Can Sonos Become Google for the Music You Love?

Can Sonos Become Google for the Music You Love?
First look at the wireless home audio system’s new universal music search
GEOFFREY A. FOWLER
Updated March 18, 2014 5:35 p.m. ET
Personal Tech Columnist Geoffrey Fowler got a first look at the new interface for Sonos, the popular multiroom wireless speaker system. The key feature: Universal search, that lets you find your music across multiple services like Spotify and Pandora.

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James E. Stowers Jr., Mutual-Fund Pioneer and Cancer Crusader, Dies at 90; Founder of American Century Investments Was a Noted Philanthropist

James E. Stowers Jr., Mutual-Fund Pioneer and Cancer Crusader, Dies at 90
Founder of American Century Investments Was a Noted Philanthropist
STEPHEN MILLER
March 18, 2014 7:21 p.m. ET
James E. Stowers Jr. , who turned a small six-figure investment into one of the nation’s largest mutual-fund companies before turning his focus to philanthropy, died Monday at age 90.
A lifelong resident of Kansas City, Mo., Mr. Stowers was known to mutual-fund associates as “the eternal bull” for his faith in markets. Privately held American Century Investments, the company Mr. Stowers founded in 1958, has grown into a fund giant with about $141 billion under management, the company said.

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Lenovo is still looking to acquisitions to fuel growth, less than two months after announcing a pair of deals valued at $5 billion that already threaten to stretch the company’s resources

Lenovo to Seek Acquisitions for Growth
Still Looking to Acquisitions After Unveiling Pair of Deals Worth $5 Billion.
LORRAINE LUK and JURO OSAWA
March 18, 2014 12:03 a.m. ET
HONG KONG—Chinese personal-computer maker Lenovo Group Ltd. 0992.HK +1.43%said Tuesday it is still looking to acquisitions to fuel growth, less than two months after announcing a pair of deals valued at $5 billion that already threaten to stretch the company’s resources.

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Japan Hits a Sour Note on Music Sales; Changing Consumer Habits Mean Fewer Ringtones, CDs-Dragging Down Global Result

Japan Hits a Sour Note on Music Sales
Changing Consumer Habits Mean Fewer Ringtones, CDs—Dragging Down Global Result
HANNAH KARP And MIHO INADA
March 18, 2014 2:35 p.m. ET
Even with the recorded-music business stabilizing in many countries, global music revenue shrank last year. The biggest reason: Japan’s music market, the world’s second largest after the U.S., is in free fall.

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Wal-Mart Can’t Reach GameStop’s Level in High-Margin Used Videogames; Selling used videogame boasts gross margins of 40-50%, compared with 20% for new game software and 5-10% on new game hardware

Wal-Mart Can’t Reach GameStop’s Level
MIRIAM GOTTFRIED and JUSTIN LAHART
March 18, 2014 3:40 p.m. ET
GameStop’s stock fell on news that Wal-Mart is entering the used-videogame business>. But Heard on the Street’s Miriam Gottfried thinks the reaction is overblown. Photo: “Call of Duty” Activision.
In the world of videogames, it is tough to beat a seasoned professional.

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Compelling Signs the Chinese Property Boom Is Over; Big Bets Begin to Sour, Showing the First Signs of Deeper Trouble to Come

Compelling Signs the Chinese Property Boom Is Over
Big Bets Begin to Sour, Showing the First Signs of Deeper Trouble to Come
ANDREW BROWNE
March 18, 2014 10:15 a.m. ET
BEIJING—For years, China “bears”—a group of Cassandras ranging from hedge-fund managers to media pundits—have been predicting a crash in China’s residential real-estate market, the single-most-important driver of the Chinese economy.

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Beijing’s Money Moves: Political allocation of ever-expanding heaps of credit, restrictions on international capital flows have prevented China’s economy from adjusting to changing economic conditions

Beijing’s Money Moves
Deposit-rate reform counts for more than a wider yuan band.
Updated March 18, 2014 7:47 p.m. ET
China is finally moving on financial reform, and in the early innings the score is one hit and one miss. The central bank chief last week set an ambitious two-year target for liberalizing the interest rate paid on bank deposits. And on Saturday the central bank announced it will widen the band within which the yuan is allowed to fluctuate, to 2% above or below a midpoint set daily by the central bank from 1%.

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Crackdown Betrays Breadth of Beijing’s Challenges

Mar 18, 2014
Crackdown Betrays Breadth of Beijing’s Challenges
By Stanley Lubman
The severity of China’s current crackdown on outspoken activists is an expression of the anxiety that has taken hold of the Party-state. Two recent criminal proceedings involving public protests illustrate the depth, but also the breadth, of that anxiety.

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America’s Internet Surrender: By unilaterally retreating from online oversight, the White House pleased regimes that want to control the Web

America’s Internet Surrender
By unilaterally retreating from online oversight, the White House pleased regimes that want to control the Web.
L. GORDON CROVITZ
March 18, 2014 6:56 p.m. ET
The Internet is often described as a miracle of self-regulation, which is almost true. The exception is that the United States government has had ultimate control from the beginning. Washington has used this oversight only to ensure that the Internet runs efficiently and openly, without political pressure from any country.

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America’s Internet Surrender: By unilaterally retreating from online oversight, the White House pleased regimes that want to control the Web.

America’s Internet Surrender
By unilaterally retreating from online oversight, the White House pleased regimes that want to control the Web.
L. GORDON CROVITZ
March 18, 2014 6:56 p.m. ET
The Internet is often described as a miracle of self-regulation, which is almost true. The exception is that the United States government has had ultimate control from the beginning. Washington has used this oversight only to ensure that the Internet runs efficiently and openly, without political pressure from any country.

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Hong Kong’s Alibaba Lament

Hong Kong’s Alibaba Lament
AARON BACK
March 18, 2014 8:42 a.m. ET
Hong Kong regulators are sticking to their “one share, one vote” principles. But that doesn’t make the territory friendly to ordinary investors.

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What Will It Take for the Fed to Raise Rates?

What Will It Take for the Fed to Raise Rates?
SPENCER JAKAB
March 18, 2014 3:29 p.m. ET
The more things change, the more they stay the same.
At least that is the impression the Federal Reserve has given financial markets. Since short-term interest rates were set near zero more than five years ago, the timeline for raising them has been a moving target. First there was “some time” which became “an extended period.” Seeking more specifics, the market was then told rates would begin to rise in mid-2013, by late 2014 and then mid-2015.

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Billionaire Li Ka-shing’s Retail Business Watson IPO May Hit $6 Billion

Watson IPO May Hit $6 Billion
Billionaire Li Ka-shing’s Retail Business to List in Hong Kong, London by End of June
PRUDENCE HO And P.R. VENKAT
Updated March 18, 2014 3:32 p.m. ET
Hong Kong billionaire Li Ka-shing’s retail flagship plans to list in both Hong Kong and London by the end of June, people familiar with the situation said Tuesday, in what could be one of the world’s largest initial public offerings since late 2012.

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Indonesia’s leadership transition: Will Jakarta’s foreign policy change?

Indonesia’s leadership transition: Will Jakarta’s foreign policy change?
Indonesia will undergo a significant transformation this year, as the country will hold national elections to choose new legislators at both the national and regional levels, as well as elect a new President to succeed Susilo Bambang Yudhoyono, who has been in power since 2004.
MARCH 19
Indonesia will undergo a significant transformation this year, as the country will hold national elections to choose new legislators at both the national and regional levels, as well as elect a new President to succeed Susilo Bambang Yudhoyono, who has been in power since 2004.

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How Cliff Asness Launched AQR; AQR’s Value Strategies In Practice

How Cliff Asness Launched AQR; AQR’s Value Strategies In Practice
March 18, 2014 by Tobias Carlisle
Institutional Investor has a great piece from Clifford Asness and John Liew called The Great Divide over Market Efficiency on the efficient markets debate. Most interesting for me was their discussion on the launch of AQR and the “value” strategies it employs:

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The Surprising Benefits of Nonconformity

The Surprising Benefits of Nonconformity
Magazine: Spring 2014Research Highlight March 18, 2014 Reading Time: 6 min
Silvia Bellezza, Francesca Gino and Anat Keinan
New research finds that under certain circumstances, people wearing unconventional attire are perceived as having higher status and greater competence.

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David Jones, Myer elephant in the room: What’s the big deal?

David Jones, Myer elephant in the room: What’s the big deal?
March 19, 2014
Adele Ferguson
Investors will pore over the earnings results of David Jones and Myer this week – and demand an update on their property plans in Sydney’s CBD – as the focus intensifies on the elephant in the room: a $3 billion merger proposal between the two department store giants.

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OECD report: Poverty engulfing many Australians

OECD report: Poverty engulfing many Australians
March 19, 2014
Dan Harrison
Child poverty is on the rise and fewer of us are donating to charity, according to a report that brings into question Australia’s self-perception as the land of the fair go.

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Microsoft shares flirt with dotcom-boom levels on iPad app report

Microsoft shares flirt with dotcom-boom levels on iPad app report
4:41pm EDT
By Soham Chatterjee
(Reuters) – Microsoft Corp’s shares scaled levels last seen in the dotcom boom following reports that the company plans to unveil an iPad version of its Office software suite, potentially generating billions of dollars in revenue.

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Google takes consumers’ wrists to next frontier with Android watch

Google takes consumers’ wrists to next frontier with Android watch
7:54pm EDT
By Alexei Oreskovic
SAN FRANCISCO (Reuters) – Voice-controlled smartwatches that track heart rates and connect to phones and tablets will debut later this year as Google Inc partners with electronics, technology and fashion companies to take consumers to the next promised frontier in computing.

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Jokowi signals that “Ahok” Basuki will run Jakarta; said his minority status as a Chinese and Christian was no issue

Jokowi signals that Basuki will run Jakarta
Tuesday, March 18, 2014 – 07:00
Wahyudi Soeriaatmadja Indonesia Correspondent
The Straits Times
Jakarta Governor Joko Widodo, a candidate for the presidential election, said he will decide whether to step aside or take extended leave and go on non-active status after the April 9 general election.

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The Path of Lease Resistance: Many CFOs now agree that companies should put leases on the balance sheet. It’s the how that has them up in arms

March 18, 2014
CFO Magazine
The Path of Lease Resistance
Many CFOs now agree that companies should put leases on the balance sheet. It’s the how that has them up in arms.
David M. Katz

The latest chapter in the long-running saga on lease accounting began in January, when the Financial Accounting Standards Board started to mull the proposals in its May 2013 exposure draft, Leases (Topic 842). If approved, the new rules could add hundreds of billions of dollars to the liabilities on corporate balance sheets.

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Hong Kong craft beer revolution hops along

Hong Kong craft beer revolution hops along
Tuesday, March 18, 2014 – 10:58
AFP
HONG KONG – Rohit Dugar moved to Hong Kong from New York three years ago and quickly realised that he didn’t like any of the beer there. So he decided to make his own.

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On the eve of a new accounting standard, readers vigorously debate whether operating leases can be considered debt leverage

March 18, 2014
CFO.com | US
Readers Sound Off: Are Leases Debt?
On the eve of a new accounting standard, readers vigorously debate whether operating leases can be considered leverage.
David M. Katz
With the world’s leading accounting standards setters on the verge of voting in a new lease accounting regime beginning at a meeting on Tuesday, questions remain about whether all leases can be regarded as debt.

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Will China Let More Corporate Bond Issuers Default? Overcapacity and depressed prices threaten many of the country’s corporate borrowers, who have gorged on debt for six years

March 18, 2014
CFO.com | US
Will China Let More Corporate Bond Issuers Default?
Overcapacity and depressed prices threaten many of the country’s corporate borrowers, who have gorged on debt for six years.
Vincent Ryan
Are Chinese corporate debt markets headed for a big fall? First there was the bailout of China Credit Trust Co., followed by the first default in China’s onshore bond market, by Shanghai Chaori Solar Energy Science & Technology. Now, Chinese banks are reportedly cutting lending to certain corporate sectors by as much as 20 percent, according to a story in Reuters, and there are more jitters in the $1.5 trillion (9 trillion yuan) bond market.

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China’s Xi urges officials to make “spicy” efforts to “sweat” corruption out of system

China’s Xi urges officials to “sweat” corruption out of system
Tuesday, March 18, 2014 – 19:23
Reuters
BEIJING – Chinese President Xi Jinping urged rural officials on Tuesday to make “spicy” efforts to”sweat” corruption out of their systems, state news agency Xinhua reported, as he pressed on with his campaign to crack down on deep-rooted graft. “The weapons of criticism and self-criticism should be well-wielded, with some spice to make every party official blush and sweat a little,” Xi said during a visit to a rural area in central China’s Henan province called Lankao, Xinhua said.

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Life – Do Gurus Breed Gurus? The Role of Knowledge and Social Effects in the Emergence of Design Gurus

Do Gurus Breed Gurus? The Role of Knowledge and Social Effects in the Emergence of Design Gurus

Haibo Liu
INSEAD
Jurgen Mihm
INSEAD
Manuel Sosa
INSEAD
March 3, 2014
INSEAD Working Paper No. 2014/16/TOM
Abstract:
Despite being rare, gurus make disproportionately influential contributions to their fields. Hence understanding their emergence is critical. Yet our knowledge about the phenomenon is limited. This paper studies the role of collaboration in the emergence of gurus among designers — namely, how a focal designer’s chances of becoming a design guru are affected by collaborating with design gurus. We find that collaborating with a guru makes emergence much more likely than does collaborating with other nongurus, or not collaborating at all. We establish two conduits for this effect of guru collaboration: transfer of knowledge and sharing of attention. First, we present evidence that guru collaborations facilitate the transfer of (tacit) knowledge and thus increase the likelihood of a guru’s emergence. Second, we document a novel social aspect of collaborating with a guru: doing so helps the focal designer emerge as a guru by profiting from the attention paid by others to that guru. We test our predictions via event history analysis performed on a large longitudinal data set consisting of all designers who were granted a design patent in the United States from 1975 through 2005.

Bottega Veneta CEO says bigger, not more shops key to growth

Bottega Veneta CEO says bigger, not more shops key to growth

10:38am EDT
By Astrid Wendlandt and Pascale Denis
PARIS (Reuters) – Bottega Veneta, Kering’s No.2 luxury brand in terms of sales, is slowing down the pace of shop openings to preserve exclusivity, and plans to focus on enlarging and improving the performance of its existing stores, its head said.

Marco Bizzari, President and Chief Executive Officer of Bottega Veneta, poses during an interview with Reuters at the Bottega Veneta's shop in Paris

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PBOC Denies It Will Bail Out Collapsed Real Estate Developer While Chinese Property Developer Market Crashes

PBOC Denies It Will Bail Out Collapsed Real Estate Developer While Chinese Property Developer Market Crashes
Tyler Durden on 03/18/2014 10:15 -0400
In yesterday’s most underreported story, which we noted first thing yesterday morning, China is on the verge of a second bond default just weeks after Solar cell maker, Chaori Solar, defaulted earlier this month, this time Zhejiang Xingrun (appropriately abbreviated ZX): a real-estate developer which just collapsed after its largest shareholder was arrested and which has some CNY3.5 billion in debt and furthermore the company was revealed to have been taking deposits from individuals offering annual interest between 18% and 36%.

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28-Year Old Former JPMorgan Banker Jumps To His Death, Latest In Series Of Recent Suicides

28-Year Old Former JPMorgan Banker Jumps To His Death, Latest In Series Of Recent Suicides
Tyler Durden on 03/18/2014 10:44 -0400
Not a week seems to pass without some banker or trader committing suicide. Today we get news of the latest such tragic event with news that 28-year old Kenneth Bellando, a former JPMorgan banker, current employee of Levy Capital, and brother of a top chief investment officer of JPM, jumped to his death from his 6th floor East Side apartment on March 12.

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