Entrepreneurs: Old Spaces for New Projects

In New York, the Hi Line project, a public-private consortium, attracts all kinds of new businesses. It was built on old raised railway tracks.   In London entrepreneurs Richard Ballard and Steven Dring will transform passageways under London’s Northern Line. Old air raid shelters are being transformed into hydroponic vegetable gardens.  The backer of this project is a Micihelin-star chef who wants fresh food on his table and that of other London restaurants.  The entrepreneurs can deliver produce in 48 hours max. Outside supplies take at least five days.  The entrepreneurs are in the midst of a crowdfunding campaign.  

Underground Gardeners

 

 

Actavis Buys Forest Laboratories

In a deal valued at 25 billion dollars, the Irish Actavis has purchased Forest for $89.49 a share, 35% over Friday;s value.  The combination is designed to fit with new health care law in the US.   The combined company with offer a wide range of generic and brand name drugs to large consortiums of doctors and insurers.  Carl Icahn, activist shareholder supreme, holds 11.4 % of Forest’s shares.  Mr. Icahn called Tuesday’s deal a huge win for shareholders and “yet another validation of the activist investment philosophy,”

Carl Icahn

Hillary Clinton Gives Empowerment Advice

Speaking to a group of New York University students, Clinton made the following points:

It’s time to address the “perfectionist problem” “I have employed, by this time, a lot of very talented young men and young women. And offering a promotion or expanded responsibilities to a young woman almost always provokes a response something like ‘Oh I don’t know if I can do that’ or ‘Are you sure I could do that’ or ‘I’m not positive I could take that on…I have never heard that from a young man.”

Changing the way society perceives acceptable styles of female leadership  “We are still developing what are the acceptable styles of leadership for women … I think you have to be so intentionally thoughtful about that as you assume a role in the public arena, without it making you less authentic or undermining your confidence.”

Being a female public figure “One of the best pieces of advice that I’ve ever heard from anyone is Eleanor Roosevelt in the 1920s, who said that women in politics or in public roles should grow skin like a rhinoceros,” she said.

Taking criticism onboard, but not personally  “When you look at the challenges of being a change-maker and being willing to buck the establishment, it’s important to learn how to take criticism seriously but not personally. You have to be able to hear what others, your critics, are saying,” she said.

“Some you will dismiss because there’s an agenda that has nothing to do with you or your goals. Some will be giving you good advice. Critics can be your best friends if you listen to them, and learn from them, but don’t get dragged down by them”.

Hillary Clinton

Netanyahu Warns About Homegrown Organized Crime

Correspondent Andreas Frank comments:  Prime Minister Benjamin Netanyahu vowed to put a halt to organized crime in Israel, following a mid-day hit the previous day near the crowded Tel Aviv boardwalk. “We have recently witnessed several severe actions by organized crime. We are determined to uproot this severe phenomenon and we give full backing to the Israel Police to use existing and new means against organized crime,” Netanyahu said Sunday morning at the start of the weekly cabinet meeting. HOMEGROWN ORGANIZED CRIME A PROBLEM FOR ISRAEL

Crime in Israel

Modernizing the Message in China

China’s lunar rover Yutu’s social media debut, which began the day before the rover’s Dec. 2, 2013 launch, has been a smash hit in China: Yutu has garnered more than 9 million Weibo mentions, and of those sampled by FP, most are positive. Staid state-owned media like news service Xinhua  have published. Yutu’s Weibo tweets as if they were the official announcements from mission control.

One Weibo user wrote that when he learned from a BBC report that Yutu had ceased operation, it was “the first time that national Chinese news had ever made me cry.” Among the outpouring of support for Yutu on China’s Internet, the few voices questioning the lunar mission have been effectively drowned out.   Giving Space Character

Dreaming of Yutu

Plutonium Problem in US

A confidential study by the U.S. Energy Department has concluded that completing a controversial nuclear fuel factory in South Carolina may cost billions of dollars more than the department has previously promised, according to government officials and industry sources briefed on its results.

The study, conducted for Energy Secretary Ernest Moniz, also found that finishing and then operating the factory to help get rid of Cold War-era plutonium as part of a nonproliferation arrangement with Russia would likely cost a total of $25 billion to $30 billion on top of the $4 billion spent on its construction so far, the sources said.

That amount is so high, the officials said, that Barack Obama’s administration is leaning toward embracing what one described as “some other option” for dealing with the 34 tons of weapons plutonium that the so-called Mixed Oxide (MOX) Fuel Fabrication Facility at Savannah River was supposed to help eliminate. The problem is that walking away from the plant won’t be easy, politically or diplomatically.

Cost Overruns in Plutonium Conversion Plant

 

Plutonium Plant

 

Chinese Entrepreneurs

The traits of Chinese entrepreneurs are not dissimilar to entrepreneurs elsewhere.  Being female and older tend to discourage people from starting their own business in many countries. And as in the West, social networks, a healthy attitude to risk and an inclination to work hard are all traits associated with entrepreneurs in China.

Until recently, not much was known about these entrepreneurs, but the emerging picture is one of a group of individuals who are able to navigate China’s uncertain institutional terrain and find opportunities in the world’s potentially most significant market. Their foray into overseas markets is as inevitable as the rise of China.  Chinese Entrepreneurs

Chinese Entrepreneurs

Financial Task Force Lists High Risk Jurisdictions

Our correspondent Andreas Frank reports:  FATF STATEMENT ON HIGH-RISK AND NON-COOPERATIVE JURISDICTIONS

Conclusions:  The Financial Action Task Force (FATF) issued an updated statement identifying jurisdictions with strategic deficiencies in their anti-money laundering and counter-terrorism financing (AML/CTF) regimes. This statement lists those jurisdictions in two categories and effectively replaces any earlier statements regarding those jurisdictions.

    1) Jurisdictions where FATF members and other jurisdictions have been asked to apply countermeasures to protect the international financial system from ongoing and substantial terrorist financing and money laundering risks emanating from the jurisdictions Iran and Democratic People’s Republic of Korea (DPRK).
    2) Jurisdictions listed for having strategic AML/CTF deficiencies that have not made sufficient progress in addressing the deficiencies or have not committed to an action plan developed with FATF to address key deficiencies: Algeria, Ecuador, Ethiopia, Indonesia, Myanmar, Pakistan, Syria, Turkey, Yemen.

Major changes to the last FATF statement on high-risk and non-cooperative jurisdictions (18.11.2013):

Two African Countries – Kenya and Tanzania – made significant progress to improve their AML/CFT regimes and are no longer on the list of “High-Risk and Non-Cooperative Jurisdictions”. Kenya and Tanzania are now identified in the FATF document, “Improving Global AML/CFT Compliance.

Afghanistan and Cambodia are jurisdictions which are not making sufficient progress, the FATF said.

Jurisdictions no longer subject to the FATF’s on-going global AML/CFT compliance process Antigua and Barbuda, Bangladesh, and Vietnam.

The FATF kept the classification of Iran as a high-risk and non-cooperative jurisdiction and called on its members and other jurisdictions to apply counter-measures to protect the international financial system from the on-going and substantial money laundering and terrorist financing (ML/TF) risks.

The FATF failed to explain how the international banks will be able to transfer safely the billions of dollars

provided by the partial lifting of the Iran sanctions.      Frank-cs.org   Report on Countries

 Doing the Laundry

Financial Crises Are the Same

In their introduction to “This Time It’s Different” the story of the origin of the phrase is told.  Vincent Reinhart worked for the Federal Reserve for twenty-five years.  Attending a meeting of the board of governors and market practitioners, one trader with an uncharacteristically long memory declared, “More money has been lost because of four words than at the point of a gun.  Those words are, “This time it’s different.”

This Time It’s Different by Carmen Reinhart and Kenneth Rogoff

 

Financial Regulation