Who says we’ve reached peak Apple? Over the weekend, the company captured the public’s imagination (and dollars) with the launch of two new iPhone models.
It turns out that reports of Apple’s death have been greatly exaggerated.It was a big weekend for Apple with the release of its new line of iPhones. The company should say a hearty “thank you” to all the fanboys and fangirls who embraced the new product. They should also start pronouncing the phrase “xie xie ni.”Why? For the first time, Apple simultaneously released a new product in the U.S. and China. And that combination of developed-world and developing-world demand powered Apple to a blockbuster launch.
Washington is in an uproar over Friday’s House vote to defund Obamacare, threatening a default. So where should you put your money? In government bonds, of course. Daniel Gross explains why.
Washington is about to get insane again. Immense disruptions lurk. Only a few legislative days before government agencies run out of money. The new fiscal year is poised to start October 1, and there’s no mechanism for funding the government. Friday morning, the House GOP passed a law that continues to fund the government through the end of December—but only if the Senate and President Obama agree to defund implementation of the Affordable Care Act.
From the biggest honey fraud in U.S. history to the most expensive weapons system ever, The Daily Beast brings you the best in business journalism from the week of September 21, 2013
The Man Behind BustleLizzie Widdicombe – The New YorkerWhen Silicon Valley entrepreneur Bryan Goldberg set out to launch Bustle, what he calls “the next great women’s publication,” he was able to raise large amounts of money after his gangbusters success Bleacher Report. But will his female-oriented site be a similar success, or just offend everybody?Will the F-35, the U.S. Military’s Flaw-Filled, Years-Overdue Joint Strike Fighter, Ever Actually Fly? Adam Ciralsky – Vanity FairThe most expensive weapons system in history, the F-35 has also been the greatest lobbying coup of all time with production spread out over 46 states.
Billionaire investor expresses impatient with deadlock, but says investors expect limited irrationality from D.C.
By CNBC's Becky Quick and Matthew J. BelvedereIf Republicans and President Barack Obama were to fail to reach an agreement to raise the nation's borrowing authority, that would be "pretty damn dumb," said billionaire investor Warren Buffett in a taped interview that aired on CNBC Friday.In addition to the upcoming October or early November deadline on the debt ceiling, the prospects of a government shutdown next month also loom.
It’s no fun being America’s former favorite bank JPMorgan Chase. Yesterday, September 19th, saw more eye-popping fines for the beleaguered megabank.
Back in May, we tallied up J.P. Morgan Chase’s impressive, depressing, and expensive list of legal and regulatory worries. The company has been eager to draw a line under its legal woes. But the charges, settlements, and investigations keep coming. On Thursday alone, JP Morgan Chase was hit with about $1.3 billion in new costs. While individual charges are generally drops in the bucket for big banks, the cumulative effect of JPMorgan’s woes even have members of its board asking when it will end.
Notorious for funding Solyndra.
Cue the outrage! Despite congressional furor over high-profile failures like Solyndra, the Obama administration announced yesterday that it is reviving the Energy Department’s loan-guarantee program. The program would have a broader scope this time, say officials. Rather than subsidize risky startups in renewable energy, like solar-panel and electric-car manufacturers, it will backstop investments that could work to move the coal and oil industries toward cleaner solutions. In other words, these are partial subsidies aimed at fossil-fuel companies. News of the revival coincides with an announcement of tough environmental rules regarding air pollution at new coal plants.
Apparently the annoying ads clogging the news feed is not why people leave Facebook, it's privacy concerns.
By Holly EllyatConcerns over online privacy are leading Facebook users to commit "virtual identity suicide" by deleting their Facebook accounts, according to new scientific research.A survey of around 300 Facebook users and 300 quitters of the social networking site by Austrian psychologists at the University of Vienna assessing what motivated them to use or abandon Facebook revealed an emerging counter-movement against social networking.
First since the end of 2008.
Those worried about the financial status of the multiple generations of the Sulzberger family should fret no more. The New York Times Co. says it will start paying a dividend of 4 cents per share on October 24. Back in 2009, the company had eliminated the dividend in the wake of a sharp decline in advertising revenue. While the last few years haven't been kind to the newspaper business, the Times is in much better shape. The parent company has raised cash by selling off properties like the Boston Globe and About.com, and the paywall and circulation rate increases have solidified the paper's operations. The Ochs-Sulzberger family, which controls the company, historically gleaned up to $20 million on corporate dividends. Given a 13 percent stake in the company, the 4 cents a share dividend would pay the family $3.1 million annually.
Over the next 10 years.
The House voted 217-210 for a bill that aims to cut food stamps by $40 billion over the next decade. Not a single Democrat voted for the measure. “This bill makes getting Americans back to work a priority again for our nation’s welfare programs,” House Speaker John Boehner said. “It’s a sad day in the people’s House when the leadership brings to the floor one of the most heartless bills I have ever seen,” said Rep. James McGovern (D-Mass). The bill, which also allows drug testing of food-stamp recipients, is expected to stall in the Senate.
Provided background checks for both.
A government contractor that provided a background check for NSA leaker Edward Snowden also provided one for alleged Navy Yard shooter Aaron Alexis, the company said. USIS had previously denied any involvement with Alexis, but a spokesman said new information has revealed it had indeed vetted the former Navy reservist for his secret-level clearance in 2007. USIS, which handles about half of the clearance checks for the Office of Personnel Management, is currently the subject of a criminal investigation over allegations it misled the government about its thoroughness.
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.