The news at a glance
Apple: Steve Jobs’ liver transplant; Autos: GM finds a buyer for Saab; Pharmaceuticals: Novartis treatment approved; Investigations: Stanford indicted; Retailing: Eddie Bauer treks to bankruptcy court
A free daily digest of the biggest news stories of the day - and the best features from our website
Thank you for signing up to TheWeek. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.
Apple: Steve Jobs’ liver transplant
Apple CEO Steve Jobs, on medical leave from the company since January, underwent a liver transplant in April, said Yukari Iwatani Kane and Joann Lublin in The Wall Street Journal. He is still scheduled to return to work at the end of June, “though he may work part time initially.” Jobs, 54, was diagnosed in 2004 with a rare, treatable form of pancreatic cancer, which apparently had metastasized to his liver. Liver transplants for cancer sufferers are “controversial because livers are scarce and the surgery’s efficacy as a cure hasn’t been proved.” Jobs reportedly chose Tennessee “because its list of patients waiting for transplants is shorter than in many other states.”
Despite the initial fears of many Apple shareholders, the company has continued to prosper in Jobs’ absence, said Rex Crum in MarketWatch.com. This week the company reported that it sold more than 1 million of its latest-generation iPhone within three days of the device’s launch. “Sales weren’t hurt by Apple doubling the storage capacity of the iPhone 3G S while keeping prices the same as earlier iPhone models.”
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.
Autos: GM finds a buyer for Saab
General Motors has chosen Koenigsegg, “a tiny sports car company,” as the buyer for its Saab line of cars, said The Economist. The Saab brand, which once “appealed to discerning buyers who valued understated Swedish design and innovative technology,” had been tarnished under GM’s ownership. Koenigsegg, though, “is run by people who should understand the unique quirkiness of Saab’s appeal.” Owned by Swedish financier Christian von Koenigsegg, it currently “makes fewer than 20 cars a year, at a price of more than $1.2 million apiece.”
Pharmaceuticals: Novartis treatment approved
The Food and Drug Administration has approved Ilaris, a new drug developed by Novartis to treat a rare genetic disease, said Jeanne Whalen in The Wall Street Journal. Cryopyrin-associated periodic syndrome, or CAPS, “causes the body to overproduce interleukin-1, a protein tied to the immune system.” Only about 7,000 people worldwide suffer from CAPS, but despite Ilaris’ small market, it is “a big symbol of the way drug development is changing.” Rather than “bombarding” an illness with chemicals, Ilaris takes aim at the single gene that causes the painful disorder.
Investigations: Stanford indicted
Financier Allen Stanford was indicted last week for defrauding investors out of $7 billion, said Clifford Krauss in The New York Times. “The suspected fraud involved billions of dollars of certificates of deposit issued by Stanford International Bank, located on the Caribbean island of Antigua.” Although Stanford claimed the CDs were safe, conservative investments, authorities say that depositors’ money “was surreptitiously invested in real estate, other speculative investments, and into Stanford’s own operations.” Stanford has repeatedly declared his innocence.
Retailing: Eddie Bauer treks to bankruptcy court
Outdoor-clothing chain Eddie Bauer Holdings filed for Chapter 11 bankruptcy last week, said Steven Church in Bloomberg.com. The company, which hasn’t reported a profit in three years, got into trouble after it was acquired by catalogue retailer Spiegel in 1988 and expanded from 61 stores to 501. Buyout firm CCMP Capital has offered to buy Eddie Bauer for $202 million, intending to “operate the business as a going concern with little or no long-term debt.”
Continue reading for free
We hope you're enjoying The Week's refreshingly open-minded journalism.
Subscribed to The Week? Register your account with the same email as your subscription.
Sign up to our 10 Things You Need to Know Today newsletter
A free daily digest of the biggest news stories of the day - and the best features from our website
-
The Tory tribes vying for influence at this year's party conference
The Explainer From free-market ultras to culture warriors, the party's electoral coalition is starting to fracture
By The Week Staff Published
-
5 destinations to visit this fall
The Week Recommends Have a frightfully good time in Sleepy Hollow or enjoy the foliage in Asheville
By Catherine Garcia Published
-
Nuclear drills: Putin urged to test atomic bomb
Speed Reads Russian rescue workers practise evacuating citizens as nuclear expert urges 'show of force'
By Rebekah Evans, The Week UK Published
-
The news at a glance...International
feature International
By The Week Staff Last updated
-
The bottom line
feature Youthful startup founders; High salaries for anesthesiologists; The myth of too much homework; More mothers stay a home; Audiences are down, but box office revenue rises
By The Week Staff Last updated
-
The week at a glance...Americas
feature Americas
By The Week Staff Last updated
-
The news at a glance...United States
feature United States
By The Week Staff Last updated
-
The news at a glance
feature Comcast defends planned TWC merger; Toyota recalls 6.39 million vehicles; Takeda faces $6 billion in damages; American updates loyalty program; Regulators hike leverage ratio
By The Week Staff Last updated
-
The bottom line
feature The rising cost of graduate degrees; NSA surveillance affects tech profits; A glass ceiling for female chefs?; Bonding to a brand name; Generous Wall Street bonuses
By The Week Staff Last updated
-
The news at a glance
feature GM chief faces Congress; FBI targets high-frequency trading; Yellen confirms continued low rates; BofA settles mortgage claims for $9.3B; Apple and Samsung duke it out
By The Week Staff Last updated
-
The week at a glance...International
feature International
By The Week Staff Last updated