Marketplace - American Public Media
In the Internet age, the line "I didn't get your text" has a real "The dog ate my homework”-feel to it. But it's also the truth for some Android users who are not getting messages sent from iPhones.
Those messages, sent to those who switched to an Android phone from an iPhone, was sometimes getting caught up in something of a iMessage black hole, because newly-Android phone numbers were stuck in their previous iMessage ecosystem.
"Anecdotally, I’ve experienced it with my wife’s friends,” says Wayne Lam, a senior analyst at Telecom Electronics.
Now, Apple has a website where you can delist your phone number from iMessage. But the fix comes long after anecdotes surfaced of not only lost personal texts, but of the bug causing problems for businesses.
Scott Irwin with Rembrandt Venture Partners, which focuses its investments on enterprise and business technologies, sees a growing trend in businesses adopting texts as an integral part of their daily operations.
"We think that the timing is good, and the need is very real,” says Irwin. “Employees… use various texting platforms in their personal lives, and that tends to bleed over into their professional lives as well, so this is creating the problem and therefore the opportunity.”
Irwin says employees are adopting consumer texting services for business use, which can have all kinds of problematic implications from the stand point of confidentiality, information security and compliance issues.
A number of services are now vying for the business texting market to help solve those problems. And anlysts there may be a shake-out coming among texting providers, as the business world increasingly adapts to the technology.
Meanwhile, companies are also looking at texting as an important tool in how they communicate with customers.
Airlines are a perfect example, when they send text alerts with changed flight information, says independent telecom analyst Jeff Kagan.
"Some businesses are really moving into this aggressively. And other competitors in the same space are not,” says Kagan. "But over the course of the next several years, as other companies start to implement it themselves… then, you’ve got to use it or you’re in a disadvantage.”
“We’re in the early stages of seeing this form of communication become a real productivity tool,” says Lam, who adds that there are now a lot of companies entering the field.
More texts from Nova and Dave.(Photo: David Shaw)
Stakes have been raised in the fight for an open Internet.
President Barack Obama took a strong stance for net neutrality on Monday morning. In a recorded statement, Obama called for the Federal Communications Commission to reclassify broadband as a utility, like water or electricity, under Title II of the Communications Act.
The FCC, which is independent from Congress and the White House, actively sought comment from the outside on the issue. FCC Chairman Tom Wheeler said the Commission would add Obama's input to the 3.7 million-comment pile that they've already received.
The FCC was originally expected to introduce new rules by the end of the year, but Wheeler has said they will take more time.
Republicans hope to update the Communications Act for the first time since 1996, and net neutrality will play a role. Texas Senator Ted Cruz signaled further politicization of the issue by calling net neutrality, "Obamacare for the Internet," in a tweet after the president's announcement.
Here are the other stories we're reading and numbers we're watching:45
"Sesame Street" debuted 45 years ago, on November 10, 1969. For the occasion, The Atlantic dug up their initial review of the show, which praised the muppets but lambasted the show's potential, thanks in part to its "great stress on the alphabet." On "Marketplace," we've explored Elmo's dominance in toy sales, "Sesame Street"-branded schools overseas and where different characters fall on the economic spectrum. What does Oscar the Grouch care about most during the election? Stimulus spending.8,019,763
That's how many people bought a health plan using an insurance marketplace under the Affordable Care Act. The Kaiser Family Foundation estimates there are about 20 million more potential buyers. The latest iteration of Healthcare.gov went live Sunday night and open enrollment starts this weekend. Vox breaks down what to expect from round two of the ACA.1 percent
That's the portion of Internet time people spend on Twitter, according to a Morgan Stanley chart featured on Quartz. Compare that to Facebook, which accounts to about 15 percent of time spent online. It's no wonder the company wants to publish content directly.
Stuxnet is a computer worm that was discovered in 2010 and was used against Iran's uranium enrichment program.
Kim Zetter's book "Countdown to Zero Day: Stuxnet and the Launch of the World’s First Digital Weapon" goes deep into the discovery of Stuxnet, how it was used and discovered in the past decade and the future of digital weapons.
Stuxnet was designed not to steal anything or harm computers, but for mere sabotage of physical equipment. While Zetter agrees Stuxnet may have prevented a "kinetic war," she suggests it also opened the possibility of damage to critical digital infrastructure in the not-too-distant future.
"There’s no going back," she says.
Read an excerpt from "Countdown to Zero Day":
The Case of the Centrifuges
It was January 2010 when officials with the International Atomic Energy Agency (IAEA), the United Nations body charged with monitoring Iran’s nuclear program, first began to notice something unusual happening at the uranium enrichment plant outside Natanz in central Iran.
Inside the facility’s large centrifuge hall, buried like a bunker more than fifty feet beneath the desert surface, thousands of gleaming aluminum centrifuges were spinning at supersonic speed, enriching uranium hexafluoride gas as they had been for nearly two years. But over the last weeks, workers at the plant had been removing batches of centrifuges and replacing them with new ones. And they were doing so at a startling rate.
At Natanz each centrifuge, known as an IR-1, has a life expectancy of about ten years. But the devices are fragile and prone to break easily. Even under normal conditions, Iran has to replace up to 10 percent of the centrifuges each year due to material defects, maintenance issues, and worker accidents.
In November 2009, Iran had about 8,700 centrifuges installed at Natanz, so it would have been perfectly normal to see technicians decommission about 800 of them over the course of the year as the devices failed for one reason or another. But as IAEA officials added up the centrifuges removed over several weeks in December 2009 and early January, they realized that Iran was plowing through them at an unusual rate.
Inspectors with the IAEA’s Department of Safeguards visited Natanz an average of twice a month—sometimes by appointment, sometimes unannounced—to track Iran’s enrichment activity and progress. Anytime workers at the plant decommissioned damaged or otherwise unusable centrifuges, they were required to line them up in a control area just inside the door of the centrifuge rooms until IAEA inspectors arrived at their next visit to examine them. The inspectors would run a handheld gamma spectrometer around each centrifuge to ensure that no nuclear material was being smuggled out in them, then approve the centrifuges for removal, making note in reports sent back to IAEA headquarters in Vienna of the number that were decommissioned each time.
IAEA digital surveillance cameras, installed outside the door of each centrifuge room to monitor Iran’s enrichment activity, captured the technicians scurrying about in their white lab coats, blue plastic booties on their feet, as they trotted out the shiny cylinders one by one, each about six feet long and about half a foot in diameter. The workers, by agreement with the IAEA, had to cradle the delicate devices in their arms, wrapped in plastic sleeves or in open boxes, so the cameras could register each item as it was removed from the room.
The surveillance cameras, which weren’t allowed inside the centrifuge rooms, stored the images for later perusal. Each time inspectors visited Natanz, they examined the recorded images to ensure that Iran hadn’t removed additional centrifuges or done anything else prohibited during their absence. But as weeks passed and the inspectors sent their reports back to Vienna, officials there realized that the number of centrifuges being removed far exceeded what was normal.
Officially, the IAEA won’t say how many centrifuges Iran replaced during this period. But news reports quoting European “diplomats” put the number at 900 to 1,000. A former top IAEA official, however, thinks the actual number was much higher. “My educated guess is that 2,000 were damaged,” says Olli Heinonen, who was deputy director of the Safeguards Division until he resigned in October 2010.
Whatever the number, it was clear that something was wrong with the devices. Unfortunately, Iran wasn’t required to tell inspectors why they had replaced them, and, officially, the IAEA inspectors had no right to ask. The agency’s mandate was to monitor what happened to uranium at the enrichment plant, not keep track of failed equipment.
What the inspectors didn’t know was that the answer to their question was right beneath their noses, buried in the bits and memory of the computers in Natanz’s industrial control room. Months earlier, in June 2009, someone had quietly unleashed a destructive digital warhead on computers in Iran, where it had silently slithered its way into critical systems at Natanz, all with a single goal in mind—to sabotage Iran’s uranium enrichment program and prevent President Mahmoud Ahmadinejad from building a nuclear bomb.
The answer was there at Natanz, but it would be nearly a year before the inspectors would obtain it, and even then it would come only after more than a dozen computer security experts around the world spent months deconstructing what would ultimately become known as one of the most sophisticated viruses ever discovered—a piece of software so unique it would make history as the world’s first digital weapon and the first shot across the bow announcing the age of digital warfare.
The luxury home builder Toll Brothers had some good news for shareholders today. Revenues for the quarter ending in October shot up by 29 percent. Strong demand, especially on the West Coast, boosted the company's sales.
This past year Toll Brothers has been aggressively expanding on the West Coast. In southern California alone it’s developing five new communities.
But the strong quarterly showing from Toll may not say much about a wider housing market recovery. Toll focuses on the higher end of the homebuilding market, something that many homebuilders have been doing the past few years.
“Homebuilders have been serving the part of the market that’s been the healthiest, which has been older, move-up buyers that have home equity, that have more wealth,” says Robert Dietz, an economist with the National Association of Homebuilders.
That trend has been reinforced by lenders chasing wealthy buyers, offering them surprisingly low rates on large “jumbo” mortgages. The rates, in some cases, are even lower than those for standard loans. Housing economist Brad Hunter at Metrostudy hopes by next year, there will be signs of a broader recovery in the housing market.
“Our take is that rents are getting so high and job formations are getting better,” says Hunter.
Corporate titans, leaders of Fortune 500 companies, wearers of starched white shirts, winners of enormous paychecks and occupiers of corner offices with imposing black desks and gleaming glass views. It's easy to conjure images of CEOs in offices... but what, exactly, is it that they do in there all day?
A CEO's job isn't one that's easy to categorize. It doesn't fit neatly into a one-slot job description like number-cruncher, analyst or ad-man. And when I contacted companies to try to coax out an answer, most said their CEO's time was too tight for a discussion about how they spend it.
Andrea Prat, a professor of economics at Columbia Business School, who studies this exact corporate mystery, says over 80 percent of a CEO's time "is spent in interactions with other people.”
To translate academic-speak into more conversational language: CEOs, says Prat, spend most of their days in meetings. And, he notes, most of the meetings are with employees inside the company. If you find yourself questioning this practice, concerned that meetings have a poor reputation as wasters of time, says Prat: “Surprisingly, that’s actually not what we find.”
Instead, he says, the more time a CEO spends in meetings with his or her employees, the better the company does.
"You can measure firm performance as productivity," he says. "You can measure it as return on capital employed, or you can measure it as growth over time. This strong correlation exists even when we control for everything we observe about the firm – the industry, the location, the size, the capital employed."
When CEOs aren't spending the majority of their time with employees, it can be evidence of a serious problem. It can mean, says Prat, a focus on maintaining outside visibility for the CEO – a hedging of bets. That he or she may be polishing up their resume and keeping an eye on the horizon for other job opportunities. CEOs need to be steering the ship from the inside, mostly, via meetings.
And meetings were what were happening at the two companies that agreed to let their CEOs talk to a reporter. First, at Happy Family, a maker of organic food for babies, tots and kids, 37-year-old CEO Shazi Visram has been so busy all day she's barely had time to – well....
“So I wanted to go to the bathroom like 20 minutes ago, but see, this is, that’s what happens."
Visram is talking about getting sidetracked by trying to check in with her 80 fulltime employees. Something she says she tries to do whenever she’s in her New York headquarters, like today. There's a group meeting to look at sketches of designs for product packaging, a one-on-one check-in about the design of the company website, a meeting to taste test new potential products. And in between, work on a charity project, an orphanage for kids overseas, writing an article, wrangling time zones and dialing codes to place international phone calls with Happy Family's parent company, Danone. And of course, email.
"I probably get close to 500 emails a day on average," says Visram. "Not every one needs a response, but every one needs to be read."
A stressful prospect for any employee – C-Suite level or not. Luckily, at Sealed Air, a New Jersey-based company, with 25,000 employees, there is a special option available for the relief of nerves. Among the many products the company produces is bubble wrap. Enough, says Ken Chrisman, president of product care at the company, "to reduce the whole level of stress worldwide by at least 1 degree.”
Jerome Peribere, 59, is the company's CEO. After a tour of the Secaucus, N.J., plant he pulled out a printed itinerary of his schedule for the day.
Arriving around 7:15 a.m., Peribere caught up on emails, had a phone meeting, spoke to employees in New Jersey at a town hall meeting - and the schedule for the rest of the day? More meetings.
Sealed Air has over 100 manufacturing sites around the world, and Peribere estimates he spends 60 percent of his time traveling to visit customers, plants and offices.
At Happy Family, Visram says she does a little bit of everything – sales, marketing, management. Being a CEO, says Visram, requires a certain personality type – someone with a strong vision for the future.
“Yeah, I’m a little bossy – but in a good way. If a corporate culture is all about collaboration, and there’s no one person who can say, 'you know what, this is great, but we’re going to do this and this is why,' you’re asking for chaos.”
Andrea Prat says CEOs put in just over 11 hours at work every day. But he says it's probable they work even more. His study is limited to the hours a CEO was observed working, or had been scheduled for work activities, by her or by her personal assistant.
"So if, for instance, after dinner they make phone calls or they do emails, we don’t observe that," he says.
Being CEO, says Peribere, is more than a full time job, and isn't limited to five days a week. "The good thing about the weekend is that you can spend quality time working," he says.
Visram is not only CEO of Happy Family, but also the company's founder. She recalls putting in epic hours during its start-up phase. She was also pregnant.
"And I would literally think, 'I’m not going to drink too much water right now, because I’m going to be on the phone for an hour and a half, and I don’t have the time to go and literally walk all the way down the hall,' because the restroom was really far away."
Visram would get so busy, she says, she used to sleep on the floor of her office – with a little blue blanket and a yoga mat, until an employee felt sorry for her and splurged on a $100 fold-out bed. She still keeps the yoga mat in a corner of her office. So when people bring up the touchy subject of high CEO pay, Visram says that while she's not familiar with the workings of banking institutions, "the CEO pay scales that really get critiqued"– she is quick to voice her opinion about the pay scale of other corporate leaders:
“I believe that for the folks who are in that position, many of them have really earned it, and they’ve paid their dues,” she says. "I was the CEO for four years of this business, and I was making $36,000 a year, living in New York City, and I had an MBA from Columbia. So, I think it all balances out."
Peribere, who is originally from France, says he applauds the American practice of publishing the salaries of top executives of public companies.
"I like very much this transparency with the concept of being paid for the value you create," he says. "You have CEOs who have created zero value during their tenure. I think it is unfair to have very high salaries for people who have created zero value."
He takes out his phone and pulls up a chart of Sealed Air's stock performance dating back to before he started with the company.
"It was at $13 the day before my nomination has been announced," he says. "And it is today at $35."
Peribere says the company has done well, so the executive team should be rewarded – reasonably. And, he notes, not everyone is cut out to be CEO. A company's leader has to be able to see the light at the end of the tunnel, he says, as well as to lead their team there. Like when employees use overly complex language in presentations, and he asks them "what do you mean?"
"And then the person tells you oh, what I meant is, 'this is where we are, this is where we’re going and these are the five things we need to do to get there.' And my answer systematically is – just say so. Business is simple; people make it difficult.”
What does it mean when buying stocks in China gets quite a bit easier? Andrew Batson, China Research Director at Gavekal Dragonomics, joined us from Beijing. Plus: Wholesale natural gas prices spiked last week, and they're back up this morning on news of a new polar vortex. Finally: natural gas production, however, shows no sign of abating - the question now is what to do with all of it.
It’s that time of year again: Wall Street bonus season.
A survey Monday from Johnson Associates suggests this year will bring good news and bad news to different sectors of the financial industry, providing a mixed indicator of the health of the American financial industry, as well as the economy as a whole.
The survey has bad news for some of finance's risk takers: Hedge funds and traders of stocks and bonds are predicted to see bonuses drop by as much as 10 percent from last year.
"The first question is: 'Why are the trading bonuses lower?'" says Wallace Turbeville, senior fellow at Demos and former Goldman Sachs investment banker. "That could be a lot of reasons."
Turbeville thinks it could be due to lower stock market volatility or an increase in automation. "But the real question is whether the traders are changing their behavior and putting less risk on the books at the banks and hedge funds," he says. "That kind of risk can blow up, of course, that's what happened in 2008."
The Johnson Associates survey projects other sectors of the financial industry to see bonus increases. Investment bankers and private equity employees working on mergers and acquisitions are predicted to see increases of up to 15 percent.
"The picture is really quite bright, or it is getting brighter, for investment banking," says S.P. Kothari, deputy dean at MIT's Sloan School of Management.
This is in part because of a number of big mergers and acquisitions this year, like Comcast's acquisition of Time Warner and AT&T's acquisition of DirecTV. This year's M&A activity is on track to be one of the biggest, in dollar value, of all time.
"The merger activity is a harbinger of good prospects for the economy," says Kothari.
For the financial industry, the good and bad prospects more or less average out: With bonuses factored in, take-home pay at commercial and investment banks is expected to be about the same as last year.