Apple Inc. is testing Wall Street’s patience with its slowing iPhone and iPad sales. Yet even with Apple set to get a boost from a new partnership to sell iPhones through China’s largest wireless carrier, revenue is projected to be flat for the first time in at least a decade, according to data compiled by Bloomberg.
The slowdown — driven by stalling iPhone and iPad sales amid a more competitive and saturated mobile-device market — is spurring ever-louder criticism from analysts and investors that Apple lacks the breakthrough ideas it once had when co-founder Steve Jobs was in charge.
With analysts projecting no significant change to Apple’s growth curve until new products debut in the second half of 2014, brokerages including Canaccord Genuity, Mizuho Securities USA Inc., Morgan Stanley and others are predicting the company’s profit and sales outlook for the June quarter may also be worse than expected.
Working on Wall Street is ‘a dystopian nightmare’
Characters like Jordan Belfort (the DiCaprio-depiction) and Gordon Gekko fill the big screen and young minds with dreams of Wall Street grandeur and luxury. And maybe once-upon-a-time working for a big bank was full of such excess, but today, says Kevin Roose, it’s less about a spoil of riches and more about thankless work.
Jeb Bush Was Only a Millionaire When He Left Office, But He Wanted to Be Rich
A possible Jeb Bush presidential bid in 2016 may be partly undermined by his rush, in the years after he left the Florida statehouse, to make a lot of money, quickly.
"People thought of him as wealthy," Florida State professor Lance deHaven Smith tells The New York Times’ Michael Barbaro. But that "was a misperception."
Instead, Bush left his position as governor of Florida with “a net worth of $1.3 million and an unapologetic determination to expand his wealth, telling friends that his finances had suffered during his time in government,” according to Barbaro. Bush sat on the board of one company called InnoVida, a Florida firm that manufactured building materials.
Do the rich rule America?
The media have seized on a recent study that shows that a powerful “American elite” rules America. It’s a scary finding. But a closer look suggests it’s not that simple.
Ex-Goldman director Gupta starts prison term on June 17
Former Goldman Sachs Group Inc director Rajat Gupta is expected to begin his two-year prison term on June 17 for insider trading. U.S. District Judge Jed Rakoff in Manhattan directed Gupta to surrender by 2:00 p.m. EDT on that date to start serving his sentence, according to an order issued on Thursday. Gupta, 65, was convicted in June 2012 on securities fraud and conspiracy charges for having fed tips, from Goldman board meetings in the second half of 2008, to longtime friend Raj Rajaratnam, founder of the Galleon Group hedge fund firm.
Gupta is also a former global managing director of the consulting firm McKinsey & Co. He is the top corporate official convicted in a broad federal insider trading probe unveiled in October 2009, when charges against Rajaratnam were announced.
U.S. says will act ‘in days’ if no Russian action in Ukraine
The United States’ government said on Monday it will decide “in days” on additional sanctions if Russia does not take steps to implement an agreement to ease tensions in Ukraine reached in Geneva last week.
The steps include publicly calling on pro-Russian separatists in eastern Ukraine to vacate occupied buildings and checkpoints, accept an amnesty and address their grievances politically, State Department spokeswoman Jen Psaki said. “Obviously, we would have to make a decision in the matter of - in a matter of days - if there are going to be consequences for inaction.”
Some U.S. lawmakers have been clamoring for President Barack Obama’s administration to impose stiff new sanctions on Russia’s energy industry and major banks to encourage President Vladimir Putin to withdraw troops from the Ukrainian border and discourage further Russian incursions into Ukrainian territory.
Death toll in South Korea ferry disaster crosses 100
The confirmed death toll from South Korea’s ferry disaster crossed 100 on Tuesday, as dive teams, under growing pressure from bereaved relatives, accelerated the grim task of recovering hundreds more bodies from the submerged vessel.
Nearly one week into the rescue and recovery effort of one of South Korea’s worst peacetime disasters, close to 200 of the 476 people who were aboard the 6,825-tonne Sewol — most of them schoolchildren — are still unaccounted for.
Ukraine’s Pro-Russia ‘Militia’ Look Suspiciously Like Veteran Russian Soldiers
In a totally unsurprising development, there seems to be mounting and significant evidence that pro-Russia Ukrainian separatists are probably actual Russian soldiers.
The New York Times reached this conclusion after comparing a number of photographs of the militia to those of “activists” in Crimea and Russian soldiers who fought in the Chechen war.
The Times analysis reveals that one bearded gentleman bearing a Russian Special Forces patch in one photo, taken in Georgia in 2008, looks suspiciously like a “Ukrainian” separatist seen in the east Ukrainian cities of Kramatorsk and Slovyansk. Other photos show men who appeared in a military group photo, taken in Russia, in those two cities as well.
Nike kills FuelBand as ‘wearables’ revolution dies before it begins
Jeff Macke on why the death of the FuelBand might be marking the end of an era
“Inflation is coming!” We’ve heard it for what seems to be forever. Then came the report of the March leading economic index for March. It increased by 0.8% after rising 0.5% in February. It’s just the latest data point in a series of indicators that Hugh Johnson of Hugh Johnson Advisors says is evidence that this time inflation really is coming.
As the weather warms up, UBS thinks the housing market will follow. Can we bet on a spring housing rebound?
American wins Boston Marathon for first time since 1985
Outstanding performances marked the 118th Boston Marathon.
Barclays planning exit of some commodities markets
Barclays is planning to withdraw from parts of the metals, agricultural and energy markets, echoing moves by other major players like JPMorgan Chase and Morgan Stanley away from the commodities business, the Financial Times reported on Sunday.
The UK bank is expected to announce the changes on Tuesday, which include heavy cuts to its global commodities trading staff, the newspaper reported.
The FT said Barclays is making the move because conditions in the commodities markets have grown unfavorable recently. Barclays declined to comment.
At Mt. Gox bitcoin hub, ‘geek’ CEO sought both control and escape
In June 2011, when customers of now-bankrupt bitcoin exchange Mt. Gox agitated for proof that the Tokyo-based firm was still solvent after a hacking attack, CEO Mark Karpeles turned to the comedy science fiction novel “The Hitchhikers Guide to the Galaxy”. During an online chat, Karpeles moved the equivalent of $170 million in bitcoin at today’s market rates - the virtual equivalent of a bank manager flashing a wad of cash in a wallet to establish credit.
The gesture - with a sly wink to the “geek” culture Karpeles believed he shared with many of his 50,000 customers at the time, including an interest in coding, Japanese manga comics and science fiction - succeeded.
By moving 424,242 bitcoins, Karpeles, then 26, evoked the random number, 42, described as the “meaning of life” in Douglas Adams’ sci-fi novel.