The news, trends and attitudes that are impacting your business and your entrepreneurial efforts on Thursday, May 26.
Top story: Leaders of the eight established industrialized nations gather in Paris for the G8 summit beginning today with a full agenda, but without a full complement of key decision-makers. That's because the larger G20 summit that includes such major emerging economies as China, Brazil, and India isn't scheduled until the fall. Still, leaders of the eight nations, including President Barack Obama, are sure to discuss the possible successor to former International Monetary Fund head Dominique Strauss-Kahn, who's being electronically monitored in New York after an alleged sexual assault on a Manhattan hotel maid. French Finance Minister Christine Lagarde is regarded as the favorite, but India is trying to line up support among emerging nations for a different direction for the IMF. G8 leaders are also expected to discuss the potential for lending an economic hand to pro-democracy movements that have emerged in the Middle East this Arab spring, with both German Chancellor Angela Merkel and Obama urging action to encourage development in that region. (Voice of America, Deutsche Welle)
Conversation starters:
Ballmer looks to Nokia: Can two once-dominant incumbents innovate their way into a future where newcomers have the edge? That's the question that looms over the alliance between Microsoft and Nokia as the Finnish phone maker and the American software company move to develop mobile platforms. Steve Ballmer, the CEO of Microsoft, says his company is ready for the software challenge, and believes the two companies together can create the kind of compelling hardware that Apple has built on its own. (Wall Street Journal)
Martha Stewart's company up for grabs?: Martha Stewart Living Omnimedia has hired advisory firm Blackstone to explore options for selling or finding a partner for the company. The move follows several years of falling revenue and sales for the media business. Stewart herself will rejoin the company in August, after serving a five-month prison term and a five-year ban from the boardroom for lying to federal investigators. (Reuters, Financial Times)
Turf war in Chicago: Once upon a time, gangsters battled for dominance of Chicago's streets. Now airlines are slugging it out for a piece of the flying public's affection as Richard Branson's Virgin America airline lands at O'Hare. (Chicago Tribune)
Lenovo running out of tablets: Chinese computer maker Lenovo turned in big profits. But there's a problem. The company is coming up short on supplies to compete in the key tablet market now dominated by Apple. (Reuters)
Budget battle commences in earnest: Democrats wanted to get Senate Republicans on record supporting their House colleagues controversial budget. They got their wish as the budget put together by Wisconsin's Paul Ryan that includes making permanent the Bush tax cuts and a major overhaul of Medicare went down to defeat in the Senate with 40 Republicans supporting it. (Portfolio.com)
Foreclosures foul housing market: A glut of foreclosures is driving home prices down. That's good news if you happen to have the money to invest in the housing market. But for most of us, it just means more economic misery. (CNN)
Whistle-blower rule passed: Corporate whistle-blowers can now receive multimillion dollar payouts, thanks to a new rule passed by the Securities and Exchange Commission yesterday. Under the rule, passed 3-2, whistle-blowers can receive up to 30 percent of the money the SEC recovers in a case. The U.S. Chamber of Commerce and large companies like Google and Best Buy contested the rule, arguing employees will go straight to the SEC instead of reporting internally. (Forbes, Reuters)
This time, at least no one died: Another day of powerful storms swept through the Midwest Wednesday. But unlike in previous days, there were no reported deaths. The weather system causing the storms continues to cause trouble even as residents of Joplin, Missouri, site of one of the deadliest tornadoes on record, dig out from the rubble. (Associated Press)
The Back Nine Business Bites:
- Tributes flow for CNBC anchor Mark Haines, who anchored Squawk Box and Squawk on the Street.
- Oprah fans, fear not: the talk show star hints she'll be back.
- Napster founder and former Facebook president Sean Parker says he is a victim of social media.
- A film depicting former Alaskan governor Sarah Palin's rise to fame will premiere next month.
- Lady Gaga reveals she was bullied at school.
- Scowling Detective Stabler will disappear from Law and Order: Special Victims Unit.
- The Hollywood Chamber of Commerce is not happy about plans to mimic its famous trademarked sign in Wellington, New Zealand.
- Now, you too can be a ninja.
- The 10 cool engineering tricks that the Romans taught us—no iPads necessary to duplicate.
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