201
40 Views

Tech services biz Allvotec furloughing staff, asking remainder – including top brass – to take pay cut

logicfish Business tech services allvotec furloughing staff asking remainder including brass take All https://go.theregister.co.uk   Discuss    Share
CEO talks of measures to combat expected sales slide due to pandemic

Allvotec – the rebranded Daisy Partner Services business – is responding to the coronavirus crisis by furloughing a number of staff and asking all that remain to take a pay cut to avoid potential redundancies.…

209
26 Views

Singapore government scraps physical 2FA tokens for government services

logicfish Security singapore government scraps physical tokens services All https://go.theregister.co.uk   Discuss    Share
There's an app for that. Or text, if you dare. Or even retail outlets

Singapore will bin the physical tokens used to provide two-factor authentication (2FA) for some digital government services.…

169
99 Views

Xerox slurps something that isn't HP Inc: Brit managed print services houses Altodigital and ITEC Connect

logicfish Business xerox slurps something that isnt brit managed print services houses altodigital itec connect All https://go.theregister.co.uk   Discuss    Share
Prices undisclosed but you can bet it was cheaper

Xerox might not have been able to prise HP Inc stock from the hands of shareholders yet but it has snaffled British print services specialists Altodigital and ITEC Connect for an undisclosed sum.…

207
27 Views

IT services sector faces armageddon as COVID-19 lockdown forces project cancellations – analysts

logicfish Business services sector faces armageddon covid-19 lockdown forces project cancellations analysts All https://go.theregister.co.uk   Discuss    Share
Impact will be 'deep, immediate, and long-lasting'

Analysts are painting a particularly bleak picture for IT services companies and application software vendors as they struggle to pick up business in the face of the global coronavirus lockdown.…

212
23 Views

US Health and Human Services targeted by DDoS scum at just the time it's needed to be up and running

logicfish Security health human services targeted ddos scum just time needed running All https://go.theregister.co.uk   Discuss    Share
Miscreants also hammer Euro websites as well, because why not?

In an impeccable instance of horrible timing, the US government's Department of Health and Human Services (HHS) says it fended off a cyberattack by online scumbags.…

218
61 Views

'Up to 300' UK heads to roll at Brit IT services firm Allvotec, with 200 jobs offshored to Bulgaria in cost-cutting drive

logicfish Business heads roll brit services firm allvotec with jobs offshored bulgaria cost-cutting drive All https://go.theregister.co.uk   Discuss    Share
Daisy, Daisy, give me your answer, do...

British IT services provider Allvotec will cut "up to 300" jobs from the UK, offshoring some to Bulgaria in a push to reduce costs.…

180
37 Views

Is that Bullet for Me? Redundo clock is ticking for UK staff at both divisions of IBM's Services arm

logicfish Business that bullet redundo clock ticking staff both divisions ibms services All https://go.theregister.co.uk   Discuss    Share
200 or more to go as both get 45-day consultations... GTS's will kick off on 4 March

IBMers carving out a living in its Services arm are again preparing to enter a 45-day consultation process – meaning at least 100 UK heads will roll at Global Technology Services and a minimum of 100 will leave Global Business Services.…

248
68 Views

Rigged? China PMI Shows Services Industry Accelerated As Coronavirus Put Tens Of Millions Under Quarantine

zerohedge News rigged china shows services industry accelerated coronavirus tens millions under quarantine All https://www.zerohedge.com   Discuss    Share
Rigged? China PMI Shows Services Industry Accelerated As Coronavirus Put Tens Of Millions Under Quarantine

Over most of January, the situation in China has gone from bad to worse to worst-nightmare with factories and stores shuttered for weeks, citizens in every province under martial-law lockdowns, and coronovirus cases (and deaths) soaring at faster-than-prior-pandemic rates.





So it should be no surprise then that China's Ser

Read More
vice Economy expanded at an accelerating rate in January according to the latest government-provided PMI data.



Yes, you heard that right, against expectations of a slowdown (as would be expected with most of the nation hunkering down in terror), the National Bureau of Statistics reports that the non-manufacturing gauge improved to 54.1, compared with 53.5 the previous month (and better than the 53.0 expected).





Reportedly, due to the Lunar New Year holiday, the surveys were conducted between Jan. 15 and Jan. 20, rather than between the 20th and 25th of each month as normal.



And you know how badly manipulated this survey is when the China's National Bureau of Statistics issues an additional statement admitting that "the impact of coronavirus is not fully reflected in January's PMI survey," suggesting that "future trends need to be observed."



However, if that is the case then what is more problematic is the fact the first official indicator of the Chinese manufacturing economy in 2020 signaled the nation’s factories were struggling even before the country shut down for the Lunar New Year and the coronavirus outbreak worsened.



We suspect, judging by the record collapse in (Dr.) Copper, that the manipulated-ly perfect 50.0 - neither expanding or contracting - will need to be adjusted for some sense of reality soon...





However, while the overall manufacturing survey dipped, the Steel industry PMI index surged to 47.1 from 43.1 in December.



So to sum up - China's worst ever epidemic, killing hundreds and putting 10s of thousands in hospital, shutting down factories, stores, and all transportation across the entire nation at one of its busiest most consumption-heavy times of year prompted a tiny drop in Manufacturing, a rise in the Services industry, and a surge in the Steel Industry!!!!



As a reminder, Nomura economists led by Lu Ting wrote in a recent report to clients that:




...the economic hit to China could exceed that seen during the SARS outbreak of 2003.



Gross domestic product growth could “materially drop” this quarter from the 6% pace at the end of 2019, maybe even more than the 2 percentage point deceleration seen in the second quarter of 2003.




Just don't tell the survey respondents!!



For some clarity on what is really going on - economically - here is none other than Michael Pettis, a professor of finance at Peking University’s Guanghua School of Management, where he specializes in Chinese financial markets, unleashing some truth in a 9 tweet thread:




  1. There's a lot of fear everywhere, and Beijing streets and shops are almost empty. People still buy things online – for example my students and musician friends are overdosing on games and streaming, and...




  2. ...one well-known musician told me last night that he did an online DJ set that attracted tens of thousands – but they buy very little that requires being near other people. What is worse, because factories will be closed, a lot of small business owners and workers, especially...




  3. ..at the bottom, will have sharply reduced income for the year, which of course means less consumption. It is hard to imagine that all of this won't have a significant impact on consumption growth in the first and perhaps second quarters (depending on when it starts to...




  4. ...subside). Some consumption might just be postponed, but some of it will be permanently lost, including much of what should have been spent during this very important holiday season (for example, this is the main time to release blockbuster movies, but all the theaters are...




  5. ...closed). Also if workers are unable to earn wages for a few weeks longer than expected, that’s also permanently lost consumption. The more interesting question to me is whether all this will have much impact ultimately on the 2020 growth target of "around 6%", which will...




  6. ...be formally announced in early March. I suspect it won't, at most driving it closer to 5.6% than 6.0%. If that's the case, the economic impact of the coronavirus will be to increase debt even more than expected, as Beijing accelerates later in the year to make up for the...




  7. ...decline in the first and second quarters. It had already decided in Q4 2019 to push forward any and every infrastructure project it could think of, but now it will simply have to find more projects. The point is that while the coronavirus will certainly have an adverse...




  8. ...impact on "real" economic growth, it will probably have very little impact on aggregate economic activity for the year, which is just one more reason to reject an input measure as measuring anything useful. The main place to see evidence of the coronavirus impact is in the...




  9. ...lower consumption share of GDP and the higher credit growth. Finally there are also likely to be interesting political implications, but obviously that’s not easy to write about.





Tyler Durden

Thu, 01/30/2020 - 20:41
185
37 Views

Capita Education Services accidentally spaffs email addresses in Helpdesk snafu

logicfish Security capita education services accidentally spaffs email addresses helpdesk snafu All https://go.theregister.co.uk   Discuss    Share
Emailing stuff is hard, m'kay?

Capita Education Services had a bit of an oopsie yesterday as a new helpdesk system spurted potentially thousands of email addresses at unsuspecting users.…

150
64 Views

This page is currency unavailable... Travelex scrubs UK homepage, kills services, knackers other sites amid 'software virus' infection

logicfish Security this page currency unavailable travelex scrubs homepage kills services knackers other sites amid software virus infection All https://go.theregister.co.uk   Discuss    Share
Systems still toast since NYE compromise, manual processing only

Foreign currency mega-exchange Travelex said on Thursday it was forced offline by a "software virus" infection, bring down a number of currency-exchange websites with it.…

215
44 Views

Britain's Security Services Granted License To Kill

zerohedge News britains security services granted license kill All https://www.zerohedge.com   Discuss    Share
Britain's Security Services Granted License To Kill

Authored by Finian Cunningham via The Strategic Culture Foundation,



In a landmark ruling last week, a panel of five senior British judges ruled that a secret government policy of granting immunity to its state security service was “legal”.





Below is an interview with one of the human rights groups which challenged the murky p

Read More
olicy demanding that it be banned.



First though, some background to the issue.



British government policy holds implicitly that agents or informants operating for the state’s security service, MI5, are permitted to commit crimes without fear of prosecution if those crimes are committed in the line of duty to protect national security.



This is tantamount to the British state granting its agents and proxies a “license to kill”.





The judges in the panel of the so-called Investigatory Powers Tribunal (IPT) have formally recognized this hitherto secret government policy as “legal”. The panel voted by 3 to 2 in favor. The two dissenting judges expressed deep concern that the ruling was “opening the door to future abuses” of power by British state agents.



MI5 is the branch of state intelligence that deals specifically with internal security. The other branch, MI6, deals with overseas activities. The disturbing implication is that MI5 can act with impunity, including acts of murder, against British citizens in the name of national security. The powers granted to it are secret and beyond public scrutiny in the courts. That means Britain’s secret services are now officially untouchable and above the law. This is a description fitting for a police state, not a supposed democracy which proclaims to be under the rule of law.



Four British-Irish human rights groups challenged the policy of immunity but they were over-ruled last week by the five-judge panel. These groups are to further appeal the decision in the courts. One of them, the Committee on the Administration of Justice (CAJ), based in Belfast, has considerable expertise in investigating the abuse of state power during the armed conflict in Northern Ireland (1969-1998). CAJ has documented the extensive involvement of British military intelligence in waging a dirty war in Northern Ireland where its agents colluded with and directed paramilitary agents and informants to carry out assassinations. Hundreds of such extra-judicial killings remain “unsolved” and represent a painful legacy for citizens across Northern Ireland.



One of the most notorious killings was that of Belfast human rights lawyer Pat Finucane (39) in 1989. British agents smashed into his home while he was having dinner with his wife and three young children. The attackers shot him in the head 12 times as he lay prone on the floor in front of his family. The British government has previously acknowledged “shocking collusion” by its agents in Finucane’s murder. But the British authorities have pointedly refused to hold a full public inquiry, thereby blocking any prosecution.



Thirty years after the murder of Pat Finucane and hundreds of other Irish citizens by British counterinsurgency operations, Britain is now formally granting the same license to kill citizens anywhere in the United Kingdom – under the pretext of national security. The development has grave implications for human rights in Britain. It also casts a sinister cloud over what kind of Britain the new Conservative government under Boris Johnson is creating post-Brexit.



Strategic Culture Foundation conducted the following interview with Daniel Holder, the deputy director of the Committee on the Administration of Justice (CAJ), based in Belfast.



INTERVIEW


Question: Is CAJ concerned that the Investigatory Powers Tribunal ruling last week will lead to serious human rights abuses by British security services in the future?



Daniel Holder: We are very concerned that this ruling for now permits MI5 to continue to authorize informant or agent involvement in serious crime. This could include crimes that constitute human rights violations. There were such experiences during the Northern Ireland conflict of informant-based paramilitary collusion, with agents of the state involved in acts as serious as murder and torture. Far from the so-called “intelligence war” helping bring the conflict to an end we consider that such practices by covert units of the security forces as having prolonged and exacerbated the conflict.



Question: On Brexit impact, will leaving the EU and its human rights standards add to concerns of abuse of power by the British state?



Daniel Holder: Although the European Convention on Human Rights (ECHR) is part of the Council of Europe system and not the EU, those advocating for Brexit often confuse the two and hostility to the EU also manifests itself in hostility to the ECHR and its court in Strasbourg. Being an EU member state, however, does mean ECHR membership is obligatory, and that will go with Brexit. Although the ECHR being incorporated into Northern Ireland law is also a key part of the 1998 peace deal known as the Good Friday Agreement it is deeply concerning that the new British government is already advocating breaching this commitment by stating it will change the domestic ECHR law (the Human Rights Act) so it does not apply to acts before the year 2000. They are quite open that the reason for doing this is to impede investigations into the security forces during the Northern Ireland conflict – and top of the list as to what the UK does not want a light shined on is precisely the issue of the crimes of agents of the state within paramilitary groups, practices often referred to as “collusion”.



Question: Are British government claims justified that undercover work by security services and their agents may require freedom for agents to participate in unlawful activities in order to protect national security?



Daniel Holder: All police and security services the world over use informants. They are a vital policing tool, but they have to be used lawfully, and the question always is: where do you draw the line as to what they are allowed to do? On occasions where absolutely necessary this may involve informants being involved in crimes like conspiracies with a view to thwarting them; but the bottom line is that informants can never lawfully be “authorized” to be involved in serious crimes that constitute human rights violations, such as kidnap, killings and false imprisonment, nor can they act as agent provocateurs. All of that is illegal.



Question: The narrow majority in the five-judge high court granting immunity to MI5 from prosecution for crimes suggests there is concern among state judges that the existing policy is dubious and treacherous. Do you perceive deep misgivings among the authorities?



Daniel Holder: Yes, but not just now, going back some of the archival documents and investigations that have taken place into the Northern Ireland conflict have revealed significant misgivings at that time, about just such a policy. Take the government-approved De Silva review published in 2012 into the murder of human rights lawyer Pat Finucane, where “shocking” levels of collusion were admitted. This report conceded that that officers were being asked to do things that could not be done lawfully, which is another way of saying the policy and practice was unlawful. We now have a secret policy, the limits of which are unknown, on the basis of a power that does not exist in law, that tries to continue to place agents of the state above the law. The concern is that the errors of our past could be repeated if the same circumstances arise again, here or elsewhere.



Question: The British judges’ ruling last week seems contradictory. On one hand the ruling claims MI5 agents are not immune from prosecution, but on the other hand it says they can act unlawfully if it is done in the public interest?



Daniel Holder: The system and policy are contradictory. The policy says that MI5 informants are in theory not immune from prosecution, but MI5 will know about their crimes – and indeed authorize them – but conceal this from police and prosecutors, despite legal duties that apply to everyone in Northern Ireland and the United Kingdom to promptly inform the police when you are aware someone is committing a crime. Again, this is the security service placing itself above the law.



Question: Is this the kind of policy that leads to rampant lawlessness seen elsewhere, for example in Brazil and The Philippines where police officers and state agents are killing thousands of people extrajudicially with impunity? Northern Ireland’s past conflict of rampant British state collusion in killings is surely a warning too?



Daniel Holder: The practices by covert elements of the security forces of tolerating, facilitating and even directing informants in paramilitary groups involvement in serious crime, including killings, and assisting their evasion from justice, in our view was one of the most serious patterns of human rights violations that prolonged and exacerbated the Northern Ireland conflict and has left a deeply poisoned legacy that we are still struggling to deal with today. There have been significant reforms to the Police Service in Northern Ireland since the peace process to prevent recurrence, but the UK security and intelligence agencies also need to bring their practices within the law, otherwise somewhere, history could repeat itself.





Tyler Durden

Sat, 12/28/2019 - 08:10


Tags

Law Crime
Politics
War Conflict

235
61 Views

Alarming NYT Op-Ed Reveals "Disturbing" Secretive Surveillance State Powered By Your Phone's Location Services

zerohedge News alarming op-ed reveals disturbing secretive surveillance state powered your phones location services All https://www.zerohedge.com   Discuss    Share
Alarming NYT Op-Ed Reveals "Disturbing" Secretive Surveillance State Powered By Your Phone's Location Services

Millions of Americans are walking around with phones that have, unknowingly, created one of the most disturbing and unintentional "surveillance states" to ever exist. 



A explosive new opinion piece in the NY Times aims to demonstrate that detailed smartphone tracking is far more ubiquitous than many think

Read More
g>, despite the ongoing claims by companies that people's data is "anonymous". 



Paul Ohm, a law professor and privacy researcher at the Georgetown University Law Center, said that describing location data as anonymous is "a completely false claim that has been debunked in multiple studies."



He added: "Really precise, longitudinal geolocation information is absolutely impossible to anonymize. D.N.A. is probably the only thing that’s harder to anonymize than precise geolocation information.”





The op-ed looked at trying to identify people in positions of power. It identified and tracked "scores" of notable people, like military officials with security clearances, as they drove home at night. They also tracked law enforcement officials and high powered lawyers. Though they didn't name any of the people, they followed them on private jets, vacations and taking their kids to school. 



Despite some of the data pointing to "scandal and crime", the purpose of tracking them was to document the risk of under-regulated surveillance.





One person identified was Mary Millben, a singer based in Virginia who has performed for three Presidents. When told her phone was putting her "on the map" for everyone to see, she said: “To know that you have a list of places I have been, and my phone is connected to that, that’s scary. What’s the business of a company benefiting off of knowing where I am? That seems a little dangerous to me.”





She couldn't name the app that shared her location, despite saying she was "careful" about which apps she allowed to share her location.



“That makes me uncomfortable. I’m sure that makes every other person uncomfortable, to know that companies can have free rein to take your data, locations, whatever else they’re using. It is disturbing,” she continued. 





On inauguration weekend, the authors were able to track "elite attendees at presidential ceremonies, religious observers at church services, supporters assembling across the National Mall", as well as protesters. They even spotted a senior official at the DOD walking through the Women's March, along with his wife. 





Yet companies that take your location data collect "orders of magnitude" more that what the Times opinion writers had access to. 



There are dozens of companies out there that profit from this data. Many use "technical and nuanced language that may be confusing to average smartphone users." Many company names would likely be unfamiliar to most Americans. 



These companies downplay the risks of collecting such revealing data at scale. Brian Czarny, chief marketing officer at Factual, one such company, said: “No, it doesn’t really keep us up at night. Factual does not resell detailed data like the information [The Times] reviewed. We don’t feel like anybody should be doing that because it’s a risk to the whole business.”





But without federal privacy laws, the industry has largely been self-regulated. Several groups have offered ethical guidelines and groups like the Mobile Marketing Association are drafting pledges to improve this self-regulation. 



But states are starting to respond. For instance, the California Consumer Protection Act takes effect next year and allows residents to ask companies to delete their data or prevent its sale. But legally, the law could leave the industry free to do whatever it wants. 



Calli Schroeder, a lawyer for the privacy and data protection company VeraSafe said: “If a private company is legally collecting location data, they’re free to spread it or share it however they want.”



Companies are required to disclose "very little" about data collection, but rather are only required to describe their practices in their privacy policies. 



Location data, gathered by latitude and longitude, coupled with time spent in an area, feed a lucrative secondary business of analyzing, licensing and transferring that information to third parties. Here's what that data looks like:





The data provides intelligence for big businesses, as well:




The Weather Channel app’s parent company, for example, analyzed users’ location data for hedge funds, according to a lawsuit filed in Los Angeles this year that was triggered by Times reporting. And Foursquare received much attention in 2016 after using its data trove to predict that after an E. coli crisis, Chipotle’s sales would drop by 30 percent in the coming months. Its same-store sales ultimately fell 29.7 percent.




Companies like Verizon and AT&T have been selling the data for years. Last year, Vice found that data being sold was being used by bounty hunters to find specific cell phones in real time. Telecom companies pledged, after the scandal, to stop selling the data. But there is still no law that prevents it.



Additionally, the piece notes "everything can be hacked". That means that any server that houses this data is susceptible to having it wind up in the wrong hands. 


Broili/NYT

For most Americans, the distribution of this information could result in embarrassment or inconvenience. But for people like survivors of abuse, it could come with substantially more risks. 



And the ability to identify individuals was stunning:




In one case, we observed a change in the regular movements of a Microsoft engineer. He made a visit one Tuesday afternoon to the main Seattle campus of a Microsoft competitor, Amazon. The following month, he started a new job at Amazon. It took minutes to identify him as Ben Broili, a manager now for Amazon Prime Air, a drone delivery service.




Broili commented: “I can’t say I’m surprised. But knowing that you all can get ahold of it and comb through and place me to see where I work and live — that’s weird.”



He continued: “It’s an awful lot of data. And I really still don’t understand how it’s being used. I’d have to see how the other companies were weaponizing or monetizing it to make that call.”



You can read the full long form op-ed here. 




Tyler Durden

Thu, 12/19/2019 - 23:05
1
30 Views

Information Commercial Real Estate - NextGen Realty

nextgenrealtyusa Business realestate services commercial All https://www.linkedin.com   Discuss    Share

Commercial real estate is a great option for investing in real estate. NextGen Realty provides commercial real estate investing, apartments, retail space, rental units.


1
26 Views

Forex Trading Basics and Overview by AAA Trade Review

aaatradereview Business money broker services All https://www.forexbrokerz.com   Discuss    Share

Forex trading is the one of the leading money making chance available by AAA Trade Review, It can help you make an extra income. You should have little understanding about it.


1
47 Views

How do Overhaul Services Ascertain that an Aircraft needs maintenance

jubilantenpro Society services technology aircraft All https://jubilantenpro.webnode.com   Discuss    Share

Many times we wonder when our aircraft overhaul services department calls up saying that a particular aircraft will be taken off the roster for two days. No amount of arguing with them that this particular aircraft support services are not required at the moment as it is functioning well lands on a closed ear which shows their professionalism....


237
61 Views

China Services PMI Tumbles To 7-Month Lows

zerohedge News china services tumbles 7-month lows All https://www.zerohedge.com   Discuss    Share
China Services PMI Tumbles To 7-Month Lows

With China coming back from Golden Week celebrations, all eyes are on PMI data (expected to be flat from August) as a sign that things are not getting any worse ahead of this week's trade negotiations in Washington.



This is the last PMI print for September (after a mixed bag from official data across services and manufacturing):




  • China Official Manufactur

  • Read More
    ing PMI small rise to 49.8




  • China Official Non-Manufacturing small drop to 53.7 (lowest since Nov 2018)




  • China Caixin Manufacturing notable rebound to 51.4 (highest since Feb 2018)




  • China Caixin Non-Manufacturing dropped to 51.3 (lowest since Feb 2019)



The weakness is somewhat surprising given the position China might want to portray during this week's negotiations.





Source: Bloomberg



For the first time since Sept 2017, Services PMI is weaker than Manufacturing.



The level of positive sentiment in the manufacturing sector was little-changed from August, while optimism in the service sector slipped to its lowest since May. In both cases, expectations were among the lowest seen in the series history.



Commenting on the China General Services PMI data, Dr. Zhengsheng Zhong, Director of Macroeconomic Analysis at CEBM Group said:




“The Caixin China General Services Business Activity Index dipped to 51.3 in September from 52.1 in the previous month, the lowest reading in seven months.



1) Among the gauges included in the survey, the one for new business rose further, hitting the highest point since January 2018 and reflecting stable demand in the services sector. The increase was partly driven by new product launches. The gauge for new export business continued to drop, reflecting that growth in new business was mainly driven by domestic demand.



2) The employment measure increased significantly, reaching a level unseen since January 2017. The increase in employment was linked to growth in new orders.



3) The measure for input prices increased to the highest in a year, mainly driven by rising costs for labor, fuel and raw materials. However, the gauge for prices charged by service providers dipped marginally, indicating fierce competition. The gauge for business expectations dropped as rising costs restrained company confidence. "




China's notable credit impulse recovery is perhaps helping overall as China's Composite PMI rises for the third month in a row...





Source: Bloomberg




The Caixin China Composite Output Index increased to 51.9 in September from 51.6 in August, mainly driven by strengthened growth in the manufacturing sector. The gauge for new orders increased, hitting the highest level since February 2018. Employment increased at the fastest pace since January 2013, driven by the service sector. Backlogs of work had not expanded this quickly since April 2018. The pressure on companies from rising costs was great and business confidence dipped further.



China’s economy showed signs of marginal recovery in September, as the labor market improved and domestic demand increased at a faster pace. However, fluctuations in exchange rates, and rising costs of labor and raw materials increased pressure on companies, which restrained business confidence. Due to previous destocking and capacity-reduction activities, constraints on companies’ production capacity became more severe and backlogs of work increased noticeably, which will help companies restore their investment. After a fast slowdown in previous quarters, China’s economic growth began to show signs of stability.”




Since China has been closed, US equities have dumped and pumped back to almost unchanged but the Trump administration placed eight Chinese tech companies on a blacklist after the US close today.





Source: Bloomberg



Chinese officials have confirmed that Vice Premier Liu He has departed China for his visit to Washington later in the week (so at least that's a positive).



Finally, we note that gold has bounced modestly as the Chinese return from celebrations, fitting with the historical pattern of weakness into and through Golden Week, and strength after.




Tyler Durden

Mon, 10/07/2019 - 21:54


Tags

Business Finance

209
73 Views

ISM Services Catches Manufacturing's Cold - Tumbles To Weakest Since 2016

zerohedge News services catches manufacturings cold tumbles weakest since 2016 All https://www.zerohedge.com   Discuss    Share
ISM Services Catches Manufacturing's Cold - Tumbles To Weakest Since 2016

After a week of abysmal global PMIs (and US manufacturing's collapse to a standstill), expectations were ever hopeful for a small bounce in ISM Services data (even though it did bounce surprisingly in August) to save the world (and stocks).




  • Markit Manufacturing BEAT - 51.1 (5mo highs)




  • Mark

    Read More
    it Services MEET - 50.9 (up from 50.7 in August)




  • ISM Manufacturing MISS - 49.1 (contractionary print well below expectations and 10 year lows)




  • ISM Services MISS - 52.6 (lowest since August 2016)



So, as always, a mixed bag - manufacturing rose to 5-month highs and/or dropped to 10-year lows; and services bounced modestly and/or plunged to weakest in 3 years...





Source: Bloomberg



Under the surface, employment stands out as a big drop...





Commenting on the PMI data, Chris Williamson, Chief Business Economist at IHS Markit said:




“A disappointing service sector PMI follows news of lacklustre manufacturing and means the past two months have seen one of the weakest back-to-back expansions of business activity since 2009, sending a signal of slower GDP growth in the third quarter. The surveys are consistent with the economy growing at a 1.5% annualised rate in the third quarter, with forward-looking indicators suggesting further momentum could be lost in the fourth quarter."





"In particular, inflows of new business have almost stalled, with September seeing the smallest increase since 2009, and business expectations about the year ahead remain stuck at one of the gloomiest levels since at least 2012.



“In this environment, companies are taking an increasingly cost-conscious approach to payrolls, with September consequently seeing surveyed firms report a net drop in headcounts for the first time since 2010. This translates into non-farm payroll growth trending below 100,000.



Price pressures have also abated in line with the weak demand picture, suggesting official inflation gauges could likewise moderate in coming months.”




Globally, Composite PMIs are all trending down towards contraction (but Germany stands out)...





Source: Bloomberg



Finally, before the world starts to excuse these numbers by playing down the impact of manufacturing on the economy, here are a simple chart to explain why they're wrong. While 86% of jobs are in the services economy (14% in manufacturing), manufacturing earnings make up a considerable majority 68% of S&P earnings (32% services), which means if we adjust the ISM Composite for this 'real' weight, things look considerably worse - contraction!





Source: Bloomberg



Get back to work Mr. Powell...





Source: Bloomberg




Tyler Durden

Thu, 10/03/2019 - 10:04


Tags

Business Finance

200
79 Views

"Simply Awful": German PMI Plunges To 7-Year Low As Manufacturing Recession Accelerates, Spreads To Services

zerohedge News simply awful german plunges 7-year manufacturing recession accelerates spreads services All https://www.zerohedge.com   Discuss    Share
"Simply Awful": German PMI Plunges To 7-Year Low As Manufacturing Recession Accelerates, Spreads To Services

Weakness in euro-area manufacturing hit a climax this morning as German private sector activity plunged to a seven-year low. The Germany Manufacturing PMI slumped in September, dropping to 41.4, down from 44.7 in August, printing below the lowest sellside estimate (consensus of 44.4); worse, the German manufacturing recession is now spreading to the servic

Read More
es sector, where the formerly resilient services PMI also slumped from 54.8 to 52.5, also missing the lowest analyst estimate, and collectively, resulting in the first composite PMI print below 50, or 49.1 to be precise, since April 2013. The rate of decline was one of the sharpest in seven years.





Key findings of the report indicate business conditions across Germany continue to deteriorate with no end in sight. 



  • Flash Germany PMI Composite Output Index (1) at 49.1 (Aug: 51.7). 83-month low.

  • Flash Germany Services PMI Activity Index(2) at 52.5 (Aug: 54.8). 9-month low.

  • Flash Germany Manufacturing PMI(3) at 41.4 (Aug: 43.5). 123-month low.

  • Flash Germany Manufacturing Output Index(4) at 42.7 (Aug: 45.8). 86-month low.

Commenting on the flash PMI data, Phil Smith, Principal Economist at IHS Markit said that "The manufacturing numbers are simply awful. All the uncertainty around trade wars, the outlook for the car industry and Brexit are paralyzing order books, with September seeing the worst performance from the sector since the depths of the financial crisis in 2009. 




"Another month, another set of gloomy PMI figures for Germany, this time showing the headline Composite Output Index at its lowest since October 2012 and firmly in contraction territory. "The economy is limping towards the final quarter of the year and, on its current trajectory, might not see any growth before the end of 2019. 



"With job creation across Germany stalling, the domestic-oriented service sector has lost one of its main pillars of growth. A first fall in services new business for over four-and-a-half years provides evidence that demand across Germany is already starting to deteriorate."




In kneejerk reaction, global equity futures across the world slumped. European equity futures, from the STXE 600, DAX, CAC 40, FTSE MIB, and IBEX 35 were down over -1%. S&P500 mini tumbled nearly -1%, rejecting the 3,000-handle, and finding a short term bottom around 2982 at the 5 am est. hour.





European banks were some of the worst performers of the morning, pulled lower by lenders after PMI figures for Germany were released. Around 5 am est., the Stoxx 600 Bank Index was down -1.6%.





Commerzbank (-5.1%) and Deutsche Bank (-3.6%) lead the declines as the latest PMI figures confirmed Germany is in a technical recession. 





In currencies, the dismal PMI data pressured the common currency, and the EURUSD lost the $1.10 handle, dropping 0.5% to 1.0966, after both Germany and France PMis missed, and what's worse, now indicate there are spillover effects into the service sector.  "Option-related demand around 1.1000 failed to absorb the selling pressure, with intraday bidding interest below 1.0980 also coming to the test," traders told Bloomberg.





The weak PMI data from Europe was not a surprise, but the spillover into services shows the consumer is starting to weaken, an indication that the slowdown is broadening.



Predictably, Bund yields across the euro area fell in response to PMI figures for Germany, which deepened investors' recession fears and sparked a rally in government bond markets, where yields declined.  




"The bit that will worry markets is that services that have been largely immune now show signs of substantial contagion effect from the slowdown in manufacturing," said Marc Ostwald, global strategist at ADM Investor Services.



"In terms of today's price action it will put a big old dent in equities and give the whole spectrum of government bonds a boost."




Germany's 10-year bond yield fell to -0.576% — its lowest level since the ECB meeting (Sept. 12) concluded that rate cuts and fresh stimulus were needed to boost weak growth. 





The MSCI All Country World Index, which tracks shares across 47 countries, also dropped on the news of more slowing in Europe. 





Brent crude futures jumped on doubts how fast Saudi Arabia can restore its crude output after a drone attack earlier this month crippled one of its largest oil processing facilities.



Brent crude futures climbed to as much as $65.50 per barrel, a gain of over 1%, but have gone red post-PMI data. 




"Considering that Germany already contracted in Q2, today's numbers effectively increase the risk of another negative quarter in Q3, which by definition would constitute a technical recession," said Marios Hadjikyriacos, investment analyst at XM.



"It seems that the malaise in manufacturing -- owed to trade and Brexit worries -- has started to spread to the much larger services sector as well."




Market sentiment was already fragile entering the new week, and it seems that global markets could be returning to macro, scared by the deepening of the German manufacturing recession, and a spillover into services. 




Tyler Durden

Mon, 09/23/2019 - 07:09


Tags

Business Finance

1
54 Views

Nottingham Security Company | Security Services In Nottingham

quantumscr Security securityservices bodyguardsecurity services All https://quantum-security.co.uk   Discuss    Share

__________________________



Quantum Security is one of the leading and prestigious Nottingham based private security company. The staff of our security company is fully trained in all areas of security that includes first aid, customer service, CPR, escorting and many others.


225
70 Views

ISM Services Weakest Since 2016, Business Expectations Hit Record Low

zerohedge News services weakest since 2016 business expectations record All https://www.zerohedge.com   Discuss    Share

On the heels of disappointing US Manufacturing ISM/PMI prints last week - and global surveys - US Services surveys were expected to show a modest rebound in July.



Markit's Services PMI did surprise to the upside, printing 53 (from 51.5 in June and above the 52.2 flash print), but business expectations plunged to a record low.




Although client demand strengthened further from May's recent low, service sector firms reported another fall in business confidence during July. The degree of optimism slip

Read More
ped for the sixth month running to a fresh series record low, reflecting heightened economic uncertainty.




ISM's Services survey collapsed to its weakest since August 2016 (printing 53.7 vs 55.5 expected)




  • Business activity fell to 53.1 vs 58.2 prior month




  • New orders fell to 54.1 vs 55.8




  • Prices paid fell to 56.5 vs 58.9




  • Backlog of orders fell to 53.5 vs 56




  • New export orders fell to 53.5 vs 55.5



So, Markit's Services respondents seem to be in a world of their own...





 



Commenting on the PMI data, Chris Williamson, Chief Business Economist at IHS Markit said:




“An improvement in the overall rate of business growth signalled by the services PMI for July is welcome news, but the overall weak pace of expansion remains a concern. The PMIs for manufacturing and services collectively point to GDP expanding at an annualized rate of under 2% in July, below that seen in the second quarter and among the weakest seen over the past three years.






However, Williamson was quick to steal the jam out of that donut...




"A sharp drop in future expectations meanwhile suggests downside risks have increased in the near-term at least, hinting that the upturn in growth seen in July could prove short-lived and that GDP growth could remain disappointingly modest in the third quarter.



"Optimism is at its lowest ebb since comparable data were first available in 2012 as companies have grown increasingly concerned about the year ahead, fueled by trade war worries and wider geopolitical jitters, as well as growing worries that the economic cycle has peaked."




So take your pick - headline improvement (buy stocks because here comes the rebound), or under the cover collapse in confidence (buy stocks because Fed will save us all)... or sell.

1
30 Views

Search Engine Optimization: Get To The Top Of The SERP Today

trial32windo Arts local seo local directory services local search marketing my local services directory local trades and services directory murrumbateman local services directory mandurah local business services directory local home services directory family services directory and local offer bcna local services directory directory of local services like the yellow pages yellow pages directory local services services checklist citation definition near me news vs organic seo forum for restaurants services reviews best practic All http://wiki.prozeus.de   Discuss    Share
With the proper tools and the right information, you will easily be able to successfully incorporate search engine optimization techniques into your website, and boost your traffic. Read on for more useful SEO tips.
1
33 Views

Make The Search Engines Work For You With SEO

trial32windo Arts local seo local directory services local search marketing my local services directory local trades and services directory murrumbateman local services directory mandurah local business services directory local home services directory family services directory and local offer bcna local services directory directory of local services like the yellow pages yellow pages directory local services services checklist citation definition near me news vs organic seo forum for restaurants services reviews best practic All http://wiki.sirrus.com.br   Discuss    Share
Using search engine optimization the right way is probably the most effective Internet marketing strategy out there. The higher your search rankings, the more traffic you will receive. Here are some tips to get started, and to improve your site's ranking.
1
16 Views

SEO Tips Are Key To Rank Higher And Pull More Website Traffic

trial32windo Arts local seo local directory services local search marketing my local services directory local trades and services directory murrumbateman local services directory mandurah local business services directory local home services directory family services directory and local offer bcna local services directory directory of local services like the yellow pages yellow pages directory local services services checklist citation definition near me news vs organic seo forum for restaurants services reviews best practic All http://wiki.prozeus.de   Discuss    Share
It becomes harder and harder to get people to notice and visit your site as the web gets bigger and bigger. If you follow the steps from this article, you will be ahead of your competitors in terms of being noticed by potential site visitors. Great content is worthless if nobody gets to see it. The following tips will help turn that trickle of visitors into a steady stream.
1
19 Views

SEO Tips Are Key To Rank Higher And Pull More Website Traffic

trial32windo Arts local seo local directory services local search marketing my local services directory local trades and services directory murrumbateman local services directory mandurah local business services directory local home services directory family services directory and local offer bcna local services directory directory of local services like the yellow pages yellow pages directory local services services checklist citation definition near me news vs organic seo forum for restaurants services reviews best practic All http://wiki.sirrus.com.br   Discuss    Share
Search engine optimization improves the odds of a website reaching one of the first pages in the search engine results. This is great for owners of businesses and websites, because more visitors means more money. The following information will tell you much of what you need to know when it comes to SEO.
1
25 Views

Tips And Tricks For Improving The SEO Of Your Website

trial32windo Arts local seo local directory services local search marketing my local services directory local trades and services directory murrumbateman local services directory mandurah local business services directory local home services directory family services directory and local offer bcna local services directory directory of local services like the yellow pages yellow pages directory local services services checklist citation definition near me news vs organic seo forum for restaurants services reviews best practic All http://waldorfwiki.de   Discuss    Share
The hope of every person who creates a website is to find success. Hopefully, the efforts of your SEO will be successful and your sites will be on all the search engines' front page. But you won't be successful with all of this information unless you figure out what SEO is all about. These tips will help you better your SEO plan.
1
18 Views

Preparation Is Key When It Comes To Search Engine Optimization

trial32windo Arts local seo local directory services local search marketing my local services directory local trades and services directory murrumbateman local services directory mandurah local business services directory local home services directory family services directory and local offer bcna local services directory directory of local services like the yellow pages yellow pages directory local services services checklist citation definition near me news vs organic seo forum for restaurants services reviews best practic All http://wiki.prozeus.de   Discuss    Share
Failing to use the right SEO techniques will mean that very few visitors will ever find your site. The tips below will help your site become more visible.
1
29 Views

Beat The Competition, Know More About Search Engine Optimization

trial32windo Arts local seo local directory services local search marketing my local services directory local trades and services directory murrumbateman local services directory mandurah local business services directory local home services directory family services directory and local offer bcna local services directory directory of local services like the yellow pages yellow pages directory local services services checklist citation definition near me news vs organic seo forum for restaurants services reviews best practic All https://linkedpaed.com   Discuss    Share
To put it frankly, the world revolves around Google. You won't reach your full potential if your website is not set up well. This will help to maximize the potential for your site. Use what you learned here and get started with search engine optimization.
1
31 Views

Beat The Competition, Know More About Search Engine Optimization

trial32windo Arts local seo local directory services local search marketing my local services directory local trades and services directory murrumbateman local services directory mandurah local business services directory local home services directory family services directory and local offer bcna local services directory directory of local services like the yellow pages yellow pages directory local services services checklist citation definition near me news vs organic seo forum for restaurants services reviews best practic All http://sciencecasenet.org   Discuss    Share
When working on search engine optimization, it can feel overwhelming. With all of the information out there, it can overwhelm you when you first get started. This article will provide much helpful information for you to get started on the right path.
1
23 Views

A Few Tips For Search Engine Optimization

trial32windo Arts local seo local directory services local search marketing my local services directory local trades and services directory murrumbateman local services directory mandurah local business services directory local home services directory family services directory and local offer bcna local services directory directory of local services like the yellow pages yellow pages directory local services services checklist citation definition near me news vs organic seo forum for restaurants services reviews best practic All http://fixedgearcommunity.com   Discuss    Share
SEO can be hard to understand if you are new at it, but it is essential for a online business. If you have the correct tools and information, anyone can gear up their site to get more traffic and rank higher in the search engine results.
1
29 Views

Helpful Tips For Your Search Engine Optimization

trial32windo Arts local seo local directory services local search marketing my local services directory local trades and services directory murrumbateman local services directory mandurah local business services directory local home services directory family services directory and local offer bcna local services directory directory of local services like the yellow pages yellow pages directory local services services checklist citation definition near me news vs organic seo forum for restaurants services reviews best practic All http://shop.gmynsh.com   Discuss    Share
Most every business has a website, yet not all of them are effective. SEO is the term for increasing your visibility on search engines. Quite simply, increasing traffic means increasing your profits. Read these tips to boost the optimization of your site.
1
22 Views

Which Search Engine Optimization Strategy Is Best For You?

trial32windo Arts local seo local directory services local search marketing my local services directory local trades and services directory murrumbateman local services directory mandurah local business services directory local home services directory family services directory and local offer bcna local services directory directory of local services like the yellow pages yellow pages directory local services services checklist citation definition near me news vs organic seo forum for restaurants services reviews best practic All http://hf-jbc.com   Discuss    Share
Perhaps you've listened to others discuss SEO. However, you ought to become educated on the subject yourself. What you put in your website directly correlates your earnings potential. This article is bound to be of assistance to you.
1
18 Views

Search Engine Optimization Information To Bring Attention To Your Website

trial32windo Arts local seo local directory services local search marketing my local services directory local trades and services directory murrumbateman local services directory mandurah local business services directory local home services directory family services directory and local offer bcna local services directory directory of local services like the yellow pages yellow pages directory local services services checklist citation definition near me news vs organic seo forum for restaurants services reviews best practic All http://95.79.54.44   Discuss    Share
Getting more traffic coming to your website is key if you wish to generate online income. Search engine optimization strategies will help to make your site more visible to those searching the Internet. Read this article for tips on how to use search engine optimization to your benefit.

Newsletter
Sign up for our newsletter


Unsubscribe at Anytime | Privacy Policy
Welcome, DisDroidians

Send a donation to get your link on the front page - send 0.5mBTC - Or your RSS feed - send 4mBTC.

Please Donate
Send a donation to get your link on the front page - send 0.2mBTC - Or your RSS feed - send 2mBTC here:

 
 
 

Banner

Most Viewed Stories
Latest Comments
Statistics
Disdroid.co.uk - ranking and value