News That Matters

Tag: tough

How tough is an investment banker’s life?

How tough is an investment banker’s life?

Business
Not many people shed tears when bankers lose their jobs.Last Monday, equities teams at Deutsche Bank offices round the world were told to leave their desks within a matter of hours.The men and women who were made redundant had worked at one of the biggest investment banks in the world. Some Deutsche Bank employees had not made themselves popular in recent years.In April 2015, the bank was fined a record $ 2.5bn for rigging Libor, an interest rate used for interbank trades. It was also ordered to fire seven employees and was accused of being obstructive towards regulators in their investigations.Tales of arrogance and misbehaviour abounded. Three years before, there had been reports that a member of Deutsche's staff had been suspended for allegedly waving ...
Apple boss Tim Cook praises GDPR and wants tough US privacy law

Apple boss Tim Cook praises GDPR and wants tough US privacy law

Technology
Apple chief executive Tim Cook has demanded a tough new US data protection law, in an unusual speech in Europe.Referring to the misuse of "deeply personal" data, he said it was being "weaponised against us with military efficiency"."We shouldn't sugar-coat the consequences," he added. "This is surveillance."The strongly-worded speech presented a striking defence of user privacy rights from a tech firm's chief executive.Mr Cook also praised the EU's new data protection regulation, the General Data Protection Regulation (GDPR).The new law came into force in May.Mr Cook's speech was made in Brussels, at the International Conference of Data Protection and Privacy Commissioners.The Apple boss described in some detail what he called th...
Iran facing tough new sanctions reality

Iran facing tough new sanctions reality

Business
Aug. 6 (UPI) -- With new U.S. sanctions on Iran taking effect Monday, the U.S. secretary of state said it would take immense changes from Tehran to avoid further pressure. Iran under the new sanctions is barred from purchasing or acquiring U.S. dollars and limited in what it can do with its own currency, the rial, outside of Iranian territory, making it exceptionally difficult for Tehran to conduct business. With its oil customers already backing away ahead of the next round of sanctions in November, Iran is facing difficult economic challenges. The sanctions clock started ticking in May when U.S. President Donald Trump pulled out of the multilateral agreement that eased sanctions pressure on the third-largest producer in the Organization of Petroleum Exporting Countries in exchange for c...

American tech giants are making life tough for startups

Finance
IT IS a classic startup story, but with a twist. Three 20-somethings launched a firm out of a dorm room at the Massachusetts Institute of Technology in 2016, with the goal of using algorithms to predict the reply to an e-mail. In May they were fundraising for their startup, EasyEmail, when Google held its annual conference for software developers and announced a tool similar to EasyEmail’s. Filip Twarowski, its boss, sees Google’s incursion as “incredible confirmation” they are working on something worthwhile. But he also admits that it came as “a little bit of a shock”. The giant has scared off at least one prospective backer of EasyEmail, because venture capitalists try to dodge spaces where the tech giants might step.The behemoths’ annual confer...
EU gets tough with U.S. on Iran, trade at summit meeting

EU gets tough with U.S. on Iran, trade at summit meeting

World
May 18 (UPI) -- European Union members meeting in Sofia, Bulgaria, prepared a united front against U.S. decisions to exit the 2015 nuclear deal with Iran and impose steel and aluminum tariffs. The European Commission, the EU executive branch, announced Friday it "launched the formal process to activate the Blocking Statute by updating the list of U.S. sanctions on Iran falling within its scope." The blocking statute, created in 1996 to evade the U.S. embargo of goods to Cuba, will be remodeled to reflect Iran-related sanctions that were reinstated after President Donald Trump announced the U.S. withdrawal from the accord on May 8. Iranian Foreign Minister Mohammad Javas Zarif met with his British, French and German counterparts in Brussels earlier this week. "What we demand is no conditi...