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The City giving day: Lord Mayor checked what banks give back to society
Lifestyle, 4:01
<p>Lord Mayor of the City of London, Alan Yarrow, toured the streets of the City Sep 30th visiting a number of firms who applied for the Lord Mayor’s Dragon Award and seeing first-hand what they do to give back to society, writes FinBuzz.</p> <p>Opening the procession at the Guildhall Yard he said to the representatives of various charities present: “Volunteering is an incredibly important part of all our background. Andrew Haldane [Chief Economist, Bank of England] did a survey into volunteering and it turned out that volunteers create each year economic value of at least £50 billion and potentially higher. When I started to work in the City, I was proud, really proud, to work in the City. And then you think about these poor kids who sit in a pub in Essex or Sussex or somewhere and they say: “What do you do?” I work in a City. And they are like: “Ugh!” That’s got to stop. If you look back at the work the City has done, it is phenomenal. And that’s the point: if we talk about it more, I think more people will do it. It is good for the City, it is good for charities, it is a win-win for everyone”.</p> <p>He then visited offices of Euroclear PLC, NatWest, Alium Partners, Societe Generale, City A.M, Barclays, Lloyds Register, Jardine Lloyd Thompson PLC, UBS Ltd to see first hand what they do to give back to society.</p> <p>Regional Director at NatWest (RBS) Jason Coles explained that about two years ago the City of London offered various companies to team up with the City and encourage employees to give back to the society. Nine months ago the board of directors of RBS has decided to divide England into regions and go out to find charitable organisations to choose ones to support over the next 12 months. They set up a Skills and Opportunities fund (http://skillsandopportunitiesfund.rbs.com) for charities, social enterprises, community groups, state-funded schools and colleges across the UK and Ireland. The fund supports disadvantaged communities by helping people learn new skills, get into the world of work or set up their own business. This year £2.5m is available through the fund. Representatives of the charities and businesses that NatWest helped through the fund were also present to showcase their work to the Lord Mayor.</p> <p>Among them: Ignition brewery that employs people with learning disabilities, Fashion Awareness Direct (FAD) — fashion charity that helps people form disadvantaged backgrounds to learn skills needed to work in the fashion industry, City of London police that works with NatWest to understand fraud and teaches endangered communities how to deal with it.</p> <p>“The estimated amount fraud and internet crime costs every year is £52 bn and only 10% of it is reported” said Laura Harris, Community Protection Adviser of NatWest.</p> <p>Not only people were present, but a dog too. Hearing dog. NatWest is also helping to fund the training of a hearing dog Nelson. They raised £10 000, which is 25% of the cost to train a hearing dog who will then work with people with hearing problems.</p> <p>Jason Coles explained: “We at RBS are encouraging employees to use three volunteer days per year to go into the community and pick up with local organisations. Most people now are really conscious about the skills they have and what can they give back to the society, particularly through the charities that resonate with them. We have volunteer days that count as work time. We want to see our stuff out in the communities”.</p> <p>As part of their giving back to the community program NatWest is focusing on: giving skills to the young people and anyone in deprived areas who needs help to get into the workstream, sponsoring buildings across the UK where people can go and work free of charge. Another key th</p>
Huallywood – the attempt to make a Chinese Hollywood
Lifestyle, 4:01
<p>Postcard from Huallywood via Mathews Asia </p> <p>One of the most notable features of China’s economy in recent years has been the gradual, but steady, migration toward services-led growth. In fact, in recent periods, consumption and services have become the largest parts of the Chinese economy (see recent Sinology). But how is that being accomplished at a micro level? On a recent trip to China’s Jiangsu province, I was able to witness firsthand, how a deserted iron and steel factory is being transformed into China’s premier site for movie production.</p> <p>Two years ago, local government officials in Wuxi began converting the area, dubbed “Hua”-llywood, into what it hopes will be a world-class film studio. The word “hua” is symbolic of China; words such as “hua ren” refer to Chinese people and “hua yu” refer to the Mandarin Chinese language. The focus on digital film production is interesting, and underscores the fact that to succeed in consumer-facing industries, quality has to be a priority. Chinese box office revenues have been growing fast but have increasingly been dominated by imported films. Among several factors, deficient quality in production has been a drag on interest in domestically produced movies in China. Studios like Wuxi that offer more digital and higher-technology capabilities are trying to provide improved facilities to bridge the gap.</p> <p>While Huallywood is still developing, college students and independent artists are arriving in Wuxi for publishing as well as pre- and post-production activities related to the movie industry. The experiment in Wuxi is reflective of other such efforts that may be underway in China. While it isn’t a foregone conclusion by any means, the long-term health of the Chinese economy depends on a successful transition toward more services, and consumption-led growth, such as the entertainment industry.</p> <p>This story first appeared in ValueWalk.<br /> Photo: Shaun Wong</p>
The richest US hedge fund managers
Lifestyle, 4:01
<p>This year 33 hedge fund managers made the Forbes 400 list of the richest people in America, reports Business Insider. David Diegel and John Overdeck, co-founders of quant fund Two Sigma Investments, are new additions to the list, with each having a net worth of about $2.8 billion. Bill Ackman, David Tepper, and Steve Cohen all had nice boosts to their personal net worth in the last year. Number one hedge funder, by a $4 billion lead, is still George Soros.</p> <p>Here are the 10 richest U.S. hedge fund managers:</p> <p> George Soros, Soros Fund Management- $24.5 billion, Forbes rank: 16<br /> Carl Icahn, Icahn Capital Management- $20.5 billion, Forbes rank: 22<br /> Ray Dalio, Bridgewater Associates- $15.3 billion, Forbes rank: 29<br /> James Simons, Renaissance Technologies- $14 billion, Forbes rank: 32<br /> Steve Cohen, Point 72 Asset Management (formerly SAC Capital)- $12 billion, Forbes rank: 37<br /> David Tepper, Appaloosa Management- $11.6 billion, Forbes rank: 38<br /> John Paulson, Paulson &amp; Co- $11.4 billion, Forbes rank: 41<br /> Ken Griffin, Citadel- $7 billion, Forbes rank: 69<br /> Bruce Kovner, Caxton- $5.2 billion, Forbes rank: 93<br /> Israel Englander, Millennium Management- $4.8 billion, Forbes rank: 108</p> <p>Photo: International Monetary Fund<br /> &nbsp;</p>
Grad school: Steve Cohen style
Lifestyle, 4:01
<p>Graduate schools, while significantly more focused than undergrad programs, usually try to make their students well-rounded members of society. Not this one.<br /> “The program begins with classes in the fundamentals of finance and economics. Students study accounting, statistics, and economics.</p> <p>Around four months in, they graduate to more real-world pursuits: company research and modeling.</p> <p>For about 10 months, they then cover companies in various sectors under the guidance of the academy. Then they get to start rotating across porfolio-management teams.”<br /> Welcome to Point72 Academy, where the only thing that matters is grit.</p> <p>Launched by Steve Cohen’s Point72 Asset Management earlier this year, the academy is a “highly-selective and rigorous 15-month training program” dedicated to grooming futures Stevies for Point72, and according to Business Insider, unlike every school on Earth, the academy pays you for the privilege - and not at a bad rate at that:<br /> “Neither Mulvihill nor Donlon would disclose what the academy is compensating them. But Mulvihill said that, next to his bank-analyst pay, the academy's is ‘definitely comparable.’”<br /> That said, it sure doesn’t look easy. Admittance into the program doesn’t guarantee a job at vaunted hedge fund, and given the caliber of the people you’ll be competing with, that’s quite a tall order.</p> <p>They aim to hire most of the students though, as academy director Jaimi Goodfriend told BI:<br /> “If we want you, we will find a way to retain you.”<br /> If you’re interested, be sure to grab some cold weather gear. Just like Point72’s trading floor, the academy’s digs are kept cold to keep everyone on their feet.</p> <p>Now if only PTJ had something like this…<br /> Photo: Yuki Matsukura</p>
Tech dominates FT and McKinsey’s book of the year lineup
Lifestyle, 4:01
<p>Banking and economics titles may have dominated the FT’s business book of year award since its 2005 launch, but in tech-crazy 2015, things are a little different.</p> <p>Of the six books shortlisted for this year’s award, only Richard Thaler’s Misbehaving comes in straight from the economics front, while four of the five remaining titles blazing in from the wonderful world of tech:</p> <p> Digital Gold, Nathaniel Popper<br /> The Rise of the Robots, Martin Ford<br /> Losing the Signal, Jacquie McNish and Sean Silcoff’s<br /> How Music Got Free, Stephen Witt</p> <p>While Digital Gold – Popper’s take on the history of Bitcoin – surely looks interesting, Martin Ford’s alarming vision of a fully-automated future seems to be the tech favorite so far. It still has a long way to go to reach Thaler’s masterful take on behavioral economics though – Misbehaving currently has 46% of votes going for it, while The Rise of the Robots only has 25%.</p> <p>Which one's your favorite?<br /> Photo: Dominik Bartsch</p>
Bonus idea #8: Charter Rupert Murdoch’s yacht
Lifestyle, 4:01
<p>Expecting a fat paycheck this bonus season? Great, here’s one way to spend it.</p> <p>Reportedly owned by the real world’s answer to Bond villains – Rupert Murdoch – the magnificent, 67.2 meter sailing yacht Vertigo is currently available for charter at Y.Co.</p> <p>It boasts sleek, “loft-like” interiors designed by Wendy Deng’s favorite designer, Christian Liaigre, and has enough room for 12 guests looking for a bit of fun on the high seas.</p> <p>On deck, the yacht has a gym, an open-air cinema, a 10-person Jacuzzi with retractable sun pads, and a long list of toys fit enough for your typical multi-billionaire media mogul.</p> <p>It also comes with a crew of 11, all aching to cater to your every whim. Check it out:</p> <p>Prices start at €225,000 a week for summer cruises in the Mediterranean, and according to this website, €225,000 a week for winter sailing along Asia.<br /> Photo: Yacht Rent</p>
These are the greatest tips Paul Tudor Jones can give
Lifestyle, 4:01
<p>These are the greatest tips Paul Tudor Jones can give.</p> <p>This was originally published by ValueWalk. </p>
Video: Warren Buffett on philanthropy
Lifestyle, 4:01
<p>Warren Buffett, despite dedicating most of his adult life to compounding his wealth, is absolutely no stranger to philanthropy. In June alone, the man donated $2.8 billion worth of Berkshire Hathaway shares to the Bill and Melinda Gates Foundation and to four other family charities – that’s more than what Bill Ackman’s worth at the moment.</p> <p>Here he is talking to the Financial Times about The Giving Pledge – the campaign he and Bill Gates launched in 2010 – and the act of giving itself. He apparently wants Silicon Valley’s young billionaires to join him and Gates in their crusade, though he does have some reservations:<br /> “When I wound up my partnership in 1970, I had $25m and if I’d given away a large portion of that then there would be far less to give now.”</p> <p>Photo: Fortune Live Media</p>
The cost of living in a bubble: $455m
Lifestyle, 4:01
<p>If you are into unique properties, then look no further than “Palais Bulles”, the French Riviera estate of Italian-born designer Pierre Cardin that has just gone on the market.</p> <p>Looking like a terracotta cluster of bubbles, the $455 million property (insert joke about frothy real estate valuations here) is found atop a cliff in Massif de L’Esterel, a volcanic mountain range by the Mediterranean Sea.</p> <p>Designed by Antti Lovag, the estate spans 13,000 square feet and consists of 28 spherical rooms including 10 suites with round beds. It also has three swimmings pools, several gardens, and a 500-seat amphitheater. Forbes reports that the style is typical of the Hungarian architect who believed the straight line to be “an aggression against nature,” given its rare appearance in the organic world. </p> <p>The property is famous for hosting countless star-studded bashes over the course of  Cardin’s 20-year residency, including James Bond’s 40th Birthday Party.<br /> Photo: Alamy</p>
Stefano Potorti’s top 7 Italian restaurants in London
Lifestyle, 4:01
<p>With more than 1,000 Italian restaurants to choose from in the City, finding the most authentic and best spot can be a challenge. Stefano Potorti, an Italian native and long-time Londoner and Managing Director of Sagitter One a boutique hospitality consultancy, gives us his top 7 picks.</p> <p>Stay away from any menu that has pasta and Alfredo sauce, or spaghetti costoletta alla Milanese – these aren’t Italian dishes, and the restaurant probably isn’t either.</p> <p>Potorti, who is originally from the most southwest region of Calabria, the mountainous and coastal region that composes the toe of Italy’s boot on a map, has lived in London for 12 years. He consults clients on various culinary projects, but because of his Italian roots, he is always asked about his favourite Italian restaurant in London. Here is his list:</p> <p>1) Cacio e Pepe</p> <p>46 Churton Street, London,<br /> Monday to Saturday 11:00am – 11:30pm</p> <p>I like this new stylish place in Pimlico for its regional cuisine from Lazio. It has a nice modern bar for an Aperitivo or light dinner on the ground floor and tables with comfy sofas in the basement where you can have some private space for a group of people. My favourite thing on the menu is their signature Roman pasta made with fresh tagliolini Cacio &amp; Pepe style in a parmesan basket – it’s very simple, beautiful and delicious! The outdoor seating will also let you soak in the last few days of Indian summer in London.</p> <p>2) Osteria dell’Angolo</p> <p>47 Marsham Street, Westminster<br /> Monday to Friday 12:00pm – 3:00pm<br /> Monday to Saturday 6:00pm – 10:30pm</p> <p>Located behind the Westminster Cathedral, this is a nice place for lunch and dinner in a quiet yet central part of London. I like their spacious space and classy tables. When they open windows and full walls on a warm day, you are instantly transported to the South of Italy. The bar is very inviting and I hardly pass by without an Aperol Spritz in hand. They also have a private dining room with dark wood furniture downstairs next to the wine cellar. I like their whole menu because the chef is from Naples and likes cooking seasonal dishes from the area. If I had to choose, I would go for their traditional pasta from Sorrento with fresh crab meat and courgettes.</p> <p>3) Princi</p> <p>135 Wardour St, London<br /> Open 24 hours/day</p> <p>This Milanese-style bakery is one of the buzziest places in Soho and it is open from 8:00am to midnight. It has a nice modern interior and you can have your meal either standing or seating – very Italian. All the bread, cakes and pastries are made in the spacious kitchen downstairs and served to you over the stone and glass counter by enthusiastic staff. They have warm croissants and brioches for breakfast, filled focaccias and colourful salads for lunch, hot dishes for dinner and, of course, amazing bread to take home! My usual order there is a warm focaccia with mortadella – it reminds me of one I used to live in Italy.</p> <p>4) Zafferano</p> <p>15 Lowndes St, London<br /> Monday to Sunday 12:00pm – 11:00pm</p> <p>Situated in the heart of Knightsbridge, in the summer their terrace is perfect for an Aperitivo and in winter, the red brick interior makes for cosy dinners. The atmosphere is great, the service is very attentive. The meal there is a real treat. If you have important guests coming from Italy – take them to Zafferano and they will love you! My fav</p>