Top Stories
India's Singh calls for rapid action to revive investor spirits
With the finance minister's portfolio now his, Indian Prime Minister Manmohan Singh called for quick action to revive investors' spirits and dispel gloom that has settled over the country's economy. "In the short run, we need to revive investor sentiment, both domestic and international," Singh said, citing among other things a drag on the economy from tax issues. Meanwhile, Indian economists disputed Fitch's recent assessment that India had entered a period of stagflation.
U.S. durable-goods orders, home sales provide a plus for economy
Positive figures for pending homes sales and for durable-goods orders in May helped allay some concerns that the U.S. economy is bound for recession. Orders of durables were up 1.1% for the first gain since February, and the home-sales figure was up 5.9%, reversing a 5.5% dip in April. "The economy is growing, but it's still muddling through," said Joseph LaVorgna, chief U.S. economist at Deutsche Bank Securities in New York.
Spain's central bank sees a deeper recession
Job destruction is accelerating, and sentiment among consumers and businesses is ebbing as Spain slides further into recession in the second quarter, the nation's central bank says. In particular, the Bank of Spain cited external tensions over the eurozone as a weight on domestic markets over the past few weeks.
World GDP grows in 1st quarter, but warning signs emerge
The Economist's latest measure of world GDP showed 2.9% growth in the first quarter, but not without some worrying signs that included a narrow contraction in the eurozone. Of greater significance was slower growth in the BRIC countries.
Market Activities
INTERNATIONAL MARKETS OVERVIEW
Strong numbers for durable-goods orders and the housing market allayed investor fears of a further slackening in the U.S. economy and helped boost the S&P 500 by 0.9%. The U.S. numbers lifted European shares as well, which generally saw their biggest gains in a week as investors also looked to China for added economic stimulus there. Here is a continuously updated list of global stock indices.
Economic Trends & Outlook
Australia projects record resource exports despite commodity slump
Australia's resource exports are expected to reach a record $209 billion in the coming year despite falling commodity prices. The forecast from the Bureau of Resources and Energy Economics is unchanged and based on projections of increased production. The assessment comes after a steep slide in mining shares over the past few months.
Current Taiwan indicator points down as leading indicator points up
For the seventh month in a row, Taiwan's composite indicators signaled the economy is under stress, the Council for Economic Planning and Development said. However, an index of leading indicators was positive for the ninth month running, suggesting "the economy may be gradually moving away from the current sluggish sentiment in the near future," said Hung Jui-bin, director general of the council's economic research department.
Key tax-raising bill, reforms win in Japan's lower house
A doubling of Japan's consumption tax and social security reform won approval in the lower house of parliament, but at the risk of splitting the country's ruling party. The reform package, a set of eight bills, now goes to the upper house, where passage is expected in August. Ichiro Ozawa, an influential member of the Democratic Party of Japan, strongly opposed the measures, and there was speculation that he might lead a dissident faction to form a new party.
South Korean exports are curbed by trucker strike
South Korean exports have been greatly curtailed as a strike of truck drivers that began Monday extended into Wednesday. Container traffic at the nation's biggest port, Busan, has been cut more than half as truckers demand lower fuel costs and increased fees.
Another Chinese province, Henan, has abruptly changed its housing policy in a pattern seen before as regions strapped for growth try to get around Beijing's 2-year-old campaign to cool the property market. Henan's original move to offer preferential lending rates for first-time buyers may also have been prompted by Beijing's recent tolerance of such departures from national policy in light of China's slowing economic growth.
Capital Markets & Financial Products
Leading fund manager sees more of the same for China's economy
China's government is likely to walk a fine line in coming months with policy designed to keep the economy from cooling further but not robust enough to stimulate growth, says Yu Guang of Invesco Great Wall. Yu, the country's best-performing fund manager, said China's economy "will remain in the doldrums for a while, in line with the trend of the global economy. It's difficult to see either a big decline or a big rally."
Glencore faces late demand from Qatar over Xstrata bid
Glencore, a commodities trader with major interests in the Asia-Pacific region, delayed its bid for Xstrata as Qatar made a late push for better terms in the proposed $26 billion deal. The Qatar Investment Authority, Xstrata's second-largest shareholder, now demands 3.25 new Glencore shares for every Xstrata share, up from 2.8.
TEPCO shareholders agree to 50.1% stake for Japanese government
After a Japanese government bailout that saved Tokyo Electric Power from bankruptcy in the wake of last year's massive nuclear accident, shareholders approved the utility's effective nationalization. The $12.6 billion bailout was conditioned on the government's receiving a 50.1% stake in TEPCO.
Japan's Recruit lays plans for major IPO
Japanese information and staffing services provider Recruit has announced plans an IPO for its new holding company, probably in the next fiscal year. The offering comes more than 20 years after Recruit's notorious involvement in a stock-for-favors scandal.
Billionaires spark flurry of acquisition activity in Australia
Billionaires in Australia looking to take advantage of low valuations in the country's lagging market are targeting mining and media companies in particular as acquisition activity picks up. With large resources at their disposal amid a tight credit market, billionaires can move quickly to seize what they perceive as bargains.
Asian fund managers largely dismiss Europe
Europe is largely being written off by Asian fund managers as a place to find new investment opportunities or to raise capital, as revealed in a survey of industry executives by AsianInvestor and Clifford Chance. Europe received only 9% of votes among respondents while, by contrast, North America was tagged by 40% as one of their top three destinations of global capital.
Asian currency weakness weighs on Standard Chartered revenue
The struggling Indian rupee and weakness in other Asian currencies are restraining first-half revenue growth at Standard Chartered. The U.K.-based bank with an Asian focus projects growth in the high single digits for the period, although it said it expects double-digit revenue growth for the full year.
More international reach is urged for Islamic capital market
Expanded internationalization is the key for the Islamic capital market as it looks abroad for a wider range of product issuers and service providers, said Zainal Izlan Zainal Abidin, executive director of Islamic capital market for Malaysia's Securities Commission. "The Islamic finance industry is presently at a crucial stage where it needs to redefine and establish the enabling environment that will spur its next phase of growth," he said.
Ethics & Standards
Nomura chief pledges stronger controls amid insider-trading probe
Nomura Chief Executive Kenichi Watanabe easily won re-election at the company's shareholder meeting in Tokyo after apologizing for "trouble and concerns" caused by an ongoing Japanese investigation into allegations of insider trading. Watanabe also pledged to strengthen internal controls and corporate ethics but spoke no further of the scandal.
With the finance minister's portfolio now his, Indian Prime Minister Manmohan Singh called for quick action to revive investors' spirits and dispel gloom that has settled over the country's economy. "In the short run, we need to revive investor sentiment, both domestic and international," Singh said, citing among other things a drag on the economy from tax issues. Meanwhile, Indian economists disputed Fitch's recent assessment that India had entered a period of stagflation.
U.S. durable-goods orders, home sales provide a plus for economy
Positive figures for pending homes sales and for durable-goods orders in May helped allay some concerns that the U.S. economy is bound for recession. Orders of durables were up 1.1% for the first gain since February, and the home-sales figure was up 5.9%, reversing a 5.5% dip in April. "The economy is growing, but it's still muddling through," said Joseph LaVorgna, chief U.S. economist at Deutsche Bank Securities in New York.
Spain's central bank sees a deeper recession
Job destruction is accelerating, and sentiment among consumers and businesses is ebbing as Spain slides further into recession in the second quarter, the nation's central bank says. In particular, the Bank of Spain cited external tensions over the eurozone as a weight on domestic markets over the past few weeks.
World GDP grows in 1st quarter, but warning signs emerge
The Economist's latest measure of world GDP showed 2.9% growth in the first quarter, but not without some worrying signs that included a narrow contraction in the eurozone. Of greater significance was slower growth in the BRIC countries.
Market Activities
INTERNATIONAL MARKETS OVERVIEW
Strong numbers for durable-goods orders and the housing market allayed investor fears of a further slackening in the U.S. economy and helped boost the S&P 500 by 0.9%. The U.S. numbers lifted European shares as well, which generally saw their biggest gains in a week as investors also looked to China for added economic stimulus there. Here is a continuously updated list of global stock indices.
Economic Trends & Outlook
Australia projects record resource exports despite commodity slump
Australia's resource exports are expected to reach a record $209 billion in the coming year despite falling commodity prices. The forecast from the Bureau of Resources and Energy Economics is unchanged and based on projections of increased production. The assessment comes after a steep slide in mining shares over the past few months.
Current Taiwan indicator points down as leading indicator points up
For the seventh month in a row, Taiwan's composite indicators signaled the economy is under stress, the Council for Economic Planning and Development said. However, an index of leading indicators was positive for the ninth month running, suggesting "the economy may be gradually moving away from the current sluggish sentiment in the near future," said Hung Jui-bin, director general of the council's economic research department.
Key tax-raising bill, reforms win in Japan's lower house
A doubling of Japan's consumption tax and social security reform won approval in the lower house of parliament, but at the risk of splitting the country's ruling party. The reform package, a set of eight bills, now goes to the upper house, where passage is expected in August. Ichiro Ozawa, an influential member of the Democratic Party of Japan, strongly opposed the measures, and there was speculation that he might lead a dissident faction to form a new party.
South Korean exports are curbed by trucker strike
South Korean exports have been greatly curtailed as a strike of truck drivers that began Monday extended into Wednesday. Container traffic at the nation's biggest port, Busan, has been cut more than half as truckers demand lower fuel costs and increased fees.
Chinese provinces, Beijing engage in back-and-forth on housing policy
Another Chinese province, Henan, has abruptly changed its housing policy in a pattern seen before as regions strapped for growth try to get around Beijing's 2-year-old campaign to cool the property market. Henan's original move to offer preferential lending rates for first-time buyers may also have been prompted by Beijing's recent tolerance of such departures from national policy in light of China's slowing economic growth.
Capital Markets & Financial Products
Leading fund manager sees more of the same for China's economy
China's government is likely to walk a fine line in coming months with policy designed to keep the economy from cooling further but not robust enough to stimulate growth, says Yu Guang of Invesco Great Wall. Yu, the country's best-performing fund manager, said China's economy "will remain in the doldrums for a while, in line with the trend of the global economy. It's difficult to see either a big decline or a big rally."
Glencore faces late demand from Qatar over Xstrata bid
Glencore, a commodities trader with major interests in the Asia-Pacific region, delayed its bid for Xstrata as Qatar made a late push for better terms in the proposed $26 billion deal. The Qatar Investment Authority, Xstrata's second-largest shareholder, now demands 3.25 new Glencore shares for every Xstrata share, up from 2.8.
TEPCO shareholders agree to 50.1% stake for Japanese government
After a Japanese government bailout that saved Tokyo Electric Power from bankruptcy in the wake of last year's massive nuclear accident, shareholders approved the utility's effective nationalization. The $12.6 billion bailout was conditioned on the government's receiving a 50.1% stake in TEPCO.
Japan's Recruit lays plans for major IPO
Japanese information and staffing services provider Recruit has announced plans an IPO for its new holding company, probably in the next fiscal year. The offering comes more than 20 years after Recruit's notorious involvement in a stock-for-favors scandal.
Billionaires spark flurry of acquisition activity in Australia
Billionaires in Australia looking to take advantage of low valuations in the country's lagging market are targeting mining and media companies in particular as acquisition activity picks up. With large resources at their disposal amid a tight credit market, billionaires can move quickly to seize what they perceive as bargains.
Asian fund managers largely dismiss Europe
Europe is largely being written off by Asian fund managers as a place to find new investment opportunities or to raise capital, as revealed in a survey of industry executives by AsianInvestor and Clifford Chance. Europe received only 9% of votes among respondents while, by contrast, North America was tagged by 40% as one of their top three destinations of global capital.
Asian currency weakness weighs on Standard Chartered revenue
The struggling Indian rupee and weakness in other Asian currencies are restraining first-half revenue growth at Standard Chartered. The U.K.-based bank with an Asian focus projects growth in the high single digits for the period, although it said it expects double-digit revenue growth for the full year.
More international reach is urged for Islamic capital market
Expanded internationalization is the key for the Islamic capital market as it looks abroad for a wider range of product issuers and service providers, said Zainal Izlan Zainal Abidin, executive director of Islamic capital market for Malaysia's Securities Commission. "The Islamic finance industry is presently at a crucial stage where it needs to redefine and establish the enabling environment that will spur its next phase of growth," he said.
Ethics & Standards
Nomura chief pledges stronger controls amid insider-trading probe
Nomura Chief Executive Kenichi Watanabe easily won re-election at the company's shareholder meeting in Tokyo after apologizing for "trouble and concerns" caused by an ongoing Japanese investigation into allegations of insider trading. Watanabe also pledged to strengthen internal controls and corporate ethics but spoke no further of the scandal.
Google's Nexus 7 Tablet Leaks Out At $199 And $249, Alongside Nexus Q Media Streamer
Via a URL-enabled tweak in Google's Android app market Play, it's been confirmed that Google really does have a Nexus-branded tablet on the way and it is indeed built by Asus and dubbed Nexus 7. The device pictured in the image is sporting a different flavor of Android that's expected to be revealed as Android 4.1 Jelly Bean at the imminent I/O event.
More information has surfaced, including the price of $199 for an 8GB version and $249 for a 16GB edition. It has a 1280 by 800 pixel IPS screen and packs GPS, Wi-Fi and NFC.
Meanwhile another leaked device, the Nexus Q, is a spherical home-media streaming server that'll stream content from the cloud, including video, to your home entertainment system--though it does have its own audio amplifier so you can hook speakers directly to it. It will sell for $299.
Sirius XM App Headed To Google TV
At Google's I/O event this week, Google is set to announce a new partnership with the Howard Stern and Sirius XM Radio. According to Reuters, all of Sirius XM's content will be accessible through Google TV devices, which already lets you plug into cable TV or stream videos off the Web. The Google TV's launch was met with a tepid response in the months since its launch, but Google it's plugging on, signing on new partners (the most recent of which is Vizio and it's $99 Co-Star) and beginning a global expansion with a first launch in the U.K. If Google is looking to make a strong comeback, Stern and the satellite radio operation have decent practice at that: Together they bounced back from near oblivion with a partnership with car makers in 2010.
Google's +1 Buttons Begin To Display Recommended Pages
Ahead of the Google I/O event kickoff, Google+ is sprucing up features on +1 buttons across websites. Engadget noticed that mouseovers of the +1 button now display page suggested pages on that domain or subdomain, based on the +1s of friends. On its developer blog, Google says the feature is active for websites that are part of its early-view "platform preview" program, but the change should be rolling out to all websites that carry the +1 button soon.
Apple Granted Preliminary Injunction For Galaxy Tab U.S. Ban
Apple has won big in its patent tussle with Samsung. Yesterday, a California judge granted Apple a preliminary injunction to stop the sale of Galaxy Tab 10.1 in the U.S., AllThingsDreports. The sales ban applies to Samsung's Galaxy Tab 10.1 but not to the recently unveiled 10.2, just like the German court that sided with Apple for a Galaxy 10.1 sales ban decided to allow the Galaxy Tab 10.1N. Samsung has already appealed the ruling.
Microsoft Loses European Antitrust Appeal, Faces $1 Billion Fine
Microsoft had been appealing an earlier European court's judgement that the company had deliberately squashed business rivals efforts by denying them access to interoperability within Windows, but that appeal is now over. The General Court of the European Union has decided that the judgement holds, and though it very slightly down-adjusted the earlier fine, the decision now means MS is on the hook for a €860 million ($1.075 billion) penalty fee. Microsoft's one recourse is a final appeal to the European Court of Justice. In its last quarterly finances, MS reported a net income of $5.1 billion dollars, meaning the fine is a significant one on the scale of the company's operations.
Via a URL-enabled tweak in Google's Android app market Play, it's been confirmed that Google really does have a Nexus-branded tablet on the way and it is indeed built by Asus and dubbed Nexus 7. The device pictured in the image is sporting a different flavor of Android that's expected to be revealed as Android 4.1 Jelly Bean at the imminent I/O event.
More information has surfaced, including the price of $199 for an 8GB version and $249 for a 16GB edition. It has a 1280 by 800 pixel IPS screen and packs GPS, Wi-Fi and NFC.
Meanwhile another leaked device, the Nexus Q, is a spherical home-media streaming server that'll stream content from the cloud, including video, to your home entertainment system--though it does have its own audio amplifier so you can hook speakers directly to it. It will sell for $299.
Sirius XM App Headed To Google TV
At Google's I/O event this week, Google is set to announce a new partnership with the Howard Stern and Sirius XM Radio. According to Reuters, all of Sirius XM's content will be accessible through Google TV devices, which already lets you plug into cable TV or stream videos off the Web. The Google TV's launch was met with a tepid response in the months since its launch, but Google it's plugging on, signing on new partners (the most recent of which is Vizio and it's $99 Co-Star) and beginning a global expansion with a first launch in the U.K. If Google is looking to make a strong comeback, Stern and the satellite radio operation have decent practice at that: Together they bounced back from near oblivion with a partnership with car makers in 2010.
Google's +1 Buttons Begin To Display Recommended Pages
Ahead of the Google I/O event kickoff, Google+ is sprucing up features on +1 buttons across websites. Engadget noticed that mouseovers of the +1 button now display page suggested pages on that domain or subdomain, based on the +1s of friends. On its developer blog, Google says the feature is active for websites that are part of its early-view "platform preview" program, but the change should be rolling out to all websites that carry the +1 button soon.
Apple Granted Preliminary Injunction For Galaxy Tab U.S. Ban
Apple has won big in its patent tussle with Samsung. Yesterday, a California judge granted Apple a preliminary injunction to stop the sale of Galaxy Tab 10.1 in the U.S., AllThingsDreports. The sales ban applies to Samsung's Galaxy Tab 10.1 but not to the recently unveiled 10.2, just like the German court that sided with Apple for a Galaxy 10.1 sales ban decided to allow the Galaxy Tab 10.1N. Samsung has already appealed the ruling.
Microsoft Loses European Antitrust Appeal, Faces $1 Billion Fine
Microsoft had been appealing an earlier European court's judgement that the company had deliberately squashed business rivals efforts by denying them access to interoperability within Windows, but that appeal is now over. The General Court of the European Union has decided that the judgement holds, and though it very slightly down-adjusted the earlier fine, the decision now means MS is on the hook for a €860 million ($1.075 billion) penalty fee. Microsoft's one recourse is a final appeal to the European Court of Justice. In its last quarterly finances, MS reported a net income of $5.1 billion dollars, meaning the fine is a significant one on the scale of the company's operations.
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• XOMA (US) LLC (XOMA) Initiates Phase 3 Gevokizumab Trial in Patients With Non-Infectious Uveitis and Phase 2 Gevokizumab Trial in Patients With Erosive Osteoarthritis More...
• Amicus Therapeutics, Inc. (FOLD) Reports Positive Preliminary Results for AT2220 More...
• Topica Pharmaceuticals Initiates Phase 2b/3 Study of Luliconazole in Patients With Onychomycosis of the Toenails More...
• GlobeImmune, Inc.'s GI-4000 in Combination With Gemcitabine Following Surgery Shows Evidence of an Improvement in Survival in a Phase 2b Clinical Trial With Ras Mutation Positive Pancreas Cancer More...
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• Low-Fat Diet After Weight Loss May Raise Risk of Gain, Boston Children's Hospital Study More...
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SnoBar Cocktails : alcohol infused ice creams and ice pops...
SnoBar, a line of ice pops and ice creams, don’t just replicate the flavor of alcoholic cocktails, they actually contain a full serving of alcohol.
“There’s really nothing out there like it,” says SnoBar Founder Eddie Masjedi, who perfected his product in his home.
SnoBar offers two ice pops: Margarita, made with premium tequila, lime and triple sec, and Cosmopolitan, made with premium vodka, triple sec and cranberry. The company also makes ice cream infused with various spirits. The flavors — Grasshopper, Pink Squirrel, Brandy Alexander and Brandy Alexander with Chocolate Chips — draw inspiration from classic cocktails.
According to the company, each serving of SnoBar ice pops and ice creams have an equivalent alcohol content of between 3.59 and 6.41 percent, or the equivalent alcohol percentage of a full cocktail.
It took nearly 100 attempts, but the duo perfected the ice pop and ice cream mixes and the product debuted in Arizona restaurants, bars and liquor stores in December before hitting the Las Vegas market this spring. In addition to liquor stores and bars, SnoBar is making its products available at Las Vegas clubs and resorts such as Tao, Wet Republic, Bellagio, MGM Grand and Caesar’s Palace.
SnoBar's price reflects its status as a “cocktail on a stick.” The $8 to $12 price tag for an ice pop or a 1.75-liter tub of ice cream is comparable to what clubgoers would pay for a cocktail.
While distributing any frozen product raises its own set of challenges, distributing a frozen product with alcohol raises a few more. Many alcohol distributors and liquor stores are not equipped to distribute and sell a frozen product. Masjedi has worked to smooth the process.
That includes providing stores with branded freezers from which the product must be sold. The freezers help to not only maintain the quality, but also allows the company to place locks on the freezers to help ensure the product isn’t confused with traditional ice pops or ice creams, and that it doesn’t end up in the wrong hands. The packaging also seeks to make it obvious that this is an age-restricted item.
In addition, with an alcohol content similar to a non-frozen alcoholic beverage, Masjedi points out consumers need to exercise caution when enjoying a SnoBar.
The company is expanding distribution state by state, but hopes to be a national brand by the end of this year. Masjedi is counting on the product's uniqueness to set it apart from other new alcohol offerings.
If anyone had any doubts on what Google would be calling their next major operating software, then this sculpture set up by Google on their campus has spilled the beans on what Google's next Android update would be called. From the image, we can conclude that Google will in fact be naming their next operating system, Jelly Bean.
And like in the past, wherein they set up sculptures to show off their operating systems, this year has been no exception. Google's unveiled their latest OS through a sculpture showing an Android filled with jelly beans.
Last year, Google had put up a statue showing an Android looking like an Ice Cream Sandwich and right on cue, the brand announced their current operating system Ice Cream Sandwich. In the year before last, Google had set up a sculpture of a Gingerbread Android.
Google has a tendency of naming their Android operating softwares in alphabetical order based on desserts. Android 1.0 had no real version name. Cupcake was the one that followed suit with Donut being the name of the one after that. Android 2.1 was called Éclair, while 2.2 came to be known as Froyo. The most popular one of these operating softwares is Android 2.3 Gingerbread.
After that, Google came up with a tablet centric version of Android, called Honeycomb, which didn’t really appeal too much to masses and following that we have the much anticipated Ice Cream Sandwich 4.0 update – something that is in the process of being rolled out soon enough to a wide variety of tablet and phone users. Android 4.1 is going to be titled Jelly Bean.
Over the past few months, the entire world was under the impression that Google would opt to use the Android 5.0 version number for their next OS, Jelly Bean. A listing had recently surfaced showing that the version number would be Android 4.1 and not 5.0. While that was all speculation, it now appears that Google may have just confirmed this in a listing on Google Play store for the Galaxy Nexus.
Prior to the listing on Google Play, the version number had surfaced before in a leaked benchmark of the upcoming Google Nexus tablet, which is believed to be called the Google ASUS Nexus 7.
And like in the past, wherein they set up sculptures to show off their operating systems, this year has been no exception. Google's unveiled their latest OS through a sculpture showing an Android filled with jelly beans.
Last year, Google had put up a statue showing an Android looking like an Ice Cream Sandwich and right on cue, the brand announced their current operating system Ice Cream Sandwich. In the year before last, Google had set up a sculpture of a Gingerbread Android.
Google has a tendency of naming their Android operating softwares in alphabetical order based on desserts. Android 1.0 had no real version name. Cupcake was the one that followed suit with Donut being the name of the one after that. Android 2.1 was called Éclair, while 2.2 came to be known as Froyo. The most popular one of these operating softwares is Android 2.3 Gingerbread.
After that, Google came up with a tablet centric version of Android, called Honeycomb, which didn’t really appeal too much to masses and following that we have the much anticipated Ice Cream Sandwich 4.0 update – something that is in the process of being rolled out soon enough to a wide variety of tablet and phone users. Android 4.1 is going to be titled Jelly Bean.
Over the past few months, the entire world was under the impression that Google would opt to use the Android 5.0 version number for their next OS, Jelly Bean. A listing had recently surfaced showing that the version number would be Android 4.1 and not 5.0. While that was all speculation, it now appears that Google may have just confirmed this in a listing on Google Play store for the Galaxy Nexus.
Prior to the listing on Google Play, the version number had surfaced before in a leaked benchmark of the upcoming Google Nexus tablet, which is believed to be called the Google ASUS Nexus 7.
Arena Pharmaceuticals' drug to treat obesity was approved by U.S. health regulators on Wednesday, making it the first weight-loss drug to win clearance in 13 years.
Arena's drug lorcaserin, which will be sold under the brand name Belviq, was one of three experimental new weight-loss drugs seeking Food and Drug Administration approval after initial rejections by the agency.
The company's shares were halted ahead of the announcement.
Vivus and Orexigen Therapeutics are also hoping to bring their medicines to market.
Arena's drug lorcaserin, which will be sold under the brand name Belviq, was one of three experimental new weight-loss drugs seeking Food and Drug Administration approval after initial rejections by the agency.
The company's shares were halted ahead of the announcement.
Vivus and Orexigen Therapeutics are also hoping to bring their medicines to market.
Hilda Hellström, a recent graduate of the master’s product-design program at RCA, has fashioned a set of dishes from the contaminated earth around the Fukushima nuclear disaster site.
Obviously these assorted bowls, plates, and vases are not meant to be functional. But you wouldn’t really want them in your living room as sculptures, either. So what’s the point? Hellström says she wanted to create food vessels, “which are just as useless for their purpose as the land and the farmers of Fukushima”--in other words, to make something as cosmically absurd, albeit on a much smaller scale, as the disaster itself.
Hellström flew to Fukushima to gather soil from the rice farm of Naoto Matsumura, the last known person still living inside the evacuation zone. (In a heart-wrenching video, Matsumura admits he wanted to stick around to tend to his animals. We also find out that he tried to flee to his extended family’s house, but they turned him away because they thought he was radioactive.) Together, Hellström and Matsumura extracted soil from 3 inches beneath the surface of Matsumura’s fields, where the earth contains 2,500 becquerel/kilogram (units of radioactivity).
Obviously these assorted bowls, plates, and vases are not meant to be functional. But you wouldn’t really want them in your living room as sculptures, either. So what’s the point? Hellström says she wanted to create food vessels, “which are just as useless for their purpose as the land and the farmers of Fukushima”--in other words, to make something as cosmically absurd, albeit on a much smaller scale, as the disaster itself.
Hellström flew to Fukushima to gather soil from the rice farm of Naoto Matsumura, the last known person still living inside the evacuation zone. (In a heart-wrenching video, Matsumura admits he wanted to stick around to tend to his animals. We also find out that he tried to flee to his extended family’s house, but they turned him away because they thought he was radioactive.) Together, Hellström and Matsumura extracted soil from 3 inches beneath the surface of Matsumura’s fields, where the earth contains 2,500 becquerel/kilogram (units of radioactivity).
Check out the pics of the vessels made from the radioactive soil.
Accused of being part of financial problems and a decline in morals, one Indian MBA program is taking action, requiring its students to spend significant time in India’s slums, working with children.
The stereotype of the MBA graduate is of a sharp-elbowed, aggressive, and arrogant creature, convinced of his own brilliance, and sure that managerial analysis can fix any problem. And the knock on business schools--particularly in the years leading to the financial crisis--is that they did little to discourage these worst tendencies of their students.
It wasn’t only U.S. schools that were criticized. In India, too, where up to 500,000 people apply for MBA programs every year, institutes have been accused of contributing to a fast money culture, and declining moral standards. "People say that MBA students are arrogant, that they don’t want to dirty their hands, and only want to give their advice," says Abbasali Gabula, deputy director at SP Jain, a leading school in Mumbai.People say that MBA students are arrogant, that they don’t want to dirty their hands.
To counter the arrogance problem, SP Jain has done something unusual. Rather than pandering to students’ whims, it has started requiring them to think about other people--specifically, to spend time in the poorest parts of the city. Every second weekend, the 240-strong MBA batch has to put aside at least two to three hours to mentor school children, helping them with their homework, talking through their problems, and giving advice about careers and cleanliness.
NOTE
Ben Schiller is writing a book about the MBA, called Adventures in MBA-World: How I Came to Love, and Fear, the Planet’s Most Controversial Degree. He wants to hear from readers with stories to tell about MBA students, programs, and business schools, from around the world. Contact him at schiller(at)f2s.com.
Gabula says the program, which started in 2008, is a direct response to the financial crisis. And he claims the idea is bringing results: both for the children involved, and for the MBA students, who improve their sense of empathy and understanding of society’s challenges, and hone their skills as mentors--a key skill for senior managers.
"The companies that take our students say they are humbler than other graduates, that they roll up their sleeves, and are ready to work from day one. They don’t want to just give advice to everyone, but to lead by example," he says.
SP Jain works with 65 local schools, each of which put forward four mentee-candidates. The 12- and 13-year-olds then go through a selection process, where a few dozen are chosen to receive the mentoring, and some financial assistance.
Rukaiya Joshi, who heads the scheme (called Abhyudaya) says the mentees often improve their grades and behavior, gain more confidence, and encourage other family members to aim higher. "Interestingly, the impact is also on the neighbor’s siblings and the parents," she says.It’s very humbling thing for them. There’s a great sense of gratitude.
Meanwhile, the MBAs become more thankful for the life they have.
"When they find that someone is striving in such odd conditions, then they cannot be complaining about the A/C not being the proper temperature. In these places, there is sometimes not only enough room for five people to sleep. It’s very humbling thing for them. There’s a great sense of gratitude."
It’s hard to assess exactly what impact a program like Abhyudaya has. But interviews with some of the MBA students and mentees testify to a lot of positivity.
Not far from the school, Chandrakala, a 13-year-old mentee, lives in a 10-by-6-foot room with her mother and brother. There is no running water, electricity is patchy, and the canal/sewer behind the row of houses is beyond description. It is deep black from industrial and human pollution, and crammed with plastic bottles and bags.
Chandrakala, who wants to be an engineer when she’s older, and build bridges, says the best thing about the program is being friends with the mentors. She also enjoys using SP Jain’s computers, playing chess, and learning English as part of program.
Her mother, Lalita, says Chandrakala is more outgoing since she joined up. Before, she was extremely shy, and wary of communicating with people she didn’t know well. Lalita says the mentors, who rotate year to year, become "part of the family," and fit in easily when they visit on Sunday afternoons.
Harshal Jain, an MBA student specializing in marketing, says visiting the slums also provides useful customer insights.Meeting people at the so-called bottom-of-the pyramid gives you basic consumer understanding.
"Meeting people at the so-called bottom-of-the pyramid gives you basic consumer understanding. You see how they manage their income, how they vary their spending. You can see it from a marketing point of view, and also from a finance point of view--the essentiality of micro-finance, for instance. Being closer to the consumer is something you always want as a marketer."
Jain and his fellow mentors think other schools should think about doing similar things to Abhyudaya.
"Even people who are not becoming very sensitive to the poverty do learn the mentoring aspect. That creates value for their ongoing career. If other schools had courses like this, there would be more graduates aware of other people’s feelings."
The stereotype of the MBA graduate is of a sharp-elbowed, aggressive, and arrogant creature, convinced of his own brilliance, and sure that managerial analysis can fix any problem. And the knock on business schools--particularly in the years leading to the financial crisis--is that they did little to discourage these worst tendencies of their students.
It wasn’t only U.S. schools that were criticized. In India, too, where up to 500,000 people apply for MBA programs every year, institutes have been accused of contributing to a fast money culture, and declining moral standards. "People say that MBA students are arrogant, that they don’t want to dirty their hands, and only want to give their advice," says Abbasali Gabula, deputy director at SP Jain, a leading school in Mumbai.People say that MBA students are arrogant, that they don’t want to dirty their hands.
To counter the arrogance problem, SP Jain has done something unusual. Rather than pandering to students’ whims, it has started requiring them to think about other people--specifically, to spend time in the poorest parts of the city. Every second weekend, the 240-strong MBA batch has to put aside at least two to three hours to mentor school children, helping them with their homework, talking through their problems, and giving advice about careers and cleanliness.
NOTE
Ben Schiller is writing a book about the MBA, called Adventures in MBA-World: How I Came to Love, and Fear, the Planet’s Most Controversial Degree. He wants to hear from readers with stories to tell about MBA students, programs, and business schools, from around the world. Contact him at schiller(at)f2s.com.
Gabula says the program, which started in 2008, is a direct response to the financial crisis. And he claims the idea is bringing results: both for the children involved, and for the MBA students, who improve their sense of empathy and understanding of society’s challenges, and hone their skills as mentors--a key skill for senior managers.
"The companies that take our students say they are humbler than other graduates, that they roll up their sleeves, and are ready to work from day one. They don’t want to just give advice to everyone, but to lead by example," he says.
SP Jain works with 65 local schools, each of which put forward four mentee-candidates. The 12- and 13-year-olds then go through a selection process, where a few dozen are chosen to receive the mentoring, and some financial assistance.
Rukaiya Joshi, who heads the scheme (called Abhyudaya) says the mentees often improve their grades and behavior, gain more confidence, and encourage other family members to aim higher. "Interestingly, the impact is also on the neighbor’s siblings and the parents," she says.It’s very humbling thing for them. There’s a great sense of gratitude.
Meanwhile, the MBAs become more thankful for the life they have.
"When they find that someone is striving in such odd conditions, then they cannot be complaining about the A/C not being the proper temperature. In these places, there is sometimes not only enough room for five people to sleep. It’s very humbling thing for them. There’s a great sense of gratitude."
It’s hard to assess exactly what impact a program like Abhyudaya has. But interviews with some of the MBA students and mentees testify to a lot of positivity.
Not far from the school, Chandrakala, a 13-year-old mentee, lives in a 10-by-6-foot room with her mother and brother. There is no running water, electricity is patchy, and the canal/sewer behind the row of houses is beyond description. It is deep black from industrial and human pollution, and crammed with plastic bottles and bags.
Chandrakala, who wants to be an engineer when she’s older, and build bridges, says the best thing about the program is being friends with the mentors. She also enjoys using SP Jain’s computers, playing chess, and learning English as part of program.
Her mother, Lalita, says Chandrakala is more outgoing since she joined up. Before, she was extremely shy, and wary of communicating with people she didn’t know well. Lalita says the mentors, who rotate year to year, become "part of the family," and fit in easily when they visit on Sunday afternoons.
Harshal Jain, an MBA student specializing in marketing, says visiting the slums also provides useful customer insights.Meeting people at the so-called bottom-of-the pyramid gives you basic consumer understanding.
"Meeting people at the so-called bottom-of-the pyramid gives you basic consumer understanding. You see how they manage their income, how they vary their spending. You can see it from a marketing point of view, and also from a finance point of view--the essentiality of micro-finance, for instance. Being closer to the consumer is something you always want as a marketer."
Jain and his fellow mentors think other schools should think about doing similar things to Abhyudaya.
"Even people who are not becoming very sensitive to the poverty do learn the mentoring aspect. That creates value for their ongoing career. If other schools had courses like this, there would be more graduates aware of other people’s feelings."
Top Stories
China rebound is projected to lead 2nd-half Asia growth
Led by China and stimulus policies implemented by Beijing, Asia is poised for a recovery in the second half of the year, according to projections by HSBC. Separately, China's Ministry of Commerce said trade growth is experiencing a rebound. "Judging from a set of figures in export and business arena, the [current] situation should not be that bad," said ministry spokesman Shen Danyang.
Germany restates opposition to EU debt plan
As eurozone officials weighed proposals for a master overseer of the region's banks as a condition for tying together the separate economies, German Chancellor Angela Merkel reiterated her stern opposition to shared debt liability. Meanwhile, Spain braced for an expected downgrade to junk status by Moody's.
S&P sees U.S. recession risk; consumer confidence falls
Standard & Poor's says the most likely scenario for the U.S. economy at this stage remains a slow recovery, but the agency warned there's a 20% chance of a double-dip recession. The dim outlook came as the Conference Board reported U.S. consumer confidence fell in June for the fourth straight month.
U.K. may not be halfway through crisis, BoE warns
With a baffling weakness on the supply side, Bank of England policymakers are revising downward their outlook for the U.K. economy only six weeks after their previous forecast. BoE Governor Sir Mervyn King also cautioned that the U.K. may not be even halfway through the downturn, which began five years ago.
Market Activities
INTERNATIONAL MARKETS OVERVIEW
U.S. stocks fluctuated, but the Dow ended the day up 0.3% ahead of this week's European summit. European shares were down, however, amid pessimism over Spain's deteriorating situation and Germany's intransigence over the crisis as well as further indications of waning consumer confidence in the U.S. Here is a continuously updated list of global stock indices.
Economic Trends & Outlook
Japanese think tanks see a mixed bag for business confidence
Business confidence among Japan's leading manufacturers is likely to be flat as reflected in a June survey, according to a poll of private think tanks. Strong domestic demand and stimulus from rebuilding projects are expected to be counterbalanced by sluggish export markets, a higher yen and concerns over the nation's power supply.
Philippine budget turns to deficit as economy stays on track
The Philippines' April budget surplus turned to a deficit in May as Manila stepped up spending as part of a 2012 plan to buffer the economy from the global downturn. Separately, government officials said growth for the second quarter is on track to meet or exceed projections.
Consumer confidence slips in S. Korea; 2012 growth is seen at 3.2%
South Korean consumer confidence has declined in June but remains barely positive despite gathering clouds in Europe and elsewhere, the Bank of Korea reports. Separately, the country's economic growth for the year is likely to come in at 3.2%, the Korea Institute for Industrial Economics and Trade said, citing the eurozone crisis as the largest restraining factor.
Indian business revenue growth appears headed for 6-quarter low
With domestic demand down, Indian business revenue growth is likely to hit a six-quarter low in the current period, according to Crisil Research. "While policy logjam and higher cost of capital have severely dented the investment cycle, persistent inflation, economic uncertainty and high retail lending rates are weighing on consumer sentiment, thereby affecting consumption growth," said Crisil President Mukesh Agarwal.
The long-awaited economic opening in Myanmar has led to a flood of companies and investors that has yet to be matched by growth in the country's institutions charged with managing the influx. The disparity is leading to worries that long-term damaging mistakes will be made. "There is so much on [the government's] plate right now and so few people involved in evaluating all of this that I think they're getting to the point where they are overwhelmed," observes Craig Steffensen, the Asian Development Bank's chief on Myanmar and Thailand.
A split of News Corp. into a publishing company and a far larger and more prosperous broadcasting company is no longer opposed by controlling shareholder Rupert Murdoch. Word that the division, long sought by many holders, is under active consideration sent News Corp.'s shares up 2.4% Tuesday. Under the envisioned separation, however, the Murdoch family would retain 40% control of both companies.
Ping An Russell targets wealthy investors with China fund
High-net-worth individuals are the target market as Ping An Russell Investments plans for a multi-manager fund for China. The MoM fund would be a first for the country. The idea is to provide access to the same domestic hedge fund managers that Russell Investment will tap for U.S. dollar investors through its planned QFII fund.
Proxy-fight speculation boosts Apex Equity shares
A surge in Apex Equity Holdings shares may be the result of speculation that a proxy fight could develop between leading shareholders. The price climb began after Executive Chairman Chan Guan Seng was ousted last week. Chan was reappointed by the board Monday.
Operating costs cut sharply into Korean investment advisers' profits
A jump in operating costs largely accounts for a nearly 57% fall in combined net profit for South Korea's investment advisers in the fiscal year ended in March, according to a report by the Financial Supervisory Service. Commissions for the year were basically unchanged at 181.4 billion won.
China's South Beauty plans IPO for Hong Kong
Chinese restaurant group South Beauty is planning to raise $100 million to $200 million with an IPO on the Hong Kong Exchange. Deutsche Bank and UBS will be the major underwriters for the offering, which won approval for the Hong Kong market after being denied on the mainland market.
Global crisis creates a buying opportunity for Japanese companies
The eurozone crisis is prompting Japanese companies to buy up affiliates and businesses in Europe and the U.S. A relatively robust Japanese economy and the strong yen are setting up a bargain situation. "There are quite a number of offerings [from U.S. and European financial institutions and others], so Japanese firms are keeping their eyes open and making careful selections," noted a senior official at a major financial institution.
Western private equity is seen shifting to Asia
As Europe works its way through another recession, private equity funds in the West are expected to shift a growing percentage of their funds to Asia. Coller Capital projects that 39% of limited partners in Europe will have at least 10% of their portfolios in Asia by 2015, more than doubling the share they now have allocated in the region.
Chinese banks fill lending void left by Europeans in Australia
With Europe's strapped lenders pulling out of Australia, Chinese banks are stepping in. So far this year, Asian banks account for 21% of new syndicated loan activity in Australia, up four percentage points from a year before.
Industry & Regulatory Update
India requires e-voting for leading companies
Electronic voting in place of postal ballots is now required for all listed Indian companies. The new rule from the Securities and Exchange Board of India is to be phased in, beginning with the "top 500 listed companies on the BSE and NSE based on market capitalisation," SEBI said in a news release.
Ethics & Standards
Nomura shareholders are likely to raise insider-trading questions
Tough questioning over Nomura Holdings' involvement in a major crackdown on insider trading is likely to be near the top of the agenda as shareholders meet today in Tokyo. CEO Kenichi Watanabe is expected to offer his first comments on the firm's confirmation that some employees were involved in past disclosures of privileged information. "The current insider-trading probe could weigh on our business if we continue to be excluded from underwriting deals such as Japan Tobacco," one Nomura banker said.
China rebound is projected to lead 2nd-half Asia growth
Led by China and stimulus policies implemented by Beijing, Asia is poised for a recovery in the second half of the year, according to projections by HSBC. Separately, China's Ministry of Commerce said trade growth is experiencing a rebound. "Judging from a set of figures in export and business arena, the [current] situation should not be that bad," said ministry spokesman Shen Danyang.
Germany restates opposition to EU debt plan
As eurozone officials weighed proposals for a master overseer of the region's banks as a condition for tying together the separate economies, German Chancellor Angela Merkel reiterated her stern opposition to shared debt liability. Meanwhile, Spain braced for an expected downgrade to junk status by Moody's.
S&P sees U.S. recession risk; consumer confidence falls
Standard & Poor's says the most likely scenario for the U.S. economy at this stage remains a slow recovery, but the agency warned there's a 20% chance of a double-dip recession. The dim outlook came as the Conference Board reported U.S. consumer confidence fell in June for the fourth straight month.
U.K. may not be halfway through crisis, BoE warns
With a baffling weakness on the supply side, Bank of England policymakers are revising downward their outlook for the U.K. economy only six weeks after their previous forecast. BoE Governor Sir Mervyn King also cautioned that the U.K. may not be even halfway through the downturn, which began five years ago.
Market Activities
INTERNATIONAL MARKETS OVERVIEW
U.S. stocks fluctuated, but the Dow ended the day up 0.3% ahead of this week's European summit. European shares were down, however, amid pessimism over Spain's deteriorating situation and Germany's intransigence over the crisis as well as further indications of waning consumer confidence in the U.S. Here is a continuously updated list of global stock indices.
Economic Trends & Outlook
Japanese think tanks see a mixed bag for business confidence
Business confidence among Japan's leading manufacturers is likely to be flat as reflected in a June survey, according to a poll of private think tanks. Strong domestic demand and stimulus from rebuilding projects are expected to be counterbalanced by sluggish export markets, a higher yen and concerns over the nation's power supply.
Philippine budget turns to deficit as economy stays on track
The Philippines' April budget surplus turned to a deficit in May as Manila stepped up spending as part of a 2012 plan to buffer the economy from the global downturn. Separately, government officials said growth for the second quarter is on track to meet or exceed projections.
Consumer confidence slips in S. Korea; 2012 growth is seen at 3.2%
South Korean consumer confidence has declined in June but remains barely positive despite gathering clouds in Europe and elsewhere, the Bank of Korea reports. Separately, the country's economic growth for the year is likely to come in at 3.2%, the Korea Institute for Industrial Economics and Trade said, citing the eurozone crisis as the largest restraining factor.
Indian business revenue growth appears headed for 6-quarter low
With domestic demand down, Indian business revenue growth is likely to hit a six-quarter low in the current period, according to Crisil Research. "While policy logjam and higher cost of capital have severely dented the investment cycle, persistent inflation, economic uncertainty and high retail lending rates are weighing on consumer sentiment, thereby affecting consumption growth," said Crisil President Mukesh Agarwal.
Investment floods into an unprepared Myanmar
The long-awaited economic opening in Myanmar has led to a flood of companies and investors that has yet to be matched by growth in the country's institutions charged with managing the influx. The disparity is leading to worries that long-term damaging mistakes will be made. "There is so much on [the government's] plate right now and so few people involved in evaluating all of this that I think they're getting to the point where they are overwhelmed," observes Craig Steffensen, the Asian Development Bank's chief on Myanmar and Thailand.
Capital Markets & Financial Products
As Murdoch drops opposition, News Corp. considers a split
As Murdoch drops opposition, News Corp. considers a split
A split of News Corp. into a publishing company and a far larger and more prosperous broadcasting company is no longer opposed by controlling shareholder Rupert Murdoch. Word that the division, long sought by many holders, is under active consideration sent News Corp.'s shares up 2.4% Tuesday. Under the envisioned separation, however, the Murdoch family would retain 40% control of both companies.
Ping An Russell targets wealthy investors with China fund
High-net-worth individuals are the target market as Ping An Russell Investments plans for a multi-manager fund for China. The MoM fund would be a first for the country. The idea is to provide access to the same domestic hedge fund managers that Russell Investment will tap for U.S. dollar investors through its planned QFII fund.
Proxy-fight speculation boosts Apex Equity shares
A surge in Apex Equity Holdings shares may be the result of speculation that a proxy fight could develop between leading shareholders. The price climb began after Executive Chairman Chan Guan Seng was ousted last week. Chan was reappointed by the board Monday.
Operating costs cut sharply into Korean investment advisers' profits
A jump in operating costs largely accounts for a nearly 57% fall in combined net profit for South Korea's investment advisers in the fiscal year ended in March, according to a report by the Financial Supervisory Service. Commissions for the year were basically unchanged at 181.4 billion won.
China's South Beauty plans IPO for Hong Kong
Chinese restaurant group South Beauty is planning to raise $100 million to $200 million with an IPO on the Hong Kong Exchange. Deutsche Bank and UBS will be the major underwriters for the offering, which won approval for the Hong Kong market after being denied on the mainland market.
Global crisis creates a buying opportunity for Japanese companies
The eurozone crisis is prompting Japanese companies to buy up affiliates and businesses in Europe and the U.S. A relatively robust Japanese economy and the strong yen are setting up a bargain situation. "There are quite a number of offerings [from U.S. and European financial institutions and others], so Japanese firms are keeping their eyes open and making careful selections," noted a senior official at a major financial institution.
Western private equity is seen shifting to Asia
As Europe works its way through another recession, private equity funds in the West are expected to shift a growing percentage of their funds to Asia. Coller Capital projects that 39% of limited partners in Europe will have at least 10% of their portfolios in Asia by 2015, more than doubling the share they now have allocated in the region.
Chinese banks fill lending void left by Europeans in Australia
With Europe's strapped lenders pulling out of Australia, Chinese banks are stepping in. So far this year, Asian banks account for 21% of new syndicated loan activity in Australia, up four percentage points from a year before.
Industry & Regulatory Update
India requires e-voting for leading companies
Electronic voting in place of postal ballots is now required for all listed Indian companies. The new rule from the Securities and Exchange Board of India is to be phased in, beginning with the "top 500 listed companies on the BSE and NSE based on market capitalisation," SEBI said in a news release.
Ethics & Standards
Nomura shareholders are likely to raise insider-trading questions
Tough questioning over Nomura Holdings' involvement in a major crackdown on insider trading is likely to be near the top of the agenda as shareholders meet today in Tokyo. CEO Kenichi Watanabe is expected to offer his first comments on the firm's confirmation that some employees were involved in past disclosures of privileged information. "The current insider-trading probe could weigh on our business if we continue to be excluded from underwriting deals such as Japan Tobacco," one Nomura banker said.
VeriFone Takes Its Mobile Payment Dongle Sail To Android
VeriFone recently revealed its play for the next-gen of mobile payments, rivalling Square, as iPhone-compatible Sail dongle--a device that also comes with an impressive software ecosystem. The company has just announced that it's made Sail compatible with Android devices, which makes excellent sense given that Android smartphones lumped together do make up a market majority for smartphones. But it's also making Sail more powerful by offering in-app one-click ordering of a VeriFone countertop hardware unit for a $100 and $15 monthly rental. By printing out paper receipts and acting as helping Sail devices track sales it effectively turns connected Sail handsets, which can process credit card payments, into minature cash registers. This is especially useful as Sail allows differential login levels so several floor staff could operate the devices to process payments, but only a manager can access analytics and account information.
With Yahoo Deal, Spotify Eyes 700M Potential Users
Spotify and Yahoo just announced a global distribution deal that will put Spotify in front of 700 million users--a hefty leg up from its current 10 million actives. It's another way the streaming company is making the experience less about its mothership interface. Yahoo will integrate Spotify with its entertainment sites by featuring the Spotify "play" button, which the music service rolled out in April to allow any site to embed Spotify tunes and to, in turn, gain more users. The news doesn't change much for existing Spotify users, but Yahoo says a branded Spotify app is in the works that will feature original entertainment content. And what's good for Spotify may also be good for Yahoo: AllThingsD reports Yahoo will receive a cut of the revenue from paying Spotify subscribers generated by the Yahoo exposure.
Apple Releases New Podcasts App
Apple has released an official standalone app for podcasts calling it--surprise, surprise--"Podcasts." The app, designed to look like an old tape player, is now out for the iPhone and iPad for iOS versions 5.1 and later. New podcasts you've subscribed to can be set to update automatically for offline listening, or can be streamed online. A "Stations" category lets you discover new podcasts within a category, with easily accessed sharing option on Twitter, message, or via email.
Pulse Launches Premium Sources With WSJ As Inaugural Partner
One day after Flipboard and The New York Times announced a paid content partnership, Flipboard competitor Pulse and the Wall Street Journal have announced one of their own. Starting today, Flipboard's new Premium Sources feature gives users access to select WSJ content for a monthly fee. Unlike the Flipboard/Times partnership, which gives current Timessubscribers access to all of the paper's content on Flipboard, Pulse users will have to subscribe to different channels of WSJ content, starting with tech, politics, and an editorial section called the Water Cooler. Tech and politics subscriptions are each $3.99 a month, and the Water Cooler subscriptions are $0.99 a month.
Facebook COO Sheryl Sandberg Becomes First Woman To Sit On Board Of Directors
Facebook has just appointed chief operating officer Sheryl Sandberg as the eighth member and first woman to sit on its Board of Directors, the company announced today. As Facebook's highest-paid executive, Sandberg has overseen the company's business operations for the past four years, and she will now command her own vote in all Facebook decisions. Sandberg currently owns 1.9 million shares of Class B Facebook stock and more than 39 million restricted stock units. The announcement comes a little more than a week after Facebook's CTO of three years, Bret Taylor, said he would be leaving the company.
Shazam Partners With NBC Olympics To Deliver Social TV Content
Media discovery app Shazam announced today it will partner with NBC Olympics to provide social content for the duration of the London games. The partnership will provide Shazam with access to twice the viewership of this year's Super Bowl, its last major U.S. television partnership (the 2008 Beijing Olympics had about 214 million U.S. viewers, compared to the 2012 Super Bowl's 111 million). Starting July 27, U.S. Shazam users watching the Olympics across five NBC properties will be able to use the app on their mobile devices to access content such as athletes' bios, up-to-the-minute event results, and interactive polls, as well as options to share on Twitter and Facebook.
VeriFone recently revealed its play for the next-gen of mobile payments, rivalling Square, as iPhone-compatible Sail dongle--a device that also comes with an impressive software ecosystem. The company has just announced that it's made Sail compatible with Android devices, which makes excellent sense given that Android smartphones lumped together do make up a market majority for smartphones. But it's also making Sail more powerful by offering in-app one-click ordering of a VeriFone countertop hardware unit for a $100 and $15 monthly rental. By printing out paper receipts and acting as helping Sail devices track sales it effectively turns connected Sail handsets, which can process credit card payments, into minature cash registers. This is especially useful as Sail allows differential login levels so several floor staff could operate the devices to process payments, but only a manager can access analytics and account information.
With Yahoo Deal, Spotify Eyes 700M Potential Users
Spotify and Yahoo just announced a global distribution deal that will put Spotify in front of 700 million users--a hefty leg up from its current 10 million actives. It's another way the streaming company is making the experience less about its mothership interface. Yahoo will integrate Spotify with its entertainment sites by featuring the Spotify "play" button, which the music service rolled out in April to allow any site to embed Spotify tunes and to, in turn, gain more users. The news doesn't change much for existing Spotify users, but Yahoo says a branded Spotify app is in the works that will feature original entertainment content. And what's good for Spotify may also be good for Yahoo: AllThingsD reports Yahoo will receive a cut of the revenue from paying Spotify subscribers generated by the Yahoo exposure.
Apple Releases New Podcasts App
Apple has released an official standalone app for podcasts calling it--surprise, surprise--"Podcasts." The app, designed to look like an old tape player, is now out for the iPhone and iPad for iOS versions 5.1 and later. New podcasts you've subscribed to can be set to update automatically for offline listening, or can be streamed online. A "Stations" category lets you discover new podcasts within a category, with easily accessed sharing option on Twitter, message, or via email.
Pulse Launches Premium Sources With WSJ As Inaugural Partner
One day after Flipboard and The New York Times announced a paid content partnership, Flipboard competitor Pulse and the Wall Street Journal have announced one of their own. Starting today, Flipboard's new Premium Sources feature gives users access to select WSJ content for a monthly fee. Unlike the Flipboard/Times partnership, which gives current Timessubscribers access to all of the paper's content on Flipboard, Pulse users will have to subscribe to different channels of WSJ content, starting with tech, politics, and an editorial section called the Water Cooler. Tech and politics subscriptions are each $3.99 a month, and the Water Cooler subscriptions are $0.99 a month.
Vizio Announces $99 Co-Star For A Smarter HDTV
LCD HDTV maker Vizio, following in Sony's and LG's steps, just announced a new setup that will bring web streaming to its lush TV displays. The $99 Vizio Co-Star, outfitted with Google TV tech, connects to a cable box or satellite box and adds a smart layer to the TV setup hardware that brings access to apps and streamed shows with just a few clicks of the remote control. Pre-orders for the set begin in July.
Facebook Disables New "Find Friends Nearby" App
Facebook has scuttled the fledgling Find Friends Nearby app which was discovered this weekend. When logged into Facebook and on the app's landing page, users could see the names of geographically close Facebook users, known and unknown, who were also on the app's landing page. The app's landing page and the version within the Facebook app have both been disabled. Facebook has spoken up, telling msnbc.com and Wired.com that the app was a test and had not been formally released.
Orbitz Shows Mac Users Costlier Travel Deals
Travel site Orbitz is using the browser data of their visitors to target Apple users with costlier travel and hotel options. Orbitz executives told the Wall Street Journal that they noticed visitors with a Mac spent more on hotel rooms (up to $30 more) and picked fancier hotels than PC users, and confirmed the trend with data. The company now adds visitors' browser data to a laundry list of factors that determine what search results they see.
LCD HDTV maker Vizio, following in Sony's and LG's steps, just announced a new setup that will bring web streaming to its lush TV displays. The $99 Vizio Co-Star, outfitted with Google TV tech, connects to a cable box or satellite box and adds a smart layer to the TV setup hardware that brings access to apps and streamed shows with just a few clicks of the remote control. Pre-orders for the set begin in July.
Facebook Disables New "Find Friends Nearby" App
Facebook has scuttled the fledgling Find Friends Nearby app which was discovered this weekend. When logged into Facebook and on the app's landing page, users could see the names of geographically close Facebook users, known and unknown, who were also on the app's landing page. The app's landing page and the version within the Facebook app have both been disabled. Facebook has spoken up, telling msnbc.com and Wired.com that the app was a test and had not been formally released.
Orbitz Shows Mac Users Costlier Travel Deals
Travel site Orbitz is using the browser data of their visitors to target Apple users with costlier travel and hotel options. Orbitz executives told the Wall Street Journal that they noticed visitors with a Mac spent more on hotel rooms (up to $30 more) and picked fancier hotels than PC users, and confirmed the trend with data. The company now adds visitors' browser data to a laundry list of factors that determine what search results they see.
Facebook COO Sheryl Sandberg Becomes First Woman To Sit On Board Of Directors
Facebook has just appointed chief operating officer Sheryl Sandberg as the eighth member and first woman to sit on its Board of Directors, the company announced today. As Facebook's highest-paid executive, Sandberg has overseen the company's business operations for the past four years, and she will now command her own vote in all Facebook decisions. Sandberg currently owns 1.9 million shares of Class B Facebook stock and more than 39 million restricted stock units. The announcement comes a little more than a week after Facebook's CTO of three years, Bret Taylor, said he would be leaving the company.
Shazam Partners With NBC Olympics To Deliver Social TV Content
Media discovery app Shazam announced today it will partner with NBC Olympics to provide social content for the duration of the London games. The partnership will provide Shazam with access to twice the viewership of this year's Super Bowl, its last major U.S. television partnership (the 2008 Beijing Olympics had about 214 million U.S. viewers, compared to the 2012 Super Bowl's 111 million). Starting July 27, U.S. Shazam users watching the Olympics across five NBC properties will be able to use the app on their mobile devices to access content such as athletes' bios, up-to-the-minute event results, and interactive polls, as well as options to share on Twitter and Facebook.