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Clyde K. Valle

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Clyde is a business graduate interested in writing about latest news in politics and business. He enjoys writing and is about to publish his first book. He’s a pet lover and likes to spend time with family. When the time allows he likes to go fishing waiting for the muse to come.


Top Gear’s Jeremy Clarkson has been penalized for speeding for the first time in 30 years.

Jeremy Clarkson wrote in the Sun that he had been caught by a fixed camera while travelling between Whitby and London.

He said: “Sadly, I was going too quickly for the speed awareness course to be an option.”

Top Gear’s Jeremy Clarkson has been penalized for speeding for the first time in 30 years photo

Top Gear’s Jeremy Clarkson has been penalized for speeding for the first time in 30 years

Jeremy Clarkson said he had written last month in “blind fury” about the amount of speed cameras on the route.

“Well, it seems one of them got to me,” he added.

His admission comes just weeks after he and his Top Gear team caused controversy during filming in Argentina for using a number plate that appeared to refer to the Falklands war.

Jeremy Clarkson has said the number plate was a coincidence and the program’s producer has denied it was a stunt.

In 2008, Jeremy Clarkson, who lives near Chipping Norton in Oxfordshire, was criticized for claiming he had driven at 186mph on a public road.

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President Barack Obama revealed his credit card was declined at a restaurant in New York City last month.

Barack Obama said: “It turned out I guess I don’t use it enough.”

“They thought there was some fraud going on.”

Fortunately, the president said, First Lady Michelle Obama had a credit card on hand and paid for the meal.

Barack Obama told the story at the Consumer Financial Protection Bureau as he announced new protections for debit cards used to deliver federal benefits.

Barack Obama revealed his credit card was declined at a restaurant in New York City 640x423 photo

Barack Obama revealed his credit card was declined at a restaurant in New York City

An estimated 100 million Americans have been affected by identity theft in the past year, including high-profile security breaches at retailers like Target and Home Depot.

“I was trying to explain to the waitress, you know, I really think that I’ve been paying my bills,” Barack Obama said.

“Even I’m affected by this.”

Barack Obama is paid $400,000 per year, as well as given a non-taxable $50,000 expense account.

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Morgan Stanley has reported an 87% jump in profits to $1.65 billion in Q3 2014.

Trading of currencies, commodities and bonds was a big driver of profits, as was wealth management – advising high earners on their finances.

On October 16, rival bank Goldman Sachs reported a 50% rise in profits.

Banks’ bond trading activities have reportedly benefitted from problems at bond giant Pimco.

Morgan Stanley has reported an 87 percent jump in profits to 1.65 billion in Q3 2014 photo

Morgan Stanley has reported an 87 percent jump in profits to $1.65 billion in Q3 2014

In September, trading superstar Bill Gross made a surprise exit from the world’s biggest bond company.

The departure of Bill Gross from Pimco reportedly prompted investors to withdraw billions of dollars from the company, money which has found its way to other trading businesses.

Morgan Stanley’s total revenue for the quarter rose 12% to $8.91 billion.

Bond trading revenues were up 19.4% to $997 million. Wealth management revenue rose 9% to $3.79 billion.

“We are well positioned to create superior returns for our shareholders, particularly as the US economy continues to strengthen,” Morgan Stanley’s chief executive and chairman James P. Gorman said in a statement.

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World’s markets have staged a partial recovery after a week of precipitous falls and volatility.

London’s FTSE 100 index was up over 1% in mid-afternoon trading, while Germany’s DAX was up 1.76% and France’s Cac 40 was up more than 2%.

On Wall Street, the Dow Jones index opened nearly 1% higher after better-than-expected US industrial production data helped steady the ship.

Fears over a weakening global economic outlook had unsettled investors.

World’s markets have staged a partial recovery after a week of precipitous falls and volatility 640x478 photo

World’s markets have staged a partial recovery after a week of precipitous falls and volatility

The FTSE 100 had fallen 10% since early September, wiping £175bn off the value of listed businesses.

Steven Saywell, head of foreign exchange strategy at BNP Paribas, said the real concern over the faltering eurozone economy was inflation, currently running at 0.3%.

“We believe the risk is it could fall even further,” he said.

BNP Paribas believes European Central Bank president Mario Draghi should take bold measures to buy sovereign bonds in an attempt to convince investors that the rate of inflation would increase.

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Rolls-Royce Holdings has warned of falling revenues as trade sanctions against Russia begin to bite.

Customers of Rolls-Royce’s nuclear, energy and power systems businesses have delayed or cancelled orders, the company said in a trading update.

As a result, group underlying revenue for 2014 would be 3.5%-to-4% lower than expected, it said.

However, Rolls-Royce expected underlying profit to remain flat as cost savings counterbalanced the falling revenue.

“Since our interim results, the economic outlook for 2015 has become more challenging,” the company said, with many of its customers experiencing “worsening market conditions” affecting their investment decisions.

Rolls Royce Holdings has warned of falling revenues as trade sanctions against Russia begin to bite photo

Rolls-Royce Holdings has warned of falling revenues as trade sanctions against Russia begin to bite

Guidance on revenues for its civil aerospace, defense aerospace, marine and power systems divisions, remained unchanged, the company said.

Nuclear and energy revenue guidance would fall from 0%-to-5%, down from 5%-to-10%.

However, Rolls-Royce expected underlying profit in its civil aerospace division to be higher than previously thought.

“While the short term is clearly challenging, reflecting the economic environment, the prospects for the group remain strong, driven by the growing global requirement for cleaner, better power,” said chief executive John Rishton.

Rolls-Royce’s share price fell 7.5% in early morning trading as the market reacted negatively to the revenue warning.

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As a business owner, there may come a time in your professional career that you want to sell the business. This is extremely common, but most business owners feel lost when it comes to the idea and implementation of selling their business.

 

Like any other sale, you have a variety of options when it comes to selling your business, and the following information will give you insight into some of the most popular selling options for business owners.

 

By Owner

Some homeowners opt to sell their homes themselves, and you can do the same with your business. Selling your business by yourself eliminates the fees you’ll spend on a real estate broker, which can often result in more money in your pocket after the sale is finalized. If you’re going to sell your business on your own, it’s a good idea to do some research on how to sell by owner. There are certain real estate laws and procedures you’ll want to familiarize yourself with to ensure you’re making a smart decision and not breaking any laws or making poor decisions.

 

Real Estate Agent

If selling your business on your own seems too difficult or stressful, you can always opt to use a commercial real estate agent. These individuals are experienced in selling businesses, and they’ll be able to advise you on the best possible moves to help sell your business. For example, if you want to sell a dental practice that needs some upgrades, your real estate agent will be able to explain why you should invest in the upgrades, or what you can expect to get if you don’t invest in the upgrades. Your real estate agent will also work tirelessly to advertise your business and make a quick sale. After all, they earn their money based on the sale of your business, so if it doesn’t sell, they don’t get paid.

 

Websites

The Internet is a powerful tool, and it can be just the thing to help you sell your business. Whether you’re selling the business on your own or using a real estate agent, you can advertise the sale of your business online. You can use general resale websites, such as Craigslist, to advertise the sale of your business, and you can even add it to the classifieds section of your local news outlet websites.

 

Other websites are specifically dedicated to selling businesses. For example, you should consider looking at websites like BusinessMart.com and BusinessBroker.com. These websites carry business listings from across the globe, and they’re aimed at providing valuable information to potential business buyers.bigstock Contract Sealed 471241 photo

 

Closed Sale

Sometimes you can get lucky and already have an interested buyer in mind. If you’re in this situation, you’ll go through a closed sale. With this option, you don’t advertise your business as being for sale. Instead, you and the intended buyer create a contract and go through the process behind closed doors that eventually results in them receiving ownership of your business. Closed business sales are usually done when an investment company is interested in taking over, or if another member of the business (or even a member of your family) wants to buy it from you. If you are opting for a closed sale, be sure to have a good business lawyer on hand to ensure your needs are being met throughout the sale.

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Being a business owner can be extremely rewarding, and it’s something that many people would like to accomplish at some point in their life. Some potential business owners want to do it for the freedom of being their own boss; others want to do it for the money; and some just want to do it to achieve a career goal.

 

No matter the reason you want to own a business, there are certain things you first need to know before buying a business.

 

Determine what type of business you want to own.

Some people want to desperately own a business that they jump right in and purchase the first one they see. This is not a good idea. In order to own a business and run it successfully, it’s important to consider buying a business that you have experience in. For example, if you have worked in the dental industry, then you’d be much more successful buying a dental practice than you would buying a restaurant, as you already know the ins and outs of what makes a dental practice successful. Do your research and determine the types of businesses that would make the most sense for you.ArticleImage photo

 

Find a business to buy.

Once you decide which type of business you want to buy, you then need to find a business that’s for sale. You can turn to newspaper advertisements, real estate agents, and even websites dedicated to selling businesses, such as BusinessBroker.com.

 

Another avenue to take would be to ask friends, family members and coworkers about businesses that they may know that are for sale. Sometimes business owners don’t want to hassle with the media or turn the selling of their business into a long process, so they try to sell the business quietly to avoid all the hassle.

 

Look into the business’s history and finances.

The last thing you want to do as a new business owner is to invest in a company that isn’t financially successful or stable. This is why it’s extremely important to look into the business’s history and finances. Hire a business auditor to valuate the business for you so that you know if the asking price is in line with the value of the company. Look into the finances of the company to see how the profits and losses have aligned throughout the years. Is the company constantly seeing a profit, or is it often struggling to make ends meet? If there are major financial issues, it may be best for you to walk away.

 

Make sure this is the right decision for you.

Before you sign any papers that make you the owner of a business, make sure this is the right decision for you. Being a business owner is not an easy task, and it will require you to put in lot of hard work. If you’re looking to just sit back and get paid for doing nothing, owning a business is not the best option.

 

Not only will you need to put in long hours to transition the company to the new ownership, but you’ll also have to keep putting money into the business to keep it updated and up to any codes. If you have any hesitation about owning a business, consider holding off on the purchase until you know for sure it’s exactly what you want to do.

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Goldman Sachs has reported a 50% jump in profit in Q3 2014 after a sudden jolt in bond market activity helped boost revenues.

The investment bank reported net income rose to $2.14 billion in the three months to the end of September.

That compared with $1.43 billion for the same period a year earlier.

Revenue from bond-trading leapt 74% to $2.17 billion, as Goldman benefited from the surprise exit of bond market supremo, Bill Gross, from Pimco.

The departure of Bill Gross from Pimco, the world’s largest bond fund, prompted investors to withdraw $23.5 billion from the company.

Goldman Sachs has reported a 50 percent jump in profit in Q3 2014 after a sudden jolt in bond market activity helped boost revenues photo

Goldman Sachs has reported a 50 percent jump in profit in Q3 2014 after a sudden jolt in bond market activity helped boost revenues

Strong US economic data in September and stimulus measures introduced by the European Central Bank (ECB), also helped jolt what had been a lacklustre bond market into life last month.

Total net revenue at the bank rose 25% to $8.39 billion.

“The combination of improving economic conditions in the US and a strong global franchise continued to drive client activity across our diverse set of businesses,” Goldman’s chairman and chief executive Lloyd Blankfein said in a statement.

Goldman Sachs has also been a big beneficiary of rising stock markets this year, helped by its advisory work on large deals including the $25 billion initial public offering of Chinese tech firm Alibaba on the US stock market.

Revenue from investment management, a business Goldman has been trying to build up, rose 20% to $1.46 billion.

European markets continue to tumble on October 16 amid fears of a global economic slowdown and the impact of the Ebola crisis.

The main stock markets in Germany, the UK and France fell more than 2%, tracking a sell-off in Asia and on Wall Street.

On October 15, London’s FTSE 100 saw its heaviest one-day fall in 16 months.

Borrowing costs for Greece and Italy rose, and investors looking for a safe haven pushed the gold price higher.

Analysts said that a raft of disappointing economic and corporate news had unnerved investors.

Recent poor data from China, Germany and the US have heightened worries that global economic recovery could go into reverse.

European markets continue to tumble on amid fears of a global economic slowdown and the impact of the Ebola crisis photo

European markets continue to tumble on amid fears of a global economic slowdown and the impact of the Ebola crisis

Meanwhile concerns about the spread of Ebola and its impact on emerging markets have added to the worries. Companies linked to travel and tourism have seen their share prices fall in the past couple of weeks, offsetting hopes that the recent fall in the oil price would lower their long-term fuel costs.

The price of US crude has gone below $80 a barrel for the first time since June 2012, pulling down oil-related shares such as BP and Tullow.

Financial shares were among some of the biggest fallers across Europe. Royal Bank of Scotland was down another 3.6% after falling heavily on October 15.

Meanwhile, in France, Societe Generale and BNP Paribas fell 5% and 4% respectively amid worries about their exposure to a slowdown in southern European economies.

Greece’s borrowing costs rose on Thursday on fears about the country’s exit from the bailout it received during the financial crisis.

The yield on Greek 10-year bonds rose 85.2 basis points to 8.72% – its highest since January. Investors are worried that the country could struggle to borrow money once it is weaned off bailout money.

In Spain, Madrid’s benchmark IBEX 35 index fell 4.28% after a bond issue failed to raise as much as the government hoped.

Meanwhile, gold traded at a one-month high, while the price of copper and some other metals fell to multi-month lows amid concern that demand would fall because of an economic slowdown.

Asian markets opened lower on October 16 after Wall Street tumbled on US economic data, fuelling growth concerns.

Data from the US showed retail sales and producer prices both fell in September, dimming expectations of an interest rate hike by the central bank.

The S&P 500 fell as much as 3%, briefly turning negative for the year before closing down 0.8%.

Japan’s shares fell more than 2% to a four-and-a-half-month low.

In early trading the Nikkei 225 was at 14,751.77. The dollar was at 105.92 yen, flat from New York trade.

Asian markets opened lower after Wall Street tumbled on US economic data 640x415 photo

Asian markets opened lower after Wall Street tumbled on US economic data

Among the losers were shares of Toyota, down over 2% after the automaker issued a recall of 1.75 million vehicles on Wednesday.

Hong Kong shares opened down almost 1% as the Hang Seng Index fell 226.55 points to 22,913.50.

On the mainland, the Shanghai Composite fell 0.5% to 2,451.65 points after data showed that the rate of inflation in September fell, adding to evidence of a slowing economy.

In Australia, the benchmark S&P/ASX 200 was lower 1% at 5,194.80 points.

Shares of Woodside Petroleum, Australia’s largest independent oil and gas producer, were lower 0.1% despite its third quarter production results beating forecasts.

In South Korea, shares followed the global downtrend.

The benchmark Kospi was down 0.7% after the Bank of Korea cut its interest rate for the second time in three months on October 15, and also downgraded its growth forecasts for the economy for this year.

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Shropshire businessman Chiles Cartwright has become the first candidate to be fired from this year’s The Apprentice after Lord Alan Sugar failed to buy into his sales tactics.

Chiles Cartwright, 35, fell foul of the show boss after contestants were split into male and female teams and asked to take on all of the sales challenges featured from the previous nine series in a bid to grab the largest profit.

He owns two companies, a consultancy business and a building materials supplier.

Chiles Cartwright took on the role of project manager for the first task but fell foul after failing to complete and losing the task.

Chiles Cartwright owns two companies a consultancy business and a building materials supplier photo

Chiles Cartwright owns two companies, a consultancy business and a building materials supplier

The girls came out on top in the task which saw them selling an array of items from a choice of hot dogs, t-shirts and coffee, leaving the boys to face a grilling in the boardroom, and Chiles Cartwright under the cosh as the leader of the most poorly performing of two male sub-teams.

Chiles Cartwright said after he was fired from BBC’s The Apprentice: “I’m absolutely gutted about coming out first, I would have loved to have been in longer, but I don’t really look back on things. If I woke up in the morning and someone said to me, <<You can be on The Apprentice for one episode>>, I’d still take it.

“I was concerned about going out in the first week because it’s not enough time to get to know people, if I could have stayed for a couple of weeks my ability would have shone through. I still feel I would have been the most credible candidate in the process, had I survived after week one.”

Chiles Cartwright explained that he had been shocked by the chaos of the first week, which this year welcomed 20 candidates instead of 16.

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Bank of America has reported a net profit of $168 million in Q3 2014, down from $2.5 billion a year earlier.

Total revenue was $21.4 billion.

The huge drop in profits was due to a previously announced $5.3 billion mortgage-related settlement with the Department of Justice and other federal agencies.

Most areas of the business improved profitability compared with a year ago.

Bank of America has reported a net profit of 168 million in Q3 2014 down from 2.5 billion a year earlier 640x426 photo

Bank of America has reported a net profit of $168 million in Q3 2014, down from $2.5 billion a year earlier

“We saw solid customer and client activity and improved profitability in most of our businesses relative to the year-ago quarter,” said Bank of America’s chief executive Brian Moynihan.

The bank’s property business posted a loss of $5.2 billion, compared with a loss of $990 million a year earlier.

Profits at the asset management arm rose slightly to $813 million, while those at the global banking division rose by a quarter to $1.4 billion.

The global markets business turned a loss of $875 million to a profit of $769 million.

On October 14, rival JP Morgan reported a profit of $5.6 billion for Q3 2014, while Citigroup posted a $3.4 billion profit.

Toyota is recalling 1.75 million vehicles worldwide over faulty brake installations and fuel component issues.

The latest brake defect is found in some models of Toyota’s Crown Majesta, as well as the Noah and Voxy models produced between June 2007 and 2012.

The Japanese carmaker said approximately 802,000 vehicles globally had a faulty brake system, which could crack and result in the brake fluid leaking.

This recall affects the Crown Majesta, Crown, Noah and Voxy models produced between June 2007 and June 2012.

Toyota will replace a rubber seal ring in the brake master cylinder to prevent brake fluid from leaking. If brake fluid has already leaked, the brake booster will be replaced.

Toyota is recalling 1.75 million vehicles worldwide over faulty brake installations and fuel component issues 640x290 photo

Toyota is recalling 1.75 million vehicles worldwide over faulty brake installations and fuel component issues

In another set of recalls announced at the same time, Toyota said 759,000 vehicles globally had a faulty fuel delivery pipe system which could result in a leak and increased the risk of the vehicle catching fire.

The fuel pipe issue applies to various Lexus models manufactured between January 2005 and September 2010.

This fuel delivery pipe problem affects about 423,000 vehicles in the US, 240,000 cars in Japan and nearly 70,000 vehicles in Europe and the Middle East combined.

Toyota also disclosed that approximately 190,000 vehicles had faulty fuel suction plates in them, which could lead to a fuel leak and increase the risk of the cars catching fire.

This recall affects only vehicles in Japan, specifically the Corolla Rumion and Auris models manufactured between October 2006 and October 2014.

Last month, Toyota recalled 690,000 Tacoma pickup trucks in the US because of a potential vulnerability in the vehicles’ suspension systems.

Earlier this year in April, Toyota issued a recall of 6.4 million cars worldwide because of several issues, including problems with the airbag cable and windscreen wiper motors not working properly.

The latest recalls came to light after the close of trade on the Tokyo Stock Exchange. Before the news, Toyota shares closed up by 0.2% at 5,990 yen ($55) apiece.

The Euro 2016 qualifier between Serbia and Albania was abandoned after a drone carrying a political message sparked clashes involving players and fans on the Partizan Stadium pitch.

The match, refereed by English official Martin Atkinson, was suspended in the 41st minute at 0-0.

Trouble flared when an Albanian flag and message flew above the pitch and was caught by a Serbia player.

Albania players tried to take it before several fans broke onto the pitch.

Martin Atkinson led the players off the field and, after a delay of around 30 minutes, UEFA confirmed the match had been abandoned.

Albanian fans had been banned from attending the qualifier between the two Balkan rival nations.

The Euro 2016 qualifier between Serbia and Albania was abandoned after a drone carrying a political message sparked clashes involving players and fans on the Partizan Stadium pitch 640x359 photo

The Euro 2016 qualifier between Serbia and Albania was abandoned after a drone carrying a political message sparked clashes involving players and fans on the Partizan Stadium pitch

Serbia and Albania have a history of turbulent relations, predominantly in relation to the former Serbian province of Kosovo, which declared independence in 2008.

Kosovo has been recognized by the United States and major European Union countries, but Serbia refuses to do so, as do most ethnic Serbs inside it.

“It is a regretful situation on which we will report; the referee, myself and the security adviser. The circumstances were such that we couldn’t continue the match,” UEFA match delegate Harry Been said.

“You all saw what happened and I cannot comment on who is to blame or what to blame. I will submit a report with my colleagues to UEFA and UEFA will decide what will happen further.”

Serbian national broadcaster RTS reported that Olsi Rama, the brother of Albanian PM Edi Rama, was arrested in the stadium’s VIP box for instigating the drone stunt, but this could not be confirmed.

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Oscar Pistorius offered a lump sum of $34,000 to the parents of girlfriend Reeva Steenkamp after he killed her, a South African court has heard.

However, Reeva Steenkamp’s family rejected the sum as “blood money”, prosecutor Gerrie Nel revealed during his sentencing hearing.

Earlier, a defense witness told the court that Oscar Pistorius, 27, would be physically at risk if sent to prison.

The Paralympic champion has been found guilty of culpable homicide, but cleared of murder.

The defense is trying to show that prison would be an inappropriate punishment.

Oscar Pistorius’ offer of a lump sum of 375,000 rand to the Steenkamp family emerged on the second day of his sentencing hearing, during the cross-examination of defense witness Annette Vergeer.

Oscar Pistorius offered a lump sum of 34000 to the parents of Reeva Steenkamp after he killed her 640x365 photo

Oscar Pistorius offered a lump sum of $34,000 to the parents of Reeva Steenkamp after he killed her

Gerrie Nel told Annette Vergeer that Oscar Pistorius raised the funds from selling his car.

The prosecutor added that Reeva Steenkamp’s mother, June, had rejected the offer.

“She does not want blood money,” he said.

Gerrie Nel also highlighted separate monthly payments of 6,000 rand ($540) made by Oscar Pistorius to the Steenkamps – who were short of money after their daughter’s death.

The prosecutor said these funds – mentioned in Annette Vergeer’s report – would be “paid back to the accused in full – every cent”.

The Steenkamps’ lawyer, Dup De Bruyn, explained that the couple were now “reasonably comfortable” after he had negotiated a series of media deals concerning their daughter’s death.

The Pistorius family later accused Gerrie Nel of giving a distorted picture in court of the financial agreement with the Steenkamps, and said they would provide a full statement on Wednesday, October 15.

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Facebook founder Mark Zuckerberg has reportedly bought two adjacent chunks of land in Hawaii for more than $100 million.

Mark Zuckerberg bought part of Kauai, the fourth largest of the Hawaiian islands, Forbes magazine reported.

The 700 acres on the north shore of the island includes Pila’a Beach – an isolated 393-acre swathe of land with a pristine white sand beach – and the adjacent 357-acre Kahu’aina Plantation, and an organic farm reports the Daily Mail.

Mark Zuckerberg has reportedly bought two adjacent chunks of land in Hawaii for more than 100 million photo

Mark Zuckerberg has reportedly bought two adjacent chunks of land in Hawaii for more than $100 million

The Pila’a Beach property consists of five separate parcels, each which could be developed into private homes.

However, according to Forbes, Mark Zuckerberg, 30, plans to build just one home.

Facebook chief executive plans to create a private getaway for his family but the beach will have to remain open to public as the state has no private stretches of sand.

Mark Zuckerberg, who is worth around $33 billion, is the second Silicon Valley billionaire to buy up part of Hawaii, reports the Telegraph.

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Ferrari has unveiled the new F60 America, a car designed to celebrate the carmaker’s 60th anniversary in North America, on October 10.

F60 America is the latest in a long line of beautiful one-offs and limited-run cars based on standard Ferrari models, with bespoke bodywork and interior clothing the mechanicals of an F12 Berlinetta.

In the tradition of pure roadsters of the Fifties, the F60 America has a light fabric top that Ferrari promises will remain in place up to 75 mph. But the twin roll hoops and flying buttresses notwithstanding, this is about as pure a roadster as one can hope to buy in the 21st Century, meant to be driven with the top completely removed, the cabin open to the sky.

Ferrari has unveiled the new F60 America a car designed to celebrate the carmaker’s 60th anniversary in North America 640x425 photo

Ferrari has unveiled the new F60 America, a car designed to celebrate the carmaker’s 60th anniversary in North America

F60 America is powered by a variation on the 731 horsepower 6.3-liter V12 of the F12berlinetta, mounted front-mid-engine. With all that power shooting through a seven-speed dual-clutch gearbox, F60 America should run past 60 MPH in about three seconds, and beyond 100 MPH in just over seven seconds.

Just 10 F60 Americas will be built and Ferrari says that they have already been sold, with each car costing an eye-watering $2.5 million.

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JP Morgan Chase has reported a $5.6 billion profit for Q3 2014.

The quarterly results represent a marked improvement on a year earlier, when the bank made a $380 million loss.

This was the result of setting aside billions of dollars to settle charges relating to the sale of mortgage-related investment products.

Separately, rival Citigroup posted profits of $3.44 billion and said it would exit consumer banking in 11 markets.

JP Morgan and Citigroup are the first major US banks to report third-quarter results.

Other big US banks will post their results later this week.

The JP Morgan results were due to be published at 08:30 local time, but were posted early.

JP Morgan Chase has reported a 5.6 billion profit for Q3 2014 photo

JP Morgan Chase has reported a $5.6 billion profit for Q3 2014

They showed total revenue for the quarter of $25.2 billion, up 5% on a year earlier. Revenue at the investment banking business fell by $600 million, with profits down by 34%.

Revenue at the asset management arm grew by $250 million to $3 billion, with profits up 20%.

“Our businesses continue to perform well,” said chief executive Jamie Dimon.

“While challenges remain in the global economic recovery, the US economy is an exception, showing signs of steady improvement.

“Corporate America is in good shape, with strong balance sheets, and employment trends continue to be positive.”

Citigroup saw its profits rise 7% to $3.44bn on revenues of $19.6 billion.

The bank also said it would accelerate plans to focus on markets “where it has the greatest scale and growth potential”.

As a result, it said it would be exiting consumer banking in 11 markets – Costa Rica, Czech Republic, Egypt, El Salvador, Guam, Guatemala, Hungary, Japan, Nicaragua, Panama and Peru, as well as its consumer finance business in South Korea.

“Our consumer bank and institutional business each had solid performance during the quarter and generated stronger revenues both sequentially and year-on-year,” said the bank’s chief executive Michael Corbat.

“I am committed to simplifying our company and allocating our finite resources to where we can generate the best returns for our shareholders.”

Meanwhile, smaller rival Wells Fargo reported a $5.7 billion profit for the third quarter, up 1.7% on the same period last year.

Revenues rose 3.4% to $21.2 billion.

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Oscar Pistorius’ charity work has been scrutinized by the prosecution on a second day of his sentencing hearing in Pretoria court.

The South African athlete’s main motive was to further his career, the prosecutor said, in an attempt to show he deserves jail for killing his girlfriend Reeva Steenkamp.

Oscar Pistorius, 27, was found guilty of the culpable homicide of Reeva Steenkamp last month – but was cleared of murder.

The defense is trying to show prison would be an inappropriate punishment.

It produced a second witness to say Oscar Pistorius showed real remorse and his disability would be a problem in jail.

On October 13, the prosecutor was angered by a call for the sentence to be house arrest and community service.

Prosecutor Gerrie Nel labeled the suggestion as a “shockingly inappropriate” punishment.

Oscar Pistorius faces up to 15 years in jail, although Judge Thokozile Masipa may suspend the sentence or impose a fine.

Judge Thokozile Masipa said Oscar Pistorius had acted negligently when he shot his girlfriend through a toilet door, but had genuinely thought her to be an intruder.

The sentencing hearing is expected to last several days, with lawyers for Oscar Pistorius hoping they can prevent a jail sentence.

Proceedings began with Gerrie Nel’s cross-examination of Oscar Pistorius’ manager Peet Van Zyl.

Oscar Pistorius charity work has been scrutinized by the prosecution on a second day of his sentencing hearing in Pretoria court photo

Oscar Pistorius’ charity work has been scrutinized by the prosecution on a second day of his sentencing hearing in Pretoria court

At Tuesday morning’s session, Gerrie Nel tried to show that Oscar Pistorius’ honorary doctorate at the UK’s Strathclyde University was for his achievements “from a young age”, rather than recent charitable work.

Peet Van Zyl had said that the doctorate was for the athlete’s support for prosthetic limb development, but Gerrie Nel said there was no mention of that in the citation.

And he suggested to Peet Van Zyl that sportsmen often took on charity work for pragmatic reasons.

Later the prosecutor questioned whether Oscar Pistorius used his own funds to pay for prosthetics for disadvantaged young people, but Peet Van Zyl insisted that money earned for speaking which he asked to be paid not to himself but to charity was his own funds.

He also asked whether Peet Van Zyl had discussed future plans with the athlete, to which he replied that everything depended on the outcome of the trial.

Defense counsel Barry Roux then continued the line of questioning about Oscar Pistorius’ motivation for his charity work.

The athlete’s manager said that while he had contractual obligations to his sponsors, he was always available for them and never complained.

He also made himself available on other occasions and “went the extra mile” for disabled children, Peet Van Zyl added.

The prosecutor has reminded the court that the relationship between celebrity, charity and business is a quid pro quo, but it is not clear that he has done any more than that.

He says the judge’s verdict suggests that Gerrie Nel’s aggressive style may not work with her.

The next defense witness was Annette Vergeer, a probation officer who said she was working in a private capacity.

Reading out what she said was an objective report, she said Oscar Pistorius should receive a suspended sentence, community work, therapy, and correctional supervision.

Prison would punish him in a way that was not constructive, Annette Vergeer said, adding that he was “extremely broken” and would “only deteriorate” there.

“It is virtually impossible in prison to teach a person how to become a useful member of society, as there is no opportunity to practice these skills,” she said.

She said he had showed what she believed to be sincere grief and regret at the crime scene, and subsequent depression.

Oscar Pistorius had denied murdering Reeva Steenkamp after a row on Valentine’s Day last year, saying he shot her by mistake.

Oscar Pistorius should not go to jail over the killing of Reeva Steenkamp, his sentencing hearing has been told.

A probation officer appearing for the defense said Oscar Pistorius should serve house arrest and community service.

Prosecutor Gerrie Nel described the suggestion as “shockingly inappropriate”.

Oscar Pistorius, 27, was found guilty of the culpable homicide of Reeva Steenkamp last month – but was cleared of murder.

The decision was criticized by the victim’s family.

Oscar Pistorius faces up to 15 years in jail, although Judge Thokozile Masipa may suspend the sentence or impose a fine.

Judge Thokozile Masipa said the Paralympic champion had acted “negligently” when he shot his girlfriend through a toilet door, but had genuinely thought her to be an intruder.

At the sentencing hearing, Joel Maringa, a prison service officer summoned by the defense, said Pistorius should perform community service and receive three years of house arrest rather than imprisonment.

“The accused will benefit from correctional supervision,” Joel Maringa said, adding that this will give him an “opportunity to restructure and modify his behavior”.

Oscar Pistorius faces up to 15 years in jail although Judge Thokozile Masipa may suspend the sentence or impose a fine photo

Oscar Pistorius faces up to 15 years in jail, although Judge Thokozile Masipa may suspend the sentence or impose a fine

“We are basically not saying that he should be destroyed because he will still be coming back into the community,” he said.

Gerrie Nel described Joel Maringa’s suggestions as “shockingly inappropriate”, adding that they would amount to “no sentence”. He questioned whether Joel Maringa understood the gravity of Oscar Pistorius’ crime.

Reeva Steenkamp’s father, Barry, held his head in his hands as Joel Maringa spoke, while her friends shook their heads in disbelief.

The sentencing hearing, which has now been adjourned, is expected to last several days.

Lawyers for Oscar Pistorius are hoping they can prevent a jail sentence.

His psychologist, Lore Hartzenberg, was the first defense witness to speak at the sentencing hearing.

She described Oscar Pistorius as a “broken man” after the killing. She said he was “very emotional” during grief therapy sessions, which were often disrupted by his weeping and retching.

Gerrie Nel said it was “very strange” that Lore Hartzenberg was “avoiding” answering questions about Oscar Pistorius having a new relationship.

Lore Hartzenberg said Oscar Pistorius had never mentioned a new girlfriend in the therapy sessions. She said she had only heard about the relationship from reports in the press.

The Paralympic sprinter had strenuously denied murdering Reeva Steenkamp after a row on Valentine’s Day in 2013, saying he shot her by mistake.

Reeva Steenkamp, a 29-year-old model and law graduate, was hit three times by bullets shot through a toilet door by Oscar Pistorius at his home in the capital, Pretoria.

The parents of Reeva Steenkamp said “justice was not served” after Oscar Pistorius was acquitted of murder.

Kmart discount chain, the latest victim of hacker attacks on retailers, said it detected a security breach last week and is investigating the incident with law enforcement officials.

Cash registers at 1,200 Kmart stores were infected with malware that scooped up payment card numbers for over a month, reports the retailer.

In a statement, Kmart said the security breach was discovered on October 9 and that the malware had been operating since early September.

An initial investigation suggests the cyber-thieves stole credit and debit card numbers.

So far, it is not clear how many cards and customers have been affected.

In its statement, Kmart said no personal information, pin codes, email addresses or social security numbers were taken with the card numbers.

Kmart has become the latest victim of hacker attacks on retailers 640x451 photo

Kmart has become the latest victim of hacker attacks on retailers

The malware has now been removed and the breach contained, Kmart said, but it was continuing its investigation to gauge its full impact.

It added that there was no evidence that any of the card numbers stolen were being used to create counterfeit cards and land victims with bills for items they did not buy.

Despite this, Kmart said it would be offering free credit monitoring protection for customers to ensure any fraudulent use of their cards did not affect their credit score.

The US Secret Service, which leads investigations into financial fraud, is known to be investigating the case.

“I sincerely apologize for any inconvenience this may cause our members and customers,” said Alasdair James, president of Kmart, in the statement.

News about the Kmart breach comes soon after the Dairy Queen restaurant chain revealed that some of its outlets across 46 states were hit by hackers. Malware was used to steal names, card numbers and expiration dates of payment cards at 395 restaurants.

Many large US stores have been hit by attackers that target till systems in recent months. The largest attack was against Target in which thieves stole details of 40 million payment cards.

Shawn Henry, a former FBI officer, who is now head of security firm CrowdStrike Services, said retailers needed to do a better job of detecting breaches quickly before large numbers of payment data was stolen.

The computer networks of retailers were so large that attackers were more than likely to find a way in, he told Reuters.

Jean Tirole has won the 2014 Nobel Prize in Economic Sciences for his work on market power and regulation, and his work taming powerful companies.

Staffan Normark, permanent secretary of the Royal Swedish Academy of Sciences, announced that the French economics professor had won the final prize of the 2014 Nobels at a ceremony on October 13.

“Jean Tirole is one of the most influential economists of our time,” the Academy said.

Jean Tirole, of Toulouse University, won for his work on market power and regulation, and his work taming powerful firms.

He said he was “honored” and “moved” by being given the prize.

The Academy said: “From the mid-1980s and onwards, Jean Tirole has breathed new life into research on … market failures. His analysis of firms with market power provides a unified theory with a strong bearing on central policy questions: how should the government deal with mergers or cartels, and how should it regulate monopolies?”

Jean Tirole has won the 2014 Nobel Prize in Economic Sciences for his work on market power and regulation 640x449 photo

Jean Tirole has won the 2014 Nobel Prize in Economic Sciences for his work on market power and regulation

Before Jean Tirole, researchers and policymakers sought general principles for all industries, the Academy said.

“Tirole showed theoretically that such rules may work well in certain conditions, but do more harm than good in others. Price caps can provide dominant firms with strong motives to reduce costs – a good thing for society – but may also permit excessive profits – a bad thing for society. Cooperation on price setting within a market is usually harmful, but cooperation regarding patent pools can benefit everyone. The merger of a firm and its supplier may encourage innovation, but may also distort competition.”

The best regulation or competition policy should therefore be carefully adapted to every industry’s specific conditions, the Academy said.

“In a series of articles and books, Jean Tirole has presented a general framework for designing such policies and applied it to a number of industries, ranging from telecommunications to banking. Drawing on these new insights, governments can better encourage powerful firms to become more productive and, at the same time, prevent them from harming competitors and customers.”

The economics prize – whose formal name is the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel – was created in 1968, while the physics, chemistry, physiology, literature and peace prizes were first awarded in 1901.

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Oscar Pistorius has returned to Pretoria court for sentencing after being convicted of killing his girlfriend, Reeva Steenkamp.

Oscar Pistorius, 27, was found guilty of the culpable homicide of Reeva Steenkamp last month but he was cleared of murder.

His psychologist was the first defense witness to speak at the sentencing hearing, which could last several days.

Oscar Pistorius faces up to 15 years in jail, although Judge Thokozile Masipa may suspend the sentence or impose a fine.

Thokozile Masipa said the South African athlete had acted “negligently” when he shot Reeva Steenkamp through a toilet door, but in the “belief that there was an intruder”.

Oscar Pistorius had strenuously denied murdering Reeva Steenkamp after a row on Valentine’s Day 2013, saying he shot her by mistake.

Reeva Steenkamp, a 29-year-old model and law graduate, was hit three times by bullets shot through a toilet door by Oscar Pistorius at his home in the capital, Pretoria.

Oscar Pistorius has returned to Pretoria court for sentencing after being convicted of killing his girlfriend Reeva Steenkamp photo

Oscar Pistorius has returned to Pretoria court for sentencing after being convicted of killing his girlfriend, Reeva Steenkamp

Oscar Pistorius’ personal psychologist Lore Hartzenberg told the courtroom on Monday, October 13, that the Paralympic champion was “very emotional” during grief therapy sessions, which were often disrupted by his weeping and crying.

Lore Hartzenberg said the athlete felt “vilified and humiliated” by the media and social media networks, making him feel “utterly worthless”.

Judge hokozile Masipa is to hear legal arguments and testimony from a number of witnesses before passing sentence.

The judge said the state had failed to prove he intended to kill.

Oscar Pistorius, who has been on bail since the verdict, was also found guilty on a charge of negligently handling a firearm that went off in a restaurant.

He was acquitted of another charge of firing a gun in public, through the sunroof of a car, and of illegal possession of ammunition in the home where he killed Reeva Steenkamp.

The parents of Reeva Steenkamp said “justice was not served” after Oscar Pistorius was acquitted of murder.

June and Barry Steenkamp told NBC News of their “disbelief” that the court had believed Oscar Pistorius’ version of events.

Earlier, Arnold Pistorius, the athlete’s uncle, said the family was “deeply grateful” to the judge for finding him not guilty of murder and that a “big burden” had been lifted.

South Africa’s prosecuting authority said it was “disappointed” that Oscar Pistorius was not convicted of murder but said it would wait until after sentencing to decide whether to appeal.

Despite the conviction, the International Paralympic Committee has said Oscar Pistorius would be allowed to compete in future events.

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Lego will not renew a promotional contract with Royal Dutch Shell following pressure from environmental group Greenpeace.

The Danish toymaker did not say when its “long-term” contact with Shell expires.

Greenpeace has been campaigning against Arctic drilling by oil companies such as Shell and has accused Lego of associating with “bad company”.

Lego toys are handed out to people filling up at Shell gas stations in more than 30 countries.

As part of a branding deal first signed in 2011, Lego has also sold toy brick sets in the shape of petrol stations and drilling rigs with Shell’s logos on them.

Greenpeace said Shell has been using Lego to build brand loyalty with millions of children who are the “next generation of consumers”.

As part of its campaign, the lobby group uploaded a YouTube video showing Lego toys drowning in oil in the Arctic, which received nearly six million hits.

Greenpeace has been campaigning against Arctic drilling by oil companies such as Shell and has accused Lego of associating with bad company photo

Greenpeace has been campaigning against Arctic drilling by oil companies such as Shell and has accused Lego of associating with bad company (photo Facebook)

Greenpeace said in response to Lego’s decision: “It should choose its partners more carefully when it comes to the threats facing our children from climate change.”

Lego Group president and chief executive Jorgen Vig Knudstorp said the company should never have become part of Greenpeace’s dispute with Shell.

“The Greenpeace campaign uses the Lego brand to target Shell,” he said in a statement.

“We firmly believe Greenpeace ought to have a direct conversation with Shell.”

“We do not agree with the tactics used by Greenpeace that may have created misunderstandings among our stakeholders about the way we operate,” Jorgen Vig Knudstorp added.

Shell said its contract with Lego “has been a great success and will continue to be as we roll it out in more countries across the world”.

The company has been exploring for oil in the Arctic since 1918 and is forecast to spend billions of dollars drilling for oil and other fossil fuels in the Arctic over the next decade.

In recent years, the practice has come under intense scrutiny because of concerns it will damage the environment and contribute to global warming.

“The extreme Arctic conditions, including giant floating icebergs and stormy seas, make offshore drilling extremely risky,” Greenpeace said.

“Scientists say that in the Arctic, an oil spill would be impossible to clean up meaning devastation for the Arctic’s unique wildlife.”

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Benjamin Careathers, a regular consumer of Red Bull, sued the drinks giant for false advertising.

The American argued that after 10 years drinking the caffeinated soft drink he neither had wings nor any enhanced athletic or intellectual performance.

Red Bull slogan claims the fizzy drink “gives you wings”.

According to the complainant, the Austria-based firm deliberately misled unsuspecting customers to spend millions of dollars on the premium drink in the hope of gaining an edge on their competitors.

And fearful of a costly and time-consuming trial, Red Bull was forced to settle the case out of court, pledging to refund $10 to any US customer who bought the drink since 2002 and agreeing to amend future advertising.

Red Bull GmbH must pay $13 million to settle the suit, $6.5 million of which will go into a fund that will be paid out to an estimated 1.4 million consumers, who can apply for the refund through a specially created website.

“Red Bull settled the lawsuit to avoid the cost and distraction of litigation,” a spokesman said.

“However, Red Bull maintains its marketing and labelling have always been truthful and accurate, and denies any and all wrongdoing or liability.”

Red Bull slogan claims the fizzy drink gives you wings photo

Red Bull slogan claims the fizzy drink gives you wings

However, the class-action lawsuit, which began in January 2013, cited evidence in The New York Times, Nutrition Reviews and the European Food Safety Authority Journal that indicated energy drinks provide their boost through caffeine alone, not guarana or any other ingredient.

As a result, Benjamin Careathers argued, Red Bull’s performance-enhancing properties could only be tested by the quantity of caffeine in each can, which worked out more expensive that a cup of coffee from Starbucks.

“Such deceptive conduct and practices mean that [Red Bull’s] advertising and marketing is not just <<puffery>>, but is instead deceptive and fraudulent and is therefore actionable,” the suit said.

“Even though there is a lack of genuine scientific support for a claim that Red Bull branded energy drinks provide any more benefit to a consumer than a cup of coffee, the Red Bull defendants persistently and pervasively market their product as a superior source of <<energy>> worthy of a premium price over a cup of coffee or other sources of caffeine.”

The company’ pledge to refund $10 – or $15 worth of Red Bull products – to each drinker since 2002 has sparked an overwhelming reaction around the world, temporarily crashing the energydrinksettlement.com website.

It has since been confirmed that the amount refunded to individuals could be much lower than originally estimated, as more and more consumers apply for compensation from a finite pool of settlement money.