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Minimum-Wage Hike A Lift For Seniors, Too
The federal minimum wage increases by 70 cents on Thursday to $6.55 an hour. About one quarter of the people who work for a minimum wage are teenagers, but most are adults like 63-year-old Shirley Golliday. (Audio
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Reports Find Errors and Fraud in Small Business Administration Contracts
Millions of dollars in federal contracts intended for small businesses reportedly were awarded to companies that had not qualified or had won the contracts fraudulently. (Subscription required)Dept. of Labor tries to ease toxin rules
As the clock runs down on the Bush administration, political appointees at the Department of Labor are rushing to make it tougher to regulate on-the-job exposure to certain chemicals.Toyota Ahead of G.M. in Auto Sales
Based on sales for the first half of 2008, Toyota appears to be on its way to surpassing G.M. as the largest automaker. (Subscription required)Wachovia reports loss, cuts 10,000 jobs
Shares in the country's fourth-largest bank fell as it was forced to slash dividends after a $9 billion second-quarter loss.Yahoo declares the glass to be half full
Despite competitive pressures and a hard economy, Yahoo believes things look good: the company boldly stuck by forecasts for its full-year performance.Federal Minimum Wage To Increase By 70 Cents
The federal minimum wage will rise this week, from $5.85 to $6.55 an hour. But when adjusted for inflation, that's still less than minimum wage workers made a decade ago. (Audio)
Women Are Now Equal as Victims of Poor Economy
Women in the workplace are being afflicted by the same troubles as men. And they are responding as men have, by dropping out or disappearing for a while. (Subscription required)Food companies to feed us higher costs
Sara Lee, Tyson, Kraft and other name-brand food companies are hiking prices on everyday products from cheese to cold cuts. Jeff Tyler reports on how this will hit Americans in the gut.Yahoo, Icahn Reach Deal
Yahoo reached agreement with activist shareholder Icahn, under which the activist shareholder will join an expanded board in return for withdrawing a slate of his own candidates. (Subscription required)Starbucks Lists Stores to Be Closed
Starbucks disclosed the locations of the 600 stores it plans to close by early next year. The list includes cafes in 44 states plus the District of Columbia, with large amounts of closures in California, Florida and Texas. (Subscription required)Can IndyMac customers get a break?
Many depositors with the troubled IndyMac bank had to wait in line for hours this week to get their money out. They finally got cashiers checks, but it turns out other banks aren't in a hurry to cash them. Jeff Tyler reports.The quirks of doing business in China
In Beijing now, new rules can close businesses in Olympic "safety zones." But as Scott Tong reports, seemingly overnight rule changes are nothing new in China when it comes to business.Apologies
We're sorry, but technical difficulties prevent us from posting to this website today, or, we should say, natural disaster. Thunderstorms struck too close to home for our editor, Shelley. She's lighting candles at this moment instead of uploading entries to tpwireservice. If the electricity comes back on within a reasonable time, then she'll post entries here later. In the meantime, we hope she stays safe and forgets about posting until Monday.
Amazon launches new video store
Amazon is apparently trying to compete with Netflix, Apple and Microsoft by opening Internet video store.Suburbia at the Tipping Point?
This seems to suggest a new spatial fix in the making, with consolidation and concentration and higher real estate values in the core areas of mega-regions and especially their hub cities, and less reconcentration and a more general decline in real estate values in second and their tier cities, alongside more general real estate stagnation or decline in both urban and suburban locations.Bartering Expands in the Internet Age
One of the largest "little" industries of small companies in America, the trade exchange business has developed broadly over the past 25 years. (Subscription required)Agreement Reached Over YouTube Data
Defendants and plaintiffs in two related copyright infringement lawsuits against YouTube have reached a deal to protect the privacy of millions of YouTube watchers. (Subscription required)Delta Posts $1 Billion Loss
Delta Air Lines swung to a $1 billion quarterly loss amid surging fuel costs and a weak U.S. economy. Revenue rose 10% to $5.5 billion. (Subscription required)A Crackdown on India's Cybercafés
India's cybercafes could be headed for extinction as a nationwide clampdown in the name of anti-terrorism threatens their existence.EU Caps Roaming Fees for Text Messages
Mobile operators can no longer charge travelers up to 10 times what they pay in their home countries.GM to Outline More Cost Cutting
General Motors is expected to lay out plans for additional plant closures and white-collar job cuts on Tuesday, possibly including the elimination of a few thousand white-collar jobs. (Subscription required)Anheuser, Inbev Reach a Deal
Anheuser-Busch agreed to be acquired by InBev for about $52 billion, creating the world's largest beer maker and placing an iconic American company in the hands of a Belgian-Brazilian giant. The $70-a-share deal marks an abrupt end to what many expected to be a prolonged takeover drama. (Subscription required)Yahoo rejects joint-bid for search business by Icahn and Microsoft
Yahoo announced late Saturday night it rejected a joint-buyout proposal by Microsoft and investor activist Carl Icahn, which called for the sale of only Yahoo's search business.U.S. Bolsters Fannie, Freddie
The U.S. Treasury and Federal Reserve sought to shore up confidence in Fannie Mae and Freddie Mac by announcing a plan that placed the federal government firmly behind the mortgage giants. The move also calls for a provision to give the Fed a "consultative role" in setting capital requirements and other standards for the lenders. (Subscription required)An Ante-Up Antidote to Corporate Social Irresponsibility
Despite PR posturing, corporate philanthropy is down from 25 years ago.Getty to snap up Flickr users' pics
Thanks to a licensing deal between stock photo agency Getty Images and popular photo sharing site Flickr, you could soon cash in on those vacation snapshots. Jeremy Hobson reports.Super Scanners at British Airports
High-powered machines that produce detailed double X-ray images mean passengers no longer have to unpack laptops. Waits were cut to five minutes in June.Moon has water
Today, researchers announced that they've found water molecules in moon matter retrieved by NASA Apollo missions in the late 1960s and early 1970s. The water was coaxed out of volcanic glass pebbles (like those seen here).
Senate Approves Bill to Broaden Wiretap Powers
The bill expanded the government’s surveillance powers, and granted immunity for phone companies. (Subscription required)Northwest cuts jobs and ups fees
Northwest Airlines cuts 2,500 jobs and increases passengers' fees to offset the rising cost of jet fuel.Steve & Barry's unravels
Retailer Steve & Barry's, known for selling hip clothes for next to nothing, has filed for bankruptcy. What went wrong?Congress grills Net companies on online privacy
Executives from major Internet players — Microsoft, Google and Facebook — are due for a grilling about online privacy in a Senate committee Wednesday, but the company likely to get the most scrutiny is a small Silicon Valley start-up called NebuAd. NebuAd has drawn fierce criticism from privacy advocates in recent weeks for working with Internet service providers to track the online behavior of their customers and then serve up targeted banner ads based on that behavior.Microsoft Crosses A Line
08 JUL 2008 from the Washington Post | Read the full story»
I'm all for a merger. But I won't stand by quietly while Microsoft destroys what's left of Yahoo just because it can.
Hat tip: Stephen Garner
Study Finds Flawed Practices at Ratings Firms
09 JUL 2008 from the New York Times | Read the full story»
[A] blistering 37-page report issued by the Securities and Exchange Commission... confirmed what many on Wall Street had long suspected: the major ratings firms, including Fitch, Moody’s and Standard & Poor’s, flouted conflict of interest guidelines and considered their own profits when rating securities, among other suspect practices. (Subscription required)
Hat tip: Stephen Garner
The 21st Century Writer
JUL/AUG 2008 from the Futurist | Read the full story»
For many magazine and newspaper publishers, the goal now is to transition into a more Web-focused business model quickly. For book publishers, the mission is to make an industry built on a fifteenth-century technology viable in the twenty-first century. That means reinventing the concept of the book for the digital age. Theirs is perhaps the biggest challenge.
Hat tip: Russell Davies
When Size Matters in the Boardroom
02 JUL 2008 from the Wall Street Journal | Read the full story»
As it turns out, the shape and size of a conference table might mean a lot more than expected about you, your company and its success or failure. (Subscription required)
Boss in the Corporate Jet Is Likely to Be a Woman
There is less and less truth to the stereotype of the typical user of the private jet as a well-off guy in a big corporate jet. (Subscription required)Fed plans new rules to protect future homebuyers
The Federal Reserve, trying to stabilize a shaky U.S. financial system, may give squeezed Wall Street firms more time to tap the central bank's emergency loan program, chairman Ben Bernanke said Tuesday....Siemens plans to cut 16,750 jobs
Germany's Siemens plans to cut 16,750 jobs, or about 4% of its workforce, as the global economy slows.American firms opening doors for China
China is more often seen as a competitor than a friend to American business. But some Rust Belt companies are welcoming Chinese investment. Scott Tong reports.How Your Audience's Brain Works
Three new findings in brain research could help you present information better and keep your listeners engaged.Internet service to give magazine subscribers freedom
Magazine buying may get an Internet-era makeover in September when Time Inc. launches Maghound, a service that promises to blend ...GM Weighs More Layoffs, Sale of Brands
GM is preparing to cut thousands more white-collar jobs and is considering whether it should sell or shutter more of its brands, as discussions among top executives have intensified in recent weeks. (Subscription required)InBev Seeks to Oust Anheuser Board
InBev raised the pressure on top managers at Anheuser-Busch by moving to oust the U.S. brewer's board. (Subscription required)Does Wal-Mart Really Hurt Small Business?
It's conventional wisdom that when it comes to small companies, Wal-Mart is bad news. But is it true?On Day Care, Google Makes a Rare Fumble
05 JUL 2008 from the New York Times | Read the full story»
If Google had really wanted to do something path-breaking about its day care crisis, it would have spent less time creating elitist day care centers and more time figuring out how to "scale" day care for everybody no matter what their salaries. Instead, Google has shown that it thinks about day care the same way every other company does — as a luxury, not a benefit. Judging by what’s transpired, that’s what Google is fast becoming: just another company. (Subscription required)
Hat tip: Stephen Garner
Happy Fourth of July!
In the spirit of this holiday, we invite you to read, as advised by William Kristol, the entire Declaration of Independence. While you're at it, check out the letter from Thomas Jefferson to Roger Weightman, as Kristol suggests. Seriously, it's worth your time to revisit this. Enjoy. Posting will resume on Monday.
Study Refutes Niche Theory Spawned by Web
02 JUL 2008 from the Wall Street Journal | Read the full story»
In addition to her data crunching, Prof. Elberse reminded readers of substantial bodies of qualitative social research that suggest "The Long Tail" may have been wrong in its description of what makes consumers tick. The book implies that readers and movie viewers are eager to cast off the shackles imposed by physical inventory so they can frolic among the thousands or millions of titles in the Long Tail. But Prof. Elberse describes research showing that even in our cultural consumption we tend to be intensely social folks. We like experiencing the same things that other people are experiencing -- and the mere fact that other people are experiencing and liking something makes us like it even more. Far from being cultural rugged individualists, most of us are only too happy to have others suggest to us what we'd like. (Subscription required)
Microsoft still searching for Yahoo
Apparently, Microsoft's not used to rejection. Despite being rebuffed, the computer giant is still looking for a way to get a piece of Yahoo's search market.Big Job Cuts Announced at American
American Airlines said it expects to cut nearly 7,000 jobs, about 8 percent of its work force, by the end of 2008, as it reduces flights and grounds aircraft due to high fuel prices. (Subscription required)Not Your Typical Corporate Park
Hoping to inspire 9-to-5ers to take advantage of the glory of summertime outdoors, the City of London will be transforming St James's Park into an outdoor office space for two days, from July 3 to 4. The park will provide free wifi, a boardroom, a breakout room, 12 desk clusters, and a receptionist. And not to worry - visitors won't miss out on any hot office gossip - there'll be a water cooler, too.Consumers hanging up on landlines
A growing number of consumers are saying bye-bye to their landline phones in favor of the portability and convenience of cell phones.Guinness bestows download record on Firefox
The official tally of Firefox downloads surpassed 8 million. Sounds like the Download Day PR stunt hit pay dirt.Starbucks To Close 600 U.S. Stores
Starbucks will close more than 600 shops in the U.S. in the coming months, which analysts say is a consequence of the chain spreading too far, too fast. (Audio)
Paychecks stretch instead of grow
To find the real reason for low economic confidence, follow the money. Commentator Jared Bernstein says a lack of pay increases is keeping workers struggling.Mygallons.com: Lock In Gas Prices Before They Go Up
Mygallons.com is a new service that lets you purchase gasoline at the current rate, and lock in that price for future fill ups. For example: you prepay for 100 gallons at $4.10 a gallon and every time you get gas (until the 100 gallons run out) you pay that rate - even if prices go up. The system uses a debit card that's accepted at 95% of the gas stations in the United States.AT&T to Sell Apple iPhone Sans Contract
Wireless provider to allow customers to get the popular handset for several hundred dollars more without a binding deal.On Her Majesty’s Web-Based Workforce
A couple of weeks ago, the UK’s tax authority - Her Majesty’s Revenue & Customs Service - announced a number of measures that may benefit Britain’s web workers, and more broadly, any Brits working from home.Get a ticket, get a free gadget
Headsets.com has kicked off a new marketing and educational campaign on the new hands-free legislation that involves giving free headsets to offenders.Most state workers in Utah shifting to 4-day week
This summer, Utah will become what experts say is the first state to institute a mandatory four-day work week for most state workers...Insurance companies are well covered
Extreme weather has driven insurance claims way up in 2008, but the insurance companies have plenty of capital to weather the storm. Dan Grech reports.U.S. Airlines May Get Foreign Help
U.S. carriers could start seeking foreign investments and push for a relaxation of U.S. airline-ownership laws, British Airways's chairman said. (Subscription required)Southwest flies past high oil prices
While other airlines cut flights and tack on fees, Southwest Airlines has avoided passing rising costs on it to customers by locking in fuel prices years in advance. Jeff Tyler reports.Microsoft Stops Selling Windows XP
In a push to sell more of its new Windows Vista software, Microsoft said it plans to stop shipping copies of Windows XP. Co-host Ari Shapiro talks with Lance Ulanoff, PC Magazine's editor in chief, about what this means for consumers who use Windows software. (Audio)
Vermont OKs the Creation of Virtual Corporations
17 JUN 2008 from GigaOm | Read the full story»
Under the new law, for example, a board meeting may be conducted "in person or through the use of [an] electronic or telecommunications medium." A "‘virtual company’ will be, as a legal matter, a Vermont limited liability company..."
Hat tip: Phoebe Espiritu
Beer Fight Gets Hostile
Anheuser-Busch rejected InBev's $46.35 billion offer, while the Belgian-Brazilian brewer said it planned to ask the St. Louis brewer's shareholders to unseat the board. (Subscription required)Microsoft Seeks Path Beyond Gates’s Legacy
As Bill Gates moves on, it will be up to successors to master the Internet’s challenges or see Microsoft’s stature erode. (Subscription required)A Company Computer and Questions About E-Mail Privacy
A lawsuit involves an unsettled area of the law, where changes in technology create tension between expectations of personal privacy and companies’ rights to monitor equipment. (Subscription required)Yahoo tries going on the offensive
The Google ad deal and now the reorg show Yahoo executives are trying to seize the initiative. But those are longer-term plans, and more timely issues remain.Laptop Searches in Airports Draw Fire at Senate Hearing
Advocacy groups and legal experts told Congress that it was unreasonable for federal officials to search the laptops of United States citizens when they re-enter the country from traveling abroad. (Subscription required)ISPs still considering tracking Web use
Although a large Internet service provider has backed away from technology that tracks subscribers' Web use in order to deliver personalized advertising, two other broadband companies said Wednesday they are still considering whether to deploy it....For Bill Gates, the next phase begins
The Microsoft co-founder takes the spotlight this week as he puts in his final days of full-time work for the software company.American Airlines Details Flight Cutbacks
American Airlines will cut back flights at many airports later this year, including hubs in Dallas and Chicago, because of record fuel prices.(Subscription required)U.S. High Tech Said to Slip
A report said that the U.S. is in danger of losing its high-tech edge as jobs go unfilled, in part a consequence of too few green cards or work visas available to talented foreign students. (Subscription required)Wall Street's Fading Crush on G.E.
22 JUN 2008 from the New York Times | Read the full story»
Usually, it’s easy to find bullish analysts on Wall Street... Not in the case of General Electric, though. These days, it’s hard to find much love on the Street for what was once the bluest of blue chips. (Subscription required)
Hat tip: Stephen Garner
Microlending shows up stateside
The small loans that have sparked a financing revolution around the world are starting to pique interest in the United States. Alisa Roth reports.The End of Theory: The Data Deluge Makes the Scientific Method Obsolete
This is a world where massive amounts of data and applied mathematics replace every other tool that might be brought to bear. Out with every theory of human behavior, from linguistics to sociology. Forget taxonomy, ontology, and psychology. Who knows why people do what they do? The point is they do it, and we can track and measure it with unprecedented fidelity. With enough data, the numbers speak for themselves.United to Eliminate 950 Pilot Jobs
The layoffs come in addition to the 1,600 salaried positions the company has already said it will cut. (Subscription required)Technology: It's Where the Jobs Are
A new survey shows growth across the country, with higher-than-average pay. And with the number of tech grads falling, demand will only rise.The Medium: Swapland
Bartering, especially of homes, has found a new, global life on the Internet. (Subscription required)Firms Measure a CEO's (Net) Worth
23 JUN 2008 from the Wall Street Journal | Read the full story»
Waddell & Reed is among a growing number of companies scrutinizing how much they have paid executives over time. Nearly 15% of Fortune 500 firms said they took such "accumulated wealth" into account in setting 2007 executive pay, up from 8.4% in 2006, according to data tracker Equilar Inc. Part of the increase is due to the Securities and Exchange Commission, which is encouraging companies to disclose the role of historical pay in their compensation decisions. Few acknowledge reducing CEO pay or benefits, as Waddell & Reed did. (Subscription required)
Citigroup Plans Layoffs
Citigroup is set to unveil layoffs totaling as much as 10% of its world-wide investment-banking work force. (Subscription required)Look at the benefits of higher gas prices
Are these rising gas prices a crisis, or are they really a blessing in disguise? Economist and commentator Justin Wolfers says we're being compensated for these higher gas prices -- we just don't realize it.Delaying News in the Era of the Internet
The lesson from the death of NBC News host Tim Russert seems to be this: as long as there is news, people will try to share it. And new technology makes that easier. (Subscription required)United, Continental Form Alliance
United Air and Continental agreed to a marketing alliance that could provide many revenue benefits of a merger without the financial risks. (Subscription required)Court Upholds Ruling on Health Benefits
The Supreme Court said courts should consider an insurance company’s potential conflict of interest when reviewing the denial of an employee’s benefits claim. (Subscription required)Small businesses turn to credit cards
As banks tighten requirements for loans, many small business owners are relying on credit cards for capital, prompting card providers to offer up special business accounts. Stacey Vanek-Smith reports.Bidding Yahoo Adieu
An exodus of high-profile, innovative managers leaves a leadership vacuum, and troubling implications for Yahoo's future.Mars Lander Finds Evidence of Ice
NASA's Phoenix Mars lander may have exposed bits of ice while digging a trench in the soil of the Martian arctic, the mission's principal investigator said. (Subscription required)Worst Yet to Come for Airlines?
A new report predicts the commercial flight industry will be hit harder than expected. Morgan Stanley cuts earnings forecasts.A Supreme Court Victory for Older Workers
The Supreme Court placed on employers the burden of proving that a layoff or other action that hurts older workers more than others was based not on age but on some other "reasonable factor." (Subscription required)In the Rubble of Sichuan, Chinese Get Back to Business
19 JUN 2008 from the Wall Street Journal | Read the full story»
Businesses are sprouting in tents and makeshift stands amid the rubble of towns decimated by China's earthquake. The response is a reminder of how profoundly capitalist ideas have taken hold there. (Subscription required)
SF court protects privacy of work communications
A federal appeals court in San Francisco has made it more difficult for employers to legally access e-mails and text messages sent by their workers on company accounts....British Airways Starts a New Carrier
British Airways is launching a new airline linking New York to continental Europe, capitalizing on the deregulation of trans-Atlantic air travel. (Subscription required)Flickr Founders Flee Yahoo
Microsoft deal or not, Flickr founders Stewart Butterfield and Caterina Fake are bidding an odd adieu to Yahoo.Class Tests Carbon Trading, With Troubling Results
Cap-and-trade is considered one of the likeliest political solutions to global warming. The system sets up a market to trade carbon credits. Two professors at the University of California, Berkeley, have set up a market simulation game to let their students try the idea. What the class learned may unsettle politicians and energy regulators alike. (Audio)
Britannica Lets Online Visitors Suggest Revisions
Encyclopedia Britannica is taking a page out of the Wikipedia playbook by allowing readers to make edits and contributions to the encyclopedia. (Audio)
Business travel falling out of favor
Delays, cancellations, airport chaos, spiralling costs and time-consuming security checks have prompted managers in the U.S and Britain to look long and hard at whether they really need to travel. Where possible, they're coming up with the answer 'no'.The Bubble
15 JUN 2008 from the Washington Post | Read the full story»
How homeowners, speculators and Wall Street dealmakers rode a wave of easy money with crippling consequences.
Hat tip: Stephen Garner
United Airlines: $15 for that checked bag, but you can charge your iPod for free
It's the first domestic carrier to implement a partnership with Apple that brings iPod and iPhone connectivity to its in-flight entertainment systems. Too bad it's only available on select planes.Foreign Airlines Prosper While U.S. Carriers Struggle
While U.S. airlines are struggling with rising fuel costs and customer complaints, foreign airlines are doing quite well — some even very well. Co-host Steve Inskeep talks to David Field, an editor with Airline Business Magazine, about why international airlines are prospering while American carriers aren't. (Audio)
Nearly Half of Wall St. Bank Profits Are Gone
16 JUN 2008 from the New York Times | Read the full story»
The numbers are staggering. Between early 2004 and mid-2007, a period of unprecedented wealth on Wall Street, seven of the nation’s largest financial companies earned a combined $254 billion in profits. But since last July, those same banks — Bank of America, Citigroup, JPMorgan Chase, Lehman Brothers, Merrill Lynch, Goldman Sachs and Morgan Stanley — have written down the value of the assets they hold by $107.2 billion, gutting their earnings and share prices. (Subscription required)
Hat tip: Stephen Garner
'Executive Sessions' Let CEOs Rock Out
Captains of industry, staffing their bands with top-drawer musicians, are taking part in a series called Executive Sessions. It's co-hosted by Boston's Berklee College of Music. (Audio)
Surging Oil and Food Prices Threaten the World Economy, Finance Ministers Warn
15 JUN 2008 from the New York Times | Read the full story»
The global economy faces a one-two punch from slowing growth and soaring fuel and food prices, finance ministers from the world’s richest nations warned Saturday, though they stopped short of offering concrete solutions. (Subscription required)
Hat tip: Stephen Garner
Some employees buy own laptops, phones for work
Many employees frustrated that their companies are unwilling to pay for the laptops, cellphones and other electronic devices ...US Airways to Cut Jobs, Raise Fees
US Airways will cut 1,700 jobs, raising fees and increased planned domestic capacity cuts in another example of airlines trying to keep flying amid record fuel prices. (Subscription required)Publishers Push for New Rules on Unsold Books
For decades, the publishing industry has paid stores to return unsold books. The method forces publishers to gamble on the success of a given title, a risk many small presses can't afford. In a move seen to signal a possible industry change, a new imprint at HarperCollins will not allow stores to return unsold merchandise. (Audio)
Yahoo, Google Reach Search Deal
Yahoo reached a search-ad pact with rival Google, uniting the systems of two industry giants and dealing a blow to Microsoft. Yahoo said acquisition talks with Microsoft have ended, sending Yahoo shares tumbling. (Subscription required)Bud, an American Icon, Pursued by Belgian Firm
America's "King of Beers" may wind up in the hands of a Belgian brewer. InBev has made a $46 billion bid for Anheuser-Busch, brewer of Budweiser, Bud Light and Michelob. If the deal goes through, InBev would become the world's largest brewer, adding the iconic American brands to a lineup that includes Stella Artois and Beck's. But the deal is a long way from being final. (Audio)