Concedes to changes with European regulators.
“Don’t be evil,” said European antitrust regulators, and after a two-year inquiry, Google has reached a settlement with the European Commission over alleged abuses in online search. While it will not have to change its algorithm, Google will have to plainly label results that feature its own products (Google News or Google Plus Local) and also show links from rival search engines. The biggest change will be in travel, where Google’s own products have led to conflicts with companies like Yelp and TripAdvisor.
New two year low.
Looks like gold may have lost its Midas Touch. On the back of disappointing news out of China (gold’s second-largest buyer), gold continued to fall on Monday—by more than 9 percent. In percentage terms, Monday's decline is gold's biggest in 30 years. The end may be in sight however, as analysts do see the slide stopping in the summer thanks to restocking in India, the world’s largest consumer of gold.
Growth drops to 7.7 percent.
The future looks dim for a consumer-driven Chinese economy. With a slowing manufacturing sector and weak consumption numbers, China’s economy grew at 7.7 percent—a slowdown that comes during a transition period both in leadership and economic reforms. President Xi Jinping had warned that the days of “ultra-high speed growth” was over.
Eli Lehrer with a guest post on how one part of the Obama budget will kill jobs, make services more expensive, and possibly start a trade war
Buried on page 187 of President Obama’s 2014 budget lies a $6.2 billion tax hike with potentially disastrous consequences.While the language used to describe the new tax—“disallow the deduction for non-taxed reinsurance premiums paid to foreign affiliates”—will evoke more drowsiness than Tea Party rage, it’s still a problem. The tax will make insurance vastly more expensive, destroy jobs, and, quite possibly, start a trade war.Understanding the tax requires some background.
A ‘bail-in’ saved Cyprus. But dark days are ahead.
The political elites in Brussels can once again breathe a sigh of relief. Cyprus did not implode and take the euro with it. In many ways, the latest drama in Cyprus followed a familiar pattern: the so-called troika of European leadership (the European Commission, the European Central Bank, and the International Monetary Fund) flew to a country on Europe’s periphery to rescue its failing banks, that country’s leadership balked, and then eventually caved to Brussels’s demands.
From Sarah Palin to Paul Ryan and now Greg Walden, why do Republicans keep attacking Obama for trying to save money? Peter Beinart explains this weird phenomenon.
Washington Republicans believe passionately in deficit reduction, except in two circumstances: when they’re in power and when Democrats are.During the George W. Bush years, Dick Cheney famously said that “deficits don’t matter.” And by their actions, many prominent Republicans sent exactly the same message. Between 2001 and 2008, even anti-debt crusaders like Paul Ryan voted for three tax cuts and two wars that, according to the Center on Budget and Policy Priorities, will add $6 trillion to the national debt by 2019.
Wipe that smile off your face. That big tax refund is bad news.
As I write this, April 15 looms. Not for me, mind you—we took our taxes to the accountant weeks ago. But for millions of Americans who will be driving madly to the post office at the last possible minute, dropping their returns in the slot, and hoping a sizable tax refund. Many of you have been looking forward to that refund for weeks, planning all the great stuff you’re going to do with it.This is all wrong. No, not the last-minuteness of it all.
From the brave new world of “native” advertising to the future of cloud computing to super-cold oil, the Daily Beast brings you the best in business journalism for the week of April 13.
Does BuzzFeed Know The Secret Andrew Rice, New YorkThe story of how a Deleuze-reading MIT graduate student became the future of online publishing and advertising.Coffeeland David Farley, AfarWhen it comes to food, Ethiopia is more known for its lack of it. But it’s also one of the world’s great coffee growing regions and according to coffee hipsters everywhere, it’s the best stuff in the world.Refugees of the Modern World Joseph Stromberg, SlateElectromagnetic hypersensitivity isn’t a disease recognized by the medical community, but for the people of Green Bank, West Virginia, it’s a modern plague.
To deal with your data after death.
Now there’s a DNR for you online. Google has a new tool, the Inactive Account Manager, which allows users to wipe from the system their various accounts (Gmail, Picasa, YouTube, etc.) 3, 6, 9, or 12 months after they become inactive. The debate over what to do with a user’s accounts after death has picked up lately, with Facebook creating the option to memorialize Facebook pages, and some states passing laws about use of email data after death.
Payroll tax bites consumers.
Stock investors are bullish, but American consumers pulled in their horns in March. The Census Bureau reported that retail sales fell 0.4 percent from February to March. While lower spending at gas stations—thanks to lower oil prices and more fuel-efficient cars—accounted for more than half the March decline, sales generally fell at stores. Despite continued jobs growth, the higher payroll tax seems to be reducing Americans’ capacity to shop.
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After a University of Massachusetts student found significant errors in a study beloved by budget cutters world over by Harvard economists Kenneth Rogoff and Carmen Reinhart, Stephen Colbert does what he does best -- leaves them in the dust.
Paying a living wage comes at a cost, but it can help the bottom line, says Charney, who... More
Years of abuses at Ranbaxy raise worries about the FDA's oversight of the generics market