Yahoo buys Tumblr for $1.1 billion
Yahoo has agreed to pay $1.1 billion for Tumblr, a six year old company with 100 million users but very little revenue, according to the Wall Street Journal. The deal highlights the shifting of power in the technology business. Tumblr provides a fast growing social networking service that fills one of Yahoo’s holes. Tumblr is popular with younger adults, in contrast to Yahoo’s older customer base and its usage is growing more quickly on smartphones than Yahoo.
Chinese hackers resume attacks on US targets
The New York Times is reporting that Unit 61398 of the Chinese People’s Liberation Army, located in an office complex outside of Shanghai, is back at work. In February the group was named in several press and Obama administration reports causing the group to retrench. But Mandiant, a private security firm that tracks hackers and helps government agencies and corporations protect themselves, indicates that the Unit is back to 70 percent of the level they were working at before. The hackers have slightly changed the code they were using for previous hacking attempts. The Chinese government denies any linkage to the hacking.
United to restart Dreamliner flights
According to the Associated Press, United Airlines is going to reinstate service on its 787 Dreamliners today. The planes are returning after having been grounded for four months by the FAA because of problems with its battery. The grounding impacted United’s first quarter earnings by $11 million. The first flight is scheduled for 11 am from Houston to Chicago. The planes will be used for shorter domestic flights before resuming international flights in June.
Bank run in Brazil
Rumors that Brazil’s social security fund called Bolsa Familia was to be cancelled led thousands of people in Brazil to withdraw money from a bank in Brazil over the weekend. According CNBC, customers lined up at dozens of bank branches of Caixa Economica, a government owned bank, which pays the social security subsidy on Saturday and Sunday. The branches were not open so depositors tried to withdraw money from ATMs. Nine branches were broken into while police tried to quell the rumors. The minister of national development had to televise a speech on Sunday to stop the rumors. Bolsa Familia provides money to 13.8 million poor families in Brazil.
Senator McCain introduces bill that encourages cable companies to become a la carte
Senator John McCain has introduced a bill that would use regulatory incentives to encourage programmers and distributors to unbundle their channels and offer a la carte programming. According to USA Today, McCain immediately picked up support from watchdog groups such as Consumers Union and others who would like to see Internet TV break into the mainstream market. Increasing cable prices are fueling the calls for new pricing. The cost of basic cable grew 6.1 percent from 1995 to 2011 with the average monthly price being $54.46. Experts believe that the bill is a long shot and unlikely to pass despite the stature of Senator McCain.
Have Hunk ads hit their peak?
The recent trend in advertising to women is to have “hot hunks” appeal to women viewers. According to USA Today, the following companies have created their own hunks: Kraft has a salad dressing hunk, Old Spice has a shaving cream hunk, Diet Coke has begun a series with a shirtless hunk mowing lawns, Liquid-Plumr has a plumber hunk. Some experts believe the trend has become a tidal wave and, according to PeopleTalk Research, may have lost its surprise factor. According to MillionaireCorner Research???............mmmmm, not so sure.
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.