Wirecard shares sink after FT report alleging company inflated sales

An illuminated logo sits on the exterior of Wirecard’s headquarters in the Aschheim district of Munich, Germany. Shares in Wirecard sank more than 20% in early trading on Tuesday after the Financial Times newspaper published documents on the company’s accounting practices alleging an effort to inflate sales and profits, dealers said. A Wirecard spokesman declined to comment on the report. The report comes after the paper published a series of stories earlier this year alleging fraud and false ac


An illuminated logo sits on the exterior of Wirecard’s headquarters in the Aschheim district of Munich, Germany. Shares in Wirecard sank more than 20% in early trading on Tuesday after the Financial Times newspaper published documents on the company’s accounting practices alleging an effort to inflate sales and profits, dealers said. A Wirecard spokesman declined to comment on the report. The report comes after the paper published a series of stories earlier this year alleging fraud and false ac
Wirecard shares sink after FT report alleging company inflated sales Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-15
Keywords: news, cnbc, companies, profits, wirecard, sink, effort, wirecards, inflated, alleging, report, company, newspaper, inflate, early, sales, published, shares


Wirecard shares sink after FT report alleging company inflated sales

An illuminated logo sits on the exterior of Wirecard’s headquarters in the Aschheim district of Munich, Germany.

Shares in Wirecard sank more than 20% in early trading on Tuesday after the Financial Times newspaper published documents on the company’s accounting practices alleging an effort to inflate sales and profits, dealers said.

At 0806 GMT, shares were down 15% after hitting their lowest since April 24, making them the biggest faller on Germany’s DAX 30 and on track for their worst day since early February.

A Wirecard spokesman declined to comment on the report.

The newspaper said the documents included internal company spreadsheets and related correspondence between senior members of Wirecard’s finance team, which appear to indicate an effort to inflate sales and profits at its businesses in Dubai and Ireland, as well as to potentially mislead EY, its tier-one auditor.

The report comes after the paper published a series of stories earlier this year alleging fraud and false accounting at Wirecard’s Singapore office and that a key Middle East unit was not properly audited.

The company has denied the FT’s allegations, saying that although Dubai-based subsidiary Card Systems was not individually audited, its books had undergone higher-level “full-scope” scrutiny by auditor EY.


Company: cnbc, Activity: cnbc, Date: 2019-10-15
Keywords: news, cnbc, companies, profits, wirecard, sink, effort, wirecards, inflated, alleging, report, company, newspaper, inflate, early, sales, published, shares


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China state newspaper criticizes Apple for app used by Hong Kong protesters

The Chinese Communist Party’s official newspaper, the People’s Daily, lashed out on Tuesday at Apple for allowing an app on its app store that tracks the movement of police around Hong Kong and is used by protesters in ongoing and sometimes violent demonstrations. In a commentary the newspaper did not mention the name of the location app, but it decried what it said was Apple’s complicity in helping the protesters and questioned whether Apple was “thinking clearly”. One such map that is availabl


The Chinese Communist Party’s official newspaper, the People’s Daily, lashed out on Tuesday at Apple for allowing an app on its app store that tracks the movement of police around Hong Kong and is used by protesters in ongoing and sometimes violent demonstrations. In a commentary the newspaper did not mention the name of the location app, but it decried what it said was Apple’s complicity in helping the protesters and questioned whether Apple was “thinking clearly”. One such map that is availabl
China state newspaper criticizes Apple for app used by Hong Kong protesters Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: arjun kharpal
Keywords: news, cnbc, companies, china, criticizes, kong, used, peoples, daily, newspaper, apple, state, protests, protesters, store, hong, app


China state newspaper criticizes Apple for app used by Hong Kong protesters

The Chinese Communist Party’s official newspaper, the People’s Daily, lashed out on Tuesday at Apple for allowing an app on its app store that tracks the movement of police around Hong Kong and is used by protesters in ongoing and sometimes violent demonstrations.

In a commentary the newspaper did not mention the name of the location app, but it decried what it said was Apple’s complicity in helping the protesters and questioned whether Apple was “thinking clearly”.

One such map that is available on the Apple app store, the HKmap.live app, has become a lightning rod on Twitter for criticism and support of the protests. The developer did not immediately respond to a request for comment. On Saturday in a tweet they said that Apple had “many business considerations” but had “make thing(s) right.”

Apple is the latest foreign company to catch heat in relation to the pro-democracy protests in Hong Kong, which have lasted four months.

The National Basketball Association (NBA) and U.S. sports brand Vans also have become embroiled in controversies over the protests.

The piece on the website of the People’s Daily said Apple did not have a sense of right and wrong, and ignored the truth.


Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: arjun kharpal
Keywords: news, cnbc, companies, china, criticizes, kong, used, peoples, daily, newspaper, apple, state, protests, protesters, store, hong, app


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Conservative MP fiercely rejects claims of EU collusion over law to stop no-deal Brexit

The story claimed, crediting unnamed sources, that a recently drafted law preventing Johnson from pursuing a no-deal Brexit had been drawn up with foreign help. Several MPs (Members of Parliament), including the prime minister, have coined it “the Surrender Act.” Dominic Grieve, a remain-supporting MP who helped draft the law, told CNBC’s Steve Sedgwick at the Conservative Party conference Monday that the story was “a piece of classic fake news, based on a series of lies.” He said the act was dr


The story claimed, crediting unnamed sources, that a recently drafted law preventing Johnson from pursuing a no-deal Brexit had been drawn up with foreign help. Several MPs (Members of Parliament), including the prime minister, have coined it “the Surrender Act.” Dominic Grieve, a remain-supporting MP who helped draft the law, told CNBC’s Steve Sedgwick at the Conservative Party conference Monday that the story was “a piece of classic fake news, based on a series of lies.” He said the act was dr
Conservative MP fiercely rejects claims of EU collusion over law to stop no-deal Brexit Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-30  Authors: david reid
Keywords: news, cnbc, companies, collusion, quite, conservative, law, stop, fiercely, grieve, series, minister, newspaper, claims, mail, party, nodeal, rejects, prime


Conservative MP fiercely rejects claims of EU collusion over law to stop no-deal Brexit

A newspaper story accusing U.K. lawmakers of colluding with European Union officials is a “series of lies” that Prime Minister Boris Johnson and his government must answer for, according to the former attorney general and Conservative politician Dominic Grieve.

The Mail on Sunday newspaper splashed its front-page cover with a story suggesting the government was investigating a plot involving foreign governments and a group of lawmakers in Britain who want to stay in the European Union.

The story claimed, crediting unnamed sources, that a recently drafted law preventing Johnson from pursuing a no-deal Brexit had been drawn up with foreign help. Several MPs (Members of Parliament), including the prime minister, have coined it “the Surrender Act.”

Dominic Grieve, a remain-supporting MP who helped draft the law, told CNBC’s Steve Sedgwick at the Conservative Party conference Monday that the story was “a piece of classic fake news, based on a series of lies.”

He said the act was drafted with the help of the commons clerks and independent lawyers who worked for the public good. He further denied discussing the legal work with any EU official and that a related accusation of overseas funding to draft the bill was again false and “actually quite a serious allegation.”

A palpably angry Grieve, who is a member of Johnson’s ruling Conservative Party, accused the U.K. government of using taxpayer’s money to feed the story direct to compliant journalists at the Mail on Sunday. Grieve has said separately that he received a death threat just hours after being named in the story.

“For a government in a Western democracy like the U.K. to behave in this fashion is quite astonishing,” he said before adding: “I will be writing to the Cabinet Secretary to say that, ultimately, he has a responsibility for propriety in this government. What is his explanation for this extraordinary event taking place”


Company: cnbc, Activity: cnbc, Date: 2019-09-30  Authors: david reid
Keywords: news, cnbc, companies, collusion, quite, conservative, law, stop, fiercely, grieve, series, minister, newspaper, claims, mail, party, nodeal, rejects, prime


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Sterling soars to 7-week high on optimism of a Brexit breakthrough

Sterling is now up more than 4% versus the dollar since September 3, when it reached a three-year low. The main driver behind buying appeared to be a newspaper report in The Times newspaper that suggested that the Democratic Unionist Party is softening its opposition to a Northern Ireland-only backstop. Foster again discredited the prospect of a Northern Ireland-only backstop on Friday and derided the Times report, stating “anonymous sources lead to nonsense stories.” Kit Juckes, chief foreign e


Sterling is now up more than 4% versus the dollar since September 3, when it reached a three-year low. The main driver behind buying appeared to be a newspaper report in The Times newspaper that suggested that the Democratic Unionist Party is softening its opposition to a Northern Ireland-only backstop. Foster again discredited the prospect of a Northern Ireland-only backstop on Friday and derided the Times report, stating “anonymous sources lead to nonsense stories.” Kit Juckes, chief foreign e
Sterling soars to 7-week high on optimism of a Brexit breakthrough Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-13  Authors: david reid
Keywords: news, cnbc, companies, traders, breakthrough, short, newspaper, positions, sterling, soars, optimism, report, opposition, northern, london, brexit, times, 7week, high


Sterling soars to 7-week high on optimism of a Brexit breakthrough

Sterling rose to its highest level since late July on Friday as momentum appeared to swell behind the idea that Britain won’t leave the European Union without a formal deal.

Shortly after11 a.m. in London, the pound had risen 1% for the session to reach $1.2456. Sterling is now up more than 4% versus the dollar since September 3, when it reached a three-year low.

The main driver behind buying appeared to be a newspaper report in The Times newspaper that suggested that the Democratic Unionist Party is softening its opposition to a Northern Ireland-only backstop.

The DUP has long rejected the backstop — an insurance policy against any hard border within Ireland — as any part of the Brexit process. DUP leader Arlene Foster once described her party’s opposition as a “blood red” line.

Foster again discredited the prospect of a Northern Ireland-only backstop on Friday and derided the Times report, stating “anonymous sources lead to nonsense stories.”

Despite that rebuttal, sterling clung on to its gains and even took a further leg higher.

Kit Juckes, chief foreign exchange strategist at Societe Generale, said in his daily research note Friday that the Times report had triggered some traders to cover off their short positions on sterling. Short positions are where traders bet against an asset, believing it will fall in price, in order to make a profit.

Juckes cautioned that it was now “very late in the day” for U.K. Prime Minister Boris Johnson to arrange a fresh deal that would satisfy lawmakers in Belfast, London and Brussels.


Company: cnbc, Activity: cnbc, Date: 2019-09-13  Authors: david reid
Keywords: news, cnbc, companies, traders, breakthrough, short, newspaper, positions, sterling, soars, optimism, report, opposition, northern, london, brexit, times, 7week, high


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‘A very British coup’: Global media reacts to Boris Johnson’s move to suspend parliament

A person wearing a Boris Johnson ‘head’ digs a grave at the foot of a tombstone during a protest organised by Avaaz and Best for Britain, outside Downing Street in London. Stefan Rousseau – PA Images | PA Images | Getty ImagesBritish and international media outlets have responded predictably strongly to Prime Minister Boris Johnson’s decision to shut down parliament for several weeks, with newspapers around the world transfixed by the surprise announcement. Many media outlets emphasized the “rog


A person wearing a Boris Johnson ‘head’ digs a grave at the foot of a tombstone during a protest organised by Avaaz and Best for Britain, outside Downing Street in London. Stefan Rousseau – PA Images | PA Images | Getty ImagesBritish and international media outlets have responded predictably strongly to Prime Minister Boris Johnson’s decision to shut down parliament for several weeks, with newspapers around the world transfixed by the surprise announcement. Many media outlets emphasized the “rog
‘A very British coup’: Global media reacts to Boris Johnson’s move to suspend parliament Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-29  Authors: sam meredith
Keywords: news, cnbc, companies, parliament, lawmakers, british, minister, prime, coup, johnson, global, suspend, britain, newspaper, johnsons, reacts, boris, media


'A very British coup': Global media reacts to Boris Johnson's move to suspend parliament

A person wearing a Boris Johnson ‘head’ digs a grave at the foot of a tombstone during a protest organised by Avaaz and Best for Britain, outside Downing Street in London. Stefan Rousseau – PA Images | PA Images | Getty Images

British and international media outlets have responded predictably strongly to Prime Minister Boris Johnson’s decision to shut down parliament for several weeks, with newspapers around the world transfixed by the surprise announcement. With 63 days left until Britain is scheduled to leave the European Union, Johnson has sought to limit lawmakers’ opportunities to derail his plans for Brexit. The highly-controversial move is the new prime minister’s boldest yet in his push to take the country out of the bloc before October 31. Many media outlets emphasized the “rogue” in “prorogue” on Thursday, while Belgium’s De Morgen newspaper described the tactic as “a very British coup.”

How did British papers react?

The Independent has called the episode “The Johnson Coup.” In its editorial, the newspaper suggested the move was an “underhand” and “devious” bid to undermine British democracy. It urged lawmakers to defeat Johnson’s plan when they return to Westminster next week. The Guardian took a similarly dim view on the prime minister’s attempt to prorogue parliament, describing it as an “affront to democracy.” The paper said it was clear Johnson wished to silence parliament before the October 31 deadline, despite the prime minister claiming the move would allow him to enact a “bold and ambitious legislative agenda.” The Financial Times went even further, calling on members of parliament (MPs) to hold a no-confidence vote in order to trigger a general election. “It is time for parliamentarians to bring down his government in a no-confidence vote, paving the way for an election in which the people can express their will,” it said in an editorial piece published Thursday.

The Daily Mail was far more positive about Johnson’s decision, calling it a “historic move” to thwart anti-Brexit lawmakers. The newspaper pictured Johnson with his fists clenched, alongside a headline: “Boris takes the gloves off.” The Times’ front page depicts a large image of the prime minister in black and white, with the headline: “Johnson goes for broke.” It leads with the news that his government has “pushed Britain to the brink of a constitutional crisis.”

And in Europe?


Company: cnbc, Activity: cnbc, Date: 2019-08-29  Authors: sam meredith
Keywords: news, cnbc, companies, parliament, lawmakers, british, minister, prime, coup, johnson, global, suspend, britain, newspaper, johnsons, reacts, boris, media


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China’s trade battle is looking like the US-Japan trade war that lasted more than a decade

U.S. President Donald Trump (L) and Chinese President Xi Jinping (R) walk together at the Mar-a-Lago estate in West Palm Beach, Florida, April 7, 2017.17. Eighteen months into the trade battle with President Donald Trump, China has come to terms that it’s fighting a forever war as conflicts have spread well beyond trade. China is preparing for a battle that could be as long as the U.S.-Japan trade war in the 1980s that lasted more than a decade, according to Yi Xiong, China economist at Deutsche


U.S. President Donald Trump (L) and Chinese President Xi Jinping (R) walk together at the Mar-a-Lago estate in West Palm Beach, Florida, April 7, 2017.17. Eighteen months into the trade battle with President Donald Trump, China has come to terms that it’s fighting a forever war as conflicts have spread well beyond trade. China is preparing for a battle that could be as long as the U.S.-Japan trade war in the 1980s that lasted more than a decade, according to Yi Xiong, China economist at Deutsche
China’s trade battle is looking like the US-Japan trade war that lasted more than a decade Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-28  Authors: yun li
Keywords: news, cnbc, companies, lasted, long, trade, newspaper, likely, usjapan, war, xiong, president, chinese, china, looking, decade, chinas, trump, battle


China's trade battle is looking like the US-Japan trade war that lasted more than a decade

U.S. President Donald Trump (L) and Chinese President Xi Jinping (R) walk together at the Mar-a-Lago estate in West Palm Beach, Florida, April 7, 2017.17.

Eighteen months into the trade battle with President Donald Trump, China has come to terms that it’s fighting a forever war as conflicts have spread well beyond trade.

China is preparing for a battle that could be as long as the U.S.-Japan trade war in the 1980s that lasted more than a decade, according to Yi Xiong, China economist at Deutsche Bank.

“We think China is neither aiming to quickly reach a trade deal, nor trying to hit back at the U.S. as hard as it can,” Xiong said in a note on Wednesday. “China’s current strategy likely has a long time horizon embedded in it. The time horizon may also go beyond the life cycle of the current U.S. administration.”

While China will remain open to further negotiations, it’s less likely to make concessions given its effort to diversify its supply chain, the economist said.

China is accelerating efforts in other countries to reduce its reliance on the U.S. The official newspaper of the Chinese Communist Party People’s Daily on Sunday published several articles about China’s improving cooperation with other countries including Thailand, Japan, Korea and Latin America.

The country is also strengthening its domestic market. The State Council on Tuesday outlined 20 measures to support consumption, including applying new technologies to promote the circulation of products, improving infrastructure of commercial streets and accelerating the development of chain convenience stores, according to state-run media Xinhua.

Hu Xijin, a Chinese newspaper editor followed by Wall Street for insight on the trade war, highlighted the move in a Tuesday tweet, saying it’s “more and more difficult for the U.S. to press China to make concessions.”


Company: cnbc, Activity: cnbc, Date: 2019-08-28  Authors: yun li
Keywords: news, cnbc, companies, lasted, long, trade, newspaper, likely, usjapan, war, xiong, president, chinese, china, looking, decade, chinas, trump, battle


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Chinese newspaper editor disputes Trump’s trade war claims: ‘China didn’t change its position’

Chinese President Xi Jinping and U.S. President Donald Trump chat at a G-20 event a day before their highly anticipated bilateral meeting. President Donald Trump said China is ready to come back to the negotiating table, but one Chinese insider is calling Trump’s bluff, saying, “China didn’t change its position.” Hu Xijin is editor-in-chief of the Global Times, a tabloid under the People’s Daily, which is the official newspaper of the Communist Party of China. His Twitter account has been follow


Chinese President Xi Jinping and U.S. President Donald Trump chat at a G-20 event a day before their highly anticipated bilateral meeting. President Donald Trump said China is ready to come back to the negotiating table, but one Chinese insider is calling Trump’s bluff, saying, “China didn’t change its position.” Hu Xijin is editor-in-chief of the Global Times, a tabloid under the People’s Daily, which is the official newspaper of the Communist Party of China. His Twitter account has been follow
Chinese newspaper editor disputes Trump’s trade war claims: ‘China didn’t change its position’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-26  Authors: yun li
Keywords: news, cnbc, companies, warhis, didnt, chinese, trade, donald, xijin, twitter, trumps, newspaper, disputes, trump, xi, wall, war, president, editor, china, claims, position


Chinese newspaper editor disputes Trump's trade war claims: 'China didn't change its position'

Chinese President Xi Jinping and U.S. President Donald Trump chat at a G-20 event a day before their highly anticipated bilateral meeting.

President Donald Trump said China is ready to come back to the negotiating table, but one Chinese insider is calling Trump’s bluff, saying, “China didn’t change its position.”

Hu Xijin is editor-in-chief of the Global Times, a tabloid under the People’s Daily, which is the official newspaper of the Communist Party of China. His Twitter account has been followed by many Wall Street traders and market participants for insight on the trade war.

His comment came after Trump said at the G-7 summit in France that China expressed its desire for a deal in a recent call.


Company: cnbc, Activity: cnbc, Date: 2019-08-26  Authors: yun li
Keywords: news, cnbc, companies, warhis, didnt, chinese, trade, donald, xijin, twitter, trumps, newspaper, disputes, trump, xi, wall, war, president, editor, china, claims, position


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Billionaire James Dyson reportedly buys $54 million penthouse in Singapore

The Wallich Residence is located within the Tanjong Pagar Centre (second from right), Singapore’s tallest building. British technology firm founder James Dyson and his wife have bought a luxury penthouse in Singapore for a record 73.8 million Singapore dollars ($54.2 million), according to The Business Times newspaper on Wednesday. The privately held company Dyson founded is known for selling $400 hair dryers and sleekly designed vacuum cleaners. The Business Times did not specify its sources, b


The Wallich Residence is located within the Tanjong Pagar Centre (second from right), Singapore’s tallest building. British technology firm founder James Dyson and his wife have bought a luxury penthouse in Singapore for a record 73.8 million Singapore dollars ($54.2 million), according to The Business Times newspaper on Wednesday. The privately held company Dyson founded is known for selling $400 hair dryers and sleekly designed vacuum cleaners. The Business Times did not specify its sources, b
Billionaire James Dyson reportedly buys $54 million penthouse in Singapore Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-10  Authors: huileng tan
Keywords: news, cnbc, companies, 54, james, wife, reportedly, million, singapore, dyson, wednesdaythe, buys, newspaper, business, penthouse, billionaire, records, times, wire


Billionaire James Dyson reportedly buys $54 million penthouse in Singapore

The Wallich Residence is located within the Tanjong Pagar Centre (second from right), Singapore’s tallest building.

British technology firm founder James Dyson and his wife have bought a luxury penthouse in Singapore for a record 73.8 million Singapore dollars ($54.2 million), according to The Business Times newspaper on Wednesday.

The privately held company Dyson founded is known for selling $400 hair dryers and sleekly designed vacuum cleaners.

The Business Times did not specify its sources, but local newspaper The Straits Times said it had reviewed documents revealing the purchase.

Official title records seen by Reuters show billionaire Dyson and his wife became tenants of the 99-year leasehold property on June 20. The records did not state the price paid, the wire said.


Company: cnbc, Activity: cnbc, Date: 2019-07-10  Authors: huileng tan
Keywords: news, cnbc, companies, 54, james, wife, reportedly, million, singapore, dyson, wednesdaythe, buys, newspaper, business, penthouse, billionaire, records, times, wire


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Google bans apps that let users buy marijuana

The phrase China is using now that could mean the trade war will… The biggest Chinese newspaper made a warning to the U.S. using a phrase it only used twice in history, both of which involved full-on wars. Marketsread more


The phrase China is using now that could mean the trade war will… The biggest Chinese newspaper made a warning to the U.S. using a phrase it only used twice in history, both of which involved full-on wars. Marketsread more
Google bans apps that let users buy marijuana Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-29
Keywords: news, cnbc, companies, warning, twice, let, users, willthe, marijuana, used, google, bans, trade, phrase, war, apps, warsmarketsread, buy, using, newspaper


Google bans apps that let users buy marijuana

The phrase China is using now that could mean the trade war will…

The biggest Chinese newspaper made a warning to the U.S. using a phrase it only used twice in history, both of which involved full-on wars.

Markets

read more


Company: cnbc, Activity: cnbc, Date: 2019-05-29
Keywords: news, cnbc, companies, warning, twice, let, users, willthe, marijuana, used, google, bans, trade, phrase, war, apps, warsmarketsread, buy, using, newspaper


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Billionaire Warren Buffett has a ‘simple’ test for making tough decisions—here’s how it works

Achieving success and making tough decisions go hand in hand. So what’s the best way to make ethical decisions during tough times? That’s a question one student asked Warren Buffett at a 2005 Q&A session with Microsoft co-founder Bill Gates at the University of Nebraska-Lincoln. The ‘newspaper test’One would imagine that it’s no easy task managing Berkshire Hathaway’s 360,000 employees and making sure that all managers are making ethical decisions. And being the great leader that he is, Buffett


Achieving success and making tough decisions go hand in hand. So what’s the best way to make ethical decisions during tough times? That’s a question one student asked Warren Buffett at a 2005 Q&A session with Microsoft co-founder Bill Gates at the University of Nebraska-Lincoln. The ‘newspaper test’One would imagine that it’s no easy task managing Berkshire Hathaway’s 360,000 employees and making sure that all managers are making ethical decisions. And being the great leader that he is, Buffett
Billionaire Warren Buffett has a ‘simple’ test for making tough decisions—here’s how it works Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-10  Authors: tom popomaronis
Keywords: news, cnbc, companies, reputation, warren, test, thats, making, decisionsheres, newspaper, tough, written, managers, billionaire, buffett, works, decisions, simple


Billionaire Warren Buffett has a 'simple' test for making tough decisions—here's how it works

Achieving success and making tough decisions go hand in hand. So what’s the best way to make ethical decisions during tough times? That’s a question one student asked Warren Buffett at a 2005 Q&A session with Microsoft co-founder Bill Gates at the University of Nebraska-Lincoln. It all comes down to reputation, the billionaire told the audience. Integrity and ethics are essential for building a solid, positive reputation. They also indicate trust and adherence to high moral standards. “We have all the money we need,” Buffett said, referring to himself and Gates. “While we’d like to have more, we can afford to lose money. But we can’t afford to lose reputation. Not a shred.”

The ‘newspaper test’

One would imagine that it’s no easy task managing Berkshire Hathaway’s 360,000 employees and making sure that all managers are making ethical decisions. But Buffett has a smart strategy for this: “I ask the managers to judge every action they take — not just by legal standards, though obviously that’s the first test — but also by what I call the ‘newspaper test.'” If a manager expresses uncertainty, Buffett says he asks them how they “would feel about any given action if they know it was to be written up the next day in their local newspaper.” He tells them that the article would be “written by a smart but pretty unfriendly reporter” and read by their family, friends and neighbors. “It’s pretty simple,” he says. “If [the decision] passes that test, it’s okay. If anything is too close to the lines, it’s out.”

And being the great leader that he is, Buffett says his managers can call him if they want to check on something. “But if they do, there’s probably something wrong with them,” he jokes.

The ‘inner scorecard’


Company: cnbc, Activity: cnbc, Date: 2019-05-10  Authors: tom popomaronis
Keywords: news, cnbc, companies, reputation, warren, test, thats, making, decisionsheres, newspaper, tough, written, managers, billionaire, buffett, works, decisions, simple


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