China warns Google
A white paper authored by the research arm of China’s Ministry of Industry and Information Technology indicates that Google has too much control over China’s smartphone industry due to its Android operating system and has discriminated against some local firms. Reuters reports that China believes it has the ability to create its own operating system and that Google discriminated against Chinese companies by delaying the sharing of code. Google also allegedly used commercial agreements to restrain business development. China surpassed the US as the world's largest smartphone market in 2012, accounting for 26.5 percent of all smartphones shipped. In the third quarter last year, Android accounted for 90 percent of all mobile operating systems in China. The white paper may be an indication that China plans to create regulations that will damage Google.
China announces plan for consumer driven growth at home
China announced today a growth plan that relies more on building its own consumer driven economy rather than relying on trade and investment to drive growth. According to the Associated Press, Premier Wen Jiabao spoke to the Chinese legislature and confirmed a 7.5 percent growth target in the annual economic plan. The plan is focused on promoting consumer spending to allow for self-sustaining growth and to improve the living standards for ordinary Chinese. The government pledged in January to raise wages and to narrow the huge gap between the elite and the poor majority. World markets are positive after the speech.
Cyprus won’t get bailout until money laundering stops
Cyprus has asked the European Union for a 17 billion euro bailout, but its request is being held up until Cyprus pledges to stop money laundering. According to the Wall Street Journal, Cyprus has developed a reputation as a transit point for money laundering. On Monday, euro-zone finance ministers said that Cyprus would have to submit to an examination and audit of its money laundering controls. Cyprus claims that there is a tough balance between audits and “bank secrecy” but it has pledged to cooperate.
Start up company provides student loans with access to mentors
A start up company named Pave is offering students and young professionals a student loan with no interest, a mentor, career advice and professional connections. In 2011, according to USA Today, the average student graduated with $26,500 in debt and an economy with a 13.1 percent unemployment rate for 18-29 year olds. Pave provides a platform that pairs up backers with prospects. Backers invest a certain amount of money upfront in prospects and prospects owe backers a certain percentage of their income for 10 years. Pave, however, does take a 3 percent fee out of the prospect’s total amount raised and a 1.5 percent servicing fee is charged to backers.
Prince Alwaleed disputes Forbes “Rich List”
Prince Alwaleed bin Talal, the Saudi investor identified as the Forbes 26th richest individual has called for more fact-checking from Forbes. According to CNBC, the Prince is estimated to have $20 billion of net worth. It is believed, however, that the Prince estimates his own net worth at $29.6 billion. That would put the Prince inside the Forbes’ Top 10. The Prince indicated that he would rely upon the Bloomberg Billionaire Index instead. The Prince, however, has retained counsel.
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.