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	<title>Business &amp; Money | TIME.com</title>
	
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		<title>Business &amp; Money | TIME.com</title>
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		<title>Ben Bernanke to Markets: Chill Out!</title>
		<link>http://business.time.com/2013/06/19/ben-bernanke-to-markets-chill-out/</link>
		<comments>http://business.time.com/2013/06/19/ben-bernanke-to-markets-chill-out/#comments</comments>
		<pubDate>Wed, 19 Jun 2013 20:24:00 +0000</pubDate>
		<dc:creator>Christopher Matthews</dc:creator>
				<category><![CDATA[Economy]]></category>
		<category><![CDATA[Economy & Policy]]></category>
		<category><![CDATA[Federal Reserve]]></category>

		<guid isPermaLink="false">http://business.time.com/?p=82266</guid>
		<description><![CDATA[One of the more conspicuous ironies of the stock market in recent years is that it tends to go down when the Federal Reserve is forecasting an improved economy. That&#8217;s because faster economic growth makes it more likely that the Fed will provide less stimulus, in the form of low interest rates, than it otherwise would. And ever since late May, the stock market has been stagnant, due in part to fears that the Federal Reserve will begin to &#8220;taper&#8221; its purchases of mortgage-backed securities and long-term government debt. Today, Federal Reserve Chairman Ben Bernanke tried to calm the markets, announcing that the Fed would continue its asset purchases at the pace of $85 billion per month, and that it would keep short-term interest rates near zero until the unemployment rate falls at least below 6.5%, or inflation increases significantly above the Fed&#8217;s long-term goal of 2%. At the same time, the Fed&#8217;s statement did reflect the central bank&#8217;s growing optimism regarding the economy, saying that the &#8220;downside risks&#8221; for the economy and labor market have &#8221;diminished since the fall.&#8221; And so even though the central bank announced no changes to its current policy, markets dropped sharply following the Fed statement and subsequent Bernanke press conference. But one should always keep in mind that boosting the stock market isn&#8217;t the Fed&#8217;s main priority. All things being equal, lower interest rates will lead to higher asset prices, but stocks performed exceptionally well in the first part of 2013, so the most recent pullback could be the partial result of investors simply seeking a reason to cash in their gains from earlier in the year, rather than a fear of the effects of reduced stimulus. In addition, there&#8217;s a case to be made that markets are overreacting to the prospect of the Fed slowing down the pace of asset purchases, as Bernanke has said it might do later this year and into 2014. But the Fed chair tried to reassure market participants that any change in the bond purchase program would &#8220;be akin<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=82266&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	<primary_category>Federal Reserve</primary_category><primary_category_link>http://business.time.com/category/economy-policy/federal-reserve-economy-policy/</primary_category_link><featured_image>http://timebusinessblog.files.wordpress.com/2013/06/8e3f2bfcf7864289b6cdd5a2960e437b-0.jpg?w=240</featured_image>
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			<media:title type="html">Federal Reserve Chairman Ben Bernanke speaks during a news conference in Washington, D.C., on June 19, 2013.</media:title>
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			<media:title type="html">christopherrmatthews</media:title>
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		<title>‘Give While You Live’ Dominates Charitable Giving</title>
		<link>http://business.time.com/2013/06/19/give-while-you-live-dominates-charitable-giving/</link>
		<comments>http://business.time.com/2013/06/19/give-while-you-live-dominates-charitable-giving/#comments</comments>
		<pubDate>Wed, 19 Jun 2013 17:50:52 +0000</pubDate>
		<dc:creator>Dan Kadlec</dc:creator>
				<category><![CDATA[Financial Planning]]></category>
		<category><![CDATA[Giving]]></category>
		<category><![CDATA[Personal Finance]]></category>
		<category><![CDATA[Planning]]></category>
		<category><![CDATA[The Economy]]></category>

		<guid isPermaLink="false">http://business.time.com/?p=82207</guid>
		<description><![CDATA[At the current pace of charitable giving it will be another six years before we reach pre-recession generosity, according to the 2013 report from Giving USA, which tracks giving in America. Total giving by individuals, foundations and corporations reached $316 billion last year, up an inflation-adjusted 1.5% from $312 billion in 2011. It was the third consecutive year of increases, but the total falls far short of the inflation-adjusted $344 billion of charitable contributions in 2007. Giving is recovering along with the economy, which comes as no surprise. This is a familiar pattern in philanthropic circles, though the pace of the recovery in charitable giving this time around seems unusually slow. Giving remains mired at just 2% of GDP, the lowest figure in at least 10 years. According to an analysis from the publication Nonprofit Quarterly: “It only took three years after both the 1973-1975 recession and the 2001 recession for giving to meet or surpass the total giving level seen prior to the recession. But as of 2012, giving is still well below pre-recession levels, four years later.” A couple of data points leap off the pages of the Giving USA report: Bequests are way down Typically, giving by bequest rises in a tough economy, fundraising experts say. But bequests fell 7% last year. This may be largely due to a shift in the way individuals contribute; increasingly they are choosing to “give while they live.” This trend is apparent in the blockbuster growth of donor-advised funds and, as Giving USA points out, “the single largest influence on the higher numbers last year was the additional $8.7 billion in gifts made by individuals. Corporate giving is way up Individuals account for nearly three-quarters of total giving. But corporations stepped to the plate in a big way last year, increasing inflation-adjusted giving by 10%. This is partly attributable to a 17% jump in pre-tax profits and a trend toward in-kind donations, where companies offer materials and products they manufacture. Nonprofit Quarterly takes issue with the rise in corporate generosity: “It<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=82207&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	<primary_category>Giving</primary_category><primary_category_link>http://business.time.com/category/personal-finance-2/economics-policy/giving/</primary_category_link>
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			<media:title type="html">dankadlec</media:title>
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		<title>A $50 Movie Ticket? Theaters Try Selling a Supersized ‘Mega Ticket’</title>
		<link>http://business.time.com/2013/06/19/a-50-movie-ticket-theaters-try-selling-a-supersized-mega-ticket/</link>
		<comments>http://business.time.com/2013/06/19/a-50-movie-ticket-theaters-try-selling-a-supersized-mega-ticket/#comments</comments>
		<pubDate>Wed, 19 Jun 2013 17:26:25 +0000</pubDate>
		<dc:creator>Brad Tuttle</dc:creator>
				<category><![CDATA[Companies & Industries]]></category>
		<category><![CDATA[Hollywood]]></category>
		<category><![CDATA[Media]]></category>
		<category><![CDATA[Saving & Spending]]></category>
		<category><![CDATA[Smart Spending]]></category>
		<category><![CDATA[Technology & Media]]></category>
		<category><![CDATA[apocalypse]]></category>
		<category><![CDATA[Brad Pitt]]></category>
		<category><![CDATA[Mega Ticket]]></category>
		<category><![CDATA[movie prices]]></category>
		<category><![CDATA[movie studios]]></category>
		<category><![CDATA[Movie Theaters]]></category>
		<category><![CDATA[variable pricing]]></category>
		<category><![CDATA[Word War Z]]></category>
		<category><![CDATA[zombie apocalypse]]></category>
		<category><![CDATA[zombies]]></category>

		<guid isPermaLink="false">http://business.time.com/?p=82270</guid>
		<description><![CDATA[People complain that $50 is too steep of a price to bring a family of four to the movies. Yet this week theaters are seeing how many fans will pay $50 per person for a package that includes admission to the new Brad Pitt film, &#8220;World War Z,&#8221; two days before the worldwide release. The special &#8220;World War Z&#8221; Mega Ticket includes a single 3-D admission to the movie on June 19, two days before the official June 21 release, as well as a pair of collector&#8217;s 3-D glasses, a movie poster, an HD copy of the film when it becomes available, and a small popcorn. (Thirsty? Sorry, you have to buy your own beverage.) Five theaters around the country are participating, in Los Angeles, San Diego, Houston, Atlanta, and Philadelphia. The pricing strategy may be a sign that the usual movie pricing system, in which filmgoers pay the same flat price at theaters no matter what they&#8217;re seeing or when, could be on its way out. Last week, Steven Spielberg and George Lucas predicted the disappearance of flat pricing for movie tickets in the future. The filmmakers anticipate that the current system will be replaced by a tiered pricing strategy, in which special-effects-laden blockbusters cost $25 while low-budget dramas might run $7. (MORE: Apocalypse Marketing: Top 10 Products and Services for the End of the World) In some ways, we&#8217;re already seeing cracks in the flat-price per movie structure. Theaters have been charging extra for IMAX and 3-D screenings for years, of course, which has pushed average film prices skyward. Services such as MoviePass aim to disrupt movie theater pricing by allowing members to see one movie per day for a flat monthly fee. Some filmgoers have long wished for a variable pricing system at theaters, in which tickets might cost $5 for a frivolous movie—one you&#8217;d otherwise only watch on an airplane, or via Redbox. Studios and theaters would be far more likely to embrace such a pricing scenario if consumers simultaneously accepted the concept of a hot<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=82270&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	<primary_category>Smart Spending</primary_category><primary_category_link>http://business.time.com/category/saving-spending/smart-spending/</primary_category_link>
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			<media:title type="html">bradtuttle</media:title>
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		<title>Bernanke to Speak: 3 Big Questions We Hope the Fed Chief Will Answer</title>
		<link>http://business.time.com/2013/06/19/bernanke-to-speak-3-big-questions-we-hope-the-fed-chief-will-answer/</link>
		<comments>http://business.time.com/2013/06/19/bernanke-to-speak-3-big-questions-we-hope-the-fed-chief-will-answer/#comments</comments>
		<pubDate>Wed, 19 Jun 2013 16:19:49 +0000</pubDate>
		<dc:creator>Rana Foroohar</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://business.time.com/?p=82268</guid>
		<description><![CDATA[In an age of unconventional monetary policy, Fed whispering is an increasingly common art – this afternoon, all eyes will be on Ben Bernanke as he issues guidance on the Federal Reserve policies over the next few months. This particular press conference will be closely scrutinized, as we’re at a possible turning point with monetary policy. Bernanke and the rest of the Fed governors have been watching the US economy pick up in recent months, which should mean they are more likely to start scaling back their bond and asset buying programs, which have been pumping an unprecedented $85 billion into the economy over the last several months. Yet, even though the US is doing better than most of the rich world, the economy doesn’t have the escape velocity that the Fed was hoping for as they begin pulling back from their “quantitative easing program.” Of course, as Bernanke himself has been at pains to point out, “tapering” off asset buying isn’t the same as raising interest rates – while we’re likely to see the former, we probably won’t see the latter until several more months of data (including GDP figures, unemployment numbers, and consumer sentiment) are in. I’ll be on CNN today at 2:30 with analysis of Bernanke’s press conference, and my colleague Christopher Matthews will add his own commentary on Time.com as well. In the meantime, here are the big questions we’ll be looking to answer on the Fed’s decision this afternoon. Have risks of QE begun to outweigh the rewards? The recent popping of the emerging market bubble and the fall in the Nikkei, are, to many, one of the fallouts from years of easy money. The Fed has said it’s worried about creating bubbles in the global economy – we’ll see if Bernanke comments on that today. Will the Fed taper, or tighten? Reducing the scale of those $85 billion a month buys is likely – but a rise in interest rates probably isn’t yet. Nonetheless, mortgage rates have already begun rising off the back of worries that<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=82268&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	<primary_category>Federal Reserve</primary_category><primary_category_link>http://business.time.com/category/economy-policy/federal-reserve-economy-policy/</primary_category_link>
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			<media:title type="html">ranaforoohar</media:title>
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		<title>Dolce and Gabbana Convicted of Tax Evasion</title>
		<link>http://business.time.com/2013/06/19/dolce-and-gabbana-convicted-of-tax-evasion/</link>
		<comments>http://business.time.com/2013/06/19/dolce-and-gabbana-convicted-of-tax-evasion/#comments</comments>
		<pubDate>Wed, 19 Jun 2013 15:09:34 +0000</pubDate>
		<dc:creator>Associated Press</dc:creator>
				<category><![CDATA[Taxes]]></category>

		<guid isPermaLink="false">http://business.time.com/?p=82255</guid>
		<description><![CDATA[(MILAN) — A Milan court has convicted the designers Domenico Dolce and Stefano Gabbana of tax evasion. The pair were found guilty Wednesday of failing to declare euros 1 billion ($1.3 billion) in income to authorities. The court sentenced them both to one year and eight months in jail. Prosecutors argued that the pair had evaded taxes on income of 416 million euros each and 200 million euros through a Luxembourg-based company. The statute of limitations ran out on a charge of misrepresenting income. The designers have denied the charges. Two years ago, a judge threw out a tax evasion and fraud case against the pair, whose label Dolce&#38;Gabbana is a Milan fashion mainstay. Italy&#8217;s high court later ruled the designers could be prosecuted for tax evasion, though not for fraud.<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=82255&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	<primary_category>Taxes</primary_category><primary_category_link>http://business.time.com/category/economy-policy/taxes-economy-policy/</primary_category_link>
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			<media:title type="html">timeassociatedpress</media:title>
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		<title>China’s Chicken-and-Egg Problem: What Comes First, Wealth or Freedom?</title>
		<link>http://business.time.com/2013/06/19/chinas-chicken-and-egg-problem-what-comes-first-wealth-or-freedom/</link>
		<comments>http://business.time.com/2013/06/19/chinas-chicken-and-egg-problem-what-comes-first-wealth-or-freedom/#comments</comments>
		<pubDate>Wed, 19 Jun 2013 14:58:20 +0000</pubDate>
		<dc:creator>Rana Foroohar</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://business.time.com/?p=82248</guid>
		<description><![CDATA[This article is the third in Foroohar’s series on Chinese business developments and their effects on the global economy; read earlier installments here and here. There are many questionable bits of conventional wisdom about China, but one of the most persistent is this: The Middle Kingdom must get rich before it becomes free. The notion is that as China develops into a middle-class nation, it will eventually come to adopt various aspects of Western-style liberal democracy, including better and more transparent governance, a stronger and more independent judiciary system, and a broader array of protected civil rights. But as I have been traveling in China for the last two weeks, I’ve heard an interesting twist on the conventional wisdom: That if China is to become richer, it needs to become freer – and soon. The argument centers around two factors. First, China is already a middle-income nation. Per capita income in China is now above $5,000 per year, and many coastal areas are double that (Shanghai and Beijing are above $17,000). This is a range that’s often defined as an international middle class (keep in mind that the cost of living in China is far below what it is in the US). Indeed, many Chinese are far wealthier: There are over one million millionaires in China, and many Chinese can afford all the trappings of Western yuppies. Cities like Shanghai, Beijing, Wuhan, and Chengdu are full of upscale children’s boutiques, teeth whitening clinics, bustling Starbucks selling lattes at U.S. prices, and pricy Kaplan-style test prep centers designed to get Chinese teens into American and British boarding schools. At the same time, China’s economy is changing. It’s less and less about cheap exports, and more about complex manufacturing, nascent services, and real estate. According to Andy Rothman, a highly respected macroeconomist at Shanghai-based CLSA bank, a sclerotic state-owned sector means that private enterprises now represent nearly 100% of new job creation in China. And private enterprises require more robust contract law to survive. “You’ve got an economy that’s increasingly driven by enterprise, intellectual<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=82248&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	<primary_category>Curious Capitalist</primary_category><primary_category_link>http://business.time.com/category/curious-capitalist/</primary_category_link>
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			<media:title type="html">ranaforoohar</media:title>
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		<title>3 Ways to Get a Promotion</title>
		<link>http://business.time.com/2013/06/19/3-ways-to-get-a-promotion/</link>
		<comments>http://business.time.com/2013/06/19/3-ways-to-get-a-promotion/#comments</comments>
		<pubDate>Wed, 19 Jun 2013 14:20:18 +0000</pubDate>
		<dc:creator>Harvard Business Review</dc:creator>
				<category><![CDATA[Management & Leadership]]></category>
		<category><![CDATA[Management Tip of the Day]]></category>

		<guid isPermaLink="false">http://business.time.com/?p=82249</guid>
		<description><![CDATA[If you&#8217;ve been at your company for a few years and hope to move up to the next level, here are three things you can do to increase your chances: Take initiative. Producing results in your job is just table stakes. Go beyond the confines of your current role and find ways to improve your group’s performance. Take on problems that no one else is solving. Choose your battles wisely. Display a sense of professional maturity by choosing battles that can be won. Not every inefficiency is worth tackling. Only take on problems that increase customer satisfaction, revenue, or productivity. Show you can manage people. This can be hard if it’s not one of your official responsibilities. If so, try to show your interpersonal and people management skills when working with groups. Adapted from “Getting that First Promotion” by John Beeson. Visit Harvard Business Review&#8217;s Management Tip homepage Purchase the HBR Management Tips book<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=82249&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	<primary_category>Management Tip of the Day</primary_category><primary_category_link>http://business.time.com/category/management-leadership/management-tip-of-the-day/</primary_category_link>
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			<media:title type="html">timeharvardbusinessreview</media:title>
		</media:content>

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		<item>
		<title>Continuing Education for Entrepreneurs</title>
		<link>http://business.time.com/2013/06/19/continuing-education-for-entrepreneurs/</link>
		<comments>http://business.time.com/2013/06/19/continuing-education-for-entrepreneurs/#comments</comments>
		<pubDate>Wed, 19 Jun 2013 14:17:10 +0000</pubDate>
		<dc:creator>Lauren Simonds</dc:creator>
				<category><![CDATA[Small Business]]></category>
		<category><![CDATA[Small Business Tip of the Day]]></category>

		<guid isPermaLink="false">http://business.time.com/?p=81907</guid>
		<description><![CDATA[What inspires you to get up and get it done every day?  The answer may be different for every entrepreneur, but you&#8217;ll find plenty of motivating ideas in this new crop of business books. In the daily press of running a business, it&#8217;s tough to step back and take a breath. And when you do, reading business books might not be the first thing on your I-have-a-minute-to-myself list. But there&#8217;s a vast wealth of business knowledge at your fingertips, and it doesn&#8217;t take much time to reap the benefit. Consider reading just 10 pages a day. This steady diet of small, informative bites can feed your brain and your business. Not sure what to read? We&#8217;ve got your summer syllabus right here. Dennis McCafferty at Baseline Magazine outlines 10 new titles cover a range of business topics to help you boost your day-to-day job performance, career accomplishments, and overall satisfaction, improve your professional network, lead teams more effectively and regain a sense of purpose. Be sure to check the book links to confirm a book&#8217;s availability date. 1. The New Digital Age: Reshaping the Future of People, Nations and Business (Knopf) By Eric Schmidt and Jared Cohen Synopsis: Two Google visionaries explore how technology, business and global affairs are becoming increasingly connected. 2. 9 Powerful Practices of Really Great Teams (Career Press) By Stephen E. Kohn and Vincent D. O&#8217;Connell Synopsis: Master the nine traits that define teams that can tackle anything, including thinking laterally and establishing—and enforcing—team norms. 3. This Is How to Get Your Next Job: An Inside Look at What Employers Really Want (AMACOM) By Andrea Kay Synopsis: Gain insights as to how to convey your character, abilities and values in a way that will land you a great position. 4. Stick With It: Mastering the Art of Adherence (McGraw-Hill Education) By Lee Colan and Julie Davis-Colan Synopsis: An idea is only as good as the individual or team that sees it through from start to finish. This book is based on interviews with 20,000 managers. 5.<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=81907&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	<primary_category>Small Business Tip of the Day</primary_category><primary_category_link>http://business.time.com/category/small-business/small-business-tip-of-the-day/</primary_category_link>
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			<media:title type="html">itbeeditorial</media:title>
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		<title>Transgender Marketing: 12 Campaigns That Defy Sexual Stereotyping</title>
		<link>http://business.time.com/2013/06/19/transgender-marketing-12-campaigns-that-defy-sexual-stereotyping/</link>
		<comments>http://business.time.com/2013/06/19/transgender-marketing-12-campaigns-that-defy-sexual-stereotyping/#comments</comments>
		<pubDate>Wed, 19 Jun 2013 14:00:39 +0000</pubDate>
		<dc:creator>Josh Sanburn</dc:creator>
				<category><![CDATA[Advertising]]></category>
		<category><![CDATA[Companies & Industries]]></category>

		<guid isPermaLink="false">http://business.time.com/?p=82042</guid>
		<description><![CDATA[Here’s an only slightly exaggerated characterization of how the marketing and advertising industries have viewed gender: Men like sports, women like makeup, and never the twain shall meet. But those industries have been growing more comfortable in the gray areas between those black and white stereotypes.<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=82042&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://business.time.com/2013/06/19/transgender-marketing-12-campaigns-that-defy-sexual-stereotyping/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
	<primary_category>Advertising</primary_category><primary_category_link>http://business.time.com/category/companies-industries/advertising-companies-industries/</primary_category_link><featured_image>http://timebusinessblog.files.wordpress.com/2013/06/160427373.jpg?w=240</featured_image>
		<media:thumbnail url="http://timebusinessblog.files.wordpress.com/2013/06/160427373.jpg?w=240" />
		<media:content url="http://timebusinessblog.files.wordpress.com/2013/06/160427373.jpg?w=240" medium="image">
			<media:title type="html">Gender Marketing - Weight Watchers for Men</media:title>
		</media:content>

		<media:content url="http://1.gravatar.com/avatar/d88247e41871fc555c4a2747167091d2?s=96&amp;d=http%3A%2F%2F1.gravatar.com%2Favatar%2Fad516503a11cd5ca435acc9bb6523536%3Fs%3D96&amp;r=G" medium="image">
			<media:title type="html">jsanburn</media:title>
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		<title>Ford Smartens Up and Dumbs Cars Down</title>
		<link>http://business.time.com/2013/06/19/ford-smartens-up-and-dumbs-cars-down/</link>
		<comments>http://business.time.com/2013/06/19/ford-smartens-up-and-dumbs-cars-down/#comments</comments>
		<pubDate>Wed, 19 Jun 2013 13:00:16 +0000</pubDate>
		<dc:creator>Brad Tuttle</dc:creator>
				<category><![CDATA[Companies & Industries]]></category>
		<category><![CDATA[Technology & Media]]></category>
		<category><![CDATA[Autos]]></category>
		<category><![CDATA[Mobile]]></category>
		<category><![CDATA[Ford]]></category>
		<category><![CDATA[Saving & Spending]]></category>
		<category><![CDATA[Smart Spending]]></category>
		<category><![CDATA[music]]></category>
		<category><![CDATA[radio]]></category>
		<category><![CDATA[Smart]]></category>
		<category><![CDATA[touch screens]]></category>
		<category><![CDATA[navigation]]></category>
		<category><![CDATA[MyFord Touch]]></category>
		<category><![CDATA[dashboard]]></category>

		<guid isPermaLink="false">http://business.time.com/?p=82192</guid>
		<description><![CDATA[Since 2010, Ford has been aggressively pushing a touch-screen control system as a replacement to old-fashioned knobs and buttons on the dashboard. But guess what? Those knobs and buttons did the job pretty well—and drivers want them back. Consumers can be counted on to embrace technology that genuinely makes their lives easier and more enjoyable. But what about when tech is more complicated than the system it was designed to replace? Then &#8220;innovation&#8221; only gets consumers annoyed. Critics have been saying that automakers have gone overboard with technology in cars in general in recent times. Last week, USA Today ran a story about how travelers are frequently baffled by rental cars, each of which seems to have a different systems for controlling and adjusting basics like A/C and the radio. One traveler reported having to ask a rental car agent to help him how to turn off the hazard lights after they&#8217;d mysteriously been turned on. Even after consulting the manual, it took them 15 minutes to figure out how to shut them off. (MORE: Will Millennials Change How Cars Are Bought and Sold?) Ford&#8217;s MyFord Touch video screen system, which the automaker introduced in 2010 as a replacement to traditional dashboard controls, and which was expected to be in 80% of new Ford vehicles by 2015, has been among the most complained-about systems. Last summer, Consumer Reports offered a laundry list of reasons &#8220;Why the MyFord Touch Control System Stinks,&#8221; which starts with the fact that vehicle interiors have almost no knobs or buttons: Instead, it offers a variety of different ways to enter commands: flush capacitive switches on the center stack, a big center touchscreen, steering-wheel controls, and voice commands. But none are well designed, and combined they make the cars feel really complicated—especially when trying to perform the most common audio and climate adjustments. There are various versions of the system, and they get worse as they get more advanced and expensive. All systems come with the touchscreen. The base version at least offers two knobs: one<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=82192&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	<primary_category>Ford</primary_category><primary_category_link>http://business.time.com/category/ford/</primary_category_link>
		<media:content url="http://0.gravatar.com/avatar/f8de938518e7b986d552694ed99aa54d?s=96&amp;d=http%3A%2F%2F0.gravatar.com%2Favatar%2Fad516503a11cd5ca435acc9bb6523536%3Fs%3D96&amp;r=G" medium="image">
			<media:title type="html">bradtuttle</media:title>
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		<title>Google Wants Your Money, But Not Your Advice</title>
		<link>http://business.time.com/2013/06/19/google-wants-your-money-but-not-your-advice/</link>
		<comments>http://business.time.com/2013/06/19/google-wants-your-money-but-not-your-advice/#comments</comments>
		<pubDate>Wed, 19 Jun 2013 09:45:13 +0000</pubDate>
		<dc:creator>Christopher Matthews</dc:creator>
				<category><![CDATA[Google]]></category>
		<category><![CDATA[Investing]]></category>
		<category><![CDATA[Stocks]]></category>
		<category><![CDATA[Technology & Media]]></category>
		<category><![CDATA[Wall Street & Markets]]></category>

		<guid isPermaLink="false">http://business.time.com/?p=82189</guid>
		<description><![CDATA[Big tech companies like Google and Facebook have made their fortunes by putting the power of the Internet in the hands of ordinary people. But when it comes to empowering their own shareholders, these companies are a lot less willing to relinquish control. When these firms went public in 2004 and 2012 respectively, they each issued two different classes of stocks: One class to be held by the founders and another by ordinary shareholders. In both cases, the voting rights of these share classes enabled the founders to retain complete control of the company. And on Monday, Google reached a settlement in a class action lawsuit that will allow it to issue a third class of shares with no voting rights at all, which will presumably give the firm ammunition for future acquisitions. The tendency for tech firms to use a so-called &#8220;dual-class&#8221; structure (a bit of a misnomer in Google&#8217;s case, as it will now offer three classes) has drawn the ire of many investors. When Facebook launched its dual-class structure last year the advisory firm Institutional Investor Services (ISS) inveighed against the social media giant in a letter to clients. The letter recalled examples of companies like Benihana in which the dual-class structure fomented contentious battles for control of the company after the founders left.  Writes ISS: &#8220;By establishing a dual-class structure at the onset of public trading, companies divide ownership interests into potentially opposing groups. These early fractures can widen into fault lines, eventually resulting in a costly, distracting, and potentially unpopular restructuring.&#8221; (MORE: After Austin: Five Reasons You’ll Want Google Fiber in Your City) ISS also worries that a dual-class structure leads to unaccountable management and poor performance over the long run. Indeed studies have shown that firms with a dual-class structure pay their executives more, and their stocks perform worse than companies with a single-class structure. But when deciding whether a company&#8217;s share structure will be good for the firm in the long term, it&#8217;s really necessary to look at companies on a case-by-case basis. First of all, Google has<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=82189&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	<primary_category>Stocks</primary_category><primary_category_link>http://business.time.com/category/wall-street-markets/investing-wall-street-markets/stocks-investing/</primary_category_link>
		<media:content url="http://2.gravatar.com/avatar/8f9a71742e964af96ca58c01a0577a0d?s=96&amp;d=http%3A%2F%2F2.gravatar.com%2Favatar%2Fad516503a11cd5ca435acc9bb6523536%3Fs%3D96&amp;r=G" medium="image">
			<media:title type="html">christopherrmatthews</media:title>
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		<title>Google Challenges NSA Secrecy in FISA Court</title>
		<link>http://business.time.com/2013/06/18/google-challenges-nsa-secrecy-in-fisa-court/</link>
		<comments>http://business.time.com/2013/06/18/google-challenges-nsa-secrecy-in-fisa-court/#comments</comments>
		<pubDate>Wed, 19 Jun 2013 00:39:48 +0000</pubDate>
		<dc:creator>Sam Gustin</dc:creator>
				<category><![CDATA[Technology & Media]]></category>

		<guid isPermaLink="false">http://business.time.com/?p=82198</guid>
		<description><![CDATA[Google has petitioned a secret U.S. national-security court to relax restrictions on the information the tech giant can reveal about government data requests, claiming such restrictions violate the company&#8217;s right to free speech under the First Amendment. Google&#8217;s motion, filed on Tuesday with the Foreign Intelligence Surveillance Court, is the tech giant&#8217;s latest attempt to address recent media reports that suggested it gives the National Security Agency (NSA) unfettered or &#8220;direct&#8221; access to user data. Google and other large Internet companies, including Apple, Facebook, Yahoo and Microsoft, have come under intense scrutiny following reports that the NSA uses a classified U.S. intelligence system called Prism to examine data — including e-mails, videos and online chats — that it collects via requests made under the Foreign Intelligence Surveillance Act (FISA). Following those reports, the tech giants have vigorously pushed back against the notion that they allow the government unfettered or &#8220;direct&#8221; access to their servers. In its motion, Google says its &#8220;reputation and business has been harmed by the false or misleading reports in the media.&#8221; Specifically, the tech giant referred to reports in the Guardian and the Washington Post that suggested that the NSA&#8217;s Prism system allows the federal government to tap directly into the company&#8217;s servers. Google has strenuously objected to those reports — which appear to have been based on a misreading of leaked NSA Prism slides — but the disclosures have nevertheless sparked a debate about the role of U.S. Internet companies in national-security investigations. (MORE: NSA Scandal: Tech Titans Jockey to Be the Most Transparent of All) Last week, Google asked U.S. Attorney General Eric Holder and FBI Director Robert Mueller for permission to publish &#8220;aggregate numbers of national-security requests, including FISA disclosures — in terms of both the number we receive and their scope.&#8221; Google is currently prohibited by a government gag order from even acknowledging that it receives classified FISA requests. In a remarkable footnote to its FISA court motion, Google points out that it can&#8217;t even confirm or deny that is has received FISA court orders. Google has been pressing the feds<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=82198&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://business.time.com/2013/06/18/google-challenges-nsa-secrecy-in-fisa-court/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
	<primary_category>Technology &amp; Media</primary_category><primary_category_link>http://business.time.com/category/technology-media/</primary_category_link><featured_image>http://timebusinessblog.files.wordpress.com/2013/06/rtx10eyw.jpg?w=240</featured_image>
		<media:thumbnail url="http://timebusinessblog.files.wordpress.com/2013/06/rtx10eyw.jpg?w=240" />
		<media:content url="http://timebusinessblog.files.wordpress.com/2013/06/rtx10eyw.jpg?w=240" medium="image">
			<media:title type="html">An illustration picture shows the logo of the U.S. National Security Agency on the display of an iPhone in Berlin</media:title>
		</media:content>

		<media:content url="http://0.gravatar.com/avatar/60187828ab0bda2734e1a17a173fabde?s=96&amp;d=http%3A%2F%2F0.gravatar.com%2Favatar%2Fad516503a11cd5ca435acc9bb6523536%3Fs%3D96&amp;r=G" medium="image">
			<media:title type="html">shgustin</media:title>
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		<title>Germany Has Become the Cut-Rate Prostitution Capital of the World</title>
		<link>http://business.time.com/2013/06/18/germany-has-become-the-cut-rate-prostitution-capital-of-the-world/</link>
		<comments>http://business.time.com/2013/06/18/germany-has-become-the-cut-rate-prostitution-capital-of-the-world/#comments</comments>
		<pubDate>Tue, 18 Jun 2013 15:45:39 +0000</pubDate>
		<dc:creator>Brad Tuttle</dc:creator>
				<category><![CDATA[Companies & Industries]]></category>
		<category><![CDATA[Economy & Policy]]></category>
		<category><![CDATA[Europe]]></category>
		<category><![CDATA[Paying With Plastic]]></category>
		<category><![CDATA[Saving]]></category>
		<category><![CDATA[Saving & Spending]]></category>
		<category><![CDATA[Tourism]]></category>
		<category><![CDATA[Travel]]></category>
		<category><![CDATA[Aldi]]></category>
		<category><![CDATA[Berlin]]></category>
		<category><![CDATA[brothels]]></category>
		<category><![CDATA[Germany]]></category>
		<category><![CDATA[human trafficking]]></category>
		<category><![CDATA[prostitute]]></category>
		<category><![CDATA[prostitution]]></category>
		<category><![CDATA[Sex]]></category>
		<category><![CDATA[sex trade]]></category>

		<guid isPermaLink="false">http://business.time.com/?p=82067</guid>
		<description><![CDATA[The presence of thousands of brothels and hundreds of thousands of prostitutes has heightened competition and pushed prices down steeply in the German sex trade. One tourist from Florida, who visits the country three times annually to pay for cheap sex, compares the scene to a discount supermarket: &#8220;Germany is like Aldi for prostitutes,” he says. Prostitution became legal in Germany in 2002, and the open sex trade has taken off in the years since. There are reportedly around 3,000 red-light establishments in the country, and 500 brothels in Berlin alone. It&#8217;s been estimated that more than 1 million men pay for sex in Germany every day. One of the classic arguments for legalizing prostitution is that recognizing and regulating the world&#8217;s oldest profession would improve the conditions of sex workers. Instead, recent reports paint legalized prostitution in Germany largely as a failure. In May, Der Spiegel published a series of stories highlighting the atrocious conditions endured by prostitutes in Germany, some of whom say they arrived in the country against their will. Typically, the stories involve young women from Romania and Bulgaria who were unwittingly duped into coming to Germany, where they were forced to service dozens of men daily in flat-rate deals where customers can have all the sex they want for an allotted time period, starting at just €49 (around $65). The women say customers are known to take drugs to improve their sexual performance in order to get their money&#8217;s worth. Some women report getting paid a pittance and never being allowed to leave their brothels. During rare breaks from work, they share a room with other prostitutes, where there is a single bed and no other furniture. (MORE: Brazil&#8217;s &#8216;Happy Prostitute&#8217; Slogan Gets a Chilly Reception) In early June, a documentary aired on ARD, Germany&#8217;s public-broadcasting station, called Sex — Made in Germany. The film was made in part by bringing hidden cameras into brothels over the course of two years. &#8220;Sex is cheaper than anywhere else,&#8221; one brothel owner in Berlin says on camera.<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=82067&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	<primary_category>Europe</primary_category><primary_category_link>http://business.time.com/category/economy-policy/europe-economy-policy/</primary_category_link>
		<media:content url="http://0.gravatar.com/avatar/f8de938518e7b986d552694ed99aa54d?s=96&amp;d=http%3A%2F%2F0.gravatar.com%2Favatar%2Fad516503a11cd5ca435acc9bb6523536%3Fs%3D96&amp;r=G" medium="image">
			<media:title type="html">bradtuttle</media:title>
		</media:content>
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		<title>NSA Scandal: Tech Titans Jockey to Be the Most Transparent of All</title>
		<link>http://business.time.com/2013/06/18/tech-titans-jockey-to-be-the-most-transparent-of-all/</link>
		<comments>http://business.time.com/2013/06/18/tech-titans-jockey-to-be-the-most-transparent-of-all/#comments</comments>
		<pubDate>Tue, 18 Jun 2013 09:45:27 +0000</pubDate>
		<dc:creator>Sam Gustin</dc:creator>
				<category><![CDATA[Technology & Media]]></category>

		<guid isPermaLink="false">http://business.time.com/?p=82061</guid>
		<description><![CDATA[Trust us, we&#8217;re from Silicon Valley. America&#8217;s largest Internet companies are tripping over themselves to bolster their public image following blockbuster disclosures about their role in the U.S. government&#8217;s controversial data-gathering program. Ever since news reports suggested that major tech firms — including Apple, Google, Facebook and Yahoo — provide the National Security Agency (NSA) with unfettered or &#8220;direct&#8221; access to their servers, the companies have been waging an aggressive campaign to demonstrate that they&#8217;re not government stooges. Now, several of the top Silicon Valley firms are engaged in a game of one-upmanship to show that they are the most transparent Internet company on the block. The initial reports about &#8220;direct access,&#8221; as part of a classified U.S. intelligence system called Prism, have turned out to be wrong. But the Prism reports have highlighted long-standing privacy fears about how the largest U.S. tech companies handle their vast troves of user data. The Internet giants have come under scrutiny following reports that the NSA uses Prism to examine data — including e-mails, videos and online chats — that it collects via requests made under the Foreign Intelligence Surveillance Act (FISA), one of the controversial laws at the heart of the current NSA-snooping furor. Following the Prism leak, which was supplied to the Guardian and the Washington Post by whistle-blower Edward Snowden, Apple, Google, Facebook and Yahoo all issued statements — in strikingly similar legal language — denying that they give the NSA &#8220;direct&#8221; or unfettered access to their computer servers. But the companies apparently felt the need to go further than those denials, and in recent days have engaged in a competition to demonstrate their commitment to transparency. (MORE: Google: We’re No NSA Stooge and We’ll Prove It if the Feds Let Us) Although Silicon Valley has roots in the U.S. military — the Defense Advanced Research Projects Agency was central to the development of the Internet — today&#8217;s big tech companies are keen to demonstrate their independence from the government, and often display a libertarian streak. Many engineers in Silicon Valley are sympathetic to “hacker&#8221; culture. Above all, Silicon Valley tech<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=82061&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	<primary_category>Technology &amp; Media</primary_category><primary_category_link>http://business.time.com/category/technology-media/</primary_category_link><featured_image>http://timebusinessblog.files.wordpress.com/2013/06/rtx10qwb.jpg?w=240</featured_image>
		<media:thumbnail url="http://timebusinessblog.files.wordpress.com/2013/06/rtx10qwb.jpg?w=240" />
		<media:content url="http://timebusinessblog.files.wordpress.com/2013/06/rtx10qwb.jpg?w=240" medium="image">
			<media:title type="html">Illustration picture of application icons of Facebook Twitter and Google on iPhone next to earphone set in Berlin</media:title>
		</media:content>

		<media:content url="http://0.gravatar.com/avatar/60187828ab0bda2734e1a17a173fabde?s=96&amp;d=http%3A%2F%2F0.gravatar.com%2Favatar%2Fad516503a11cd5ca435acc9bb6523536%3Fs%3D96&amp;r=G" medium="image">
			<media:title type="html">shgustin</media:title>
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		<title>Jay-Z, Samsung and the 21st-Century Patrons of the Arts</title>
		<link>http://business.time.com/2013/06/18/jay-z-samsung-and-the-21st-century-patrons-of-the-arts/</link>
		<comments>http://business.time.com/2013/06/18/jay-z-samsung-and-the-21st-century-patrons-of-the-arts/#comments</comments>
		<pubDate>Tue, 18 Jun 2013 09:45:12 +0000</pubDate>
		<dc:creator>Christopher Matthews</dc:creator>
				<category><![CDATA[Media]]></category>
		<category><![CDATA[Music Industry]]></category>
		<category><![CDATA[Technology & Media]]></category>

		<guid isPermaLink="false">http://business.time.com/?p=82029</guid>
		<description><![CDATA[When you&#8217;re locked in a global war to dominate the smartphone market, every little advantage helps. And now Samsung has enlisted one of the most brilliant musicians and promoters of the past two decades to its arsenal: Jay-Z. During game 5 of the the NBA finals on Sunday, Samsung aired a three-minute ad announcing the release of the rapper&#8217;s upcoming album Magna Carta Holy Grail, due out on July 4. According to The Wall Street Journal, the cellphone maker is paying the rapper $5 per album to issue his newest LP, through a dedicated app, to the first million Samsung Galaxy users 72 hours before its wider release. For Jay-Z, the deal will provide a nice supplement to the wider album sales, which even in this age of rampant piracy should be significant. Jay-Z&#8217;s last LP, Watch The Throne, sold 436,000 copies in its first week, according to Nielsen Soundscan. (MORE: Why YouTube is Launching a Music Service) Samsung&#8217;s motivation, however, is a bit more complex. As TIME contributor Eliot Van Buskirk has pointed out, content distributors are increasingly vying to have exclusive access to new music as it debuts, before it&#8217;s proliferated widely via radio, satellite radio, streaming services, and piracy. But surely Samsung doesn&#8217;t believe that offering access to a rap album three days early is going to generate enough extra Galaxy sales to justify the $5 million investment. Indeed, Samsung probably just views this deal as another advertising expense, and a way to get its brand associated with one of the biggest and hippest names in music. This is the same strategy that companies like Mountain Dew and Converse have taken by launching their own record labels. These companies aren&#8217;t getting into the music business so much as trying burnish their image by linking their brands to hip, young musicians. In fact, when you look at it that way, and consider the staggering amount of money Samsung spends on marketing each year, the deal begins to look like a real coup for Samsung. Industry analyst Horace Deidu estimates that Samsung Electronics spends more than $10 billion per year on ads, sales promotions,<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=82029&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	<primary_category>Music Industry</primary_category><primary_category_link>http://business.time.com/category/technology-media/music-industry-technology-media/</primary_category_link><featured_image>http://timebusinessblog.files.wordpress.com/2013/06/151128253-copy.jpg?w=240</featured_image>
		<media:thumbnail url="http://timebusinessblog.files.wordpress.com/2013/06/151128253-copy.jpg?w=240" />
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			<media:title type="html">Budweiser Made In America Festival Benefiting The United Way - Day 1</media:title>
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		<media:content url="http://2.gravatar.com/avatar/8f9a71742e964af96ca58c01a0577a0d?s=96&amp;d=http%3A%2F%2F2.gravatar.com%2Favatar%2Fad516503a11cd5ca435acc9bb6523536%3Fs%3D96&amp;r=G" medium="image">
			<media:title type="html">christopherrmatthews</media:title>
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		<title>All of a Sudden, There Aren’t Enough Electric Cars to Keep Up with Demand</title>
		<link>http://business.time.com/2013/06/18/all-of-a-sudden-there-arent-enough-electric-cars-to-keep-up-with-demand/</link>
		<comments>http://business.time.com/2013/06/18/all-of-a-sudden-there-arent-enough-electric-cars-to-keep-up-with-demand/#comments</comments>
		<pubDate>Tue, 18 Jun 2013 09:45:05 +0000</pubDate>
		<dc:creator>Brad Tuttle</dc:creator>
				<category><![CDATA[Autos]]></category>
		<category><![CDATA[Companies & Industries]]></category>
		<category><![CDATA[Energy]]></category>
		<category><![CDATA[Oil]]></category>
		<category><![CDATA[Saving]]></category>
		<category><![CDATA[Saving & Spending]]></category>
		<category><![CDATA[Smart Spending]]></category>
		<category><![CDATA[Chevy Spark EV]]></category>
		<category><![CDATA[Chevy Volt]]></category>
		<category><![CDATA[electric cars]]></category>
		<category><![CDATA[electric vehicle]]></category>
		<category><![CDATA[EVs]]></category>
		<category><![CDATA[Fiat]]></category>
		<category><![CDATA[Fiat 500e]]></category>
		<category><![CDATA[Honda]]></category>
		<category><![CDATA[Honda Fit]]></category>
		<category><![CDATA[Honda Fit EV]]></category>
		<category><![CDATA[Nissan]]></category>
		<category><![CDATA[Nissan Leaf]]></category>

		<guid isPermaLink="false">http://business.time.com/?p=82031</guid>
		<description><![CDATA[Electric vehicles like the Nissan Leaf and Honda Fit EV used to languish on dealership lots for months. A pricing war with aggressive incentives and cheap lease deals has changed all that. Last year, Nissan sold about half the number of Leafs it had anticipated, marking two years in a row of disappointing sales for the electric car pioneer. One of the factors holding the Leaf back from appealing to the masses has been the upfront price premium drivers have had to pay for the cars, when compared with similar vehicles that run on plain old gas. But in early 2013, Nissan tried to cut the knees out from this part of the anti-EV argument. The automaker dropped base prices on the Leaf by $6,400 for the new model, making the idea of buying an electric car for under $19,000 a reality, when state and federal incentives are factored in. And once lease deals, tax credits, and gas savings are considered in the equation, word has spread this spring that it&#8217;s basically possible to drive an EV for next to nothing. Nissan&#8217;s EV competitors have followed with compelling deals of their own, including $199-per-month lease specials for the Chevy Spark EV and Fiat 500e. Mitsubishi and Toyota have also dropped prices dramatically for EV models. As CNET pointed out, the Honda Fit EV might be the best offer of all: a three-year lease for $259 per month, with no money down, unlimited miles, a 240-EV home charging station, and auto insurance included. Honda&#8217;s previous lease deal was $389 per month, a price point that failed to get consumers excited. (MORE: Tesla Beat the Odds &#8212; And the Haters &#8212; But Now Comes the Hard Part) But within days of Honda dropping the special lease price by $130 in early June, dealerships in California were sold out and customers had to compete to get on the waiting list for more, per the Los Angeles Times: &#8220;It&#8217;s incredible, especially since we haven&#8217;t had any foot traffic or interest in the car in<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=82031&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	<primary_category>Smart Spending</primary_category><primary_category_link>http://business.time.com/category/saving-spending/smart-spending/</primary_category_link><featured_image>http://timebusinessblog.files.wordpress.com/2013/06/157468223-copy.jpg?w=240</featured_image>
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			<media:title type="html">Nissan's November US Sales Rise 13 Precent</media:title>
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		<media:content url="http://0.gravatar.com/avatar/f8de938518e7b986d552694ed99aa54d?s=96&amp;d=http%3A%2F%2F0.gravatar.com%2Favatar%2Fad516503a11cd5ca435acc9bb6523536%3Fs%3D96&amp;r=G" medium="image">
			<media:title type="html">bradtuttle</media:title>
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		<title>Why They Build Mega Yachts in Central China — an Economic Mystery Story</title>
		<link>http://business.time.com/2013/06/17/why-they-build-mega-yachts-in-central-china-an-economic-mystery-story/</link>
		<comments>http://business.time.com/2013/06/17/why-they-build-mega-yachts-in-central-china-an-economic-mystery-story/#comments</comments>
		<pubDate>Tue, 18 Jun 2013 01:00:31 +0000</pubDate>
		<dc:creator>Rana Foroohar</dc:creator>
				<category><![CDATA[Manufacturing]]></category>

		<guid isPermaLink="false">http://business.time.com/?p=82083</guid>
		<description><![CDATA[This article is the second in Foroohar&#8217;s series on Chinese business developments and their effects on the global economy; read the first installment here. It’s tough to feel sorry for billionaires. But even they have taken a hit over the past five years, or so says Brad Bean, the managing director of Dynasty Yachts in Wuhan, China, which is a division of the Miami-based Megayacht Group. Bean is a 35-year veteran of the yacht business, with a specialty in mega yachts — sea monsters that range in length from 50 to 120 m. With the rise in global wealth over the past two decades, the number of mega yachts, which start at about $50 million and top out at around $250 million, has been growing — as have the prices and backlog. “The order books of traditional yachtmakers in Germany, Italy and the Netherlands are filled for the next several years, and demand means the costs have just become too high,” says Bean. “And so our customers — many of whom have also become somewhat more price-conscious since the financial crisis — started coming to us and asking us to find new building areas.” Solution: yachts made in China. “It wasn’t the first place we thought of,” says Bean, who is used to people raising an eyebrow at the thought of what may be the world’s most expensive luxury good being manufactured in a country still better known for light fixtures and component electronic parts. Indeed, he looked at setting up production in Poland, Turkey, Russia and a number of other countries before finally settling on Wuhan, a city of 10 million in central China. The inland city, which sits on the Yangtze River, had the advantage of a port that wasn’t vulnerable to tsunamis and workers whose hourly rates are a fraction of those in Europe and lower even than those in China’s more developed coastal areas. No matter that they’d never built big boats there before. Bean brought in consultants from companies in Europe to manage and train<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=82083&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	<primary_category>Manufacturing</primary_category><primary_category_link>http://business.time.com/category/companies-industries/manufacturing-companies-industries/</primary_category_link>
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			<media:title type="html">ranaforoohar</media:title>
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		<title>Feds: N.Y., Va. 7-Eleven Stores Exploited Immigrants</title>
		<link>http://business.time.com/2013/06/17/feds-n-y-va-7-eleven-stores-exploited-immigrants/</link>
		<comments>http://business.time.com/2013/06/17/feds-n-y-va-7-eleven-stores-exploited-immigrants/#comments</comments>
		<pubDate>Mon, 17 Jun 2013 17:20:32 +0000</pubDate>
		<dc:creator>AP / LARRY NEUMEISTER</dc:creator>
				<category><![CDATA[Scams]]></category>

		<guid isPermaLink="false">http://business.time.com/?p=82036</guid>
		<description><![CDATA[(NEW YORK) — Nine owners and managers of 7-Eleven stores across Long Island and in Virginia were charged on Monday in a scheme to exploit immigrants from Pakistan and the Philippines, in part by paying them using the stolen Social Security numbers of a child and three dead people. Most of the defendants were arrested early Monday as federal authorities raided 14 franchise stores. Immigration and Customs Enforcement agents were executing search warrants at about 30 other stores across the country suspected of similar infractions, authorities said at a news conference in Brooklyn. Federal indictments naming eight men and one woman allege that since 2000 they employed more than 50 immigrants who didn&#8217;t have permission to be in the U.S. They tried to conceal the immigrants&#8217; employment by stealing the identities of about two dozen people — including those of the child, the dead and a Coast Guard cadet — and submitting the information to the 7-Eleven payroll department. When 7-Eleven&#8217;s headquarters sent the wages for distribution, the employers stole &#8220;significant portions&#8221; of the workers&#8217; pay, authorities said. The defendants also forced the workers to live in houses they owned and pay them rent in cash, they added. &#8220;The defendants not only systematically employed illegal immigrants, but concealed their crimes by raiding the cradle and the grave to steal the identities of children and even the dead,&#8221; U.S. Attorney Loretta Lynch said in a statement. &#8220;Finally, these defendants ruthlessly exploited their immigrant employees, stealing their wages and requiring them to live in unregulated boarding houses, in effect creating a modern day plantation system.&#8221; The government seized the franchise rights of 10 stores in New York and four stores in Virginia. The stores will remain open under the parent company&#8217;s operation. Immigration officials detained 18 workers, including some who first notified authorities about the alleged fraud. The defendants were to appear in court on Long Island and Norfolk, Va., later in the day to face wire fraud conspiracy, identity theft and alien harboring charges. They face up to 20 years in<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=82036&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	<primary_category>Scams</primary_category><primary_category_link>http://business.time.com/category/personal-finance-2/economics-policy/scams-economics-policy/</primary_category_link>
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			<media:title type="html">timeassociatedpress</media:title>
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		<title>The Real Lesson Behind Excessive Overdraft Fees</title>
		<link>http://business.time.com/2013/06/17/the-real-lesson-behind-excessive-overdraft-fees/</link>
		<comments>http://business.time.com/2013/06/17/the-real-lesson-behind-excessive-overdraft-fees/#comments</comments>
		<pubDate>Mon, 17 Jun 2013 16:09:10 +0000</pubDate>
		<dc:creator>Dan Kadlec</dc:creator>
				<category><![CDATA[Banking]]></category>
		<category><![CDATA[Financial Education]]></category>
		<category><![CDATA[Personal Finance]]></category>
		<category><![CDATA[Planning]]></category>
		<category><![CDATA[Saving & Spending]]></category>

		<guid isPermaLink="false">http://business.time.com/?p=81976</guid>
		<description><![CDATA[What’s more effective: consumer protections or consumer education that leads to sound individual decision-making? There is a place for both. But those who question whether financial education works would do well to consider the Consumer Financial Protection Bureau’s new report on bank overdraft fees, which in my opinion demonstrates that when individuals understand their choices, they will protect their pocketbook all on their own, thank you very much. Unfortunately, as the report also shows, individuals too often do not understand the choices. That is the watchdog bureau’s central finding and helps make the case for greater regulation. The report concludes that “each institution’s overdraft policies, procedures, and practices are highly complex and can be difficult for a consumer to navigate.” Among the overdaft complexities: Complicated fee structures Bank polices vary widely. Some cap daily overdraft charges to two a day while others allow you to pile up insufficient funds fees 12 times a day. Coverage limits Some banks have fixed limits on how much they will lend on a check or debit with insufficient funds; others vary the limits based on average daily account balance, overdraft history, and deposit patterns. Complex transaction postings The order in which check, debit card, and other transactions are posted to an account can influence the number of overdraft fees—and banks all do this differently. Some process transactions at periodic intervals throughout the day, some only at night. Some process debits in order, some from largest to smallest during a single day. You can see why confusion reigns. But it was another part of the report that caught my eye: The fact that so-called heavy overdrafters reduced their bank fees by a significant amount after declining overdraft protection. “The average checking account fees per account holder who chose to opt in (to overdraft protection) were $196 in 2011, while the average fees for those who did not opt in were $28,” the report states. (MORE: 4 Reasons Excessive Overdraft Fees Just Won’t Go Away) Just to be clear here, I&#8217;ll reiterate: The people who did not<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=81976&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	<primary_category>Financial Education</primary_category><primary_category_link>http://business.time.com/category/planning/financial-education/</primary_category_link>
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			<media:title type="html">dankadlec</media:title>
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		<title>5 Negotiation Tips From Steve Jobs</title>
		<link>http://business.time.com/2013/06/17/5-negotiation-tips-from-steve-jobs/</link>
		<comments>http://business.time.com/2013/06/17/5-negotiation-tips-from-steve-jobs/#comments</comments>
		<pubDate>Mon, 17 Jun 2013 15:40:46 +0000</pubDate>
		<dc:creator>Erik Sherman</dc:creator>
				<category><![CDATA[Small Business]]></category>

		<guid isPermaLink="false">http://business.time.com/?p=81918</guid>
		<description><![CDATA[<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=business.time.com&#038;blog=31173800&#038;post=81918&#038;subd=timebusinessblog&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	<primary_category>Small Business</primary_category><primary_category_link>http://business.time.com/category/small-business/</primary_category_link>
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			<media:title type="html">christopherrmatthews</media:title>
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			<media:title type="html">125x57-inc</media:title>
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