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September 2007 Archives
Teen horror: Parents get cell phone control
Rob Zombie's "Halloween" remake brought in a record-breaking $31 million in its Labor Day weekend debut, but the nightmare may be just beginning for teens across America. AT&T announced today it's launching a service that'll give parents control over when their kids' cell phones can make and receive calls — and to whom — as well as the ability to put restrictions on text messages, conversation length and what can or can't be downloaded. The "Smart Limits" program will cost an extra $5 a month. Disney Mobile and a couple smaller upstarts offer similar parental control services, but AT&T is the nation's largest wireless carrier. Any bets on how long it takes one of these kids to find a hack?
09/04/07 06:13 AM PT Posted on September 4, 2007 6:13 AM PTSorry your iPhone cost so much
You could almost hear the collective "Duuuuuuude..." of early adopting iPhone buyers when CEO Steve Jobs announced yesterday that Apple was slashing the price of its 8GB iPhone from $599 to $399 — effective immediately. Jobs also announced the discontinuation of the 4GB model, available for only $299 while supplies last. If you want the cheaper model, you'd better hurry to your local Apple store, it's already vanished from the company website.
Investors saw the price cut as a sign of weakness and dumped Apple shares. They were down more than 5 percent yesterday, which helped to send the stock market lower.
09/06/07 04:43 AM PT Posted on September 6, 2007 4:43 AM PTCountrywide job cuts getting wider
Struggling mortgage lender Countrywide Financial is dropping another 900 jobs nationwide, mostly in mortgage divisions. This is in addition to 500 positions eliminated last month. In a statement, Countrywide says the latest round of layoffs came in response to the troubled housing market and economic conditions. In recent weeks, the company has borrowed $11.5 billion and sold a $2 billion stake to Bank of America to keep operating its retail banking and mortgage lending businesses.
09/06/07 07:02 AM PT Posted on September 6, 2007 7:02 AM PTSteve Jobs: iSorry
Yesterday Apple offered early buyers of the iPhone an apology. The gadget's been on the market for two months with a $599 price tag. Then Wednesday Apple cut the price by $200. iPhoners felt as though they'd been slapped in the face and buyer unrest was e-mailed fast and furiously, Apple chief Steve Jobs offered a $100 store credit to users who paid the original price.
Bad job news. Very bad.
We keep hearing that the subprime lending mess probably won't bring down the broader economy, but this morning's jobs report suggests otherwise. For the first time in four years, employers fired more people than they hired in August. The net result was a loss of 4,000 jobs. This caught economists completely off guard — they'd predicted that companies had added 110,000 jobs last month — and Wall Street is reeling in early trading.
09/07/07 07:14 AM PT Posted on September 7, 2007 7:14 AM PTHow low will they go?
The R-word is starting to have a global ring to it. The probability that the world economy is headed for recession seems to be increasing. Friday's U.S. employment numbers were the worst in four years, and this morning there's word that Japan's economy, the world's second-biggest, shrank at almost twice the pace forecast. That has some folks saying it seems a foregone conclusion that the Fed will lower interest rates this month, but the question remains: How much? Some say a quarter point, others have their money on a half.
A big corporate thumbs-up for Google
You may not have heard of Capgemini, but the technology consulting firm has some big-name clients, like drug maker Eli Lilly and the accountants PriceWaterhouseCoopers — big corporations that spend big money on office software and technology. So it's no small deal that Capgemini is endorsing Google's suite of office software. Capgemini will continue to support business software made by other vendors, including Microsoft and IBM, but this is the first time one of the world's top technology consulting services will recommend Google Apps to its corporate customers.
Nothing goes with a good wine like... nudity?
A few Napa Valley winegrowers are taking off their clothes to raise money to protect Napa's dwindling farmland. The men of the Napa County Farm Bureau pose among the vines without much else on in the new Napa Uncovered calendar. Clos Du Val vineyard manager Al Wagner is Mr. July. He appears in a cowboy hat, boots and an apron. Wagner says some of the guys had misgivings about the calendar, but in the end they got a good laugh about their naked stand for the land.
Apples are the new french fries
I don't know how many kids are going to be fooled, but Burger King is hoping to come off as a little healthier by offering apples cut to look like french fries. That's one of a few new options the fast-food chain is promising to add to its children's menu. B-K also says it plans to sell and market flame-broiled Chicken Tenders. But the fried Tenders will stay on the menu. Though you'll be able to enjoy them with some organic, unsweetened apple sauce, if you choose.
09/12/07 04:46 AM PT Posted on September 12, 2007 4:46 AM PTB-P in the hot seat
Officials in Alaska have some burning questions for B-P. The energy giant has had four fires in just over a month at its North Slope oil production facilities, and authorities want an explanation. Last year, more than 200,000 gallons of oil leaked at the Prudhoe Bay field due to corrosion. B-P eventually had to shut down part of the nation's largest oil field after a second leak surfaced five months later. A B-P spokesman says the recent fires are separate events and not part of a pattern.
09/12/07 05:16 AM PT Posted on September 12, 2007 5:16 AM PTNot-so-warm welcome for Murdoch
Meeting your new boss always seems to be a little awkward, especially if there are hundreds of not-so-flattering posters in the office. That was the case yesterday at the Wall Street Journal when Rupert Murdoch stopped by. It was the first visit for the media mogul since his News Corp sealed a $5.6 billion deal to buy Dow Jones, the Journal's publisher. Murdoch's appearance came amid strained contract negotiations with the Dow Jones Labor Union over health care and pay raises. Aisles of the Journal's headquarters were adorned with posters put up by union members, showing Murdoch with a suitcase full of cash and the slogan "show us the money."
09/13/07 04:53 AM PT Posted on September 13, 2007 4:53 AM PTRetirement plan for Countrywide employees: Sue
Employees at struggling mortgage lender Countrywide say they were kept in the dark about the company's troubles, and now they're taking action. A lawsuit filed against the company this week claims its financial problems have hit workers' 401K accounts hard and that Countrywide stock continued to be offered as an investment option when it was no longer prudent. The suit claims the retirement plan lost hundreds of millions of dollars. Countrywide last week announced plans to lay off around 12,000 workers.
09/13/07 06:41 AM PT Posted on September 13, 2007 6:41 AM PTGet a Quarterlife
A couple of television's most creative minds are turning to the web.
TV veterans behind shows like "Thirtysomething" and "My So-Called Life" are launching a Web-based program about a group of recent college graduates.
The show, called "Quarterlife," aired once in 2005 as a pilot on ABC but it was pulled because of creative differences between the network and creators Marshall Herskovitz and Edward Zwick. Herskovitz and Zwick hope the show's next premier, on the Internet, will give them the creative freedom they want. Quarterlife debuts on MySpace.com in November.
Thanks for the heads-up, Greenspan
It seems like fed chair Ben Bernanke has a new friend. Alan Greenspan praised his handling of the subprime crisis in a CBS 60 Minutes interview to air this Sunday.
Some have said that Mr. Greenspan would have handled this crisis slashing interest rates without blinking an eye. But Alan says that times are different, that inflationary pressure is more significant now, you know. Oh! He also mentioned this one interesting thing: He said that he knew about the questionable subprime lending tactics that were going on, but ye "really didn't get it until very late in 2005 and 2006." Get what? Oh, just that it wasn't going to have a happy ending.
Who could have guessed, right?
Just a little more to get by . . .
For banks, the Federal Reserve's discount window has typically been a last resort, like asking your parents for cash. But there's been no hesitation lately about going to Uncle Sam for a little extra dough. Banks have more than doubled their requests for cash at the discount rate in the last week. Primary credit borrowings totaled nearly $7.2 billion as of this past Wednesday. That's the highest level since the day after the September 11th attacks. The Fed lowered the discount rate by a half percentage point last month.
09/14/07 07:03 AM PT Posted on September 14, 2007 7:03 AM PTMusic industry hoping not to croak
Something called "Spiral Frog" is hopping onto the music scene in the U.S. and Canada today. It's an ad-supported website that allows visitors to download songs and videos free or charge. Spiral Frog.com has set up deals to pay record companies a cut of its advertising revenue. To deter users from posting copies of songs and videos they get from Spiral Frog, the service requires users to register and log on at least once a month on the site. Otherwise, the content locks up and you can't play it.
09/17/07 05:08 AM PT Posted on September 17, 2007 5:08 AM PTAutoworkers still negotiating
When you're willing to give up part of your weekend and pull a 16-hour marathon session at work, chances are you're hoping something good comes out of it.
That's where negotiators for the United Auto Workers and General Motors were at til around 3 a.m. in Detroit. A break in the 16-hour bargaining session raised expectations the union and the top U.S. automaker were nearing an agreement, but there's no deal just yet. They'll get back to it later today. The outcome is important for GM, Ford and Chrysler as the companies try to recover from combined losses of $15 billion last year.
Free at last!
It seems like people are not willing to pay for their news online, and the New York Times found out the hard way. Starting tomorrow, TimesSelect, the New York Times online premium service, will be free. The service started two years ago, but pressure to increase revenue from advertising have pushed the paper to offer its premium contents for free. TimesSelect was the only way to get online access to several news and opinion columnists at the Times. And if readers won't pay for that, American Express will. The credit card company will be the first sponsor for the free TimesSelect.
09/18/07 05:24 AM PT Posted on September 18, 2007 5:24 AM PTE-Trade tightening up
E-Trade Financial will be going through some big changes thanks to the tightening in global credit markets. The discount brokerage has announced it's getting out of businesses that don't deal directly with retail investors. E-Trade's wholesale mortgage operations and direct mortgage lending unit will be among those affected. The restructuring will mean a significant profit cut, according to the Wall Street Journal -- as much as 31 percent short of the most recent forecasts.
09/19/07 06:36 AM PT Posted on September 19, 2007 6:36 AM PTOn second thought, that's a little much...
The group that had agreed to buy Sallie Mae for $25 billion is looking for a lower price. The New York Times reports today a couple of private equity firms, along with J-P Morgan Chase and Bank of America met this week to talk about the best way to put the pressure on Sallie Mae. It's the latest big buyout deal in jeopardy. The consortium is also thinking about scrapping its bid for the student loan giant altogether. The Times says the acquirers may be willing to pay the 900-million dollar breakup fee to walk away from the deal.
09/20/07 06:18 AM PT Posted on September 20, 2007 6:18 AM PTGM, UAW still talking
General Motors and the United Auto Workers will head back to the bargaining table later today. Talks broke up early this morning after a more than 14-hour session between the largest U.S. automaker and its union. The negotiations started a week ago, when the UAW's past contract expired. Health care costs remain at the center of the talks.
09/21/07 03:14 AM PT Posted on September 21, 2007 3:14 AM PTA welcome kind of freeze
Consumer advocates are applauding this morning a decision by one of the Big Three credit bureaus. USA Today reports TransUnion will offer individuals the ability to freeze their credit histories as a tool against identity theft. A freeze prevents information about your FICO score from being issued, essentially locking out thieves trying to open accounts with stolen Social Security numbers. TransUnion, breaking ranks with Experian and Equifax on the issue, will start providing the service next month. It'll be free for victims of ID theft and cost $10 each to initiate and stop a freeze for everyone else.
09/21/07 03:21 AM PT Posted on September 21, 2007 3:21 AM PTTrying to go Green-Mart
Wal-Mart is looking to dress itself in a little more green. The Financial Times reports today the retail giant will ask its suppliers to measure and report their greenhouse gas emissions. Wal-Mart will start with a pilot group of companies in seven product categories-- DVDs, toothpaste, soap, milk, beer, vacuum cleaners and soft drinks. Wal-Mart plans on using the data to cut costs by being able to compare similar companies and figuring out which are less efficient. It's the biggest effort to get emissions reports from businesses.
09/24/07 06:47 AM PT Posted on September 24, 2007 6:47 AM PTMaybe an extra bag of Snickers this year
With all of the not-so-good news lately about the economy, it could almost make you want to dress-up and pretend you're someone or something else. Or maybe just eating a lot of candy would help. Don't know if there's any link, but apparently people are buying up more Halloween costumes, candy, and other goodies than ever. The National Retail Federation estimates the average person will spend almost $65 on the holiday this year -- about 10 percent more than last year. It might sound batty, but total Halloween spending will be at more than $5 billion.
09/25/07 04:35 AM PT Posted on September 25, 2007 4:35 AM PTIf the Fed can do it . . .
Big developing countries like China, Brazil and Mexico could be getting a break from the World Bank. The Wall Street Journal reports the bank is set to cut interest rates for those areas in a deal that would also boost aid for the world's poorest nations. The World Bank would contribute as much as $3.5 billion to provide grants and no-interest loans to 80 depressed countries around the globe. The bank's still working out the details, but a final package is expected to be ready by its annual meeting October 19.
09/25/07 06:06 AM PT Posted on September 25, 2007 6:06 AM PTNo space is sacred
A billboard bigger than a couple football fields would be hard to miss.
That's exactly the point behind a new service from a U.K.-based advertising firm.
Ad-Air offers companies a chance to put their brand on gigantic advertisements near the runways of some of the world's busiest airports. The first mega ad will pop up in Dubai next week. Los Angeles, Atlanta, London Heathrow, and Paris are among the other runways that may soon be greeting passengers with huge adverts.
Singapore is easy business
If you want a good experience doing business, one option is heading to the tip of the Malay Peninsula. Singapore gets the top spot in the World Bank's ranking of the easiest places to do business. The country nabs the title for the second year in a row thanks to its efficient procedures that don't require a lot of government interaction. For example, you can fill out many forms online. New Zealand and the United States round out the top three in the World Bank report released today.
09/26/07 07:54 AM PT Posted on September 26, 2007 7:54 AM PTHalo 3 debuts stronger than movies
Microsoft is absolutely glowing about the first-day sales of video game "Halo 3."
Alien-shooting fans helped set an opening day sales record of $170 million. That's not only more than any other video game, but it also beats any movie debut.
To put that into context, even a superhero can't beat that. SpiderMan 3's box office record was $59 million.
Bugs Bunny learning Arabic
Abu Dhabi has done a billion-dollar deal with Warner Brothers. The entertainment company is going to be a giant theme park and theater complex in the Persian Gulf emirate -- and it's created a fund to make Arabic language movies and video games there.
09/27/07 06:58 AM PT Posted on September 27, 2007 6:58 AM PTPearls fit for a queen
If you're looking for a nice holiday gift for a special woman in your life, how about pearls? How about Marie Antoinette's pearls? They can be yours, if you have about $800,000 to spend. That's how much the jewelry belonging to France's last queen is expected to fetch when it goes on sale in London this December. She gave a bag of pearls and diamonds to Lady Sutherland, the British ambassador's wife, a year before Antoinette's death. The pearls are now part of a necklace.
09/28/07 02:58 AM PT Posted on September 28, 2007 2:58 AM PTFreddie Mac settles the court
Freddie Mac will shell out $50 million to settle federal charges. An accounting scandal erupted at the government-sponsored mortgage finance company in 2003. That's when it was disclosed Freddie had misstated earnings by some $5 billion for the years 2000-to-2002 to smooth over some volatility and meet Wall Street expectations. The company's top brass was ousted when that happened but Freddie Mac still neither admits or denies wrongdoing. It does, however, agree to refrain from future violations of securities laws.
09/28/07 04:49 AM PT Posted on September 28, 2007 4:49 AM PTIMF names new . . . European
The International Monetary Fund is about to name a new leader, and it looks like a Euro-tradition will continue. The 24-member board of shareholder governments is expected to put former French finance minister Dominique Strauss-Kahn in the post. A European has led the global financial institution for six decades, since its post-World War II inception in 1945.
09/28/07 08:07 AM PT Posted on September 28, 2007 8:07 AM PTLatest Posts
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- A big corporate thumbs-up for Google (1)
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I've just listened to Mr. Stein's concern for the poor working man. No doubt he drove his Bronco to the station to make his plea for the common man. Honestly, Ben Stein weeping for the common man's fate? After my sides stopped hurting from laughing ...
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