The daily business briefing: March 29, 2016
The FBI unlocks shooter's iPhone without Apple's help, the bidding war for Starwood heats up, and more
1. FBI unlocks San Bernardino shooter's iPhone, drops case against Apple
The Justice Department said Monday that it was dropping its court effort to force Apple to help hack into an iPhone used by one of the San Bernardino terrorist attackers, Syed Rizwan Farook, because it had found its own way to unlock the smartphone. The FBI has started reviewing the phone's contents, but did not immediately say whether it had found anything significant.
2. Chinese firm raises offer in Starwood bidding war
China's Anbang Insurance Group has increased its bid for Starwood Hotels & Resorts Worldwide to nearly $14 billion, or $82.75 a share, Starwood said Monday. The move was the latest salvo in a bidding war that started with a takeover bid by Marriott International. Marriott last week increased its offer to around $78 a share. Starwood said it expected the U.S. hotel chain to respond with a sweeter offer, although some analysts think Marriott will balk at paying more. Starwood's board has recommended going with Marriott when shareholders vote on April 8.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
3. Investors cautious ahead of Yellen speech
U.S. stock futures and the dollar edged tentatively higher early Tuesday as cautious investors awaited a speech by Federal Reserve Chairwoman Janet Yellen. Analysts expect Yellen to reiterate her case for slowly proceeding with the Fed plan to raise interest rates, with two rate hikes this year instead of the four projected in December. Yellen is scheduled to speak at the Economic Club of New York at 12:20 p.m.
MarketWatch International Business Times
4. Pandora brings back co-founder Tim Westergren as CEO
Internet radio pioneer Pandora is bringing back co-founder Tim Westergren to be chief executive as it contends with increasingly stiff competition for streaming-music listeners from such rivals as Spotify and Apple Music. The company's shares dropped by 9 percent after the news was announced Monday. Westergren will replace Brian McAndrews, who took over in 2013. Westergren first ran the company from 2002 to 2004, and continued to play a role after stepping aside.
5. Judge throws out Puerto Rico's Walmart tax
A federal judge on Monday struck down a controversial Puerto Rico tax that targeted Walmart. The U.S. territory last year lifted taxes on corporations shipping goods to affiliates in Puerto Rico, but hiked the island's minimum alternative corporate income tax by 325 percent, so Walmart Puerto Rico would still be taxed for goods sent by its suppliers and parent company. The judge said it was unlawful to impose a special tax on Walmart — the island's second largest employer after the government — just because it is "the biggest fish in the pond."
Financial Times The New York Times
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
-
'New arrivals are more than paying for themselves'
Instant Opinion Opinion, comment and editorials of the day
By Harold Maass, The Week US Published
-
6 stylish homes in Portland, Oregon
Feature Featuring a wall of windows in Collins View and a historic ballroom in Portland Heights
By The Week US Published
-
What's next for US interest rates?
The Explainer Stubborn inflation forestalls anticipated rate cuts
By Becca Stanek, The Week US Published
-
The daily business briefing: January 24, 2024
Business Briefing The S&P 500 sets a third straight record, Netflix adds more subscribers than expected, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 23, 2024
Business Briefing The Dow and S&P 500 set fresh records, Bitcoin falls as ETF enthusiasm fades, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 22, 2024
Business Briefing FAA recommends inspections of a second Boeing 737 model, Macy's rejects Arkhouse bid, and more
By Harold Maass, The Week US Published
-
Geopolitics and the economy in 2024
Talking Point The West is banking on a year of falling inflation. Don't rule out a shock
By The Week UK Published
-
The daily business briefing: January 19, 2024
Business Briefing Macy's to cut 2,350 jobs, Congress averts a government shutdown, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 18, 2024
Business Briefing Shell suspends shipments in the Red Sea, December retail sales beat expectations, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 17, 2024
Business Briefing Judge blocks JetBlue-Spirit merger plan, Goldman Sachs beats expectations with wealth-management boost, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 16, 2024
Business Briefing Boeing steps up inspections on 737 Max 9 jets, Zelenskyy fights for world leaders' attention at Davos, and more
By Harold Maass, The Week US Published