Donald Trump is leading in the polls - Intelligencer

DAILY INTELLIGENCER

July 25, 201611:32 a.m.

Donald Trump Is Now Leading the Polls in the Race to Be World’s Most Powerful Person

By Ed KilgoreFollow @ed_kilgore

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Don't look now, but Cleveland worked for Donald Trump. Photo: John Moore/Getty Images

So, does a presidential candidate in a highly polarized environment get a "bounce" from a disorganized and divided convention that struck many of the nominee's enemies as reminiscent of certain 20th-century authoritarian spectacles? Apparently so. The first batch of post-convention polls universally shows Trump making gains. He now has a 0.2 percent lead in the RealClearPolitics polling average. But while some polls show a definite change in the two candidates' standing attributable to the convention, others suggest Trump was making gains going into Cleveland that simply continued (e.g., an L.A. Times/USC six-day poll showing Trump up 45-41).

The source of Trump's gains varies by poll. A CNN/ORC survey gives Trump a 48-45 lead (44-39 with third-party candidates Gary Johnson and Jill Stein included), a six-point improvement over the mogul's performance in that outlet's last survey earlier this month. It shows the support for Trump spiking among independents and non-college-educated white voters (where he has a remarkable 62-23 lead). A CBS poll showing Trump up by one point indicates a slight consolidation of Republican and conservative votes for Trump, and a spike in HRC's unfavorables. According to that survey, at least, all of the Clinton-bashing in Cleveland had an effect, though the pollster did not ask if respondents wanted to "lock her up."

These findings will surprise some observers who thought this was one year when voters were so polarized that a convention "bounce" was unlikely, and will clearly shock Democrats who watched the show in Cleveland and found it repellent. Given the unhappy convention-eve developments on the Democratic side (Politico is running one of those "convention chaos" stories from Philadelphia that echoes the Cleveland coverage), the natural assumption that Clinton will get a corresponding or even superior bounce is in question, though Democrats do have a significant advantage in rhetorical firepower.

Whether they persist or not, Trump's post-convention gains are another sign that this is likely to be a close presidential race. That could be because of what the candidates are and are not doing, or simply because the country is so polarized that absolutely any nominees, however monstrous, are going to get in the neighborhood of 45 percent of the vote. It's also important to keep an eye on the "fundamentals"; the president's job approval rating has sagged a bit in recent weeks. There's no reason for any kind of Democratic panic at this point. But complacency about Trump being a self-destructive pushover is clearly no longer rational.

Pokémon Go Couldn’t Save Nintendo’s Quarterly Results - TIME Business

Pokémon Go Couldn’t Save Nintendo’s Quarterly Results Posted: 27 Jul 2016 06:24 AM PDT TOKYO (AP) — Japanese video game maker Nintendo Co. sagged into a loss of 24.53 billion yen ($232 million) for the fiscal first quarter through June, despite the global success of the “Pokemon Go” augmented reality game. The result Wednesday was worse than the 673 million yen ($6.4 million) profit forecast by analysts surveyed by FactSet. The manufacturer of Super Mario games and the Wii U console had an 8.3 billion yen profit the same quarter a year ago. The Kyoto-based company’s quarterly sales fell 31 percent to 61.97 billion yen ($586 million). Nintendo has warned the “Pokemon Go” perk will be limited. The Pokemon Co., a Nintendo affiliate, will get licensing fees and other compensation for the mobile game distributed by Niantic Inc., but that won’t have much impact on Nintendo income, according to a company statement last week. In one disappointment for “Pokemon Go” fans, Nintendo and Pokemon said Wednesday that the release of “Pokemon Go Plus” is being delayed by two months until September. “Pokemon Go Plus” is a device that can be used when playing “Pokemon Go,” which lets players know when Pokemon are around. The “Pokemon Go” game became available after the first quarter ended, anyway, and to play it basically is all free. But some investors are expecting a boost for Nintendo as the Pokemon craze encourages other types of sales, such as games and other content of not just Pokemon but other Nintendo products. Nintendo’s shares have see-sawed since the game’s release earlier this month, as markets flip-flopped between hope and disappointment for the biggest hit in games in years. It closed at 22,305 yen, down 5.5 percent in Tokyo. Nintendo’s earnings have suffered from lagging sales of its game consoles, including the Wii U and the 3DS handheld. The new console it has promised, codenamed NX, hasn’t gone on sale yet. After years of scoffing at the threat from smartphones, Nintendo did an about face last year and entered that sector. Pokemon Go is definitely the first success it has scored since that decision, and it underlines Nintendo’s potential. The game, which has players looking for Pokemon creatures in their real-life wanderings, is a good match for the classic Pokemon story. Nintendo kept its full year forecast unchanged at a 35 billion yen ($331 million) profit.

Apple's I phone sale down for a third quarter - Reuters

As iPhone sales declined for the second straight quarter, Apple CEO Tim Cook peeled back the curtain ever so slightly on its work in artificial intelligence and augmented reality, aiming to reassure investors that the company is ready to ride the next wave of technology.

Raving about hit smartphone game Pokemon GO, Cook stressed that Apple is “high on [augmented reality] for the long-run” and investing heavily. Augmented reality, in which computer-generated content is overlaid on the real world, is one of the latest fixations in the technology business, with Pokemon GO among the first applications to catch on.

Cook also highlighted Apple’s investment in artificial intelligence, which the company now uses to recommend content to users and even spot usage patterns to improve a device's battery life. 

It was a small glimpse of the future from the notoriously secretive tech giant, which fiercely guards its product pipeline. But analysts said Cook must do more to show his cards as sales of the iPhone slow.

Augmented reality and artificial intelligence are often regarded as an uneasy fit for Apple, a hardware maker that tends not to embrace new technology until it matures. And Apple’s habit of keeping quiet until it has a finished product to show – in contrast with rivals such as Google and Facebook (FB.O), which iterate products in the open – doesn’t help, said analyst Bob O’Donnell of TECHnalysis Research. 

“They’re in this weird position where they want the world to know that they are working on it, but they have nothing to show for it,” he said. 

As rivals such as Google and Facebook double down on augmented reality, Apple has made no public display of its aptitude in the field. But Cook stressed that the company is hard at work behind the scenes.

“We have been and continue to invest a lot in this,” Cook said. “We think there’s great things for customers and a great commercial opportunity.”

Apple has more to show for its efforts in artificial intelligence, where it was an early pioneer with its Siri digital assistant. But the company has been dogged by doubts that it has fallen behind rivals such as Amazon (AMZN.O) and Google and will be hard-pressed to catch up due to its strict privacy stance. 

“They are running behind, and they are trying to catch up both in perception but also in fact,” said Oren Etzioni, who is CEO of the Allen Institute for Artificial Intelligence and a professor at the University of Washington.

Cook maintained that Apple had found a way to strike the balance between progressing in artificial intelligence and maintaining users’ privacy, detailing features in Apple’s latest operating system. 

“The deployment of artificial intelligence technology is something that we will excel at because of our focus on user experience,” he said. 

Ultimately, Cook argued, phenomena such as artificial intelligence and augmented reality will only reinforce the importance of the iPhone. He said the company was working to make sure its products worked well with third-party products like Pokemon Go. 

“That’s why you see so many iPhones in the wild right now chasing Pokemons,” he said. 

(Reporting by Julia Love; Editing by Jonathan Weber and Stephen Coates)

Elon Musk Just Unveiled His New Vision for Tesla - Fortune

Elon Musk Just Unveiled His New Vision for Tesla Posted: 21 Jul 2016 05:53 AM PDT Billionaire entrepreneur Elon Musk published his “master plan part 2” on Wednesday night that disclosed a wide-ranging vision for his companies including new future Tesla vehicles, car sharing, urban planning concepts, and a combined SolarCity and Tesla that would sell solar panels and batteries. Musk, who is the largest shareholder in both Tesla and SolarCity, emphasized that the companies must be joined in order to efficiently make and sell solar panels and batteries. A month ago, Tesla announced that it was seeking to buy SolarCity for $2.86 billion. While shareholders initially reacted negatively to the deal, causing Tesla’s shares to drop dramatically, in recent weeks Tesla’s stock regained their lost value, indicating investors could now be more comfortable with the merger. Musk told the Wall Street Journal this week that he expects a two-thirds majority to approve the deal. Musk also said that the only reason that the companies weren’t combined from the beginning was because of “an accident of history.” Musk clarified in a tweet that the companies “should have been done under the same corporate umbrella from the beginning.” The post wasn’t just a merger pitch, but in Musk’s usual grandiose style he ticked off the goals and driving forces behind all of his business decisions. His over arching ambition, he said, is to deliver “sustainable energy” and end the world’s reliance on fossil fuels. He published the first part of his “master plan” a decade ago during the very early days of Tesla and SolarCity. In Musk’s blog post, he revealed plans for new future Tesla vehicles, including a semi truck (Tesla Semi), a future compact SUV, a new kind of pickup truck, and what he described as “high-density urban transport,” or a bus. The company has hinted about most of these cars before over the years, but this is the first time I’ve heard about a possible Tesla bus. Musk said that the semi and the urban transport system are in “early stages of development” and could be ready to unveil in 2017. The “Tesla Semi” would lower the cost of transporting cargo and would also make cargo transport safer, said Musk. Musk also described a more well-designed urban bus that would be smaller, autonomous, free of passenger aisles, and would take riders all the way to their destinations. Bus drivers would be fleet managers, wrote Musk. Musk’s transport vision also includes car sharing, which analysts have speculated that Tesla would pursue for some time. Tesla customers could add their cars to a “shared fleet” by tapping a button on a Tesla phone app, wrote Musk. That could lower the cost of ownership of a Tesla, because it could generate income for you, he said. Autonomous cars were also a major theme laid out by Musk as way for cars to travel more safely and to be managed as a group. In May, a Tesla car crashed while its autonomous car software was enabled, marking the first known fatality in an autonomous car. U.S. regulators are investigating the accident. Finally, Musk also discussed his concept of making his factories more efficient and innovative, which he calls “the machine behind the machine.” (Read more about his industrialization plans here). Next week Tesla will hold a customer party at its “gigafactory,” a massive battery factory under construction outside of Reno, Nev. SolarCity is also building a factory in upstate New York with a plan to churn out highly efficient solar panels. This article originally appeared on Fortune.com

Apple’s Next Huge Project Has Been Delayed - Fortune

Apple’s Next Huge Project Has Been Delayed Posted: 22 Jul 2016 06:27 AM PDT The Apple Car doesn’t even technically exist, but it’s already been delayed, according to a new report. In a look at brothers working on Apple’s ultra-secret car project said to be called Project Titan, technology site The Information revealed that Apple has delayed its vehicle to 2021. Several rumors have claimed Apple had planned a 2020 launch for Apple Car, but The Information’s sources say that the project has “run into challenges,” and that a person who had worked on the Project Titan team confirmed Apple has pushed back its target launch from 2020 to 2021. Over the last couple of years, reports have surfaced saying Apple is working on an electric car that could come with self-driving features. While the company itself hasn’t acknowledged those claims, Apple CEO Tim Cook has been coy when talk of an Apple Car has popped up, leaks have come fast and furious from the Project Titan team, and Tesla CEO Elon Musk has described Apple’s car project as the “worst-kept secret” in Silicon Valley. He’s even called Apple “Tesla’s Graveyard,” a place where Tesla engineers go when they can’t hack it at Musk’s company. Analysts, too, have chimed in, saying that Apple, which experienced its first revenue decline since the iPhone’s launch in 2007 last quarter, is in need of a major new innovation. A car, they suggest, would fit that mold. However, developing a car is much different than making a new smartphone or computer, and it’s an entirely new industry for Apple. The company has reportedly hired a countless number of engineers with experience in vehicle technology and its chief of design, Jony Ive, has reportedly been doing research on car design. That all comes before Apple bundles electric vehicle technology, safety standards, and all the other features required to get a car on the road. Indeed, some that have worked in the automotive industry for years have criticized Apple’s idea. Last year, former General Motors CEO Dan Akerson said Apple shouldn’t even build a cardue to high costs and low returns. Another former GM executive, Bob Lutz, told CNBC in September that Apple is looking down the barrel of a “gigantic money pit.” “Apple has no experience,” Lutz said. “There’s no reason to assume Apple will do a better job than General Motors,Ford, Volkswagen, Toyota or Hyundai. I think this is going to be a gigantic money pit.” Regardless, if The Information’s sources are right, Apple is still moving ahead with the car. It just might not reach the roads nearly as soon as some, including Apple, might have liked. Apple declined Fortune’s request for comment on The Information’s story. This article originally appeared on Fortune.com

IMF Head Calls for Quick End to Brexit Uncertainty - TIME Business

IMF Head Calls for Quick End to Brexit Uncertainty Posted: 22 Jul 2016 12:27 AM PDT BEIJING (AP) — The head of the International Monetary Fund called Friday for quick action to end uncertainty over Britain’s vote to leave the European Union, which she said is dampening global economic growth. The IMF cut this year’s global growth forecast by 0.1 percentage points to 3.1 percent in a report released this week due to the shockwaves of the British vote, said Christine Lagarde. Lagarde spoke after meeting with the Chinese premier, Li Keqiang, and leaders of the World Bank, the World Trade Organization and other bodies ahead of this weekend’s gathering of finance officials of the Group of 20 major economies. “Our first and immediate recommendation is for this uncertainty surrounding the terms of Brexit to be removed as quickly as possible so that we know the terms of trade and the ways in which the United Kingdom will continue to operate in the global economy,” said Lagarde at a news conference. Lagarde said that before the British vote, the IMF had been preparing to raise its global growth forecast by 0.1 percentage points due to improvement in Japan, China and the 17-country euro zone. “Unfortunately, the United Kingdom decided to go for Brexit,” said Lagarde, a former French finance minister. “This is disappointing.” Investors are watching the G20 meeting for any sign the United States, Germany, China and other major economies may agree on joint action to accelerate a weak global economic recovery. A similar meeting in February in Shanghai ended with a joint statement that said coordinated action was impossible because major countries were at different points in their economic cycles. Some investors believe envoys in Shanghai agreed secretly to weaken the dollar to spur trade but there has been no official confirmation of that. The final statement from this weekend’s gathering in Chengdu in China’s southwest “will be under scanner for any hints of policy coordination — monetary or fiscal,” Citigroup economists said in a report. U.S. Treasury Secretary Jacob Lew, speaking to reporters in Athens before flying to China, downplayed the likelihood of joint action. “I don’t think this is a moment that calls for the kind of coordinated action that occurred during the Great Recession in 2008 and 2009,” said Lew. “It really is a moment where we each need to do what we can to ensure that where growth is soft it gets stronger and that prospects for the medium- and long-term are improved.” Lew appealed for close integration of Britain and the EU in the event of a split. “The best outcome is one that maximizes the integration of the UK and Europe and — because it’s likely to be a process that, at best, goes well beyond weeks or months — to have the nature of the discussion to be characterized by amicable, pragmatic engagement where the focus is on maximizing integration and cooperation.”

Munich shooting and right wing extremism - Independent

Everyone must read this post about the Munich shooting and right-wing extremism

Germany is struggling to heal following the tragic events in Munich on Friday which saw nine people killed and 27 more injured after an 18-year-old went on a shooting spree.

Ali David Sonboly had allegedly opened fire at a McDonald’s restaurant in the city on the five year anniversary of the Anders Behring Breivik Norway massacre which killed 77 mostly young people, and injured over 200. 

Sonboly, who was born in Germany and is of Iranian descent, had reportedly been fascinated by shooting sprees, including that of the right-wing extremist Breivik. 

Robert Fisk, writing for the Independent, was quick to point out a double-standard with the way terror attacks are reported:

When first we heard that three armed men had gone on a 'shooting spree' in Munich, the German cops and the lads and lassies of the BBC, CNN and Fox News fingered the 'terror' lever. The Munich constabulary, we were informed, feared this was a 'terrorist act'. The local police, the BBC told us, were engaged in an 'anti-terror manhunt.'

However Sonboly doesn’t have any connections to Isis, and despite a witness claiming they heard him shout “Allahu Akhbar”, the overwhelming body of evidence suggests he had shouted insults to foreigners. 

The shooting challenges the idea that only Muslims can be 'radicalised'. 

Academic, journalist and editor-in-chief of Ajam Media Collective Alex Shams wrote the following Facebook post exploring Iranian identity and the prevailing concept of whiteness as a mark of superiority in response to the attack: 

5 ways to stay mentally strong even though you're about to crack - TIME

5 Ways to Stay Mentally Strong When You Think You’re About to Crack

Everybody has those work days that no amount of coffee, chocolate or wine can seem to fix. Whether you’re recovering from a too-short weekend or pushing through the end of a too-long work week, it’s hard to keep your brain decluttered and calm. Prioritize self care with these easy tips and refresh your mind without missing your deadlines.

If you’re in the office, leave your desk for a second to stand in a power pose and take in some deep breaths. Make a quick to-do list so you can visualize your tasks to make them seem less daunting and then plan for a night of TV watching, cooking or coloring to get your mind off of everything. You’d be surprised what a difference it can make.

G 20 meeting in China emphasises measures to prevent fallout from Brexit - Reuters

G20 will use 'all policy tools' to protect growth as Brexit looms

Leaders from the world's biggest economies are poised on Sunday to renew their commitments to support global growth and better coordinate actions in the face of uncertainty over Britain's decision to leave the European Union and growing protectionism.

The meeting of finance ministers and central bankers from the Group of 20 major economies in China's southwestern city of Chengdu is the first of its kind since last month's Brexit vote and a debut for Britain's new finance minister. Philip Hammond faced questions about how quickly the UK planned to move ahead with formal negotiations to leave the EU. 

"We are taking actions to foster confidence and support growth," a draft statement by the policymakers seen by Reuters said.

"In light of recent developments, we reiterate our determination to use all policy tools – monetary, fiscal and structural – individually and collectively to achieve our goal of strong, sustainable and balanced growth," it said.

The International Monetary Fund this week cut its global growth forecasts because of the Brexit vote. Data on Friday seemed to bear out fears, with a British business activity index posting its biggest drop in its 20-year history.

The draft communique, expected to be issued at the end of the meeting on Sunday afternoon, said Brexit added to uncertainty in the global economy but G20 members were "well positioned to proactively address the potential economic and financial consequences".

U.S. Treasury Secretary Jack Lew said on Saturday it was important for G20 countries to boost shared growth using all policy tools, including monetary and fiscal policies as well as structural reforms, to boost efficiency.

"This is a time when it is important for all of us to redouble our efforts to use all of the policy tools that we have to boost shared growth," Lew told reporters.

The specter of protectionism, highlighted not only by Brexit but also by U.S. Republican presidential candidate Donald Trump's "America First" rhetoric and talk of pulling out of trade agreements, also hangs over the two-day meeting.

"Not only Brexit but various risks of low growth remain, and there was a lot of debate on the need of monitoring developments including terrorism, geopolitical risks and refugees," said a Japanese finance ministry official.

"A lot of concerns were voiced over spreading measures for protectionism."

(Reporting by Jan Strupczewski, Gernot Heller, Tetsushi Kajimoto, David Lawder, Elias Glenn, Kevin Yao and William Schomberg; Writing by John Ruwitch; Editing by Jacqueline Wong)

Erdogan modelled Turkey after Third Reich - Independent

President Erdogan may be democratically elected, but his Turkey is modelled on the Third Reich
In the present chaos, Erdogan can reinforce his demand for an executive presidency and the death penalty may return 'by popular demand'

At New Year, Turkey’s President Erdogan famously mentioned Hitler’s Germany as an example of an executive presidency, and the reference seems to be apt.
It was not long after Erdogan’s AKP (Justice and Development Party) came to power in 2002 that it became clear that the party was not as clean (“ak” means clean in Turkish) as they claimed. Charges of corruption against Erdogan for his period as mayor of Istanbul were dropped, a tax fraud amnesty was passed as well as an opaque public procurement law. Erdogan also reneged on his electoral promise to remove parliamentary immunity for non-parliamentary offences.
Backed by the cadres of the Gülen movement (Fethullah Gülen is a reclusive Turkish imam who since 1999 has been resident in Pennsylvania), Erdogan’s supporters took over leading positions in state and local administration. In 2008, there was a “settling of accounts” with “the deep state” – the secular state-military-mafia triangle which had hitherto ruled Turkey – which resulted in the imprisonment of well over 500 of the AKP’s opponents, mostly from the military.

It was the move from the Gülen movement in December 2013, which had infiltrated both the police and judiciary, to expose the widespread corruption in government and business circles, including Erdogan’s own family, which triggered the present confrontation.

In a witch-hunt, as Erdogan himself called it, thousands of police officers, judges and public prosecutors were removed the following year. There were also claims that 40 high-ranking officers in the military belonged to the Gülen movement, but the military resisted an investigation because of lack of evidence.
However, the arrest of gendarmerie officers and public prosecutors for stopping trucks carrying arms to jihadists in Syria increased tension with the military as well as the military’s reluctance to follow the government’s directive to intervene in Syria. Although a new chief of the general staff was appointed and the previously imprisoned officers were rehabilitated, the underlying grievance remained.
Turkey’s president has never ceased to stress he has been democratically elected – but so was Adolf Hitler. In a process similar to the Nazi party’s policy of Gleichschaltung (coordination) the AKP has gradually taken control of all aspects of Turkish society. Like the Third Reich’s Sondergerichte (special courts), two years ago a system of penal courts of peace was established, each with a specially appointed single judge to take care of opponents of the regime.
Like Der Führer, Turkey’s Reis (“leader”) has a strong sense of mission and a cult of personality has also grown around Erdogan. One party supporter hailed the president with the welcome, “O messenger of God”, and an AKP deputy claimed “even touching our prime minister is worship to me”.
The downside is that when things backfire, even a prophet can get nasty. In his broadcast after the failure of the July 20 bomb plot in 1944, Hitler regarded his survival as “a confirmation of the task imposed on me by Providence”. Likewise, President Erdogan regards the failure of the July 15 coup as “a gift from God” and an opportunity to cleanse the military and clean “the virus” from all state institutions.

To date, some 60,000 have either been detained or suspended in an extensive purge of the military, police, intelligence organisation, local government, judiciary, education system and several ministries –  all suspected members of FETÖ (Fethullahist Terrorist Organisation).
In addition, Erdogan has declared emergency rule for three months and a temporary suspension of the Human Rights Convention, all “to protect democracy” and “clean the state apparatus fully of members of the Gülen movement”. The president has guaranteed there will be no restrictions on rights and liberties, which hardly squares with the right to govern by decree and ban publications, speeches and public gatherings.
In the present chaos, Erdogan can reinforce his demand for an executive presidency. There is also talk of the return of the death penalty “by popular demand”.
A deeply divided country has now turned in on itself with the threat of mob rule, where Erdogan’s supporters roam the streets, attack his opponents and communities are split. Turkey is staring into the abyss but under the leadership of a vindictive president it is difficult to see what can prevent disaster.

Businesses had no plans for Brexit either - Bloomberg

New U.K. Prime Minister Theresa May says “Brexit means Brexit,” but many companies are struggling to figure out what the country’s departure from the European Union will bring for them. Outside advisers are eager to lend a hand.
Banks like Citigroup Inc. and Nomura Holdings Inc. have set up internal Brexit teams and Goldman Sachs Group Inc. has hired Jose Manuel Barroso, former president of the European Commission, to guide it through the thickets in Brussels.

Jose Manuel Barroso  Photographer: Carl Court/Getty Images
Outside the financial services industry, responses have ranged more widely. International telecoms giant Vodafone Group Plc has not set up a Brexit squad despite warning that it might have to move its headquarters away from London, while U.K.-focused discount retailer Poundland Group Plc -- confronted with a rise in prices of imported goods it sells because of a plunging pound -- has created such a panel, executives said.

Instead of tackling weighty strategic questions like these on their own at a time when the conditions of Brexit remain unclear, many companies are turning to accountants, consultants and lawyers, who are lining up spreadsheets, PowerPoints and conference calls to gear up for a boom in demand.
“It was such a shock to so many companies in so many industries that there is going to be an exit that they didn’t have any contingency plans in place,” said Karen Briggs, a senior partner at KPMG who was appointed head of Brexit at the accountancy firm, leading a team of 10 to 15 specialists who are advising clients.
Briggs said inquiries have focused on immigration, legal issues and tax matters related to Brexit. She said she expects to hire additional staff in coming months but could not quantify the possible financial impact on the firm.
Brexit Center
While the vote to leave the EU caught many companies and politicians by surprise, the Big Four accounting firms responded quickly. Deloitte had a dedicated Brexit Center led by partner Rick Cudworth up and running the day after the vote. It has set up a special website and email address to field client requests.

A Deloitte webinar on Brexit on Monday attracted 2,000 clients. The firm has opened a hotline for clients worried about immigration restrictions and devised a “Brexit lab” as a way for companies to assess the impact on their businesses.
“Clients are quite unclear about what steps they should take and they’re adopting a wait-and-see approach,” Cudworth said. “In a time of uncertainty it is better to be prepared. It’s about taking a very pragmatic approach.”

Ernst & Young has had a team since last year to prepare for the referendum and has put together a group of 60 partners to advise clients on how to respond. Steve Varley, U.K. chairman of the firm, attended two business leaders’ meetings with the government in the week after the referendum to press the case that U.K. companies want to be able to continue hiring skilled workers from the EU while maintaining access to the single market.

After the fall in the pound and in advance of possible restrictions on immigration, one of the biggest concerns among companies is the impact of Brexit on pay and hiring.

Consulting firm Mercer has put together a working group to answer client questions about talent, pensions and employee health and benefits issues.
Daily Queries
“Whenever there’s change, there’s a lot to be done,” said Kate Fitzpatrick, senior global mobility consultant at Mercer. “It will have an impact on overall talent strategy and where companies will find the skilled resources. We’re getting queries daily.”
While many companies are waiting to see what happens, financial services firms can’t afford to stand by until the Brexit conditions are clear. At Citigroup’s London base, a group of top executives meet every week to mull over the Brexit fallout and plot strategy, according to people familiar with the matter, who requested anonymity as the details aren’t public.
Colin Church, chief risk officer for Europe, the Middle East and Africa, and Conor Davis, head of credit sales for the region, are among the members. Zdenek Turek, head of the lender’s Dublin-based Citibank Europe Plc unit, and U.K. country head James Bardrick, help chair the meetings, the people said.
“If you’re a financial institution, there’s nothing you can really do about how the geopolitical situation pans out,” said Pri de Silva, an analyst at CreditSights Inc. in New York. “You’re going to have to wait and see how the chips fall and then act accordingly. It’s like trying to play a game without knowing the rules of the game.”
Nomura, Goldman
Nomura has appointed a steering committee, headed by Europe chief Jonathan Lewis, to examine the impact of the vote, people with knowledge of the matter said. In the wake of the referendum, Goldman Sachs hired Barroso as non-executive chairman of its international unit -- for which Brexit looms as a key issue, even though the firm did not cite it as a reason for the appointment.
Along with consultants and accountants, lawyers say they’re already seeing benefits as companies turn to them for advice.
“We think we are pretty suited for the questions which come, and they have been coming quite a lot,” Stephan Eilers, managing partner at law firm Freshfields, said in an interview. “Brexit has not been the fall over the cliff.”

8 non-Euro EU members fear marginalisation after Brexit - Financial Times

8 fear consequences of Brexit vote
Tony Barber in London



©PA
Britain’s departure from the EU will deprive the eight other countries in the bloc that are not in the euro zone of a powerful ally, forcing them into difficult policy choices, according to officials and analysts in the nations concerned.
“The UK’s exit from the EU will change the relationship between eurozone countries and those without the common currency, to the detriment of the latter,” said Sebastian Plociennik, head of the EU programme at the Polish Institute of International Affairs, a think-tank.

“They will be faced with a choice between fast-track adoption of the euro or political and economic marginalisation.”
While not everyone in non-euro countries would see the future in such stark terms, the non-euro nations are worried that, without the UK, the EU balance of power will swing strongly in favour of eurozone governments. That could make it more difficult for the interests of those outside the single currency to gain a proper hearing.
To the extent that France, Germany, Italy and others pursue initiatives aimed at closer economic, financial and fiscal integration of the eurozone, the impression could arise that the non-euro countries are stuck in a sort of EU second tier or outer circle.
Lubomir Zaoralek, Czech foreign minister, was among the first to warn of the risks, saying in the wake of the Brexit vote: “The debate on the EU’s future must take place on the platform of 27 states . . . The wrong response would be hasty integration.”
Apart from the UK, the non-euro states in the EU are Bulgaria, Croatia, Czech Republic, Denmark, Hungary, Poland, Romania and Sweden.
Disagreements run deep among eurozone governments over a more integrated currency union, including on common deposit insurance and fiscal transfers.
But countries doubtful about adopting the euro, such as Poland and Sweden, found the UK a reassuring presence in Brussels, demonstrating with its economic weight and financial sector’s strength that the EU was beyond any doubt a multicurrency union.
With the UK inside the EU, the combined gross domestic product of the non-euro member states amounts to about 40 per cent of that of the 19 eurozone nations. With the UK out, the GDP of the non-euro states will shrink to about 16 per cent of the eurozone.
Including the UK, the non-euro countries have a combined population of 170m, half that of the eurozone. Without Britain, this figure shrinks to 105m, or just over 30 per cent of the eurozone total.

June 2016: The UK vote to leave throws into doubt the EU’s survival as support for expansion evaporates
One early casualty of Brexit was a deal that David Cameron, former prime minister, negotiated in February to loosen the terms of British membership — an agreement that had important implications for non-euro countries.
It stated that “measures, the purpose of which is to further deepen economic and monetary union, will be voluntary for member states whose currency is not the euro”. This meant, for instance, that non-euro countries were free not to assist in the financial rescues of eurozone states.
Thanks to the UK’s No vote, that deal is no longer valid. The EU reverts to the status quo ante, in which Denmark alone has a legally enshrined right not to adopt the euro — although Sweden rejected joining the currency union in a 2003 referendum, and other governments have not pressed Stockholm hard on the issue since then.
All the central and eastern European states that joined the EU between 2004 and 2013 are, under EU law, obliged to adopt the euro if they meet the membership criteria.
This worries Poland, the largest economy in central and eastern Europe and the sixth-largest in the EU. Speaking a few days after the UK referendum, Witold Waszczykowski, Poland’s foreign minister, said: “Joining the euro today and taking on a common economic policy with its taxes, fiscal solutions, minimum wage based on the level used in western Europe — this would be a disaster for the Polish economy.”
At the same time, Mr Waszczykowski also sees the disadvantages of being on the outside. “If we’re not in the eurozone, then we will not be able to take part in the political structures which the eurozone wants to create,” he said.

Turkey high level security meeting after coup - Bloomberg

Turkey’s President Recep Tayyip Erdogan met with top security officials for the first time since Friday night’s thwarted coup amid a widening purge of state institutions, and has vowed to make an “important” announcement afterward.
Following a National Security Council meeting in Ankara that began at about 1 p.m., Erdogan will also gather with ruling AK Party government ministers as well as the full cabinet in a series of meetings that could last several hours.

Deputy Prime Minister Nurettin Canikli told BloombergHT television in an interview Tuesday that measures to be announced will include a “new framework in line with the constitution” for the prosecution of the coup plotters. Erdogan’s chief adviser Cemil Ertem told Anadolu news agency there’s no plan to impose capital controls, and Deputy Prime Minister Mehmet Simsek said on Twitter that policy steps taken will be “market friendly.”

The government’s crackdown in reprisal for the coup attempt has been swift and severe. Turkey has detained, suspended, fired or stripped the professional accreditation of around 60,000 people, according to Bloomberg calculations. Erdogan has blamed the foiled military intervention on supporters of U.S.-based religious leader Fethullah Gulen. As that purge extended to the country’s academic institutions on Tuesday evening, the lira weakened to within 1 percent of a record low.
Academics including university presidents were barred on Wednesday from traveling abroad until further notice, state-run Anadolu news agency reported, citing the Council of Higher Education. They have been told to “assess” academics and staff linked to Gulen. NTV said that presidents of four universities were removed from office. And 245 staff were fired at the Youth and Sports Ministry, it said.
Obama Call
The purges have unsettled Turkey’s allies and investors by raising concerns that Erdogan’s response may be an overreach that further destabilizes Turkish society and weakens its institutions. Erdogan has been seeking to consolidate power in the presidency since he was elevated to that office two years ago, and has indicated he believes the attempted coup vindicates his policies. Late on Tuesday, U.S. President Barack Obama, in a phone call, urged his ally to act in a way that was “consistent with the democratic” values of the Turkish constitution.
“We are witnessing a crackdown of exceptional proportions in Turkey at the moment,” Andrew Gardner, Amnesty International’s Turkey researcher, said in a statement. “While it is understandable, and legitimate, that the government wishes to investigate and punish those responsible for this bloody coup attempt, they must abide by the rule of law and respect freedom of expression.”

Moody’s Investor Services said Monday that it’s put Turkish debt on review for a possible downgrade from its Baa3 credit rating, already the lowest investment grade, because of the attempted coup and its potential impact on growth. JPMorgan analysts wrote in a note Wednesday that Turkish sovereign bonds worth $7.2 billion are at risk of forced selling if Turkey’s ratings are cut to junk.
The lira was trading at 3.04 to the dollar, compared with about 2.90 in the days before the attempted coup. Yields on Turkey’s 10-year bonds rose for the fourth day in a row to 10.12 percent.
Death Penalty
As the post-coup backlash gathers pace, European leaders have warned Turkey about re-instituting the death penalty, with French President Francois Hollande on Tuesday saying such a move would end Turkey’s European Union membership talks. The last executions in Turkey were in the mid-1980s and capital punishment was formally abolished in 2004.

The U.S.-Turkish relationship has been tested by recent events, with officials trading barbs in the last few days about Turkey’s request that the U.S. extradite Gulen, who has denied any involvement in the failed putsch. On Tuesday, the defense ministers of the two NATO countries spoke by phone and re-affirmed their commitment to fight Islamic State, the U.S. Defense Department said in a statement.

The coup attempt came with Turkey engaged in an escalating fight with Kurdish PKK rebels and unsettled by a series of major bombings claimed by Islamic State. Seeking to end speculation that Kurdish militant leader Abdullah Ocalan had been harmed during the military uprising, Turkey’s Justice Ministry told NTV that he was “in good condition.”

Elon Musk Just Unveiled His New Vision for Tesla - Fortune

Elon Musk Just Unveiled His New Vision for Tesla Posted: 21 Jul 2016 05:53 AM PDT Billionaire entrepreneur Elon Musk published his “master plan part 2” on Wednesday night that disclosed a wide-ranging vision for his companies including new future Tesla vehicles, car sharing, urban planning concepts, and a combined SolarCity and Tesla that would sell solar panels and batteries. Musk, who is the largest shareholder in both Tesla and SolarCity, emphasized that the companies must be joined in order to efficiently make and sell solar panels and batteries. A month ago, Tesla announced that it was seeking to buy SolarCity for $2.86 billion. While shareholders initially reacted negatively to the deal, causing Tesla’s shares to drop dramatically, in recent weeks Tesla’s stock regained their lost value, indicating investors could now be more comfortable with the merger. Musk told the Wall Street Journal this week that he expects a two-thirds majority to approve the deal. Musk also said that the only reason that the companies weren’t combined from the beginning was because of “an accident of history.” Musk clarified in a tweet that the companies “should have been done under the same corporate umbrella from the beginning.” The post wasn’t just a merger pitch, but in Musk’s usual grandiose style he ticked off the goals and driving forces behind all of his business decisions. His over arching ambition, he said, is to deliver “sustainable energy” and end the world’s reliance on fossil fuels. He published the first part of his “master plan” a decade ago during the very early days of Tesla and SolarCity. In Musk’s blog post, he revealed plans for new future Tesla vehicles, including a semi truck (Tesla Semi), a future compact SUV, a new kind of pickup truck, and what he described as “high-density urban transport,” or a bus. The company has hinted about most of these cars before over the years, but this is the first time I’ve heard about a possible Tesla bus. Musk said that the semi and the urban transport system are in “early stages of development” and could be ready to unveil in 2017. The “Tesla Semi” would lower the cost of transporting cargo and would also make cargo transport safer, said Musk. Musk also described a more well-designed urban bus that would be smaller, autonomous, free of passenger aisles, and would take riders all the way to their destinations. Bus drivers would be fleet managers, wrote Musk. Musk’s transport vision also includes car sharing, which analysts have speculated that Tesla would pursue for some time. Tesla customers could add their cars to a “shared fleet” by tapping a button on a Tesla phone app, wrote Musk. That could lower the cost of ownership of a Tesla, because it could generate income for you, he said. Autonomous cars were also a major theme laid out by Musk as way for cars to travel more safely and to be managed as a group. In May, a Tesla car crashed while its autonomous car software was enabled, marking the first known fatality in an autonomous car. U.S. regulators are investigating the accident. Finally, Musk also discussed his concept of making his factories more efficient and innovative, which he calls “the machine behind the machine.” (Read more about his industrialization plans here). Next week Tesla will hold a customer party at its “gigafactory,” a massive battery factory under construction outside of Reno, Nev. SolarCity is also building a factory in upstate New York with a plan to churn out highly efficient solar panels. This article originally appeared on Fortune.com