Inside the Grey Market for the Apple Watch in Hong Kong

There’s brisk business literally ON the streets of Hong Kong for the new Apple Watch. The scarcity, and huge demand in China, is driving a thriving secondary market for Apple’s latest must-have gadget. Bloomberg’s Stephen Engle went out on the watch for grey market watches. (Source: Bloomberg)

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Alberta's possible pivot to the political left alarms struggling Canadian oil sector

Canada’s oil-rich province of Alberta is on the cusp of electing a left-wing government that can make life harder for the energy industry with its plans to raise taxes, end support for key pipeline projects and seek a bigger cut of oil revenues.

Cisco Systems Inc.

Intraday Data provided by SIX Financial Information and subject to terms of use . Historical and current end-of-day data provided by SIX Financial Information. Intraday data delayed per exchange requirements. S&P/Dow Jones Indices (SM) from Dow Jones & Company, Inc. All quotes are in local exchange time. Real time last sale data provided by NASDAQ. More information on NASDAQ traded symbols and their current financial status. Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. S&P/Dow Jones Indices (SM) from Dow Jones & Company, Inc. SEHK intraday data is provided by SIX Financial Information and is at least 60-minutes delayed. All quotes are in local exchange time.

Cisco Names New CEO to Replace John Chambers

John Chambers is ending his 20-year run atop Cisco Systems Inc. on a high note, handing the reins to a dark-horse internal candidate with the company’s shares near a five-year high.

U.S. Stocks Trade Higher

Action in the U.S. stock market has been choppy this year, as investors grapple with evidence of an economic slowdown, the strong dollar’s drag on earnings and the possibility of higher interest rates. The Dow fell in January, rallied in February, pulled back in March and eked out a gain in April. The blue-chip index has gained 1.4% for the year. The S&P 500 has advanced 2.7% and the Nasdaq Composite is up 5.9% in the same period.

Chipotle Just Revealed Its Guac Recipe to You and All of Its Competitors

As a marketing move, this is kind of brilliant. Chipotle has long said that customers could make most everything it serves at home, with ingredients purchased in local supermarkets. By releasing its guac recipe, Chipotle is letting restaurant-goers test that themselves (something that will presumably make them happy) while also not risking too much business (being able to make Chipotle guac isn’t a substitute for ordering an entrée at Chipotle). Sharing the guac recipe creates a new reason for consumers to be excited about Chipotle and gives Chipotle a new avenue into the American home.

7 charts show investors’ antisocial behavior

Andrew Wilkinson, chief market analyst at Interactive Brokers, said activity in the options market suggests there were actually a variety of “winners” from the selloff in LinkedIn’s stock. While there were certainly more losers, “there also appear to be many ‘told-you-so’ bears, skeptical of the ‘it’s different this time’ mania embracing social media stocks,” Wilkinson wrote in a note to clients.

Why the Canadian dollar's recent rally may be too much of a good thing

A shift to a brighter outlook by the Bank of Canada governor in April helped propel the currency to its biggest monthly rally in almost six years against its U.S. counterpart. The problem is that a weaker exchange rate is exactly what the central bank says is needed to sustain the expansion.

Vancouver detached-house prices rise average of 12.5% in April

“The supply of homes for sale today in the region is not meeting the demand we’re seeing from home buyers,” Darcy McLeod, the board’s president, said in the statement. “This is putting upward pressure on prices, particularly in the detached home market.”

The Economist on Twitter

The Economist explains: Why the Scottish National Party is so important in this election

Takeover Fuel Begins to Flow as S&P 500 Bull Run Makes History

Investors have long sought stocks with a higher likelihood of being taken over, even though it’s taken companies awhile to oblige. Goldman Sachs Group Inc. maintains a 187-company basket of shares it deems as having at least a 15 percent probability of engaging in strategic M&A over a 12-month period. It’s returned 59 percentage points more than the S&P 500 from the time it was created in October 2009 through mid-April, according to Goldman.

Carly Fiorina says running for President’

Now Fiorina, 60 years old, is pitching herself as a conservative with global business experience. She has met with foreign leaders like Russian President Vladimir Putin, she says, and is the only Republican who can negate the historic nature of presumptive Democratic nominee Hillary Clinton’s effort to become the first woman president.

13 Twitter chief’s six common crimes against the dictionary -

It was not only the social media platform’s financial results that were lowering

Republican Ben Carson Declares Bid for President

DETROIT—Seeking to overcome odds that favor candidates with deeper political experience, retired neurosurgeon Benjamin S. Carson returned to his hometown in Detroit on Monday to declare his bid for the Republican presidential nomination.

Craps and Cryogenics: Blow Your Savings and Live Forever in the New Atlantic City

Revel is just one small part of Straub’s $1.5 billion investment plan for a newly designated district on the north end of Atlantic City, with upgrades spanning land, sea, and air. He sees an equestrian center for polo, show jumping, and dressage to make the city a new stop on the horse circuit between Florida and Canada. A marina will accommodate the mammoth superyachts owned by the same crowd—horse patrons and oligarchs with boats too big for Greenwich or the Hamptons. Straub filed paperwork to take over the city’s dormant airfield and set loose a fleet of two dozen small planes to fly in high rollers from anywhere he can find them—for free. Straub says he’ll need to bring in tens of thousands of visitors per month to succeed, and the new helipad he wants to build on the roof of Revel’s parking garage can’t do it alone. His vision extends to a family-friendly water park and a long pier stretching into the ocean, with a laser light show at night.

5 Awesome Pieces of ‘Star Wars’ Gear You’ll Use Every Day

Knife blocks come in all shapes and sizes, but most of them are designed to go unnoticed on your countertop. Not this one. This stylish silver knife block is shaped like the ship Luke Skywalker uses to blow up the Death Star. It also comes with five high-quality kitchen knives and has individual protection sheaths integrated into the design. And thanks to the weighted base, you never have to worry about it tipping over. It looks great and helps you chop up whatever you’re cooking for dinner. What more could you want? Buy the X-Wing Knife Block here and start slicing.

Financial Times on Twitter

This is what China's massive internal migration looks like

Immigrants to U.S. From China Top Those From Mexico

My first condition in the scenario I laid out was stimulate the economy.   Stopping immigration to reduce the work force I think is bad policy.  We need the best and brightest from Asia to come here.   We have too many home grown mooches and our culture creates more all the time.      We have a shortage of "good"  workers, immigration often fixes this problem.     But in and of itself it will only help short term, we need to address the welfare state to make the mooches work or not have phones, cigarettes, drugs, much to eat, etc.     This means inner city jobs and improved innovative education for them, inner city tax holidays,  with heavy dose of skills training,   I think.

Problem: Investors are trading way too much

"There have been three primary causes [for why investors didn't earn juicy returns despite a multidecade bull market]: first, high costs, usually because investors traded excessively or spent far too much on investment management; second, portfolio decisions based on tips and fads rather than on thoughtful, quantified evaluation of businesses; and third, a start-and-stop approach to the market marked by untimely entries (after an advance has been long under way) and exits (after periods of stagnation or decline). Investors should remember that excitement and expenses are their enemies. [emphasis mine]"

5 things you should know before you start your workday

China’s State Information Centre predicted yesterday that the world’s second-largest economy will slow to 6.8-percent growth this quarter, down 20 basis points both from the previous quarter and from the government’s target for 2015. The forecast preceded a separate report by HSBC suggesting that Chinese factory output contracted again in April. Chinese stocks rallied upon the news, interestingly, as investors became more hopeful that the government will deploy new stimulus spending. Members of the Xi-Li administration met last week to discuss the recession-esque growth experienced in the first months of the year and vowed to take “forceful” actions to keep cash flowing as domestic demand falters.

More seniors filing for insolvency with bigger debts than young, report says

The report by bankruptcy trustee firm Hoyes, Michalos & Associates Inc. found seniors and pre-retirement debtors have accumulated the highest unsecured debt load among all age groups.

Bloomberg Business on Twitter

When you tweet with a location, Twitter stores that location. You can switch location on/off before each Tweet and always have the option to delete your location history. Learn more

Bill Ackman Would Think ‘Very Hard’ Before Next Short Bet

Bill Ackman, chief executive officer of Pershing Square Capital Management LP, talks about the value of shareholder activism, the restaurant franchise and pharamaceutical industries, investment strategy and his position on short selling after his campaign with Herbalife Ltd. Ackman also discusses the outlook for Fannie Mae and Freddie Mac. He speaks with Stephanie Ruhle on the sidelines of Sohn Foundation Conference in New York on Bloomberg Television's "Bloomberg West." (Source: Bloomberg)


How to Pay for a Pricey Private School

The average cost of daycare is even higher, and the price for college can be twice that. A mid-range option for child-care, private school, and public college could easily run a family more than $230,000 in 23 years. That’s the price of a second home you weren’t able to buy; the cost of family vacations you didn’t take; the amount you didn’t contribute to retirement. The families for whom $230,000 for education is manageable are increasingly rare.

Oil trader Andy Hall sees rally as U.S. production slowdown marks 'turning point'

The meteoric rise in U.S. oil production has ended, easing a global glut and driving a rebound in crude prices from below US$50 a barrel, according to crude trader and hedge fund manager Andrew J. Hall.

The Best and Worst Fonts to Use on Your Résumé

A résumé, that piece of paper designed to reflect your best self, is one of the places where people still tend to use typeface to express themselves. It does not always go well, according to people who spend a lot of time looking at fonts. Bloomberg asked three typography wonks which typefaces make a curriculum vitae look classiest, which should never, ever be seen by an employer, and whether emojis are fair game.

The Economist on Twitter

When you tweet with a location, Twitter stores that location. You can switch location on/off before each Tweet and always have the option to delete your location history. Learn more

Bass Pro Shops Creates Disney World for Fishermen

April 29 -- Bass Pro at the Pyramid: The outdoor sporting-goods giant is opening the doors to its most ambitious project on Wednesday: a retail complex inside an abandoned, pyramid-shaped sports arena, with two restaurants, 103 hotel rooms, an underwater-themed bowling alley, and lots and lots of hunting and fishing gear to buy. It's Bass Pro's aggressive way of tackling the biggest challenge in retail right now: giving people a reason to get off their couch and into a store.

The $1 Million Bulletproof and Bombproof SUV

May 1 -- Alpha Armouring specializes in customizing vehicles enabling them to withstand bulletshots and even bomb blasts. Bloomberg caught up with the German company at the Top Marques event in Monaco and asked about Alpha's expansion plans.

The Filthy-Rich 50: Meet the richest person in each U.S. state

The encouraging news: 35 of the 50 individuals on the list are entrepreneurs who made their own fortunes. And, yes, they include investor Warren Buffett of Nebraska, the country’s second richest person; and media mogul and former New York City Mayor Michael Bloomberg. Only six women made the list. With a net worth of $37.9 billion, Christy Walton is the richest woman in Arkansas, the U.S. and the world; she is the widow of John T. Walton, one of the sons of Sam Walton, founder of Wal-Mart.

The Bad News (Poverty) and Good News (Education) About Millennial Parents

But there’s good news, too, about young parents. Today’s youngest mothers and fathers are better educated than parents 10 and 20 years ago. The economy has placed increasing value on education over recent decades. If the economy continues to improve, these parents may prove well positioned to provide for their children.

UK Election 2015

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Warren Buffett’s reading list, from Benjamin Graham to football

Buffett devoted considerable space in his 2002 letter to former accounting giant Arthur Andersen and the demise of accounting standards. He discusses the decision by the independent accounting standards board to have companies expense options, which was followed by intense lobbying and a Senate vote against the move. Arthur Levitt, then chairman of the Securities and Exchange Commission caved in. “The details of this sordid affair are related in Levitt’s excellent book, “‘Take on the Street,’” Buffett wrote.

Buddha’s Reasons for Earthquakes

India Real Time offers analysis and insights into the broad range of developments in business, markets, the economy, politics, culture, sports, and entertainment that take place every single day in the world’s largest democracy. Regular posts from Wall Street Journal and Dow Jones Newswires reporters around the country provide a unique take on the main stories in the news, shed light on what else mattered and why, and give global readers a snapshot of what Indians have been talking about all week. You can contact the editors at indiarealtime(at)wsj(dot)com .

How Student Loans Could Cripple the U.S. Economy

Rieder doesn’t actually blame college grads for student debt reaching almost $1.2 trillion last year, its highest level ever. It’s what they and their parents must borrow to pay for college—what he calls “this long-term unmitigated acceleration in the cost”—that he targets. It’s something people should be concerned about even if no tuition or student loan looms in their future, he says. Rieder cites four interrelated reasons why college debt could hurt economic growth.

A Magician Explains the 'Money Illusion'

The Meaning of Money: The sleight of hand behind a billion bad decisions.

The Chinese Can’t Kick Their Savings Habit

“My family is poor. The more I can save, the better,” says Chen Xueliang, 19, a cook in a duck restaurant in Xi’an. Millions of Chinese at the lowest income level have become aware of how far behind they’ve fallen. China must reduce its “staggering” level of income inequality before people stop saving so much, says Gan Li, an economist at Southwestern University of Finance and Economics in Chengdu. According to his research, China’s Gini Coefficient, a measure of income disparity, is 0.61, one of the highest in the world. The richest 5 percent of China’s households save about 70 percent of their incomes and account for half of household savings, Gan estimates. “China can’t move to a consumption-driven economy without solving the problem of extreme inequality,” he says.

Economic and financial indicators

Guide: Choose between two tables: one covering output, prices and jobs; the other offering trade, exchange and interest rates. Select regional and economic country groupings, such as the G20 and the BRICS beneath the "All" tab. Sort columns by country or rank by category. Highlight and track up to five focus countries by selecting individual rows.

Buffett Says Minimum Wage Increase Isn’t Answer to Income Gulf

“I don’t have anything against raising the minimum wage but I don’t think you can do it in a significant enough way without creating a lot of distortions,” Buffett, 84, Berkshire Hathaway Inc.’s chief executive officer, said Saturday at the company’s annual shareholders meeting in Omaha, Nebraska. Those distortions “would cost a whole lot of jobs,” Buffett said.

The Economist on Twitter

Good read! What economists and financial academics learned, and haven’t learned, from the crisis: … @TheEconomist

So you’ve maxed out your 401(k)? Here’s where else to save

Think of it this way: What other investment gives you the equivalent of a 25% or 50% return on the first day? But, there’s only one problem. The federal government puts a lid on the tax-advantaged salary reduction amount you can contribute to your 401(k). In 2015, employee salary-reduction contributions max out at $18,000 ($24,000 if you are 50 or older). So, if you still have money you want to save after filling up your 401(k), our research shows that you should follow this pattern:

China's Crazy Stock Market, Charted

The firm went public in March and its shares have increased by their allowable daily limit ever since. The rapid rise means that a company that priced at a market value of 856 million yuan just six weeks ago is now worth a startling 3.7 billion yuan. While Baofeng's meteoric gain makes it the best-performing stock in China this year, it's not alone in enjoying a considerable run. The Financial Times reports that every one of the 29 IPOs that took place in Shanghai and Shenzhen last month have risen by the daily limit each day since. Meanwhile, the Shanghai Composite Index is up a delirious 39 percent so far this year, while the CSI 300 Index has gained 35 percent. For many Chinese investors, that is some tantalizing price action.

Aliyev’s party

KHADIJA ISMAILOVA, an Azeri journalist investigating corruption among the country’s ruling elite, knew that she was swimming in deep waters. In 2012 Ms Ismailova received a package containing stills from a secretly filmed sex tape of her, and a warning that unless she stopped digging it would be published online. Ms Ismailova ignored the threat, and the video was duly released. She kept on reporting anyway. In December, she was arrested on charges of inciting a fellow journalist, Tural Mustafayev, to attempt suicide. In February more charges were added, including tax evasion and abuse of power. Meanwhile Mr Mustafayev withdrew his complaint, saying that it had been made under “emotional stress”. No trial date has yet been fixed.

45 S&P 500 Index

Intraday Data provided by SIX Financial Information and subject to terms of use . Historical and current end-of-day data provided by SIX Financial Information. Intraday data delayed per exchange requirements. S&P/Dow Jones Indices (SM) from Dow Jones & Company, Inc. All quotes are in local exchange time. Real time last sale data provided by NASDAQ. More information on NASDAQ traded symbols and their current financial status. Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. S&P/Dow Jones Indices (SM) from Dow Jones & Company, Inc. SEHK intraday data is provided by SIX Financial Information and is at least 60-minutes delayed. All quotes are in local exchange time.

Carly Fiorina announces campaign bid for president

Fiorina made a name for herself in the tech industry, climbing the ranks at AT&T and becoming the CEO at Hewlett-Packard — and the first female head of a Fortune 500 company — in 1999, before being forced to resign in 2005. She told Couric on Monday that she plans to run on her record at Hewlett-Packard, crediting her role as a business leader with preparing her to make the decisions required of a world leader — no matter how tough they might be.

The Economist on Twitter

« @TheEconomist France is trying to catch up to Germany's labour reforms, a decade late »

Become an Engineer With These High-Tech Building Blocks

May 1 -- Ayah Bdeir, founder and CEO of littleBits, is an engineer, an interactive artist, and one of the leaders of the open-source hardware movement. She spoke with Bloomberg about the impact she hopes littleBits will have on future generations and their relationship with hardware. Bdeir was a speaker at the Bloomberg Businessweek Design Conference and is featured in Bloomberg Businessweek's 2015 Design Issue. (Video by Jennafer Savino, Victoria Blackburne-Daniell.)

China’s great migration -

According to the village’s Communist party secretary, 60 per cent of the village (virtually every adult under 40) spends the year working as a migrant elsewhere, only coming back around now for the lunar New Year spring festival. “Usually, only the very young and the old live here. But everyone moves back after they turn 50. Who would want to live forever in the big city — the air is so horrible and life is too hard,” says the secretary, Wang Jianguo. Xiang Ju says her ultimate goal is to return and live in bucolic tranquillity in her family’s thatched mud-brick house just up the hill, growing her own food and living the simple life of a peasant farmer.

The Economist on Twitter

The economics of low wages: When what comes down doesn’t go up

51 Interview: Iranian dissident Maziar Bahari -
52 Instagram’s Role in Commercial Real Estate
53 Male Investors vs. Female Investors
54 The Economist on Twitter
55 The Economist on Twitter
56 Squawk Talk: Researchers Try to Decipher Chicken Speech
57 The Shale Boom Has Already Gone Bust - At Least for Now
58 The Economist on Twitter
59 The Economist on Twitter
60 Jim Beam’s New Owner Mixes Global Cocktail
61 WH economist: Oil price benefits near for U.S. economy
62 ‘Star Wars Day’ hype is in full force
63 The Economist on Twitter
64 The U.S. Energy Boom Will Give a Modest Boost to the Economy, an IMF Paper Says
65 Twitter’s Streaming App Creates Piracy of Year’s Biggest Fight
66 Apple of Icahn's eye, Twitter chief's crimes against the dictionary -
67 Rocket Scientists Are Inventing a New High Heel
68 5 Things to Read Today: Fiorina, Carson Join Presidential Race; Cisco Names CEO to Succeed Chambers; and More
69 SHAK investment information - Shake Shack ideas on StockTwits
70 Rich Parents Agree: $63 Million Is Too Much Inheritance
71 Episode 620: Why Batteries Suck
72 The U.S.-China Disconnect on Trade Deals
73 The Economist on Twitter
74 Meerkat, Periscope, Been There, Done That
75 Twitter’s Periscope Disabled Dozens of Mayweather Fight Streams
76 The Economist on Twitter
77 Mark Zuckerberg and Silicon Valley VCs Invest $100 Million in a Startup Elementary School
78 Romanian immigrant: 'I'm a good deal' for the UK
79 Four Reasons McDonald's Needs a Turnaround Plan
80 Where poor kids stay poor
81 How Nanorobots Will Help Us Fight Cancer
82 Your No. 1 end-of-the-world investing strategy
83 Dave Goldberg collapsed while exercising before his death
84 StockTwits on Twitter
85 Spain's economy charging ahead
86 New York Construction Booms With Focus on Luxury Housing
87 Bill O'Reilly takes a crack at standup
88 Where Hillary stands on taxes, trade, deficit, Wall Street
89 Can Tesla Change How the World Uses Energy?
90 Bill Clinton defends speaking fees: ‘I gotta pay our bills’
91 How Many Miles Do You Need for That Free Flight? Now It’s Up in the Air
92 Pimco Total Return Loses Biggest Bond Mutual Fund Crown
93 Investors continue to bail on US equities
94 Want to attract millennial hires? Consider taking the B Corp plunge
95 Cisco appoints lifelong sales guy to replace Chambers as CEO
96 It's Another Tough Day for Titlos, the Tarnished Greek Swaps Deal
97 These U.K. Election Nightmares Might Happen
98 Are the Personal Transformations Believable in ‘The Golden Bowl’? (WSJ Book Club)
99 New Fixes for Worn Knees
100 Nearly $10K Smart Grill Activates by Sound of Your Voice