Live chart: Chinese tourists
Going places Chinese tourists are spending a lot. For more video content from The Economist visit our website: http://econ.st/1lI3bWh
Students cry foul over athletes unionizing
The National Labor Relations Board ruled in March that football players at Northwestern University are employees of the college and have the right to unionize. The football team will vote Friday about whether or not they will form a union. If they do unionize, the college could have to cover the cost of better medical coverage, concussion testing, and possibly even pay for the student-athletes.
What does an activist do when investing and activist investing have nearly become one in the same? @dkberman
Investor activists made this so. Using persistent menace and frequent success, their agenda—buybacks and dividends, cost-cutting and tax gambits—has hardened into the default boardroom agenda, too.
Premarkets: Waiting for big tech earnings
But there was a silver lining in the PMI report, according to analysis from Capital Economics, which said "that while conditions in the manufacturing sector continue to weaken, they are no longer deteriorating as rapidly as before. It adds to growing evidence that, with infrastructure investment picking up, the recent slowdown in economic activity has begun to moderate."
Facebook's Synonymous with the Internet: Ken Lerer: Video
April 23 (Bloomberg) -- Ken and Ben Lerer of Lerer Ventures discuss Facebook, Twitter, BuzzFeed, and online media on "Charlie Rose," airing tonight on Bloomberg Television at 8p & 10p ET. (Source: Bloomberg)
The Supreme Court Takes a Further Swipe at Affirmative Action: 4 Blunt Points
2. Antonin Scalia and Clarence Thomas wanted to go much further. In a characteristically blistering concurrence, Scalia indicated he’d do away with all officially sponsored affirmative action. Thomas agreed. If Roberts had permitted Scalia to take a crack at the majority, he’d probably have lost Kennedy, as well as liberal Justice Stephen Breyer—who wrote his own concurrence agreeing in the most attenuated fashion with Kennedy’s conclusion, but not his reasoning. In other words, Roberts held together six votes around the fragile Kennedy plurality opinion. This didn’t please Scalia, who believes the Constitution demands “color blind” public policies and demands them right now. At least for the moment, Scalia can’t get five votes for his position. Willing to move more slowly, Roberts nudged the court a further step closer to the color-blind goal.
Inside the Tsunami-Proof Pod Made in Silicon Valley: Video
April 22 (Bloomberg) -- Chris Robinson, a startup entrepreneur, has never built a boat before and he admits that a tsunami is unlikely to hit his home in Silicon Valley. But he has spent the past two years building a 22-foot-long, 8.5-foot-high, 10-foot wide tidal wave-proof pod made of plywood and epoxy in his backyard. Bloomberg heads to Palo Alto to check out his progress.
Four Reasons Why Narendra Modi Makes Some Indians Nervous
The anecdote takes on broader significance for two reasons: The incident occurred in the western state of Gujarat, where some 1,000 people, mostly Muslim, were killed in brutal riots that included death-by-sword in 2002. The chief minister of Gujarat at the time of that bloodshed, as is still the case, was Narendra Modi. But as ever in Indian politics, there are caveats: A Supreme Court-appointed panel found no evidence that Modi’s decisions prevented the 2002 riot victims from receiving help. While Modi and Togadia have a shared background in Hindu nationalist politics, the two men do not now get along well .
Forget Ferrari: Design Your Very Own Supercar: Video
April 23 (Bloomberg) –- Envisage is a British car company who claims they can build your dream motor, with little compromise. Thanks to modern design technologies, they're not restricted by mass industrial output. If money is no issue, you can build it. Bloomberg's Tom Gibson reports.
Live Blog: Obama-Abe News Conference - Japan Real Time - WSJ
After a casual sushi dinner on Wednesday night and an official summit meeting Thursday morning, Mr. Obama and Prime Minister Shinzo Abe are scheduled to hold a press conference. Among other things, Mr. Abe and Mr. Obama are likely to face questions about the competing Chinese and Japanese claims to a group of uninhabited islands in the East China Sea, about Mr. Abe’s proposal to strengthen Japan’s military capabilities and about the status of the trade talks. As is usual in these kinds of joint ventures, there will probably also be a few wild cards. Follow our live blog here.
Starbucks might buy a stake in SodaStream
Coca-Cola's decision to take a 10% stake in SodaStream rival Keurig Green Mountain Coffee in February has shaken up the beverage industry and sparked expectations of follow-up deals.
Vital Signs: Most Americans Worry about Retirement - Real Time Economics - WSJ
A poll released by Gallup Tuesday shows 59% of respondents were very or moderately worried about having enough money for retirement. That has been the top financial concern since the turn of the century. The second and third concerns are not being able to pay medical bills in the event of a serious illness or accident and having enough money to maintain one’s current standard of living.
Jetblue Pilots Union
JetBlue pilots on average earned slightly more than some of its rival airlines, according to the Massachusetts Institute of Technology's Airline Data Project. The university's data showed a JetBlue pilot earned a total of $187,000 in salary plus benefits in 2012. A pilot at low-cost rival Southwest Airlines, which is also unionized, earns $185,000.
Sandy Hook victim's grandfather launches smart gun campaign
As a way of helping memorialize Ben's brief life, Lobis has launched a crowdfunding campaign to finance an idea he hopes will protect others: a biometric locking station for firearms. The idea is that guns would be stored in a carrier that could only be unlocked by their owner's fingerprint, making it difficult for intruders or children to get hold of them.
Bidets, baubles – and boards - FT.com
This story is not over. The test for non-executive or independent directors is to prove wrong Lord (Michael) Grade, who once observed with characteristic wit: “A non-executive is a bit like the bidet in your bathroom: nobody is quite sure what they are for, but they add a touch of class.”
Jobless claims jump 24,000 to 329,000
WASHINGTON (MarketWatch) - The number of people who applied for U.S. unemployment benefits jumped by 24,000 to a three-week high of 329,000, the Labor Department said Thursday. Economists polled by MarketWatch had expected claims to rise to a seasonally adjusted 315,000 in the seven days ended April 19 from a revised 305,000 in the prior week. Claims often rise around Easter because the holiday falls on different dates each year and makes it harder for the government to conduct seasonal adjustments. The average of new claims over the past month rose by 4,750 to 316,750, just one week after falling to a six-and-a-half-year low. The monthly figure smooths out the jumpiness in the weekly data and offers a better look at the underlying trend, which has moved lower since late last year. Also, the government said continuing claims decreased by 61,000 to a seasonally adjusted 2.68 million in the week ended April 10. That's the lowest level since December 2007, when the Great Recession started. Continuing claims reflect the number of people already receiving benefits. Initial claims from two weeks ago, meanwhile, were revised up slightly to 305,000 from 304,000.
Secondary Sources Asia: Human Capital and Income Inequality - Real Time Economics - WSJ
– China’s Currency Conundrum : Fully liberalizing China’s domestic financial markets and “internationalizing” the renminbi may be possible one day. For now, though, if China tries to liberalize its financial markets, hot money will flow the wrong way – into the economy, rather than out, Ronald McKinnon writes.
Why Credit Is Key for the Housing Recovery - Real Time Economics - WSJ
New home sales in March posted a surprising plunge from February, dropping 14.5%, and leaving new home sales 13.3% below their year-earlier level. The March reading of 384,000 units at a seasonally adjusted annual rate was the lowest level since July.
Krugman Target of Swedish Indignation as Japan Comment Rebuffed
Krugman was awarded the Nobel Prize in economic sciences in
2008 for his analysis of trade patterns. The economics prize was
first awarded in 1969 and was established by the Swedish central
bank as an add-on to the original prizes in peace, literature,
physics, chemistry and medicine.
CN Rail first-quarter earnings top estimates despite 'winter of a lifetime'
“The winter of a lifetime took its toll on network capacity and affected all of our customers, but I’m pleased that CN’s recovery is now well underway, with key safety, operating and service metrics returning to pre-winter levels,” said Claude Mongeau, CN chief executive, in a statement.
Live: Facebook’s First-Quarter Earnings and Call - Digits - WSJ
We know Facebook has a ridiculous number of users from around the globe that stretch into the billions. We’ll be watching for signs of how many of these users engage on a monthly — or better yet, daily — basis. The active users are the ones who move the needle on that advertising revenue, not the people who sign up and walk away. In the fourth quarter, 62% of Facebook’s users logged in daily.
Ackman: Herbalife at Zero an Overnight Phenomenon: Video
April 23 (Bloomberg) -- Bill Ackman, CEO at Pershing Square Capital, explains what a formal FTC investigation means for Herbalife and reiterates his belief that the company will fall to zero on Bloomberg Television’s “Market Makers.”
Q&A: How Federal Student Loan Forgiveness Works, And Why It’s Booming - Real Time Economics - WSJ
–The U.S. Department of Education has various programs to effectively lower payments for borrowers struggling to repay their federal student loans. The plans set a borrower’s monthly payment as a share of annual income, but the precise terms vary depending on when the loans were made. Newer borrowers pay 10% of their “discretionary income,” defined as the amount above 150% the poverty level. Older borrowers pay 15%. The vast majority of borrowers can enroll in one of the plans. Contact your loan servicer or the Education Department for details on which plan applies to you.
Is Shaquille O'Neal the World's Best Ex-Athlete?: Video
April 24 (Bloomberg) -- Shaquille O'Neal has become one of the most financially successful post-NBA players, making more money off the court now than when he was playing. Bloomberg spent a day with Shaq during the NBA All-Star Weekend as he launched some new Shaq-approved brands. During the ride-along he gave us his insights into what makes him so successful... we call it: Shaqonomics.
Gilead Sales Double on $1,000 Hepatitis C Pills
The company estimates that about 90 percent of Sovaldi’s sales were split almost evenly between Medicare and private insurers. Already the cost of the drug put a dent in the earnings of UnitedHealth Group (UNH) , the largest insurance company in the U.S. UnitedHealth paid $100 million for the drug in the first quarter, the company said last week. UnitedHealth Chief Financial Officer Dan Schumacher told analysts that the figure was “a multiple of what we had expected.” The price of Sovaldi may drop over time, particularly if competing hepatitis C drugs in the pipeline reach the market.
Live: Apple’s Earnings Conference Call - Digits - WSJ
“If you really look at it in just four years after we launched the very first iPad, we’ve sold over 210 million which is more than we or I think anyone thought was possible at that period of time and it’s interesting to note that that’s almost twice as many iPhones as we had sold in a comparable period of time and over seven times as many many iPods as we had sold in the period of time,” he says.
Can Apple Deliver the New iPhone Customers Want?: Video
April 23 (Bloomberg) -- Mortimer Singer, CEO at Marvin Traub Associates, and Ellen Zentner, senior U.S. economist at Morgan Stanley, examine Apple’s retail business and Facebook ad revenue ahead of their quarterly results on Bloomberg Television’s “Bloomberg Surveillance.”
With App Acquisition, Facebook Enters Fitness Tracking Market - Digits - WSJ
Facebook is leaping into the fitness tracking market by buying a Helsinki-based maker of a mobile app that can track users and automatically determine whether they’re walking, running, biking or riding public transportation.
KFC 'doubles down' on China
Fast food giant Yum! Brands reported strong sales from China. Will the return of KFC's Double Down and the new Waffle Taco breakfast sandwich at Taco Bell boost sales in the U.S. too?
German Economy Strengthens as Industry Survey Beats Estimate
German manufacturing and services strengthened more than economists forecast this month, adding to signs that the euro area’s largest economy is underpinning the region’s recovery.
Hottest cars at the NY Auto Show
Here are some of the best offerings from international automakers on display at the New York Auto Show.
Tim Cook’s About-Face on Stock Splits - MoneyBeat - WSJ
“We’re taking this action to make Apple stock more accessible to a larger number of investors. Each shareholder of record and the close of business on June 2, 2014 will receive six additional shares for every outstanding share held on the record date and trading will begin on a split-adjusted basis on June 9, 2014.”
Inside London Heathrow's new $4B terminal
London's Heathrow Airport has a new addition: A $4 billion terminal.
Obama poised for new sanctions on Russia if no progress on Ukraine
Moscow also flexed its economic muscles in its worst stand-off with the West since the Cold War, with the government suggesting foreign firms which pull out of the country may not be able to get back in, and a source at Gazprom saying the gas exporter had slapped an additional $11.4 billion bill on Kiev.
MSCI Plan Mocked as China Seen Unready for Global Status
While China is opening up its capital markets as part of the most sweeping economic overhaul in two decades, the reaction to MSCI’s plan shows how much more President Xi Jinping needs to do before the country can be integrated into global markets. International investors who measure their returns against MSCI indexes say the proposal is unworkable unless China removes the capital controls that limit access to local securities.
Durable-goods orders climb 2.6% in Mach
WASHINGTON (MarketWatch) - Orders for durable goods such as computers, aircraft and heavy machinery jumped 2.6% in March and registered the biggest gain in four months, suggesting a pickup in business spending with the onset of warmer spring weather. Economists surveyed by MarketWatch had expected durable-goods orders to rise 1.8%. Commercial-aircraft bookings rose 8.6% and auto orders edged up 0.4%, the Commerce Department said Thursday. Stripping out the volatile transportation sector, durable-goods orders rose 2.0%, with gains in every major category. Booking for computers, for example, leaped 5.7%, the sharpest increase in almost three and a half years. Orders for core capital goods - a measure of business investment - climbed 2.2% to mark the biggest rise since November. Shipments of core capital goods, a category used to calculate quarterly economic growth, advanced 1.0% in March, also the largest gain in four months. Orders for February were revised down to a 2.1% increase from a prior reading of a 2.2% advance.
Zimmer to buy Biomet in $13.35 bln cash-and-stock deal The Wall Street Journal
Zimmer Holdings Inc. agreed to buy fellow orthopedic device maker Biomet Inc. for about $13.35 billion in cash and stock, in a bid to position the combined company as a leader in the musculoskeletal industry.
Apple Earnings: Four Key Themes to Watch - Digits - WSJ
The streak, and its possible end, reflect both Apple’s incredible success over the last decade and its current challenges. Since 2003, Apple’s revenue has increased 30-fold. But now Apple’s growth engine is slowing and the company is fighting the perception that its best days are behind it. Those concerns gained momentum after the company reported results for the first fiscal-quarter, ended in December.
Test-Driving a $105K Motorhome Through Manhattan: Video
April 23 (Bloomberg) –- Thanks to a strengthening U.S. economy and an abundance of relatively cheap financing, this is shaping up to be the best year for the sales of recreational
vehicle. Businessweek's Kyle Stock took a test drive of one of the newest motor homes on the market through the crowded streets of midtown Manhattan. (Source: Bloomberg)
Ackman Left Trail as He Built Allergan Stake - MoneyBeat - WSJ
What garbage. This morning I heard Cramer on CNBC stating these guys do nothing illegal. Bull, guys like Ackman and Einhorn can’t wait to push an agenda especially if its going the wrong way. How much money did Ackman make when supposedly not tipping his information? These guys have no morals and while it may be legal, any other individual who pulled the stunt Ackman pulled would be in jail. CNBC, NY Times, WSJ and other buinsess chronicles should quit saying anything about these unethical, greedy, SOBs
YumBrands investing profile on StockTwits
Yum! Brands, Inc., based in Louisville, Kentucky, is the world's leading restaurant company with more than 40,000 restaurants in over 125 countries and territories. Yum! is ranked #201 on the Fortune 500 List with revenues of more than $13 billion in 2013. The Company's restaurant brands - KFC, Pizza
Hut and Taco Bell - are the global leaders of the chicken, pizza and Mexican-style food categories. Outside the United States, the Yum! Brands system opened approximately five new restaurants each day of the year, making it a leader in international retail development.less
City of Imagination: Kowloon Walled City
I ... the first time I come across to places so ... is overwhelming you nothing really prepares you for ... the ... new Oyu Chanel ... wound ... Ruthie and ... the light side ... the human side of the play's underground completely against its physical ... it's ... you ... and ... it started life as this was a step ... the individual ... pour into the building the ... building though ... was this more this'll Popstars ... the use of these very ... warm very wide buildings going up fourteen dollars ... I try to ... the thing I like being told was ... you could possibly squeeze ... this many people ... into this mold is right ... I ... the deal ... Wallace library ... we're trying to ... commerce ... and community ... court system for generations ... at its peak it was that gets displaced water ... that place in Hong Kong ... city ... the teacher did little for nearly a century ... and then ... the ... but its memory ... and reputation live on ... even twenty years later ... why is it so indelibly into the minds of so many ... I ... I ... I ... I ... I ... I ... the ... I ... the noble CDs million Chinese as skeletal since I .
Live News Events & Coverage
Dubner and Levitt have created an unlikely media empire with the Freaknomics brand. Along with the fascinating book series, there is also the compelling NY Times blog, and now this podcast, which, as of episode one, looks like it will make my regular rotation (one of the few podcasts that can make me look forward to my bus commute). Further, Molly Webster is one of the best radio and podcast producers in the business. Her work on Science Friday and Science Line are the stuff of legend and the fact that she is involved with the Freakonomics podcast almost guarantees its greatness. Highly recommended.
Beijing’s Subway Stops, Literally Translated - China Real Time Report - WSJ
China Real Time Report is a vital resource for an expanding global community trying to keep up with a country changing minute by minute. The site offers quick insight and sharp analysis from the wide network of Dow Jones reporters across Greater China, including Dow Jones Newswires’ specialists and The Wall Street Journal’s award-winning team. It also draws on the insights of commentators close to the hot topic of the day in law, policy, economics and culture. Its editors can be reached at email@example.com .
GM's $1.3 billion recall cost wipes out profit
General Motors' recall crisis virtually wiped out its profit for the first three months of the year, as it said Thursday that the cost of repairing millions of vehicles would come to $1.3 billion.
Google Maps ‘Time Machine’ Lets You Stroll the Streets of the Past - Personal Tech News - WSJ
If you see an hourglass in the upper left corner of a Street View panorama, that means there is past imagery you can peruse. Just click the hourglass and a thumbnail of past images will appear. A timeline in the thumbnail allows you to move through history. When you see the period you want to explore, click it and the whole Street View will change. At that point, you have traveled through time, and can wander around in the past as you would in the current version.
Next Sharapovas Cost Parents $400,000 as Teen Champs Disappear
National tennis association programs such as that led by
McEnroe in the U.S. are the most cost-effective way to become a
tennis star. Parents who opt for a private tennis academy face
tuition such as that at IMG Bollettieri, where a high-school
student boarding full-time will be charged $68,495 for the 2011-
12 year, according to its website.