By Edwin Chan SAN FRANCISCO (Reuters) - Apple Inc has approved another $30 billion in share buybacks till the end of 2015 and authorized a rarely seen seven-for-one stock split, addressing calls to share more of its cash hoard while broadening the stock's appeal to individual investors. Activist investor Carl Icahn, who had famously called on the iPhone maker to boost its buyback program, tweeted his approval of the move on Wednesday. On Wednesday, Apple reported sales of 43.7 million iPhones in the quarter ended March, far outpacing the roughly 38 million that Wall Street had predicted. But whether Apple can again produce a revolutionary new product remains the central question in investors' and Silicon Valley executives' minds.
By Jonathan Spicer and Emily Stephenson NEW YORK/WASHINGTON (Reuters) - A former lawyer with the American Bankers Association is being considered by the White House as a possible nominee to the board of the Federal Reserve, according to sources familiar with the efforts The lawyer's name emerged as the White House weighs candidates with community banking backgrounds to fill gaps on the Federal Reserve's powerful but depleted board, the sources said. People familiar with the White House's process said administration officials may fill one of the remaining openings with someone with banking experience, as opposed to an economist. Two sources said the administration is considering Diana Preston, a lawyer who recently left a post at the American Bankers Association, which represents many small banks.
By Lucia Mutikani WASHINGTON (Reuters) - Sales of new U.S. single-family homes tumbled to their lowest level in eight months in March, dashing hopes for a quick turnaround for a sector that fell into a soft patch last summer.
By Alexei Oreskovic SAN FRANCISCO (Reuters) - Facebook Inc's mobile advertising business accelerated in the first three months of the year, helping the Internet social networking company top Wall Street's financial targets. Shares of Facebook were up nearly 3 percent at $63.05 in after-hours trading on Wednesday. Facebook said that mobile ads represented 59 percent of its ad revenue in the first quarter, up from 30 percent in the year-ago period. Facebook's overall revenue grew 72 percent year-on-year to $2.5 billion in the first quarter, above the $2.36 billion expected by analysts polled by Thomson Reuters I/B/E/S. "They've got the right products for what advertisers are looking for and that's manifesting itself in the results you're seeing," said JMP Securities analyst Ronald Josey.
Warren Buffett, the chairman of Berkshire Hathaway , said on Wednesday the company's BNSF railroad unit probably will not need to expand its rail car purchases as a result of delays in the Keystone pipeline construction. In addition, he said that the rail industry as a whole remains concerned about safety after a recent string of accidents. "It's true that the world is going to need an improved tank car," the iconic investor said in an interview with Reuters. How to transport oil by rail safety is "all" the industry is thinking about, he said Among the worries he cited was the potential for cyber attacks at Berkshire companies, particularly those with large physical facilities such as BNSF and utility operations.
By Chuck Mikolajczak NEW YORK (Reuters) - U.S. stocks dipped on Wednesday to snap a six-session winning streak as gains in Boeing and Gilead were offset by slides in AT&T and the wider biotech sector. AT&T Inc fell 3.8 percent to $34.92 a day after the Dow component reported earnings that beat expectations, offset by weak service revenue growth. Verizon Communications shed 1 percent to $47.43 while the S&P telecom sector index dropped 2.2 percent, easily making it the session's worst-performing sector. Biotech shares pulled the Nasdaq lower.
By Sarah N. Lynch WASHINGTON (Reuters) - A coalition of liberals and conservatives is lashing out at the U.S. Securities and Exchange Commission for pushing back against legislation that would force government agencies to get warrants before they access the email of people under investigation. The group, Digital 4th, on Wednesday launched www.notwithoutawarrant.com, a website urging the public to lobby the White House to support sweeping changes to federal privacy laws proposed in Congress in 2013. In a conference call with reporters, the group singled out the SEC for stalling the reforms. It also called on President Barack Obama to respond to a petition with more than 100,000 signatures in support of the bill, saying the SEC's opposition has caused the White House to ignore a groundswell of support.
By Emily Flitter and Sarah N. Lynch NEW YORK/WASHINGTON (Reuters) - A former accounting manager for Nvidia Corp has settled with the U.S. Securities and Exchange Commission over allegations he leaked non-public information about the chipmaker that allowed a group of Wall Street analysts to make millions through illegal trades, the SEC announced on Wednesday. The SEC said Chris Choi of San Jose, California will pay $30,000 to settle civil charges that he shared confidential tips with a friend who passed them on to a circle of hedge fund employees. The Wall Street circle that benefited from Choi's tips included two former portfolio managers, Todd Newman and Anthony Chiasson, whose insider trading convictions are being examined by a federal appeals court. Another one of the portfolio managers who eventually received information leaked from Choi was former SAC Capital employee Michael Steinberg, who was convicted in December on criminal charges related to insider trading.
By Yoshiyasu Shida TOKYO (Reuters) - For Japanese billionaire Masayoshi Son, who wants to build the world's largest mobile Internet company, criticism of his operations from regulators in his home market could not come at a worse time. The feisty entrepreneur is lobbying skeptical Washington officials to let him buy a second U.S. mobile operator, saying he would help to break up a cozy U.S. wireless oligopoly. So it must be galling to hear regulators in Tokyo chide his SoftBank Corp , along with NTT DoCoMo , Japan's mobile industry leader, and No.2 KDDI Corp , for lack of competition in the domestic smartphone market. His ministry is preparing long-term proposals to bring lower prices and faster services, including fostering growth of mobile virtual network operators (MVNOs), cut-rate providers that lease network access from the big carriers.
By Noel Randewich SAN FRANCISCO (Reuters) - Qualcomm Inc on Wednesday posted its smallest quarterly revenue increase since 2010 as it wrestles with a smartphone market that is losing steam and shifting to China, sending its shares lower. With expansion in the smartphone industry moving away from wealthy markets such as the United States and toward China and other developing countries, where consumers favor less expensive devices, Qualcomm's once-impressive revenue growth is tapering off and it is focusing on costs to preserve its profitability. It was far lower than the quarterly growth rates of over 20 percent that Qualcomm investors until recently have been accustomed to. Less growth than expected in recent months in China, where China Mobile is preparing to launch a new, faster network with 4G, or LTE, technology, hurt Qualcomm's results in the quarter, Chief Executive Steve Mollenkopf told Reuters.
SAN FRANCISCO (AP) — Apple is diverting more of its cash to shareholders and preparing to split its stock for the first time in nine years in an attempt to win back investors fretting about the iPhone maker's slowing growth and pace of innovation.
NEW YORK (AP) — Facebook's earnings nearly tripled and revenue grew sharply in the first quarter, surpassing Wall Street's expectations thanks to an 82 percent increase in advertising revenue.
MOSCOW (AP) — The founder of Russia's leading social media network — a wunderkind often described as Russia's Mark Zuckerberg — has left his post as CEO and fled the country as cronies of President Vladimir Putin have made steady inroads into the company's ownership.
NEW YORK (AP) — Stocks edged mostly lower Wednesday, breaking a six-day winning streak, as investors were disappointed by the latest round of earnings from U.S. companies.
That little voice nagging you to put down the cake and lace up the running shoes is increasingly coming from your employer and is likely to grow louder with a looming change under the federal health care overhaul.
NEW YORK (AP) — In a new book, Thomas Piketty, the French economist who helped popularize the notion of a privileged 1 percent, sounds a grim warning: The U.S. economy has begun to decay into the pattern of aristocratic Europe of the 19th century. Hard work will matter less, inherited wealth more. The fortunes of the few will unsettle the foundations of democracy.
NEW YORK (AP) — Fans of classic HBO shows like "The Sopranos" and "The Wire" will soon have access to those series and more through Amazon Prime in the first online streaming deal signed by the cable network.
NEW YORK (AP) — Warren Buffett says he disapproves of Coca-Cola's highly contested pay plan for its executives.
WASHINGTON (AP) — The number of Americans buying new homes plummeted in March to the slowest pace in eight months, a sign that real estate's spring buying season is off to a weak start.
Boeing's increased rate of commercial jet manufacturing is starting to pay off for shareholders.
Elton is on top of his game and proves that you really can have it all, on and off the court. Read along and find out what it takes to reach entrepreneurial success and achieve all around greatness.
An over-reliance on a familiar tool is a concept made famous by American psychologist Abraham Maslow who in 1966 said: "I suppose it is tempting, if the only tool you have is a hammer, to treat everything as if it were a nail." Recently, I worked on two interesting yet vastly different online reputation problems, and the experiences affirmed to me that even though online reputation management issues are diverse, "hammers" are very popular. The first involved a company that was fighting a disparaging and defamatory online forum posting. ...
Having bought a number of small companies and frankly having sold my companies to bigger companies a number of times, I have found the following eight steps to be essential in this process.
Does customer service really matter? It seems like an obvious question to answer, but, given the results of a consumer survey by the American Customer Satisfaction Index (ASCI), "conventional wisdom" may be wrong on this one. From a consumer PR perspective, and by examining consumer buying habits, a large majority of people, based on their practices care more about other aspects of their shopping experience than customer service. Here are five companies which the survey said had bad customer service -- and why they still manage to clean up at the cash register: 1. ...
Your content marketing will attract customers seeking to solve the problems you are best at solving. When that happens, your sales efforts will be about determining if you can help, not convincing them of your talents.
Bond traders seem to have seen Steve Martin's The Man With Two Brains so often they have forgotten it was a comedy. And these are the folks the equity markets are supposed to pay attention to?
Judith Rodin is president of The Rockefeller Foundation, which held $3.7 billion in assets as of its 2012 annual report. That year, the foundation distributed $130 million in grants and charitable activities while taking in a net investment income of $283 million.
As technology continues to evolve, so does the way users interact with it, making new and innovative user acquisition strategies necessary as well. Growth engineering requires equal parts marketing, technology and creativity, which is why the best toolboxes are as diverse as they are ever-changing.
One of the few positive outcomes of the 2008 financial crisis was that it helped shine a light on the importance of understanding and staying on top of your credit profile. Along with that heightened visibility, however, has come a great deal of confusion and misunderstanding -- particularly around the all-important credit score. "The consequences of not maintaining a sound credit score can be very costly," says Anthony Sprauve, senior consumer credit specialist at FICO.
What's revealed in these arrangements is striking: a belief that, once you've hired someone, you have bought the power to control their future when they work for you -- even after they've quit. In other words, you own them.
If you're looking for somebody to blame for rising inequality, blame babies. A drop-off in population growth is a big reason why global economic growth is going to slow down in the decades ahead, French economist Thomas Piketty points out in his new book, Capital in the 21st Century. The top-selling book on Amazon.com is getting a lot of attention for its predictions of soaring wealth concentration and inequality and its call for a massive global tax on the wealthy.
JetBlue and Southwest Airlines are starting to look less like innovative upstarts -- complete with low fares and unusual perks -- and more like their stodgy competitors. As they age, they may have less room to treat workers well, and employees are starting to respond. JetBlue’s pilots voted to unionize Tuesday, ending the airline’s status as the biggest U.S. carrier without organized labor groups. ...
In the future, the economy and society will re-orient itself around collaborative commons, with a more peripheric role for the market dynamics.
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