UK government approve Huawei to help build 5G network despite warnings of a security risk

(qlmbusinessnews.com via bbc.co.uk – – Wed, 24th April 2019) London, Uk – –

The government has approved the supply of equipment by Chinese telecoms firm Huawei to the UK's new 5G data network despite warnings of a security risk.

There has not been formal confirmation but the Daily Telegraph says Huawei will help build some “non-core” parts.

The US wants its allies in the “Five Eyes” intelligence grouping – the UK, Canada, Australia and New Zealand – to exclude the company.

Huawei has denied that its work poses any risks of espionage or sabotage.

But Australia has already said it is siding with Washington – which has spoken of “serious concerns over Huawei's obligations to the Chinese government and the danger that poses to the integrity of telecommunications networks in the US and elsewhere”.

Cyber threats are among the issues on the agenda for discussion by the once-secret Five Eyes alliance, at a security conference in Glasgow.

A spokesman for the Department of Digital, Culture, Media and Sport has said it is reviewing the supply of equipment for the 5G network and will report in due course.

Digital minister Margot James responded to the reports about Huawei by tweeting: “In spite of Cabinet leaks to the contrary, final decision yet to be made on managing threats to telecoms infrastructure.”

Huawei, which already supplies equipment used in the UK's existing mobile networks, has always denied claims it is controlled by the Chinese government.

It said it was awaiting a formal government announcement on the UK's 5G plans, but was “pleased that the UK is continuing to take an evidence-based approach to its work”, adding it would continue to work cooperatively with the government and the industry.

Ciaran Martin, the head of the National Cyber Security Centre – which oversees Huawei's current work in the UK – told BBC Radio 4's Today programme that a framework would be put in place to ensure the 5G network was “sufficiently safe”.

Asked about the potential of a conflict in the position among members of the Five Eyes alliance, he added: “In the past decade there have been different approaches across the Five Eyes and across the allied wider Western alliance towards Huawei and towards other issues as well.”

5G is the next (fifth) generation of mobile internet connectivity, promising much faster data download and upload speeds, wider coverage and more stable connections.

According to the Daily Telegraph, Huawei's involvement in the 5G network would include helping to build parts of antennas or other infrastructure.

Such a decision would mean Huawei would not supply equipment for use in what is known as the “core” parts of a mobile network – where tasks such as checking device IDs and deciding how to route voice calls and data take place.

BBC security correspondent Gordon Corera says it is believed the decision to involve Huawei was taken by ministers at a meeting of the government's national security council on Tuesday.

The home, defence and foreign secretaries were reported to have raised concerns during the discussions, which are chaired by Prime Minister Theresa May.

Analysis

BBC security correspondent Gordon Corera

The decision on Huawei is one of the most significant long-term national security decisions this government will make and was always going to be contentious.

5G will underpin our daily lives in ways that are hard to predict. So does allowing a Chinese company to build those networks put people at risk of being spied on or even switched off?

That is the concern from Washington and other critics who wanted the company excluded.

But deciding to ban Huawei entirely from the network would have risked slowing down the development of 5G and also upsetting China.

The UK believes it has experience in managing the risks posed by Huawei and can continue to do so going forward.

But one retired senior intelligence official recently told me his view on what to do about Huawei had changed.

In the past, he said, he had believed the policy of managing the risk had been sufficient. But now he was less sure.

The reason was not to do with any change in his view of what the company could do. Rather it was about the risks to relationships with close allies, namely those of the Five Eyes and US.

Foreign Affairs Committee chairman Tom Tugendhat tweeted that allowing Huawei to build some of the UK's 5G infrastructure would “cause allies to doubt our ability to keep data secure and erode the trust essential to #FiveEyes cooperation”.

Speaking on the Today programme, Mr Tugendhat maintained it was difficult to distinguish between the core and non-core in a 5G network.

He said the proposals still raised concerns, adding that 5G involved an “internet system that can genuinely connect everything, and therefore the distinction between non-core and core is much harder to make”.

Inside Lenny Kravitz’s Amazing Brazilian Farm Compound

Source: Architectural Digest

Lenny Kravitz takes us on a tour of his incredible Brazilian farm compound. Built on an 18th-century coffee plantation, his home is set on a working farm that feeds every guest that comes through. Featuring a Brazilian barbecue, a full-sized football field and 19th-century Portuguese colonial-style farmhouses and outbuildings, it's a wonder Lenny ever wants to leave home.

How Kylie Jenner The Wealthiest Member Of The Kardashian-Jenner clan Makes And Spends Her Fortune

Source: BI

Kylie Jenner is Forbes' “youngest self-made billionaire” and the wealthiest member of the Kardashian-Jenner clan with a net worth of $1 billion.

This Hybrid Range Rover SUV Takes Up The Challenge To Climb 999 Steps Up A 45-Degree Angle

Source: BI

The Range Rover Sport PHEV successfully completed the Dragon Challenge at Heaven’s Gate, on Tianmen Mountain, China. The challenge consisted of climbing 999 steps at a 45 degrees angle.

It began at the bottom of the Tianmen Mountain Road, which has a stairway and 99 dizzying turns. The hybrid SUV is the first vehicle to climb the stairs. Professional racing driver Ho-Pin Tung was behind the wheel.

To tackle the road the car was set to ‘Dynamic Mode' which sharpens the throttle, changes gears in high revs, and also engages dampeners so the car stays planted. The Range Rover Sport has a 300PS Ingenium petrol engine as well as a 116PS electric motor. Together they produce 404bhp and 500Nm of torque.

How Jeff Bezo Built Amazon And Became the King of E-Commerce

Source: Bloomberg

Amazon CEO Jeff Bezos was one of the first entrepreneurs to realize the potential of selling products on the internet. This Bloomberg Profile looks into how Bezos built Amazon inside his garage and now has his sights set well beyond online commerce.

Primark to open its biggest retail store in Birmingham

(qlmbusinessnews.com via news.sky.com– Thur, 11th April 2019) London, Uk – –

It is the biggest of the high street retailer's 365 stores across Europe and the US, spanning 160,000 square feet.

Birmingham is to be the venue for the world's biggest Primark store – featuring water fountains, charging points and recycling areas.

The building, over five floors, will include three food venues – including a Disney-themed cafe and shopping area, a beauty studio, and a Hogwarts Wizarding World section.

It is the biggest of the high street retailer's 365 stores across Europe and the US, spanning 160,000 square feet, and it will be staffed by more than 1,000 people.

Shoppers will also be able to donate old clothes and shoes of any brand for recycling.

Meanwhile, a custom lab is going to enable shoppers to print personalised T-shirts and other clothing.

Primark's director of new business development, Tim Kelly, said: “Our customers can expect a great experience at Primark Birmingham High Street.

“They can spend time with friends and family, eat great food, recharge and have fun, and find everything under one roof including fashion, beauty and homewear – all at an amazing price.

“We're proud to bring this great store and everything it has to offer to Birmingham.”

Before the doors were due to open on Thursday, the phrase “Opening 2019 – Europe's biggest jumble sale!” appeared on hoardings surrounding the building.

Debenhams enters pre – pack administration process as lenders take control

(qlmbusinessnews.com via bbc.co.uk – – Tue, 9th Apr 2019) London, Uk – –

Control of Debenhams has fallen into the hands of its lenders as part of a pre-pack administration process.

Debenhams has 166 stores, which will initially continue to trade, although about 50 branches had already been earmarked for closure in the future.

The department store rejected last-ditch rescue offers from Mike Ashley's Sports Direct, which has been locked in an acrimonious battle for control.

Its lenders are made up of High Street banks and US hedge funds.

These include Barclays and Bank of Ireland, as well as Silver Point and GoldenTree.

The administrators said: “The transaction included provisions to ensure that the Group is immediately marketed for onward sale.”

What happens now?

A pre-pack administration lets a company sell itself, or its assets, as a going concern, without affecting the operation of the business. Administrators take over the running of the business to protect creditors and shareholders lose their investments.

It means that Mr Ashley's near 30% stake in the company, which cost about £150m to build up, will be wiped out.

Debenhams employs about 25,000 people. As well as the planned closures, it has also been renegotiating rents with landlords to tackle its funding problems.

It has not released a list of which shops may be shut.

In February, it was revealed that the closure of 20 of those stores could be brought forward if the retailer took out a company voluntary arrangement (CVA), a form of insolvency that can enable firms to seek rent cuts and close unwanted stores.

Why is Debenhams in trouble?

Debenhams has been struggling for a while and issued three profit warnings in 2018. It also has a debt pile of £622m.

Last year, it reported a record pre-tax loss of £491.5m and later reported that its sales had fallen sharply over Christmas.

The company floated on the stock market in 2006 with a share price of £1.95, and its share price peaked at £2.07 the following day.

Its highest pre-tax profit since then was £160.3m in 2011, but last year it lost £491.5m.

On Monday, it rejected a £150m rescue offer from Mike Ashley's Sports Direct, which was increased to £200m in the early hours of Tuesday.

The higher offer was rejected because Mr Ashley wanted to be chief executive.

What do the experts say?

Laith Khalaf, senior analyst at Hargreaves Lansdown, said: “As an investment, Debenhams is a tale of woe from start to finish.

“The strategy since float was out of kilter with the changing habits of consumers. But even before the float, its private equity owners had put the department store under financial pressure, by selling off a number of freeholds in favour of leasing them back.

“Hindsight is a wonderful thing, but the road to Debenhams' ruin has been paved with poor decisions, as well as a dramatic shift towards digital shopping.”

EU wine and cheese threatened as US opens fresh trade tension tariffs

(qlmbusinessnews.com via news.sky.com– Tue, 9th April 2019) London, Uk – –

Products from swordfish and stilton to motorcycles and large commercial aircraft could be targeted by the new import duties.

By John-Paul Ford Rojas, business reporter

The Trump administration has opened up fresh trade tensions with the EU after threatening to impose tariffs worth $11bn on goods ranging from helicopters to wine and cheese.

US trade representative (USTR) Robert Lightizer said the move was in retaliation for subsidies to European aeroplane manufacturer Airbus said to have caused “adverse effects” to the US.

The list of EU products that could face new levies runs from swordfish, stilton and wine to motorcycles and large commercial aircraft.

But Airbus said it saw no legal basis for the US move while EU sources told the Reuters news agency that it was preparing for possible retaliation.

The EU and US have been battling for more than a decade over parallel claims over billions in illegal subsidies to aviation giants Airbus and America's Boeing.

The latest move by the USTR marks an escalation of tensions, though Mr Lightizer said the ultimate goal was to reach an agreement with the EU to end all subsidies to large civil aircraft that do not comply with World Trade Organisation (WTO) rules.

“When the EU ends these harmful subsidies, the additional US duties imposed in response can be lifted,” he said.

The WTO said last year that it would evaluate a US request to slap billions of dollars worth of sanctions on European products, in response to a ruling on illegal subsidies.

The US has estimated the value of those subsidies as worth $11bn (£8.4bn) in trade, though that figure has been challenged by the EU.

The USTR said it would announce a final product list once the WTO had evaluated its claims, which it is expected to have done by this summer.

Airbus spokesman Rainer Ohler said the amount announced by the US was “largely exaggerated”.

He said a ruling last week by the WTO against tax breaks for Boeing should allow the EU to seek “even greater counter-measures”.

Mr Ohler added: “All this is leading to unnecessary trade tensions and shows the only reasonable solution in this long trade dispute is a settlement.”

The latest announcement comes after the US last year imposed tariffs on the EU's steel and aluminium products.

Europe has hit back with levies on American products such as bourbon whiskey, motorcycles and jeans.

Mr Trump has ramped up the use of tariffs or the threat of tariffs in relations with Washington's trade partners, including Europe, Mexico and China – a tactic that has left global markets jumpy about the impact on global growth.

China’s Livestream billion-dollar shopping obsession

Source: BEME

Livestream shopping in China is a multi-billion dollar industry, with a reported 425 million users as of July 2018. Some hosts feature well known luxury brands, but you can buy just about anything. Alice met up with a top livestream host in China, as well her biggest fan, to learn what makes this experience so addictive. Alice and Sophia also look into how the US is starting to catch on.

Scentbird CEO’s journey to building a multimillion dollar beauty brand

Source: Shelby Church

Mariya Nurislamova, founder and CEO of the YC-backed startup, Scentbird. Often described as the “Netflix for Perfume,” Scentbird is employing technology to make smarter recommendations to clients and sell perfume at scale. But that's not all; the company is simultaneously building a beloved beauty brand, which is arguably even harder to do.

Top 10 Most Expensive Paintings In The World

Source: Alux.com

This video will try to answer the following questions: • Which is the most expensive painting in the world?! • How much is the most expensive painting in the world?! • How much is the most expensive Picasso painting?! • How much is the most expensive expressionist painting?!

Sports Direct Mike Ashley considers £61.4 million bid for Debenhams

(qlmbusinessnews.com via uk.reuters.com — Wed, 27th March, 2019) London, UK —

LONDON (Reuters) – Sports Direct, the British sportswear firm controlled by Mike Ashley, is considering an offer for Debenhams that values the ailing department store group at 61.4 million pounds, prompting a jump in the target firm’s battered shares.FILE PHOTO: People walk past a Debenhams store in Stockport, Britain January 4, 2018. REUTERS/Phil Noble/File Photo

Sports Direct, which last year bought department store chain House of Fraser out of administration for 90 million pounds, has a near 30 percent stake in Debenhams and has been trying to wrest control of it for months.

Ashley’s latest move is an attempt to thwart Debenhams’ restructuring and refinancing plan, which would give lenders more control over the retailer and could wipe out all shareholders.

The terms of the possible offer would be 5 pence a share in cash – a premium of 127 percent to Debenhams’ closing share price on Tuesday of 2.2 pence, which valued the firm at 27 million pounds. Shares in Debenhams were up 50 percent at 3.25 pence at 0945 GMT.

Sports Direct said it would also assist Debenhams in addressing its immediate funding requirements but did not provide details. Debenhams’ net debt at Jan. 5 was 286 million pounds.

Debenhams has not yet responded to Ashley’s latest salvo.

Sports Direct’s proposal is conditional upon Debenhams immediately appointing Ashley as its chief executive and terminating the noteholder consent solicitation process it announced last week.

That process is seeking agreement from bondholders to change the terms of some of their bonds so that Debenhams can secure new loans of up to 200 million pounds from existing lenders.

Debenhams has said that gaining those funds will allow it to pursue restructuring options to secure its future.

While Debenhams has warned that some of these options would result in no equity value for current shareholders, its preference remains a solvent re-financing of the business.

Uber buys big rival in Middle East for $3.1bln

Bondholders have until Thursday to back the re-financing plan.

Sports Direct said on Monday it was mulling a possible offer for Debenhams but did not put a price on it. That move got a cool reception from Debenhams on Tuesday.

Under UK takeover rules Sports Direct has until April 22 to announce a firm intention to make an offer.

Reporting by James Davey

Qatar’s $200 Billion Future Mega Projects

Source: Enrigue8

Qatar's Future Mega Projects (2018-2030) -Over $200Billion. Once upon a time, Qatar was a poor fishing village. But one day, oil and gas were discovered and everything changed for Qatar. Today ,Qatar is the richest country in the world with a GDP per capita of $129,360. The country has a lot of modern infrastructures and invests a lot in science,technology and education. Doha,the capital is very modern and futuristic .There are countless skyscrapers,modern malls and many other beautiful things. The governement created the Qatar investment authority,a fund that will invest the country wealth. Today, the fund manage $335 Billion and purchased many foreign companies and assets. These aquistion include : The PSG, FC Barcelona ,Harrods stores and the Shard in London,Or Miramax movies . The country will host the Fifa World Cup 2022.

Noma: Inside One Of The World’s Best Restaurants

Source: BI

The original Noma opened in Copenhagen 15 years ago, surprising guests with its inventive offerings, like dishes disguised as herb pots. Noma was voted number one restaurant in the world four times. But not too long ago, Chef René Redzepi shut everything down. And this latest move could give them back the title. Noma closed at the end of 2016 before opening its new space in February 2018.

The Rise of Nike: The Man Who Built a Billion-Dollar Brand

Source: BC

Philip Hampson “Buck” Knight(born February 24, 1938) is an American business magnate and philanthropist. A native of Oregon, he is the co-founder and current Chairman Emeritus of Nike, Inc., and previously served as chairman and CEO of the company. As of August 2018, Knight was ranked by Forbes as the 28th richest person in the world, with an estimated net worth of US$34.7 billion.[ He is also the owner of the stop motion film production company Laika.

Knight is a graduate of the University of Oregon and Stanford Graduate School of Business. He ran track under coach Bill Bowerman at the University of Oregon, with whom he would co-found Nike.

Debenhams warns restructuring options could wipe out shareholders

(qlmbusinessnews.com via uk.reuters.com — Fri, 22nd March 2019) London, UK —

LONDON (Reuters) – Struggling British department store group Debenhams warned on Friday that its shareholders could be wiped out as a result of some of the restructuring options it is considering.

The firm said it was seeking 200 million pounds ($262 million) of additional funds from lenders that would give it the ability to pursue restructuring options to secure its future.

But it warned “certain of these options – if they materialize – would result in no equity value for the company’s current shareholders.”

Debenhams shares were down 59 percent at 1.35 pence at 0926 GMT.

Debenhams said it was seeking agreement from bondholders to change the terms of some of their bonds as part of the process to secure the new loans of up to 200 million pounds from existing lenders.

It had previously said it was working on a plan to raise an additional 150 million pounds.

Debenhams has launched a “consent solicitation” for holders of its 5.25 percent senior notes due 2021. This process seeks consents from bondholders to certain amendments to the existing notes.

Debenhams said a successful consent solicitation would allow it to enter into the new loan facilities.

The firm is also trying to fend off an attempt by its largest shareholder, Mike Ashley’s Sports Direct, to take control of the business.

Reporting by James Davey, Editing by Paul Sandle

Kerry Washington’s tour of her beautiful New York City apartment on the Hudson River

Source: AD

Kerry Washington takes us on a tour of her beautiful New York City apartment, designed by RH, Restoration Hardware. From the unobstructed view of the Hudson River to her impressive crystal collection, Kerry shares it all! Kerry is wearing a Prada shirt and Dior skirt with Manolo Blahnik shoes, Mindi Mond earrings and a Movado watch.

The Rise And Fall of Gap

Source: CNBC

In late February 2019, Gap Inc. announced plans to split into two separate publicly traded companies, sending its stock soaring on the hopes the new structure will help sharpen its focus and boost sales.

The retailer said it would spin off its most successful brand, Old Navy, into a separate, publicly-traded company. With its inexpensive basics, Old Navy has consistently accounted for more than 40 percent of the company’s total annual sales. Its other brands, Gap and Banana Republic, will join much its smaller brands, Intermix, Athleta, and Hill City, to form an as-yet unnamed company. Gap also plans to buy high-end children’s clothing line Janie and Jack and fold that into the new company.

Despite the sharp spike on the announcement, Gap shares, which have a market value of just under $10 billion, are up less than 1 percent since the start of the year, and have fallen 20 percent over the past year.

Gap CEO Art Peck, who will remain with the executive of “NewCo,” said both companies should benefit from “a sharpened strategic focus and tailored operating structure.”

How Rockefeller Built His Trillion Dollar Oil Empire

Source:Business Casual

In the late 19th century John Rockefeller used his quick wits and leadership skills to build an impressive oil refinery in Cleveland. In the early days of the oil industry technology was inefficient and bankruptcies were everywhere, but John optimized the refining process successfully. Over time, he bought out competitors until he had total control over the oil industry in Cleveland through his company: Standard Oil of Ohio.

In the decades afterwards Rockefeller purchased refineries across America and even negotiated backroom deals with the big railroad tycoons. At its peak Standard Oil was worth up to $1,000,000,000,000 (one trillion dollars) in today's money, with Rockefeller controlling over 90% of the oil industry in America.

Of course, eventually new oil deposits were uncovered in Asia and Russia, challenging Rockefeller's monopoly. Back at home concerned businessmen funded waves of media opposition to Standard Oil, which was eventually broken up in 1911. The numerous companies created during this split would eventually merge back together, bringing huge profits to Rockefeller in his final years.

Upon his death, Rockefeller's net worth was an estimated $400 billion in today's dollars, making him the wealthiest businessman to have ever lived by a wide margin.

Under the kind patronage of Nagabhushanam Peddi, Dan Supernault, Samuel Patterson, James Gallagher, Brett Gmoser & Roman Badalyan.