In the wake of the shutdown deal, Congress has an opportunity to gets its house in order. Dave Cote, chairman and CEO of the Fortune 100 company Honeywell, on what’s at stake.
We need to fix our nation’s balance sheet for the coming decades of increasing global competition. According to USDA economic statistics, over the next 20 years U.S. share of world GDP will shrink from 26 percent to 22 percent. Other developed regions will decline from 40 percent to 29 percent. And developing countries will grow from 34 percent to 49 percent. In 20 years developing countries will represent half of world GDP. Countries like China are becoming a global competitive force—and we will need a strong balance sheet to compete.
It’s not going gangbusters, but the Connecticut system hasn’t broken down yet amid headlines blasting the HealthCare.gov glitches nationwide, the state exchange’s CEO tells Daniel Gross.
At the national level, the rollout of Obamacare has gone poorly. The big federal health-care exchange, HealthCare.gov, is a poorly designed, badly functioning mess.But many states have embraced Obamacare as their own and have been working diligently on indigenous systems to enroll people through homegrown exchanges, either by enrolling them in Medicaid or helping them set up accounts to purchase health insurance. Kentucky has been an early, noteworthy, success.
Soon after Healthcare.gov launched, users started reporting major problems. As blame flies around, there's one party that seems to have emerged unscathed—the company that built the faulty site.
A funny thing happens to the shares of large, largely anonymous federal contractors when they become implicated in a debacle: they rise. We saw this at work earlier this year with Booz Allen Hamilton. The firm, which gets virtually all of its revenue from the federal government, employed Edward Snowden, who proceeded to use the access afforded him by his post to grab and make public all sorts of embarrassing secret government information. But Booz Allen didn’t lose any contracts as a result or suffer much opprobrium in the public markets.
The Iranian-American founder of eBay plans to sink millions into a new investigative media project with journalist Glenn Greenwald. Friends and employees tell Lloyd Grove his big move into media is driven by his passion for American democracy.
More than anything else, eBay founder Pierre Morad Omidyar—who is ready to plow as much as $250 million of his nearly $9 billion fortune into an as-yet-undefined journalism venture—has impressed colleagues and acquaintances with his refreshingly modest personal style.“He’s a very normal person,” says New York University journalism professor Jay Rosen, who interviewed the press-shy Iranian-American about his plans to join forces with lawyer-turned-investigative reporter Glenn Greenwald, the impresario of the Edward Snowden revelations in Britain’s The Guardian, to create a major media enterprise from the ground up.
Raises questions about strategy.
Price matters, but not in the way Apple thought it would. Due to weak consumer demand, Apple has reportedly cut orders for its cheaper iPhone 5C model. Last month Apple introduced the 5C along with the high-end 5S, which saw high demand particularly for its gold-colored model. Apple’s move to introduce a competitively priced phone was seen as a response to Samsung’s recent strength in the smartphone market. The lack of interest in a cheaper iPhone could mean that part of the allure of Apple is that its products are seen as luxuries.
In insider trading case.
This will give him something to talk about. Notoriously outspoken billionaire owner of the Dallas Mavericks Mark Cuban was found not guilty on Wednesday of insider trading. He had been accused by the SEC of illegally selling 600,000 shares of Mamma.com after receiving information from the owner of the website. The high-profile trial was part of a recent spate of public crackdowns by the SEC as it tried to salvage its reputation post-financial crisis.
Despite the buzz, hot tech companies are posting disappointing earnings. A difficult and constantly shifting online advertising market is to blame.
Whether its jokes about Ted Cruz’s ‘TEDtalk’ lighting up Twitter, or the shutdown drama driving eyeballs to political newssites, Washington events have been a boon to internet traffic. But cash doesn’t always follow the eyeballs. And disclosures this week of less-than-glorious financial results at Yahoo! and Twitter show that the ad business that’s supposed to fund our digital media obsession may not be quite so robust.Yahoo! reported that traffic was up to its sites in the third quarter, thanks to revamped sites, the launch of new products, and the acquisition of Tumblr.
The current battle over the budget and debt ceiling may be coming to an end. But we shouldn’t discount the long-term economic costs of brinksmanship.
The budget and debt end games are still playing themselves out on Capitol Hill; and judging by its current behavior, Congress has developed the political equivalent of a brain tumor. A toxic byproduct of an ongoing power struggle inside the Republican Party, the cancer has caused incapacitating seizures that have virtually crippled the national government’s capacity to take care of the most elemental aspects of governance. Even if House Republicans finally agree today or tomorrow to fund the government and raise the debt limit, the tumor they have spawned will continue to damage our economy -- and the longer term prognosis is not encouraging.
Still not profitable as IPO nears.
Talk about tweetering on profitability. As popular social media network Twitter Inc. prepares for its IPO on the New York Stock Exchange, new financial details highlighting its struggles have come to light. In a filing, Twitter disclosed that its net loss for the third quarter in 2013 was $64.6 million, up from $21.6 million in the same quarter a year ago. On the other hand revenue has grown steadily, doubling to $168.6 from the previous year’s third quarter of $82.3 million. Continuing the theme of good and bad news, the average price of each ad it has sold is down over 75 percent, but users are clicking on or retweeting those ads 15 times more than in 2012. While an exact date for Twitter’s IPO hasn’t been announced, some analysts expect the company will get the ball rolling around the end of October. Twitter now has 232 million active users worldwide, compared to Facebook’s 1.2 billion.
For media venture funded by eBay founder.
It’s really too bad somebody leaked this before he was ready to announce. Glenn Greenwald, the crusading blogger who came to international recognition this year for his part in the NSA leaks from Edward Snowden, is leaving his perch at the London-based Guardian. Greenwald will join a new media venture funded by eBay founder Pierre Omidyar, though specifics about the project are still unknown. In a blog post on Tuesday, Greenwald said that he was given a "once-in-a-career dream journalistic opportunity" and had to go for it. Both Greenwald and the Guardian said the parting is amicable. Never one to over-hype his next big thing, he says that, “When people hear what it is, there is almost no journalist who would say no to it.”
With an Ohio Walmart hosting a holiday food drive for its own workers, The Daily Beast's Michael Tomasky criticizes the notoriously stingy company for not paying them more.
The ’60s TV comedy took the ‘situation’ in ‘sitcom’ to dizzying heights, but who knew back then that the show was also subversively and delightfully feminist?