensitive touch technology allows the handset to distinguish between a quick tap and a long press, triggering actions accordingly. The idea is that when you long press on an app's icon, you're now bestowed with several contextual options that could act as shortcuts and let you perform tasks quickly without actually opening the app first. You can, for instance, know direction to your home, listen to the album you like, update your Facebook status, as well as take a quick selfie camera without opening the corresponding apps.

iPhone_6s_3d_touch_apple.jpg

2. iSight camera improvements - 12-Megapixel and 4K

Both the new iPhone models come with improved cameras, upgrading the resolution from 8-megapixel to 12-megapixel. The range of the iSight camera has increased, and the colour accuracy has also improved, said Phil Schiller, Apple's Senior Vice President of Worldwide Marketing. The company promises that it hasn't made any trade-off for increasing the megapixel count. To keep the noise low, the company introduced something called "deep trench isolation" which makes the photo diodes separate and deliver precise colour.

There's a new flash as well, which the company said adjusts to the colour and lighting of its surroundings to offer accurate flash. The new 12-megapixel rear camera now lets you record videos in 4K video resolution, a significant improvement from FHD quality (1080p) in several older iPhone models.

3. FaceTime camera improvements - 5-megapixel and 720p HD

The selfie camera is finally getting an improvement on the iPhone models. The company has upped the megapixel count from 1.2-megapixel to 5-megapixel on both the iPhone 6s and the iPhone 6s Plus models. The iSight camera is getting a new flash as well. Instead of introducing a separate sensor, the company said that the front display will flash for a split second.

4. Live Photos

The new iPhone models are now capable of capturing Live Photos. The company said that it is bringing life to the static photos that we all take. By "live" it means that a static image will capture a second and a half before and after the image is shot to show continuity. One could set this as a wallpaper as well.

live_photos_iphone_6s_1.jpg

5. Faster Touch ID

The company has also made refinements to Touch ID, its fingerprint scanner that allows one to unlock the device, feed password to accounts, and facilitate quick Apple Pay payments with simply putting the finger on the sensor.

The company said Wednesday that the Touch ID is now twice as fast, and more accurate as well.

6. More LTE bands

Apple has also upped the network capabilities of the iPhone, adding support for several LTE bands. The iPhone 6s and the iPhone 6s Plus now support up to 23 LTE bands, which is the most in any smartphone. The Advanced LTE in the new iPhone models, among other bands, supports T-Mobile's 700MHz, confirmed the carrier's CEO. It will support speeds of up to 300Mbps.

7. Faster Wi-Fi

The company, while didn't discuss the technical improvements to the wireless adapter chip, announced that it is improving the Wi-Fi capabilities of the device. The device now supports two spatial streams for up to 866Mbps on 5GHz 802.11ac Wi-Fi.

8. A9 processor

The processor inside the iPhone is getting an upgrade too, of course. The new iPhone models come with the Apple A9 SoC, which is claimed to deliver 70 percent faster CPU performance than the A8 processor on the iPhone 6 and iPhone 6 Plus, and 90 percent faster GPU performance. The M9 coprocessor among other things, supports "Hey Siri" always-on voice search.



9. Rose Gold colour variant, and 7000 series aluminium body

The company received a lot of flak last year when several users reported that their iPhone 6 Plus and the iPhone 6 were bending. Apple has quietly addressed that with a sturdier aluminium body - featuring 7000 series aluminium-zinc wrought alloy, the same used in the Apple Watch Sport edition.

10. iOS 9

The iPhone 6s and iPhone 6s Plus ship with iOS 9, Apple's latest iteration of its mobile operating system. It brings several new features, from proactive assistance and new and improved Siri features, to a brand new Notes app, revamped Maps app, and the News app.


Apple iPhone 6s Plus
SPECIFICATIONS

Apple iPhone 6s Plus Apple iPhone 6s Plus
KEY SPECS
NEWS
Display
5.50-inch
Processor
A9
Front Camera
5-megapixel
Resolution
1080x1920 pixels
RAM

OS
iOS 9
Storage
16GB
Rear Camera
12-megapixel
Battery capacity

Compare With :

Apple iPhone 6s Plus detailed specifications
GENERAL
Release date September 2015
Form factor Touchscreen
Dimensions (mm) 158.20 x 77.90 x 7.30
Weight (g) 192.00
Removable battery No
Colours Silver, Gold, Space Gray, Rose Gold
SAR value NA
DISPLAY
Screen size (inches) 5.50
Touchscreen Yes
Resolution 1080x1920 pixels
Pixels per inch (PPI) 401
HARDWARE
Processor make A9
Internal storage 16GB
CAMERA
Rear camera 12-megapixel
Flash Yes
Front camera 5-megapixel
SOFTWARE
Operating System iOS 9
CONNECTIVITY
Wi-Fi Yes
Wi-Fi standards supported 802.11 a/ b/ g/ n/ ac
GPS Yes
Bluetooth Yes, v 4.20
NFC Yes
Infrared No
Wi-Fi Direct No
MHL Out No
HDMI No
Headphones 3.5mm
FM No
SIM Type Nano-SIM
GSM/ CDMA GSM
3G Yes
4G/ LTE Yes
Supports 4G in India (Band 40) Yes
SENSORS
Compass/ Magnetometer Yes
Proximity sensor Yes
Accelerometer Yes
Ambient light sensor Yes
Gyroscope Yes
Barometer Yes
Temperature sensor No

Wednesday, September 9, 2015

Donald Trump’s 16 Biggest Business Failures and Successes - TIME

http://time.com/3988970/donald-trump-business/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+timeblogs%2Fcurious_capitalist+%28TIME%3A+Business%29

Donald Trump’s 16 Biggest Business Failures and Successes
Jacob Koffler @JacobKoffler Aug. 7, 2015  

Ventures that went belly-up and plenty that made it big

Donald Trump promised to “take the brand of the United States and make it great again” when he threw his hat into a crowded ring of 2016 GOP presidential candidates. Trump has since consistently cited his credentials as businessman, as well as his (disputed) $10 billion fortune, when asked how, exactly, he would “Make America Great Again.” But it’s not just Trump’s immigration comments that are landing him in hot water; even his business deals have come under scrutiny, most recently in the August 7 GOP debate. The candidate deflected questions about how he plans to run America’s economy when his own companies have filed for bankruptcy multiple times. Here’s a closer look at some of his biggest success and failures in business.

Not-so-Succesful

Trump Airlines

In 1988, Trump bought Eastern Air Shuttle, an airline service that ran hourly flights between Boston, NYC and DC for 27 years prior, for $365 million. He turned the airline, once a no frills operation, into a luxury experience, adding maple-wood veneer to the floor and gold-colored bathroom fixtures. The company never turned a profit and the high debt forced him to default on his loans. Ownership of the company was turned over to creditors. It ceased to exist in 1992.

Trump Vodka

Trump unveiled his own vodka line in 2006 paired with the characteristic slogan “Success Distilled.” Advertising for the product claimed that the vodka would “demand the same respect and inspire the same awe as the international legacy and brand of Donald Trump himself.” Trump had high hopes for his liquor brand, predicting that the T&T (Trump and Tonic) would become the most ordered drink in the country and stating on Larry King Live that he got into the vodka business to outdo “his friends” at Grey Goose. The company stopped production in 2011, reportedly due to a lack of interest.

Trump Casinos

Trump Entertainment Resorts, which is composed of three Trump-owned casinos, all in Atlantic City, filed for bankruptcy for the fourth time in 2014. Trump has distanced himself from the company, saying that besides the company having his name, he has “nothing to do with it,” despite the fact that he owned 28% of its stock.

Trump: The Game

Trump launched a Monopoly-like board game in 1989, which was discontinued a year later due to lack of interest. He tried his hand at game making once again in 2005, when he launched an updated version tied to The Apprentice. It was also discontinued.

Trump Magazine

Trump launched an eponymous magazine in 2007 that, in a press release announcing the publication’s arrival, was described as “[reflecting] the passions of its affluent readership by tapping into a rich cultural tapestry.” A year and a half after the launch, the magazine ceased publication.

Trump Steaks

Donald Trump was featured on the June 2007 cover of the Sharper Image catalogue hunched over a platter of meat to kick off his line of premium steaks that he dubbed the “world’s greatest.” The company has since been discontinued—maybe it had something to do with the Trump Steakhouse in Las Vegas being closed down in 2012 for 51 health code violations, including serving five-month old duck.

GoTrump.com

Trump launched this luxury travel search engine in 2006, only to shut it down a year later, despite being powered by booking giant Travelocity.

Trump University

In 2005, Trump opened the non-accredited, for-profit Trump University. In 2010, four students sued the university for “offering classes that amounted to extended ‘infomercials.’” Following the suit, the “university” changed its name to “The Trump Entrepreneur Initiative,” before ending operations one year later. In 2013, the New York Attorney General sued Trump and the “university” for $40 million for allegedly defrauding students.

Trump Mortgage

In 2006, Trump forayed further into the real estate industry, launching a mortgage company. The Donald had high hopes for the company, asking CNBC, “Who knows more about financing than me?” Trump Mortgage shut down within a year and a half, in part because Trump selected E.J. Ridings, a man who claimed to be a top executive at a prestigious investment bank but had actually only worked on Wall Street as a registered broker for six days, to run the company.

Successful

Grand Hyatt Hotel

Trump bought the former Commodore Hotel, which had fallen into relative disrepair, from Penn Central Railroad in 1974 and after six years of construction, the Grand Hyatt Hotel debuted. Smack dab in the heart of New York City, with the image of Grand Central reflected off its glass façade, the 34-story hotel is still booming business today.

Trump Tower

Trump broke ground on his now-famous 48-story Trump Tower in 1980. The luxury high-rise opened in 1983 and, with upscale restaurants and stores located in the mostly residential building, is still highly sought after real estate.


Wollman Rink

Trump renovated Wollman Rink in 1986 after contacting Mayor Ed Koch and offering to complete the renovation for $3 million. He finished the project on time and $750,000 under budget. Wollman Rink remains a Central Park fixture with more than 5 million annual visitors.

40 Wall Street

Trump purchased the building in 1995 for $1 million and renovated it for $35 million. Today, 40 Wall Street, one of the tallest office buildings in downtown New York, is worth over $500 million.

Trump Place

After years of negotiations, Trump finally broke ground on Trump Place, the gargantuan housing development along the Hudson River. The development includes 25 acres of open space and 5,700 apartments housed in 18 residential buildings.

The Apprentice

The Apprentice premiered on NBC in 2004 to great ratings. Trump served as not only the host but also the executive producer, raking in $1 million per episode. The show was successful enough that it inspired a spinoff, The Celebrity Apprentice.

Trump International Tower Chicago

Trump bought the former Chicago Sun-Times headquarters in 2005 for $73 million and converted it into the second tallest building in Chicago. It houses a hotel, condos, restaurants and shops, and was named Travel+Leisure’s best large city hotel in North America in 2010.

Tuesday, September 8, 2015

A Picture Changed The World In IST - New Delhi TV News

September 8, 2015 at 5:56pm
http://www.ndtv.com/opinion/spare-3-year-old-aylan-kurdi-the-platitudes-1215270

A Picture Changed The World In IST (Internet Standard Time)

Attention is the start of empathy. You really have to look at the world. Physical details matter, context matters. The meaning you make from those things is only as sound as your observation of them.

When photojournalist Nilufer Demir photographed a dead baby on a beach in Turkey, she could not have known that the images would rocket around the world and significantly impact global attitudes, both public and official, towards the Syrian refugee crisis. In one image, a tall Turkish official stands near the small body, making it look smaller still. In another, the officer is carrying him away in his arms. He was later quoted as saying that that body, light as a feather, was the heaviest burden he'd ever carried.


Speaking to Turkey's Dogan news agency, Mehmet Ciplak recounted how he prayed the little boy was still alive as he walked towards him and scooped him up from the water's edge (AFP PHOTO / DOGAN NEWS AGENCY)
But perhaps the most arresting image is a close-up of the baby, photographed from behind and low down. It captures the sweetness of babyhood-his rounded head, his plump little bottom, his tiny shoes. He could be any baby napping, except that he's lying in the surf.

That image of three-year-old Aylan Kurdi became the defining image of the Syrian refugee crisis in Internet Standard Time, which is to say, no time at all. It forced people to confront a statistical abstraction at a personal, emotional level. What does it mean to be a refugee, fleeing war and oppression for a precarious future? It means risking everything. It means heart-breaking, desperately unjust vulnerability. It means that dead babies wash up with the tide. Suddenly, the whole world empathized with a conflict that had long ago fallen off the front pages.

But, also in no time at all, those images were subjected to a kind of maudlin fakery that is somehow worse than frankly not giving a toss. They were manipulated in any number of ways. One illustrator represented an image in cartoon or graphic form; someone added angel wings to the boy's back and a rose to his hand; someone had a bunch of cartoon squids and whales sticking out of the waves, weeping over his body. Someone placed his body in the same attitude but sleeping safe in a bed.

These memes come, no doubt, from a good place. But it's a place of empty platitudes. They try to make palatable what is not palatable. They sanitize the scene, appealing to sentimentality rather than speechless pain, skipping the horror and going straight to "a better place". They vandalize the original image by not paying attention. Because that child was not holding black balloons, he was not flying up to heaven; he was face down in the surf, nostrils filled with wet sand, his body already decomposing.

Is that offensive? Yes. It should offend us that a child is dead. But we can only be truly offended if we are very clear on what it means to be dead, and we can only be very clear if we look at the reality with attention.

The world endlessly debates the ethics of shocking visuals. Those debates at least partly elide the fact that we would rather not be forced out of our comfort zones, would rather not be invited to examine our responsibility. I cannot see how shielding a viewer from disturbing truths is more important than drawing attention to those truths so that the world might be moved to act on them.

Aylan Kurdi's image in death was widely published and broadcast as media companies correctly determined that doing so served the larger good, and it did. The images galvanized global attention around the Syrian refugee crisis that has thus far largely been missing, and spurred many private citizens as well as governments to action. They might increase the world's investment in resolving the horror that is Syria. Germans have cheered and applauded Syrians in welcome; the UK has been shamed, including by its own citizens, into reconsidering how many refugees it can take; Hungary has gotten bad press for its hardline anti-refugee attitude.

And the images come out of the fact that Syrians can no longer wait to be noticed. They have stormed the barricades of the world's complacency, metaphorically and literally - as refugees and sufferers of conflict everywhere are trying to. The tragedy on the beach in Turkey is only one of innumerable tragedies that have taken place in that attempt.

And that's the other half of the arc of attention that these images command. The death of a child always seems particularly heartbreaking. But Aylan Kurdi wasn't just a baby: he was a Syrian person, one of millions of Syrian people, who bear the cost of a war not of their making, either by staying or by fleeing. All of those people are going through hell. The empathy we feel for Aylan Kurdi should extend to all of them: they are all innocents.

Images of tragedy and violence should offend only our sense of natural justice. We live in a country where words like "ass" and "bastard" are muted in television sitcoms to protect our sensibilities, while we walk blithely by hordes of destitute people suffering and dying on our own streets. There's something terribly wrong with what we choose to look at and what we find offensive. Our greatest failing is our inability to pay attention to reality.

(Mitali Saran is a freelance writer and columnist based in New Delhi.)

Monday, September 7, 2015

Why $40 oil is killing Iraq, Venezuela and others, but not Russia - REUTERS

September 6, 2015 at 10:01pm
http://blogs.reuters.com/great-debate/2015/08/28/why-40-oil-is-killing-iraq-venezuela-and-others-but-not-russia/?utm_source=Facebook

Why $40 oil is killing Iraq, Venezuela and others, but not Russia
By John Lloyd August 28, 2015

Russian President Vladimir Putin meets with journalists after submerging into the waters of the Black Sea inside a research bathyscaphe as part of an expedition in Sevastopol, Crimea, August 18, 2015. REUTERS/Alexei Druzhinin/RIA Novosti/Kremlin
Russian President Vladimir Putin meets with journalists after submerging into the waters of the Black Sea inside a research bathyscaphe in Sevastopol, Crimea, August 18, 2015. REUTERS/Alexei Druzhinin/RIA Novosti/Kremlin

It’s not the economy, stupid. At least it isn’t where hearts are warmed by the fiercer flame of nationalism, rather than rising living standards.

Oil prices as low as $40 a barrel are separating the oil haves from the oil have-nots. The oil producers happily rode a wave of high oil prices for years, buying popularity with increased state spending while excusing themselves from the hard pounding of legitimate economic reform. The oil-buyers — like India and Egypt — now enjoy prices as low as a third of those they paid as recently as two years ago and can cut fuel subsidies, saving spending or redirecting it to broader social uses.

As a result, most of the oil-producers are now in a troubling position. Venezuela’s President Nicolas Maduro faces parliamentary elections in December with falling popularity and a poll showing Venezuelans will vote for the opposition rather than his Socialist Party by a factor of two to one. Maduro lacks the charismatic populism of his predecessor, Hugo Chavez — a popularity based on the former president’s insistence that the high oil revenues were benefitting the poor (they did) and making the nation great, while sticking it to the Americans.

In Canada, now a major oil producer from Alberta’s tar sands, polls are jumping about nervously, as Conservative Prime Minister Stephen Harper seemed up in April, then down in July. Harper has been in power since 2006, so “regime fatigue” is judged to be a large factor in the public’s ambivalence toward him. The fall in the price of the commodity that accounts for a quarter of the country’s export revenue and nearly 10 percent of its GDP is not his fault — but it’s happened on his watch. This will only aggravate the fatigue. Elections are in October; a credible critique of Harper’s economic policy at a time of falling revenues could tip it for the opposition.

Nigerian President Muhammadu Buhari doesn’t have to face an election soon — he just won one. But like other leaders from oil-producing nations, he does have to cope with a price slump in the commodity, which comprises 80 percent of the government’s revenue. It has meant civil servants in most states are owed months of pay; capital projects have been frozen; and an already restive and divided country shows more signs of revolt.

The turmoil is felt by countries throughout the Middle East — by those desperately reliant on oil revenue (Iraq, Syria and Libya) and those with vast riches (Saudi Arabia).

And yet the Russian Federation, and Scotland buck this trend. Their leaders are the Teflon Kids of the oil slump: Hit by sliding prices but not public scorn.

The ruling party in the state’s’s regional parliament, the Scottish National Party, presented an economic program to the Scottish people before last year’s independence referendum (independence was voted down 55-45) promising higher social, infrastructural and education spending. And, perhaps most critically, better infrastructure based on an oil price above (as it had been) $100 a barrel. This should have doomed them in today’s court of public opinion, in a landscape dominated by cheap oil.

Yet the falling price hasn’t affected the result of either the Scottish or the UK parliamentary elections one whit. An independent Scotland would now be in an economic crisis. But the fall in the oil price has had less effect on the economy of the UK as a whole than the benefits from cheap oil — a fact that should make Scots relieved they live in the larger state. Yet since the election, and as the price has gone down further, the popularity of the SNP and its leader Nicola Sturgeon has gone up.

A similar phenomenon has occurred in Russia. Rising prices, falling employment, stagnant or reduced wages have had one political result above all others: an outpouring of support, amounting to veneration or even love, for President Vladimir Putin.

What unites Sturgeon and Putin? What makes them exempt from public scorn as oil prices slip and slide? They are ardent nationalists. Neither loses an opportunity to glorify their country.

Putin, in a visit to the Baltic fleet in the port of Baltiysk, depicted his country as again facing hostility from the West, again drawing on its own human reserves to repel the foreigners. (It is worth noting that Sturgeon’s predecessor in the SNP, Alex Salmond, is an admirer of “certain aspects” of the Russian president)

Sturgeon is less emphatic than Putin. But her party’s celebration last year, through a reenactment of the 1314 victory of a Scots army over an English one in the Battle of Bannockburn, shows that the SNP’s heart remains deeply anti-English. It keeps alive the popular myths and heroes of centuries’ old triumphs. During the referendum campaign, the then Labor leader Ed Miliband was forced to abandon speeches and walkabouts in Edinburgh, and the Scots Labor leader Jim Murphy was abused into silence in Glasgow. The SNP deplored those actions; but once released and encouraged, nationalism takes increasingly aggressive forms.

Putin and Sturgeon’s popularity is propelled by a force more powerful — at least to date — than the desire for better living standards. Especially in Russia, there is a pride in displaying courage and patriotism in the face of deprivation and aggression, seen as coming largely from the United States. In Scotland, the propaganda is more muted and the English enemy less clearly delineated, but nationalism needs a foe, and the English are it.

There is no question of which nationalism is more dangerous. An independent Scotland would reduce the UK’s authority, further weaken the EU and greatly damage the state itself. Russian nationalism on the other hand is a danger, perhaps a disaster, on a global scale, not least because its political success spawns imitators. For example, China, heading into harder times and taking the world with it, has a leader keen on promoting the “Chinese dream” — a stronger, more nationalistically inclined China.

Nationalism hasn’t gone out with the tide: it’s coming in waves.

Sunday, September 6, 2015

1 Word Successful People Never Use at Work - Business Insider

http://time.com/4023113/word-successful-people-never-use-work/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+timeblogs%2Fcurious_capitalist+%28TIME%3A+Business%29

1 Word Successful People Never Use at Work
Jacquelyn Smith / Business Insider @businessinsider Sept. 4, 2015  

Words matter



“Think twice before you speak, because your words and influence will plant the seed of either success or failure in the mind of another.” —Napoleon Hill

Darlene Price, president of Well Said, Inc., and author of “Well Said! Presentations and Conversations That Get Results,” told Business Insider that words, poorly and unconsciously chosen, can indeed harm your credibility, relationships, and opportunities for advancement at work.

“Words matter,” she explained. “They are a key component of persuasive communication. Regardless of the audience, topic, or industry … a leader uses language to influence someone’s mind in order to achieve a certain result. That’s one reason they’re seen as leaders; their words compel people to follow.”

She said one word these people don’t use at work is “try.”

If your boss says to you, “I need your proposal by 10 a.m. tomorrow for the customer meeting,” and your reply is, “Okay. I’ll try to get it finished,” they probably won’t be thrilled.

“The word ‘try’ implies the possibility it may not get finished,” Price said. And no boss wants to hear this, as it presupposes possible failure.

It also tells them you’re not completely confident in your abilities to get something done, which isn’t the message you want to send at work.

Instead, she suggested trying: “Yes, I will get it finished” or “I will have it on your desk by 9 a.m.”

If it’s not an unreasonable request, there’s no reason you shouldn’t be able to get it done — and therefore no reason to use the word “try.”

But if for some reason you really can’t complete the assigned task, you’ll want to politely ask for an extended deadline and get figure out a way to complete the task by then.

This article originally appeared on Business Insider.

Saturday, September 5, 2015

China risks an economic discontinuity - Financial Times

September 2, 2015 at 1:03pm
http://www.ft.com/intl/cms/s/0/cfe855be-5092-11e5-8642-453585f2cfcd.html#axzz3kXwXppp7



September 1, 2015 7:14 pm
China risks an economic discontinuity
Martin WolfMartin Wolf


Many believe the economy is already growing far more slowly than the government admits.

David Daokui Lee, an influential Chinese economist, has argued that: “The stock market sell-off is not the problem . . . the problem — not a huge one, but a problem nonetheless — is the Chinese economy itself.” I agree with both points, with one exception. The problem may prove huge.
Market turmoil is not irrelevant. It matters that Beijing has spent $200bn on a failed attempt to prop up the stock market and that foreign exchange reserves fell by $315bn in the year to July 2015. It matters, too, that a search for scapegoats is in train. These are indicators of capital flight and policymaker panic. They tell us about confidence — or the lack of it.

Nevertheless, economic performance is ultimately decisive. The important economic fact about China is its past achievements. Gross domestic product (at purchasing power parity) has risen from 3 per cent of US levels to some 25 per cent (see chart). GDP is an imperfect measure of the standard of living. But this transformation is no statistical artefact. It is visible on the ground.
The only “large”(bigger than city state) economies, without valuable natural resources, to achieve something like this since the second world war are Japan, Taiwan, South Korea and Vietnam. Yet, relative to US levels, China’s GDP per head is where South Korea’s was in the mid-1980s. South Korea’s real GDP per head has since nearly quadrupled in real terms, to reach almost 70 per cent of US levels. If China became as rich as Korea, its economy would be bigger than those of the US and Europe combined.
This is a case for long-run optimism. Against it is the caveat that “past performance is no guarantee of future performance”. Growth rates usually revert to the global mean. If China continued fast catch-up growth over the next generation it would be an extreme outlier .
In emerging economies growth tends to be marked by “discontinuities”. But what Chinese policymakers call the “new normal” is not itself such a discontinuity. They believe they have overseen a smooth slowdown from annual growth of 10 per cent to still-fast growth of 7 per cent. Is a far bigger slowdown possible? More important, would this be a temporary interruption, as in South Korea in the late 1990s crisis — or more permanent, as in Brazil in the 1980s or Japan in the 1990s?

There are at least three reasons why China’s growth might suffer a discontinuity: the current pattern is unsustainable; the debt overhang is large; and dealing with these challenges creates the risks of a sharp collapse in demand.
The most important fact about China’s current pattern of growth is its dependence on investment as a source of supply and demand (see charts). Since 2011 additional capital has been the sole source of extra output, with the contribution of growth of “total factor productivity” (measuring the change in output per unit of inputs) near zero. Moreover, the incremental capital output ratio, a measure of the contribution of investment to growth, has soared as returns on investment have tumbled.
The International Monetary Fund argues: “Without reforms, growth would gradually fall to around 5 per cent with steeply increasing debt.” But such a path would be unsustainable, not least because debts are already at such a high level. Thus “total social financing” — a broad credit measure — jumped from 120 per cent of GDP in 2008 to 193 per cent in 2014. The government can manage this overhang. But it must not let the build-up restart. The credit-dependent part of investment has to shrink.

The debt overhang is not the only reason why investment will wilt. Daniel Gros of the Brussels-based Centre for European Policy Studies shows that the ratio of capital to output in China is on an explosive path. Remarkably, it is already far higher than in the US. If the capital-output ratio is merely to stabilise at current levels, and the economy is to grow at about 6 per cent, the investment share in GDP needs to fall by about 10 per cent. If that were to happen suddenly, the impact on demand would cause a slump. An investment share of 35 per cent of GDP (merely back to where it was in the early 2000s) would be a desirable outcome of reforms. But moving there swiftly would take a huge bite out of today’s domestic demand.

Many believe the economy is already growing far more slowly than the government admits. But the weaker the prospective rate of growth and the more uncertain are returns, the more rational it becomes to postpone investment, further slowing the growth of the economy.
The core argument for a discontinuity is that it is hard to move smoothly from an unsustainable path. The risk is that the economy slows much faster than almost anybody now expects. The government needs to work out a way of responding that does not increase global or domestic disequilibria. The best approach would be to continue with reforms, while trying to put more spending power into the hands of consumers and investing more in public consumption and environmental improvements. Such a response would be fully in keeping with China’s needs.

A discontinuity in China’s economic growth is now more likely than for decades; such a discontinuity might not be brief; and the challenge facing policymakers is huge. They need to re-engineer a slowing economy without crashing.
Moreover, the challenge is not only, or even mainly, technical. A big question is whether a market-driven economy is compatible with the growing concentration of political power. The next stage for China’s economy is a conundrum. Its resolution will shape the world.
martin.wolf@ft.com

Friday, September 4, 2015

How long is the oil market cycle? - FINANCIAL TIMES

September 2, 2015 at 1:26pm
http://blogs.ft.com/nick-butler/2015/08/30/how-long-is-the-oil-market-cycle/

How long is the oil market cycle?
Nick Butler   Author alerts
| Aug 30 10:00 | 94 comments | Share


Oil is now clearly a cyclical commodity that is in a period of over-supply. According to recent commentaries from the International Energy Agency, the excess of production over consumption was as much as 3m barrels a day in the second quarter of this year, which is why prices have fallen. The question for producers, consumers and investors is: how long will it be before the cycle turns back up?

The initial caveat, of course, is that the “normal” oil market could be overturned by political decisions at any time. The Saudis, instead of greedily trying to maximise their market share and imposing huge losses on others, could decide that the stability of the region, and of their own kingdom, would be better served by cutting production and settling for a new equilibrium. There is a chance of that, as I wrote a couple of weeks ago, and the Saudis are under huge pressure from other Opec members but there is a mood of rigid arrogance in Riyadh which suggests that the necessary climb down will not come easily. What follows assumes that King Salman bin Abdulaziz al-Saud and his son the deputy crown prince stick to their current policy.

What then drives the cycle ?

On the supply side, the prospect is of increased production for at least the next two years. Iran will slowly increase its output and exports over the next 12 months, as explained in an excellent briefing paper from CSIS – the US academic think-tank. That will add 400- 600,000 b/d to supply. Beyond that will come resources from new projects and the upgrading and refurbishment of some existing producing fields. BP and some of the US companies may be too timid to go into Iran at the moment but many others will not hold back. As sanctions fall away, Iran has an entirely rational interest in increasing output and exports. A very cautious estimate would be that 1m barrels a day could be added before the end of 2017.

Assume for the moment that Libya remains in chaos and that the security situation in Iraq continues to discourage major investment in new production in Kurdistan.

The next question is whether after another week of volatility – prices are settling below $50 with a clear downward trend over six months – low prices will force production cuts in the US or anywhere else. Production of shale (often known as tight oil) is flexible and output can be reduced relatively easily. The issue is whether the costs of fracking are covered at $40 or $45 a barrel. No one is quite sure, and so far the industry has responded to the price fall with impressive cost cutting. But that cannot be unlimited and a prudent guess would be to assume that US unconventional oil supply has peaked and will fall by perhaps 20 per cent over the next two years. Elsewhere, some production will be halted in the North Sea and other provinces where costs are high but in general operating costs are below $40, which means that output will be maintained.

What about the demand side of the equation? The International Energy Agency’s prediction in its latest note was that faster economic growth would start to reduce the excess supply in the second half of this year and through 2016. But its forecast was written before the Chinese downturn became obvious and now looks outdated. For most of the last decade China has been the engine of economic growth not just in Asia but also for major western countries such as Germany. In the oil market, China has been and was predicted to remain the main source of demand growth, with consumption in the US, Europe and Japan flat or declining. The Chinese economy has slowed, as long predicted by sharp observers such as Michael Pettis. The impact of the downturn on spending and investment will take time to work through. Instead of the anticipated demand increase of about 350,000 bd this year and next which the IEA had suggested, it seems prudent to assume that Chinese oil demand will be flat this year and will increase only modestly in 2016 and 2017.

You can vary the calculation using your own assumptions on each of these points but the inescapable conclusion is that, short of a political change of heart in Riyadh, the surplus of supply over demand will persist for at least the next two years or longer. Even when supply and demand are back in balance the market will have to cope with the volume of stocks that are being built up.

Therefore, the cycle will only turn when the postponement of new projects begins to have an impact on total supply. Many new projects have been postponed already, and many more will suffer the same fate over the next few months. The impact, however, will be gradual. Existing producing fields, once they are past their plateau production levels, decline only slowly. New projects capable of replacing those supplies typically take four to six years to come on stream. In other words it will be about five years before the cancellation of a project today will impact on the physical supply-and-demand balance.

It is impossible to be precise but on these fundamentals the cycle will take at least five years to turn and quite possibly longer. The news, good or bad depending on where you are sitting, is that low prices look set to stay.

Thursday, September 3, 2015

World faces third deflationary wave - Financial Times

September 3, 2015 at 12:15am
http://www.ft.com/intl/cms/s/0/11932fc0-4ca1-11e5-9b5d-89a026fda5c9.html?siteedition=intl#axzz3kXwXppp7


World faces third deflationary wave
Dominic Rossi


EM crisis means further fall in potential global output is unavoidable
A Chinese investor walks past an investment map showing suitable property markets for wealthy Chinese to invest in at the International Property Expo in Beijing on April 11, 2014. Wealthy Chinese will pour AUD$44 billion (US$39.4 billion) into Australian real estate over the next seven years, potentially pushing prices in one of the world's most expensive housing markets even higher. Chinese property investors have been on a international spending spree since the global financial crisis hit most of the world's economies.

The world economy is bearing the brunt of a third deflationary wave in less than a decade. The first was the US-led housing and financial crisis of 2008-9, the second wave was the eurozone crisis of 2011-12, and now a third, an emerging markets crisis.
This emerging markets crisis bears many of the hallmarks of previous episodes. All emerging market crises start in the foreign exchange markets before making their way through others: commodities, debt, equity and finally the real economy. This one is no different.

In the next few months we may reach a bottom in absolute price terms for emerging market securities, but past experience teaches us that it takes years of capital scarcity to restore capital and cost discipline after years of over investment. A new bull market in emerging markets is still some way off, and the 2002-7 period will be archived as a golden era.
The impact of this emerging market crisis on the developed world will be a little different this time. In 1997 it created a price shock that raised real income and real consumption levels in the developed world. Today an emerging crisis will create both a price and volume shock due to its greater relevance to world GDP and to global companies than in the past.
The net effect on developed nations will not be positive. Hopefully the Federal Open Market Committee will acknowledge these risks when it sits to deliberate monetary policy in September. We will see.
Whichever, the impact of this third deflationary wave has yet to reach the shores of Lake Michigan, irrespective of the tight labour markets in the US. Lower gasoline prices may now be being felt, but the fall in manufactured goods prices from Asia is still ahead of us. Tighter US monetary policy, and a strong dollar, would only intensify these oncoming deflationary forces.
The volume shock from the deflationary wave will become visible in trade data between developed and developing nations. The Financial Times recently noted that currency devaluations had failed to stimulate exports while limiting imports. In aggregate they had diminished world trade.
So it is critical that the US trade deficit now be allowed to expand and fill the aggregate demand gap that must arise from the fall in purchasing power from the developing world. Tighter US monetary policy will not help here either.
In sum, this third deflationary wave will mean that world GDP will continue to operate at a level below potential output. Downward pressure on prices will persist and a supply-side contraction in developing nations will be required before prices stabilise. A further fall in potential global output is now unavoidable. The adjustments to GDP forecasts are still ahead of us.
Those who hoped the secular opportunities of developing nations would insulate them from these woes will need to rethink
Consequently an economic landscape, formed of low nominal growth and low interest rates, will shape the developing world as it has shaped the developed world for some time. Those who hoped the secular opportunities of developing nations would insulate them from these woes will need to rethink.
Nor will a fresh round of competitive devaluations offer an escape route from these supply side adjustments. On the contrary, this would only intensify these price and volume shocks. A tightening of US monetary policy, and a stronger dollar, comes to the same thing. Either of these policy options would lower aggregate demand at a time it is already too low. Why make the adjustment unnecessarily painful?
At the beginning of this year I feared the secular stagnation hypothesis, but hoped as the year progressed it would be in full retreat, on the back of a US consumer recovery. In truth it has spread, capturing the developing world in its wake. This ice age of low nominal growth and interest rates looks more permanent than ever.
So the conundrum for investors continues. Negative real interest rates on bank deposits cannot be the road to prosperity, yet the promise of low nominal returns on traded securities looks risky.
My answer to this is to bet on innovation rather than hope policymakers get it right. Whatever you may read to the contrary, companies are investing and innovating. It is only by investing in innovation that we can escape this otherwise humdrum nominal world. The rest really is up to policymakers.
Dominic Rossi is global chief investment officer, equities, at Fidelity Worldwide Investment

Wednesday, September 2, 2015

Global Shares Fall After China’s Weak PMI Data - Wall Street Journal

September 1, 2015 at 10:41pm
Global Shares Fall After China’s Weak PMI Data
U.S. stocks are poised to open more than 2% lower

By JOSIE COX
Updated Sept. 1, 2015 8:11 a.m. ET

Global stock markets tumbled Tuesday after weak manufacturing data in China fueled investors’ worries about the world’s second-largest economy.

Stock futures pointed to declines at the open in the U.S., and shares in Europe and Asia fell. The price of oil, which had rallied in recent days, slumped.

Futures contracts indicated a 1.9%, or 307-point, opening loss for the Dow Jones Industrial Average and a 1.9% fall for the S&P 500. Futures, however, don’t necessarily accurately reflect moves after the opening bell.

Commodities and stocks around the world have swung sharply in the weeks since China devalued the yuan, interpreted by some as a sign of Beijing’s concern about slowing growth. Financial markets had steadied over the past few sessions, but signs of turbulence returned Tuesday.

“International investors have become extremely concerned about the state of China’s real economy,” economists at UBS wrote in a note to clients, adding that some investors are fearful that the situation could still get worse.

The Stoxx Europe 600 was 2.2% lower just over halfway through the session. The Shanghai Composite fell nearly 5% before ending the day down 1.2%. Hong Kong’s Hang Seng Index fell 2.2% and Japan’s Nikkei lost 3.8%.

Stock indexes around the world suffered their biggest monthly losses in years in August. The Stoxx Europe 600 had its largest one-month percentage decline since August 2011. The Dow fell 6.6%, representing its biggest monthly percentage decline since May 2010. The Shanghai Composite fell 12.5%, notching its third straight month of declines.

But despite volatility having eased off in recent days, moves on Tuesday hinted that markets are still highly susceptible to shocks.

On Tuesday, China’s official manufacturing purchasing managers index for August fell to 49.7, from 50.0 in July, marking its lowest level since August 2012. A number below 50.0 implies a contraction.

Separately, the Caixin manufacturing purchasing managers index, a gauge of nationwide manufacturing activity, fell to more than a six-year low in August, according to Caixin Media Co. and research firm Markit.

“We believe that the clock is ticking towards further negative surprises,” Rabobank strategist Michael Every said about the data in a note to clients.

He said that policy responses from China aimed at encouraging stability had so far failed.

Chinese authorities have been trying to stabilize the domestic stock market since late June, cutting interest rates for the fifth time since November and pledging to support the market by buying stocks. More recently, Beijing has stepped up a crackdown on what they are labeling as securities violations.

Christine Lagarde, managing director for the International Monetary Fund, said Tuesday that the organization expects global economic growth to weaken and that Asia risks slowing further because of the recent volatility in financial markets.

“Asia as a region is still expected to lead global growth,” Ms. Lagarde said in a speech at the University of Indonesia. But even in Asia, the pace “is turning out a little bit slower expected—with the risk that it may even slow further given the recent spike in global risk aversion and in financial market volatility.”

The euro, which in recent months has tended to do well during times of market stress, was recently 0.2% higher against the U.S. dollar at $1.1245. The dollar was 0.9% lower against Japan’s yen at ¥120,13.

Brent crude, the global oil benchmark, fell 3.4% to $52.30 a barrel after oil prices surged over the previous three trading sessions. The U.S. oil benchmark was down 2.7% at $47.88. Gold rose around 0.8% to $1,141.00 a troy ounce.

Later this week, the European Central Bank is scheduled to hold its regular monetary policy meeting. Analysts expect President Mario Draghi to get questions about what recent market volatility could mean for Europe and the ECB’s bond-buying program.

On Friday, monthly U.S. nonfarm payroll figures could provide further hints on the timing of a U.S. interest rate rise.

Market turmoil has in recent weeks led some investors and analysts to push back their expectations for when the U.S. Federal Reserve will start to raise rates from rock-bottom levels.

Stephanie Lindeck, an economist at Julius Baer, wrote in a note to clients Tuesday, however, that she still thinks a move in 2015 is on the cards.

— Chao Deng in Hong Kong contributed to this article.

Corrections & Amplifications:
Last month, the Stoxx Europe 600 suffered its largest one-month percentage decline since August 2011. An earlier version of this article incorrectly said it was the largest one-month percentage decline since August 2010.

Write to Josie Cox at josie.cox@wsj.com

Tuesday, September 1, 2015

Malaysia's masses protest against corruption - Economist

September 1, 2015 at 4:57pm
http://www.economist.com/news/asia/21662497-large-orderly-marches-keep-pressure-embattled-prime-minsiter-malaysias-masses-protest?cid1=cust/noenew/n/n/n/20150831n/owned/n/n/nwl/n/n/n/email

Malaysia's masses protest against corruption

Large but orderly marches keep the pressure on an embattled prime minister
Aug 30th 2015 | KUALA LUMPUR | Asia

TO LISTEN to the dire pronouncements from Malaysia's authorities, you might have expected a riot. But the big rally which took place in Kuala Lumpur this weekend, organised by Bersih—an electoral reform group angered by allegations of corruption in government—was a calm and joyful affair. Bersih (which means "clean" in Malay) reckoned that 200,000 marched to the capital's central square on Saturday afternoon to demand the resignation of the prime minister, Najib Razak; the police pegged the crowd at 30,000. Almost everyone wore Bersih's signature yellow T-shirts—despite the government's claim, at the eleventh hour, that they were illegal. One yellow-swathed campaigner waved a sunshine-yellow placard: "You can ban a T-shirt", it read, "but you can't ban an idea".

The rally began at 2pm on Saturday and continued overnight. Parents came with teenage and grown-up children (infants were discouraged). Supporters on Twitter quoted lines from "Les Misérables", and at least one rally chief tried to lead crowds in some of its tunes. A few campaigners sported bags that read "My prime minister embarrasses me"; one handy protester had carved a pint-sized model of Mr Najib from polystyrene, which perched on a swing inside a cage.

Beset by scandal, Malaysia’s prime minister cracks down on dissent
Mr Najib has been on the back foot since early July, when a report in the Wall Street Journal alleged that payments of nearly $700m had entered his bank accounts in 2013 (he denies wrongdoing, and says he has never used public money for personal gain). The government said the rally was illegal, and blocked the organisers' website. The state news agency quoted Mr Najib as saying that the protesters appeared "shallow and poor" in their patriotism for holding the rally so close to Malaysia's independence day, which falls on Monday. Students were warned that joining the protests might endanger their scholarships; the foreign ministry said it would identify Malaysians participating in assemblies held in solidarity abroad. One big worry was the promise made by a pro-government group to hold a counter-rally. Its leader had claimed to be planning training sessions for participants which would involve swords and long knives.

As it turned out, police presence was low-key, and its leadership pragmatic. The careful organisation of the protest doubtless helped. Having accepted that they would not be allowed to enter the capital's main square, organisers erected their own barriers at its entrance to keep protesters away from police lines. Where roads remained open to traffic—and initially only those closest to the square were closed—stewards parted the crowds for public buses, which chugged on incongruously. Law students with gas masks, who stood ready to advise any detained protesters, had little to do but observe.


Malaysia's economic and political malaise, in graphics
Assuming the protest concludes peacefully on Sunday night, Bersih's rally will mark a big step forward for civil society in Malaysia, where the culture of protest is still nascent. In the past similar demonstrations have been dispersed with water cannon, tear gas and arrests. This time the government's panicky and ultimately unenforced ban on Bersih T-shirts has served only to convince protesters that such edicts can in future be ignored. One shadow was the relative paucity of ethnic-Malays in a rally dominated by Malaysian Chinese. To some observers that confirmed worries—vigorously denied by the protest's organisers—that the country's politics is dividing more firmly along ethnic lines.

Few attendees expect the demonstration to bring immediate change. But the prime minister's opponents got a big boost on Sunday afternoon, when Mahathir Mohamad—an elder statesman who has for many months called for Mr Najib to step down, and who stopped briefly at the rally on Saturday—returned to make a supportive statement. Attention now shifts to a big international conference on corruption, which—quite by chance—is being held near Kuala Lumpur from September 2nd. It is still not clear whether the prime minister will attend.