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	<title>Business &#38; Money &#187; Bill Saporito &#124; TIME.com</title>
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		<title>Business &#38; Money &#187; Bill Saporito &#124; TIME.com</title>
		<link>http://business.time.com</link>
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		<title>Blood Work</title>
		<link>http://business.time.com/2013/05/09/blood-work/</link>
		<comments>http://business.time.com/2013/05/09/blood-work/#comments</comments>
		<pubDate>Thu, 09 May 2013 11:00:36 +0000</pubDate>
		<dc:creator>Bill Saporito</dc:creator>
				<category><![CDATA[Breakthrough]]></category>

		<guid isPermaLink="false">http://business.time.com/?p=79550</guid>
		<description><![CDATA[Scientists have learned that dna can tell us a great deal about our risk factors for certain diseases. Since the sequencing of the genome was completed in 2003, they have been able to figure out which mutations will make us vulnerable to, say, cancer or hair loss. As computing power has increased, they have been able to sequence the 19,599 genes in individual patients to provide a DNA map that helps drug companies target specific mutations. Herceptin, for example, targets patients who have what are known as HER2-positive genes, which increase the output of growth factors that drive breast cancer. Although genetic information continues to improve medicine, there is data about the human body that goes one step beyond the genome. Genes by themselves don’t directly make us who we are. Instead, they produce proteins, which are dispatched into the body to execute the genetic will. If the genes are the blueprints, the proteins are the working parts, controlling every cell in your body. And just as the genes collectively make up the genome and have given rise to the science of genomics, so too do all your body’s proteins make up your proteome, which has its corresponding discipline: proteomics. It’s a far more complex field than genomics, studying how proteins are structured and expressed, how they change and communicate. When you tie genome sequencing to proteome sequencing, it adds billions of data points across millions of patients. That’s both good and bad. With a fire hose of information that big, you can develop better drugs and look for better biomarkers: anything in a patient’s blood, urine or saliva—from proteins to enzymes to red-cell count—that indicates the presence of a disease. But fire hoses are hard to handle, and that’s where Big Data comes in. The combination of massive computer power and sophisticated algorithms that can manage staggeringly complex problems—from predicting precisely where a tornado will touch down to making your Web search more efficient—is the next great wave of data processing. Companies like Roche, Illumina, Life Technologies, Pronota and Proteome<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=79550&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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	<primary_category>Breakthrough</primary_category><primary_category_link>http://business.time.com/category/breakthrough/</primary_category_link><featured_image>http://timebusinessblog.files.wordpress.com/2013/05/1500_bprotein_0520.jpg?w=240</featured_image>
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			<media:title type="html">154934100</media:title>
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		<title>Q&amp;A: Stacy Perman, Author of A Grand Complication: The Race to Build the World’s Most Legendary Watch</title>
		<link>http://business.time.com/2013/04/14/qa-stacy-perman-author-of-a-grand-complication-the-race-to-build-the-worlds-most-legendary-watch/</link>
		<comments>http://business.time.com/2013/04/14/qa-stacy-perman-author-of-a-grand-complication-the-race-to-build-the-worlds-most-legendary-watch/#comments</comments>
		<pubDate>Sun, 14 Apr 2013 15:28:03 +0000</pubDate>
		<dc:creator>Bill Saporito</dc:creator>
				<category><![CDATA[Media]]></category>
		<category><![CDATA[Graves Supercomplication]]></category>
		<category><![CDATA[watch]]></category>

		<guid isPermaLink="false">http://business.time.com/?p=77727</guid>
		<description><![CDATA[A Grand Complication: The Race to Build the World’s Most Legendary Watch (Atria Books/Simon &#38; Schuster) by Stacy Perman, tells the tale of two American men, the auto magnate James Ward Packard and the financier Henry Graves, Jr. and their quest to possess the most complicated watch ever made. The winning watch, finished in 1933 and known as the Graves Supercomplication, took nearly eight years to complete, and has achieved mythological status among collectors. It was sold after a heated bidding war at Sotheby’s in 1999 for a record breaking $11 million—and could crack $20 million if it hits the market again. As the book details this collecting duel, Perman chronicles its many connections to a vast sweep of American history when staggering fortunes were made, the country’s plutocracy emerged, and America began its rise as a global economic power. Perman, a business journalist, is a former TIME writer and the author of In-N-Out Burger: A Behind-The-Counter Look At The Fast-Food Chain That Breaks All The Rules. She talked to TIME&#8217;s Bill Saporito about this horological arms race, and why mechanical watches continue to hold sway over contemporary collectors. (PHOTOS: Inside Big Ben: A Look at What Makes the World’s Most Beloved Clock Tick) TIME: The book is a history of a single watch, the Graves Supercomplication. What’s the big deal? SP:  The Supercomplication is the Mona Lisa of watches, the most intricate watch ever produced. It contained 24 complications—those are features outside of timekeeping. It calculates the time of sunrise and sunset, it strikes the hours, the quarter hour and minutes playing the same melody that rings from Big Ben, its perpetual calendar does not require adjustment until the year 2100, and it has a celestial chart that perfectly mapped the night sky over Manhattan – and it’s encased in 18-karat gold. This truly one-of-a-kind piece was entirely crafted, calculated and finished by hand. TIME: And what about the Graves part? SP:  Henry Graves, Jr. was the financier who commissioned the watch. And Graves had a horological rival, the industrialist James<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=77727&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	<primary_category>Media</primary_category><primary_category_link>http://business.time.com/category/companies-industries/media-companies-industries/</primary_category_link><letterbox>1</letterbox><featured_image>http://timebusinessblog.files.wordpress.com/2013/04/graves-4-400-dpi.jpg?w=240</featured_image>
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			<media:title type="html">Watch</media:title>
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		<title>How Walmart Plans to Bring Back &#8216;Made in America&#8217;</title>
		<link>http://business.time.com/2013/04/12/how-walmart-plans-to-bring-back-made-in-america/</link>
		<comments>http://business.time.com/2013/04/12/how-walmart-plans-to-bring-back-made-in-america/#comments</comments>
		<pubDate>Fri, 12 Apr 2013 14:58:02 +0000</pubDate>
		<dc:creator>Bill Saporito</dc:creator>
				<category><![CDATA[Companies & Industries]]></category>
		<category><![CDATA[Retail]]></category>
		<category><![CDATA[Walmart]]></category>

		<guid isPermaLink="false">http://business.time.com/?p=77656</guid>
		<description><![CDATA[Walmart doesn’t make anything. But the giant retailer could play a part in the manufacturing rebound that is taking place in the U.S. with its promise to buy $50 billion more U.S. made goods over the next decade for its Walmart and Sam’s Club stores. It’s a bit ironic, given Walmart&#8217;s vast global sourcing organization. But the same forces that are making the U.S. a more hospitable place for manufacturing —higher shipping costs and wage rates overseas among them—have prompted the company to reevaluate its sourcing on a variety of products. “This is a commitment around manufacturing and more economic renewal.  We see it as a critical issue for us in the American economy,” says Duncan Mac Naughton chief merchandising and marketing officer for Walmart U.S. What Walmart sees is a way to lower costs while smoothing its supply cycle by looking more broadly at its distribution system. Although the company may be able to buy an item cheaper from China, the price it pays per piece doesn’t always reflect what it spends to get the product to the shelves.  “When we buy from overseas, we may buy more than we need to fill the container,” says Mac Naughton. “We’re looking at carrying costs through the system in addition to landed costs.” (Walmart has recently been criticized for being out of stock on items, due to a lack of store employees, but the company says its in-stock position is at record levels and that it hasn’t cut employee hours.) (COVER STORY: Made in the USA) Walmart is also hitting some unexpected supply snags as local demand increases in the developing countries where it buys goods. Recently, it found itself short of memory foam for mattress toppers and had to add a U.S. supplier, Sleep Studio, to augment its foreign source. That need to increase capacity can only increase as the middle class grows in India, China and elsewhere. The company will still likely rely on foreign suppliers for those products, such as cut-and-sew garments, that have a very high labor input.<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=77656&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	<primary_category>Walmart</primary_category><primary_category_link>http://business.time.com/category/companies-industries/walmart/</primary_category_link><featured_image>http://timebusinessblog.files.wordpress.com/2013/01/walmart.jpg?w=240</featured_image>
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			<media:title type="html">US-BANGLADESH-TEXTILE-FACTORY</media:title>
		</media:content>

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		<title>The Trouble Lurking on Walmart&#8217;s Empty Shelves</title>
		<link>http://business.time.com/2013/04/09/the-trouble-lurking-on-walmarts-empty-shelves/</link>
		<comments>http://business.time.com/2013/04/09/the-trouble-lurking-on-walmarts-empty-shelves/#comments</comments>
		<pubDate>Tue, 09 Apr 2013 09:45:37 +0000</pubDate>
		<dc:creator>Bill Saporito</dc:creator>
				<category><![CDATA[Companies & Industries]]></category>
		<category><![CDATA[Retail]]></category>
		<category><![CDATA[Uncategorized]]></category>
		<category><![CDATA[Walmart]]></category>

		<guid isPermaLink="false">http://business.time.com/?p=77134</guid>
		<description><![CDATA[Correction Appended: April 9, 2013 In Walmart’s culture, one of the company&#8217;s central missions is to be an agent for its customers. That is, discover what the customers want or need and provide same. The last part of that mission is getting the goods onto store shelves. And according to reports in Bloomberg News, the New York Times and elsewhere, Walmart has cut employee hours so deeply that it doesn&#8217;t have enough associates on hand to get stuff from back-of-the-store staging areas to the shelves. It is creating what in retailing is known as out of stocks—gaps in the shelves where products should be but aren’t. Obviously, stuff that isn’t there can’t be sold. A number of accounts quote shoppers as leaving Walmarts empty handed and heading for competitors. Walmart says there is no problem, bar the occasional stockout here and there—hard to avoid when you are running 4,500 stores. The company says it has a 90% to 95% in-stock level. But there is no debating that Walmart cut its operating costs in the past year. According to its most recent annual report, Walmart’s U.S. stores grew operating income faster than sales during fiscal 2013, reducing operating expenses by 27 basis points over the prior year. That means Walmart took $740 million out of its cost structure.  Some of that is labor; the question is whether service has suffered as a result. (MORE: Hey Walmart, It’s Hard to Make Sales When Store Shelves Are Empty) Walmart is supposed to have the most sophisticated supply chain management system in the industry. Along with its biggest vendors, such as Procter &#38; Gamble, it has been an early and powerful practitioner of automated replenishment. As goods are purchased nationwide, the computers in Bentonville automatically spew resupply orders. Tons of programming muscle has gone into making sure everything from Pampers to potatoes are delivered to stores with incredible efficiency. Even the trucks are programmed  to take the most efficient routes, so as to waste neither time nor fuel. And then all of it is unloaded<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=77134&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	<primary_category>Retail</primary_category><primary_category_link>http://business.time.com/category/companies-industries/retail-big-companies/</primary_category_link><featured_image>http://timebusinessblog.files.wordpress.com/2013/04/gs191843.jpg?w=240</featured_image>
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			<media:title type="html">Wal-Mart</media:title>
		</media:content>

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			<media:title type="html">bilsap</media:title>
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		<title>How Safe is the Boeing 787?</title>
		<link>http://business.time.com/2013/01/11/how-safe-is-the-boeing-787/</link>
		<comments>http://business.time.com/2013/01/11/how-safe-is-the-boeing-787/#comments</comments>
		<pubDate>Fri, 11 Jan 2013 13:00:31 +0000</pubDate>
		<dc:creator>Bill Saporito</dc:creator>
				<category><![CDATA[Airlines]]></category>
		<category><![CDATA[Companies & Industries]]></category>

		<guid isPermaLink="false">http://business.time.com/?p=66480</guid>
		<description><![CDATA[An engine blew up, in flight; the backup brakes didn’t work right; cracks were discovered in the wing, and there were questions related to a new design, new technology, and a three-year delay in the product launch. No, it’s not the Boeing Dreamliner. We’re talking about the Airbus A380, whose introduction into the world’s airline fleets was punctuated by an engine disintegrating midflight on a Qantas Airlines jet in November 2010. Qantas promptly grounded its fleet of big birds, but other airlines did not. Instead they worked through the problem with Airbus and the engine maker, Rolls Royce. Early operational problems are the way of all new aircraft and ― at this point― it’s likely the same thing is happening to the Boeing 787 Dreamliner. The new jet, delayed a couple of years by design and production issues, has suffered a variety of glitches. This week, a fire broke out in an auxiliary power unit (APU) on a Japan Airlines 787 at a gate in Boston. The APU powers the jet on the ground. There were no injuries. Another JAL Dreamliner flight from Boston was delayed after a fuel leak was discovered. It was traced to a faulty valve. And United Airlines discovered faulty wiring on one of its six new Dreamliners. None of these seem to be potentially catastrophic failures, and Mike Sinnett, the jet’s chief project engineer, told a press conference:  &#8221;I am 100% convinced that the airplane is safe to fly. I fly on it myself all the time.&#8221; Nevertheless, the Federal Aviation Administration announced Friday that it would begin conducting a comprehensive review of the 787&#8242;s critical systems. (MORE: Is Most Personal Finance Advice Useless?) The Dreamliner is a mid-sized, twin-aisle, twin engine, three compartment 250-seat aircraft that uses 20% less fuel than comparable jets because of its next generation design. Composite materials are used instead of aluminum in 50% of the fuselage, making the jet lighter, with fewer parts.  This allows it to fly long distances, a key selling point for carriers such as JAL. It’s also<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=66480&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	<primary_category>Airlines</primary_category><primary_category_link>http://business.time.com/category/companies-industries/airlines-big-companies/</primary_category_link><featured_image>http://timebusinessblog.files.wordpress.com/2013/01/143330369.jpg?w=240</featured_image>
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			<media:title type="html">The New Boeing Dreamliner Touches Down At Manchester Airport</media:title>
		</media:content>

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		<title>Virgin Finally Hooks Up: Why Richard Branson Cut a Deal With Delta</title>
		<link>http://business.time.com/2012/12/13/virgin-finally-hooks-up-why-richard-branson-made-a-deal-with-delta/</link>
		<comments>http://business.time.com/2012/12/13/virgin-finally-hooks-up-why-richard-branson-made-a-deal-with-delta/#comments</comments>
		<pubDate>Thu, 13 Dec 2012 13:00:14 +0000</pubDate>
		<dc:creator>Bill Saporito</dc:creator>
				<category><![CDATA[Airlines]]></category>
		<category><![CDATA[Companies & Industries]]></category>

		<guid isPermaLink="false">http://business.time.com/?p=64045</guid>
		<description><![CDATA[Look up flights to London Heathrow from New York City airports on Kayak or Travelocity for departure next week and there appear to be about 400 non-stops daily, with most round trips in the $1,300 to $1,700 range. The number of flights is deceiving, though, and so is idea that there’s that much competition, because most of the departures are code-shares. A British Air flight is the same one offered by American Air and Iberia; Delta, Air France and KLM cohabit another listing, while United teams with Lufthansa. It’s the kind of market cooperation/collusion that has driven Virgin Atlantic founder Sir Richard Branson up the wall for decades. But it’s also the driver behind’s Delta’s $360 million deal to acquire the 49% stake in Virgin Atlantic currently held by Singapore Airlines. Branson, the prankster-in-chief at Virgin Atlantic and myriad other businesses, has railed against BA and American in particular for trying to control competition on the valuable New York-Heathrow route, given that Heathrow is the gateway to everywhere. And Branson had been reasonably successful in steering his stylish, insouciant airline through the industry’s frequent turbulence. (MORE: What Mario Monti&#8217;s Exit Tells Us About Europe&#8217;s Debt Crisis) Branson has started and stopped, bought and sold dozens of businesses, though, and he knows better than to go against the tide of market forces. And market forces have very much moved against Virgin Atlantic. That’s why he pushed Singapore Airlines, which owned 49% of Virgin Atlantic, to sell out to Delta. It’s difficult to be a lovable renegade in an industry that has been relentlessly consolidating. Passengers may like Virgin Atlantic, but the emergence of large global networks such as One World and Star Alliance have increasingly put the carrier at a disadvantage. “We have always been known for our innovation and service and have punched above our weight for 28 years,” Branson said in a statement. “That is why our customers love us so much. We will retain that independent spirit but move forward in a strengthened partnership with Delta.” The Delta<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=64045&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	<primary_category>Airlines</primary_category><primary_category_link>http://business.time.com/category/companies-industries/airlines-big-companies/</primary_category_link><featured_image>http://timebusinessblog.files.wordpress.com/2012/12/158208894.jpg?w=240</featured_image>
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			<media:title type="html">Delta Air Lines and Virgin Atlantic To Form Joint Venture</media:title>
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		<title>Viewpoint: Marijuana, Market Forces and Why Colorado&#8217;s New Pot Law Could Actually Be a Black-Market Boon</title>
		<link>http://business.time.com/2012/11/19/viewpoint-marijuana-market-forces-and-why-colorados-new-pot-law-could-actually-be-a-black-market-boon/</link>
		<comments>http://business.time.com/2012/11/19/viewpoint-marijuana-market-forces-and-why-colorados-new-pot-law-could-actually-be-a-black-market-boon/#comments</comments>
		<pubDate>Mon, 19 Nov 2012 10:40:34 +0000</pubDate>
		<dc:creator>Bill Saporito</dc:creator>
				<category><![CDATA[Economy & Policy]]></category>

		<guid isPermaLink="false">http://business.time.com/?p=61447</guid>
		<description><![CDATA[“What’s the price of an ounce of marijuana in Colorado these days?” I e-mailed a friend who I thought might know. The reply: for the top quality stuff, about as much as a share of Apple stock. Apple shares were going for $528 recently, which raises an interesting arbitrage possibility: What’s your guess about the price of Apple and pot a year from now, when Colorado’s legalization of personal pot possession establishes a legitimate commercial market for weed? My play would be to go long on Apple and short hemp. Colorado has made the possession of marijuana legal but hasn’t figured out much else. Looking at it from a classical economics perspective, the legitimization of marijuana raises the issue of what happens to the demand, quality, supply and price of a product that has now become legal after decades underground. (MORE: Marijuana in Colorado: Ready for Business, Complete with Regulations) Logic tells you that if the state legalizes what was once contraband, demand should increase. But with demand set to rise, where will the supply come from? If only Colorado-grown marijuana is legal, and the new statute limits residents to six plants for personal use, could there be a critical gap in the supply chain? “If it’s as popular as all the proponents suggest, we won’t have enough local growers to meet demand once it becomes legal,” says Mac Clouse, finance professor at the University of Denver’s Daniels College of Business. Colorado’s law enforcers will have to make some choices: Do they try to interdict supplies from beyond Colorado even though its citizens are essentially requesting it? Or does Colorado allow farmers to grow it in the state — a cash crop if ever there was one. It would seem stupid for the state to sanction possession but not supply, since drug runners from Northern California to Mexico will be lining up to supply the Colorado market. That’s one reason the price of marijuana is likely to go down. Another is that as new retail entrants fight for market share, they<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=61447&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://business.time.com/2012/11/19/viewpoint-marijuana-market-forces-and-why-colorados-new-pot-law-could-actually-be-a-black-market-boon/feed/</wfw:commentRss>
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	<primary_category>Economy &amp; Policy</primary_category><primary_category_link>http://business.time.com/category/economy-policy/</primary_category_link><featured_image>http://timebusinessblog.files.wordpress.com/2012/11/ap120210167140.jpg?w=240</featured_image>
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			<media:title type="html">image: Matthew Huron, owner of two medical marijuana dispensaries and an edible marijuana company in Denver, examining a marijuana plant in his grow house, Feb. 10, 2012.</media:title>
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		<title>Viewpoint: The Art of Badmouthing Good Jobs News</title>
		<link>http://business.time.com/2012/11/02/viewpoint-the-art-of-badmouthing-good-jobs-news/</link>
		<comments>http://business.time.com/2012/11/02/viewpoint-the-art-of-badmouthing-good-jobs-news/#comments</comments>
		<pubDate>Fri, 02 Nov 2012 19:48:07 +0000</pubDate>
		<dc:creator>Bill Saporito</dc:creator>
				<category><![CDATA[Job Markets]]></category>
		<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://business.time.com/?p=59888</guid>
		<description><![CDATA[If there’s one thing that Americans for Prosperity won’t tolerate, it’s prosperity. That was the message from the group’s leader following this morning’s economic news: a better-than-expected employment report, and the upward revision of figures for the prior two months. “Reckless spending, higher debt, and ever-higher taxes are not helping Americans get back to work,” roared Tim Phillips, president of AFP. That would be news, of course, to the 171,000 people who started picking up paychecks last month. But the AFP, which is an anti-Obama — to say the least — antigovernment, Ayn Rand/Friedrich Hayek-flavored advocacy group, is having none of it. This job growth is bad because it’s not their kind of job growth, even though it is: All of the growth came from the private sector; governments shed jobs. (MORE: The U.S. Economy Adds 171,000 Jobs in October, but Challenges Remain) The Chamber of Commerce, which represents the nation’s employers, isn&#8217;t all that thrilled either. “The 171,000 net new jobs created last month were unanticipated, but we shouldn’t be fooled by this number,” said America’s bosses. You mean, fooled into thinking that 171,000 new jobs is worse than not having 171,000 new jobs? And furthermore, the Chamber pointed out, “for people remaining in the workforce average hourly earnings went down.” Might we suggest that the Chamber’s members have something to do with the wage figure? You want to help, give your workers a raise. As economists without an ax to grind have explained, today’s number is more evidence that job recovery from the financial meltdown is going to drag on for years. The figure has to go north of 200,000 a month to get unemployment nearer to the 6% rate that used to be considered “full employment.” Instead, the slow/middling/steadily-improving (pick your adjective based on your politics) job growth environment is what happens when an unprecedented economic collapse meets unprecedented structural change in the economy. As my colleague and co-writer Rana Foroohar explained in a TIME cover story earlier this year, since 1990 post-recession job recovery has been stretching out well beyond the historical<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=59888&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://business.time.com/2012/11/02/viewpoint-the-art-of-badmouthing-good-jobs-news/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
	<primary_category>Economic Indicators</primary_category><primary_category_link>http://business.time.com/category/economy-policy/economic-indicators/</primary_category_link>
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		<title>More Turbulence for American Airlines</title>
		<link>http://business.time.com/2012/10/03/more-turbulence-for-american-airlines/</link>
		<comments>http://business.time.com/2012/10/03/more-turbulence-for-american-airlines/#comments</comments>
		<pubDate>Wed, 03 Oct 2012 12:00:07 +0000</pubDate>
		<dc:creator>Bill Saporito</dc:creator>
				<category><![CDATA[Airlines]]></category>
		<category><![CDATA[Companies & Industries]]></category>
		<category><![CDATA[airlines]]></category>
		<category><![CDATA[American Airlines]]></category>

		<guid isPermaLink="false">http://business.time.com/?p=50826</guid>
		<description><![CDATA[Seat malfunctions in the cabins of some American Airlines jets are causing the beleaguered company even more headaches. <img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=50826&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://business.time.com/2012/10/03/more-turbulence-for-american-airlines/feed/</wfw:commentRss>
		<slash:comments>6</slash:comments>
	<primary_category>Airlines</primary_category><primary_category_link>http://business.time.com/category/companies-industries/airlines-big-companies/</primary_category_link><featured_image>http://timebusinessblog.files.wordpress.com/2012/02/americanairlines.jpg?w=240</featured_image>
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		<title>American Airlines vs. the Pilots Union: The Flying Public Loses</title>
		<link>http://business.time.com/2012/09/24/american-airlines-vs-the-pilots-union-the-flying-public-loses/</link>
		<comments>http://business.time.com/2012/09/24/american-airlines-vs-the-pilots-union-the-flying-public-loses/#comments</comments>
		<pubDate>Mon, 24 Sep 2012 12:00:04 +0000</pubDate>
		<dc:creator>Bill Saporito</dc:creator>
				<category><![CDATA[Airlines]]></category>
		<category><![CDATA[Companies & Industries]]></category>
		<category><![CDATA[airline pilots]]></category>
		<category><![CDATA[Allied Pilots Association]]></category>
		<category><![CDATA[American Airlines]]></category>
		<category><![CDATA[Judge Sean Lane]]></category>
		<category><![CDATA[pilots strike]]></category>
		<category><![CDATA[Sean Lane]]></category>

		<guid isPermaLink="false">http://business.time.com/?p=49955</guid>
		<description><![CDATA[In August, American Airlines won a key victory in federal bankruptcy court over the Allied Pilots Association (APA), the union that represents its cockpit crews. Judge Sean Lane ruled that, under Section 1113 of the bankruptcy code, American could impose its own contract terms after the pilots rejected the company’s final offer. But the pilots, not a few of them ex-military, have shifted the battlefield from the courts to the tarmac — where they are in command. American has suffered from a jump in flight cancellations and delays because of an unusual increase in the number of maintenance write-ups — “Many right at the time of departure,” says an e-mail American sent to its frequent flyers — that have to be addressed before takeoff. Additionally, the rate of pilots&#8217; calling in sick is up 20% over the same period last year, says the company. The APA denies there is any concerted effort by its members to cause a slowdown or stage an illegal sickout. By midday Saturday, American had canceled 34 departures, according to flightstats.com; 76% of departures and 64% of arrivals were running on time, although the airline&#8217;s Miami hub, which serves the increasingly important Latin American market, was faring significantly worse. (By contrast, Delta was more than 90% on time, which is a more typical performance.) To keep from further irritating passengers, the carrier is reducing its schedule 1% to 2% through October. American has more than 1,600 flights daily. The dogfight comes at a critical time for American, which is trying to restructure itself in bankruptcy court into a more competitive operation, on par with other legacy carriers and much closer to the so-called low-cost carriers, such as Southwest and JetBlue. The latter, for instance, recently invaded American’s fortress hub at Dallas/Fort Worth International Airport. American has been making headway too. In its most recent quarter, the company posted its best results in years, with sales of $6.5 billion and a net profit of $95 million excluding special items. American’s two other unions, the Association of Professional Flight<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=49955&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://business.time.com/2012/09/24/american-airlines-vs-the-pilots-union-the-flying-public-loses/feed/</wfw:commentRss>
		<slash:comments>24</slash:comments>
	<primary_category>Airlines</primary_category><primary_category_link>http://business.time.com/category/companies-industries/airlines-big-companies/</primary_category_link><featured_image>http://timebusinessblog.files.wordpress.com/2012/09/american-airlines-pilots-0921.jpg?w=240</featured_image>
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			<media:title type="html">American Airlines pilots and their supporters picket at O&#039;Hare International Airport in Chicago on Thursday, Sept. 20, 2012.</media:title>
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		<title>Starbucks CEO Howard Schultz Offers the Economy a Double Espresso</title>
		<link>http://business.time.com/2012/06/14/starbucks-ceo-howard-schultz-offers-the-economy-a-double-espresso/</link>
		<comments>http://business.time.com/2012/06/14/starbucks-ceo-howard-schultz-offers-the-economy-a-double-espresso/#comments</comments>
		<pubDate>Thu, 14 Jun 2012 17:23:54 +0000</pubDate>
		<dc:creator>Bill Saporito</dc:creator>
				<category><![CDATA[Companies & Industries]]></category>
		<category><![CDATA[Food and Beverage Industry]]></category>
		<category><![CDATA[american mug and stein]]></category>
		<category><![CDATA[coffee]]></category>
		<category><![CDATA[create jobs for usa fund]]></category>
		<category><![CDATA[howard schultz]]></category>
		<category><![CDATA[Milton Friedman]]></category>
		<category><![CDATA[Starbucks]]></category>

		<guid isPermaLink="false">http://business.time.com/?p=40467</guid>
		<description><![CDATA[The lines at many Starbucks stores every morning attest to the company&#8217;s robust business, despite an economy that isn&#8217;t. Starbucks&#8217; sales, earnings, and stock price are soaring, powered by new store concepts &#8212; including offerings of beer and wine &#8212; and new products such as Blond. The company is taking off in China, where it could eventually reach 5,000 stores, and expanding into new categories, having recently purchased a fresh juice company called Evolution Fresh and a Bay Area bakery chain called La Boulange. Each has significant growth potential. But, as I point out in my article in this week&#8217;s issue of TIME, unemployment lines have also been on Starbucks CEO Howard Schultz&#8217;s mind. Distressed by a politically polarized Washington, D.C., Schultz is taking direct action, even though no one really asked him. Through the company&#8217;s foundation, he&#8217;s helped bankroll a program called Create Jobs for USA Fund that works with community development banks to fund small business growth. The fund has helped create some 3,500 jobs this year, roughly the same number that Starbucks will be hiring in its stores. The company is also introducing a new line of coffee and mugs called Indivisible, that will donate profits to the fund. Indivisible&#8217;s mugs will be made by a company in Ohio, American Mug and Stein, that was struggling to survive until Starbucks signed on. (MORE: Big Chain Restaurant Trends: Hot Menu Items, Hot Marketing Strategies) Purists such as the late economist Milton Friedman argued that a company&#8217;s job is to do well &#8212; by earning profits for its shareholders &#8212; before doing good. In this struggling economy, though, Schultz is adamant that corporate behavior has to change &#8212; and change quickly &#8212; to take more responsibility for the society around it. There&#8217;s nothing wrong with that, says Ray Fisman, director of the Social Enterprise Program at the Columbia Business School, &#8220;because [Schultz] thinks it&#8217;s right. But on the morality of doing well versus doing good, it&#8217;s far from clear to think that this is the issue that resonates with Starbucks customers.&#8221; What is clear is that Starbucks customers are back in the latte mode. In the depths of the recession, the company had to close more than 600 underperforming stores &#8212; many of which were opened just<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=40467&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://business.time.com/2012/06/14/starbucks-ceo-howard-schultz-offers-the-economy-a-double-espresso/feed/</wfw:commentRss>
		<slash:comments>4</slash:comments>
	<primary_category>Jobs</primary_category><primary_category_link>http://business.time.com/category/economy-policy/jobs-economy-policy/</primary_category_link>
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		<title>The Airlines Get a Little Cranky</title>
		<link>http://business.time.com/2012/06/04/the-airlines-get-a-little-cranky/</link>
		<comments>http://business.time.com/2012/06/04/the-airlines-get-a-little-cranky/#comments</comments>
		<pubDate>Mon, 04 Jun 2012 10:45:16 +0000</pubDate>
		<dc:creator>Bill Saporito</dc:creator>
				<category><![CDATA[Airlines]]></category>
		<category><![CDATA[3-year-old]]></category>
		<category><![CDATA[Alaska Air]]></category>
		<category><![CDATA[Alaska Airlines]]></category>
		<category><![CDATA[Continental]]></category>
		<category><![CDATA[Daniel Yanchuk]]></category>
		<category><![CDATA[iPad on airplane]]></category>
		<category><![CDATA[kicked off airplane]]></category>
		<category><![CDATA[Southwest]]></category>
		<category><![CDATA[United]]></category>
		<category><![CDATA[united continental]]></category>

		<guid isPermaLink="false">http://business.time.com/?p=39371</guid>
		<description><![CDATA[Interesting week in the airline business. On Thursday a cranky three-year-old got his entire family chucked off an Alaska Airlines flight for refusing to put away his iPad, buckle his seatbelt and behave. Who does that kid think he is, Alec Baldwin? Then, on Friday, it was an entire airline that got its nose out of joint. United Continental Holdings informed the city of Houston that 1,300 people would be thrown out of their jobs at George Bush Intercontinental Airport because the city council granted permission to Southwest to run international flights out of Hobby Airport, the closer-to-town terminal. If there are two things airlines won’t tolerate, it’s unruly passengers and unruly competition. (MORE: Bankruptcy at 30,000 Feet: The Battle for the Future of American Airlines) The parents of the three-year-old, Daniel Yanchuk, say the airline overreacted. I’m not so sure, since I’ve never heard of this happening before. Airlines are amazingly tolerant of kids, always willing to board them in mid-to-full tantrum. Although—admit it—how many times do you wish that the little screamer being seated next to you had gotten kicked off? Even yours. Even in midflight. If word of this leaks out among the three-year old set—and you know how adept they are on those iPads—there will be demands for toys and candy and other bribes at the airport. It’s going to be, “Give up the goodies, Dad, or I’m going ballistic and you’re going nowhere.” In Houston, United pulled a page out of the American Airlines playbook. Years ago, American tried desperately to keep Southwest from starting up out of Love Field near Dallas, even getting legislation passed that barred Southwest from interstate flights. Then, as now, the majors were terrified of an outfit that offered consistently good service at consistently low prices. Southwest obviously won that battle (it’s stock ticker symbol: LUV), but the war goes on. United had warned the Houston city council that allowing Southwest to operate international flights from Hobby would drain traffic from Bush, so it would have to cut flights and jobs<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=39371&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	<primary_category>Airlines</primary_category><primary_category_link>http://business.time.com/category/companies-industries/airlines-big-companies/</primary_category_link><featured_image>http://timebusinessblog.files.wordpress.com/2012/06/ml_airlines_0603_blog.jpg?w=240</featured_image>
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		<title>Chasing Chase: The Difference Between Bank Robbers and Bank Bunglers</title>
		<link>http://business.time.com/2012/05/17/chasing-chase-the-difference-between-bank-robbers-and-bank-bunglers/</link>
		<comments>http://business.time.com/2012/05/17/chasing-chase-the-difference-between-bank-robbers-and-bank-bunglers/#comments</comments>
		<pubDate>Thu, 17 May 2012 13:17:57 +0000</pubDate>
		<dc:creator>Bill Saporito</dc:creator>
				<category><![CDATA[Companies & Industries]]></category>
		<category><![CDATA[Dimon Principle]]></category>
		<category><![CDATA[Finance]]></category>
		<category><![CDATA[Wall Street & Markets]]></category>
		<category><![CDATA[derivatives]]></category>
		<category><![CDATA[Jamie Dimon]]></category>
		<category><![CDATA[JPMorgan]]></category>
		<category><![CDATA[trading losses]]></category>

		<guid isPermaLink="false">http://business.time.com/?p=37859</guid>
		<description><![CDATA[Why is everyone getting so outraged about JPMorgan Chase losing two billion bucks? It’s a bank. Isn’t losing money what modern banking is all about—you take in deposits from normal folk and then invest those hard earned funds in completely ludicrous schemes: subprime mortgage companies, credit card loans for people who aren’t creditworthy, Greece. <img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=37859&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>2</slash:comments>
	<primary_category>Finance</primary_category><primary_category_link>http://business.time.com/category/companies-industries/finance-companies-industries/</primary_category_link><featured_image>http://timebusinessblog.files.wordpress.com/2012/05/a2012-05-11t164144z_11396474.jpg?w=240</featured_image>
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			<media:title type="html">Commuters are reflected in stone as they walk past the JP Morgan headquarters in New York</media:title>
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		<title>Bankruptcy at 30,000 Feet: The Battle for the Future of American Airlines</title>
		<link>http://business.time.com/2012/04/24/bankruptcy-at-30000-feet-the-battle-for-the-future-of-american-airlines/</link>
		<comments>http://business.time.com/2012/04/24/bankruptcy-at-30000-feet-the-battle-for-the-future-of-american-airlines/#comments</comments>
		<pubDate>Tue, 24 Apr 2012 12:15:14 +0000</pubDate>
		<dc:creator>Bill Saporito</dc:creator>
				<category><![CDATA[Airlines]]></category>
		<category><![CDATA[Companies & Industries]]></category>
		<category><![CDATA[American Airlines]]></category>
		<category><![CDATA[bankruptcy]]></category>
		<category><![CDATA[Chapter 11]]></category>
		<category><![CDATA[unions]]></category>

		<guid isPermaLink="false">http://business.time.com/?p=35175</guid>
		<description><![CDATA[What would you call the combination of US Airways with American Air? US American Airways? It’s redundant, in the same way that airline service is a contradiction in terms. But a merger between the two is slightly more likely than, say, you finding a frequent flier award seat to Europe this summer. American’s union workers would pretty much prefer to work for any other airline than the one that currently employs them, which is why they have been open to a takeover bid by U.S. Airways. This isn’t what you call a good labor situation. AMR Corp., the parent of American, was in bankruptcy court in New York City today with the stated intention of lowering costs 20% to get competitive with the rest of the industry. American has proposed to slash 13,000 jobs in addition to wage and benefits adjustments to save $1.25 billion annually. The unions have balked at the new contract proposals, so yesterday American explained to a bankruptcy judge why it should be allowed to abrogate the current contracts. “A restructured job is better than no job,’’ an airline attorney told the court, according to the Associated Press. Outside the courtroom, union workers chanted:  “AA got bailed out, we got sold out.” If the court agrees with American’s plan &#8212; and bankruptcy courts tend to favor current management &#8212; it would have the leverage it needs to crush the Transport Workers Union that represents most of its ground workers, and bring the pilots and flight attendants unions to heel. (MORE: Is American the Worst-Managed Airline in America?) That’s what you do in bankruptcy &#8212; dump pricey contracts and debt obligations, refinance if needed, and then reemerge a stronger, less indebted company. The court has given AA until September to work this out on its own. But the three unions, including Allied Pilots Association and Association of Professional Flight Attendants have some leverage. They’ve signed deal sheets with US Airways that will take effect in the event that US Airways takes over AA. The pilots, for instance,<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=35175&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://business.time.com/2012/04/24/bankruptcy-at-30000-feet-the-battle-for-the-future-of-american-airlines/feed/</wfw:commentRss>
		<slash:comments>5</slash:comments>
	<primary_category>Airlines</primary_category><primary_category_link>http://business.time.com/category/companies-industries/airlines-big-companies/</primary_category_link><featured_image>http://timebusinessblog.files.wordpress.com/2012/04/aaus.jpg?w=240</featured_image>
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		<title>Is American the Worst-Managed Airline in America?</title>
		<link>http://business.time.com/2012/02/06/is-american-the-worst-managed-airline-in-america/</link>
		<comments>http://business.time.com/2012/02/06/is-american-the-worst-managed-airline-in-america/#comments</comments>
		<pubDate>Mon, 06 Feb 2012 10:00:12 +0000</pubDate>
		<dc:creator>Bill Saporito</dc:creator>
				<category><![CDATA[Companies & Industries]]></category>
		<category><![CDATA[Management & Leadership]]></category>
		<category><![CDATA[American Airlines]]></category>
		<category><![CDATA[Chapter 11]]></category>
		<category><![CDATA[labor dispute]]></category>
		<category><![CDATA[layoffs]]></category>
		<category><![CDATA[outsourcing]]></category>
		<category><![CDATA[unions]]></category>

		<guid isPermaLink="false">http://business.time.com/?p=23604</guid>
		<description><![CDATA[Members of the Transport Workers Union (TWU) were scheduled to vote on a new contract with American Airlines, or AA, this December that would have lowered the airline’s cost and outsourced hundreds of jobs that weren’t directly related to aircraft maintenance. They never got the chance because American instead filed for bankruptcy. On Wednesday AA announced it planned to outsource just about all of them — 4,600 mechanics jobs are going, along with 4,200 ground-service positions, 2,300 flight attendants and 400 pilots. About 15% of American’s work force is getting a one-way ticket to Termination, Texas — thank you for dying with us today. Of the cuts, the latter two figures make the most sense: American isn’t likely to be needing as many flight crews by the time its bankruptcy is settled because passengers are going to be bailing. Flying is horrible to begin with, and flying an airline run by a group of really angry people isn’t likely going to enhance the service level. American was the last of the majors to file for bankruptcy — some have gone through the Chapter 11 bath twice — but it’s a standout for another reason. Over the long term, it has arguably been the worst-managed major airline — perhaps the worst-managed service company — that’s still in business. Over the past decade American has lost some $11 billion, which is about 15% of the industry’s total losses over the history of the entire industry. That&#8217;s quite an accomplishment. (LIST: Social Windfall: Facebook IPO’s Winners) AA is an airline that always seems to be mad at someone: employees, competitors, passengers, governments, OPEC. The company has been at war with its unions for years. Granted, the TWU is a rough crew, and the pilots are no picnic either. But both groups already negotiated givebacks and the TWU was on the verge of coughing up some more. Blaming the unions, which is basically what management is doing, misses the point. As a very smart CEO of a unionized company said to me years ago:<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=23604&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://business.time.com/2012/02/06/is-american-the-worst-managed-airline-in-america/feed/</wfw:commentRss>
		<slash:comments>15</slash:comments>
	<primary_category>Management &amp; Leadership</primary_category><primary_category_link>http://business.time.com/category/management-leadership/</primary_category_link><featured_image>http://timebusinessblog.files.wordpress.com/2012/02/americanairline.jpg?w=240</featured_image>
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		<title>Vado a Bordo: The Case For Booking A Cruise Now</title>
		<link>http://business.time.com/2012/01/20/vado-a-bordo-the-case-for-booking-a-cruise-now/</link>
		<comments>http://business.time.com/2012/01/20/vado-a-bordo-the-case-for-booking-a-cruise-now/#comments</comments>
		<pubDate>Fri, 20 Jan 2012 16:57:51 +0000</pubDate>
		<dc:creator>Bill Saporito</dc:creator>
				<category><![CDATA[Companies & Industries]]></category>
		<category><![CDATA[Cruise Industry]]></category>
		<category><![CDATA[Carnival Cruises]]></category>
		<category><![CDATA[Costa Concordia]]></category>
		<category><![CDATA[cruise]]></category>
		<category><![CDATA[cruise accident]]></category>
		<category><![CDATA[cruise industry]]></category>
		<category><![CDATA[cruise ship]]></category>
		<category><![CDATA[Francesco Schettino]]></category>

		<guid isPermaLink="false">http://business.time.com/?p=21577</guid>
		<description><![CDATA[Vada a bordo. Get on board. Those now famous words—less the slangy expletive—spoken by Italian Coast Guard captain Gregorio De Falco to captain Francesco Schettino, the rat who left the sinking Costa Concordia, are good advice to everyone contemplating a cruise trip thisyear. Pack your bags and go. Sure, Schettino is a cretino, and perhaps the worst ship commander since Bligh, but the chances of another seafaring disaster like this one are slim, especially since Schettino has run his last cruise. Terrible accidents happen every day—and every loss of life is tragic. But as stock market analysts and journalists babbled about damage to the industry—sinking Concordia owner Carnival Cruise Line’s stock—it’s worth considering that the more likely risk on a cruise line is diarrhea from ship borne bugs transmitted among passengers. And maybe boredom. There are other issues within the industry—for instance, the personal safety of women on these ships, and environmental policies in waste and garbage disposal. But a wreck like the Concordia  remains a remote possibility. Accidents like the Concordia raise our fear levels, but quickly fade. Do you remember the last big airline disaster? Probably not. That was June 6, 2009, when an Air France A330 vanished into the Atlantic off the Brazilian coast.  Pilot error was blamed; it was a horrible tragedy. Yet nobody stopped flying.  There are 5,493 plane crashes accounted for on the web site planecrashinfo.com. Still want to fly? Of course you do, because you can’t go on vacation to exotic places if you don’t. And let’s face it, the car or taxi ride to the airport or cruise port is still way more dangerous than your flight or your cruise—some 30,000 people are killed annually in auto accidents in the U.S. We still drive, because we accept the risks. As Jeff Wise wrote in the January 12, 2012, issue of TIME we tend to load up on the wrong fears at the wrong time.  The industry will certainly be reviewing safety procedures and personnel policy to make sure a clown like Schettino doesn’t do something catastrophically stupid again. And if travelers overcompensate for the very<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=21577&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://business.time.com/2012/01/20/vado-a-bordo-the-case-for-booking-a-cruise-now/feed/</wfw:commentRss>
		<slash:comments>9</slash:comments>
	<primary_category>Cruise Industry</primary_category><primary_category_link>http://business.time.com/category/companies-industries/cruise-industry/</primary_category_link>
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		<title>If Rajat Gupta Is An Inside Trader Maybe You Are, Too</title>
		<link>http://business.time.com/2011/10/26/if-rajat-gupta-is-an-inside-trader-maybe-you-are-too/</link>
		<comments>http://business.time.com/2011/10/26/if-rajat-gupta-is-an-inside-trader-maybe-you-are-too/#comments</comments>
		<pubDate>Wed, 26 Oct 2011 20:22:29 +0000</pubDate>
		<dc:creator>Bill Saporito</dc:creator>
				<category><![CDATA[Economy & Policy]]></category>
		<category><![CDATA[Wall Street & Markets]]></category>

		<guid isPermaLink="false">http://curiouscapitalist.blogs.time.com/?p=17520</guid>
		<description><![CDATA[So Rajat K. Gupta, the ex boss of McKinsey &#38; Co. and a former Goldman Sachs board member, was arrested today, and charged with being a friend of hedge fund bigshot Raj Rajaratnam. Well, that’s not how the indictment read exactly. Officially, the allegations are conspiracy to commit securities fraud, plus five counts of securities fraud. Gupta faces up to 20 years in prison on each fraud charge. More specifically, the allegations are that Gupta leaked to Rajaratnam— the head hedgie of Galleon Management, who is now facing 11 years in the slammer for insider trading— information concerning Berkshire Hathaway’s $5 billion investment in Goldman Sachs before it was announced on September 23, 2008. He’s also charged with tipping off Rajaratnam on Goldman Sachs’s financial results for both the second and fourth quarters of 2008 and P&#38;G’s earnings for the quarter ending December 2008. What did Gupta gain from this? Nothing. Nothing but grief, anyway. As Gupta’s lawyer Gary Naftalis points out, “he did not trade in any securities, did not tip Mr. Rajaratnam so he could trade, and did not share in any profits as part of any quid pro quo.” The feds say that’s baloney, that Gupta profited because he was invested in Galleon’s funds. (Yeah, says Naftalis, and lost $10 million doing so.) The feds also say that his info allowed Galleon to avoid a $23 million loss on Goldman’s stock while Galleon’s traders generated profits of “over $570,000” on P&#38;G. Wow, that much for a multibillion dollar trading operation. You call that a tip?  Which is going to lead to questions, as it did in the Rajaratnam case, of what constitutes insider trading? If you’re chatting with your buddy who works for Apple and she tells you she likes what she sees, does that make you a criminal for piling into the stock? Conversely, if your buddy happens to be in charge of a hedge fund, and you work for Apple and you tell him what you’ve been up to and he piles into the stock,<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=17520&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	<primary_category>Wall Street &amp; Markets</primary_category><primary_category_link>http://business.time.com/category/wall-street-markets/</primary_category_link>
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		<title>The Phantom Pumpkin Shortage</title>
		<link>http://business.time.com/2011/09/27/the-phantom-pumpkin-shortage/</link>
		<comments>http://business.time.com/2011/09/27/the-phantom-pumpkin-shortage/#comments</comments>
		<pubDate>Tue, 27 Sep 2011 18:07:06 +0000</pubDate>
		<dc:creator>Bill Saporito</dc:creator>
				<category><![CDATA[Companies & Industries]]></category>
		<category><![CDATA[Economy & Policy]]></category>

		<guid isPermaLink="false">http://curiouscapitalist.blogs.time.com/?p=17198</guid>
		<description><![CDATA[The horror. Halloween is under threat this year because of a paucity of pumpkins. There&#8217;ll be nothing to carve by October 31 if you don’t run to the store now to purchase your pumpkin. Your children will curse you. Vampires will stalk you. Yes, a wet summer on the East Coast, topped off by the torrential rains of Hurricane Irene, made mush out of lot of farmland normally devoted to pumpkins. That has yielded an early harvest of pumpkin shortage stories—about 427,000 hits, according to Mr. Google, who counts these things. But as usual in the news enviralment, one reporter does the story, and everyone else repeats it, and Time is sometimes as guilty of it, too. (SPECIAL: 12 Things You Should Stop Buying Now) But let’s squash the idea that we will have a pumpkin-less Halloween this year.  Apparently, the only people who can’t find pumpkins are journalists. The shelves are gorged with gourds. In my neighborhood in far eastern Manhattan, pumpkins are popping up everywhere: in supermarkets, in specialty food shops, in fruit stands and bodegas. Across the river in New Jersey (you know, the Garden State, where they grow lots of pumpkins) the A&#38;P is advertising “large face” pumpkins for five bucks a pop, and novelty pumpkins value priced at 2 for $4, which means, if I have my math correct, $2 apiece. It&#8217;s early in the buying season, certainly, but does this availability and pricing signal a shortage to you? The original reports were not wrong: the pumpkin crop in New York state took it on the chin. But it does not mean that pumpkins were wiped out—supplies are down 25% to 50% depending on location. But keep in mind that pumpkins are planted in every state, according to the U.S. Department of Agriculture. And those states are still in business. Among the big producers, Pennsylvania got hit with the weather, but it suffered to a lesser extent than New York. Michigan, another big pumpkin planter, has plenty to offer. Don’t count Illinois because it mostly<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=17198&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	<primary_category>Economy &amp; Policy</primary_category><primary_category_link>http://business.time.com/category/economy-policy/</primary_category_link><featured_image>http://timebusinessblog.files.wordpress.com/2011/09/360_nf_pumpkin_09201.jpg?w=240</featured_image>
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		<title>My Advice for the Chamber of Commerce: Shut Up and Hire Somebody!</title>
		<link>http://business.time.com/2011/09/01/my-advice-for-the-chamber-of-commerce-shut-up-and-hire-somebody/</link>
		<comments>http://business.time.com/2011/09/01/my-advice-for-the-chamber-of-commerce-shut-up-and-hire-somebody/#comments</comments>
		<pubDate>Thu, 01 Sep 2011 18:12:55 +0000</pubDate>
		<dc:creator>Bill Saporito</dc:creator>
				<category><![CDATA[Economy & Policy]]></category>

		<guid isPermaLink="false">http://curiouscapitalist.blogs.time.com/?p=16804</guid>
		<description><![CDATA[The media advisory advised that U.S. Chamber of Commerce President Thomas J. Donohue would be offering ideas to immediately create jobs and spur the economy. And that the Chamber will be bringing these ideas to Congress and the President this month. Excellent, we’re all for jobs. And what ideas might those be? The usual suspects: investing in infrastructure and energy, relaxing unnecessary regulations, (meaning, put a muzzle on that pesky National Labor Relations Board,) that sort of thing. “Times are tough again this Labor Day, but employers continue doing their best to support America’s workers,” said Randy Johnson, the Chamber’s senior vice president of Labor, Immigration, and Employee Benefits. Of course they are. Which explains our 9.1% unemployment rate. Mr. Donahue, I know this might sound crazy, but here’s my idea about job creation— why don’t you hire somebody. Here’s the way this works: the U.S. needs to add some two million jobs to replace those lost during the Great Recession. The U.S. Chamber, by its own accounting, represents more than three million businesses. So if the U.S. Chamber of Commerce adds somebody to its payroll, and every company that is represented by the Chamber does likewise, it’s a jobs creation engine. Easy, isn’t it? America needs jobs, and you have the ability to create them. No need for Congressional intervention. No need for policy wonking. How simple is this, Donohue? I know, I’m missing the point. Companies add jobs only if they have clairvoyance. Wait, not clairvoyance—clarity! Holy clarity, let’s give them some. Let’s get everyone to sign onto the plan. That’s clarity. They would know that there are now an additional 3,000,000 customers for everything from Big Macs to machine tools. It’s not welfare, it’s an investment in the economy; an investment in America. Even if only one of three Chamber businesses hired somebody the unemployment rate would drop by half. Yes, you are asking the requisite question: what’s the return on that investment? The IRR, as they say in the C-Suites. Fair enough. But this is America,<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=16804&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://business.time.com/2011/09/01/my-advice-for-the-chamber-of-commerce-shut-up-and-hire-somebody/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
	<primary_category>Economy &amp; Policy</primary_category><primary_category_link>http://business.time.com/category/economy-policy/</primary_category_link>
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		<title>Let&#8217;s Sell Japan Our Problems</title>
		<link>http://business.time.com/2011/08/25/lets-sell-japan-our-problems/</link>
		<comments>http://business.time.com/2011/08/25/lets-sell-japan-our-problems/#comments</comments>
		<pubDate>Thu, 25 Aug 2011 10:00:56 +0000</pubDate>
		<dc:creator>Bill Saporito</dc:creator>
				<category><![CDATA[Economy & Policy]]></category>
		<category><![CDATA[Wall Street & Markets]]></category>
		<category><![CDATA[japan]]></category>

		<guid isPermaLink="false">http://curiouscapitalist.blogs.time.com/?p=16679</guid>
		<description><![CDATA[The thermostats in office buildings in Tokyo these days are set to 28° C —or a balmy 82.4°F . You walk into a building and get hit with heat—a little bit unsettling given the blast of cold air I expect in a New York City skyscraper. But in the aftermath of a tragic earthquake, tsunami, and nuclear plant meltdown that has left this country short of electricity, corporations have been asked to reduce power consumption drastically. Lights in lobbies and hallways have been drastically cut back or turned off. Throw in some absolutely oppressive weather and I feel like I’m walking around in some sort of underlit steambath.  Men have abandoned suit jackets and ties and stream to the office in their white shirts.  Bottled water is an essential for any meeting. Everyone is reporting to work an hour early, when it’s slightly cooler; the air conditioning shuts off at 6 p.m. If you are working late, bring a towel. Japan is not only short of energy, it’s also short of leadership and ideas. Prime Minister Naoto Kan is set to resign soon, his approval rating so low that the only friend he has left is his dog, and the dog is waffling. Kan paying the price for the government’s flawed handling of the natural disaster and nuclear one that followed. A number of candidates have stepped up to succeed him and they will face not only the task of rebuilding not only the earthquake damaged parts of the country but also Japan’s flailing economy. There’s no real growth in sight. Japan’s public debt to GDP ratio of about 200% is off the charts; it’s twice America’s ratio —although we’re the ones in a panic about unsustainable levels of debt. So it was more understandable when Moody’s Investors Service downgraded Japan’s debt a notch to Aa3 than when S&#38;P pulled the rug out under the U.S.’s triple A rating.  Funny, the reaction in one area has been about the same: investors continued to pile into the yen, just as they<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=16679&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	<primary_category>Wall Street &amp; Markets</primary_category><primary_category_link>http://business.time.com/category/wall-street-markets/</primary_category_link>
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