News for today's 2018

States rejecting Obama's 'fix' shows plan will have little impact on improving ...

11:03 AM Tukiyooo 0

<div xmlns='http://www.w3.org/1999/xhtml'><img src="http://a57.foxnews.com/global.fncstatic.com/static/managed/img/fn2/video/876/493/112213_edge_calihealthcare_640.jpg?ve=1" width="600"/> Connecticut is the most recent state to reject President Obama's plan to 'fix' his signature health-care law after millions of Americas received policy cancellation notices -- a trend that suggests the president's proposed solution will have little impact on the issue. At least eight others states -- California, Indiana, Massachusetts, Minnesota, New York, Rhode Island, Vermont and Washington -- have rejected the president's Nov. 14 proposal that insurance companies offer plans that don't comply with ObamaCare requirements for at least a year. Connecticut decided Friday. Though ObamaCare is federal law, governors and insurance commissioners must allow providers to make the exceptions because insurance is regulated differently in each state. Obama in touting his sweeping health-care reform law before singing it in 2010 told Americans they could keep their existing insurance plans if they liked them. However, many of those plans do not meet the law's new standards, which has resulted in million of cancellation notices being mailed out over the past few months and the president announcing his proposed solution. 'We are not going to gut this law,' Obama said during a speech in Cleveland. 'We will fix what needs to be fixed, but we're going to make the Affordable Care Act work.' This is not the first so-called fix the president has proposed, starting with him putting a one-year delay on the ObamaCare mandate that small businesses provide insurance to employees, to allow owners to sort through the complex paperwork. And White House this week extended the enrollment deadline after the disastrous rollout Oct. 1 of the healthcare.gov website. Officials said Friday they would extend the Dec. 15 deadline to Dec. 23 for insurance coverage that kicks in Jan 1. Those who fail to enroll by March 15 face a tax penalty. New York Gov. Andrew Cuomo, a Democrat, last week rejected the offer, saying his state exchange is working well and the state-run website has not had the technical glitches like the federal site. One of the biggest concerns among state officials is that allowing residents to wait a year will make the overall ObamaCare situation worse because the young, healthy people needed to enroll and cover the cost of the elderly and other more costly customers will indeed wait. Minnesota Democratic Gov. Mark Dayton and other governors reportedly said no to the Obama offer over concerns it would destabilize their states insurance markets and result in higher premiums for too many residents. On Thursday, California's health insurance exchange voted unanimously against the proposal The Covered California Board of Directors decided instead to stick with its approach of phasing out the non-compliant policies by year's end, saying Obama's request that insurers let Americans keep those plans through 2014 will not help consumers in the end. 'The board cited that extending the deadline offers no benefit to the consumer and may create confusion about accessing affordable health care coverage through Covered California,' it said in a press release. However, at least a dozen states have agreed to the proposal or were already allowing insurers to let customers renew existing plans. Among them are Arkansas, Florida, Georgia, Kentucky, North Carolina, Ohio, Oregon and Texas. Roughly another 20 states have yet to decide. The other major factor is whether insurance companies will comply. North Carolina Blue Cross Blue Shield and Florida Blue have agreed but Blue Cross Blue Shield Alabama did not. The Alabama group said Wednesday that temporarily reinstating out-of-compliance policies would 'destabilize' the state's insurance market and that 'the ultimate impact would be higher healthcare costs for all of our customers, now and in the near future.' </div>

Business States rejecting Obama's 'fix' shows plan will have little impact on improving ...

Connecticut is the most recent state to reject President Obama's plan to 'fix' his signature health-care law after millions of Americas received policy cancellation notices -- a trend that suggests the president's proposed solution will have little …

Euro shines after unexpectedly strong German data

7:18 AM Tukiyooo 0

<div xmlns='http://www.w3.org/1999/xhtml'><img src="http://fm.cnbc.com/applications/cnbc.com/resources/img/editorial/2013/05/28/100768629-DSC_9032.240x160.JPG?v=1371768784" width="600"/> The euro climbed to a four-year peak against the yen and rose for a second straight day versus the dollar on Friday after much-stronger-than-expected German business sentiment pointed to a continued rebound in Europe's largest economy. The euro was 0.3 percent up at 136.68 yen, having risen as high as 136.99 yen. Against the dollar, the euro was 0.3 percent up at $1.3518. ( Read more: As dollar-yen breaks above 100, struggle begins) Germany's closely watched Ifo survey of business sentiment rose far more than forecast in November, reaching its highest level since April 2012. That added to positive sentiment about German growth, the engine of the euro zone economy. A ZEW survey this week also showed German investor sentiment at its highest in four years while a purchasing managers index release suggested the private sector's expansion was gaining traction. (Read more: ECB's Draghi: Nothing new on deposit rates) 'The enthusiastic IFO report has investors comfortable increasing exposure to the euro this morning, pushing euro/dollar back above $1.3500,' said Scott Smith, senior corporate FX trader at Cambridge Mercantile Group in Calgary. He added that the confidence displayed in Germany during November is positive overall, but noted that recovery in the euro zone's largest economy has failed to bolster the rest of region especially the peripheral nations. The euro was also supported by comments from European Central Bank President Mario Draghi, who played down the possibility of the bank implementing negative deposit rates. </div>

Business Euro shines after unexpectedly strong German data

The euro climbed to a four-year peak against the yen and rose for a second straight day versus the dollar on Friday after much-stronger-than-expected German business sentiment pointed to a continued rebound in Europe's largest economy.The euro was 0.…

Millions Of Policies Set To End This Year

6:48 AM Tukiyooo 0

<div xmlns='http://www.w3.org/1999/xhtml'>Millions Of Policies Set To End This Year Posted by Alex Nochez on Nov 23, 2013 - 3:34:25 AM CALIFORNIA―The Board of Covered California voted to keep its deadline to discontinue health plans that do not meet the requirements of the Affordable Care Act (ACA) on Thursday, November 21. <img src="http://www.canyon-news.com/artman2/uploads/7/covered-california1.jpg" width="600"/> In a unanimous vote, the board that governs Covered California decided to keep the December 31 deadline that would force health insurers in the state to end existing health insurance plans that fail to meet ACA requirements for essential benefits. The board claimed that there was no benefit in extending that deadline that could affect over 1 million people in California , saying it could cause confusion about accessing affordable health care. The protection of consumers from poor health plans was also cited as reason for the decision. This comes after the Obama administration's plea to health providers nationwide that certain policies be extended for certain individuals whose policy cancellations would have them 'finding that [quality health insurance coverage] would be more expensive than their current coverage, and thus may be dissuaded from immediately transitioning to such coverage,' according to a letter from the Department of Health and Human Services. Taking into consideration the possible confusion, the board has also seen to design an implementation of a hotline that people can call should they have questions regarding their policy at 855-857-0445. In addition, the enrollment deadline for health coverage has been extended from December 15 to December 23, while deadline payments due have been extended from December 26 to January 5, 2014. By law, health providers must provide a 90 day notice of policy cancellation to its policyholders should their plan be discontinued or canceled. A recent study unveiled by Families USA shows that the number of residents with individual plans who have incomes above the 400 percent Federal Poverty Level (FPL), a number which would determine if they were eligible for federal financial help should it sit below the FPL, and who retain individual coverage for more than a year in California was .8 percent, or 264,232 people. 'These new strategies will provide consumers a better enrollment experience, more flexibility in the selection of a plan and, most importantly, increased knowledge with which to make the best health coverage choice possible,' said Covered California Executive Director Peter V. Lee in a statement. Support for the decision has come from Senate President pro Tem Darrell Steinberg who said in a statement of his own, 'The Covered California board has made the appropriate decision to stay the course.' The California Association of Health Plans President and CEO also commended the board, with the following statement, 'Covered California made the best decision for consumers by supporting the success of our new health insurance marketplace.' The board's vote has a detractor in California Insurance Commissioner Dave Jones, who has been vocal about his disapproval of Covered California's deadline for health insurers. 'Covered California could have honored President Obama's request, without causing damage to the implementation of the Affordable Care Act or the Exchange,' said Jones in a statement. Also released by Covered California were a number of statistics surrounding the rate and number of applications filed for health coverage in the new exchange since its debut. The organization boasts that 360,464 applications have been filed as of November 19, with 39 percent of those likely resulting in Medi-Cal qualification. In terms of demographics, the 18-34 age group has filed 6,904 applications, or 23 percent of all applications filed, which is almost proportional to the 21 percent population segment that is comprised of the 18-34 group. The 45-64 demographic, however, have filed 17,252 applications for health coverage, or 56 percent of applications filed. This over-represents the 25 percent population segment they currently hold. </div>

Business Millions Of Policies Set To End This Year

Millions Of Policies Set To End This Year Posted by Alex Nochez on Nov 23, 2013 - 3:34:25 AMCALIFORNIA―The Board of Covered California voted to keep its deadline to discontinue health plans that do not meet the requirements of the Affordable Care Act…

US firm Duke Energy pays out over wind farm eagle deaths

6:18 PM Tukiyooo 0

<div xmlns='http://www.w3.org/1999/xhtml'><img src="http://news.bbcimg.co.uk/media/images/71297000/jpg/_71297606_71295349.jpg" width="600"/> A huge US energy supplier has agreed to pay out $1m (£620,000) over the deaths of golden eagles at two wind farms. Duke Energy Renewables agreed to the sum after pleading guilty to charges over the deaths of 14 eagles in the past three years at the Wyoming site. It is the first time the Obama administration has taken action against a wind energy company in such a case, the AP news agency report. The fines will go to wildlife and wetlands conservation bodies. The charges were brought under the Migratory Bird Treaty Act, which protects golden eagles as well as other species. According to one study by federal biologists in 2013, wind energy facilities in 10 US states have killed at least 67 golden and bald eagles since 2008, AP said. The eagles often fail to look up as they search for prey until it is too late, slamming into the turbines. They can also be sucked in by the tornado-like vortex created by the fast-moving blades. Duke Energy Renewables president Greg Wolf said the company 'deeply regretted' the impact to golden eagles at two of its wind facilities, and had been working closely with the US Fish and Wildlife Service to 'take proactive steps to correct the problem'. These have included installing radar technology to help detect eagles in flight nearby and further curbing turbines at times of high eagle flight activity. Duke Energy Renewables is the renewable energy arm of Duke Energy. This corporation, with market capitalisation put at around $50bn, says it is the largest electric power holding company in the United States, serving more than seven million customers. </div>

Business US firm Duke Energy pays out over wind farm eagle deaths

A huge US energy supplier has agreed to pay out $1m (£620,000) over the deaths of golden eagles at two wind farms.Duke Energy Renewables agreed to the sum after pleading guilty to charges over the deaths of 14 eagles in the past three years at the Wy…

Bitcoin Is the Segway of Currency

3:33 PM Tukiyooo 0

<div xmlns='http://www.w3.org/1999/xhtml'><img src="http://cdn.theatlantic.com/newsroom/img/posts/Segways.jpg" width="600"/> Can we get these half off if we pay with bitcoins? (Reuters) We were promised jetpacks. We got Segways instead. Well, we didn't get Segways. Nobody did. At least nobody other than mall cops, tour groups, and techies. Okay, and ironic polo players. But in any case, it's fair to say that Segway hasn't exactly been 'to the car what the car was to the horse and buggy,' like its founder Dean Kamen said it would. It hasn't even been to the moped what the moped was to the horse and buggy. Or what the bicycle was. It's just been a ( sometimes morbid) punchline. And one that's almost too impossible to believe. Did you know that Kamen thought he'd need an around-the-clock factory churning out 10,000 Segways a week to meet initial demand? It's true. It's also true that he only needed to make 10 a week to do so. This wasn't just self-delusion. It was mass delusion. Back in 2001, Steve Jobs thought Segway could be as big as personal computers. The venture capitalist behind Amazon thought it could be bigger than the internet. The entire internet. The only reasonable explanation for all this hype was that neither of them had actually seen someone ride a Segway. Because, as Y Combinator's Paul Graham puts it, you can't ride a Segway without looking like a 'smug dork.' And people generally try to avoid looking like that. They won't use something so inherently ridiculous, no matter how technically impressive it might be. Like Bitcoin. Now, for those of you who aren't techno-libertarians, Bitcoin is supposed to be a virtual currency you can use to buy things online. Except it's not really a currency, and you can't really buy that much with it. It's more like a dotcom stock-circa 1999. See, in just the last month, one bitcoin has gone from closing at a then-record $192 to reaching $788 on Monday. It then opened at $502 on Tuesday, before briefly rocketing up to $900, and ultimately falling to $646. Just your average 80 percent price swing. That's totally normal for currencies ... if you multiply their biggest swings by 80. You can kind of see these absurd price moves in the chart below. But only kind of, because the vertical up-and-downs have come so fast that they've blurred into each other. It's almost as if Bitcoin doesn't have a single price at any one time, but rather a range of possible prices that depend on the observer. ( Note: the red dots show each day's closing price, and the black lines show each day's high and low). <img src="http://cdn.theatlantic.com/newsroom/img/posts/Bitcoin3.png" width="600"/> We can see this a little better if we zoom in on just the last two months. Bitcoin prices were pretty flat from the end of September through early October, but then (relatively at least) doubled slowly. Then they doubled quickly. And then even quicker-before falling fast. Not exactly a stable store of value. <img src="http://cdn.theatlantic.com/newsroom/img/posts/Bitcoin5.png" width="600"/> So why has Bitcoin gone parabolic? And what does this have to do with Segway? Well, the short answer is we don't know why the virtual currency has exploded. Part of it might be demand from China (which you can see in this realtime chart of who's buying Bitcoins). Part of it might be the reduced supply after the FBI shut down and seized the drug website Silk Road's substantial Bitcoin holdings. And part of it might be pure mania. But all of these are just another way of saying that Bitcoin's design makes it prone to these boom-bust cycles. Segway certainly knows something about design problems. Though in its case, its product worked fine, if zipping around on a glorified scooter was your kind of thing. The problem was you couldn't use the product without looking insufferably pretentious. Bitcoin, though, has deeper problems. Its product doesn't work, and its early adopters are still incredibly self-satisfied-because it's making them rich. But the product really doesn't work. See, the idea behind Bitcoin is to create a decentralized currency that central banks can't inflate and governments can't tax. Basically, digital gold. And like actual gold, the only way to get new bitcoins is to 'mine' for them. That involves running a computationally-taxing program on your computer that mostly generates gibberish, but maybe, just maybe, some bitcoins too. The key, though, is that mining for more of the virtual currency doesn't create more of it. That's because there's a predetermined number of bitcoins. Specifically, there are around 12 million today, and there will be 21 million in 2040-and no more after that. Of course, this limited supply means Bitcoin should tend to increase in value against the dollar. But only tend to. See, its deflationary bias means Bitcoin prices will go up and down quite violently. Think about it this way. The supply of bitcoins can't increase much to meet increased demand, so increased demand will make prices soar. And soaring prices will make early adopters try to cash out their winnings-which will send prices crashing back down. In other words, Bitcoin is a Ponzi scheme libertarians use to make money off each other-because gold wasn't enough of one for them. Bigger Than PCs and the Internet Combined? But techies say so what. That this misses the point. That what's revolutionary about Bitcoin isn't that it's a currency with no state-backing. What's revolutionary is that it's a payments system with no third-party, like a credit card company, standing in between buyers and sellers. See, any time you buy something, it's a minor leap of faith. You choose to believe that the seller will deliver as promised-and if they don't, you want your money back. That's where financial intermediaries like credit card companies and Paypal come in. They make sure buyers and sellers are both trustworthy, and handle any disputes. Now, it's nice to be able to get your money back if things go wrong, but that's not free. The middlemen take their cut. Bitcoin, though, has no middlemen. It's just a decentralized peer-to-peer system. So you can't get your bitcoins back if things go wrong, but there won't be any transaction fees. The question is whether non-enthusiasts will think this trade-off is worth it. Actually, the question is whether anyone will actually use bitcoins to buy things at all. It's not clear why they would when its value can go from $500 to $900 in a matter of hours. Nor when so many people treat it as an inflation hedge. They think of Bitcoin more as an investment than as money. Indeed, researchers from the University of California-San Diego and George Mason University found that 64 percent of all bitcoins are being hoarded in accounts that have never been spent. And of the bitcoins that are being spent, a full 60 percent are on the gambling site Satoshi Dice. There are companies trying to expand Bitcoin beyond its core constituencies of libertarians, gamblers, and people buying drugs. The startup Bitpay, for one, lets merchants immediately convert any bitcoin payments into dollars. The idea is it can charge lower fees without making companies take on the risk that Bitcoin's value falls. It's a clever idea that should make merchants more willing to accept bitcoins ... but won't make people more willing to use them. The people who have bitcoins still have no reason to spend them, and the people who don't still have no reason to get them. They don't want a currency whose value you can't predict from one hour to the next. They don't want to buy things anonymously. And they don't want transactions to be irreversible (and certainly wouldn't want that if they got hacked). Every big idea starts out sounding crazy. But not every crazy-sounding idea ends up being big. History is littered with Segways. But for all its majestic dweebiness, at least the Segway was kind of useful. You really could zoom across sidewalks without anything resembling effort. I don't know why you'd want to, but you could. But what can you do with Bitcoin? Well, it's good for real and fake gambling. Since it doesn't have any actual fundamentals, it can be worth anything: Bitcoin 36,000 and 36 are about equally plausible. That's good for making money at the expense of people who get in the game later, but little else. So the biggest difference between Segway and Bitcoin might be that even mall cops won't use Bitcoin. </div>

Business Bitcoin Is the Segway of Currency

Can we get these half off if we pay with bitcoins? (Reuters)We were promised jetpacks. We got Segways instead.Well, we didn't get Segways. Nobody did. At least nobody other than mall cops, tour groups, and techies. Okay, and ironic polo players. But …

White House says 2015 enrollment for Obamacare pushed back one month

3:03 PM Tukiyooo 0

Business White House says 2015 enrollment for Obamacare pushed back one month

Credit: Reuters/Jonathan ErnstU.S. President Barack Obama takes the stage to deliver remarks on the Affordable Care Act, commonly known as Obamacare, at an Organizing for Action grassroots supporter event in Washington, November 4, 2013.(Reporting by…

Tesla's Bad Luck, Tokyo Motor Show, L.A. Auto Show: This Week In Social Media

1:20 PM Tukiyooo 0

<div xmlns='http://www.w3.org/1999/xhtml'><img src="http://images.thecarconnection.com/med/toyota-aqua-air-concept-prius-c-at-2013-tokyo-motor-show_100446754_m.jpg" width="600"/> Toyota Aqua Air Concept (Prius C) at 2013 Tokyo Motor Show Enlarge Photo Are you in the know when it comes to the green automotive universe? If so, then you'll be aware it was a very busy week, with both the 2013 Los Angeles Auto Show and the 2013 Tokyo Motor Show. Let's take a look and recap: The wraps finally came off the new 2015 MINI Cooper and Cooper S, and yes, it's true: There's a new turbocharged 1.5-liter three-cylinder engine option. We can't wait to get behind the wheel and see how it compares to the new 1.0-liter EcoBoost three-cylinder engine from Ford. In Tokyo, Toyota showed off quite a few variants of the Prius C in concept form. From a crossover and a convertible to a sporty hatchback, no niche was left out. Over at the Honda stand, the new 2015 Fit subcompact was on display--and in the U.S., it earned a 36-mpg combined gas mileage rating. Honda also finally showed its new subcompact crossover, which will come to the U.S. next year. In Tesla news this week, NHTSA is angry that the brand claimed a 5.4-star safety rating, so the agency has outlined new rules for advertising said safety ratings. Further, it laid out what will happen if brands choose to continue to market false claims. Meanwhile, Tesla's VP of sales has left the company; apparently he is now spending time with his family. Last but not least, NHTSA said it will launch a formal investigation into recent Tesla Model S fires, and CEO Elon Musk announced it will warranty any car that is destroyed by a fire (as long as the owner didn't deliberately try to destroy the car). If all of this is new to you, then you clearly aren't following us on social media. No worries: you can correct this issue by immediately following us on Instagram, Facebook, Twitter, and, of course, YouTube. </div>

Business Tesla's Bad Luck, Tokyo Motor Show, L.A. Auto Show: This Week In Social Media

Toyota Aqua Air Concept (Prius C) at 2013 Tokyo Motor ShowEnlarge PhotoAre you in the know when it comes to the green automotive universe? If so, then you'll be aware it was a very busy week, with both the 2013 Los Angeles Auto Show and the 2013 Toky…

Bill Ackman Calls His Billionaire Rivals Octogenarians As Herbalife Saga ...

1:03 PM Tukiyooo 0

<div xmlns='http://www.w3.org/1999/xhtml'><img src="http://b-i.forbesimg.com/nathanvardi/files/2013/11/0409_bill-ackman_416x416-300x300.jpg" width="600"/>William Ackman, the billionaire hedge fund manager who has said he will go 'to the end of the Earth' to destroy Herbalife, brought four women who he claimed were victims of the nutritional supplements seller to the New York investment conference where he conducted his latest presentation against the company on Friday. He asked the women to stand up during his presentation, which elicited some applause from the crowd, including from David Einhorn, another closely-watched billionaire hedge fund manager who had himself raised questions about Herbalife Herbalife last year. Einhorn clapped for the women as they rose from their seats directly behind him. 'They deserve a round of applause because this is a company that is very aggressive with its critics and a lot of the people who have been harmed by Herbalife are not in the position to defend themselves,' said Ackman from the stage. It would have been impossible to predict the passions and events that have been sparked by Ackman's massive short promotion against Herbalife since he initially launched it nearly one year ago at a New York press conference, calling the company a pyramid scheme whose shares were headed to 0. The Herbalife saga, centered around a seller of diet shakes, has been the Wall Street drama of the year. Einhorn is no longer betting against the shares of Herbalife, but Ackman's Pershing Square hedge fund's big short against Herbalife's stock has attracted very high-profile opponents. Daniel Loeb, another hedge fund star, called Ackman's initial presentation 'preposterous,' buying and selling shares of Herbalife for a quick and substantial profit. Billionaire Carl Icahn, who originally popularized the activist investment style that Ackman, Loeb and Einhorn now practice, bought a 16% stake in the company and called Ackman a cry baby in a verbal slugfest between the two that took place on CNBC. Legendary billionaire investor George Soros took a big position in Herbalife, which promptly caused Ackman to complain to the Securities & Exchange Commission that Soros Fund Management was engaged in insider trading. There has been some insider trading at Herbalife-committed by the KPMG partner in charge of auditing the company's books, who pleaded guilty in May. Starting in September, a new player swooped in. William Stiritz had managed to carefully conduct a fantastically successful business career over decades while deliberately not bringing himself much public attention. But at 79 he decided to get knee-deep in the most high-profile investment battle going. He personally took a 6.38% stake in the company, representing maybe a third of his net worth, and now wants to discuss strategy with Herbalife. Back in Los Angeles, at Herbalife's headquarters, the company's intense CEO, Michael Johnson, a triathlete who likes to bike for miles in the Rocky Mountains, has hired as a senior adviser Antonio Villaraigosa, the former mayor of Los Angeles, and got Richard Carmona, the former U.S. surgeon general, to become an Herbalife board member, symbolic moves that appear designed to combat Ackman's claims that Herablife preys on low-income Latinos. For his part, Ackman has gotten support from groups like the League of United Latin American Citizens. In a bizarre way, the Herbalife war has managed to cut across issues of race and income disparity in America. 'If you think of the typical Herbalife distributor and their level of sophistication, to this day I still don't understand the marketing plan, true story,' Ackman, who manages some $12 billion, said at the investment conference on Friday that was put on by the Robin Hood Foundation, which aims to end poverty in New York City. During his presentation, Ackman pointed to an SEC alert from October that warned individuals to 'beware of investment schemes posing as multi-level marketing programs.' He highlighted what the SEC said were hallmarks of a pyramid scheme, such as complex commission structures, and Ackman pounded the table about the lack of audited retail sales data at Herbalife. Within moments of the end of Ackman's Friday presentation, the mudslinging began. 'It doesn't bother me at all that there are some famous octogenarian, what is interesting here is that all the people who are publicly long Herbalife are 80-year-old billionaires, I am not really sure why that is,' Ackman, 47, said in an interview with Bloomberg Television following his presentation, during which he also questioned how committed Icahn was to his long investment in Herbalife. 'There is no problem with their age, I just think it's an interesting fact.' Moments later Bloomberg Television reported Icahn's response: 'In my opinion many of the things Ackman says about it are the rantings of a sore loser,' said the 77-year-old Icahn. Shares of Herbalife increased 4% to $71.36 in Friday trading. In his Bloomberg interview, Ackman suggested the financial media give disproportionate attention to the daily gyrations of Herbalife's stock, which has risen by 116% in 2013. There has also been a lot of attention given to the idea that Herbalife could conduct a leveraged share repurchase or even become the subject of a leveraged buyout once the company gets its financials re-audited by its new accountant, PricewaterhouseCoopers. Ackman has already warned PwC that it 'may incur substantial liabilities in the event of the company's failure' if Ackman's allegation that Herabalife is a pyramid scheme is proven correct. Herbalife has not clarified its position on a recapitalization, but the company has said it expects to get is financials re-audited by the end of the year. On Friday, Ackman asserted that it was alarming that it has taken so long for PwC to re-audit Herbalife's books and that the prospects of an LBO were dim. But Ackman added that he would continue to bet against the company even if it went private. An LBO means 'more opportunity for us to be short the company,' Ackman told Bloomberg News. 'This is not a trade for me, we are going to take this, as I say, to the end of the Earth.' By the time the Herbalife war is over, Ackman might himself be an octogenarian. </div>

Business Bill Ackman Calls His Billionaire Rivals Octogenarians As Herbalife Saga ...

William Ackman, the billionaire hedge fund manager who has said he will go 'to the end of the Earth' to destroy Herbalife, brought four women who he claimed were victims of the nutritional supplements seller to the New York investment conference wher…

Comcast seeks advice on Time Warner Cable bid: Sources

8:33 AM Tukiyooo 0

<div xmlns='http://www.w3.org/1999/xhtml'><img src="http://fm.cnbc.com/applications/cnbc.com/resources/img/editorial/2013/11/22/101220983-93773726.240x160.jpg?v=1385132710" width="600"/> Bradley C. Bower | Bloomberg | Getty Images Time Warner Cable's flirtation with potential merger suitors may include Comcast, which is seeking advice on potential regulatory hurdles if it should pursue a bid, sources told CNBC on Friday. Comcast, the parent company of CNBC, is not in active discussions on deal terms with Time Warner Cable, these sources say, but is asking for guidance on antitrust and Federal Communications Commission-related issues. According to people familiar with the matter, TWC has made it clear that if it should sell itself, Comcast would be its preferred buyer. The cable operator is on the verge of a bid from Charter Communications, according to The Wall Street Journal, which said Charter is near an agreement with banks for the funds to make that offer. ( Read more: Charter nears funding for Time Warner Cable bid: WSJ) -Reporting by CNBC's David Faber; writing by Javier E. David.</div>

Business Comcast seeks advice on Time Warner Cable bid: Sources

Bradley C. Bower | Bloomberg | Getty ImagesTime Warner Cable's flirtation with potential merger suitors may include Comcast, which is seeking advice on potential regulatory hurdles if it should pursue a bid, sources told CNBC on Friday.Comcast, the p…

Fed will remain very accommodative for years: Fed's Lockhart

8:03 AM Tukiyooo 0

<div xmlns='http://www.w3.org/1999/xhtml'><img src="http://fm.cnbc.com/applications/cnbc.com/resources/img/editorial/2013/08/13/100959838-169856778.240x160.jpg?v=1383932284" width="600"/> Scott Eelis | Bloomberg | Getty Images This is a breaking news story. Check back shortly for updates. Atlanta Federal Reserve President Dennis Lockhart appeared on CNBC's 'Squawk Box' on Friday-as investors look for clues on whether the central bank will start reducing its $85 billion monthly bond purchases next month. The minutes from the Fed's October meeting-released on Wednesday afternoon-intensified speculation in the market of a sooner-than-expected tapering. The next meeting of central bank policymakers is set for Dec. 17 and 18-followed by outgoing Fed Chairman Ben Bernanke's final scheduled news conference. He's stepping down at the end of his second four-year term on Jan. 31. Meanwhile, Fed Vice Chair Janet Yellen's bid to take over for Bernanke and become the first woman to lead the central bank took another step forward Thursday. The Senate Banking Committee approved her nomination and sent it to the full Senate for a vote, which is widely expected to go her way. - By CNBC's Matthew J. Belvedere. Follow him on Twitter @Matt_SquawkCNBC. </div>

Business Fed will remain very accommodative for years: Fed's Lockhart

Scott Eelis | Bloomberg | Getty ImagesThis is a breaking news story. Check back shortly for updates. Atlanta Federal Reserve President Dennis Lockhart appeared on CNBC's 'Squawk Box' on Friday-as investors look for clues on whether the central bank w…

Euro hits four

5:18 AM Tukiyooo 0

<div xmlns='http://www.w3.org/1999/xhtml'><img src="http://s1.reutersmedia.net/resources/r/?m=02&d=20131118&t=2&i=812929001&w=460&fh=&fw=&ll=&pl=&r=CBRE9AH1F6W00" width="600"/> Credit: Reuters/Jason Reed A U.S. dollar note (bottom) is pictured alongside other currencies including (L-R) the Australian Dollar, Singapore Dollar, Korean Won and China's Yuan in this picture illustration taken in Washington, October 14, 2010. The euro was 0.3 percent up at 136.81 yen, having risen as high as 136.995 yen. Against the dollar it was 0.2 percent up at $1.3513. Germany's closely-watched Ifo survey of business sentiment rose far more than forecast in November, reaching its highest level since April 2012. That added to positive sentiment about German growth, the engine of the euro zone economy. A ZEW survey this week also showed German investor sentiment at its highest in four years while a purchasing managers index (PMI) release suggested the private sector's expansion was gaining traction. The euro was also supported by comments from European Central Bank President Mario Draghi, who played down the possibility of the bank implementing negative deposit rates. Reports the ECB would start charging banks to park cash with it overnight had pressured the euro on Wednesday, extending its losses after Federal Reserve minutes a day before that suggested U.S. stimulus could be scaled back earlier than expected. 'It's been quite comforting for the market. It saw strong German numbers in the PMIs, which offset (weak French GDP data),' said Ian Gunner, portfolio manager at Altana Wealth. 'It's the whole package of the last two days ... Collectively it has raised a few doubts about whether the ECB is really going to do anything (to ease monetary conditions) this year.' The single currency shrugged off comments from ECB Chief Economist Peter Praet that the euro zone faces deflationary pressures. The dollar hit a four-and-a-half-month high of 101.36 yen as the Japanese currency was weakened by expectations Bank of Japan monetary policy would remain loose and a rise in Japanese stocks to six-month highs on Friday. BOJ Governor Haruhiko Kuroda said earlier he did not think the yen was at abnormally low levels and he did not see an asset bubble occurring in Japan. The Nikkei .N225 and the yen have been moving in counter-step for months, with every rally in the share index a signal for speculators to sell the yen. A lower currency then promises to boost Japanese exports and earnings, further supporting shares. Aaron Smith, managing director at currency hedge fund firm Pecora Capital, said short-term technical factors point towards buying the dollar versus the yen. 'We are at a crucial level in dollar/yen. If 101-102 fails, we can see a dive below 100 and resumption of the 300 pip range in the 97-100 region,' he said. 'However, we are cautiously optimistic that a breakout of further yen weakening is in the cards for 2014.' (Editing by Catherine Evans) </div>

Business Euro hits four

Credit: Reuters/Jason ReedA U.S. dollar note (bottom) is pictured alongside other currencies including (L-R) the Australian Dollar, Singapore Dollar, Korean Won and China's Yuan in this picture illustration taken in Washington, October 14, 2010.The e…

Sinopec oil pipeline blast in east China kills 22: Xinhua

1:03 AM Tukiyooo 0

Business Sinopec oil pipeline blast in east China kills 22: Xinhua

Credit: Reuters/China Daily1 of 2. Smoke rises after a pipeline explosion in Huangdao, Qingdao, Shandong Province November 22, 2013.Sinopec on its microblog said the explosion was caused by a leak in the Huangwei oil pipeline and fire was put out at …

Samsung Electronics told to pay Apple Inc $290 mn in damages retrial

12:33 AM Tukiyooo 0

<div xmlns='http://www.w3.org/1999/xhtml'><img src="http://media2.intoday.in/btmt/images/stories/samsung-apple-rivals_505_112213115258.jpg" width="600"/> A US jury awarded Apple Inc about $290 million in a damages retrial against Samsung Electronics Co, restoring a large chunk of a historic verdict the iPhone maker won last year.Apple had requested $379.8 million, while Samsung argued that it should have to pay $52.7 million.After a week long trial, the jury deliberated for nearly two days before reaching a decision on Thursday in a San Jose, California federal court. The two companies have been fighting in the courts for over two years. Apple was awarded over $1 billion last year after it convinced a jury that Samsung copied various iPhone features - like using fingers to pinch and zoom on the screen - along with design touches like the phone's flat, black glass screen.Earlier this year US District Judge Lucy Koh upheld nearly $640 million of that verdict but ordered a retrial on the rest, ruling that the previous jury had made some errors in its calculations. Combined with the retrial verdict of $290.5 million on Thursday, Apple has now been awarded $929.8 million in the case.Samsung spokeswoman Lauren Restuccia said the company is disappointed by the verdict, especially because one of the patents in the case has been recently deemed invalid by the US Patent and Trademark Office. Apple is contesting that finding.The US company's spokeswoman Kristin Huguet said it was grateful to the jury for imposing costs on Samsung, though she said the case has been more about protecting innovation than winning money.Samsung manufactures phones that use the Android operating system, which is developed by Google. In addition to the fight over money, Apple is seeking a permanent injunction against several older Samsung phones. Koh had previously rejected such a sales ban, but earlier this week the US Court of Appeals for the Federal Circuit ordered her to reconsider.Apple called its marketing chief Phil Schiller to testify during the trial. Samsung did not call any senior executives, a fact hammered on by Apple attorneys during closing argument. Juror Barry Goldman-Hall, 60, said the the six-women, two-men jury discussed the disparity. 'We felt like we had way more information from Apple and we were left wondering why we hadn't gotten other information from Samsung,' said Goldman-Hall, a therapist.Colleen Allen, the jury forewoman, said Apple did not enjoy a home field advantage from having the trial so close to the iPhone maker's headquarters in Cupertino. Both companies are global players, she said, and while Apple engineers may be based in Northern California, its products are manufactured overseas.The jurors based their decision on the evidence, said Allen, a 36-year old nurse. 'Samsung could've come up with a little more evidence,' Allen said.The case is likely to drag on as Samsung appeals both verdicts, said Brian Love, a professor at Santa Clara Law in Silicon Valley. 'Litigation between the parties is far from over, and there is no end in sight,' Love said.The case in US District Court, Northern District of California is Apple Inc vs. Samsung Electronics Co Ltd, 11-1846. For more news from Business Today, follow us on Twitter @bt_india and on Facebook at facebook.com/BusinessToday </div>

Business Samsung Electronics told to pay Apple Inc $290 mn in damages retrial

A US jury awarded Apple Inc about $290 million in a damages retrial against Samsung Electronics Co, restoring a large chunk of a historic verdict the iPhone maker won last year.Apple had requested $379.8 million, while Samsung argued that it should h…

FCC to consider allowing cell phone calls on flights

10:48 PM Tukiyooo 0

Business FCC to consider allowing cell phone calls on flights

Washington (CNN) -- The U.S. Federal Communications Commission will consider a proposal in December that would allow airline passengers to make cell phone calls while flying above 10,000 feet on specially equipped planes.'Modern technologies can deli…

California votes against extending canceled health policies

3:48 PM Tukiyooo 0

<div xmlns='http://www.w3.org/1999/xhtml'><img src="http://www.trbimg.com/img-528e4b80/turbine/la-fi-mo-covered-california-cancellations-2013-001/600" width="600"/> Spurning President Obama 's plan for canceled policies, California's health insurance exchange voted against any extension for about 1 million policyholders in the state. The five-member board of the exchange voted unanimously to keep its current requirement that insurers terminate most individual policies Dec. 31 because they don't meet all the requirements of the Affordable Care Act. The decision ends a weeklong drama over what would happen for policyholders who will lose their existing coverage at year-end and face finding replacement insurance that may cost them substantially more in many instances. Covered California, the state exchange, considered allowing renewals into 2014 as Obama proposed or a short-term extension through March to give people more time to shop. But state leaders ultimately rejected those options. They expressed concerns about further confusing consumers and worried that widespread renewals could keep too many healthy customers out of the broader risk pool that will shape future rates. 'We know this transition is difficult and some people will be hurt,' said Covered California board member Susan Kennedy. 'But delaying the transition won't solve a single problem.' The state did agree to open a special hotline for affected consumers and look into postponing the deadline to sign up for coverage starting Jan. 1. The vote by the state exchange marks a break with the president since California has been a strong supporter of the Affordable Care Act. Some other Democrat-led states, such as Washington and Minnesota, have also rejected the president's idea on cancellations. Obama's plan last week came in response to a public uproar over millions of consumers nationwide losing their coverage. Also, Covered California said 79,891 people have enrolled in private health plans through Tuesday. The state has outperformed the troubled federal exchange, which has struggled with an error-prone website and meager enrollment. ALSO: State signs up 131,000 in health plans, Medi-Cal California exchange is hesitant to extend canceled policies State insurance chief faults health exchange for cancellations</div>

Business California votes against extending canceled health policies

Spurning President Obama 's plan for canceled policies, California's health insurance exchange voted against any extension for about 1 million policyholders in the state.The five-member board of the exchange voted unanimously to keep its current req…

Senate committee recommends Yellen for Fed chair

3:03 PM Tukiyooo 0

Business Senate committee recommends Yellen for Fed chair

The Senate Banking Committee voted 14-8 voted Thursday to send Janet Yellen's nomination to chair the Federal Reserve to the full Senate for confirmation.Republicans Bob Corker, R-Tenn., Mark Kirk-R-Ill., and Tom Coburn, R-Okla., broke with other GOP…

How Tesla found itself on the defense

12:04 PM Tukiyooo 0

<div xmlns='http://www.w3.org/1999/xhtml'>Being a media darling isn't as easy as it looks. When something goes wrong, the whole world is going to be talking. This year, electric-car maker Tesla Motors will account for less than 0.05% of the world's passenger car output. Yet within the financial media bubble, it seems like it generates 99% of auto-industry headlines. A few short months ago, that was a good thing. But now we're seeing the flip side of the coin. To the Moon! Tesla's ascendancy to the spotlight came courtesy of two factors: a unique CEO and an outstanding product. Iron Man Elon Musk is the most interesting CEO in America. Not only does he make electric cars and rockets (through SpaceX), but he also presented an idea for a warp-speed, low-cost bullet-train substitute called Hyperloop. As well, he was a driving force behind online-payment giant PayPal, which is now owned by eBay, and solar company SolarCity. How many other people have had their hands in so many large-scale technological revolutions in such a short period of time? Musk's accomplishments led people to start comparing him to genius/playboy superhero Tony Stark, a.k.a. Iron Man (though some people think he's a jerk...): And to some extent, he's filled the void left by the greatest tech-industry icon of all time -- Apple's Steve Jobs. The Model S A charismatic leader without a great product or service doesn't amount to much. And just as Steve Jobs had the iPhone, Musk has the Model S sedan, which has been nothing short of a critical sensation. Several media outlets, including Motor Trend, named the Model S car of the year and in May, Consumer Reports gave it a 99/100 score -- its highest-ever rating for a car. It wasn't awesome for an electric car. It was awesome, period, combining superb power and performance with excellent handling and sharp looks. On August 19, the news got even better for Tesla. National Highway Traffic Safety Administration tests indicated that the Model S received a five out of five rating in every safety category. And in a test designed to measure the integrity of the roof, a machine tried to crush it... and broke. How's that for headline fodder? For Musk and Tesla, it was like a dream. By September 30, Tesla's stock shot up to $194.50 for a whopping 474% year-to-date return, aided of course by strong earnings earlier in the year. Fire! On October 2, the stock took a 6% dip as a video of a Model S on fire in Washington state from the day before started making the rounds. Then on November 6, another Model S caught fire in Tennessee. Both of these fires were the result of Model S batteries being damaged by metal objects underneath the car. And in each case, the owners were not at all fazed and in fact wanted new Teslas to replace their burnt-up ones. There was also a fire on October 17 in Mexico when a drunk driver got in a high-speed crash. Three battery fires in six weeks? That certainly didn't jibe with the car's image as one of the safest on the road, and it became a hot topic. Time for Defense! In response to the October 1 fire, Musk wrote a detailed blog post explaining the accident, including the following passage: A typical gasoline car only has a thin metal sheet protecting the underbody, leaving it vulnerable to destruction of the fuel supply lines or fuel tank, which causes a pool of gasoline to form and often burn the entire car to the ground. In contrast, the combustion energy of our battery pack is only about 10% of the energy contained in a gasoline tank and is divided into 16 modules with firewalls in between. As a consequence, the effective combustion potential is only about 1% that of the fuel in a comparable gasoline sedan. The nationwide driving statistics make this very clear: there are 150,000 car fires per year according to the National Fire Protection Association, and Americans drive about 3 trillion miles per year according to the Department of Transportation. That equates to one vehicle fire for every 20 million miles driven, compared to one fire in over 100 million miles for Tesla. This means you are five times more likely to experience a fire in a conventional gasoline car than a Tesla! And in the case of the November 6 fire, the actual owner of the car posted the following on the Tesla blog: I am thankful to God that I was totally uninjured in any way from this impact. Had I not been in a Tesla, that object could have punched through the floor and caused me serious harm. From the time of impact of the object until the time the car caught fire was about five minutes. During this time, the car warned me that it was damaged and instructed me to pull over. I never felt as though I was in any imminent danger. While driving after I hit the object until I pulled over, the car performed perfectly, and it was a totally controlled situation. There was never a point at which I was anywhere even close to any flames. There's no upside to potential safety issues with an emerging technology like electric cars, but these are very effective responses, considering the situation. And Then There Was That Whole Earnings Thing... On November 5, Tesla reported third-quarter earnings, but with expectations sky-high, investors were disappointed with the company's profitability and pace of vehicle deliveries. Combined with the safety issues that had been driving volatility in the stock, the financial disappointment put real fear in the hearts of the bulls. You can see it in this chart, which shows the 38% decline off the high A Crisis of Confidence? On November 18, Musk wrote a new blog post entitled 'The Mission of Tesla,' where he did two things. First, he correctly pointed out that there has been disproportionate media coverage of the Tesla fires: <img src="http://www.gannett-cdn.com/-mm-/715c539c34842eb8a1e509a15a083ec063c02e5a/c=0-0-522-393&r=x383&c=540x380/local/-/media/USATODAY/GenericImages/2013/11/21//1385060726001-TSLAStock.JPG" width="600"/> Tesla's third-quarter earnings(Photo: Michael Comeau, Minyanville) Since the Model S went into production last year, there have been more than a quarter million gasoline car fires in the United States alone, resulting in over 400 deaths and approximately 1,200 serious injuries (extrapolating 2012 NFPA data). However, the three Model S fires, which only occurred after very high-speed collisions and caused no serious injuries or deaths, received more national headlines than all 250,000+ gasoline fires combined. The media coverage of Model S fires vs. gasoline car fires is disproportionate by several orders of magnitude, despite the latter actually being far more deadly. And secondly, he announce three important actions: The company rolled out a software update that would result in greater ground clearance at highway speeds, requested an investigation from the NHTSA, and amended its warranty policy to cover fire damage, even in the event of driver error. In response, the NHTSA directly contradicted Tesla's claim of requesting an investigation with this statement: NHTSA's decision to open any formal investigation is an independent process. In regards to Tesla, the agency notified the automaker of its plans to open a formal investigation and requested their cooperation, which is standard agency practice for all investigations. The automaker agreed to do so. An NHTSA filing indicates that the investigation was opened on November 15: <img src="http://www.gannett-cdn.com/-mm-/0facdd0d1285ba1793273053d8bc0880838b158a/c=0-0-424-319&r=x383&c=540x380/local/-/media/USATODAY/GenericImages/2013/11/21//1385060722000-NHTSAction.JPG" width="600"/> NHTSA's filing against Tesla(Photo: Michael Comeau, Minyanville) A Bloomberg report quotes Tesla VP Jim Chen as saying the company requested the investigation that same day. Insecurity? If the Model S is all it's cracked up to be safety-wise, then why are all these changes necessary? If the fires can be chalked up to coincidental flukes, and a Tesla is statistically safer than traditional gasoline-powered vehicles, why is the company responding so aggressively? And how did it get itself mixed up in this back-and-forth with the NHTSA? The Other Side Tesla is seeing the other side of being the next big thing in the automotive industry, and it can't be an easy situation after such smooth sailing. The Model S catapulted the company into the limelight in a huge way, and Tesla can't simply disappear when the news flow is heading in the wrong direction. We don't know yet whether this whole mess will actually result in weaker sales of Tesla cars, but the company must see that as a possibility, and certainly, investors are a bit freaked out. But one thing's for certain: Tesla's on the defense, fighting the same media cabal that pumped its stock up to $194. Talk about change. This story originally appeared on Minyanville. VERIZON: APPLE: COMPANIES: The Top 11 Fastest-Growing Industries Samsung Lawyers Accuse Apple of Playing the Race Card Verizon Shocks Android Users With Rare Competence</div>

Business How Tesla found itself on the defense

Being a media darling isn't as easy as it looks. When something goes wrong, the whole world is going to be talking.This year, electric-car maker Tesla Motors will account for less than 0.05% of the world's passenger car output. Yet within the financi…

Oops! Boeing cargo jet lands at wrong Wichita airport

4:33 AM Tukiyooo 0

<div xmlns='http://www.w3.org/1999/xhtml'><img src="http://i2.cdn.turner.com/cnn/dam/assets/131121024834-boeing-dreamlifter-story-top.jpg" width="600"/> (CNN) -- This might take some explaining. A large Boeing cargo plane made a landing at an airport in Wichita, Kansas, late last night. That's not so unusual, but unfortunately the pilot missed the mark by about 12 miles. Instead of landing at McConnell Air Force Base southeast of the city, the pilot put the Atlas Air 747 Dreamlifter down at the much-smaller Jabara Airport on Wichita's northeast side. Jabara has no control tower and normally doesn't handle jumbo jets. And at 6,101 feet, the Jabara runway is about half the length of those at McConnell. There was no damage to aircraft or airport, according to the City of Wichita which runs the airport. The Federal Aviation Administration said it's investigating. The Dreamlifter is a modified 747-400 passenger airplane that can haul more cargo by volume than any airplane in the world, according to Boeing's website. 'It is the primary means of transporting major assemblies of the Boeing 787 Dreamliner.' 'We are working to determine next steps and will have additional information in the morning,' said Dmitry Krol, a spokesman for Boeing. CNN's Dave Alsup, Jake Carpenter and Justin Lear </div>

Business Oops! Boeing cargo jet lands at wrong Wichita airport

(CNN) -- This might take some explaining.A large Boeing cargo plane made a landing at an airport in Wichita, Kansas, late last night. That's not so unusual, but unfortunately the pilot missed the mark by about 12 miles.Instead of landing at McConnell…

Should Walmart Pay Its Workers More?

2:03 AM Tukiyooo 0

<div xmlns='http://www.w3.org/1999/xhtml'><img src="http://b-i.forbesimg.com/modeledbehavior/files/2013/11/6016203824_335af11d31_m.jpg" width="600"/> The recent story about Walmart employees putting on a food drive for other Walmart employees has raised a lot of complaints about Walmart's pay. The first most obvious point is that this is further proof of economic hardships that the working poor can face in this economy. Though I don't think this is evidence that Walmart workers are starving. One account from the Cleveland Plain Dealer's reporting certainly makes it seem like this is a story about temporary economic hardship: Erica Reed, an associate at the Canton store, agrees. She said food drives have been going on at the store for a few years, so she questions why they are becoming an issue now. Reed said past food drives helped her cope with her own problems, not caused by low wages but because of losing $500 a month in child support when the father of her four children went to jail. She declined to give her salary. The source of the hardship aside, there are a couple of things worth considering here that people often miss. First, is that if you ask firms to pay above market wages do you have any way of knowing whether they will do this via lower employment? It's true that there is no rule that a company must abide by the profit maximizing labor demand curve. In a competitive industry firms can choose a non-profit maximizing Q as well as a non-profit maximizing P if it is paid for out of: lower shareholder returns, lower managerial pay, or higher consumer willingness to pay. These can be motivated by the desire to work or shop at places that pay high wages, and so also be fully efficient in the neoclassical sense. But this is more likely to happen in closely held firms, like a small sole proprietorship in the form of local coffee shop. In large, dispersed, corporation like Walmart this is going to be extremely difficult. Do advocates truly expect to change the hearts of Walmart's managers, shareholders, or low-income consumers? Where did all the liberal cynicism about corporate behavior go? A more likely result is they will change their behavior in ways that minimizes the social stigma. Importantly this will be difficult for advocates to monitor. While you can complain about and find out average wages, how will deviations from optimal quantity of employment be measured? Even if such deviations could be measured, how credible are threats to complain about less hiring? Note that while Costco does pay more than Walmart, they also have half as many employees per square foot and I have never seen anyone complain about this. No, I don't think Walmart would find any such headlines very costly to ignore. Finally, some might claim Walmart simply can't hire less workers, but even if you hold the Costco example aside, isn't one of the most common liberal complaints about Walmart that when they come to a town they lower retail worker employment? Most firms have some margins of adjustment when it comes to higher labor costs, and those that don't tend to see higher wages translate into less employment via lower output, e.g. locations going out of business. That is to say, if Walmart doesn't decrease employment perhaps their market share will be eroded by someone who will. A second point I hear is, wouldn't I praise it if Walmart just announced, without pressure, to pay it's workers on it's own? But Walmart giving raises because this is the profit maximizing labor market outcome is different than Walmart giving raises because of a bad PR campaign. In the former case you have wages driven up either by improving productivity at Walmart or at other buyers of low-skilled labor. This suggests the higher wages are not coming at the expense of less employment. In the latter case, as I described above, this is not true. Some may point to lower turnover as a source of cost savings from higher wages, but remember this story began with tales of unforseen economic hardship. The ease of quickly finding a job is an important in these circumstances, and the economy is already suffering from what looks like too low of labor market churn. Overall, a social stigma against hiring low-productivity workers and paying them their market wage is not the same thing as higher productivity. High wages are good when they don't come by mechanisms that risk labor surpluses. It's important to highlight the plight of the working poor. At a time when food stamps are being cut and some on the right attempt to argue against the basic idea of a safety net it is useful to show what actual need looks like in this country, and that many who work hard still encounter real economic hardship. So by all means, lets talk about increasing the EITC, making a better and more robust safety net, and ways to improve the welfare of low-income people in this country. But let's not pretend that a huge percentage of the context in which this story is being discussed isn't that it is Walmart's duty to raise the wages above the current market level. I'm happy to talk about economic hardship and things to do about it, but let's not ignore the conversation most people are actually having and the bad ideas actually being proposed. </div>

Business Should Walmart Pay Its Workers More?

The recent story about Walmart employees putting on a food drive for other Walmart employees has raised a lot of complaints about Walmart's pay. The first most obvious point is that this is further proof of economic hardships that the working poor ca…

Asia stocks sag to one

12:48 AM Tukiyooo 0

<div xmlns='http://www.w3.org/1999/xhtml'><img src="http://s1.reutersmedia.net/resources/r/?m=02&d=20131120&t=2&i=813662742&w=&fh=&fw=&ll=580&pl=378&r=CBRE9A3085100" width="600"/> Credit: Reuters/Toru Hanai 1 of 8. A visitor walks past logos at the Tokyo Stock Exchange in Tokyo June 13, 2013. Stocks dropped on talk of the Fed's stimulus withdrawal, with MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS and Australia's S&P/ASX 200 index .AXJO both shedding about 0.3 percent. Federal Reserve officials indicated at the bank's October 29-30 policy meeting that they could decide to start scaling back the asset purchases at one of its next few meetings provided this was warranted by economic growth. 'The headline that most participants saw tapering in the next couple of meetings cannot be much of surprise, since the alternative is a virtual indefinite postponement,' said Steven Englander, global head of G10 FX strategy at CitiFX. 'That said, the 5 percent probability associated with a December tapering seemed too low so there may have been an unwinding of somewhat overly dovish expectations,' Englander wrote in a note to clients. The dollar index, which tracks the greenback against a basket of major currencies, last stood at 81.032 .DXY after climbed 0.4 percent on Wednesday in its biggest one-day gain in about two weeks. The euro was slightly lower at $1.3435, and was also buying 143.40 yen, well off a four-year high of 135.94 yen touched on Wednesday. The dollar was a touch firmer against its Japanese counterpart, buying 100.13 yen. The euro plunged on Wednesday after a Bloomberg report said the ECB was considering cutting its deposit rate, one of its two key interest rates, to below zero. An ECB spokesperson declined to comment on the report. Late on Thursday, the Bank of Japan will conclude a two-day policy meeting. The central bank is expected to maintain its ultra-loose monetary policy and debate how weak exports and swinging expectations about when the Fed will taper its stimulus may affect Japan's economic recovery. In commodities trading, Brent crude oil rose about 0.9 percent to $107.92. It surged by more than $1 a barrel on Wednesday after a U.S. official said it would be 'very hard' to get a nuclear agreement with Iran this week. U.S. oil futures for January delivery slipped about 0.1 percent to $93.78, after reversing gains on Wednesday following release of the Fed minutes. (Editing by Shri Navaratnam) </div>

Business Asia stocks sag to one

Credit: Reuters/Toru Hanai1 of 8. A visitor walks past logos at the Tokyo Stock Exchange in Tokyo June 13, 2013.Stocks dropped on talk of the Fed's stimulus withdrawal, with MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS and…