Woman Loses Silicon Valley Gender Bias Claim

By Sky News US Team

A technology chief executive has lost her claim of sex discrimination in a $16m lawsuit against a Silicon Valley venture capital firm.

Gender was not a substantial reason that Ellen Pao lost her job at Kleiner Perkins Caufield & Byers, found the six men and six women of the San Francisco jury.

Jurors also rejected a claim that Kleiner retaliated against Ms Pao by firing her after she sued in 2012.

The result came after more than two days of deliberation and over four weeks of testimony in the closely watched case against a firm that was an early backer of the likes of Google and Amazon.

Ms Pao alleged harassment by male colleague Ajit Nazre (C)

The 45-year-old plaintiff, now interim chief executive of social news website Reddit, testified she and other women were passed over for advancement and endured harassment in a male-dominated culture at Kleiner.

Ms Pao, who has a law degree and MBA from Harvard, said male senior partners took the credit for her work on successful investments.

But Kleiner said she was fired from her $560,000-a-year job in October 2012 because she lacked leadership and interpersonal skills.

She alleged the discrimination began after she complained about harassment from married male colleague Ajit Nazre, with whom she says she was pressured into having an affair in 2006.

Kleiner boss John Doerr said Ms Pao had a 'female chip on her shoulder'

Ms Pao, who joined Kleiner in 2005, testified during five days on the witness stand that she and other women were barred from work trips on private jets and ski resorts.

One juror asked her if it was "professional to enter into an affair with a married partner?"

Ms Pao also said she was not invited to an important Kleiner dinner with former US Vice President Al Gore.

She is married to Alphonse "Buddy" Fletcher, a Wall Street financier who is embroiled in his own discrimination lawsuit.

Mr Fletcher, who is African American, sued Manhattan's exclusive Dakota building in 2011, alleging its management was racist in questioning his ability to pay for a fourth unit in the complex.

But the Upper West Side landmark, outside of which former Beatle John Lennon was shot dead in 1980, says it refused to sell him another apartment purely over concerns about his finances.

Mr Fletcher's hedge fund is bankrupt.

00.02 | 0 komentar | Read More

Google Can Be Sued In The UK Over Web Tracking

Google has lost a Court of Appeal battle to stop British consumers from suing it in the UK.

A group called Safari Users Against Google's Secret Tracking accuse Google of bypassing security settings on Apple's browser to track their online browsing and to target them with personalised advertisements.

On Friday three appeal judges dismissed Google's appeal over a High Court ruling against it, and ruled claims for damages can be brought over allegations of misuse of private information.

The ruling is a victory for the group of Safari users who have complained about the "clandestine" tracking of their internet use between summer 2011 and early 2012.

The group says Google collected private information without their knowledge using cookies - the text saved on computers and other devices to identify a user to Google.

Video: 2014: Assange Criticises Google

Dan Tench, a partner at law firm Olswang, which represents the group, said the case decides "whether British consumers actually have any right to hold Google to account in this country".

The appeal judges unanimously ruled that misuse of private information was a civil wrong, enabling legal action to go ahead.

The judgement said: "On the face of it, these claims raise serious issues which merit a trial.

"They concern what is alleged to have been the secret and blanket tracking and  collation of information, often of an extremely private nature... about and associated with the claimants' internet use, and the subsequent use of that information for about nine months.

"The case relates to the anxiety and distress this intrusion upon autonomy has caused."

00.02 | 0 komentar | Read More

One Quarter Of Students Consider Sex Work

By Becky Johnson, North Of England Correspondent

Nearly a quarter of students in the UK have considered sex work as a way to fund their time at University.

A study carried out by academics at Swansea University has found that 5% of students have actually worked in the sex industry.

More than half of those said they did so in order to pay for basic living expenses.

In a lap dancing club in Liverpool one of the dancers who calls herself "Isobel" when at work told Sky News she began working as a stripper when she realised how much money she could earn.

She is on one of the most competitive courses at a top university and says the bar job she had previously meant working many more hours a week, which interfered with her studies.

"What I earn in a week is what I'd earn in a month in the bar job, so it just kind of made sense to me to work here rather than do that." she said.

"I think it's a no-brainer for anyone really. Rather than doing all those hours I do less than half the amount of time for a lot more money - three times as much money. It's crazy."

Other students are prepared to go further, advertising themselves as escorts on adult-only websites.

One student who works as a prostitute agreed to speak to Sky News on the condition that we did not reveal her identity.

"I think it is still very much stigmatised and that can make life very difficult for student sex workers," she said.

"It isn't something for everybody, and that's totally fine, but it was the best choice of the choices that I had available to me."

"Obviously I think there should be a better funded education system - I think there should be grants for students.

"But at the minute while we don't have any of that support or money in place this is the best option."

The debate over the cost of going to university will continue ahead of the General Election, with Labour pledging to cut tuition fees by a third to £6,000 a year.

In the three years since fees were raised to £9,000 the students union at Manchester University has been contacted by more students who are working in the sex industry.

Women's Officer Jess Lishak told Sky News: "We've definitely seen an increase in the people we see in our advice centre that are turning to sex work.

"In terms of the reasons for that, there's a huge variety and I think it's too complex to break down to just fees, just austerity, just cuts. They all play a part".

The Student Sex Work Project has found that while 56% of students who engage in sex work said they do so to pay for basic living costs, 45% said it was to avoid debt and 39% said it was to reduce debt at the end of their course.

Dr Tracey Sagar, who jointly led the research, said: "We now have firm evidence that students are engaged in the sex industry across the UK.

"The majority of these students keep their occupations secret and this is because of social stigma and fears of being judged by family and friends.

"And, we have to keep in mind that not all students engaged in the industry are safe or feel safe.

"It is vital now that universities arm themselves with knowledge to better understand student sex work issues and that university services are able to support students where support is needed."

00.02 | 0 komentar | Read More

Premier League May Dump Sponsorship

By Mark Kleinman, City Editor

The Premier League is considering abandoning its long-running title sponsorship‎ arrangements when Barclays' 15-year association with English football's top flight ends next year.

Sky News has learnt that the Premier League is in talks with its shareholders, the 20 clubs, about moving to a 'partnership model' which would involve alliances with a handful of brands in different industries.

The idea, which is at an early stage, would signal an evolution of one of the ‎most lucrative commercial deals in British sport.

Barclays has‎ held the title sponsorship rights to the Premier League since 2001, when it took over from Carling, the lager brand.

Some leading clubs ‎are said to favour abandoning the existing structure because they believe they could earn more money from a series of partnership deals.

The prospective changes were discussed at a meeting on Thursday.

Sources indicated on Friday that the Premier League was continuing to discuss title sponsorship opportunities with companies including Diageo, which has been examining a tie-up with its Guinness brand.

A decision is likely in the next few months, with Premier league sources suggesting that strong competition for a deal meant that a title sponsorship remained the likeliest outcome.

‎In a memo to staff on Thursday, Barclays said that it would not renew its £40m-a-year agreement:

"Since we took on the sponsorship under the Barclaycard brand in 2001 the Premier League's popularity has grown exponentially around the world.

"The sponsorship has been very successful for Barclays, but having carefully considered whether it is the right partnership for us given where we are as a business and a brand today, we have concluded the time is right to pass the baton on.

"The core consideration informing this decision was the balance between the benefit to Barclays and our brand versus the likely investment required to carry on.

A source close to Diageo said it remained interested in a deal, while other potential sponsors, including a major automotive company, are also in talks.

The news that the League may decide to operate without a title sponsor comes six weeks after it signed a record-breaking £5.1bn live broadcast rights deal with companies including Sky plc, the owner of Sky News.

A Premier League spokesman declined to comment.

00.02 | 0 komentar | Read More

Co-op Bank Trims Annual Losses To £264.2m

The troubled Co-operative Bank says it has "stabilised", with losses cut to £264.2m in 2014 though its turnaround plan will result in more branch closures.

It also confirmed, alongside its results, a Sky News story of Thursday evening that chief executive Niall Booker had agreed to stay on until the end of 2016.

Mr Booker took over in 2013 as the Co-op Bank faced the threat of collapse, following the emergence of a £1.5bn black hole on its balance sheet and a wider governance crisis at the Co-op Group, the UK's most prominent mutual.

The disclosure of his new deal and the Co-op Bank's results come three months after it was the only one of eight UK lenders to fail stress tests set by the Prudential Regulation Authority (PRA), an arm of the Bank of England.

The pre-tax loss marked a strong turnaround on the £1.3bn it initially reported for 2013.

The bank said today it had since revised its 2013 loss figure to £688.3m because of a gain to the value of  debt on its books.

And the Co-op said that while its recovery was on track, it was to speed up the sale of unwanted assets which included a "closed book" of residential mortgages that were "particularly susceptible to a severe economic stress".

It axed 15% of its staff in 2014 and closed 72 branches.

The bank said it planned to close an additional 57 branches in 2015.

Mr Booker said: "Over the course of 2014 the management team has continued to take significant steps to implement the strategy and to turn the bank around.

"The Co-operative Bank is stronger than a year ago and we end the year with a strengthened capital position, ahead of schedule in the reduction of non-core assets and having made progress reducing underlying costs and improving the day-to-day management and governance.

"However, we are in the early stages of the turnaround and there is still much to do to transform the organisation into a sustainable business.

"There are a number of matters where the bank does not yet meet FCA and PRA regulatory requirements and expectations.

"The revised plan, accepted by the regulators, seeks to address this."

The Co-op said current account numbers fell 4% in 2014 following the bank's much-publicised woes and admitted it faced "considerable work" to recover its market share in a "very competitive" field.

There was concern among customers at hedge funds gaining control of a significant stake under its restructuring.

There was bad PR, too, amid sex and drug revelations concerning the bank's former chairman, Paul Flowers, whose financial competence was questioned by MPs after he failed to correctly state the size of the Co-op Bank's balance sheet.

00.02 | 0 komentar | Read More

Swiss Bank Nets Coutts International From RBS

A Swiss bank is to buy Royal Bank of Scotland's (RBS) international private banking and wealth management arm, though it is unlikely to raise a significant sum for the part-nationalised lender.

The amount to be paid by Union Bancaire Privee (UBP) for Coutts International was yet to be fully determined, RBS said, but added it would take a £200m charge as part of the agreement.

Coutts International, which is separate from the British-based division of Coutts, manages assets of more than $30bn (£20.2bn) and its sale will also come as something of a relief at a time when tax authorities are scrutinising the activities of banks and individuals following the tax scandal at HSBC's Swiss private bank.

German officials are already examining Coutts' operations in Switzerland.

The sale also forms part of RBS's decision to create a UK-focused bank in the wake of its rescue by taxpayers at the height of the banking crisis.

Earlier this week, it confirmed a 25% stake sale in its US operation Citizens, raising $3.2bn (£2.2bn). 

The bank said of its Coutts International deal today: "The sale comprises client relationships outside the British Isles and associated staff.

"RBS will continue to service UK Private Banking and Wealth Management client needs, together with those of international clients with a strong connection to the UK, from the British Isles through its Coutts and Adam & Company brands.

"The transaction is subject to regulatory approvals."

The sale includes relationships managed from Switzerland, Monaco, UAE, Qatar, Singapore and Hong Kong.

The price paid, RBS said, would  be determined in part by assets under management on closing.

As at 31 December, assets under management at Coutts International were approximately 32bn Swiss francs (£22.3bn).

Total risk weighted assets were 2bn Swiss francs (£1.4bn).

But RBS warned: "The resulting capital benefit to RBS is expected to be modest after writing off goodwill related to the business and taking into account anticipated exit and restructuring costs.

"In the Q1 2015 results, the business to be sold will be treated as a disposal group, resulting in an expected charge in the order of £200m.

Alison Rose, chief executive of commercial & private banking at RBS, said: "Last year we set out a clear strategy to create a truly UK-focused bank.

"This announcement is another important step in that process. Following an extensive review, it was clear that the bank we are building would not be the most appropriate owner of the business being sold."

00.02 | 0 komentar | Read More

Alliance Trust Defends Chair's Share Purchase

By Mark Kleinman, City Editor

The chairman of Alliance Trust acquired thousands of shares in the company weeks after an activist shareholder had privately indicated that it was preparing to call for a boardroom shake-up.

Sky News can reveal that Karin Forseke, a former deputy chairman and senior independent director of the Financial Services Authority, bought the shares - worth approximately £25,000 - on 9 March, three days after Alliance Trust published its full-year results.

Ms Forseke's acquisition of the shares came roughly three weeks after Elliott Advisors had written to Alliance Trust's board on 19 February to signal that it was on the verge of being left with "no option other than to seriously consider bringing these issues [about management and performance] directly to other shareholders".

A meeting took place between Elliott representatives and Alliance Trust to discuss the results on March 12, at which people close to the FTSE-250 company said its shareholder did not raise the issue of requisitioning motions on which investors will vote at its annual meeting next month.

Elliott's decision to nominate a slate of directors was then made public on Sunday 15 March, the day after which Alliance Trust's shares closed up 2.7%.

Ms Forseke requested, and received, formal permission from colleagues for her 9 March share purchase, and there is no suggestion of impropriety on her part.

However, the implications of her share-buying activity, which is disclosed in public filings, may spark surprise in the City given Elliott's reputation as an aggressive activist for change at the companies it invests in.

One observer expressed surprise that directors had been given permission to trade in the shares given the contents of Elliott's letter to the board in February.

Elliott has been a shareholder in Alliance Trust since 2011.

In a statement issued to Sky News, a spokesperson for Alliance Trust said: "Alliance Trust was in a closed period from 31 December 2014 to the date of announcement of our results on 6 March 2015 so directors could not deal during that period.

"Karin requested permission to purchase an additional 4,895 shares through our normal share dealing procedures to add to her existing holding of Alliance Trust shares in her pension plan following the announcement of our results.

"She received that permission on 9 March and the purchase then took place on Wednesday 11 March before the meeting with Elliott and at a time when we had no knowledge that they intended to requisition the company.

"She currently has a holding of 107,227 shares. We encourage directors to hold shares in the company as a way of ensuring alignment of interests with other investors."

The battle between Elliott and Alliance Trust is shaping up to be one of the most fractious confrontations between a blue-chip UK company and an activist shareholder for some time.

Alliance Trust has raised doubts about the independence of the three directors nominated by Elliott and accused the hedge fund of behaving disruptively in order to facilitate an exit from its shareholding.

Elliott's other investments in Britain have included National Express, Game Digital and - briefly - the supermarket chains Wm Morrison and J Sainsbury.

Elliott declined to comment.

00.02 | 0 komentar | Read More

UK Airlines Bring In New Cockpit Safety Rules

By Charlotte Lomas-Farley, Sky News Correspondent

New safety rules have been introduced in the UK after 150 people on board the Germanwings Airbus A320 were killed when it crashed in the French Alps.

The UK's aviation regulator, the UK Civil Aviation Authority, has contacted all British airlines to get them to review all relevant procedures.

Here is a breakdown of how the safety rules affect different airlines:

:: Thomas Cook, Thomson and easyJet - from Friday, all three are changing their safety procedures to ensure that two crew members are in the cockpit at all times.

:: Virgin Atlantic and Monarch - both airlines say that while a two crew policy has always been common practice, they are in the process of making this formal policy.

Video: How Airlines Deal With Pilot Stress

If a pilot or co-pilot needs to leave the cockpit for any reason then a cabin crew member will stand in.

:: Jet2 and Flybe - both carriers already implement a two people in the cockpit at all times policy, as does Ryanair.

:: British Airways - the airline has refused to comment on the policy of its cockpit manning levels. The airline has insisted it does not discuss security issues.

Video: Shock In Co-Pilot's Hometown

00.02 | 0 komentar | Read More

Major Power Outage Suffered Across Amsterdam

Hospitals, trains, trams and the metro were all hit by a major power cut in the Dutch capital Amsterdam and the surrounding area.

The electricity network operator, Tennet, said the regional outage was caused by a grid "overload" at a high-voltage power station in the town of Diemen.

Power was restored a few hours later.

The outage had led to traffic jams across the capital as a result of traffic lights turning off, and the electric-powered tram system was brought to a standstill, as thousands of commuters were stranded.

Schiphol airport was switched to backup power and all flights were diverted to airports in Belgium and Germany because of the cut.

Hospitals were also forced to rely on backup power while many trains were stranded due to signal failures.

The ANP news agency said the outage covered large parts of the province of North Holland, including the nearby broadcasting centre of Hilversum.

00.02 | 0 komentar | Read More

Miliband's NHS Pledge At Campaign Launch

Labour leader Ed Miliband has launched his party's General Election campaign with a promise to safeguard the future of the NHS.

The event in east London came after Mr Miliband and Prime Minister David Cameron answered questions in the Battle For Number 10, the first showdown of the campaign.

Launching the party's push for power in the "tightest general election in a generation", Mr Miliband said: "The Tories say this is as good as it gets.

"We say Britain can and must do better than this."

Referencing the special programme broadcast on Sky News and Channel 4, the Labour leader claimed the PM's performance showed he was "rattled", "running from his record" and "living in a different world".

Video: Scottish Labour Campaign Launch

The election on 7 May is a choice between "two different visions" for Britain, Mr Miliband said.

"A Tory government that looks out only for the few, or a Labour government that will stand up for working families in every part of our country," he claimed.

At the heart of the launch was a promise of a "double lock" to protect the health service.

Video: TV Showdown: Leaders Vie For Votes

Mr Miliband said Labour would act to ensure health services are not threatened by privatisation and pledged to provide £2.5bn in extra cash, paid for by taxes on expensive properties and tobacco companies and a crackdown on tax avoidance.

A new profit cap - usually 5% - would be imposed on outsourced healthcare contracts worth more than £500,000, private firms would be prevented from "cherry-picking" lucrative treatments and the NHS would be the "preferred provider" for all services.

Mr Miliband said: "Just think about how far backwards the NHS has gone in the last five years.

Video: The Battle For Number 10 In Full

"People waiting longer and longer to see a GP. Ambulances queuing up outside hospitals, because A&E is full. Even a treatment tent erected in a hospital car park.

"For all the promises, for all the air-brushed posters, David Cameron has broken his solemn vow to the British people when it comes to our NHS."

He admitted the race for Downing Street would be neck-and-neck and could "come down to the wire".

Video: Miliband Grilled By Paxman

Mr Miliband said: "I know our opponents will throw everything they have our way, because they're desperate to hang on to power.

"But we know we can win this fight on behalf of the British people."

Scottish Labour leader Jim Murphy has also launched the party's campaign in Glasgow.

Video: 'Let People Underestimate Me'

Addressing activists, Mr Murphy called on them to help Labour "consign David Cameron and his austerity to the dustbin of history".

In response to Mr Miliband's remarks, Conservative MP and Health Secretary Jeremy Hunt said: "We can only have a strong NHS if we have a strong economy, but Ed Miliband doesn't have an economic plan.

"We all know Labour want to 'weaponise' the NHS but this is another policy from Ed Miliband that looks ill-thought through. It risks higher infection rates, higher waiting times and chaos for our NHS.

Video: Miliband Says People Are Worse Off

"This incompetence is exactly why Ed Miliband is simply not up to the job."

00.02 | 0 komentar | Read More