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You can now search Yelp for emojis

Tue, 2014-04-08 14:35

You can now search the online review site Yelp using emojis -- those little cartoon-ish characters you can create with a certain set of keystrokes.     So...you search on a pair of scissors, you get listings for hair salons. A high heel gets you shoe stores. You get the picture(s).   I don't even want to search on a smiley face or a wink. Pretty sure the Internet has taken things one step too far.   We, of course, had to try it:   Some results were just... the usual for Yelp.       Others were pretty literal.       But seriously: Could this be a useful search tool?    

 

Manischewitz promotes 'Kosher' as 'healthy'

Tue, 2014-04-08 13:23

Passover is a week away, and if you know anything about this Jewish holiday, you know that it involves matzos, the unleavened cracker that you can buy in your local grocery store, usually in that one aisle with all the "ethnic foods." The kosher section of the supermarket is dominated by one brand in particular, Manischewitz, which as of today is owned by Sankaty Advisors, a division of the private equity firm Bain Capital.

Manischewitz wants people to think of the kosher symbol -- that little letter K on food packaging -- in the same way they think of the Fair Trade symbol, or the USDA Organic symbol -- higher quality and healthier..

“People want to know where the stuff comes from, how it’s made, who's making it,” says David Bernard, a marketing strategist with Mythmaker, a company whose strategy is to turn brands into compelling stories about "the essential human truth or core beliefs that brought the company to life.".

That strategy seems tailor-made for kosher foods, which according to Jewish belief are approved by God.

“That’s a pretty strong endorsement, but I think what it gets down to is this idea of authenticity," Bernard says. "It’s like, 'The people behind this product really care about what goes into it.'”

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That little "K" (along with its friends "OU" and "P"); has been showing up beyond bottles of Manischewitz. Check out some of the (bizarre) ways companies try to leverage "Kosher":

Coors claims to be "America’s First Kosher Beer

Go on a Kosher Safari in Africa!

Kickstarter funded high-end Kosher cheese! 

For a truly hands on experience: Get yourself a ticket to Kosherfest.

Tech firms challenged over hiring practices

Tue, 2014-04-08 13:19

Several technology giants, including Google, Apple, Intel and Adobe, are embroiled in a class-action lawsuit, where their employees claim the tech companies made an agreement not to poach talent from each other.

Employees at those companies say that resulted in $9 billion in lost wages.

Jim Balassone, with the Markkula Center for Applied Ethics at Santa Clara University, says figuring out exactly how much money in wages was lost is a lawyers' game. But, he says, the emails discovered during the lawsuit help connect the dots.

"In an email exchange between Google and Apple, Google sought the approval of Apple to hire four French software engineers who had already left Apple," Balassone said. 

Steve Jobs’ response? "We'd strongly prefer that you not hire these guys," he said in an email. 

Google honored his wishes.

"So there’s the issue of lost wages but harder to measure is the lost opportunity," says Balasone. 

Steve Donnelly, the head of recruiting for BigCommerce, has been reading the emails too. Referring to one in which Google asked if it could hire a current Apple employee, the answer was also "no." Donnelly believes that leaves the employee exposed.

"That limits the person who ends up staying with the company," he says, adding that an employer may decide not to promote that person or worse, start looking for somebody who’s more dedicated to the company to replace them. 

Scott Brosnan, a recruiter at Workbridge Associates in San Francisco, says competition for hiring engineers is stiff.

"I’ve seen candidates in this market where a year and a half ago were at $80,000 on their base salary and a year and a half later, they’ve changed two or three companies and their now at $140,000".

Brosnan says if engineers were blocked from taking jobs, then they were losing real money.

Google and Apple were contacted for comment, but did not respond to an email request.

Who's quitting? Who's hiring? Is it you?

Tue, 2014-04-08 13:12

There are some good things in the JOLTS (Job Openings and Labor Turnover Survey).  There were 4.2 million new job postings in February, 300,000 more than in January. We're at January 2008 levels now.

But let’s have our fresh numbers with a side of pickled context shall we?

First, these are mostly low wage jobs: restaurant jobs, temp jobs, for example.  This is typical of any  post-recession recovery; these are the jobs that rebound first.  We may not like them, but at least they’re rebounding. Second, we still have 2.5 times as many people as job postings.  That means 60 percent of people looking for a job in February weren't going to get hired no matter what they did.  In this kind of environment, employers have little incentive to bid up wages.

If employers aren’t bidding up wages and there aren’t nearly enough jobs to go around, then, thirdly, people aren’t going to really feel very comfortable with their job prospects.  Which is reflected in the Quits Rate – that’s the number of job quits/total employment.  It’s low, at *1.9 percent and it hasn’t really changed meaningfully in three years. 

Finally, job postings don’t mean job hirings.  Employers appear to be taking their time filling these positions.  That’s why the Hires Rate (number of hires during the entire month as a percent of total employment) is still depressed at 3.3 percent. But let’s not get all doom and gloom here.  Things are improving without a doubt.  They’re just doing so very slowly.

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CORRECTION: An earlier version of this story incorrectly reported the quits and hires rates in the Labor Department's February report. The text has been corrected.

Burning down the house that Levi's built

Tue, 2014-04-08 12:41

Josh Gustin took a different path after getting his MBA from the University of California Berkeley 8 years ago.

“Everyone else was going into consulting and banking, and I wanted to teach myself how to make the perfect pair of jeans,” Gustin said.

He started the company Gustin Jeans, and he quickly learned that making his way in the $6 billion world of denim would require some hoop-jumping.

“The basic model of never knowing what consumers want to buy is the fundamental flaw in this model. I would basically sit here and say ‘What would [the customer] want to wear a year from now?’ And then I’d place a big bet on fabric, sew all these jeans, put them in a warehouse and then spend the next 12 months convincing you that is indeed what you wanted to wear. And that just doesn’t work. It’s crazy.”

That guessing game means higher risk for companies and retailers, and higher prices for customers. Josh sold his jeans wholesale for $81 and the stores would hike the price up to $250. Gustin explained how this worked to his friend and eventual business partner, Stephen Powell, and the two decided almost exactly a year ago to cut the retail cord.

But selling stuff on the Gustin website only solved part of the problem. What they really needed was a way to precisely calculate supply and demand, the retail industry’s most vexing problem. That’s when they looked to Kickstarter.

“We are the first fully crowd-sourced fashion company,” Gustin said.

Here’s how it works: Gustin and Powell post a photo of a fabric swatch on their website with a brief description of what they plan to do with it. They sell jeans, shirts, bags, wallets, all kinds of menswear. Customers can then bid on “campaigns” they like, committing to buy an item for the price listed if enough interest is shown. Josh says just about everything Gustin posts makes it to production. Some of the items ‘sell out’ in just a few days, and that’s all before a single one is even made.

The result? Gustin Jeans now sell for wholesale straight to customers, operates exclusively in the black, and customers don’t have to wait until next season for new designs.

“Since we don’t have to take big risk on a particular type of fabric, we can offer a lot more variety. So we’ve probably used over a hundred different denims in less than a year. That’s probably what another fashion brand would use in a decade. We line up supply and demand every single time, and this is something fashion never does.”

 Even though it’s working well for them, Gustin isn’t expecting competitors to flood the markets any time soon.

“We benefit a little bit from how old this industry is. A lot of fashion companies are used to working a certain way, and either they’re too wedded to the traditional retail model – they can’t walk away from hundreds and hundreds of stores, that’s too scary – or they just don’t get it. They say, ‘No, we’ve always done business this way, why would we change?’” 

An English village, 30 years after its mine closed

Tue, 2014-04-08 11:47

American coal mines are closing. Do the miners have anything to learn from their British counterparts who lost their jobs in a wave of mine closures 30 years ago?

There’s nothing left of Cortonwood coal mine. All traces of the mine, which had thrived for more than a century, sustaining the small village of Brampton in Yorkshire, in the north of England, have been erased.

Today there’s a shopping center and office complex on the site where the pithead and the slag heaps used to stand. Cortonwood was where one of Britain’s bitterest labor disputes - the national miners’ strike - erupted in 1984. And Cortonwood was one of the first mines to be shut after the strike against pit closures ended in failure one year later.

There may be no physical trace of the pit, but the village still apparently bears the psychological scars of the loss of the mine.

“Coal was this community, it was that important,” says Denise FitzPatrick, whose husband and son worked in the mine. “Coal was the community. Not just here, but in all mining villages. Everything revolved around the pit. It was a terrible loss.”

Financially, as well as socially. 1.200 men worked at Cortonwood. Denise FitzPatrick’s daughter, Denise Lelliott, says when the pit closed, those who could find work usually made barely half what they earned underground. Many others languished on welfare.

“It’s ripped the soul out of this community,” she says. “I love my community. And it absolutely destroys me what it’s done to it. People says it’s recovered. It hasn’t. And I don’t think it ever will."

Even today, nearly 30 years after the pit closed, and after many of the pitmen have retired or died, the unemployment rate among the ex-miners of Cortonwood is still 12 percent. Andy Lock, who works for a charity which has tried to mitigate the effects of mass unemployment caused by the shutting of coal mines, says too little was done by the government to soften the blow of the pit closures.

“In my opinion there was a lack of support at the time," he says. "So when you have over 100,000 people becoming unemployed, with the lack of infrastructure and lack of support, you get problems.”

Belatedly, the British government did pump money into places like Cortonwood. The shopping center and office complex on the site of the mine opened for business some 15 years after the pit closed. It has been a big success. It has brought prosperity to the village and it is a significant employer, but not, says Denise Fitzpatrick, for the dwindling band of ex-miners.

“There isn’t a miner I know in this village or any other village that would be content to go and stand at the back of a counter –in a shop– because their life were down the pit, working, laboring, very hard down the pit,” she says.

To the outsider, this enthusiasm for deep pit coal mining is not easy to understand. Why did the British miners fight so hard to save such a difficult, dirty and dangerous job?

“Because it were my job," says Mike Clarke, who worked at Cortonwood for 29 years. "That’s what it were. It were my job. That’s the most important thing when you’re a working man. You’ve got pride. You’ve got your family. And you look after them the best you can. And coal mining was the best way I could.” 

Since Cortonwood closed Clark has thrived in the very different career of nursing. But he still misses the camaraderie of the pit, doesn’t regret resisting the closure and urges American miners to do the same.

“Yeah there is life after coal,” he says “Because you’ve got to make a life after coal. But just don’t lay down and die. Go down fighting, go down kicking and screaming. Make it as hard for them as you possibly can."

Tired of your name? A one day solution

Tue, 2014-04-08 11:40

From the Marketplace Datebook, here's what's coming up April 9:

  • In Washington, the Senate Commerce, Science, and Transportation Committee discusses international cooperation and space exploration at a hearing titled, "From Here to Mars."
  • A Senate Appropriations subcommittee holds a hearing on travel closer to the ground, assessing railway safety.
  • The Commerce Department reports on wholesale inventories and sales for February.
  • The House Committee on Small Business discusses "The Biggest Tax Problems for Small Businesses." It is tax season.
  • He's sold a lot of magazines. Hugh Hefner turns 88.
  • And someone who hates their name must have come up with this one. It's National Name Yourself Day. Just for a day, people. You turn into a pumpkin at midnight. Call me Beatrice.

The Hilton name, from Conrad to Paris

Tue, 2014-04-08 09:27

In his new book “The Hiltons: The True Story of an American Dynasty,” author J. Randy Taraborrelli traces the path of the hotel empire from founder Conrad Hilton’s childhood home in San Antonio, New Mexico to the Beverly Hills mansion of Paris Hilton. Here are a few of the questions that didn’t make it into our radio interview:

Did ‘Mad Men’ get Conrad Hilton right?

“I thought that was very realistic. I thought they made him a little more shark-like than he actually was, but for the purposes of drama they needed to amp that up. But I loved it and I know that the Hilton family loved it too. In fact, the Hilton family, the Hilton Foundation and the Hilton Library assisted ‘Mad Men’ and gave them the photographs and the material they needed to be able to recreate Conrad’s suits and the Stetson hat, and they gave them speeches so they would understand how Conrad spoke. They were very involved.”

The more contemporary Hiltons are famous for maxing out credit cards (or at least they would max out the credit cards of most of us). But the Hilton family actually had a hand in ushering credit cards into American society in the first place.

“Conrad and Baron Hilton were responsible for Carte Blanche, which in the 50s, 60s and 70s was the credit card. I remember the ads when I was a kid and I remember my parents wanting one very badly. Back in those days before credit cards were a novelty, it wasn’t easy to apply for a credit card and get one. And the Hiltons were one of the first to popularize the idea of credit cards. (While Diner’s Club beat them to the punch, Carte Blanche built the first global credit network). I remember Baron Hilton saying in a speech that cash money is out, now credit is in.”

What would Conrad Hilton think about Paris?

“I tend to have a very positive opinion of Paris Hilton. And the reason that I feel that way is that Barron Hilton, her grandfather and Conrad’s son, inherited the enterprise. Paris Hilton didn’t inherit anything except the name Hilton. (When Barron Hilton dies, Paris is expected to inherit about $5 million). The family mandate is this: You can do anything you want with the family name except go into the hotel business. She built her own empire independent of the hotel business and made $50 million doing so just because of her ingenuity, her personality and her persona. There are many Hiltons, many cousins, nieces, nephews. I met probably 50 Hiltons, none of whom we’ve ever heard of. She took the name and turned it into something huge. Whatever you think about Paris Hilton, you have to admit you know who she is.”

Conrad Hilton (1887 - 1979) the Chairman and President of the eponymous hotel chain, tips his hat in 1964.

Hulton Archive/Getty Images

 

PODCAST: (Not) talking about pay

Tue, 2014-04-08 08:45

President Obama plans to sign an executive order stopping federal contractors from punishing workers who talk about their paychecks. It's about enlisting transparency to narrow the gap between what women and men are paid. But keeping your pay to yourself is deeply rooted in the culture, as Kate Davidson reports.

And, Banco Popular is shifting eastward from Los Angeles and Chicago, according to the newspaper Crain's Chicago Business. Marketplace's Dan Weissman has more on prospects for the bank that went from Puerto Rico into neighbhorhoods around the U.S.

Meanwhile, there's you, in the workplace. You give and give some more, because that's the giving person you are. And then there's all those other people who take. Take, Take, Take.  Adam Grant is a professior at the Wharton school at the University of Pennsylvania who has a book called "Give and Take."

Restaurants squeezed by high price of limes

Tue, 2014-04-08 07:51

So just how expensive are limes these days?  Danny Herrera manages Fonda San Miguel, one of the priciest Mexican restaurants in Austin.  He says six months ago, he was paying $14 a case.

"Then it kinda went up to $20, and then it slowly started getting higher and higher," he says. "And then as of last week, it was up to $99."

Herrera stopped garnishing his meals with limes, and he's rethinking his Margarita prices. 

Most of the limes we consume come from Mexico - particularly the state of Michoacan, an area dominated by the drug cartels and citizen militias. Producers say they'd rather burn their crops than sell at the pitiful prices the cartels pay. I talked to one of the lime producers in Michoacan. He asked me to change his name to Carlos because he's afraid of the cartels.

Carlos says local lime prices are not high, they've held steady. "I don't understand why the public says the price is too high."

When I tell Carlos that some restauranteurs in the U.S. are paying around $100 per case, he's shocked.

"Son of a… That's a gross exageration."

Carlos says somebody is making a lot of money. But it isn't him. He says floods and plagues have cut citrus production in Mexico by half.

And there's a growing global taste for limes.

"In Asia, it's an important part of their supply and demand," says Dr. Eric Thor from the School of Agribusiness at Arizona State University. He says limes are more expensive now - in part - because there are millions more people using them. "Today we use the fruits in everything from special Margaritas to Asian noodles."

Now, planes full of fruit from the Americas are flown to China. And that has increased the price of everything from limes to cherries. But why do people in the United States pay for what consumers in China want? Thor says, basically, because we're still willing to pay for limes -- no matter the price.

He says the price will come down based on the time of year, and based on production.

As for now, it's hard to find limes in some Austin taco eateries. During my last visit to my favorite taco place, the attendant handed me a lemon instead of a lime. Can you believe that? In my book, that's a "no no." Tacos and lemons don't go together.

 

Why don't we like to talk about our pay?

Tue, 2014-04-08 02:41

President Obama is set to sign an executive order Tuesday prohibiting federal contractors from retaliating against workers who discuss their salaries.

This effort to increase wage transparency has another obstacle: our workplace culture, in which asking your cube-mate what he or she makes is virtually taboo.

"Well, it's said that Americans love to talk about sex, but don't like to talk about their salaries," says Gary Burtless, a labor economist at the Brookings Institution. 

However, many employers also have policies discouraging or prohibiting workers from sharing compensation information. That’s despite the fact that the National Labor Relations Board considers wage discussions a ‘protected’ activity.

Banco Popular retreats toward its home base

Tue, 2014-04-08 02:16

Banco Popular is based in Puerto Rico, but it has operations in mainland U.S. cities like New York and Miami. A recent news report says the bank is looking to sell its branches in Chicago and Los Angeles.

Just four years ago, Banco Popular rebranded itself in those cities as Popular Community Bank, hoping to broaden its customer base. Now it's moving in the opposite direction.

"At some point it makes sense for the company to exit the market," says Mark Palmer, managing director of BTIG, "and focus on its operations in Puerto Rico, where it's gaining market share, gaining deposits." And, making better profits.

At home in Puerto Rico, Banco Popular gets a better spread between the interest it pays depositors and the interest it gets paid on loans. Banco Popular is the island's biggest bank, and even in a weak economy, it's been growing.

Analyst Brian Klock watches Popular for the investment bank Keefe, Bruyette and Woods. He thinks that this move to streamline could be partly intended to please bank regulators.

Popular wants to pay back TARP bailout funds, so it can start paying dividends to shareholders again. Before regulators accept that payment, they require proof that the bank is in good shape, and well-run.

"That's because the regulators are focused on making sure we don't go through this again," he says, referring to the 2008 financial crisis.

Klock thinks that's good news for the rest of us. "The regulator is doing his job," he says, "to try to make sure this is a safe and sound banking system."

*CORRECTION: An earlier version of this story included a photograph of the incorrect bank. The photo has been corrected.

Take our quiz: are you a giver or a taker?

Tue, 2014-04-08 01:00


Are you the type of person that is more likely to give help to a colleague in need? Or are you more likely to take all you can get from everyone you work with?

Wharton professor Adam Grant explores in his book “Give and Take” whether being a giver or a taker makes you more successful in the business world.

Grant found that selfless givers may earn about 14% less than takers, but that ultimately they are in a better position to go farther in their careers and they last longer when they make it to the top.

Take the quiz below to find out whether you are a giver or a taker.
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Check out this quiz key below to find out more about your tendencies:
Productively helpful—generous and smart about it (1c/d, 2d, 3c/d, 4b/d, 5b, 6b/d)
Selfless—at risk for burning out or letting others take advantage of you (1a, 2a, 3c, 4a, 5c, 6c)
Transactional—at risk for being seen as selfish (1b, 2b/c, 3a/b, 4c, 5a/d, 6a)

To learn more, see "Give and Take," the New York Times bestselling book by Wharton professor Adam Grant. Get the first chapter for free here.

HBO heads to Silicon Valley

Tue, 2014-04-08 01:00

HBO premiered "Silicon Valley" this week. The show finds the funny side of what it means to struggle to be the next WhatsApp or Instagram. Critics are pointing out that there are few female characters in the show, thus far. Executive producer and writer Alec Berg says some of that is about getting the details of the tech industry right.

"People keep saying, 'There are a lot of women in tech. What about Marissa Mayer? What about Sheryl Sandberg?' Yeah, there are women in tech. We aren't saying there aren't," says Berg. "Do we want to do the perfect satirical riff on women in tech? Of course we do, and that's our intention. If we haven't gotten to it yet, just the fact that that is one of the hot-button issues that everybody brings up, that to me means we owe it to the show, to 'lean in' to that."

And how does Berg measure success of the show?

"The big thing for us was: Does it play for everybody?," he asks. "The realer we make it, the more the enjoyment factor goes up for people who don't know anything about it. You know, it just feels like a real world because ideally it's very true to that world."

Recapping the pilot of HBO's "Silicon Valley"

by Tobin Low

HBO's inaugural venture into Silicon Valley opens with a shot of Kid Rock performing, which is immediately surprising because ... who even knew Kid Rock still makes music? I'd sooner expect to see him on Dancing with the Stars, but I digress. The point is, he's performing for a minimal audience of not-so-excited Silicon Valley techies at a party celebrating the latest startup to be bought for millions of dollars ($200 million, to be exact -- which, in light of recent purchases made in the tech industry, doesn’t seem like that much money). Kudos to Kid for poking fun at his own lack of cache.

The opening sequence is getting at the larger setup for the show: the race to be the next it thing in Silicon Valley. It’s a topic we’ve explored before, and seems increasingly relevant as startups get snatched up for more and more money. The dream of receiving a fate-changing phone call from a Google or a Facebook is what drives Erlich, the founder of the Hacker Hostel, and his startup tenants, Richard, Big Head, Dinesh, and Gilfoyle. They're all at said party, and they're all unhappy to be there witnessing someone else's success.

Take Richard, for example. He and Big Head work for a Google-esque tech conglomerate named Hooli, whose offices look like a mix between UCLA's cafeteria and an REI showroom (i.e. an adult Gymboree with a sushi bar). We see Richard get bullied by two other employees -- apparently the Silicon Valley equivalent of jocks -- as he tries to defend the concept of his music-matching app, Pied Piper. What he wants more than anything is respect, but he doesn’t seem to be getting much from his coworkers or Erlich.

But Richard's luck is about to take a turn. After mumbling his way through an elevator speech to high-powered investor Peter Gregory, Richard gets competing offers for his Pied Piper algorithm from Gregory and Hooli CEO Gavin Belson.

Let's pause for a second to talk about Peter Gregory and Gavin Belson. Peter Gregory is introduced to the show via a TED talk about the virtues of abandoning higher education to pursue one's dreams. He believes in the idea so much that he’s offering $100,000 to any student who follows through on leaving college. Many see parallels to Silicon Valley angel investor Peter Thiel. Gavin Belson is part Steve Jobs, part AOL digital prophet Shingy, which is to say that he's brilliant and filled to the brim with meaningless buzzwords. These characters are a send up of every Steve Ballmer yell, every Steve Jobs powerpoint presentation, and every SXSW panel you’ve ever seen. They are Tech CEO 2.0.

And they offer Richard two different philosophical routes: Belson wants to buy the company outright for millions of dollars, ensuring that Richard's algorithm is used in Hooli's best interest. Belson wants to buy 10 percent of the company for $200,000, leaving Richard in control with the ability to continue to grow his idea as its own company. It's less money, but it also means Richard could become his own Gregory or Belson. 

In the pièce de résistance of the episode, Richard returns home to tell a ramen slurping Erlich (who is sure to be coming to a meme near you) that he has decided to take the modest offer from Belson in exchange for the chance to become his own CEO. Instead of the expected blow-up, Erlich is totally onboard with the idea, admitting that when he sold his own startup, he also sold a piece of his heart.

It's an optimistic end to a show that is more than a little bit cynical about the culture of Silicon Valley. What makes it interesting is that the plot of Silicon Valley (at least so far) is distinctly different than the one playing itself out over and over again in the tech industry. From Instagram to WhatsApp, most companies have a great idea, grow it, and then sell it to the Hooli's of the world (which doesn't work out for everyone). Will Richard and company do the same? Will Erlich ever find a t-shirt that fits his body? Will I ever understand what "algorithm" means beyond thinking of it as "fancy math"? At least one of these questions should be answered this season.

If you missed the pilot, watch the full episode below (warning: content is rated TV-MA):

How much is a college championship ring worth?

Tue, 2014-04-08 00:57

The University of  Connecticut beat the University of Kentucky on Monday night during the NCAA championship game.  The Huskies won the glory.  The confetti bath.  The right to star in this year’s “One Shining Moment”. 

 

And, presumably, a few months from now, the players will get a championship ring.  A big, blingy championship ring, like this one (photo courtesy of The Associated Press): 

 

Pretty fancy, right?  Turns out those rings look a lot more expensive than they actually are. Student-athletes who win championships can only receive $415 worth of gifts for the victory, per NCAA rules. (They are allowed additional gifts for participating in post season conference events and for winning their conference championship.)

According to USA Today, Jostens, the company that likely made your high school graduation ring, makes these college championship rings.  In 2013, USA Today spoke to Chris Poitras, from Jostens sport division: 

“In the last 5-10 years, the increase in gold and genuine diamond prices has pretty much priced gold and diamonds out of the scenario for college rings,” Poitras said.

Instead, the rings are decked out in “simulated colored non-genuine stones” and “metals that look exactly the same [as gold], but cost considerably less.”

Just becuase the rings aren't made of actual diamonds and gold doesn't make them cheap for the schools. According to AL.com, after Auburn's football team won the national football championship the school "spent the $75,000-$80,000 for one set of the national championship rings and the SEC title ring, which was slightly less than what was allowed by the NCAA."

Note: The Auburn-designed national championship ring that went to the players and coaches cost $415 each, the exact amount allowed by the NCAA. The SEC championship ring cost $285 each, under the $315 allowed by the NCAA.

Let's say you are one of the student athletes lucky and talented enough to earn a ring. You can't sell it.  According to the NCAA rulebook: "awards received for intercollegiate athletics participation may not be sold, exchanged or assigned for another item of value, even if the student-athlete’s name or picture does not  appear on the award."

China targets U.S. pig imports

Tue, 2014-04-08 00:41

Tougher new restrictions are being placed on imported live pigs from the United States, which represents a small portion of pork products that the U.S. exports to China.

Perhaps more telling, though, is what happened behind the scenes here in China to put some of these measures into place, says Feng Yonghui, chief analyst at Soozhu-dot-com, China’s major web portal on the live pig market: 

"China’s domestic pork prices have been very low for the last two years thanks to imported live pigs from America," said Feng from his office in Beijing, "Domestic farmers have been complaining a lot to China’s government about this, so given all this pressure, it’s understandable the government would take such measures."

China has asked the U.S. Department of Agriculture to conduct testing and provide certification that imported live hogs are from herds that are free of porcine epidemic diarrhea virus, and producers in the states have already noticed that China is already denying permits for live hog imports until the USDA starts to implement this type of testing.

When to trust (cough) financial journalists

Mon, 2014-04-07 14:51

You know how we in the financial press will say "There is word of this big merger being negotiated" or "There are reports of that corporate aquisition in the works"?   Sometimes those stories pan out, sometimes they don't. Now, thanks to researchers at the University of Southern California and the University of Michigan, there is a way to tell which deals are more likely to actually get done.   A key takeaway: Consider the source. Bloomberg has the most accurate reportage of mergers and acquisition: An astounding 80 percent accuracy rate. The New York Times is number six on the list, behind -- get this -- the New York Post.    Another guide: the bigger the company in question, the less likely it is that the story will pan out.    

'The Tech Sector': Growing, and growing vaguer

Mon, 2014-04-07 13:34

Anyone remember when Homer Simpson created "Compu-Global-Hyper-Mega-Net"?  Marge asks him what, exactly, his company does, and he responds, “Eh, this industry moves so fast it's really hard to tell.”

It was emblematic of a time in American economic history where tech and the Internet were exploding – a period that ultimately ended in a deafening "POP" sound when the bubble burst. These days, with social media companies that don't even earn any money valued in the billions, it's worth asking the same question. Especially when tech shares are losing value as they started to do last Friday, and are continuing to do today.

"The Tech Sector" is of course a very vague term that many economists and the Bureau of Labor Statistics haven't quite settled on, so it's hard to make anything but vague estimates for its actual size. You can play around with the numbers yourself here. By one gauge, the sector employs 1.3 to 2.5 million people. That's out of 138 million people total employed in the U.S.

But its impact is wider than that.

"What the tech sector historically has done, and continues to do today, is come up with new ways of doing business for all companies and all industries," says Matt Slaughter, director of the Center for Global Business and Government at Dartmouth's Tuck School of Business, "in addition to cool technology innovations."

One way an economy becomes more productive is through new technology -- and the tech sector embodies that, of course. 

So, does the fact that tech stocks are taking a beating signify a major problem under the hood of our economic engine?

"It's not unusual," says Stuart Freeman, chief equity strategist with Wells Fargo Advisors.  He says tech stocks did well over the past year, and it's normal that at some point people wanted to cash out. "After a while you see investors take profits in the meat of the tech sector, some of the larger companies."

When that happens, it often nudges other investors to do the same thing, a bit like a run on the bank. Not a catastrophic one, but a distinguishable one nonetheless. 

And what we’re seeing isn’t a rash, he adds.  Friday was bad, but most tech stocks are only down between .7 and 1 percent over the year so far.  And nothing he’s seen changes his estimate that tech stocks will grow 5-6 percent over the next year.

Measuring the tech sector: How big is it, really?

Mon, 2014-04-07 13:34

Anyone remember when Homer Simpson created "Compu-Global-Hyper-Mega-Net?"  Marge asks him what, exactly, his company does, and he responds, “Eh, this industry moves so fast it's really hard to tell.”

It was emblematic of a time in American economic history where tech and the Internet were exploding – a period that ultimately ended in a deafening "POP" sound when the bubble burst. These days, with social media companies that don't even earn any money valued in the billions, it's worth asking the same question. Especially when tech shares are losing value as they started to do last Friday, and are continuing to do today.

"The Tech Sector" is of course a very vague term that many economists and the Bureau of Labor Statistics haven't quite settled on, so it's hard to make anything but vague estimates for its actual size. You can play around with the numbers yourself here. By one gauge, the sector employs 1.3 to 2.5 million people. That's out of 138 million people total employed in the U.S.

But its impact is wider than that.

"What the tech sector historically has done, and continues to do today, is come up with new ways of doing business for all companies and all industries," says Matt Slaughter, director of the Center for Global Business and Government at Dartmouth's Tuck School of Business, "in addition to cool technology innovations."

One way an economy becomes more productive is through new technology -- and the tech sector embodies that, of course. 

So, does the fact that tech stocks are taking a beating signify a major problem under the hood of our economic engine?

"It's not unusual," says Stuart Freeman, chief equity strategist with Wells Fargo Advisors.  He says tech stocks did well over the past year, and it's normal that at some point people wanted to cash out. "After a while you see investors take profits in the meat of the tech sector, some of the larger companies."

When that happens, it often nudges other investors to do the same thing, a bit like a run on the bank. Not a catastrophic one, but a distinguishable one nonetheless. 

And what we’re seeing isn’t a rash, he adds.  Friday was bad, but most tech stocks are only down between .7 and 1 percent over the year so far.  And nothing he’s seen changes his estimate that tech stocks will grow 5-6 percent over the next year.

Can an executive order help close the pay gap?

Mon, 2014-04-07 13:30

President Obama is taking measures to try to close the gender pay gap. On Tuesday, Obama will sign an executive order that bans federal contractors from punishing workers who discuss what they're getting paid.

Although such a measure is already enshrined in law, supporters of the move say many people simply don't know they are legally permitted to talk about wages in the workplace.

Obama will also direct the Labor Department to adopt rules that require those same contractors to provide data on what employees are earning, broken down by race and gender. The orders will only apply to federal contractors, but that's not a small group. 

Samuel Estreicher directs the Center for Labor and Employment Law at the New York University School of Law and jokes - that "federal contractor" is basically a synonym "for multinational corporations, for U.S.-based multinationals."

Companies that have contracts with the federal government include some of the largest corporations in the world, and employ around 26 million people in the U.S.

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