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Nokia is buying Alcatel-Lucent for $16.6 billion

Written By limadu on Rabu, 15 April 2015 | 14.44

nokia

The all-stock deal values the French firm at €15.6 billion ($16.6 billion). The combined company will be called Nokia Corporation, with headquarters in Finland.

Alcatel (ALALF) shareholders will be paid 0.55 Nokia (NOK) shares per Alcatel share, a 28% premium over the company's three-month weighted stock price.

Both firms provide equipment, infrastructure and support to the telecommunications industry. Alcatel shareholders will own 33.5% of the combined company.

The marriage between Nokia and Alcatel should give the combined company more clout when competing with rivals like Sweden's Ericsson (ERIC) and China's Huawei.

Related: Shell inks $70 billion deal as Big Oil gets even bigger

Nokia, which sold its handset unit to Microsoft last year, has a market capitalization of about €27.7 billion ($29.5 billion). Alcatel is less than half the size, with a market value around €12.6 billion ($13.4 billion).

Nokia was once a giant in the mobile phone industry but was clobbered by Apple (AAPL, Tech30) and Samsung (SSNLF). Nokia shares hit a peak in 2007 and then tanked.

Since selling its mobile phone business to Microsoft, the company has refocused on its telecommunications and broadband offerings.

CNNMoney (Hong Kong) April 15, 2015: 2:45 AM ET


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Is this Chinese drone maker worth $10 billion?

SZ DJI Technology Co., better known as DJI, is looking to raise money from investors at a $10 billion valuation, according to media reports. A company spokesman confirmed to CNN that DJI is talking to venture capital firms, but declined to comment further.

The upstart Chinese firm is at the forefront of the drone invasion, offering professional quality machines to consumers for around $1,000. Should the funding round come off, the company's $10 billion valuation would catapult it into the ranks of elite tech startups.

DJI's drones are designed with four propellers, and are easy for beginners to control. One of the latest models, the Phantom 3, comes equipped with a camera that shoots in 4K or 1080p, and has a range of 1.2 miles (2 kilometers). The drones are used by enthusiasts, commercial clients and the media (CNN owns a few, for example).

The world got a close look at one of the company's products in January, when a DJI drone crash landed on the White House grounds, sparking worries over security. (DJI has already installed no-fly zones in some models).

DJI Phantom 2 Vision This is the DJI Phantom 2 Vision, which shoots HD videos.

Still, it's a remarkable growth story: In 2006, the Shenzhen-based company had only one small office. Now DJI has more than 3,000 workers and offices in the United States, Germany and the Netherlands, among other locations. It is by far the dominant drone manufacturer.

The company's success has also helped undermine the idea that Chinese tech firms aren't as innovative as their foreign competitors.

Related: FAA allows Amazon to test drones in U.S.

DJI's CEO, Frank Wang, who founded the company while attending college in Hong Kong, says he is was proud of the company's innovation record.

"Many Chinese companies manufacture cheaper versions of advanced foreign products," he told the Wall Street Journal in November. "But we are proud to say that we have been leading the industry since we started -- even now."

"Chinese companies now are getting better; before, they lagged behind," he said. "Now, more and more Chinese companies are doing well worldwide, like Huawei, Tencent (TCEHY) and Alibaba (BABA, Tech30)."

Related: 6 companies behind the drone revolution

CNNMoney (Hong Kong) April 15, 2015: 1:20 AM ET


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Guess where the hottest housing markets are?

San Francisco homes for sale Homes in San Francisco are selling fast: 26% are still for sale after 60 days.

Of the top 10 fastest-moving housing markets, 8 are located in California, with San Francisco, San Jose and Oakland taking the top three spots, according to a report from Trulia. At least 70% of homes in these three areas sold in two months or less.

"California has seen very strong job growth, especially in coastal markets," said Ralph McLaughlin, housing economist at Trulia. Lack of supply in these markets also plays a factor. "The amount of new housing that gets built is relatively small compared to other parts of the country."

San Francisco, which had a median asking price of $1,099,000 in April, topped the list and has particularly low new construction levels thanks to its topography and building regulations, according to McLaughlin. "The process of adding new supply is more difficult here ... for natural and legal reasons."

Related: It's getting harder to afford a home

The report tracked home sales listed on Trulia in the 100 biggest metro areas in the U.S. on Feb. 5 and were still available on April 5. In addition to the 8 cities in California, Seattle and Salt Lake City, Utah, also made the top 10 list.

Farther south in the Golden State, homes in San Diego are also selling at a rapid pace with 33% of homes listed in February still available 60 days later, down from 44% the year prior.

On a national level, 40% of homes moved off the market in the two-month period, a slight increase from 38% during the same time period in 2014, the report showed. On average, lower-priced homes in the fast-moving markets sold the quickest, with half still on the market after two months.

This means buyers, especially first-timers, need to go into their house hunt prepared, advised McLaughlin.

"Not only is it more difficult to buy where homes are moving fastest, the homes first-timers would buy are moving faster compared to middle and higher-priced homes. It's a double whammy."

Tool: What will your mortgage payment be?

Overall, housing markets that have experienced strong price gains in the last year have also moved the fastest, McLaughlin added.

Sellers remain in control in many Florida markets as well, with 47% of homes in the Cape Coral-Fort Myers area still for sale after 60 days. Last year, 64% of homes were still on the market in this area during the same time period. West Palm Beach, Fort Lauderdale and Orlando also saw homes selling faster than in 2014.

However, in Miami, buyers might have more of an upper hand with 65% of homes still sitting on the market after two months, compared to 56% last year. "Miami has had a huge condo boom ... the end of last year and the start of this year was about the time the condos came to the market," McLaughlin said. "Compounding that, over the last year-and-a-half, affordability in Miami has dropped."

Home buyers in Long Island and Albany, New York, can also breathe a little easier in their search, as 69% and 71% of homes, respectively, were still on the market after two months.

10 fastest-moving housing markets

Rank Metro Homes still for sale after 2 months April 2015 Homes still for sale after 2 months April 2014
1 San Francisco, CA 26% 28%
2 San Jose, CA 30% 31%
3 Oakland, CA 30% 31%
4 San Diego, CA 33% 44%
5 Orange County, CA 41% 45%
6 Seattle, WA 42% 45%
7 Sacramento, CA 42% 45%
8 Los Angeles, CA 43% 45%
9 Ventura County, CA 43% 50%
10 Salt Lake City, UT 45% 51%

Source: Trulia

CNNMoney (New York) April 15, 2015: 3:00 AM ET


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Hillary channels Elizabeth Warren in campaign bid

Written By limadu on Selasa, 14 April 2015 | 14.44

In her video campaign announcement Sunday, Hillary Clinton unveiled what's expected to be the central theme of her presidential bid: Serving as a champion for "Everyday Americans."

"Americans have fought their way back from tough economic times, but the deck is still stacked in favor of those at the top," she said in the short video. "Everyday Americans need a champion and I want to be that champion. So you can do more than just get by. You can get ahead and stay ahead."

Long considered a centrist, Clinton sounded strikingly similar to Warren, the outspoken darling of the left wing, which has been pushing the Massachusetts senator to run for the 2016 nomination. (So far, she has declined.) Warren's main talking point: Give every American a fighting chance.

"America's middle class is under attack. It's in trouble because the game is deliberately rigged," Warren wrote in her memoir, A Fighting Chance. "I am determined -- fiercely determined -- to do everything I can to help us once again be the America that creates opportunities for anyone who works hard and plays by the rules."

Related: Elizabeth Warren: 8 ways to restore the middle class

Warren's proposals to boost middle class prosperity include: Raising the minimum wage, supporting bargaining rights for workers, ensuring workers get overtime pay and creating good paying jobs through investments in roads, bridges, power grids, education and research, among other things.

In an election where every candidate is focused on the middle class, Clinton may have to shift left to appeal to the Democratic base. She and her advisers have been speaking to income inequality and economic mobility gurus, including Joseph Stiglitz of Columbia University and Raj Chetty of Harvard, according to media reports.

Stiglitz, a Nobel-prize winning economist, has argued that income inequality has exploded over the past 30 years. The widening gap endangers economic growth and makes it harder for people to achieve the American Dream.

Related: Stiglitz on how to fix the income gap

Chetty, on the other hand, focuses on economic mobility. His work has found that residents in communities with higher rates of segregation and income inequality, as well as fewer two-parent families, are less likely to climb the economic ladder.

Clinton's new top talking point is increasing opportunity for all Americans. She reiterated this in a new epilogue to the paperback versions of her book, Hard Choices, excerpted on Huffington Post on Friday. In it, she noted the advantages that her first grandchild, Charlotte, will have.

"Too few of the children born in the United States and around the world today will grow up with the same opportunities as Charlotte," she wrote. "I'm more convinced than ever that our future in the 21st century depends on our ability to ensure that a child born in the hills of Appalachia or the Mississippi Delta or the Rio Grande Valley grows up with the same shot at success that Charlotte will."

hillary clinton elizabeth warren

But some diehard liberal Democrats, including Warren, want to hear more on how Clinton plans to reduce inequality. So far, they say Clinton's message is long on rhetoric and short on specific policies.

A Clinton spokesman did not respond to a request for comment.

Related: NYC's Bill de Blasio not ready to endorse Hillary Clinton yet

New York City Mayor Bill de Blasio, who managed Clinton's Senate campaign in 2000, made waves when he said Sunday that he is holding off on endorsing Clinton until he learns more about her vision.

Warren, meanwhile, is also waiting for more details.

Asked in February by the Reverend Al Sharpton on MSNBC whether Clinton would be a "progressive warrior," Warren said "that's what we've got to see."

"I want to hear what she wants to run on and what she says she wants to do," Warren said.

Related: Republican? Or Elizabeth Warren? Who said it?

CNNMoney (New York) April 13, 2015: 6:18 PM ET


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Will.i.am is selling sheets made from old Coke bottles

Will.i.am Will.i.am is partnering with Coke and W Hotels on a line of bed sheets partially made from old plastic bottles.

It's not that he's fallen on hard times in the music biz, it's more that he's into recycling. So the Black Eyed Peas frontman has partnered with Coke (KO) and W Hotels on a line of bedding made with at least 30% recycled plastic.

The sheets will soon be on all W hotel beds worldwide. They don't look or feel any different than the hotel's current sheets -- the plastic is used to make polyester and simply replaces the virgin polyester currently used in the blended fabric. Each king-sized sheet will contain about 31 plastic bottles.

For W, the move was about being more eco-friendly as well as saving money. The new sheets are more durable and can be washed up to 200 times before wearing out (compared to about 100 washes now).

Related: L.A. to control its street lights with a single laptop

The sheets will also be available for purchase at the W's store, though they aren't cheap -- a set starts at $207.

They'll carry both the W and Ekocycle brand. Ekocycle is a broader partnership between Will.i.am and Coke to use recycled content in more products.

Will.i.am said he got the idea for Ekocycle back in 2008 after attending conferences on corporate social responsibility and hearing about how firms want to cut waste.

"A lot of times the companies say what they want to do, but not how they're going to do it," he said. "Or they do it, but they don't tell anyone."

Related: The activist nun reforming for-profit prisons

So he pitched Coke with an idea to market recycled plastic to other firms that wanted to green their products. Coke bit, and Ekocycle launched in 2012. It now has its name on over 150 products including shoes, luggage, bicycles and chairs. Companies that want to use the Ekocycle brand pay a royalty, which is shared between Coke and Will.i.am.

"Our resources are not forever," Will.i.am said. "Sustainability is going to be something we're all talking about."

If all this sounds like a bunch of people making money while burnishing their green credentials, it is. But it's also important for those with branding experience to create a market for recycled material. This is especially true now that the cost of oil -- which is virgin plastic's main ingredient -- is so low. Cheap virgin plastic puts recycled plastic at a disadvantage.

"Recycling is more than just putting stuff in the right bin," said Darby Hoover, a resource specialist at the Natural Resources Defense Council. "And it's good that Coke is taking responsibility for its bottles."

CNNMoney (New York) April 13, 2015: 6:25 PM ET


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This Indian city has the world's worst air

In 2014, the World Health Organization measured air quality levels in 1,600 cities around the world, and the Indian capital city of New Delhi was found to have the highest concentration of particulate matter smaller than 2.5 micrometers, also called PM2.5.

The city's average PM2.5 level was a whopping 153, compared to 14 in New York and 56 in Beijing. The WHO's safety threshold for humans is 10. PM2.5 particles are not visible, but they go deep into the lungs, and are more likely to cause chronic health problems.

"Delhi is a very green city," said Kamal Meattle, a Delhi-based air pollution activist. "But even the greenest areas of Delhi have extreme pollution levels."

Meattle's TED talk on the topic has garnered more than 2 million views, but he complains that Delhi is still in denial mode.

"Although Delhiites have stopped drinking tap water, my question is: You drink about 2-3 liters of water per day but breathe 2,000 liters of air per day -- [when] you are concerned about the water, but you are not concerned about the air, there is a mismatch," Meattle said.

Related: India to surpass China in economic growth

According to analysts, the large number of old vehicles on roads, burning of bio-mass, industry emissions and coal-powered power stations are mainly to blame for Delhi's pollution levels. There are roughly 8.5 million registered vehicles in the city, and 1,400 cars are being added to the streets each day.

Barun Aggarwal of BreatheEasy, a Delhi-based air-filtration company, said that increased awareness has boosted sales.

"First two years of business, we had very few sales," Aggarwal said. "Lately, we are struggling to meet people's needs."

Aggarwal said that many in the expatriate community have gotten the message, and are stocking up on air purifiers. But attitudes among Indians have been slower to change, despite a sharp rise in media coverage.

"The majority of Indians will still say: 'I want to make my children strong. I don't want to make them 'delicate darlings' by giving them air purifier and clean air for a few hours,' " he said.

Meattle, the activist, said the government needs to be more responsive.

"I think the first people to be convinced are the politicians, the bureaucrats and the judges ... people who really matter in the sense that they understand the problem is going to create a major health issue and major costs," he said.

Prime Minister Narendra Modi recently launched a national Air Quality Index, or AQI, which will monitor pollution levels in major urban cities on a real-time basis. Data are currently available in 10 cities including Delhi.

Last week, the National Green Tribunal, a government agency that deals with environmental disputes, attempted to ban diesel-powered vehicles older than 10 years from Delhi's streets.

Beyond Delhi, the news doesn't get better for the South Asian powerhouse: 13 out of the world's 20 most polluted cities are in India, and the WHO says outdoor air pollution is the country's fifth biggest killer.

Related: India's growth numbers are a total mystery

Related: 10 most polluted U.S. cities

CNNMoney (New Delhi) April 14, 2015: 2:54 AM ET


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Donald Trump: I don't want T-Mobile in my hotels

Written By limadu on Senin, 13 April 2015 | 14.44

donald trump tmobile

The Donald and the CEO of T-Mobile (TMUS) became embroiled in an epic Twitter battle this weekend, in which Trump said he wanted T-Mobile out of his establishments.

"T-Mobile service is terrible! Why can't you do something to improve it for your customers. I don't want it in my buildings," Trump tweeted Saturday at John Legere, T-Mobile's chief executive and no Twitter slouch himself.

The candid and brash Legere, who frequently drops F-bombs and once crashed (and was thrown out of) an AT&T (T, Tech30) party, fired back at Trump.

"I will serve all customers in the USA openly but I will obviously leave your hotel right away based on this. #checkingout," Legere tweeted.

Oh, if it only stopped there. The Donald, as he typically does, claimed victory.

"T Mobile service sucks and it took a Trump to call him out! @realDonaldTrump for President!"

But Legere didn't give up, firing off a tweetstorm that continued into Sunday morning. Legere, by far, delivered the lowest blows of the Twitter war.

"checked out.. Now I don't have to watch tv with the 1st 9 channels being the Trump family saying how wonderful they are:)"

Legere later added, "I am so happy to wake up in a hotel where every single item isn't labeled 'Trump' and all the books and TV is about him"

Trump also continued tweeting about T-Mobile into Sunday. In case you're wondering which carrier Trump uses, he said he believed Verizon was the best provider, tweeting Verizon's famous coverage map.

Related: This is the fastest cell phone network ever

Related: T-Mobile will pay $650 for you to switch

CNNMoney (New York) April 12, 2015: 12:54 PM ET


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The 'Hillary beat': Who's covering Clinton

The New York Times was particularly early out of the gate. The paper shifted reporter Amy Chozick to its politics team to cover Clinton in the summer of 2013 -- 649 days before Clinton's announcement on Sunday.

By the end of that year, BuzzFeed put reporter Ruby Cramer on the "Hillary beat." CNN promoted White House correspondent Brianna Keilar to serve as its lead Clinton reporter in early 2014. And last spring, the Washington Post assigned the same role to reporter Anne Gearan, who had covered Clinton during her time as secretary of state.

Chozick, who covered Clinton's failed 2008 presidential bid for the Wall Street Journal, told CNNMoney that she has relished her time on the beat ahead of the campaign launch.

Related: Gloria Borger analysis - What is Hillary Clinton thinking?

"I've loved the past 18 months or so when I've mostly written enterprise stories, observed Clinton at low-key events in New York and elsewhere and had the time to study up and get to know the people who will be characters in the narrative that will begin to take shape after Sunday's announcement," Chozick said.

Chozick said she's been to Arkansas, where former President Bill Clinton served as governor for 12 years, at least six times. She said she has read every "credible" book on the Clintons.

"That time was critical because as soon as the daily grind of a presidential campaign starts it's hard to find time to sleep, much less thoroughly study your subject," Chozick said.

The early coverage speaks to Clinton's stature. Unlike other presidential aspirants, the former secretary of state is already a household name and one of the most recognizable people in the world.

Related: Hillary Clinton's economic plans need overhaul

News outlets have devoted far more resources to Clinton than potential general election foes like Jeb Bush or Scott Walker. That has only tightened the competition to break news on Clinton.

Earlier this year, the New York Times poached former Politico writer Maggie Haberman, widely considered to be the best-sourced reporter in Clinton's orbit, to supplement the newspaper's coverage of the Democratic frontrunner.

The Clinton-focused scribes will also face competition from veteran reporters like Glenn Thrush of Politico and Julie Pace of the Associated Press. On Saturday, Pace nabbed a scoop on the Clinton campaign's economic message.

The assignment is a potential career-maker. Campaign reporters have often followed candidates to the White House. Pace covered President Obama's 2008 campaign and continued to report on him throughout his first term. In 2013, the AP promoted her to White House correspondent.

Covering a candidate before she's officially a candidate posed certain difficulties to the reporters.

"It's been challenging and frustrating to know that there was a campaign forming and a message being crafted and people being hired, and really only being able to see and write about a small portion of it," said Gearan, the Washington Post reporter.

Gearan said she has spent much of the last year cultivating sources in Iowa. "I'm certainly ready to get on with it," she added.

Clinton has given regularly scheduled speeches since last summer, and the recent controversy surrounding her use of a private email account at the State Department generated plenty of media attention. But many of the stories on Clinton's assumed presidential ambitions have been previews of her campaign.

"There's been a lot of stage-setting," Politico's Annie Karni said. "One story everybody is writing is what will Bill Clinton's role be. That's an important factor in the race and a big question to answer, but while we're in campaign-in-waiting mode, it is a stage-setting story."

Karni, who left the New York Daily News in March to cover Clinton for Politico, noted a tangible campaign development earlier this month.

Along with her colleague Gabriel Debenedetti, Karni reported that Clinton's team had signed a lease in Brooklyn for a campaign headquarters.

"If you think about it, signing a lease is a small thing," Karni said. "But it was something concrete to show us that it was coming and it took on new significance because there was nothing else official going on."

More news has trickled out since then. On Thursday, a group of reporters gathered at the Washington, D.C. home of Clinton campaign chairman John Podesta for an off-the-record dinner. Clinton's team hosted a similar gathering on Friday night in New York.

The dinners could be seen as an effort by Clinton to improve her complicated relationship with the press. At an awards ceremony last month, Clinton said, at least partly in jest, that she was interested in forging a "new relationship with the press."

"So here it goes. No more secrecy. No more zones of privacy. But first of all, before I go any further. If you look under your chairs, you'll find a simple nondisclosure agreement," she joked.

For reporters on the "Hillary beat," the outreach hasn't gone unnoticed.

"I'd say that everyone is trying to start off on the right foot, just being friendly as human beings and acknowledging that this is our job," Karni said. "There's an effort to start off on a collegial note and to get along."

CNNMoney (New York) April 12, 2015: 8:39 PM ET


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China is poised to report worst growth since the financial crisis

china gdp 041015

Gross domestic product is forecast to have expanded by 7.0% in the first quarter of 2015, compared to the same period last year, according to the survey's median estimate.

That's quite a drop from the final quarter of 2014, when economic growth came in at 7.3%. Looking ahead, economists expect to see 6.8% annual GDP growth for this year, and even slower expansion at 6.5% in 2016.

The strength of China's economy is often difficult to judge at the beginning of the year because of the Lunar New Year holiday. But many recent data points have been so disappointing that experts are bracing for the worst.

Although survey estimates remain in line with the government's target of 7%, economists expect Beijing to take stimulus action if the economy slows much further, according to the survey. One of the biggest risks facing the Chinese economy continues to be a waning property sector.

"While we do not expect a dramatic slowdown, we think downward pressures on growth stemming from the weakness in real estate will remain in the coming months," wrote Louis Kuijs of RBS in a research note. "Against this backdrop, we think more macroeconomic easing steps will follow in the coming months to ensure that GDP growth will not fall too much below the target of 7% in 2015."

So far this year, the government has already tried to shore up the real estate sector, putting in place measures to boost property sales and battle slowing construction. But UBS economists Harrison Hsu and Wang Tao said the measures won't be enough to reverse the overall slowdown.

Related: China's factories slump amid growth concerns

Other risks continue to loom, including capital outflow and massive local government debt.

Overall, analysts expect Beijing to consider interest rate cuts, a lower reserve requirement ratio, and further monetary easing to support the economy.

GDP growth in China remains the most comprehensive gauge of the country's economic health -- an important number to watch as the government tries to steer the country towards consumption-driven growth.

China averaged economic expansion of around 10% a year over the past three decades, making it the world's second-largest economy and boosting household wealth. But now, the pace of growth is languishing -- China recorded GDP growth of 7.4% last year, the worst in 24 years, a significant slowdown from double-digit growth in 2010.

The National Bureau of Statistics will announce first quarter GDP numbers on April 15.

Related: The world's hottest stock market is in China

CNNMoney (Hong Kong) April 12, 2015: 10:01 PM ET


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HBO still hasn't heard from Scientology lawyers for 'Going Clear'

Written By limadu on Minggu, 12 April 2015 | 14.44

"Facts are stubborn things," HBO CEO Richard Plepler said in an interview with CNNMoney this week.

"Everybody's entitled to their own opinion, but they're not entitled to their own facts," he added. "I think the documentary bears up very well to any kind of scrutiny."

Sheila Nevins, the president of HBO's documentary division, had a similar comment -- "facts are facts" -- when asked about the film at a party on Wednesday held by The Hollywood Reporter.

The March 29 premiere of "Going Clear" scored the highest overnight viewership for an HBO documentary in nine years. Nevins and Plepler pointed out that the documentary is still reaching new viewers every day thanks to repeats and HBO's various on-demand services.

scientology going clear John Travolta isn't interested in watching HBO's Scientology documentary 'Going Clear.'

"Going Clear" was back in the news this week when John Travolta, a member of the church, said he was uninterested in seeing it.

The documentary, by well-known filmmaker Alex Gibney, is based on the book of the same name by Lawrence Wright.

In an interview before the premiere, Gibney said he was well aware of the possibility that Scientology might try to strike back with lawsuits.

But, he said, "we were very rigorous in terms of how we checked our story, how we had it scrutinized extensively by lawyers -- not only my own lawyers but by HBO's lawyers," Gibney said.

Nevins once commented that there were "probably 160 lawyers" involved, but she meant that hyperbolically.

HBO's other recent documentary success was "The Jinx," a six-part series about the troubled multi-millionaire Robert Durst, a suspect in several murders.

There have been questions about the extent of filmmaker Andrew Jarecki's communication with law enforcement, particularly due to the recording of Durst apparently saying to himself he "killed them all."

"I can tell you unequivocally we did not withhold any evidence," Plepler said, calling Jarecki "very scrupulous."

"I think what's important to remember is that a 30-year -- 30-year -- murder mystery was essentially opened up" by Jarecki and his colleagues, Plepler added.

HBO and the parent of this web site, CNN, are both owned by Time Warner.

CNNMoney (New York) April 10, 2015: 6:34 PM ET


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The Obamas paid $93,362 in federal income taxes

white house obamas tax President Obama and First Lady Michelle Obama reported about the same amount of income in 2014 as they did in 2013.

President Obama and First Lady Michelle Obama reported $495,964 in gross income last year, according to their 2014 tax returns released by the White House on Friday afternoon.

The president's salary accounted for nearly $395,000 of that, while their net business income came to $88,181 from Random House and literary management company Dystel & Goderich. They also earned about $16,000 in taxable interest.

After accounting for $17,400 in tax-deferred retirement savings and a $1,181 deduction for the self-employment payroll taxes they paid, their adjusted gross income came to $477,383, just a little less than they earned the year before.

Related: Top 400 taxpayers' average income jumps to $336 million

So how much of all that went to Uncle Sam? The Obamas' federal income tax bite came to $93,362, or 19.6% of their AGI.

A piece of that tax burden -- $2,035 -- was attributable to the Medicare surtax on high earners that was created to help fund Obamacare.

The Obamas donated $70,712, or about 15% of their AGI, to more than 30 charities.

They also paid $22,640 in income taxes to their home state of Illinois.

CNNMoney (New York) April 10, 2015: 6:33 PM ET


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Hillary Clinton's economic plans need an overhaul

hillary campaign 08_15

Clinton is expected to begin her presidential campaign this weekend, yet she's stayed mum on the economy -- something she hammered on during the 2008 campaign.

"She's a blank check at this point," says Dean Baker, co-director for the Center for Economic and Policy Research. "She'll be pressed to take positions."

America's economy has come a long way from 2008. Back then, the country was headed toward a recession. The unemployment rate was climbing -- eventually on its way to 10% -- while America's housing market was collapsing. The divide between Wall Street and Main Street was just beginning to widen, some argue.

Now, unemployment is down to 5.5% -- not far from its target level. Last year was America's best year of job growth since 1999. However, some big issues remain. Inequality is worsening and most people's wages have barely grown.

How Hillary approaches inequality, as well as her relationships with Wall Street and Main Street, will be key to her success in this campaign.

Here's how Hillary may shift her approach for 2016:

Related: 'Hillary' websites going for up to $295k

1. How will she tackle Inequality?

Then: Clinton heavily criticized President George W. Bush for his handling of the economy in 2008. She zeroed in on jobs losses, rising inequality and no wage growth.

While the economy hadn't fallen off a cliff yet -- unemployment was 5.6% when she lost the primary race -- her inequality rhetoric resonated with many Americans.

A Republican president ineligible for another election presented an easy punching bag for Clinton on inequality.

"President Bush had one final chance tonight to acknowledge what the American people have known for years: that the economy is not working for middle class families," Clinton said of Bush's State of the Union address in January 2008.

Now: Those problems haven't changed much under President Obama, but Clinton is unlikely to throw the same darts at her former boss.

Inequality is arguably worse now, and wage growth remains the economy's sore spot. In 2008, median weekly wages were $796 -- the exact same amount at the end of 2014, adjusted for inflation, according to the Labor Department.

Clinton must carefully calculate an inequality message without distancing herself from Obama's economic achievements, experts say.

"It s a very different world" from 2008, says Gary Burtless, an economist at the Brookings Institution. "There's more anger out there about the economy and inequality. She'll modify the rhetoric she uses."

Related: The tough task of going through Hillary's emails

2. Too cozy with Wall Street?

Then: The stock market boomed during Bill Clinton's time in office. Hillary liked to remind Wall Street of that in 2008. The tech boom, free trade agreements and bull market were all hallmarks of President Clinton's economy.

Bill had cemented a relationship with Wall Street that Hillary benefited from in 2008, says Larry Sabato, a politics professor at the University of Virginia.

"She was the candidate of Wall Street" in 2008, says Sabato.

Now: Wall Street is still expected to doll out millions to Hillary's campaign, but she must tip-toe more carefully around that support, experts say. The recession generated a scathing image of the bankers who helped finance Hillary's run in '08.

Most recently, democratic senator Elizabeth Warren is hammering big banks for more reforms and could press Hillary and others to take stance as well.

Hillary will have to find the balance between appealing to the Warren democrats that want greater financial change and Clinton's loyal Wall Street donor base, experts say.

"She'll want the populist rhetoric but also the money," says Sabato. With the Clintons, "the money comes first and it may be completely separate from the rhetoric."

Related: He serves BBQ to Bill & Hillary Clinton

3. Can she connect with Main Street?

Then: Clinton ridiculed President Bush in 2008, telling USA Today that the "moneyed class" had reaped all the benefits of his economy.

As a New York senator -- and former First Lady -- she championed middle class jobs, minimum wage laws and pushed for health care reform.

Several years later, Clinton's relationship with the moneyed class is much more public and perhaps political dynamite for her economic policies during this campaign.

Now: Average Americans are still struggling. Inequality is a much bigger issue than it was eight years ago, propelling Thomas Piketty's 700-page book "Capital in the 21st Century" to bestseller status last year.

Experts say Clinton's problem will be connecting with typical Americans. Since leaving the State Department, Hillary has made a fortune on speeches and her book, on top of Bill's well-known wealth.

Knowing this perception, Clinton plans to hold small campaign events this week geared at giving face time to average folks. How Clinton tries to relate to Americans on hot topics like inequality, middle class jobs and the federal minimum wage could be key early on.

Clinton has already tried once to convince Americans she had it hard. One political slip-up came when she wrote in her book, "Hard Choices" that she and Bill were "dead broke" when they left the White House in 2001. The comment was widely viewed as out-of-touch with Main Street realities.

"It was just bizarre," says Baker. The Clinton's wealth "is not anyone's idea of flat broke."

Related: 'President' Hillary Clinton: Good for stocks?

CNNMoney (New York) April 11, 2015: 9:05 AM ET


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BuzzFeed reposts deleted Dove article

Written By limadu on Sabtu, 11 April 2015 | 14.44

buzzfeed life BuzzFeed reposted a story about Dove soap after questions arose over why it had been deleted.

"I blew it," Editor-in-Chief Ben Smith wrote in a memo that he tweeted Friday. "Twice in the last couple of months, I've asked editors -- over their better judgment and without any respect to our standards or process -- to delete recently published posts from the site."

Smith added that he "reacted impulsively when I saw the posts and I was wrong to do that" and that both posts would be reinstated with a brief note.

One of the deleted then reinstated stories was posted in February and concerned the game of Monopoly. The other was posted to the site's "Life" page on Wednesday and was critical of a Dove advertising campaign.

"This post was inappropriately deleted amid an ongoing conversation about how and when to publish personal opinion pieces on BuzzFeed," an update read on the reinstated story. "The deletion was in violation of our editorial standards and the post has been reinstated."

Gawker noticed the deletion on Thursday and raised the question whether the article was taken down due to the BuzzFeed's relationship to Unilever, Dove's owner, and a BuzzFeed advertiser.

Hasbro, the makers of Monopoly, is also an advertiser.

Smith denied that advertiser pressure was behind the Dove story deletion.

dove soap

"You also have a right to ask about whether we did this because of advertiser pressure, as Gawker suggested," Smith wrote to the BuzzFeed staff on Friday. "The answer is no."

Soon after Gawker's story on Thursday, Smith posted a memo on Twitter written by BuzzFeed Life editorial director Peggy Wang and BuzzFeed Food editor Emily Fleischaker.

The memo said that the piece was pulled due to the article's voice and not its content.

"When we approach charged topics like body image and feminism, we need to show not tell," the memo read. "Using our own voices (and hence, BuzzFeed's voice) to advance a personal opinion often isn't in line with BuzzFeed Life's tone and editorial mission."

Or as Smith said in the tweet attached to the Thursday memo: "We are trying not to do hot takes."

On Friday, Smith made it clear that advertiser pressure is something he tries to shield his staff from.

"I field complaints all the time from companies and individuals, including advertisers, and I see it as my job to shield you from that pressure," he wrote.

Related: BuzzFeed wants to expand its content empire.

CNNMoney (New York) April 10, 2015: 6:14 PM ET


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The Obamas paid $93,362 in federal income taxes

white house obamas tax President Obama and First Lady Michelle Obama reported about the same amount of income in 2014 as they did in 2013.

President Obama and First Lady Michelle Obama reported $495,964 in gross income last year, according to their 2014 tax returns released by the White House on Friday afternoon.

The president's salary accounted for nearly $395,000 of that, while their net business income came to $88,181 from Random House and literary management company Dystel & Goderich. They also earned about $16,000 in taxable interest.

After accounting for $17,400 in tax-deferred retirement savings and a $1,181 deduction for the self-employment payroll taxes they paid, their adjusted gross income came to $477,383, just a little less than they earned the year before.

Related: Top 400 taxpayers' average income jumps to $336 million

So how much of all that went to Uncle Sam? The Obamas' federal income tax bite came to $93,362, or 19.6% of their AGI.

A piece of that tax burden -- $2,035 -- was attributable to the Medicare surtax on high earners that was created to help fund Obamacare.

The Obamas donated $70,712, or about 15% of their AGI, to more than 30 charities.

They also paid $22,640 in income taxes to their home state of Illinois.

CNNMoney (New York) April 10, 2015: 6:33 PM ET


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HBO still hasn't heard from Scientology lawyers for 'Going Clear'

"Facts are stubborn things," HBO CEO Richard Plepler said in an interview with CNNMoney this week.

"Everybody's entitled to their own opinion, but they're not entitled to their own facts," he added. "I think the documentary bears up very well to any kind of scrutiny."

Sheila Nevins, the president of HBO's documentary division, had a similar comment -- "facts are facts" -- when asked about the film at a party on Wednesday held by The Hollywood Reporter.

The March 29 premiere of "Going Clear" scored the highest overnight viewership for an HBO documentary in nine years. Nevins and Plepler pointed out that the documentary is still reaching new viewers every day thanks to repeats and HBO's various on-demand services.

scientology going clear John Travolta isn't interested in watching HBO's Scientology documentary 'Going Clear.'

"Going Clear" was back in the news this week when John Travolta, a member of the church, said he was uninterested in seeing it.

The documentary, by well-known filmmaker Alex Gibney, is based on the book of the same name by Lawrence Wright.

In an interview before the premiere, Gibney said he was well aware of the possibility that Scientology might try to strike back with lawsuits.

But, he said, "we were very rigorous in terms of how we checked our story, how we had it scrutinized extensively by lawyers -- not only my own lawyers but by HBO's lawyers," Gibney said.

Nevins once commented that there were "probably 160 lawyers" involved, but she meant that hyperbolically.

HBO's other recent documentary success was "The Jinx," a six-part series about the troubled multi-millionaire Robert Durst, a suspect in several murders.

There have been questions about the extent of filmmaker Andrew Jarecki's communication with law enforcement, particularly due to the recording of Durst apparently saying to himself he "killed them all."

"I can tell you unequivocally we did not withhold any evidence," Plepler said, calling Jarecki "very scrupulous."

"I think what's important to remember is that a 30-year -- 30-year -- murder mystery was essentially opened up" by Jarecki and his colleagues, Plepler added.

HBO and the parent of this web site, CNN, are both owned by Time Warner.

CNNMoney (New York) April 10, 2015: 6:34 PM ET


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Cosmopolitan magazine secures first Chelsea Manning interview

Written By limadu on Jumat, 10 April 2015 | 14.44

chelsea manning Chelsea Manning seen in a photo she sent to a military supervisor in 2010.

The article marks the first time Manning has spoken "as an army private who leaked classified documents, went to military prison, and sued for the right to transition into living as a woman in jail," according to the story, which is in the magazine's May issue and online.

Manning was convicted of violations of the Espionage Act in 2013 for turning over a trove of classified data to the website WikiLeaks. Since the conviction as Private Bradley Manning, the soldier has transitioned, in prison and aided by federal funding, into a transgender woman.

"I'm fascinated by the character of Chelsea Manning; I'm fascinated by the fact that Julian Assange was played by Benedict Cumberbatch, the hottest thing in town, in a big Hollywood movie and yet Chelsea Manning disappeared from view," Cosmopolitan editor-in-chief Joanna Coles said in an interview with CNN.

She pointedly added that without Manning, there would be no WikiLeaks as it's known to the public today.

Manning has penned opinion pieces for The New York Times and The Guardian from prison. With Cosmopolitan, she shared a more personal side, detailing her experience as a transitioning woman in prison.

Writer Abigail Pesta, an investigative journalist and contributor to the magazine, communicated with Manning through letters since the military does not allow prisoners to speak to the press by phone.

Coles estimated that the piece was in the works for about a year. Pesta brought the idea to Coles.

We "were very interested in the transition to Chelsea and the idea of transitioning to being a women in a men's prison. I couldn't get my head around it," she said.

Coles called it an idea that was "hiding in plain sight," but no doubt a huge get for the women's magazine.

"As an editor I like to have something unexpected and a surprise in each issue. I imagine our readers will be as fascinated as I am by this story," she said.

Though Manning declined to comment on the WikiLeaks reveal, she talked about life behind bars: studying in the prison library, working out in the gym, and visits from friends and family.

Thus far, she said, there has been no harassment from other inmates regarding her transition.

"The guys here are adults ... There are some very smart and sophisticated people in prisons all across America — I don't think television and the media give them credit," she says to Pesta.

Manning said she receives fan-mail from around the world, including from celebrities and even Edward Snowden.

The Cosmopolitan article is reflective of the way gender identity is increasingly receiving mainstream media attention.

Coles pointed out that Netflix's "Orange Is The New Black" is a "huge show" among Cosmo readers.

More broadly speaking, "transgender people are having a moment in our culture right now," she said, illustrated by the success of Amazon's TV series "Transparent" and Bruce Jenner's rumored -- but not confirmed -- gender transition.

As for Cosmo getting the Manning scoop, well, it might be an example of how Coles has given the Hearst brand a 21st century face-lift. She took the helm in 2012.

Earlier this year a New York magazine profile connected Coles to a new ("4th -- or Is It 5th?") wave of feminism.

Coles shrugged off this definition in an interview, though, and insists she's pragmatic.

"I come from this point of view of being an editor," she said. "I never have an agenda; my only agenda is finding interesting stories, and people have interpreted that as being political."

Last June, Cosmopolitan snagged an exclusive interview with ousted New York Times executive editor Jill Abramson. The magazine has beefed up original reporting with hires like Jill Filipovic, an attorney and senior political writer for the magazine.

"Women's magazines get patronized," Coles said. "And that's unfair."

But as news organizations continue to chase Cosmo's reports like the Manning profile, or Elle's recent profile of Ruth Bader Ginsburg, that will likely change.

Chelsea J. Carter, Ashley Fantz, Jethro Mullen, and Larry Shaughnessy contributed to this report.

CNNMoney (New York) April 9, 2015: 4:23 PM ET


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Google doesn't care where you went to college

Not really, according to Laszlo Bock, Google's Head of People Operations.

When the company was small, Google cared a lot about getting kids from Harvard, Stanford, and MIT. But Bock said it was the "wrong" hiring strategy. Experience has taught him there are exceptional kids at many other places, from state schools in California to New York.

"What we find is the best people from places like that are just as good if not better as anybody you can get from any Ivy League school," said Bock, who just authored a book titled "Work Rules!" and stopped by CNNMoney to share his smarts.

Every year, 2 million people apply to get a job at Google (GOOG). Bock himself has seen some 25,000 résumés.

So what else does Google not care about:

Grades: Google's data shows that grades predict performance for the first two years of a career, but do not matter after that.

Brainteasers: Gone are interview questions such as: Why are manhole covers round? or How many golf balls can fit in a school bus? "Our research tells us those questions are a waste of time," Bock said. "They're a really coachable skill. The more you practice, you get better at it."

A shoe: "Somebody sent me a shoe once with a résumé tucked inside because they wanted to get their foot in the door." That one didn't work.

Or a robot: Especially when it arrived broken, with exposed wires and a "press here" button. Call in the bomb squad.

Here's what Google does care about:

Problem solvers: Your cognitive ability, or how well you solve problems.

Leaders: The idea is not whether you were president of the student body or vice president of the bank, rather: "When you see a problem do you step in, help solve it," and then critically, "Are you willing to step out and let somebody else take over, and make room for somebody else? Are you willing to give up power?"

Googleyness: That's what Google calls its cultural fit. It's not "Are you like us?" Bock said. "We actually look for people who are different, because diversity gives us great ideas."

What's most important is that people are intellectually humble, willing to admit when they're wrong, and care about the environment around them ..."because we want people who think like owners not employees," Bock said.

The least important thing? Knowing how to do the job.

"We figure if you get the first three right you'll figure it out most of the time."

google office netherlands Inside Google's office in the Netherlands.

CNNMoney (New York) April 9, 2015: 8:30 PM ET


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The unlikely company behind the Nikkei's dramatic rise

The benchmark index is up 14% this year, building on an incredible 125% boom since mid-2012.

It's easy to find reasons for the index's performance: The central bank is pumping money into the economy at a torrid pace, and Prime Minister Shinzo Abe has pledged to reform the way Japan Inc. does business.

But a closer look at the Nikkei reveals that one company in particular has played a starring role in its dramatic rise.

That company is Fast Retailing, best known as the corporate parent of clothing brands Uniqlo and Theory. The retailer is by far the largest Nikkei component, accounting for 9.7% of the index average.

The Nikkei, like the Dow Jones Industrial Average, is price-weighted, meaning that a company's share price determines its proportion of the overall index. The higher the share price, the more influence a stock has over the Nikkei. Most other indices are based on market capitalization, or the total value of a company's outstanding shares.

nikkei chart

The emphasis on share price is what makes Fast Retailing so important. Shares have increased by a whopping 225% since mid-2012, giving the company roughly twice the influence of robotics firm Fanuc, the index's second-largest component.

Traditional Japanese heavyweights have also been left in the dust. Toyota, with a market cap more than five times larger than Fast Retailing, is trading near 8,320 yen ($69), giving it a 1.7% weight on the Nikkei. Fast Retailing's share price is 49,700 yen ($412).

This divergence results in all sorts of oddities. On Thursday, for example, Fast Retailing raised its annual profit forecast by more than 10%. Sure enough, the Nikkei reacted Friday by breaking through 20,000 points.

But equally good news at Toyota or Softbank -- larger companies by market cap, with higher revenues -- would have generated a smaller point increase for the index.

So next time the Nikkei climbs or dives, consider the source.

Related: Japanese stocks are on fire. But why?

Pity Japan's salaryman: Inside a brutal 80-hour workweek

CNNMoney (Hong Kong) April 10, 2015: 3:11 AM ET


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Hong Kong stocks soar as investors flood market

Written By limadu on Kamis, 09 April 2015 | 14.44

hong kong stocks

The Hang Seng Index hit its highest point in seven years on Wednesday, the first day of trading after an extended holiday. Hong Kong stocks continue to soar on Thursday, pushing the market up 7.6% this week, and nearly 15% this year.

Analysts say investors are turning to Hong Kong after a dramatic 22% surge this year by the Shanghai Composite has made that market too expensive.

"Our understanding is that the rising valuation gap now makes Hong Kong-listed Chinese shares compelling bargains to [mainland] investors," wrote Nomura equity strategist Wendy Liu in a research note.

Many of China's biggest companies are dual-listed in Hong Kong and Shanghai, and savvy investors have long turned a profit by playing off the different share prices in the two markets.

hk chart

Related: The world's hottest stock market is in China

Trading activity is also flooding Hong Kong through the "stock connect" pilot program, which linked trading in the Hong Kong and Shanghai markets starting late last year.

The much-anticipated program drew lackluster interest from investors at first. But now, the China Securities Regulatory Commission has started letting mutual funds invest through the "stock connect," boosting trading volume.

The program has a daily quota for trading activity in both directions -- from mainland China to Hong Kong, and the reverse. Trading traffic from Shanghai to Hong Kong maxed out its daily limit for the very first time on Wednesday, and activity was high again on Thursday.

China's Shanghai Composite dropped 1.2% on Thursday, while the Shenzhen Composite fell 2%. Despite these losses, these two markets have still posted staggering gains year to date, with Shenzhen spiking over 47%, making it the world's top-performing index.

CNNMoney (Hong Kong) April 9, 2015: 1:44 AM ET


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Forget GDP. These nations are doing better than the U.S.

social progress world

The U.S. ranks 16th in the Social Progress Index, which is based on dozens of criteria measuring well-being, opportunities and basic human needs.

The ranking, released on Wednesday, puts Norway on top, followed by Sweden and Switzerland. It was designed to complement traditional economic indicators -- such as GDP.

"GDP tells us quite a lot about a country's progress, but it's definitely not the whole story. Together with the social progress index, it can give us all-around picture of a country's inclusive growth," said Steve Almond, one of the authors.

social progress index

Related: How much do you need to be happy?

The U.S., the world's biggest economy, scores poorly across many criteria and ranks behind countries with lower GDP per capita -- including Canada and the U.K.

It is leading the way in only a handful of measures, including people's satisfaction with affordable housing, freedom of speech, and access to advanced education.

But the U.S. is failing in all health and wellness indicators, which include life expectancy, obesity, suicide rates, and personal safety.

social progress where us stands

The index considers 52 indicators that have impact on the quality of people's lives and their position in society.

Among them are access to water and shelter, well-being indicators like obesity and literacy rates, as well as criteria measuring opportunities, tolerance, and the degree of personal freedoms.

The authors say countries with higher scores are building more prosperous societies and are likely to be better off in the long term.

And while important, the overall economic wealth is not crucial for countries' social progress.

Almond cites Costa Rica as an example. Ranked 28th, it achieves a higher level of social progress than both South Korea and Italy, which have more than twice Costa Rica's GDP per head.

Related: Should happiness, more than GDP, define a nation's success?

CNNMoney (London) April 8, 2015: 9:58 PM ET


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Jon Stewart on Rolling Stone: 'I'll fire them'

"If nobody else has the guts to do it, I'll fire them," Stewart said on "The Daily Show" Wednesday night. "I'm making a citizen's firing. Pack up your desks!"

Stewart's "citizen's firing" comes just days after Rolling Stone publisher Jann Wenner concluded that a damning report by Columbia Journalism School on the magazine's flawed "A Rape on Campus" story was punishment enough for the staffers.

Related: Major 'failures' found in Rolling Stone's 'A Rape on Campus'

Stewart, who often functions as a media watchdog, was not buying that argument.

"The report is actually not punishment ... at all," Stewart said. "It is a list of things -- in many circumstances -- people would be punished for. You're missing the ever crucial sentencing phase."

Stewart compared the situation to a judge who issues a guilty verdict, and then says, "so let's go get some Italian ices."

The departing "Daily Show" host went on to say that the flawed story wasn't just a "gaffe" but rather "monumental f*** up territory," because it could set back the cause of sexual assault victims.

Related: No one fired at Rolling Stone. Really?

"You can't just deal with it by issuing a correction like the time you spelled [pop star] Ke$ha's name with an '&' instead of '$,' " Stewart said. "Someone's got to go."

Stewart isn't alone in his opinion. Many in the media world were shocked to learn that the author of the botched story, Sabrina Rubin Erdely, would continue to write for Rolling Stone.

Yet, for Stewart, Rolling Stone being unreliable wasn't a complete shock.

"The magazine that gave five stars to the most recent U2 album may not be the most reliable source of information," he joked.

Related: Three fatal failures in Rolling tone's UVA rape story

CNNMoney (New York) April 9, 2015: 12:40 AM ET


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Psychiatrist wants patients to see his name in the New York Times

Written By limadu on Rabu, 08 April 2015 | 14.44

to the editor Is this narcissistic?

"Please print this letter so that when my patients Google me they will see that their psychiatrist and psychoanalyst has been published in The New York Times," wrote Levin, who lives in the Philadelphia area and has had a practice for about 30 years.

The letter, which was published in the Times on Tuesday, made an immediate splash on Twitter, where it was applauded by journalists like New York Daily News columnist Harry Siegel.

"Well played, Bruce J. Levin," Siegel tweeted.

Levin was inspired to write in after reading a story published in the Times on Sunday. The story, titled "Do You Google Your Shrink?," explored how the psychiatric community has adjusted to exposure of personal information in the online age. Levin was not the only psychotherapist who responded to the story.

One reader from Queens argued that "patients always knew a great deal about the person they were talking to" -- even before the advent of the Internet. Another reader from Indiana said that she would turn away any patient who arrived at her office with a trove of information retrieved from the Internet.

Levin opted for levity.

"I just read the article, and it struck me, 'What would Stephen Colbert or Larry David say about something like this?'" he told CNNMoney.

Levin grew up in New York, and he said he's been reading the paper of record since he was a kid.

"I've had some letters in the Times," he said, a modest reference to his more than half-a-dozen missives that the Times has published.

His first published letter came in response to a column by Maureen Dowd. In the letter, Levin applauded Dowd's "depiction of the sweeping cultural and social drug revolution that has shamelessly affected our country." He said Dowd emailed him to express her gratitude.

"A couple people were very hostile to her point of view, and she felt like I understood what she was talking about," Levin recalled.

Levin has relished the response this week to his cheeky letter. He received a phone call from an old high school friend who he hadn't spoken to in years. His son, a college student, told him about the reaction on social media.

"This is the first time I've ever looked at anything on Twitter," Levin said.

He also received an email from a fellow psychiatrist who got a kick out of the letter.

And how did the colleague retrieve Levin's contact information? By Googling him, of course.

Related: Google under fire for Youtube Kids app

Related: 'Ask Seaworld' Twitter campaign backfires

Related: IBM's Watson has published a cookbook

CNNMoney (New York) April 7, 2015: 6:30 PM ET


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China's taxman is coming for Alibaba

alibaba tax authorities

Two of the company's "lock up" agreements have now expired, releasing an additional 437 million shares for trading. Another 1.6 billion shares -- owned by co-founders Jack Ma and Joe Tsai and investors Yahoo and Softbank -- will be eligible to hit the market in September. Alibaba sold 320 million shares, or about 13% of the company, in its IPO.

During an IPO, companies can "lock-up" shares from trading for a certain amount of time to prevent major shareholders -- typically insiders like executives or venture capitalists -- from flooding the market in the initial trading period. Share prices sometimes drop before a "lock-up" ends, as investors worry about more stock hitting the market, thought it remains unclear what Alibaba's biggest stakeholders will do.

Together, these chunks of Alibaba stock represent 80% of the company. If they were sold at current prices, Alibaba (BABA, Tech30) insiders would be in line for a whopping $165 billion payday.

Experts say Beijing will definitely be looking to collect tax on that windfall.

"The size in terms of dollar amount is massive, and in terms of the number of people that benefited within the company is also very significant," said China tax specialist Clifford Ng, a partner at law firm Zhong Lun. "Obviously, the more high profile the company, the more likely that the government will have to make sure that taxes are collected properly."

China taxes its citizens on worldwide income, no matter where they live or work -- just like the U.S. The country has a progressive tax rate on employment-based income that ranges from 3% to 45%, and a capital gains tax that tops out at 20%.

But authorities have long failed to collect billions in taxes from rich Chinese who launder money overseas, find creative ways to hide income or move abroad.

Related: Beijing loses billions as rich skip taxes

Beijing is now cracking down on tax evasion as government debt continues to balloon. Last year, authorities recovered 172.2 billion yuan ($28 billion) from individuals engaged in criminal tax evasion, or roughly 1.7% of the government's total income tax revenue, according to the State Administration of Tax.

The government is also requiring firms like Alibaba that offer employee share incentive plans to register with the State Administration of Foreign Exchange (SAFE), a bureau that controls how much money flows in and out of China. Beijing even asks companies to report and withhold tax dollars based on those stock incentive schemes.

This helps the government keep tabs on Chinese firms that list overseas, because company ownership is essentially moving offshore, Ng said.

Alibaba spokesman Bob Christie confirmed that the company was complying, saying the firm "withholds capital gain tax on the capital from share sales [that] can be repatriated back to China through a channel stipulated by SAFE."

Employees who participated in a share incentive plan were also required to register with SAFE once the company went public, according to Alibaba's IPO prospectus.

"Through public filings by the listed companies, and the reporting required ... the State Administration for Tax has a pretty good handle on who should pay what," Ng said. "Perhaps more so than any other country, because so many Chinese companies list overseas."

Read next: Who the heck is Jack Ma? Meet the man who built Alibaba

CNNMoney (Hong Kong) April 7, 2015: 10:47 PM ET


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Shell inks $70 billion deal as Big Oil gets even bigger

oil mergers

The latest example is Royal Dutch Shell (RDSA)'s bid for BG Group (BRGXF), a British firm with a stockpile of prized oil fields off the coast of Brazil, and lucrative natural gas holdings in Australia.

The companies announced the £47 billion ($70 billion) deal early Wednesday. Shell will pay a 50% premium to BG's closing share price of £9.10 ($13.56) on Tuesday.

If completed, the purchase will add 25% to Shell's oil and gas reserves and 20% to the company's production. Shell also expects the deal to create "synergies" of around $2.5 billion, raising the possibility of job cuts.

With oil prices below $60 a barrel, Shell isn't alone in its desire to get bigger. Oil services group Halliburton (HAL) recently shelled out $34.6 billion for Baker Hughes, and Spain's Repsol spent more than $8 billion last year to buy a Canadian firm. A flurry of smaller deals have also been announced.

When energy prices are high, oil companies are happy to just keep drilling. But when prices decline, producers often find themselves in a cost crunch, and weaker firms become attractive takeover targets.

The surge in M&A activity recalls the glory days of energy industry consolidation. In the late 1990s, oil prices declined sharply, inspiring deals between BP (BP) and Amoco, Chevron (CVX) and Texaco, as well as the legendary tie-up between Exxon and Mobil.

Those deals were truly massive, creating the industry's so-called "supermajors" -- which have used their huge scale to churn out even bigger profits.

Looking ahead, if oil prices stay low -- and stable -- it's possible that other industry heavyweights will join the M&A fray, even if it means pursuing smaller targets. Exxon (XOM), for example, has signaled an interest.

"We stay very alert to value propositions, we're watchful," Exxon executive Jeff Woodbury said during an analyst call in February. "The real focus here is creating value, and we will pursue only those acquisitions that we think that have ultimate strategic value."

Related: Oil fallout: U.S. companies kill over 51000 jobs

CNNMoney (Hong Kong) April 8, 2015: 3:42 AM ET


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'Shell-shocked:' new details about NBC's handling of the Brian Williams scandal

Written By limadu on Selasa, 07 April 2015 | 14.44

As the crisis over Williams' exaggerated war stories unfolded, network executives were frustrated by Williams' "inability to explain himself," the story says. The anchor "appeared shell-shocked" when the scandal emerged, rendering him unable to respond effectively.

In February, amid the series of embarrassing revelations, Williams was suspended without pay for six months. His "NBC Nightly News" is now being anchored by Lester Holt. It is unclear whether NBC will let Williams return at the end of the suspension period.

At issue was Williams' involvement on an Iraq War mission in 2003. Over the years, his recounting of the mission turned more dramatic, to the point he was saying that an RPG had struck the helicopter he was aboard. In fact, that happened to a different helicopter, not the one Williams was on.

The Vanity Fair story, authored by Bryan Burrough, says NBC's internal fact-checking investigation of Williams is ongoing. It has been led by Richard Esposito, the head of investigations for NBC News.

"People who have spoken to Esposito say his group has compiled a number of other incidents that, taken as a whole, paint a portrait of Williams as a man who has consistently burnished his stories," Burrough writes.

The Vanity Fair was published online on Tuesday, the second day on the job for the new chair of NBC News and MSNBC, Andy Lack. Williams' fate rests with Lack and the man who just put him in charge, NBCUniversal CEO Steve Burke.

Related: NBC News has a new boss. What's on his to-do list

Burke is described in the story as a competent executive who has improved NBCUniversal's standing in many areas, but has struggled to manage the network's news division. "Even some of Burke's defenders admit he has only himself to blame for the decline of NBC News," Burrough writes.

The author zeroes in on Burke's 2012 choice to name Pat Fili-Krushel the chair of NBC News, MSNBC and CNBC, despite the fact that she had "virtually no experience in journalism." Fili-Krushel has become "the scandal's second victim," Burrough writes, now that Lack has taken over.

Lack has decades of experience in journalism. He previously ran NBC News between 1993 and 2001.

Related: NBC's Chuck Todd 'proud' of how network handled Brian Williams

Burrough's story, which relies heavily on anonymous sources, adds new details about what happened inside NBC in the key hours leading up to Williams' initial — and inadequate — apologies for exaggerating the Iraq story.

Williams told an exaggerated version of the story on "NBC Nightly News" in late January, as part of a tribute to a military veteran who had been with him on the mission. Fili-Krushel's hand-picked deputy, NBC News president Deborah Turness, noticed Williams' story "and liked it, terming it 'very sweet,' " according to the story. "What she liked even more, she told one listener, was its performance once it was posted to Facebook, which she called 'extremely good.' "

Indeed, Williams' tribute to the veteran was widely shared on Facebook. But that's also where several vets posted comments saying that Williams had falsified parts of the tale. It is unclear when Williams first saw these comments. But according to the story, whenever he found out, "he did not tell Turness or Pat Fili, even though he and Fili had lunch the following Tuesday."

The same day Williams and Fili-Krushel had lunch, February 3, Stars & Stripes newspaper reporter Travis Tritten interviewed some of the soldiers on the mission and prepared a story about Williams' misstatements.

On February 4, Tritten contacted NBC to ask for comment. Williams spoke on the record to Tritten without his bosses knowing, according to the story -- a sign of how his relationships with Turness and Fili-Krushel were lacking.

Turness learned about the apparent exaggerations around 3:30 p.m., three hours before "Nightly News" broadcast time. She then tried to work with Williams on the wording of an apology that he read on the air. But the statement seemed to only exacerbate his problems.

"Burke learned of things only after the apology broadcast," Burrough writes. The surfacing of a David Letterman clip from 2013, where Williams told another misleading version of the story, made clear to the executives that the discrepancies were very serious. The next day, Burke began holding crisis meetings.

Related: Lester Holt's winning ratings earn applause at NBC

But Burrough quotes NBC sources who say Williams had a hard time acknowledging the scope of the situation, even as questions began coming up about other past stories he had covered.

Furthermore, the story affirms other recent reports about chilliness between Williams and his "Nightly News" predecessor Tom Brokaw, who remains an important voice inside NBC.

Burrough quotes a friend of Brokaw's, who says, "Tom will never say this for the record, but I've talked to him about this, and I can tell you for a fact Tom is livid about this. Tom didn't push Brian out, but he didn't try to save him, either."

The story also quotes a source who implies that Williams believes Brokaw is to blame for his sudden downfall: "I talked to Brian about this, and I'll never forget what he said at the end. He said, 'Chalk one up for Brokaw.' "

CNNMoney (New York) April 7, 2015: 12:44 AM ET


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Indian companies in mad rush to find women board members

Hundreds of Indian companies have failed to comply. At other firms, management have appointed daughters, wives and other close family members to the board -- a move that complies with the letter of the new regulation, but not the spirit.

Out of the 1,456 companies listed at India's National Stock Exchange (NSE), as many as 180 -- or 12% -- failed to appoint a single woman director, even after the government's initial deadline was extended by six months, according to PRIME Database, a firm that compiles capital market data.

Another 770 listed companies have appointed directors that cannot be considered independent -- meaning they are management's close family members or have another vested interest -- according to Prime Database.

Related: Wall Street still hires mostly white men

Pranav Haldea, managing director of PRIME Database, said that appointing next-of-kin directors creates a corporate governance problem, and does nothing to solve gender inequality.

"If the female appointee, a family member, is qualified enough then there shouldn't be a problem," he said. "However, we can see that that is not the case. Compliance is being done only on paper, which is absolutely wrong."

The argument for more women on corporate boards -- aside from basic issues of equality -- is that companies make better decisions when a variety of views are considered. There is even some evidence to suggest that firms with diverse boards outperform their more homogenous rivals.

Related: Best and worst countries for women on corporate boards

India, in particular, has struggled with the issue. In a society that has been regularly branded as patriarchal, little has been done to address the widening gap between men and women in the corporate world.

The International Labour Organization ranked India at a dismal 120 out of 131 countries for female labor participation in 2013. Roughly 25% of women in India are active in the workforce, a lower rate than that of Cuba, Bangladesh and Somalia. Female literacy stands at 54% in India, more than 21 percentage points behind that of males.

Arundhati Bhattacharya, the only woman to lead the State Bank of India in its 208-year history, warned earlier this year that companies need to do more to help women.

"In India, women are still the primary caregivers," she told CNN. "Whether it be for children, whether it be for old people or sick people, you are the primary caregiver. No matter what position you are in."

"I think we need to do more in order to get [women] to stay [in the workforce]," she said. "There are still too few people staying put for them to have a good shot at the top jobs."

Related: Missing from Asia's boardrooms? Women

CNNMoney (New Delhi) April 6, 2015: 10:24 PM ET


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'Star Wars' films available for digital download for first time ever

The two studios that share the rights to "Star Wars," Disney (DIS) and 20th Century Fox, announced late Monday that all six of the popular franchise films will be available for digital download globally for the first time on April 10.

This means that fans of Luke, Leia, Han and Obi-Wan will be now be able to enjoy every film from "The Phantom Menace" to "The Return of the Jedi" on multiple platforms as they travel throughout the galaxy.

Related: The Force is with Disney stock and Bob Iger

"Viewers will have the Rebel forces at their beck and call across their favorite devices anywhere -- sunbathing at the beach, relaxing in their living room with friends, or waiting to board a flight to Endor (or elsewhere)," the studios said in a statement.

The beloved space saga is currently available for pre-order via digital retailers like iTunes, Amazon, and Google Play. They can be purchased either individually or as a digital collection.

To enhance the experience, the new digital versions of the films will also include never-before-seen special features.

Related: 'Star Wars: Battlefront to debut this April

"It's only fitting that audiences enjoy this legendary Saga and its many fascinating behind-the-scenes stories on a wide variety of platforms," Alan Bergman, President of Walt Disney Studios, said in a statement. "We're very excited to finally bring all six films to Digital HD for the first time."

The news comes just weeks after Disney announced that the eighth episode in the series would be released in May, 2017.

The highly-anticipated seventh episode, "Star Wars: The Force Awakens," will make its debut on December 18.

Related: 'Star Wars Episode 8' to be released May 2017

CNNMoney (New York) April 7, 2015: 12:48 AM ET


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Three fatal failures in Rolling Stone's UVA rape story

Written By limadu on Senin, 06 April 2015 | 14.44

In its three-month review, Columbia Journalism School identified multiple instances where Rolling Stone's Sabrina Rubin Erdely and her editors could have avoided the calamities that ultimately forced the magazine to retract "A Rape on Campus," a story about a woman identified only as "Jackie" who claimed to have been gang raped at UVA's Phi Kappa Psi frat house.

Time after time, the review found, Erdely and her colleagues neglected to take steps that might have led the magazine to reconsider the story altogether. Here are three of those failures.

1) Erdely fails to corroborate the story with Jackie's friends: In Erdely's story, which was published on November 19, Jackie recalled reaching out to three friends after the alleged rape occurred.

But Erdely did not do enough to track them down.

"It should have been possible for Erdely to identify the trio independently," the review concluded.

Most damningly, Columbia Journalism School found that all "three friends would have spoken to Erdely, they said, if they had been contacted." The friends would also "have denied saying any of the words Jackie attributed to them."

Erdely expressed surprise that her editors didn't push her harder to reach out to the three friends.

Rolling Stone deputy managing editor Sean Woods, who edited Erdely's story, had a different recollection. Woods said he asked Erdely to reach out to the friends, but she said that she couldn't. When Woods asked "repeatedly" if they were reachable, Erdely said no. Woods said he stood down at that point because he "felt we had enough."

"That was the reporting path, if taken, that would have almost certainly led the magazine's editors to change plans," according to the Columbia report.

2) Erdely was vague and withholding when she reached out to the fraternity: The review found that Erdely fell short in her efforts to get Phi Kappa Psi's side of the story.

If Rolling Stone "had given the fraternity a chance to review the allegations in detail," the review said, Erdely and her editors might have attempted to "verify Jackie's account more thoroughly."

Although Erdely might have had reason to fear the fraternity preempting her story, the review said it is "risky for a journalist to withhold detailed derogatory information from any subject before publication."

After the story was published, the fraternity reviewed its records, and found that it did not host an official function the night Jackie said she was raped.

3) Erdely and her editors abandoned their pursuit of the alleged assailants: Jackie, the review found, "proved to be a challenging source," and she was particularly evasive when Erdely tried to find out more about the lifeguard who allegedly organized the frat house assault. When Erdely asked for his name, Jackie refused, saying she still lived in fear of him.

In subsequent interviews after the story was published, Erdely herself would cite this as a reason for why she didn't contact the alleged assailants.

But while Jackie refused to divulge the last name of the alleged ringleader, she did suggest that Erdely find him through the fraternity's roster. After Jackie went incommunicado for two weeks, Erdely and her editors hatched a "solution."

The reporter left a message for Jackie, assuring her that the magazine would not contact the lifeguard after all. Instead, he would be identified by a pseudonym, Drew. Jackie "called back quickly" and Erdely recalled that she suddenly "chatted freely about the lifeguard, still without using his last name."

In December, the Washington Post delivered a massive blow to Erdely's story when it found that a UVA student matching Drew's description was not a member of Phi Psi and denied ever having met Jackie in person.

Related: Major failures found in Rolling Stone's 'A Rape on Campus'

Related: Author of botched Rolling Stone rape story apologizes

CNNMoney (New York) April 5, 2015: 10:11 PM ET


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Read full text Rolling Stone's apology

rolling stone rape article Rolling Stone magazine not only retracted but deleted its now-discredited article from its website.

Last November, we published a story, "A Rape on Campus" [RS 1223], that centered around a University of Virginia student's horrifying account of her alleged gang rape at a campus fraternity house. Within days, commentators started to question the veracity of our narrative. Then, when The Washington Post uncovered details suggesting that the assault could not have taken place the way we described it, the truth of the story became a subject of national controversy.

As we asked ourselves how we could have gotten the story wrong, we decided the only responsible and credible thing to do was to ask someone from outside the magazine to investigate any lapses in reporting, editing and fact-checking behind the story. We reached out to Steve Coll, dean of the Columbia School of Journalism, and a Pulitzer Prize-winning reporter himself, who accepted our offer. We agreed that we would cooperate fully, that he and his team could take as much time as they needed and write whatever they wanted. They would receive no payment, and we promised to publish their report in full. (A condensed version of the report will appear in the next issue of the magazine, out April 8th.)

This report was painful reading, to me personally and to all of us at Rolling Stone. It is also, in its own way, a fascinating document -- a piece of journalism, as Coll describes it, about a failure of journalism. With its publication, we are officially retracting 'A Rape on Campus.' We are also committing ourselves to a series of recommendations about journalistic practices that are spelled out in the report. We would like to apologize to our readers and to all of those who were damaged by our story and the ensuing fallout, including members of the Phi Kappa Psi fraternity and UVA administrators and students. Sexual assault is a serious problem on college campuses, and it is important that rape victims feel comfortable stepping forward. It saddens us to think that their willingness to do so might be diminished by our failings.

Related: Author of botched article apologizes

Related: Major 'failures' found in Rolling Stone's 'A Rape on Campus'

CNNMoney (New York) April 5, 2015: 8:37 PM ET


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Greece: We have the money to avoid default

Finance Minister Yanis Varoufakis has told Christine Lagarde, the managing director of the International Monetary Fund, that Greece will meet the Thursday deadline for its 460 million euros ($505 million) payment to the group. The pledge should alleviate investor worries over a possible default.

"I welcomed confirmation by the Minister that payment owing to the [IMF] would be forthcoming on April 9," Lagarde said after meeting Varoufakis on Sunday in Washington.

While Greece has insisted it has the funds to cover loan repayments, only the government knows just how much is really left in its treasury. Tax revenues in January and February came in 1.1 billion euros ($1.2 billion) below forecast. Some reports have suggested that the government might not be able to meet its obligations.

Eurozone finance ministers agreed earlier this year to extend Greece's bailout program, but only once they're happy with the country's plans for economic reforms.

Athens did submit a new list of reforms last week. The document, published by the Financial Times, details the government's plans to tackle tax evasion and fraud. They include a proposal for a lottery to encourage consumers to ask for sales tax receipts, a new luxury tax, and higher revenues from tourism.

Related: Get up to speed with the Greek debt crisis 3.0

But the list also included a number of measures that are likely to spark a backlash from the creditors, including reversing earlier reforms that could cost the Greek government an extra 1.1 billion euros ($1.2 billion) this year.

Neither Greece nor the IMF released specific details of what Lagarde and Varoufakis discussed during their meeting. Reform talks are expected to continue this week.

"We had a fruitful, extremely productive discussion about the Greek reform proposals," Varoufakis said after the meeting. "We are intent upon reforming Greece deeply."

Related: Keeping Greece in the euro? Mission impossible?

CNNMoney (Hong Kong) April 6, 2015: 1:27 AM ET


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UVA four months later: 'Rolling Stone didn't do its job'

Written By limadu on Minggu, 05 April 2015 | 14.44

That's the feeling at the University of Virginia, four months after Rolling Stone magazine published and then all but retracted a story detailing an alleged gang rape at the campus.

Now the magazine is preparing to publish an independent review by Columbia University of what went wrong in the making of the story. For UVA, that means yet another round of news coverage.

Journalism students at UVA have seen up close how a news organization can hurt a community. Professors have thought about incorporating the lessons into classes.

Perhaps most importantly, student activists are working overtime to correct persistent misperceptions about college sexual assault and support victims.

"Rolling Stone didn't do its job," said UVA student body president Abraham Axler. "And in some ways our community was responsible for the cleanup of that mistake, and that's what people are angry about."

Related: How UVA story became a national issue

The 9,000-word story, titled "A Rape on Campus," focused on the alleged gang rape of a freshman named "Jackie" in 2012. It also asserted that the university failed to meaningfully respond to the crime and connected this to systemic problems across the country.

When the article came out in late November, "everyone was affected deeply," said Siva Vaidhyanathan, a UVA media studies professor. "The vividness of the story was gut-wrenching."

But Vaidhyanathan had doubts right away because, he said, the story "demonized" administrators who were sincerely trying to improve UVA's handling of rape cases.

The writer, Sabrina Rudin Erdely, soon came under scrutiny.

"It was as if she came into the story with the plot already lined up, and she was just looking for that killer anecdote to fill in the gaps," Vaidhyanathan said.

By early December, the gang rape story had unraveled. Amid mounting doubts about some of the details in Jackie's story -- seven attackers over a period of hours -- and widespread criticism of Rolling Stone's decision not to contact the alleged rapists, the magazine apologized and said it would investigate further.

The magazine asked Columbia's graduate school of journalism to lead a review.

In March, the local police said they could find no evidence the rape had occurred, but also said it remains possible something very traumatic happened. Jackie has not spoken publicly.

Alex Pinkleton, a friend of Jackie's who was interviewed for the original article, said her primary disappointment is that the story's image of "such a brutal, bloody rape is what many people, including legislators, still have in their mind when they are creating new sexual assault legislation."

But "the reality of campus rape is that around 70% of sexual assaults are by an acquaintance or someone the person knows, alcohol is usually present, and it is rare (if it happens at all) to see any sort of beat down (especially one to the degree of the fabricated story)," she wrote in an email.

Experts generally agree. And the point was unfortunately reiterated at UVA earlier this week: On Friday students were alerted that a female student had reported being sexually assaulted by a male student at the end of March. The two students had previously dated.

"The university has taken immediate measures to protect the safety of the victim and is investigating the incident in accordance with Title IX and the Violence Against Women Act," a message to the UVA community said.

Vaidhyanathan said the existence of the campus-wide message is an example of the nuanced reforms that are being implemented.

On-campus activism has continued out of the national media spotlight.

"What Rolling Stone did is gave us the mandate to really work on things that needed to be worked on," said Axler, the student body president. "I think we would have gotten there eventually, but it gave us a sense of urgency. Something we had to do. In some ways, for the long term, that might be a small benefit of an otherwise horrific saga."

Axler added, "The facts of it were wrong, but it wasn't impossible to believe it. What she wrote was fiction, but it was such a believable and horrific thing, it led people to institute reforms."

Vaidhyanathan said he's planning to review the discredited story and its fallout with a class of UVA students next spring in a course called Reporting Crime and Punishment.

One obvious lesson for his journalism students has to do with necessary skepticism, he said.

"Sources, especially sources who have gone through trauma, might not tell you the truth, even if they think they are. That's a hard lesson for reporters who care about people to grasp," Vaidhyanathan said.

"So you have to be the most cynical person you can be, while still having a connection to the deep human feelings that motivate people. Making yourself into that journalist is really hard."

CNNMoney (New York) April 4, 2015: 4:32 PM ET


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'Furious 7' on track for $150 million opening weekend

fast and furious 7

Analysts are now saying it could make $150 million throughout North America by Sunday night.

A week ago, they were predicting $115 to $125 million for this weekend -- and even those projections were turning heads in Hollywood.

Then, after seeing some of Friday's results, the projections nudged up to $130 to $140 million.

On Saturday morning, expectations soared even higher, thanks to sellout crowds at some theaters on Friday night. $148 to $150 million now looks likely.

The film is having the biggest opening of 2015 to date, easily overtaking February's $85 million opening of "Fifty Shades of Grey."

It's also driving right past last year's $95 million opening of "Captain America: The Winter Soldier" -- which was, until now, April's biggest opening in movie history.

"Furious 7," starring Vin Diesel and Dwayne "The Rock" Johnson, marks the unofficial start of the summer movie season.

The film franchise has been hugely popular for over a decade. Its loyal following has helped it make $2.4 billion worldwide since 2001.

This time around, there's even more interest, partly because the seventh film is the last to include the actor Paul Walker.

Walker died in a 2013 car crash while the film production was still taking place.

Related: Buckle up: 'Furious 7' will be emotional for Paul Walker fans

The film is being released by Universal, a division of NBCUniversal.

Coincidentally, February's "Fifty Shades of Grey" was also a Universal picture.

Industry estimates indicate that "Furious 7" made about $16 million during special Thursday night showings.

By Friday night, it had made more than $67 million, which was even higher than originally expected. (That total includes Thursday's screenings.)

Universal will wait to publicly celebrate until sometime Saturday or Sunday. The studio is officially projecting $149.5 million, just slightly below the $150 million mark.

No matter what the final total, it's clear that "Furious 7" will become the biggest opening in "Fast" series history, passing the $97.3 million "Fast & Furious 6" launch in May 2013.

The first film in the series made $144 million overall, not adjusting for inflation. No. 7 is likely to beat that figure in its first weekend.

"Furious 7" will also set the template for what Hollywood hopes will be a hot season after last year's dismal U.S. summer box office.

CNNMoney (New York) April 4, 2015: 12:49 PM ET


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