Rolls-Royce to boost balance sheet with £610m sale of technology business L'Orange

The engineering group's chief exec said the deal was part of a wider strategy of simplifying the business
Rolls-Royce has agreed to sell technology firm L’Orange to US aerospace group Woodward for €700m (£610m).
The group said the proceeds of the sale will be re-invested into the company “to improve the resilience of the balance sheet”.
Read more Rolls Royce warns Brexit will disrupt global supply chain L’Orange is a Stuttgart-based subsidiary of Rolls-Royce’s power systems business with 1,000 employees based in Germany, the US and China.
The firm, which supplies fuel injection technology for specialist engines, has agreed a long-term supply agreement to remain an “important” partner of Rolls-Royce Power Systems, for an initial period of 15 years.
Warren East, chief executive of Rolls-Royce, said the deal was another step in the group’s plan to simplify the business.
Selling L’Orange, Mr East said, will allow Rolls-Royce Power Systems to “focus on other long-term, hi..

Average UK house price rose to a record high in first quarter of 2018

The bank said UK mortgages are the most affordable they have been in a decade
House prices across the UK rose 2.7 per cent in the first three months of 2018, compared with the same period of last year, according to the Halifax house price index.
The average price hit £227,871 in March, the highest on record, however, prices for the quarter were 0.1 per cent lower compared to the previous three months.
Meanwhile, Halifax said mortgages in the UK are “at their most affordable level in a decade”, with activity in the housing market slower than this time last year.
Read more First 'digital mortgage' signed online in London The bank said there are “no signs that the acute shortage of stock of homes available for sale is easing”.
Home sales in February stood at 101,000, the same as in January. Mortgage approvals dropped by 5 per cent between the first and second months of the year, according to Bank of England data.
“Mortgage approvals are down compared to 12 months ag..

Deutsche Bank sacks chief executive John Cryan after three years of losses

Mr Cryan joined the bank as CEO in 2015
Deutsche Bank has ousted British chief executive John Cryan after years of losses at the lender.
Mr Cryan has been replaced by Christian Sewing, who has worked at Deutsche for 25 years and most recently led the group’s private & commercial bank.
Reports emerged last month that Deutsche was looking for a successor for Mr Cryan, who joined the bank in 2015.
Read more Deutsche Bank's credit rating cut as CEO faces scepticism Since taking up the role, he has presided over three consecutive years of losses, with last year marked by a series of sharp drops in the company’s share price as it reported falling revenues and plans to restructure. Earlier this year, Deutsche warned jobs in London were at risk as part of plans to axe 500 roles worldwide. The bank's share price is down 30 per cent over the last year, although the stock rose 4.5 per cent at the open on Monday.
Paul Achleitner, chairman of the lender’s supervisory board, sai..

Airtasker: How moving house inspired Tim Fung to create a business designed to make peoples' lives easier

Airtasker launched in the UK in March amid a backlash against the gig economy
Tim Fung first had an inkling of the business that would become Airtasker when he was moving house in his native Sydney, Australia, in 2011.
He asked a friend who runs a factory to bring his truck over to help move boxes and they spent the whole weekend packing, moving stuff to the new house and cleaning everything up. When they were done, Fung thanked his friend, who turned around and said that was the fourth time someone had asked for help moving house recently.
Read more Gig economy union for NHS couriers wins right to recognition Growing number of older workers taking gig jobs before retirement Gig economy: May has yet again failed to turn rhetoric into action “It got me thinking, why do we ask our friends and family to do these jobs for free when there are people around who would do it for money?” Fung says. The company, founded in 2012, has since grown it to 2 million users in Australia. It recent..

YouTube Is Improperly Collecting Children’s Data, Consumer Groups Say

YouTube Is Improperly Collecting Children’s Data, Consumer Groups Say Photo A coalition of more than 20 consumer advocacy groups contends that YouTube is collecting and profiting from the personal information of young children on its main site. Credit Artur Debat/Getty Images A coalition of more than 20 consumer advocacy groups is expected to file a complaint with federal officials on Monday claiming that YouTube has been violating a children’s privacy law.
The complaint contends that YouTube, a subsidiary of Google, has been collecting and profiting from the personal information of young children on its main site, although the company says the platform is meant only for users 13 and older.
The coalition of consumer groups said YouTube failed to comply with the Children’s Online Privacy Protection Act, a federal law that requires companies to obtain consent from parents before collecting data on children younger than 13. The groups are asking for an investigation and penalties from the..

As Trump Seeks Way Out of Syria, New Attack Pulls Him Back In

As Trump Seeks Way Out of Syria, New Attack Pulls Him Back In
BEIRUT, Lebanon — Days after President Trump said he wanted to pull the United States out of Syria, Syrian forces hit a suburb of Damascus with bombs that rescue workers said unleashed toxic gas.
Within hours, images of dead families sprawled in their homes threatened to change Mr. Trump’s calculus on Syria, possibly drawing him deeper into an intractable Middle Eastern war that he hoped to leave.
“Many dead, including women and children, in mindless CHEMICAL attack in Syria,” Mr. Trump wrote on Twitter on Sunday. He blamed Iran and Russia — even singling out President Vladimir V. Putin of Russia by name — for their support of the Syrian government.
“Big price to pay,” he wrote, without providing details.

Many dead, including women and children, in mindless CHEMICAL attack in Syria. Area of atrocity is in lockdown and encircled by Syrian Army, making it completely inaccessible to outside world. President Putin, Russia and..

‘You Are the Product’: Targeted by Cambridge Analytica on Facebook

‘You Are the Product’: Targeted by Cambridge Analytica on Facebook Christopher Deason stumbled upon the psychological questionnaire on June 9, 2014. He was taking a lot of online surveys back then, each one earning him a few dollars to help pay the bills. Nothing about this one, which he saw on an online job platform, struck him as “creepy or weird,” he said later.
So at 6:37 that evening, Mr. Deason completed the first step of the survey: He granted access to his Facebook account.
Less than a second later, a Facebook app had harvested not only Mr. Deason’s profile data, but also data from the profiles of 205 of his Facebook friends. Their names, birth dates and location data, as well as lists of every Facebook page they had ever liked, were downloaded — without their knowledge or express consent — before Mr. Deason could even begin reading the first survey question.
The information was added to a massive database being compiled for Cambridge Analytica, the political data firm with lin..