Russia stock market crashes 11% after US imposes sanctions on oligarchs linked to Kremlin

Aluminium giant Rusal, which is controlled by Oleg Deripaska, halved in value on Monday
Russia’s main share index crashed 11 per cent on Monday after the US imposed new sanctions on oligarchs and companies linked to Vladimir Putin.
Aluminium giant Rusal, which is controlled by Oleg Deripaska, halved in value on the Hong Kong stock exchange on Monday, while EN+, a holding company also owned by Mr Deripaska crashed by 40 per cent.
The aluminium tycoon has close ties to Donald Trump’s former campaign manager Paul Manafort as well as Mr Putin.
Read more Russia warns UK it is 'playing with fire and will be sorry' Just two companies on Russia’s moex stock market were in positive territory on Monday. The widespread falls came as investors reacted to news that Washington had extended sanctions on Friday to seven oligarchs and 12 companies controlled by them, as well as 17 Russian government officials.
Alexei Miller, director of state-owned Gazprom, is on the list, as is Kiri..

Adelaide Journal: Elon Musk Likes it Here. Will Other Tech Innovators Follow?

Elon Musk Likes it Here. Will Other Tech Innovators Follow? ADELAIDE, Australia — Tom Hajdu, a globe-trotting entrepreneur with a Ph.D. in music from Princeton, parked his Toyota Camry and walked us toward a former Mitsubishi auto factory that shut down a decade ago.
It has recently been reopened with high-speed broadband, Ping-Pong tables and room for hip start-up companies. Under the old industrial roof, the message was clear: This working-class city is doing everything it can to recast itself as an innovation hub for South Australia and the world.
“There’s a corps of people here who will be driving into the innovation economy,” Mr. Hajdu said. “You get on the bus or you get out of the way.”
Adelaide is the understated capital of South Australia, a mostly rural depopulating state. Like so many rust belt cities worldwide, it is trying to recover from a manufacturing decline by hunting for innovation buzz — that glow of techno-progress that can propel a place from downbeat to in demand..

Carillion latest: More than 10,000 jobs now saved with 1,852 lost so far from contractor's collapse

The government said on Monday that more than 10,000 jobs have been saved in the wake of the Carillion collapse.
According to the UK’s Insolvency Service, 10,125 of Carillion’s pre-liquidation workforce have now found secure ongoing employment, following the transfer of 179 staff to new employers.
Read more Carillion finance directors to be investigated by accountancy watchdog “Regrettably 23 employees whose positions are no longer required as Carillion’s business transfers to new suppliers will leave the business later this week,” said a spokesperson for the Official Receiver.
“I am continuing to talk with potential purchasers for Carillion’s remaining contracts and will keep staff, elected employee representatives and unions to keep them informed as these arrangements are confirmed.”
The total number of roles saved so far represents around half the 20,000-strong workforce employed by Carillion at the time of its collapse in January.
Since then, 1,825 jobs have been made re..

Uber snaps up electric bike company Jump Bikes

The popularity of electric scooters and bikes pushes the ride-hailing firm into a new market
Uber is leaping into the bike-rental industry with the purchase of Jump Bikes, as chief executive Dara Khosrowshahi seeks out new growth areas with his first acquisition.
The ride-hailing giant agreed to pay more than $100m in cash and stock to buy the electric-bicycle provider, a person familiar with the matter said, asking not to be identified because the figure isn’t public.
Technology news site TechCrunch first reported acquisition talks. Uber declined to disclose the terms of the deal, which the companies unveiled in a joint statement Monday.
Read more Denmark demands former Uber drivers pay millions in unpaid taxes With the acquisition of Jump, Uber will now be in the business of owning and operating fleets of electric bikes. Dockless conveyances — electric scooters, traditional bicycles, electric bikes and mopeds — are becoming more prominent in San Francisco and other US cities. ..

Uber to Buy Jump, Maker of Electric Bicycles, After Bike-Sharing Test

Uber to Buy Jump, Maker of Electric Bicycles, After Bike-Sharing Test Photo Uber said it reached an agreement with Jump Bikes, a provider of battery-powered bicycles, for an undisclosed sum. Credit Eric Risberg/Associated Press SAN FRANCISCO — Uber started a pilot program in San Francisco to allow its customers to reserve “pedal-assist” electric bicycles within its ride-hailing app in January. Now, Uber says it plans to buy the company behind the bike-sharing service and bring that capability to other cities around the world.
In a blog post Monday morning, Uber said it reached an agreement with Jump Bikes, a provider of battery-powered bicycles, for an undisclosed sum. It would be the first acquisition for Uber since Dara Khosrowshahi took over as the company’s chief executive in August.
Uber did not say how much it paid for the bike start-up, but TechCrunch reported earlier that Jump was considering an acquisition from Uber for more than $100 million.
Even as Uber is backing away from..

Housing market stuck in mud as Halifax reports highest ever prices

The number of mortgage approvals is falling while Communities Secretary Sajid Javid's plans to reform the buying process are well intentioned but tepid
The housing market remains stuck in a pool of thick mud.
According to the Halifax, the UK’s largest lender, prices in the first quarter of 2018 were up by 2.7 per cent year on year, taking the average to a fresh record of £227,871, but they actually fell a bit in February and the outlook is cloudy at best.
Of more concern is that the number of approvals is low by historic standards, and falling, despite the lender arguing that a competitive mortgage market has made for home loans that are at their most affordable in a decade.
Read more UK house prices fall in February for first time since last May House price growth weakest in four years in May says Halifax House price growth hits three year low, but buyers still priced out MD Russell Galley referenced that fact in his comments on the latest Halifax House Price Index, noti..

Brexit: UK businesses face storm of flawed legislation as ministers rush through laws, warn experts

Scrutiny likely to be minimal and mistakes will 'undoubtedly' made, many of which won’t be noticed until they are in force, Hogan Lovells says
UK businesses face a “storm” of flawed and poorly scrutinised laws, rushed through by government ministers with minimal parliamentary oversight after Brexit, top lawyers have warned.
Thousands of pieces of legislation must be amended or else they simply will not apply after 29 March 2019 when the UK leaves the EU. With Brexit taking up much of the government and parliament’s time, the task of trawling through laws to make these changes will be rushed and mistakes “undoubtedly” made, many of which won’t be noticed until they are in force, Hogan Lovells said.
It warned that it was looking increasingly likely that the process of redrafting legislation would take place within government departments and without appropriate consultation.
Read more FCA needs £30m extra for Brexit but the real cost will be higher still Analysis by the l..