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Some innovations in financial markets took years to become accepted, running alongside older methods. For instance, before futures markets, prices had been quoted in fractions. The finest prices were 1/128ths and known as a Clo/Clo, or slang for ‘a very close price’. Once futures came along, decimals were quoted side-by-side fractions, so1/128th became .0017825, until seemingly overnight fractions disappeared entirely. Also open outcry trading ran hand-in-hand with computerised trading many years before being superseded.
On the other hand, some changes that were viewed as revolutionary were quickly dispensed with like the fax machine, which became redundant as cheap computing and the Internet took over. The fax machine did last long enough for me throw one at a runner, only to open my briefcase later at my first senior board meeting to discover that one of my colleagues had filled my case with its broken parts. (LiveSquawk – Continue Reading)
Another week, another scare from the German car industry.
What began with Daimler AG’s massive recall of more than 3 million diesel cars to lower their emissions, ended on Friday with Audi also embarking on a voluntary recall of 850,000 vehicles. Adding to the spate of bad news was a report in Der Spiegel magazine that the biggest car manufacturers -- Daimler, BMW AG and Volkswagen AG as well as VW’s Audi and Porsche brands -- may have colluded for decades on technology. The companies declined to comment.
Shares of BMW, VW and Daimler tumbled on the report, which cited a document submitted by Volkswagen in July 2016 and referenced another from Daimler. The German cartel office said in a statement that it searched the car companies last year as part of a probe into a possible steel cartel. It didn’t elaborate on a possible follow-up probe on car technology, saying it can’t comment on ongoing investigations.
For almost two years now, the German car industry has sought to get out from underneath the cloud of the diesel scandal that erupted first at VW and has cost it billions in fines and has since threatened to engulf other carmakers, tainting the image of German engineering and hurting the industry that’s among the country’s biggest employers. The scandal comes as automakers wrestle with an unprecedented technology shift in the industry, with electronic cars made by Tesla Inc. or Toyota Motor Corp. finding more buyers and German manufacturers trying to catch up with the battery-powered vehicle trend. (Bloomberg – Continue Reading)
The EU and UK Brexit teams working on the future rights of EU citizens in the UK and Britons in Europe have failed to reach agreement on 22 of the 44 issues under negotiation, a joint working paper has revealed.
A detailed colour-coded document reveals there is agreement on 22 “green areas” but fundamental disagreements on 14 “red” issues and a further eight “amber” areas that need further clarification.
Among the red-light issues in the document, which is dated 19 June, is the UK’s requirement for “self-sufficient” citizens such as stay-at-home parents and students to have private health insurance or comprehensive sickness insurance (CSI).
Theresa May said this would no longer be required in her official proposal to the EU in June, but it remains sticking point, according to the working paper. (Guardian – Continue Reading)
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