"Balyasny Hedge Fund had with 400% Profit Increase"

 

In the world of hedge funds, Balyasny Europe Asset Management, headquartered in London, experienced a remarkable surge in profitability during the fiscal year ending on December 31, 2022. The company's financial performance outshone previous years, with profits catapulting by an astounding 400%, totaling £22.7 million. This substantial leap in profitability, compared to the £4.5 million reported in 2021, is a testament to the hedge fund's impressive financial prowess, as detailed in its published accounts on October 5.

While the profit increase is undoubtedly impressive, it is not the sole indicator of Balyasny's exceptional year. Turnover figures tell an equally compelling story, with an impressive 163% increase compared to the previous year, amounting to a total turnover of £374.9 million. However, this remarkable growth in financial success also coincided with a significant uptick in operating expenses. In the fiscal year, operating costs soared to £352 million, a substantial increase from the prior year's £138 million.

One of the primary drivers behind the surge in expenses was the substantial rise in salaries and bonuses. Balyasny Europe Asset Management disbursed a staggering £269 million in employee compensation, a significant uptick from the previous year's £104 million. Notably, the highest-paid member of the hedge fund's team received £22 million, a notable increase from the £4 million reported in 2021.

To accommodate its growing business and bolster its workforce, Balyasny embarked on an extensive hiring spree. This expansion saw a remarkable increase in the hedge fund's average number of monthly employees, surging from 158 in 2021 to 266 in 2022. Throughout the year, Balyasny made strategic hires to strengthen its portfolio management team in London.

In August, the hedge fund welcomed David Hill, a former senior trader at Hartree Partners, as a portfolio manager, supporting the firm's investment strategy in energy products. Simultaneously, Grigory Shevchenko, formerly of Uniper, joined Balyasny as the Chief Operating Officer for commodities in Europe, stationed in London. In October, Andrea Mondelci, who previously served as the head of equities at Man AHL, became a portfolio manager at Balyasny.

Balyasny Asset Management, originally founded in 2001 in Chicago by Dmitry Balyasny, Scott Schroeder, and Taylor O'Malley, expanded its presence beyond the United States, establishing additional offices in Canada, London, and Asia. Initially focusing primarily on long/short equity trading, which still constitutes 70% of the firm's risk exposure today, the hedge fund enjoyed remarkable success in its early years, boasting an impressive annualized return of 12% for the first 16 years.

However, 2018 marked a challenging turning point for the firm, characterized by significant performance losses, a 50% drop in assets under management from $12 billion to $6 billion, and the withdrawal of client investments. During this tumultuous period, Dmitry Balyasny candidly communicated the firm's struggles in an email to staff, describing the firm's performance as subpar and expressing a lack of urgency among employees. This email ultimately found its way into the hands of Kenneth C. Griffin, the founder and CEO of Citadel LLC, a rival hedge fund also based in Chicago. Griffin used this email as an illustrative example of the consequences of poor corporate culture. In response, Balyasny Asset Management initiated a significant workforce reduction, cutting 125 jobs, approximately 20% of its workforce.

Following this challenging period, the firm implemented substantial changes, including significant staff hires, a revised risk management approach, and a transition towards institutional investors as clients, rather than high-net-worth individuals. By 2019, Balyasny had returned to profitability.

In February 2022, the firm diversified its investment strategy by venturing into private startup investments, aligning with trends observed in other hedge funds. Additionally, in March 2022, Balyasny announced the creation of a new equities unit named Corbets Capital, with offices in New York and Greenwich, Connecticut. As of May 2022, the firm managed assets totaling $15.7 billion, supported by a team of 1,100 employees, including 470 investment professionals. As of April 2023, the firm reported assets under management totaling $19.5 billion.

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How good are personal finance smartphone apps?

Smartphone apps about our personal finances are becoming increasingly popular. But the question is, do they make us better at managing our money or do they encourage us to spend more?

For example, the Revolut app gives you  a breakdown of what you spent, and, if it's too much, you will know to be more careful the following week. When you make a budget, put a certain amount weekly on the card and stick to that. The application also has an automatic savings system and free cash withdrawals abroad of about $ 260 per month.

Global downloads of financial applications reached 3,400 million in 2018, which is 75% more than three years ago.

The popularity of these apps is growing more rapidly in emerging markets, such as Brazil, India or Indonesia. Facilitating the sending of money to other people seems to be one of the main reasons for their popularity in these countries.

The three most downloaded money applications in the world in 2018 were Google Pay and PhonePe in India, and Alipay and WeChat in China. All focus on sending money as a main function.

In the United States, 92% of young people between the ages of 18 and 37 use financial applications, and they do it mainly to control expenses and pay bills.

Georg Ludviksson, executive director of financial technology firm Meniga, based in Reykjavik, says people who start using financial applications spend 7% less on average in the next six to twelve months. But he admits that breaking credit cards can have a bigger impact on expenses.

His company is developing customized banking applications for entities such as the Spanish Bank Santander, the Swedish Skandiabanken and the Dutch ING Direct.

Regularly reviewing where we spend our money seems to be key to making a successful budget. If you are constantly reminded of how much you have spent, it is more painful to pay for the next products. 

But if the app to pay simply make spending money easier, with less emphasis on managing the budget, we may end up spending more than before using the app. To prove this, you just have to think about how fast and convenient it is to pay with contactless systems.

Money Dashboard makes your past expenditures evident by allowing you to see all bank and credit card accounts in one place and classify transactions to show what a person spends more.

The best money apps are trying to be like Facebook. You read your feed, your transactions are there, but also some ideas and details about what you are spending. 

Economists on the behavior of Harvard Business School and the University of Edinburgh found that people who use Money Dashboard saved about 40% of discretionary spending.
 
There is a correlation between people who consult the application regularly and their ability to adjust to a budget.

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In Saudi Arabia, they have now an application to control women's movements

The oppressive regime in Saudi Arabia now has a new weapon against women. In partnership with the government, the smartphone app Absher allows fathers and husbands to prevent their wives and daughters from leaving the country.

Every year, more than a thousand women flee Saudi Arabia in search of freedom, but many women find themselves stranded at the border because of a surveillance system put in place by the government. On their smartphone, men use the Absher app (which means "the preacher" in Arabic) for basic administrative tasks, such as paying fines or renewing a driver's license, but also to monitor women who are under their care. guardianship.

Indeed, Saudi women need the permission of a guardian (their father, husband or brother) to travel, and via Absher, men can grant or revoke their permission in a few clicks. The application immediately notifies the authorities and a woman who presents her passport at the airport will be prevented from flying if her guardian so decides. This is why many Saudi women who try to flee their families do so during holidays abroad, where local authorities do not obey the travel bans promulgated by guardians.

The app also gives men the ability to receive SMS alerts when a loved one shows their passport at the border or at an airport. The Saudi Ministry of the Interior then sends a message directly through the application. The Business Insider site obtained several screenshots of these messages, which were mandatory from 2012 to 2014. A husband whose wife travels will receive a text message like this: "Sarah, number *** 7698, left the airport King Abdul Aziz on 12-11-2012. "

In order to escape without being stalked, some women steal their guardian's phone, change passwords and give themselves permission to travel. But this is not an ideal solution because the tutor can realize it very quickly if he regularly checks the parameters of his application. Other women have already tried to change the alert phone number so that tracking SMSs are sent to them rather than to their fathers, brothers or husbands.

In many cases, families find fugitives, but in recent years, networks of mutual aid have developed, and women who have fled the country help those who also wish to resettle outside Saudi Arabia.

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Chinese economy future don't look bright - declining transaction trend

The number of Chinese acquisitions and participations in Europe fell significantly last year as Chinese growth slowed. Nevertheless, Germany and Great Britain remain a popular investment destination.

Those who are suspicious of investors from China will be pleased: They are getting less and less popular in Europe, according to an analysis by the consulting firm EY. The number of takeovers and participations in 2018 fell by around one-fifth to 196. The transaction value dropped even more sharply and nearly halved at just over $ 31 billion. In Germany there were still 35 (previous year: 54) deals worth a total of 10.7 (13.7) billion dollars. Germany remains by far the most popular investment destination in Europe with Great Britain. In Germany, the largest deal is eliminated: the entry of the Chinese carmaker Geely at Daimler for $ 8.9 billion.

In second place in Europe, the acquisition of the Finnish group Amer by a consortium to the Chinese sporting goods company Anta for $ 6.3 billion, including debt follows. Among the larger transactions in Germany is the gradual entry of Ningbo Jifeng at Grammer. In defense against the Bosnian family company Hastor, the Chinese were very welcome there. The Shanghai-based fund Beautiful Mind Capital bought the specialty chemicals company Cordenka for just over $ 270 million.

EY expert Yi Sun cites several reasons for the declining transaction trend. The Chinese government wants to prevent excessive capital outflows and wishes to concentrate investments on core industries. "In addition, the Chinese economy is not growing so much anymore, which - coupled with the high levels of debt of many companies - is leading to greater caution, especially in large transactions," says Sun. On top of that, investors from China would no longer be welcomed everywhere in Europe". And the transaction process has become more complicated. According to Sun, European salespeople require, among other things, proof at the beginning of a sales process if the money is really enough.

Germany has also amended its Foreign Trade Ordinance. Sun expects only "low impact". The majority of businesses have been outside security-related areas in recent years. For them, the threshold at which Berlin can check the entry of an investor from a non-EU country, has been reduced to ten percent. And there have always been "sensitive areas where political reservations can be expected," Sun said. Investors from China now know that the situation in sectors such as energy infrastructure is critical and could adjust to it. "A general departure of the Chinese from the German market is not to be expected".

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Allianz would provide $ 15 billion for Australian company QBE Insurance

German Allianz SE Group has made an offer to take over unofficial QBE Insurance, the largest insurance company in Australia, not to mention the transaction value, said on Monday, Reuters sources who wished to remain anonymous.

Allianz SE shares, the largest insurance company in Europe fell 1.6% month after publication Handelsblatt announced that Allianz has launched a tender for 15 Australian dollars per title, which assesses QBE to 20 billion dollars Australians (15 billion dollars).

QBE, one of the top 20 insurance companies in the world with operations in North America, Europe, Australia and New Zealand, issued a statement saying that it is in talks with Allianz or another possible buyer.

Allianz representatives have not commented on the information. Australia is an attractive market because the population and the economy is growing faster than in other developed countries and regulations are more stable than in emerging markets.

This month, general manager of Allianz SE, Oliver Baeta, said the German insurance company is interested in major acquisitions in the United States and Europe. Analysts estimate that Allianz has nine billion fund for acquisitions.

The German company is present on the market in Romania by Allianz-Tiriac.

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Lukoil looks for new sources of production in Middle East

Lukoil, the second largest oil producer in Russia, seeking growth opportunities in the Middle East as Iran provides to developing international partners more oilfields, said Sunday charge Lukoil Middle East Region, Gati Al-Jebouri, according to Bloomberg.

Gati Al-Jebouri said that Lukoil wants to find new sources of production in the Middle East, to supplement its operations existing in Iran and Egypt, provided to find projects whose production costs are as low as those in Russia.

"Iran is our target area at this time," said Gati Al-Jebouri. He added that Lukoil is currently discussing with the company Iranian National Iranian Oil Company (NIOC) regarding its involvement in developing oil fields Abe Timur and Mansuri in central western Iran, adding that he hopes the firms to reach an agreement in first half year.

Iran has prepared a list of 70 oil and gas deposits that will provide foreign investors, while the authorities in Tehran will obtain financing and foreign technology after the removal of international sanctions.

In other parts of the Middle East, Gati Al-Jebouri informed that Lukoil is exploring opportunities in Abu Dhabi and Kuwait. Instead, Jebouri announced that Lukoil has abandoned an exploration of gas with Saudi Arabian Oil Co. After a project in the desert did not discover deposits commercially viable.

Lukoil is the second largest crude oil producer in Russia, with proven reserves of hydrocarbons which amounts to about 1.3% of global reserves.

Lukoil Romania is one of the leading Romanian oil market, with a share of around 20% of the total market of petroleum products. Currently, the company owns refinery Lukoil Romania Petrotel - and fuels through a network of 300 filling stations.

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Starbucks and Airbnb provides thousands of jobs and housing for refugees after Trump's decree against immigration

Airbnb and Starbucks have announced the first practical response of big American companies - free accommodation and employment of immigrants who are banned from entering the United States - the decree controversial illegal immigration given by President Donald Trump, branded as "unfair" by large employers.

Starbucks coffee chain will recruit up to 10,000 refugees in the next five years, the employee in writing, on Sunday, CEO Howard Schultz. They target people who have fled war, persecution and discrimination in the 75 countries where it operates American group.

In the US, Starbucks will begin by recruiting refugees who worked for the US military as interpreters, for example.

Schultz, a friend of the Democratic Party, also announced that Starbucks is in contact with employees affected by drecretul presidential who implemented severe restrictions in access to the US territory and "checks extreme" citizens of seven Muslim countries - Syria, Libya, Sudan Iran, Iraq, Somalia and Yemen.

"We live in an unprecedented period, a time during which (...) the promise of the American dream is questioned," he denounced.

Airbnb proposes to turn a free hosting affected persons, refugees stranded at airports these restrictions.

"Airbnb provides a free accommodation and refugees of any person is prohibited to enter the United States," he wrote on his Twitter account Brian Chesky, CEO of the group. He promises further announcements.

"Contact me if you need accommodation," he concludes. The Group intends to use its program in case of natural disaster, which provides reception of displaced persons.

Platform rental housing online, whose offers are in propirţie over 80% outside the US, envisages also specific measures if there is no hosts near the place where a person affected by decree against immigration.

"Opening our borders closing. Closing the divide them still a little the United States. Let's find means to connect people and not to split," Brian Chesky calls.

His message was received positively by the group members. "We have accommodation available at Philadeplphia (northeast). How can I participate or contribute?" Asks Andrew Tran example.

In the same vein, Starbucks has committed to reimburse employees who are part of the IF established by previous US President Barack Obama in 2012, which allowed the more than 750,000 illegal immigrants who arrived when they were minors territory US to obtain permits to stay and work.

Schultz, CEO one of the few Americans who mixed in a political debate on racial tensions, two years ago, came to the aid of another target inside Sunday's Donald Trump - Mexico.

You have "built bridges and not walls with Mexico," he complains, referring to the wall that new US president wants to raise the border between the United States and this country.

Lyft reservation service cars without drivers, among whose shareholders are General Motors, has pledged to donate one million dollars of the organization for the defense of civil rights American Civil Liberties Union (ACLU), which attacked the American justice those restrictions immigration.

Concurebtul his Uber, widely criticized on social networks because its initial reaction, considered weak, pledged to help the affected drivers, and Elon Musk, CEO of Tesla, asked his Twitter account subscribers il and make suggestions on possible amendments to the decree on migration.

Once employers in Silicon Valley giants have expressed concern Saturday, it swept him and the leaders of multinationals based on the East Coast.

Jeffrey Immelt, CEO of industrial conglomerate General Electric (aircraft engines, turbines), which employ many workers, states that they "are important to our success."

JPMorgan Chase Bank began, in-part, to examine together with employees with visas that can be done, said CEO Jamie Dimon, who promised support for "unabated".

Dimon and Immelt part, along with Elon Musk, the forum selected by Donald Trump large employers to advise it in connection with its economic policy.

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Foreign investors do not exclude that Marine Le Pen to be elected as President of France

More and more foreign investors take into account the possibility that Jean-Marie Le Pen to become president of France (spread on French bonds rose by 32 points since August 2016), Christopher comment Dembik, Head of Macro Analysis / Saxo Bank, into an analysis released on Monday.

According to him, Le Pen does not have enough support to pass the threshold of 50% of the vote. Republican Front is weaker than in 2002, but has enough left voters who will vote for the right, just to avoid a presidential Le Pen. The winner of the French Socialist Party internal elections is Benoit Hamon, having it sound principles of protecting the environment, supporting the low income and the working week to 32 hours.

French Socialist Party in the footsteps party Pasok, the Greek crisis marked by ideological and political marginalization facing a strong left-wing party. In these circumstances, it is very likely that supporters of the defeated, Manuel Valls, former premier to follow Emmanuel Macron in the coming weeks. This, in turn, will not be too Macron's beneficial because it has an associated image leftist candidate, said Christopher Dembik.

Group Saxo Bank (Saxo) is a specialist in multi-asset investment and trading offering a comprehensive set of technologies, tools and strategies for trading and investments. Founded in 1992, Saxo has over 1,500 employees in financial centers around the globe, including London, Singapore, Paris, Zurich, Dubai and Tokyo.

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The number of unemployed in Spain in 2016 recorded the biggest drop in history

The number of unemployed in Spain fell by 390 534 people in 2016 to 3.70 million, representing a decrease of 9.54% compared to 2015, show figures released Wednesday by the Spanish Ministry of Labour.

This decrease in the number of people registered in the National Agency for Employment is higher than that recorded in 2015, when the number of unemployed in Spain fell by 354 203 people, and also the largest annual drop ever recorded in Spanish history.

Only in December 2016 which traditionally is one favorable employment thanks to temporary contracts for the holidays year-end, the number of unemployed decreased by 86 849 people, more than the expectations of analysts who were betting on a decline of 50,000 people, and more than 55 790 people drop recorded in December, 2015.

Spanish Ministry of Labour did not provide figures for the unemployment rate. It is calculated by the National Statistics Institute (INE), based on a different methodology, and in the third quarter of last year stood at 18.9% of the working population, the second highest unemployment rate in the eurozone after Greece .

Objectives of prime minister Mariano Rajoy

Unemployment is declining in Spain since 2013 after several years of recession when the unemployment rate reached a record level of over 26% of the active population. The significant decrease in the number of unemployed in 2016 is mainly due to the services sector which registered 208 053 ​​unemployed, with 7.69% less than in 2015 and the construction sector, where 77.249 registered unemployed, with 17.04% less than in 2015.

Spanish Prime Minister Mariano Rajoy, in power since 2011 and reconfirmed in late October for a second term, has set an objective of creating 500,000 jobs per year to reach 20 million employees in 2020. Rajoy it is based on a robust economic growth of 3.2% annual pace in the third quarter, but will have to meet European Commission requirements but in terms of reducing the public deficit and the parliamentary opposition, which called for measures social to enable it to continue to govern.

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Parking for diesel cars will cost 50% more in a downtown area

In the Westminster area of ​​central London authorities decided that parking will be more expensive by 50% for diesel cars, the movement having chances to be adopted in many places in the UK Telegraph. Mayor of London said last month that 10,000 people die each year because of pollution in the capital, and diesel also has a major fault. Many of diesel car owners are upset by the new measures, after more than a decade have been encouraged to buy diesel cars, telling them the ones that are more environmentally friendly than gasoline.

Westminster City Council decision applies from April and will be overcharged diesel cars, so parking in the area will cost £ 2.45 / hour more than the standard fare of £ 4.90. It is hoped that owners of diesel cars will be discouraged and bring them to the area estimate is that many muncipalitati from across the UK will adopt similar measures that will increase revenues to the budget.

Representatives of associations auto industry say the measure will alienate a large number of owners of diesel engines they bought in good faith after being told that pollute less and after and the authorities have strongly supported cars on diesel, imposing lower taxes for them.

An opinion is more often heard but that all diesel should not be penalized sites, but trucks, buses and taxis old, very new sites because diesel emissions are extremely low. Estimates show that half of the pollution caused by diesel engines could come from just one tenth of ancient vehicles practically.

Inflows another area of ​​London, Hackney, the local council on several streets prohibit parking all cars, except electrical, planning to allocate a million pounds to install charging stations in the streets.

Mayor of London, Sadiq Khan, said last Monday that nearly 10,000 people die each year in the capital due to air pollution and announces investments of 875 million pounds to improve air quality, double what was spent predecessor, Boris Johnson. Khan wants to introduce a "toxic tax" that would apply to the most polluting vehicles, both diesel and gasoline tax that will apply in addition to the famous "congestion charge".

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Technology companies in the US condemn Trump's imposed entry restrictions for citizens of seven countries

Technology companies have criticized the injunction given by Donald Trump for the citizens of seven Muslim countries, even if they have the right to work, not allowed to enter the US temporarily. Immigrants have an essential role to Silicon Valley companies, many of them are founded. Google, Apple, Facebook. Microsoft and Uber are among the companies that say employees are affected by the bans. Most hit are the Iranians have the right to work in the US, there is an important technological community.
 
Injunction applied in seven countries has sparked a huge scandal because thousands of people were stranded at airports where they flight to the US or its destination at US airports. The measures apply including those who own so-called green card (green card), which allow them to live and work in the United States. Saturday evening a court managed to postpone for a while at least some of the adverse consequences of the order, the Government unable to deport immigrants and refugees stranded at US airports. The ruling was however interpreted and applied differently, creating chaos at airports.

The seven countries are Iran, Iraq, Libya, Somalia, Sudan, Syria and Yemen.

Latest census data show that in 2012 there were more than 780,000 US residents born in these seven countries, most being from Iran (370,000).

Many large companies in technology have criticized the measure, with varying degrees of vehemence, the most radical saying that it is a kind of religious persecution in business.

US bans entry, designed to protect the country against terrorists, affects US companies that rely on people from all over the world, a good portion of very good engineers in Silicon Valley are born outside the US.

In addition, over half of IT companies worth over a billion dollars were founded by people who were not born in the US and bosses of large companies are born away from US. For example bosses Google and Microsoft are born in India and WhatsApp chief in the former USSR.

The idea common messages sent from big companies is that, although it is normal for the state to implement measures to ensure the safety of citizens, these measures should apply only to those who may be a threat, not all people in seven countries.

The most famous Iranian working in technology in the US is Omid Kordestani, born in 1963 in Tehran. He worked 15 years at Google where he was also director of business, with responsibilities over the years on the revenue side, customers, operations, marketing and partnerships. 2015 is director of the board at Twitter.

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Hong Kong retains the title of most expensive housing market in the world

Hong Kong maintains its seventh consecutive year for the title of most expensive housing market in the world, shows study published Monday by the International Housing Affordability demographic, according to Bloomberg.

The study covers 406 housing markets in major metropolitan areas in Australia, Canada, China, Ireland, Japan, New Zealand, Singapore, UK and USA. Includes 92 major metropolitan markets, with over a million inhabitants, including five cities: Tokyo, Yokohama, New York, Osaka-Kobe-Kyoto, Los Angeles and London.

The average price of housing in Hong Kong last year was 18.1 times the average annual income before taxes of a household. Although there is a slight improvement compared to 2015 when the average price of housing in Hong Kong was 19 times the average annual income before taxes of a household, demographic believes that a score above 5.1 indicates an extremely inconvenient.

In second place is again the Australian city of Sydney, where the average price of a home was 12.2 times the average annual income of a household before taxes, on the third and fourth ranges cities Vancouver (Canada) and Auckland (New Zealand ).

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German bankers called for consultations on moving operations after Brexit

Regulators in Germany will meet next Monday with representatives of more than 20 foreign banks, including Morgan Stanley, Goldman Sachs and Citigroup, to present requirements in relation to the possible relocation of operations from London to Frankfurt after Brexit, Reuters said on Wednesday a number of sources close to the dossier.

Reportedly, BaFin's supervisory authority in the financial Germany, decided to organize this meeting, the first of its kind organized in Germany to respond to requests detailed banks concerned to move its operations from London while the Sea Britain is preparing to initiate talks for divorce from the EU.

'BaFin wants to provide participants with an overview about the main issues for those who want to move their businesses in Germany, "said one of the sources. Reportedly, BaFin will emphasize very clearly that it will not accept operations such 'mailbox' and that banks will have to introduce significant risk management procedures and Frankfurt also have a number of top executives.

Other sources said that the meeting will be attended by officials from the German Central Bank (Bundesbank) and the European Central Bank. The sources added that the German Finance Minister, Wolfgang Schaeuble, Frankfurt supports efforts to attract some of bankers who now works in London.

Prime Minister Theresa May said last week that Britain will leave the single market, a move that will isolate the City of London for her customers. In these circumstances Frankfurt looks set to be one of the main winners of a possible exodus of bankers from London. But cities like Dublin announces Sand Pari serious competitors and some American banks could transfer some posts from New York to London.

Germany's economic strength and that Frankfurt already hosts the headquarters of the ECB is attractive elements for banks. But the financial capital of Germany has some disadvantages in attracting foreign bankers. There is a shortage of housing for newcomers and those seats to the 13 international schools in the region are occupied.

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Ford reports first quarterly loss after 2009

US auto group Ford Motor Co. on Thursday reported its first quarterly loss in seven years due to the revaluation of liabilities to pension funds and the costs associated with canceling the construction of a plant in Mexico.

Ford, the second-largest US automaker, said that in the fourth quarter 2016 net losses of 783 million dollars, or 20 cents per share, compared with a profit of $ 1.9 billion in the same period of 2015 . quarterly turnover fell by 4% to 38.7 billion dollars while the number of vehicles sold fell by 68,000 to 1.7 million.

However, the whole of 2016 Ford has achieved a net profit of $ 4.6 billion, or $ 1.15 per share, down 37.7% compared with 2015. Ford also recorded in 2016 a operating profit of $ 10.4 billion, the second best result in company history, and the annual turnover increased by 1.5% to 151.80 billion dollars. The total number of vehicles sold by Ford last year globally increased by 16,000 to 6.7 million.

Ford 2016 results were supported by solid performance in North America, where he recorded an operating profit of nine billion dollars and an operating margin of 9.7%. Regarding Europe 2016 Ford posted a record operating profit of 1.2 billion dollars, despite Brexitului. "It's a historic results," said CEO of Ford, Mark Fields, in an interview with CNBC, confirming that the US group would remain profitable in Europe in 2017 despite the depreciation of the pound sterling and the launch of new models such as the new generation of Ford Fiesta.

In Romania, Ford started production at the factory in Craiova in 2012, with the launch of the B-Max, the first product of this factory and the first 5 star EuroNCAP Romanian vehicle. Also in 2012, Ford launched EcoBoost engine production at Craiova. In early 2016 President - General Director of Ford Europe, Jim Farley, announced that the manufacturer will build SUV small EcoSport at the factory in Craiova since autumn 2017 model that will be sold in all European markets Ford less than in Russia, and will invest 200 million euros.

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Brexit's negative effects will be felt by the British economy in 2017 and 2018

The British economy will pay a higher cost in 2017 and 2018 for the uncertainties created following the vote on the country out of the EU (Brexit), said on Thursday the European Commissioner for Economic Affairs Pierre Moscovici, admitting that the UK was not immediately affected by 23 June vote.

"Uncertainties will have a more palpable on the British economy in 2017 and 2018," said Pierre Moscovici, in a press conference in Brussels after admitting that the UK has fared better than expected immediately after voting June 23.

The whole of last year, the British economy has registered an advance of 2%, the lowest growth rate in 2013, down from 2.2% in 2015. For this year, economists expect an expansion of only 1, 2%.

According to data published Thursday by the Office for National Statistics (ONS), UK GDP growth in the fourth quarter of 2016 exceeded the forecasts of economists, continuing to defy expectations of slowing expansion in the vote on the country out of the EU.

The increase of 0.6% exceeded economists' estimate of 0.5% and marks the 16th consecutive quarterly advance of the British economy. Growth engine of the economy it was the services sector, supported by consumer spending, while industry and construction contributed zero, according to data released Thursday by the Office for National Statistics (ONS).

After the vote June 23 on the UK out of the EU economy recorded a performance above expectations, recent data shows a possible decline in consumer spending due to the depreciation of sterling, affecting income.

Services, which account for over 75% of UK GDP, recorded an advance of 0.8% in the period October to December 2016, offsetting stagnation in industrial production and growth of just 0.1% in the construction sector.

At an annual pace, the UK recorded GDP growth of 2.4% in the fourth quarter of 2016, also above analysts' estimates.

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Why Swiss watches could be cheaper

Swiss watches could become cheaper in following years, because Swiss watch exports fell by 9.9% last year, the most significant decline in seven years, following the slowdown in global demand.

After several years of record growth, exports of watches fell in 2016 by 3.3% to 21.5 billion Swiss francs (21.2 billion dollars) announced Thursday Federation of Swiss Watchmaking Industry (FHS ). Is the most significant annual decline since 2009, when it registered a decrease of 22%. The total number of watches exported in 2016 fell to 25.4 million, also the lowest level since 2009.

Swiss Watchmaking Industry Federation said that exports to Hong Kong, the biggest market, fell by almost 25% last year, while deliveries to China were down 4.7%, although there was an improvement to end in December was recorded an increase of 5.5%. Demand for luxury watches has been affected by the anti-corruption campaign launched by the Chinese government to reduce the number of Chinese tourists who bought watches in Europe, and the development of smart watches category.

The Swiss company Richemont in 2016 spent over 200 million euros (215 million dollars) to buy back unsold watches and fired about 200 employees who manufactured the famous Cartier watches, Piaget and Vacheron Constantin. Richemont reported sales growth of watches in their own stores in the fourth quarter of 2016.

Swiss Watchmaking Industry Federation expects a stabilization of the market this year, there are already signs of recovery.

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Probably the coolest job in the world: You get 52,000 pounds to post photos from cruises

If you're looking for a job at the beginning of the year, you should not miss offer from Royal Caribbean International.

They want a person to go on a cruise and post Instagram photos taken during his time on the ship. Basically, the man will be paid 52,000 pounds to make three pictures a day. Specifically, only three, shows Metro.

The employee will go on three cruises and will be "forced" to each of them to make a trip ashore.

Besides photos posted on Instagram, it will have to interact with network users and achieve a clip with lived experience.

Ben Bouldin, representative of Royal Caribbean, said that their goal is to find a person to be an excellent storyteller and talented helping to capture the unique experiences.

To apply for a job, you need to post on your Instagramul a photo from a trip and taguiesti @Royal Caribbean International, and putting #ExtraordinaryExplorer hashtag. Shortly at the time of the announcement, nearly 20,000 people have applied for the job.

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Austria wants law against EU immigrants

Austrian citizens should have priority in employment against immigrants from other EU countries, proposes the Austrian Chancellor, Christian Kern, accusing the Eastern European countries that export unemployment in the West.

Immigrants come from other EU countries should be able to be stopped to take up a job if an Austrian qualified to apply for the same function, said Chancellor Christian Kern, leader of the Social Democratic Party of Austria (SPO, center-left).

"This means that unless it will be available in Austria unemployed a job can be given unrestricted immigrant," said Christian Kern, quoted by news website Kurier.at and the EUobserver.

Christian Kern accused Eastern European countries that "export unemployment in Austria", urging the Austrian companies to prioritize employment Austrians.

Austrian Chancellor propose a "protective mechanism on the labor market". "At EU level, reinstituted a tool in the labor market, mainly in sectors where unemployment is high and where there are tensions," said Kern.

The EU Treaties guarantee free movement of citizens, goods, capital, services and provide equal rights, including employment for citizens of all Member States.

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Mark Zuckerberg wealth has increased by $ 5 billion

Net wealth of Mark Zuckerberg grew by about $ 5 billion in January, more than any billionaire in the Forbes list, enough to recover losses incurred by Facebook founder immediately after the victory of Donald Trump in American presidential elections of November 8, MarketWatch forward.

Zuckerberg's fortune growth was fueled by higher incomes of Facebook and a series of favorable analyst reports that made the company's stock was approaching a historic high of over 133 dollars per unit achieved in October.

Facebook shares ended Friday at $ 128.34 transactions per unit. Zuckerberg owns 410 million shares Facebook.

Facebook shares decline immediately after Trump's surprising victory in elections, deleted about 7% of Zuckerberg's net worth.

Increasing 5 billion of net wealth of the founder of Facebook in the first two weeks of this month is higher than that recorded by any billionaire in the Forbes billionaires.

Zuckerberg now has a fortune estimated at 53.8 billion dollars, according to the ranking of billionaires by Forbes conducted in real time. Facebook boss in this way is the fifth richest man in the world after Bill Gates, Warren Buffett and Amancio Ortega Jeff Bezos, each of them having a fortune of 70 billion dollars.

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Theresa May wants to speed up the process of Brexit before the end of March

British Prime Minister Theresa May will go ahead with plans to exit Great Britain from the European Union despite the Supreme Court decision obliging the government to seek Parliament's consent to trigger Article 50 of the Treaty of Lisbon.

Moreover, chances are that Article 50 be triggered before the end of March, as prime minister wants Theresa May, writes Reuters in an analysis published Tuesday.

Even if the judges of the highest judicial authorities in the UK have decided that Parliament must give its consent on the start of negotiations for Brexit, this will not lead to major delays as they would like some investors or supporters of the EU. The reason is that the opposition is divided in Britain.

"We will not block Article 50," said Jeremy Corbin last week Labour leader who campaigned against Brexitului. "Labour-all Members will be asked to vote that way next week, or ever will be held this vote," he said.

Not all colleagues of Corbyn will vote as he says, but May could get the votes it needs. But what could facilitate the Supreme Court decision is to be avoided a tough Brexit, who eventually immigration restrictions over access to the single market. In this way members of Parliament will have more control over the negotiation process and the final agreement.

Conservative cabinet ministers of May that they expected to lose the already came with options, including a short legislative proposal that could be immediately sent House of Commons.

Although the referendum before June vast majority of lawmakers in the lower house they wanted Britain to remain in the EU, most especially those in England and Wales now say they will vote for starting negotiations.

Lawmakers held a non-binding vote in May's proposal in December 2016 to start negotiations before the beginning of April.

Labour, however, have a problem with their electorate, especially working-class format, which voted to leave the EU and was attracted by eurosceptic parties in recent years.

Although not block Brexit, Corbyn, himself a critic of the EU for many years, he said that Britain will fight to have access to the free market, respecting reasonable condition management of migration.

Labour might seek legislative amendment to any project using several conservatives who oppose tough Brexit and other smaller parties such as the Scottish Nationalists and Liberal Democrats.

The biggest threat comes from the upper house of Parliament, the House of Lords, where most lawmakers oppose Brexitului and not dependent on the electorate.

If the House of Lords vote against triggering negotiations, the Government plans to Brexit May could be affected drastically.

But May is confident that Parliament will be the government that the House of Lords would risk triggering a constitutional crisis on the grounds that unelected members of a House of Parliament would veto the will of voters expressed through referendum.

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