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22 Feb 2011 10:16

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Biz, World: Not to belabor the point about Libya and oil prices, but …

  • 7% increase in oil prices today alone; blame the turmoil source
  • » There’s a point to be made here: Earlier, we complained loudly that USA Today would dare focus on oil prices over the crisis in Libya. But we still think it’s important to note – but not as a lead item, above the deadly violence taking over the region as we speak. Even though 7 percent in a single morning is akin to skyrocketing. Because, if anything, this tells us about the ties between dangerous regimes and cheap oil. Lose one, and you can’t sustain the other.
Posted by Ernie Smith • 0 Comments • Permalink

18 Feb 2011 12:02

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Biz, Tech: Regulators probe Apple’s new subscription service plans

  • tuesday Apple launches its subscription plan – in which it’ll take a 30 percent cut off of in-app subscriptions. OK for newspapers, awful for online music firms.
  • friday The Department of Justice launches an inquiry into the subscription plan, which suggests that something may be pretty rotten in Denmark. source
Posted by Ernie Smith • 0 Comments • Permalink

16 Feb 2011 15:28

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Biz: Bookstore chain Borders, as currently constituted, goes belly-up

  • $1 billion in debt for the now-bankrupt bookstore chain source
  • » Sign of the times: In its Chapter 11 bankruptcy, the famed chain of bookstores will be forced to close 30 percent of its 600 stores, having been left somewhat behind by the changing nature of the book world (damn you, internet). Many analysts feel a tad downtrodden by the news. “This is the biggest bankruptcy in the history of the book business,” said Albert Greco, senior researcher at the Institute for Publishing Research. “This is really a depressing day.”
Posted by Chris Tognotti • 0 Comments • Permalink

15 Feb 2011 11:22

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Biz: What happens when two stock exchanges merge? Well, this

Germany’s largest stock exchange, Deutsche Boerse, is merging with the world’s largest stock exchange, the New York Stock Exchange, presumably to make greedy spawn. source
Posted by Ernie Smith • 0 Comments • Permalink

11 Feb 2011 23:56

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Biz, World: Wael Ghonim’s situation a TAD uncomfortable for Google

  • They did not know anything about this and actually when I took the time off and I went to Cairo, they did not know I was going to the protest. But when everything became public, I talked with the company and they suggested that I take a leave of absence and I also suggested that to them and I think it was a good decision for that. Google has nothing to do with this.
  • Wael Ghonim • Talking about the now-unbreakable tie between his activism and his employment with Google. This is not the kind of thing that people like to see in the workforce – employees tied to public companies taking an active role in the political process, and as a result, tying the company’s name to the issue. “It’s one of those things that companies don’t want to touch with a ten foot pole,” one public-relations executive in the tech industry said about the matter. As far as Ghonim’s situation goes, he took a leave a leave of absence with the company and is happy to return at some point. Well, that is “if I’m not fired.” source
Posted by Ernie Smith • 0 Comments • Permalink

11 Feb 2011 21:20

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Biz: Consumers, Rep. Jackie Speier has your back on “do not track”

  • These two bills send a clear message — privacy over profit. Consumers have a right to determine what if any of their information is shared with big corporations, and the federal government must have the authority and tools to enforce reasonable protections.
  • Democratic Rep. Jackie Speier • In a statement explaining two consumer-privacy bills she just submitted to the House – one a proposal for “Do Not Track,” similar to “Do Not Call” except for advertising information on the interwebs, and the other that would give consumers more control over financial information. The key part of that bill? Making the process of allowing companies to view your financial information opt-in rather than opt-out. Both of these sound like really great ideas, so kudos to Speier for bringing these issues to the forefront. source
Posted by Ernie Smith • 0 Comments • Permalink

11 Feb 2011 10:57

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Biz: Fannie Mae and Freddie Mac getting kicked onto the curb?

  • This is a plan for fundamental reform — to wind down the GSEs, strengthen consumer protection and preserve access to affordable housing for people who need it.
  • Treasury Secretary Timothy Geithner • Explaining how he wants to wind down Fannie Mae and Freddie Mac, two government-owned mortgage-securities organizations which helped fuel the housing bubble and were ultimately felled by the subprime mortgage crisis. Geithner laid out three different ways to solve the Fannie and Freddie problem, all of which involve getting them off the taxpayer’s dime. The solutions rank in varying degrees – one is completely privatized with government guidance, one plays middle ground, and the third is a more-regulated version of Fannie and Freddie. The current organizations would pay off their massive debts, though. source
Posted by Ernie Smith • 0 Comments • Permalink
 

11 Feb 2011 10:37

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Biz: Fannie Mae, Freddie Mac: When does “bailout” become “sinkhole”?

  • $153
    billion     the amount that taxpayers have lost already on bailing out Fannie Mae and Freddie Mac
  • $68
    billion     the amount expected to fall into that money pit by 2013 – a $211 billion grand total source
Posted by Ernie Smith • 0 Comments • Permalink

11 Feb 2011 10:05

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Biz: Groupon listens to angry people, takes controversial ads off air

  • Five days have passed since the Super Bowl, and one thing is clear – our ads offended a lot of people. Tuesday I posted an explanation, but as many of you have pointed out, if an ad requires an explanation, that means it didn’t work.
  • Groupon CEO Andrew Mason • Being forced to back down on those cause-mocking Super Bowl ads which seem to have pissed off just about everybody. Within the next day or so, they’re going off the air, kids. ” We thought we were poking fun at ourselves,” he continued. but clearly the execution was off and the joke didn’t come through.” Mason says he personally takes blame for approving the ads. (thanks abcworldnews) source
Posted by Ernie Smith • 0 Comments • Permalink

10 Feb 2011 21:52

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Biz: Did Mubarak’s insane speech help Wall Street today?

  • YES the speech helped stocks make a late-day rally source
  • » Why did that happen? Simply put, the stock market liked the fact that Mubarak said he was giving up much of his authority in Egypt to Omar Suleiman – not enough for protesters, but apparently enough for money managers. “The moment Mubarak said he would be giving up duties to his vice president, the market said it was a good thing and rose,” said Michael Holland, whose company manages billions in funds on the market.
Posted by Ernie Smith • 0 Comments • Permalink
 
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