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Tuesday, January 21, 2014

Claman On Call: Pimco CEO to leave the firm in March

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Daily Market Update with Liz Claman

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Pimco CEO to leave the firm in March

Claman on Call: FBN's Sandra Smith with an after-hours web-exclusive on the markets, Pimco, IBM and AMD earnings, another snow storm impacting retail sales.

On Our Radar: News We're Following

Retail resurrection?
IBM Reveals Mixed 4Q Results as Sales Slump
El-Erian Steps Down From PIMCO As Bond King Struggles
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Need More Space? (Of Course You Do!)

A small space can be made so much more functional with a few clever tricks.

Put toiletries above the faucet.

33 Insanely Clever Things Your Small Apartment Needs

Did you know you can save space by using an over-the-faucet shelf for toiletries? A little DIY can go a long way.

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Feeling Frozen?

Now the hit song from the hit movie "Frozen" is here — in 25 languages. It's okay to sing along!

sing it!

Get "Frozen" Again As Elsa Sings "Let It Go" In 25 Languages

The world can’t stop singing “Let It Go." So Disney has released a multilingual version of the Oscar-nominated hit song for you to sing along with, too.

— by Jarett Wieselman

Elsewhere in Entertainment

Lindsay Lohan showed up at Sundance. And she looked “Mean Girls” good.

Here's a photo of a young Ryan Gosling, Britney Spears, and Christina Aguilera. Try not to gawk.

Would you like to buy the Lena Dunham of couches? Because one's for sale in Brooklyn.

Kourtney Kardashian's been showing off photos from inside her house. And it's more beautiful than you'd have imagined.

 

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Overworked and overpaid

“Overwork has become a credential of prosperity”, writes James Surowiecki on the growing cult of overwork among knowledge workers. It’s not just the beleaguered and well-compensated junior investment bankers who are putting in long hours:

Thirty years ago, the best-paid workers in the U.S. were much less likely to work long days than low-paid workers were. By 2006, the best paid were twice as likely to work long hours as the poorly paid, and the trend seems to be accelerating. A 2008 Harvard Business School survey of a thousand professionals found that ninety-four per cent worked fifty hours or more a week, and almost half worked in excess of sixty-five hours a week.

This kind of never-off-the-clock fatigue seems to affect higher paid workers more -- the more money you earn, the more you seem to work. Meanwhile, there’s evidence that working more doesn’t mean you’re actually doing more. OECD data, The Economist writes, shows declining productivity as the number of hours worked increases.

And yet knowledge workers keep working counter-productively long hours. Alexandra Michel, whose nine-year study of two investment banks Surowiecki cites, focuses her research on banks, but her conclusions are broadly applicable. Companies say they value “autonomy and work-life balance; their less visible embodied controls caused habitual overwork that bankers experienced as self-chosen”. Former management consultant Richard Koch makes a similar point:

Working hours are dictated by culture, not economics. Of course long hours undermine productivity—as C Northcote Parkinson said, “work expands to fill the time available.” Whatever our religion or ideology, we are still trapped by the centuries-old Protestant ethic, which viewed long hours as a badge of moral seriousness. Most firms still value such “intensity.”

Don’t expect the robots to save you from overwork, either. When robots replace 45% of human jobs, the desire of the remaining 55% to prove their value will likely only increase.

Cardiff Garcia notes that we humans are pretty bad at predicting which jobs can and will be mechanized: “even jobs that haven’t been created yet seem to be at risk of being displaced.” Ryan Avent has a long look at the impact of automation. He’s bullish on the outlook for “emotive occupations” -- things like “artists and therapists, love counsellors and yoga instructors” -- and worries that unskilled workers will be stuck with fewer job opportunities and stagnant wages. -- Ben Walsh

On to today’s links:

Predictions
"By 2035, there will be almost no poor countries left in the world" - Bill Gates

Charts
Did the Fed's QE program actually hurt credit growth? - Sober Look

Bitcoin
Why Bitcoin matters (and is better than cash) - Marc Andreessen
The reverse psychology of Bitcoin - Izabella Kaminska

Remuneration
The correlation between teen employment and minimum wage hikes - Idiosyncratic Whisk
"Teen employment isn't really very well correlated with the minimum wage" - Kevin Drum

Primary Sources
The IMF's 2014 economic outlook: more growth, even less inflation - IMF
Ezra Klein is leaving the Washington Post - Poynter

Crisis Retro
Five years later, banks are still vulnerable to the derivatives market - Francesco Guerrera

Yikes
The economics of credit card security - Todd Zywicki

Servicey
Fanboys: A primer - The Verge

Eur-Over It
EU regulators have effectively banned the cinnamon roll in Denmark - Modern Farmer

Alpha
The Mooch bets on US mortgages and gains 38% - Bloomberg

Important Wine News
"There are growing signs that rogue traders are buying their wine over the border" - Tax News

Sad But True
Scarlett Johansson won't be "in computer form any time within the next 30 years" - Kevin Roose

Apologia
The Grantland apology for the controversial Dr. V story - Bill Simmons

Growth Industries
Instagram is the fastest growing social media site worldwide - Tech Crunch

Follow Counterparties on Twitter. And, of course, there are many more links at Counterparties.

 

 

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Business Today: IBM revenue falls short of expectations, shares fall

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01/21/2014
Reuters Election 2012 Daily round-up of the day's top news from the campaign trail, the White House and all the politics in between
IBM revenue falls short of expectations, shares fall
(Reuters) - International Business Machines Corp, the world's largest technology services company, reported its seventh straight quarterly decline in revenue that also fell short of estimates, hurt by lower demand for its services and hardware.
S&P 500 ends with slight gains; Dow down on earnings
NEW YORK (Reuters) - U.S. stocks mostly rose on Tuesday, with the S&P 500 snapping a two-session decline as the materials sector rallied, though the Dow fell on disappointing earnings by three of its components.
Advanced Micro reports quarterly profit
(Reuters) - Chipmaker Advanced Micro Devices Inc posted a fourth-quarter profit compared with a year-ago loss, as sales of new gaming consoles offset falling demand for personal computers.
Peltz to join Mondelez board, ends push for PepsiCo deal
(Reuters) - Mondelez International Inc , maker of Cadbury chocolate and Oreo cookies, on Tuesday added activist investor Nelson Peltz to its board in a compromise agreement that ends his campaign to have PepsiCo Inc take over the company.
Rising CEO confidence in economy, but plenty of worries in Davos
DAVOS, Switzerland (Reuters) - Business leaders gathering for their annual high-profile networking forum in Davos are feeling a bit better about their companies' prospects and a lot more so about the broader economic outlook.
Secret Service probes link between border arrests, Target data breach
WASHINGTON (Reuters) - The U.S. Secret Service said on Tuesday it was checking for links between the recent hacking of consumer data from Target Corp and the weekend arrest of two Mexicans who tried to enter the United States at a Texas border crossing with a cache of fraudulent credit cards.
Verizon revenue climbs on sturdy mobile growth
NEW YORK (Reuters) - Verizon Communications Inc reported faster subscriber growth and stronger profits than expected at its Verizon Wireless venture with Vodafone Group Plc, easing some concerns about intensifying competition if only temporarily.
Mohamed El-Erian resigns from Pimco, to stay on at Allianz
FRANKFURT (Reuters) - Allianz late on Tuesday said Mohamed El-Erian, chief executive officer and co-chief investment officer at its asset management unit Pacific Investment Management Company (PIMCO), has resigned, but would stay on the Allianz International Executive Committee.
Exclusive: North Dakota governor: railcar safety standards for crude needed now
NEW YORK (Reuters) - Provisional safety standards for railcars carrying crude oil are needed as soon as possible, not next year as the U.S. Department of Transportation expects, North Dakota Governor Jack Dalrymple said in an interview on Tuesday.
Carl Icahn, banks prevail in lawsuits by Herbalife short-seller
NEW YORK (Reuters) - A U.S. court has dismissed a short-seller's lawsuits accusing activist investor Carl Icahn and three large banks of perpetuating a pyramid scheme at nutritional products company Herbalife Ltd .
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