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Bankers in Hong Kong run from sunset to sunrise at Barclays MoonTrekker 2015
<p>Barclays Moontrekker, now in its seventh year, is Hong Kong’s leading annual night hiking and running fundraising event. Participants either completed the Moonlit 30km or the Sunrise 43km, reports FinBuzz.</p> <p>The race was held in Mui Wo (on Lantau Island) and finished at Pui O Beach. Runners in the 43km race began at the race after the sun had set and ran through the hills of Hong Kong, including Lantau Peak, which has a peak of 934 meters, with the goal to cross the finish-line before sunrise. The Sunrise 43km began at 8:45 pm and the Moonlit 30km started at 11:20 pm. Results are available here.</p> <p>Participants entered as a solo, pair, team of four or corporate team of four and are required to raise a minimum sponsorship amount of HK$650.</p> <p>Employees from Barclays dominated the event with 300 out of the total 1500 participants hailing from the bank. The number of participants is limited to 1500 for safety reasons.</p> <p>William Sargent, Founder and Event Director of Moontrekker, saw a growing demand for competitive events back in 2009, “but rarely did those events focus on the experience. I wanted to create something slightly different, fun and challenging,” he explained.</p> <p>Sargent, a long-time night hiker, launched Moontrekker as a side project. It was completely booked within six weeks and seven years later that demand has only increased.</p> <p>About 90 percent of participants work for multinational companies and more than two-thirds work in finance or professional services, Sargent says. “There are very competitive types in the finance field, anything related to health and the outdoors they do well. You would think that if they did it one year, then that’s enough, but it gets even more competitive within departments, year to year,” he added.</p> <p>“The experience of hiking in the night is far more exhilarating and intense than during the day, as it’s mostly pitch black, quiet, and you only have a stream of light to follow. The party at the finish line is epic, and it’s always fun to see what crazy outfit wins best dressed,” said a trekker, who wished to remain anonymous. “Even though it’s competitive between certain banks, in particular, there’s still a great vibe. The training is very harsh, though, if you aren’t that fit and not for the faint of heart.”</p> <p>Over the past six years, Moontrekker has raised HK$7,500,000 for charities including Room to Read, which supports literacy.</p> <p>The Nature Conservancy (a global conservation organisation working to protect ecologically important lands, waters for nature and people) was nominated this year, as participants wanted a charity based in Hong Kong (rather than seeing donations go elsewhere) that was inline with the event’s ethos.</p> <p>This story (with pictures) first appeared in FinBuzz.</p> <p>&nbsp;<br /> Photo: Edwin Lee</p>
Financial Times journalists move closer to work action
<p>It didn’t take long for the ink to dry on a relatively rich Financial Times buy-out offer before the new owner decided to adjust the employee benefits.<br /> Nikkei doesn’t finalize the purchase of the Financial Times until February, but it got to work on one issue very quickly<br /> When news broke on July 23 that Nikkei purchased what is arguably one of the jewels of business journalism, paying £844m or near $1.3 billion, media watchers considered that the Washington Post sold to founder Jeff Bezos for $250 million and they wondered if a successful media business model might be changed.</p> <p>That answer came even before the deal to acquire the firm was finalized. The acquisition of the FT Group doesn’t close until November, but Nikkei was quick to begin work to adjust its compensation model for those that create and control the quality of the product: journalists. Planned changes to newspaper’s pension policy was an initial target in the wake of the record setting purchase price for the previously independently operated business publication.<br /> Financial Times union categorizes quick pension moves as “robbery” as journalists authorize step towards industrial action<br /> Journalists are striking back at the action, which FT management has downplayed as not impacting compensation. But categorizing the move “pension robbery,” the National Union of Journalists apparently disagreed. They organized FT employees who voted to instruct NUJ representatives to begin the process of balloting for industrial action which could result in a work action or potential disruption. The dispute in the press room appears to have gotten volatile.</p> <p>“Staff are in open revolt over plans to cut the cost of pensions,” Steve Bird, FT’s NUJ chapel, told theGuardian. “Hundreds of senior staff will see their pensions cut by up to a half in order to pay rent on the FT building,” indicating a new cost sharing structure. “Whatever financial constraints Nikkei have placed on the FT are being passed on to journalists.”</p> <p>Bird and the NUJ worked to pass a motion condemning Nikkei and FT management for “failing to honor promises” and maintain equivalent terms of employment following the takeover, the Guardian report said. Bird, who manages the union’s response to the situation, had expressed concern when the deal was first announced.<br /> “The FT chapel will do whatever it takes to protect jobs, employee rights and independent, quality journalism,” he said on the day the deal was announced, his fears materializing sooner rather than later. “We were all very concerned at the speed at which the deal seems to have been made. The chapel is now considering putting together a charter setting out our principles on editorial independence and working practices.”<br /> FT management gets wordy in acknowledging they are considering pension changes, but says it is not a cost cutting effort<br /> FT management has a different version of events. In what the Guardian described as “a lengthy statement,” odd for a business that often generates success through succinct prose, management termed the union’s claims that the new pension plan is a cost-cutting measure as “categorically untrue.”</p> <p>“It has never been the objective of FT management or Nikkei to cut costs through pension changes,” an FT spokeswoman told the Guardian. “This proposal is about supporting the long-term strength and sustainability of the FT, and building a consistent and fair scheme for all o</p>
Wealth manager to marry pro-poker player
<p>&nbsp;</p> <p>It official! ? He asked me to marry him! ? I am so lucky to have met the man of my dreams! After all the ?s I have finally met my Prince Charming!<br /> A photo posted by BethShak (@bethshak) on Oct 22, 2015 at 8:02am PDT</p> <p>Mark Yadgaroff, senior managing director at Bernstein Global Wealth Management, has gotten engaged to professional poker play Beth Shak.</p> <p>Yadgaroff gave Shake, who is also known for her collection of more than 1,200 shoes, a 4.5-carat marquise diamond ring, surrounded by scalloped round diamonds, reports the New York Post. The two met in 2011 at a premiere of the documentary "God Save My Shoes," which featured Shak.</p> <p>Shak was previously married to hedge funder Daniel Shak. In 2012, Daniel Shak sued his ex-wife to have her shoe collection sold off as marital property, but the suit was eventually dropped.</p>
Weight Watchers surge 170% thanks to Oprah
<p>Move over Uncle Carl, that “Icahn lift” of yours has nothing on what Oprah recently did:<br /> “Winfrey announced on Monday morning that she had agreed to purchase a 10% stake in Weight Watchers International and had signed a collaboration deal to promote the diet company and its services. The announcement has caused shares of Weight Watchers to soar. With the stock changing hands for around $18, Winfrey has single-handedly generated $700 million in stock market value in two days, given that the company has 63.6 million shares outstanding following the Winfrey deal.</p> <p>Shares of Weight Watchers are up about 170% since they opened for trading on the New York Stock Exchange on Monday morning. Weight Watchers’ stock doubled in value on Monday and rose by another 30% or so on Tuesday.”<br /> Winfrey, who reportedly bought her stake for $43.2 million, now has $110 million in paper profits thanks to an option allowing her to purchase 3.5 million more shares for just $6.79 each. Not bad for just two days work.</p> <p>Guess its time to set up Harpo Capital Partners there, Oprah.<br /> Photo: United Nations photo</p>
Gangster describes heist in court
Lifestyle, 4:01
<p>No, not Bernie Madoff. Gaspare Valenti, one of the gangsters behind the infamous 1978 Lufthansa heist, put on a theatrical performance in court Tuesday, describing the "Goodfellas" crime in detail, writes the New York Times.</p> <p>The more than $6.25 million theft went unsolved for decades. "It's amazing; a robbery that big and nothing was ever discussed about where to go afterword," Valenti said in court. "Vinny [Asaro] yelled out, 'Bring it to my cousin's house!' And that's where we went, to my house." As his wife, mother, children, and sister slept, Valenti and the crew went through the goods. "I was separating gold chains and watches, the diamonds and the emeralds and rubies, just looking in the drawers, seeing how much there was," he said.<br /> Photo: petcor80</p>
HBO nails startup life
Lifestyle, 4:01
<p>HBO's "Silicon Valley" is the most realistic TV or movie portrayal of the tech world in Silicon Valley according to entrepreneur and executives, reports The Atlantic. But outside of the blatant look at tech life, "Game of Thrones" and "Gossip Girl" are better at displaying the cutthroat behavior, misogyny, and power struggles that define the industry, insiders say. Ouch.<br /> Photo: SUB SONIX</p>
Tiger founder gives $3.5M to UNC
<p>Hedge fund legend and billionaire Julian Robertson has donated $3.5 million to UNC-Chapel Hill.</p> <p>Robertson, chairman and general partner of Tiger Management, is a 1955 UNC graduate, reports the Triangle Business Journal. The school says his donation will be reinvested in academics. Robertson has been a steady giver to UNC, creating a scholarship program in 2000 with a $24 million gift.<br /> Photo: Evonne</p>
For those of us sick of the squash court, there are alternatives
Lifestyle, 4:01
<p>If Saturday morning soccer is getting old, or you are finding the humdrum of Wednesday night squash a little too repetitive, why not try something else?</p> <p>Business Insider has thrown together this intriguing list of sporty pastimes from around the world. Food for thought when organizing that next office team exercise. That said, it will take some convincing to get the finance department to clear that expense claim for half a dozen racing goats.<br /> Photo: Peter Grima</p>
The top Wall Street internship resume winners
Lifestyle, 4:01
<p>The one-two punch for nailing a Wall Street internship is simple, a former bulge-bracket analyst told Business Insider. Most important?</p> <p>1. Have a GPA of at least a 3.6.</p> <p>2. List relevant experience.</p> <p>3. Write three non-finance interests.<br /> Photo: istock Rich Legg<br /> &nbsp;</p>
T-Mobile CEO buys penthouse apartment once owned by William Randolph Hearst for $18 million
Lifestyle, 4:01
<p>You probably already know this: T-Mobile CEO John Legere has mogul fever. But in case you've missed the point for the magenta-loving honcho, Legere just bought a penthouse overlooking Central Park for a cool $18 million. The orignal owner? William Randolph Hearst of Citizen Kane fame.</p> <p>The duplex features a 1,500-square foot terrace and a pretty darned good view of New York City. The monthly fee for the four-bedroom, four-bath prize: $6,907.</p> <p>Do you think he will be decorating in T-Mobile colors?<br /> Photo: Todd<br /> &nbsp;</p>