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Sept. 1, 2015
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NEWSThis Obamacare Co-Op Was Supposed to Make Money. Instead, It Lost Over $15 Million.A Nevada health insurance provider that received more than $65 million in taxpayer-funded loans from the federal government announced it is discontinuing operations at the end of the year. Read More |
NEWSHow the 3 Congressional Investigations of Planned Parenthood Will WorkIn light of the undercover videos showing Planned Parenthood employees discussing the sale of fetal body parts, there are three different congressional investigations ongoing. Here are the key questions they want answered.Read More |
COMMENTARYIt's Not Hypocritical to Oppose Gay Marriage and Let Infertile Couples Marry. Here's Why.Here are four different ways to respond to that argument.Read More |
COMMENTARYNorth Dakota Legalizes Weaponized Drones. Is That a Good Idea?A drone with a taser or pepper spray may not have the same accuracy as a police officer with the same weapon—leading to more people being tased or sprayed than intended.Read More |
NEWS'Two Key Admissions' Made by Planned Parenthood, According to Center for Medical ProgressThe Center for Medical Progress has sent an open letter to Congress in response to a Planned Parenthood-commissioned report questioning the accuracy of the undercover videos released by the organization.Read More |
NEWSAs War Escalates, Ukrainian Volunteer Battalion Remains SidelinedAs the Ukraine war continues to escalate and as casualties mount, the Azov Battalion remains sidelined from the conflict, highlighting the uneasy relationship between the government in Kyiv and the many volunteer units on which it leaned heavily in the early days of the war.Read More |
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AUTOMOTIVE | ||
State of the Game: Supercars | ||
Supercar, hypercar, megacar ... whatever you want to call today's fastest, most powerful, most technologically advanced cars, they're in the midst of a very exciting evolution. Join us as we delve into the state of the modern supercar. read more | ||
AROUND THE HOME | ||
Nest's third-gen smart thermostat has a bigger screen, keeps an eye on your furnace | ||
Nest announced a new version of its learning thermostat Tuesday, the first major update to the product’s hardware since 2012. read more | ||
OUTDOORS | ||
Fiat experiments with 4x4 Ducato camper van | ||
With its Dangel all-wheel drive, the new Ducato 4x4 Expedition Camper Show Van opens up new possibilities, letting the Ducato driver stake his overnight claim well off the beaten, paved track. read more | ||
SCIENCE | ||
Naturally-occurring protein has melting ice cream problem licked | ||
Sticky hands resulting from melted ice cream could become a thing of the past thanks to scientists in Scotland who have discovered a naturally-occurring protein that can be added to ice cream to make it melt more slowly. read more | ||
MARINE | ||
Electric boat meets lounge chair on Chilli Island | ||
Designed to deliver some of the on-water fun of a small boat without the work and hassle, the Chilli Island watercraft navigates the crisp, blue water like a motorized lounge chair for two, with everything you need to enjoy a sunny day on the (not so) high seas. read more | ||
AIRCRAFT | ||
FAA beta testing B4UFLY smartphone app to keep drone pilots informed | ||
To help dispel confusion surrounding drone flights, the US FAA is beta testing it's B4UFLY smartphone app, which tells users about any restrictions on unmanned aircraft they might want to fly in a particular area. read more | ||
MOBILE TECHNOLOGY | ||
Samsung Galaxy S6 edge+ vs. iPhone 6 Plus | ||
After reviewing the Galaxy S6 edge+, we've become fans of its gorgeous outside and cutting-edge hardware on the inside. Let's see how it compares to the (soon to be replaced) iPhone 6 Plus. read more | ||
SMARTWATCHES | ||
Samsung's year-long smartwatch hiatus ends with the round Gear S2 | ||
After churning out six smartwatches in the span of a year in 2013 and 2014, Samsung had been silent on the wearables front for a full year. That changed today, with the introduction of the round-faced Gear S2. read more | ||
ENVIRONMENT | ||
Nanotech could rid cattle of ticks, with less collateral damage | ||
If you've ever used tick medicine on your dog, then you're probably aware of how toxic the stuff is. Well, it's used on cows too. Fortunately, however, scientists have developed a new type of tick treatment for cattle that is reportedly much less toxic than what's currently used. read more | ||
OUTDOORS | ||
Beauer 3X expandable teardrop trailer gives you 3x the space | ||
French company Beauer wants you to get more outdoor living space without having to tow a huge, bulky trailer. Its 3X teardrop features a telescopic design that gives you three times the interior space, creating what looks like a tin can in the woods. read more | ||
BICYCLES | ||
3D-printed compostable bike frame is made from plants | ||
With the exceptions of wood and bamboo, bicycle frames usually aren't made from sustainable resources. Italian design studio Eurocompositi is setting out to change that, however, with its 3D-printed Bhulk mountain bike frame. read more | ||
ELECTRONICS | ||
DIY mouse trap sends photo alert when critter is caught | ||
The RaspiTrap from tinkerer Alain Mauer makes use of a Raspberry Pi and camera, some IR sensors and a Wi-Fi dongle to send a photo notification when a rodent wanders into the trap and the door is closed. read more | ||
AIRCRAFT | ||
Atlas Erida lightweight drone is built to stay airborne longer | ||
In the drone photography world, names like Parrot and DJI are the closest things to a gold standard. However, a Latvian startup is promising to deliver a smartphone-controlled, lightweight carbon fiber drone that improves on battery life by as much as 40 percent. read more | ||
SMARTWATCHES | ||
Android Wear invades the Apple Watch's turf: New models will work with iPhones | ||
The Apple Watch just got some big competition. Android Wear watches, which were previously only compatible with Android phones, will start working with iPhones moving forward. read more | ||
AUTOMOTIVE | ||
Tesla Model S covers 452 miles on a single charge | ||
A Tesla Model S has reportedly been driven 452.8 miles (728.7 km) on a single charge in a feat that, according to driver Bjørn Nyland and the World Record Academy, sets a new world record for an electric production car. read more | ||
ARCHITECTURE | ||
Multi-use community center makes the most of recycled materials | ||
Vietnam's H&P Architects innovative Re-ainbow community center makes clever use of recycled building materials and boasts solar power and rainwater collection. read more | ||
MOTORCYCLES | ||
New Horex VR6 bound for Frankfurt Motor Show world premiere | ||
Horex has announced that the new VR6 motorcycle will make its highly anticipated debut at the 66th International Motor Show in Frankfurt on September 15. read more | ||
BICYCLES | ||
Candea water bottle doubles as a bike light | ||
There's a trick campers use, where they shine a flashlight down into a water bottle to create a lantern. Well, Italian cycling goods manufacturer Elite uses that same principle in its new Candea bottle/bike light. read more | ||
BICYCLES | ||
ET Smart Scooter hits the reset button with new foldable, electric model | ||
Things apparently haven't gone so well for the company behind the electric E.T Scooter, but now it's back with a new and improved model to make things right. The upgrades allow the new model to carry more weight, while at the same time weighing almost half the original. read more | ||
SPECIAL PROMOTION FOR GIZMAG READERS | ||
Time to Go Paperless With Doxie Go Portable Scanner (23% off) | ||
Tired of wasting space on piles of paperwork, old photos, and mementos? Doxie Go Wi-Fi makes it super easy to digitize all your paper, and create organized, easy-to-navigate catalogues. This specific model even features built-in Wi-Fi so you can get your scanning out of the way without a computer on hand. It’s small, it’s portable, it’s fast—it’s a welcome change of pace from the tedious flatbed scanners you’re used to. read more |
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TUESDAY, SEPTEMBER 1, 2015TODAY'S TOP HEADLINES | ||||||||||||||||||||
M & A Prospective Buyers of GE Capital Reportedly Narrowed Down to 3INVESTMENT BANKING Shareholders Want Bank of America to Separate Roles of Chairman and C.E.O.HEDGE FUNDS Court Rules Against Seizure of Assets at Argentina's Central BankLEGAL/REGULATORY Democrats Pressure S.E.C. to Force Disclosure of Political Spending | ||||||||||||||||||||
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BY AMIE TSANG
DAVID EINHORN SURVEYS INVESTORS David Einhorn has a reputation as one of the savviest stock pickers on Wall Street, but even he has not been spared in the recent market turmoil. This year is shaping up to be one of the worst in the history of his hedge fund. People briefed on the matter say the Greenlight Capital fund was down 5.3 percent in August and down 14 percent for the year. And Mr. Einhorn has been trying to find out what his investors think about the fund, Alexandra Stevenson and Matthew Goldstein report in DealBook.
This year, Mr. Einhorn's firm had retained an outside consulting firm toconduct a survey of investors, according to people briefed on the matter. The firm started contacting Greenlight's investors several weeks ago to conduct phone interviews, and gauge their thoughts about the hedge fund and its accessibility. It is not clear what Mr. Einhorn intends to do with the results. He has conducted surveys from time to time before and a person briefed on the matter said the timing of the survey had nothing to do with the fund's recent performance. Still, it is a sign of how hedge fund managers, even famous ones like Mr. Einhorn, need to be sensitive to their investors. Mr. Einhorn said in July that his investment in SunEdison was the "only significant winner," but even its stock took a sharp dive in August. Along with gold, General Motors and Apple rank among his biggest long positions and both have had uneven returns in recent months. Some investors speculate that Mr. Einhorn might be managing too much money and his firm is not as nimble as it once was, making it more difficult to exit losing positions. The poor results come after Mr. Einhorn opened the doors of his firm to new investors, raising money for the first time in years. Other investors are willing to give Mr. Einhorn the benefit of the doubt, noting that the firm has generated an annualized return of just over 19 percent since it opened for business in 1996. August was also a torrid month for other hedge funds. In his most recent note to investors, Mr. Einhorn made an appeal to investors to sit tight, signing off with a quote from the inventor Thomas A. Edison. "A diamond is a piece of coal that stuck to the job," Mr. Einhorn wrote.
DREAMERS AND THE DEFIANT This relentless summer of business news has left little time for other reading, but if you have time in what is left of it, Andrew Ross Sorkin has a list of the best business books this year. "I'm obsessed with business books, especially ones that provide insight into the people behind the companies and inventions that drive the global economy," Mr. Sorkin writes in the DealBook column.
Top of the list is Ashlee Vance's "Elon Musk: Tesla, SpaceX and the Quest for a Fantastic Future." Questions may remain about the sustainability of Mr. Musk's business, but this biography gives a glimpse of what keeps the 44-year-old South African dreamer going. It is also reveals that he had a difficult childhood with an abusive father. Says a schoolmate of Mr. Musk: "Honestly, there were just no signs that he was going to be a billionaire." Mr. Sorkin also recommends, "The Richest Man Who Ever Lived: The Life and Times of Jacob Fugger," by Greg Steinmetz. Jacob Fugger, a German banker in the 15th century, "could have been a Russian oligarch, a Latin American telecoms boss or an American railroad baron from the 19th century," Mr. Steinmetz says. The grandson of a peasant, Mr. Fugger cornered the copper market in Europe and then became one of the world's most influential bankers, counting even the pope as a client. If you're aiming to create your own billion-dollar start-up, or you just want to understand Silicon Valley, Mr. Sorkin recommends Peter Thiel's "Zero to One: Notes on Startups, or How to Build the Future." One of the venture capitalist's rules is to never invest in a company that pays its C.E.O. more than $150,000. He thinks a "cash-poor" executive will be hungrier to create value and it sets a good example to the rest of the company. Mr. Sorkin's other recommendation range from an examination of Fannie Mae and Freddie Mac, to a look about the transformation of the television industry, to a book on the financial machinations behind modern baseball. He also recommends Nathaniel Popper's fly-on-the-wall narrative of Bitcoin's origins and the memoir of Bill Browder, an early hedge-fund investor in Russia, which reads like a John Grisham thriller. All of these books, Mr. Sorkin says, give readers an understanding of thehuman drama behind every business saga.
ON THE AGENDA The Institute for Supply Management releases August's manufacturing report at 10 a.m. Data on construction spending in July will be released at 10 a.m.
CHINA CRACKS DOWN ON 'SPREADING RUMORS' The Chinese Ministry of Public Security announced that it had punished at least 197 people in recent days for "spreading rumors" online, Edward Wong reports in The New York Times. The so-called rumors related to uncertainty in China's stock market, the explosion in Tianjin and the parade scheduled for Thursday to commemorate the 70th anniversary of the end of World War II. Xinhua, the state-run news agency, reported that the ministry's actions were the core of a "special campaign" by the police.
One of the most prominent targets of the recent campaign was Wang Xiaolu, a reporter for a respected business magazine, Caijing. He was compelled to make a confession on television in which he said he had written a "sensational" and "irresponsible" article on the stock market. Chinese authorities have increasingly used confessions on the state network to humiliate detainees and to use as a warning for others. Mr. Wang wrote an article published on July 20, reporting that the China Securities Regulatory Commission was seeking to withdraw funds from the stock market. He was detained by police on Aug. 25. Caijing issued a statement saying it did not know why he had been detained. Xinhua said his report had caused "abnormal fluctuations" in the stock market. Along with Mr. Wang, several financial officials and executives weredetained last week for contributing to stock market volatility and have been dealt with by "criminal compulsory measures," according to Xinhua. Those detained include Liu Shufan, an official with the China Securities Regulatory Commission, and four executives from Citic Securities Company, the country's leading securities dealer.
Contact amie.tsang@nytimes.com
MERGERS & ACQUISITIONS »
Prospective Buyers of GE Capital Reportedly Narrowed Down to 3 Sankaty Advisors, Lone Star and HNA Group are said to be the final participants in an auction of the Australian commercial lending and leasing businesses of GE Capital.
Valeant Strikes Psoriasis-Drug Pact With AstraZeneca Canada's Valeant Pharmaceuticals has struck a deal with AstraZeneca for the rights to sell the psoriasis treatment brodalumab. It said it would pay AstraZeneca $100 million up front, with another $170 million in prelaunch milestones and up to $175 million following the drug's introduction.
The Battle for the British Stove Whirlpool, the world's biggest home appliance company, is set to battle Middleby for Britain's Aga Rangemaster, the maker of stoves synonymous with affluent British middle-class country life.
Bwin.Party Gets New Bid Proposal From 888 Bwin.party Digital Entertainment said it got a revised takeover proposal from 888 Holdings, the latest twist in a bidding contest for the online gaming company.
Stakes Are High as Big Four Push for M&A Work As new opportunities in traditional audit and tax work have reached a plateau, the "Big Four" - Deloitte, EY, KPMG and PwC - have turned to management consulting and mergers and acquisitions for growth.
China Seeks to Bolster M&A, Dividends and Buybacks China will encourage listed companies to conduct mergers and acquisitions, buy back shares when prices are low and pay higher cash dividends as the government extends efforts to bolster share prices.
M&A Stays Hot Last week's stock-market turmoil caused stomachs to churn on trading floors, but it didn't stop executives and investment bankers from announcing several large deals.
INVESTMENT BANKING »
Shareholders Want Bank of America to Separate Roles of Chairman and C.E.O. The California Public Employees' Retirement System and California State Teachers' Retirement System joined the drive for Bank of America shareholders to oppose a corporate bylaw change that would let Brian Moynihan serve as both chief executive and chairman.
Blythe Masters Tells Banks the Blockchain Changes Everything"You should be taking this technology as seriously as you should have been taking the development of the Internet in the early 1990s," the former JPMorgan banker explains. "It's analogous to email for money."
BNY Catches Up With Pricing Backlog Bank of New York Mellon said it had finished working through a backlog of mutual and exchange-traded fund-pricing issues before the market opened on Monday, ending a weeklong struggle by the company to provide accurate asset values to about 1,200 funds.
Breakingviews: Slowing Growth Exposes Chinese Banks' Debt Debris Although overall bad debt levels remain relatively low, continued deterioration threatens to reverse years of profit growth, Peter Thal Larsen writes.
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