Weekly Wrap Up
In corporate news, Amazon (AMZN: Charts, News) reached a deal with the state of Tennessee that will reduce their tax obligations in exchange for doing business in the state. More rumors surfaced Microsoft (MSFT: Charts, News) is interested in merging with Yahoo (YHOO: Charts, News). The biggest newsmaker, though, was the passing of Apple (AAPL: Charts, News) found and visionary Steve Jobs. More Market News
Europe’s biggest banks may finally be forced to own up to their losses.
While bank executives and government leaders have been reluctant to acknowledge that the hundreds of billions of euros of Greek debt held by financial institutions is worth far less than its face value, they are slowly accepting the grim reality, as investors, clients and lenders grow increasingly wary.
On Tuesday, Deutsche Bank said it would not meet its profit goals for the year, citing investor uncertainty and losses on Greek bond holdings. Government officials are debating dismantling Dexia, the large French-Belgian bank, and warehousing its troubled assets in a bad bank. (Source: New York Times) Click here to read the full article
Economists and bankers who follow mortgage rates religiously think that rates don’t have much farther to drop from record lows. They expect that rates can only go up.
But they also know they’ve been wrong before.
And on Thursday, there was evidence of another significant drop, when 30-year fixed-rate mortgages fell to an average 3.94%, for the week ending Oct. 6, in Freddie Mac’s weekly survey of conforming mortgage rates. That’s the lowest rates have been in the survey’s history, which dates back to 1971. Read more: Rate on 30-year mortgage falls below 4%. (Source: Market Watch) Click here to read the full article
Yahoo! Inc.(YHOO: Charts, News), which is considering strategic options in the wake of ousting its chief executive officer last month, rose 10 percent after Reuters reported that Microsoft Corp. (MSFT: Charts, News) may make a bid.
Microsoft might enlist a partner to go after Yahoo, Reuters reported today, citing sources close to the situation. Yahoo spurned a $47.5 billion bid from Microsoft in 2008. No decision has been made to come back to the negotiating table, and there are internal divisions at Microsoft over the idea, Reuters said. (Source: Bloomberg) Click here to read the full article
Gov. Bill Haslam confirmed a sales tax deal with online retailer Amazon.com (AMZN: Charts, News)Thursday morning, announcing thousands of additional jobs and what he hopes will be the resolution of a long-running dispute within the business community.
Amazon will invest a total of $350 million and create 3,500 full-time jobs under the deal, which will also include new locations in Tennessee. Amazon had previously committed to 1,500 jobs in Hamilton and Bradley counties, and between 300 and 500 jobs in Wilson County. The company also anticipates thousands of additional seasonal jobs. (Source: Biz Journals) Click here to read the full article
People of all types came out to celebrate, mourn and honor Steve Jobs after learning of his death yesterday. Some converged on local Apple Stores or flocked to Apple’s Cupertino campus, while others paid their respects online.
Several dozen Apple and Jobs fans stopped at the San Francisco Apple Store over the course of an hour Wednesday.
“We just wanted to honor Steve,” said Richard Rucci, a writer who works for a tablet magazine that will be launching on the iPad soon. Rucci’s had a long relationship with Apple products. “My first computer was an Apple IIe in 1989. We’ve always had Macs in our house.” (Source: Wired) Click here to read the full article
Apple’s (AAPL: Charts, News) new iPhone won’t win any design awards. It looks exactly like the old one. And reaction to its debut was mixed, in part because it wasn’t the iPhone 5 that was widely anticipated.
But Apple executives insist that the 4S packs a lot of punch and unveiled a host of new features for the phone on Tuesday at Apple headquarters here. In addition, they announced the first iPhone (the 3GS model) that will come free with a two-year contract – a move apparently aimed at bringing more step-up buyers into the iPhone family. (Source: USA Today) Click here to read the full article
Are you who people think you are? Or do you let them see only a persona carefully crafted for likeability? Do you tiptoe through life, saying and doing only what passes through your internal social acceptability filter?
Fear of social judgment wears many masks: shame, shyness, etiquette, prudence, perfectionism. Whatever form it comes in, its impact is to limit, to constrain, to constrict. (Source: How to Live) Click here to read the full article
A few years ago my colleague Flemming Norrgren and I asked a long-tenured European CEO how he came up with the idea for his company’s radical and new strategic direction. “Oh, that’s an interesting question,” he said. “I never thought about it in that way. Certainly it was not only me. I had a big role, but it was not me, me, me. This is not an American organization.”
Flemming and I (both Europeans) laughed, and the CEO talked more about why leaders should praise their team instead of themselves. (Source: Harvard Business Review Blog) Click here to read the full article