Apple products banned due to Samsung patent violation
A US trade agency issued a ban on imports of Apple’s iPhone 4 and a variant of the iPad 2 after finding the devices violate a patent held by South Korean competitor Samsung. According to the Associated Press, the devices are assembled in China and the import ban would end Apple’s ability to sell the products in the U.S. President Obama has the power to invalidate the ruling within 5 days. On Tuesday, the White House recommended to Congress that it limit the International Trade Commission’s ability to impose import bans in these cases. Last year, a federal court in San Francisco ruled that Samsung owed Apple $1billion in damages for infringing on non-essential Apple patents, but refused to place a ban on Samsung phones. Apple will appeal the ban issued on Tuesday.
Chrysler disputes government recall demand
CNBC is reporting that Chrysler is fighting a request from the federal government to recall 2.7 million Jeep vehicles. The National Highway Traffic Safety Administration asked Chrysler to recall the Jeep models because of concerns that the fuel tank may leak and contribute to deadly fires if the vehicles are hit in a rear-impact crash. The request involves 1993-2004 Grand Cherokee models and 2002-2007 Liberty models. The NHTSA claims 51 deaths have been linked to rear impact crashes where those models caught on fire after being hit. It is rare when a manufacturer balks at a request for a recall but Chrysler has issued a formal statement defending the safety of the Jeep models in question. They have until June 18 to issue a formal response explaining why they will not comply.
Ohio to vote on $1.4 billion tax cut for small business owners
More than 700,000 small business owners in Ohio could benefit from a $1.4 billion tax cut. The new law would allow small business owners to deduct 50 percent of their earnings up to $750,000, according to Fox Business. The tax cut was proposed by the Governor and should be voted upon this week.
IBM and Salesforce acquire software and cloud capabilities
On Tuesday, IBM paid $2 billion for SoftLayer, a private company from Dallas, providing cloud computing services. IBM expects $7 billion in cloud revenue by the end of 2015. At the same time, Salesforce.com announced its purchase of ExactTarget for $2.5 billion. ExactTarget is an Indianapolis based provider of interactive marketing and social media services. Analysts indicate that software-as-a-service companies are trading at high multiples. The Financial Times reports that comparable companies, Workday and Splunk, two newly listed entrerprise technology companies, are trading at 16 and 24 times forecast revenues.
Home prices increase in April
The pace of home price increases stayed strong in April with prices up 12.1 percent year over year. USA Today indicates that the annual increase is the biggest in more than 7 years. Prices were up 3.2 percent in April from March. Increasing demand coupled with low inventory is causing the uptick. The states with the highest appreciation include Nevada, up almost 25 percent, California, 19 percent; Arizona and Hawaii, 17 percent; and Oregon at 16 percent.
Stamp honoring Johnny Cash goes on sale
A “forever” stamp honoring country music legend Johnny Cash will go on sale Wednesday, according to Fox News. The 46 cent stamp will feature a 1963 image of the Man in Black. The release of the stamp will be accompanied by a free concert in Nashville highlighting many of Cash’s family members as well as country music stars such as Randy Travis and the Oak Ridge Boys. The Johnny Cash museum formally opened in downtown Nashville last week.
Catherine S. McBreen is President of Millionaire Corner. McBreen plans and develops content for Millionaire Corner. Catherine balances editorial content to meet the informational needs of both new and seasoned investors. She designs special monthly surveys on topical issues affecting the economic environment.
McBreen has a B.S. in speech communications from Northwestern University and a J.D. from DePail University College of Law. She is a member of the American Bar Association, the Illinois Bar Association, and the Chicago Bar Association.
Well-known for her expertise in the affluent and retirement arenas, McBreen is a frequent speaker at industry conferences. She has been quoted widely by the financial media, including The Financial Times, The Wall Street Journal, Research, Private Asset Management, On Wall Street, Reuters, Bloomberg News, The Dow Jones Newswires and Worth. Cathy has appeared as a guest on CNBC Closing Bell, First Business Morning News, Neal Cavuto at Fox Business News, ABC and CBS radio.
McBreen is co-author with Spectrem President George H. Walper, Jr. of the book "Get Rich, Stay Rich, Pass It On: The Wealth-Accumulation Secrets of America's Richest Families" (Portfolio, January 2008)
Catherine is the mother of four and is involved in many school and community events.