World Bank lending at record since crisis, US faces $3.4tn pension shortfall and how the mind can harm the body

Technology Eye | April. 11, 2016

Following a week of corrosive headlines about his own financial affairs, UK Prime Minister David Cameron will today promise to create a new criminal offence for companies that fail to stop their staff assisting in tax evasion .

The proposed law — which has faced opposition from banks, law firms and accountants — would put pressure on companies with “inadequate supervisory mechanisms”. (FT)

In the news

The second Paris assault The Brussels jihadi cell only launched its double bombing in Belgium’s capital at the last minute after it was forced to abort a planned assault on Paris, according to Belgian prosecutors. (FT)

England’s Willett wins Masters Danny Willett became the first Briton to win the prestigious golf tournament for 20 years. The Englishman claimed his maiden major after a capitulation by the defending champion Jordan Spieth. (FT)

Daily Mail explores Yahoo bid The parent company of the British newspaper and global tabloid website is in talks with several private-equity firms to launch a bid for the US tech company, according to people familiar with the matter. (WSJ)

Ukraine’s PM resigns Arseniy Yatseniuk tendered his resignation late on Sunday afternoon, accusing the president’s party of plunging the war-scarred and recession-ravaged country into an “artificially created” crisis . (FT)

US faces $3.4tn pension shortfall The public pension system has developed a funding hole that will pile pressure on cities and states to cut spending or raise taxes to avoid Detroit-style bankruptcies. The collective funding shortfall of US public pension funds is three times larger than official figures showed, and is getting bigger . (FT)

World Bank lending at record since crisis A surge in demand by ailing commodity exporters in the developing world has pushed up lending from the World Bank this year to its highest levels since the aftermath of the 2008 financial crisis . (FT)

It's a big day for

G7 Foreign ministers from the group are meeting in Japan, with international terrorism at the top of the agenda . (NAR)

Brexit UK Chancellor George Osborne is set to publish the Treasury’s analysis of the risks and benefits of UK membership in the EU ahead of the June 23 referendum. (FT)

Italian banks The country is rushing to cobble together an industry-led rescue to address mounting concerns over the solidity of a banking sector whose woes pose a risk to the wider eurozone economy. (FT)

Food for thought

Harry Potter and the internet snoops The publisher of the popular books has revealed that he was contacted in 2005 by intelligence agency GCHQ after it apparently discovered an early copy of The Half-Blood Prince on the internet. However, it was quickly determined to be fake after an agent read out an excerpt to an editor. (BBC)

The ghosts of Chicago 1968 The face-off between Donald Trump and Ted Cruz could lead to a surprise nomination if both fail to reach a majority, writes the FT’s Edward Luce. “It is easy to see why Republican leaders would do anything — even risk provoking violence — to deny their party’s crown to Mr Trump. Many would be equally loath to hand it to Mr Cruz.” (FT)

Don’t blame millennials for fleeing jobs The young are restless, we’re told, impetuously quitting jobs without a care for their careers or future. But are they spoilt whingers or are their jobs really intolerable? Lucy Kellaway thinks it’s a bit of both: “They are up against the widest gap between expectations and reality that the professional world has ever seen — and it’s not their fault .” (FT)

Lunch with Nigel Farage The Ukip leader sits down for a “proper” meal with the FT, along with six pints, a bottle of wine and two glasses of port. (FT)

The world’s first ‘pharmacological war’ During the Vietnam conflict, the US military plied its servicemen with speed, steroids and painkillers. The drugs heightened their sense of awareness and helped them endure long missions, but also increased aggression, particularly as the effects began to wear off . (The Atlantic)

How the mind can harm the body Paralysis. Blindness. Seizures. In some instances, it can all be in the mind. Psychosomatic illnesses are a neglected area of study, despite accounting for a large chunk of GPs’ cases. (BBC)

Video of the day

UK steel on the brink Thousands of jobs and an entire industry are at stake as Tata Group plans to sell its UK steel operations. Diane Coyle of the University of Manchester and the FT’s chief leader writer Jonathan Ford talk to Frederick Studemann about why UK steel is on the brink . (FT)

SOURCE: World Economic Forum

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