News of the Day

  • Alibaba IPO Gives Insiders Rare Chance to Sell Early

    A swath of early investors in Alibaba Group Holding Ltd. will be able to sell more than $8 billion worth of shares on the day the Chinese e-commerce company goes public, an unusual arrangement that is influencing how bankers price the offering.Insiders and other investors in companies staging initial public offerings are generally required to hold on to shares for several months, in "lockup" arrangements banks design to help protect the stock's price in its early days.

  • Fed Plots Cautious Course on Rate Hikes

    The Federal Reserve took two steps toward winding down the historic easy-money policies that have defined its response to the financial crisis, but stopped short of the move markets are awaiting most: signaling when interest rates will start to rise.With the economy gradually improving, U.S. central-bank officials plan to end the bond-buying program known as quantitative easing after October, hoping to finally stop expanding a six-year experiment in monetary policy that has left the Fed holding more than $4 trillion of Treasury and mortgage bonds.

  • Fed nears end of stimulus but stays vague on interest rate hike timing

    Federal Reserve policymakers took the next-to-last step in ending their controversial bond-buying stimulus program as the economy continues to heal.But they offered no new hints on how soon the Fed would once again hike interest rates — after nearly six years of keeping rates near zero percent.As investors and analysts await word, Fed officials Wednesday reaffirmed they were keeping the central bank's benchmark short-term interest rate near zero and probably would for "a considerable time" after the bond purchases end next month.

  • Dollar Reaches 14-Month High as Fed Boosts Rate Outlook

    The dollar rallied to a 14-month high after Federal Reserve officials raised their forecast for the target rate on overnight loans between banks at the end of 2015 while maintaining guidance to keep borrowing costs low.The greenback rose to a six-year high versus the yen after Fed officials increased their median estimate for the federal funds rate to 1.375 percent at the end of next year, versus June’s forecast for 1.125 percent and virtually zero now.

  • Eventbrite: Millennials, Driven by FOMO, Spending More on Experience Economy

    According to new research by Eventbrite, a majority of millennials are increasingly spending their money and time on live experiences over material goods.The online event ticketing and registration site finds that millennials highly value experiences, and are increasingly spending their money and time on them. Seventy-eight percent of millennial poll respondents said that “when it comes to money, ‘experiences’ trump ‘things.’” According to Eventbrite, site ticket sales for beer festivals, concerts and Color Runs have quadrupled since 2011

  • Welcome to the Experience Economy

    Economists have typically lumped experiences in with services, but experiences are a distinct economic offering, as different from services as services are from goods. Today we can identify and describe this fourth economic offering because consumers unquestionably desire experiences, and more and more businesses are responding by explicitly designing and promoting them. As services, like goods before them, increasingly become commoditized—think of long-distance telephone services sold solely on price—experiences have emerged as the next step in what we call the progression of economic value.

  • Scotland Votes in Pivotal Independence Referendum

    Voters in Scotland on Thursday were making the pivotal decision of whether to break up the U.K. after 307 years, in a historic referendum that pits a vision of independence against the likely economic dangers.After two years of campaigning, pollsters say that the outcome of the vote is too close to ca ll at this point. The ballot asks a simple question—"Should Scotland be an independent country?"— though a vote to split off will raise many more about how the country will stand completely on its own.

  • Australia raids foil reported ISIS beheading plots

    Australian counterterrorism forces detained 15 people Thursday in a series of suburban raids after receiving intelligence that the Islamic State militant group was planning public beheadings in two Australian cities to demonstrate its reach.About 800 federal and state police officers raided more than a dozen properties across 12 Sydney suburbs as part of the operation -- the largest in Australian history, Australian Federal Police Deputy Commissioner Andrew Colvin told the Associated Press. A sword was removed as part of evidence at one of the homes.

  • Australian company sells $1.3M 22-karat gold toilet paper

    Fancy throwing your money straight down the toilet?Then this blinged-out 22-karat gold toilet paper, which sells for a staggering $1.3 million per roll, could be for you.Australian company Toilet Paper Man developed the extravagant three-ply wiper after using fully golden thrones in Dubai in the United Arab Emirates.Just one roll, which has gold flakes running through and comes with a free bottle of champagne, has been made so far.

  • Billionaire Couture Crocodile Skin Umbrella

    Most would consider spending 50,000 dollars on something as simple as an umbrella to be a unanimous fashion-sin- though, simple isn’t even in, Italian design house, Billionaire Couture’s vocabulary- unless, of course, you’re talking about their Crocodile Skin Umbrella- which is quite simply one of the most coveted accessory statements in the world.

  • Billion Dollar Popcorn

    Organic sugar, butter from Vermont Creamery, and of course Nielsen Massey Bourbon Vanilla is just the beginning. The salt and how I was able to obtain it is what really brings it all together. The Danish island Laeso according to Norse mythology was home to Aegir the King of the Sea and the feasting place of the Gods. To us it’s just the place where the most expensive salt in the world comes from. Harvested using methods that are over 1000 (1000!) years old there is simply nothing like it.

  • Report: Anthony Kim might not play golf again in order to secure hefty disability settlement

    Remember Anthony Kim? The 23-year-old kid who stole the show at the 2008 Ryder Cup by leading the U.S. to an upset win? You've probably asked yourself "What ever happened to him?" on more than one occasion. And now, we finally know -- well, maybe.Alan Shipnuck has a fantastic story on the vanishing Kim in this week's Sports Illustrated. While reading the piece in its entirety is well worth your time, one part of Shipnuck's reporting really jumps out. Apparently, Kim is sitting on a potential payout that could be bigger than the FedEx Cup bonus. And to collect it, Kim doesn't have to do anything -- which just might explain his prolonged absence from the game.

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