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10 Things You Didn't Know Last Week

Edition 31/14
28 JULY 2014

THINK LEADERSHIP

Companies that offer large cash rewards to incentivise employees to come up with breakthrough innovations may want to rethink their policies. The problem with this approach is that true breakthrough ideas are extremely rare. And while high-powered incentives do produce a flood of ideas, that flood often leaves companies feeling overwhelmed and unable to act on many of the ideas. A better approach would be to create a system that increases the variety of ideas generated. This takes a special kind of culture - one that encourages play, randomness, serendipity and, above all, failure.

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10 Things You Didn't Know Last Week

  1. We should work three days a week and retire later – that’s the suggestion of Carlos Slim, the world's second richest man. The Mexican tycoon has called for a three-day working week, insisting that a shorter week, offset by longer hours and later retirement, would boost productivity and improve our quality of life. "People are going to have to work for more years, until they are 70 or 75, and just work three days a week - perhaps 11 hours a day," he said. The Times

  2. Newly-declassified documents show the US military planned to install a listening station on the moon to facilitate spying. Project Horizon was dreamt up in 1959, years before the moon landings. They also hoped to test a nuclear bomb on the moon, even discussing the effects of radiation on alien life. Daily Mail

  3. Robert Downey Jr has been named as the highest-paid actor in Hollywood for the second year running. The list, compiled by Forbes magazine, suggests the Iron Man star earned $75m (£43m) in the last 12 months. Second place on the list goes to Dwayne Johnson, aka The Rock, star of GI Joe. Daily Telegraph

  4. Primary school children in England have such bad teeth that in the past year, nearly 26,000 have been admitted for extractions – more than for any other cause. In most cases, children have four to eight teeth removed, but up to 14 is not uncommon. Some families have only one toothbrush between them – or none. The Sunday Times

  5. Newly-discovered dinosaur fossils in Russia suggest that our image of them as dry, scaly creatures is wrong: scientists now believe dinosaurs all started life with feathers, though some later shed them. Feathers have now been found in fossils in both China and Russia, suggesting they were universal. Metro

  6. The perfect time to leave your teabag in a cup is 25 seconds, according to a taste expert. Martin Isark, who drank 400 cups of tea in 48 hours to reach his conclusion, says if the bag is left in any less than that the brew will lack flavor, but if it is left in any longer there will be “too much tannin, giving your tea a horrible stewed taste”. Daily Express

  7. The BBC racked up a £25.6million bill for redundancy payments last year – despite attempts to tighten spending at the corporation. Even though there has been ‘steadily declining levels of severance pay, payments in some cases are still significant,’ a report found. There were 413 pay-outs in 2013/14 – but most were subject to a £150,000 cap. Daily Mail

  8. Fewer children are smoking than ever before, new figures suggest. One in five 11 to 15-year-olds admits to trying cigarettes - the lowest since records began in 1982, the Health and Social Care Information Centre found. And their attitudes to drinking and taking illegal drugs are ‘considerably healthier’ than a decade ago, it said. The Observer

  9. Today, the normal arrangement of human teeth is an overbite: our top layer of incisors hang over the bottom layer. What the orthodontist doesn’t tell you is that our jaws have only been like this for about 250 years. Before the fork we would have clamped chewy food between our incisors, wearing teeth down. Once we started cutting our food into morsels - from childhood onwards - our incisors kept growing. This change in teeth happened around 900 years earlier in China than in Europe. The reason? Chopsticks! Daily Telegraph

  10. The amount of money raised by VAT for the UK Treasury in the 2013/14 tax year was £100bn. It’s a record amount – VAT now accounts for £1 in £5 of the tax take. Financial Times

10 Things from last week in the City

  1. The economy has overtaken its pre-crisis peak of six years ago, after expanding by 0.8% between April and June. GDP is now 0.2% higher than in the first quarter of 2008, according to the Office for National Statistics.

  2. The International Monetary Fund said the UK economy was expected to grow this year by 3.2% - more than any other G7 country.

  3. Profits at the taxpayer-owned Royal Bank of Scotland are expected to hit £3.65bn for the first six months, nearly double the £1.37bn a year ago.

  4. Glaxo Smith Kline, beset with problems with Obamacare in America and a corruption scandal in China, reported a 30% drop in interim pre-tax profits to £1.9bn.

  5. After three years as chief executive of Tesco, Philip Clarke walked the plank, with a £10m payoff, to be replaced by Dave Lewis, 48, a veteran executive at Unilever.

  6. BSkyB is to pay £5.4bn for the European pay-TV assets of 21st Century Fox, Sky Italia and Sky Deutschland.

  7. Sales of the Apple iPad fell for the second consecutive quarter to £13.3m, a decline of 9% on a year earlier, as the technology giant prepared to unveil the iPhone 6, which has a larger screen.

  8. The number of parcels handled by Royal Mail between April and June rose by only 1%, knocking revenues from parcels down by 1%, as Amazon launched its own delivery network.

  9. Karl Albrecht, the secretive billionaire who co-founded the discount retailer Aldi – short for Albrecht Diskont – and built it into an empire of 9,000 shops, died aged 94.

  10. The constituents of the FTSE 100 now make around 70% of their combined sales overseas, with banks and insurers making up over a fifth of its market value.

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