By Tom Lowry The escalating controversy over Bloomberg reporters accessing private information on Wall Street through the company's terminals puts the data and media empire founded by New York City Mayor Michael Bloomberg into strange, new territory. It is now in the rare position of having to explain its actions to an industry that puts billions of dollars into its coffers every year.Since news of the privacy breach broke on Friday, some of Bloomberg LP's biggest customers on Wall Street are re-examining their agreements with the company to see how much information the company can access from desktop terminals, say sources at those firms.
Despite lousy expectations.
The fundamentals of the economy are ... strong? With healthy numbers out of the automobile and construction sectors, retail sales were up 0.1 percent for the month of April. Analysts had expected a drop in retail sales on the back of the sequester cuts the expiration of the payroll tax cut. Core sales, which leave out cars, gas, and construction supplies, were actually up 0.5 percent.
For garment workers.
Following a deadly factory collapse in April, Bangladesh’s government says it plans to raise wages for garment workers. In Bangladesh, the minimum wage per month is $38, half of Cambodia’s. Factory owners are protesting the planned raise, arguing that shoppers in Western countries expect cheap clothing. The death toll so far from the factory collapse stands at 1,118.
Awards down 52 percent.
April must have seen a lot of worried dinner conversations in McLean, Virginia. As the sequester takes effect, Pentagon defense contracts decreased 52 percent in April to $19 billion from March’s $39.4 billion. The sequester’s reductions, which began March 1, will require $37 billion in cuts to the Pentagon this year. The Defense Department has yet to announce whether or not it will carry out the furloughs requiring unpaid leave for up to 750,000 civilian defense employees.
When a billionaire mayor’s news company uses his financial company’s products to spy on the nation’s top bankers and officials, no line is left uncrossed.
It’s the sort of overblown abuse of power we like to laugh at in other countries, confident it could never happen here.A multibillionaire, dissatisfied with being just a business tycoon, starts a media division, brands it with his name and starts to gobble up competition and talent. Then he decides to run for office, knowing his opposition will do the good-citizen thing and stay within the established public-finance law, considered a national model of good government.
Though Luhrmann’s flick has respectable haul.
Tony Stark rained on The Great Gatsby’s parade. Iron Man 3 took an impressive $72.5 million at the weekend box office, beating Baz Luhrmann’s flick’s equally impressive $51.1 million. Despite mediocre reviews for a soap-opera love story, 70 percent of Gatsby viewers were above the age of 25. As expected, the bulk of the movie’s audience came to see Leonardo DiCaprio and listen to the popular soundtrack. It’s a healthy debut for the buzzed-about event of the summer, and Luhrmann’s best opening yet. Iron Man 3 has raked in $950 million globally.
From the continuing subsidies for the nation’s biggest banks to the story behind the billion dollar sale of Instagram, the Daily Beast brings you the best in business and finance for the week of May 11.
Six banks that were rescued from the precipice in 2008 have advantages over their competitors – advantages provided by the public. Just how big? According to one calculation, $102 billion over the last four years.Subprime bond bounces back, leaving behind a subprime borrower Carrick Mollenkamp, ReutersOne of the most profitable trades on Wall Street has been scooping up the toxic assets – securities stuffed with subprime mortgages – at bargain basement prices.
A Wisconsin dairy farmer is set to go on trial for a strange offense: selling raw milk to a group of consumers who were members of a private buyer’s club. Sarah Begley reports on the clash between regulators and foodies.
So in many parts of America, it’s basically legal to grow, sell, and smoke pot. But you can go to jail for selling people fresh milk?Wisconsin dairy farmer Vernon Hershberger, a 41-year-old father of ten, will go on trial later this month for three counts of licensure violation and one count of violating a hold order. The maximum combined penalty: $13,000 and/or two and a half years’ jail time. All for 300 gallons of raw milk.Hershberger started a private buyer’s club for raw milk in 2003 after “some friends from town—who were retired farmers—wanted to continue getting this raw milk that they had for years.
In the midst of slow economic growth, governments in the U.S. and Europe are slashing spending and raising taxes – with disastrous results. But instead of blaming American Republicans or British Tories, the author of a new book on the history of austerity says the intellectual culprits lie in 18th century Scotland.
“Growth in a Time of Debt,” the much-touted paper by economists Carmen Reinhardt and Kenneth Rogoff, that suggested economic growth stalls once a nation’s debt hits 90 percent of its gross domestic product, has been debunked. But the austerity policies that this research helped undergird are still alive and well. Despite the on-going austerity-driven economic meltdown in Europe, and despite the International Monetary Fund’s recanting of the supposedly positive benefits of cuts, austerity continues, as John Maynard Keynes once put it, “to dominate the economic thought, both practical and theoretical, of the governing and academic classes of this generation.
Could provide access for third world.
Let's see if they can shake up the global satellite network business. Dutch-headquartered O3B Networks is launching a new satellite network that aims to deliver internet access to a section of the populace left without -- the third world. Time will tell, but if successful after its June 24th launch, O3B could be a real game-changer.
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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
Apple has avoided billions in taxes. Congress says it wants to know why. But we know why—and it’s probably not going to change.
A Senate hearing on the ongoing IRS scandal featured lots of outraged bluster, but few admissions of responsibility and nothing like a smoking gun. Eleanor Clift on a day of dead ends.