By the end of the year.
BlackBerry is tightening its belt, and as a result thousands of people will be out of a job starting at the end of this year. All departments are susceptible to layoffs, which will be done in waves and could cut up to 40 percent of BlackBerry’s workforce. BlackBerry went from cornering 14 percent of the U.S. smartphone market to only 3 percent in just two years, downsizing from 17,000 to 12,700 employees. But even that size staff is unsustainable if BlackBerry wants to compete with the likes of Apple and Samsung. “Organizational moves will continue to occur to ensure we have the right people in the right roles to drive new opportunities in mobile computing,” a BlackBerry spokesman said.
One point for the first-time senator. Ben Jacobs talks to Elizabeth Warren about her lobbying efforts that contributed to JPMorgan’s expected—and almost unprecedented—admission of guilt.
In a historic move, JPMorgan is expected to admit wrongdoing—in addition to paying an $800 million fine—as part of its settlement with the federal government over the 2012 London Whale trading scandal. And one woman may be partly responsible for this turn of events: Elizabeth Warren.Speaking to The Daily Beast on the fifth anniversary of the financial crisis, Warren explains that this development followed a recent change in SEC policy that seeks admissions of guilt more often, which was spurred by the Massachusetts senator’s efforts.
Announces new focus on health.
If Google has anything to do with it, today might be the beginning of human immortality. CEO Larry Page on Wednesday announced Calico, a new venture that will focus on health care and wellness. He wrote that technology should be used to improve lives, and said people shouldn’t “be surprised if we invest in projects that seem strange or speculative compared with our existing Internet businesses.” The firm, a company separate from Google, will focus on possibilities to expand the human life span and is the topic of this week’s upcoming Time cover story.
Buys wind power to offset servers’ toll.
It's something out of a progressive fantasy. Google announced that it has bought the entire 240-megawatt output of a wind farm in Texas to offset the massive amounts of energy its data centers consume. Oh, and the wind farm is owned by a Native American company, Chermac Energy. But Chermac won’t be able to directly supply a Google data center. Instead it will pipe the electricity it produces into the Texas grid. In effect, Google is offsetting the not-so-green electricity it uses by paying for these earth-friendlier initiatives. This is the fifth, and by far the largest, such long-term green-energy deal that the search giant has struck.
Firms must compare pay to average workers.
Publicly traded companies are already required to disclose how much they pay their top executives. Now they may have to make an extra calculation and tell the public how the CEO’s salary compares with that of average workers. The Securities and Exchange Commission voted 3 to 2 on Wednesday to propose a requirement that public companies disclose the ratio of CEO compensation to worker pay. The move, long a favorite shaming tactic of labor activists, is opposed by business lobbies. They say the disclosures are meaningless to investors and just add to already burdensome requirements. The proposal stems from an amendment written by Senator Robert Menendez in the Dodd-Frank overhaul of the financial regulatory system.
To help families navigate financial aid.
With the price of higher education skyrocketing, many worthy students feel they can't afford to attend an elite college. But, Wellesley is looking to change that perception. On Wednesday, Wellesley launched a "cost of college" calculator to help families figure out whether they can swing the tuition. The calculator asks for basic information like annual family income, how much their home is worth, what's left on any mortgages, and if the student has any siblings in college. The calculator gives an estimated parent contribution that is often well less than the published $57,042 cost, which includes tuition, room, board, and other fees.
Premature infants in neonatal intensive care are at high risk for infection. One team is trying to use big data to fix that.
By Michael BeymanIt's a familiar sound found throughout hospitals around the world. Medical monitors that gather information about patient's heart rates, pulse, breathing and other bodily functions are tools as commonplace as defibrillators and stethoscopes.They allow doctors to accurately check a patient's vitals and successfully chart progress over time.But in 2009, Carolyn McGregor, the research chair of health informatics at the University of Ontario's Institute of Technology, believed those monitors had much more potential that could be tapped.
Company also owns online dating sites.
Is Penthouse just not as steamy in the age of the Internet? The California company that owns the sexy magazine as well as a number of online dating sites filed for bankruptcy protection on Tuesday. Penthouse is owned by FriendFinder Networks Inc., which was formed in 2007 when Penthouse Media Group bought Various Inc., and it went public in 2011 under its current name. Under bankruptcy protection, FriendFinder’s current common stock will be wiped out and it will no longer be traded on the open market. Last month, FriendFinder’s stock was delisted from Nasdaq because it failed to trade for more than $1. Yikes.
But does not put actual ban into place.
Although some retailers ban guns in their establishments Starbucks outlets usually follow local gun laws—but that might change soon. The lack of an outright ban led gun-rights advocates to hold a “Starbucks Appreciation Day” in August, including an ill-advised event at the Newtown, Connecticut, franchise. Starbucks CEO Howard Schultz said in an open letter to customers on Tuesday that “we do not want these events in our stores,” but he stopped short of an outright ban on guns in the 7,000 U.S. locations. Schultz said more people were bringing guns to Starbucks in the past few months, and “both sides of the issue were using Starbucks as a staging ground for their own political position.”
After floods from Tropical Storm Manuel.
Mexican officials on Wednesday evacuated over 2,000 tourists from Acapulco, where flooding and landslides from Tropical Storm Manuel have already killed at least 80 people and trapped an estimated 40,000 more. Passengers are being taken directly from shelters to the runways to ferry them to Mexico City, since the main airport terminal remains closed. There are also worries that many are stranded in remote hillside communities in southwestern Mexico, where the severe weather is making aid by air impossible. Many elderly and ill remain trapped. Meanwhile, Hurricane Ingrid walloped the eastern coast, making it the first time since 1958 that two powerful storms hit Mexico within 24 hours.
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.
Prominent Tea Partiers were more concerned about Benghazi than Bridgegate at CPAC