Google Challenges NSA Secrecy in FISA Court

Google has petitioned a secret U.S. national security court to relax restrictions on the information the tech giant can reveal about government data requests, claiming such restrictions violate the company’s right to free speech under the First Amendment. Google’s motion, filed Tuesday with the Foreign Intelligence Surveillance Court, is the tech giant’s latest attempt to address recent media repo

Germany Has Become the Cut-Rate Prostitution Capital of the World

The presence of thousands of brothels and hundreds of thousands of prostitutes has heightened competition and pushed prices down steeply in the German sex trade. One tourist from Florida, who visits the country three times annually to pay for cheap sex, compares the scene to a discount supermarket: “Germany is like Aldi for prostitutes,” he says. Prostitution became legal in Germany in 2002, and t

NSA Scandal: Tech Titans Jockey to Be the Most Transparent of All

Trust us, we’re from Silicon Valley. America’s largest Internet companies are tripping over themselves to bolster their public image following blockbuster disclosures about their role in the U.S. government’s controversial data-gathering program. Ever since news reports suggested that major tech firms — including Apple, Google, Facebook and Yahoo — provide the National Security Agency (NSA) with u

Jay-Z, Samsung and the 21st-Century Patrons of the Arts

When you’re locked in a global war to dominate the smartphone market, every little advantage helps. And now Samsung has enlisted one of the most brilliant musicians and promoters of the past two decades to its arsenal: Jay-Z. During game 5 of the the NBA finals on Sunday, Samsung aired a three-minute ad announcing the release of the rapper’s upcoming album Magna Carta Holy Grail, due out on July 4

All of a Sudden, There Aren’t Enough Electric Cars to Keep Up with Demand

Electric vehicles like the Nissan Leaf and Honda Fit EV used to languish on dealership lots for months. A pricing war with aggressive incentives and cheap lease deals has changed all that. Last year, Nissan sold about half the number of Leafs it had anticipated, marking two years in a row of disappointing sales for the electric car pioneer. One of the factors holding the Leaf back from appealing t

Why They Build Mega Yachts in Central China — an Economic Mystery Story

This article is the second in Foroohar’s series on Chinese business developments and their effects on the global economy; read the first installment here. It’s tough to feel sorry for billionaires. But even they have taken a hit over the past five years, or so says Brad Bean, the managing director of Dynasty Yachts in Wuhan, China, which is a division of the Miami-based Megayacht Group. Bean is a

Feds: N.Y., Va. 7-Eleven Stores Exploited Immigrants

(NEW YORK) — Nine owners and managers of 7-Eleven stores across Long Island and in Virginia were charged on Monday in a scheme to exploit immigrants from Pakistan and the Philippines, in part by paying them using the stolen Social Security numbers of a child and three dead people. Most of the defendants were arrested early Monday as federal authorities raided 14 franchise stores. Immigration and C

The Real Lesson Behind Excessive Overdraft Fees

What’s more effective: consumer protections or consumer education that leads to sound individual decision-making? There is a place for both. But those who question whether financial education works would do well to consider the Consumer Financial Protection Bureau’s new report on bank overdraft fees, which in my opinion demonstrates that when individuals understand their choices, they will protect

5 Negotiation Tips From Steve Jobs

U.S. Homebuilder Confidence Soars to 7-year High

For the first time in seven years, most U.S. homebuilders are optimistic about home sales, a sign that construction could help drive stronger economic growth in coming months. The National Association of Home Builders/Wells Fargo builder sentiment index leaped to 52 this month from 44 in May. A reading above 50 indicates more builders view sales conditions as good, rather than poor. The index hasn

Why All Eyes Are on Ben Bernanke This Week

The S&P 500 closed lower on Friday, capping off another shaky week for stock markets, which have pulled back of late after a torrid start to the year. Though weak consumer-confidence data likely contributed to Friday’s declines, many market observers are blaming the recent weakness in the stock market on fears that the Federal Reserve will begin to taper its bond-buying program as soon as this wee

Red Steel City: What China’s Oldest Steel Factory Says About the Nation’s Future

If you want to understand the history of modern China, a good place to start is the Wuhan Iron & Steel (Group) Corp., with headquarters in Wuhan, a centrally located city of 10 million that is often called the Chicago of China. At the entrance of the 27-sq-km campus is a museum that documents the history of the company, beginning with its founding after the Qing dynasty’s Opium Wars, when it was d

The New and (Maybe) Improved Beverage Containers

Beverage producers just keep on inventing new bottles and cans — and growlers and pouches and “Vinis” — to hold beer, wine and other drinks. This summer, your beverage of choice may come in an innovative new container that makes the drink fresher and tastier. Then again, the vessel’s main innovation could just be that it’s more eye-catching than the usual lineup of bottles and cans. Here are a few

The Other Complication for Airbnb and the Sharing Economy: Taxes

Sharing economy businesses like Airbnb, RelayRides, and FlightCar have come under fire recently, with participants accused of failure to comply with insurance regulations, building codes, and other rules. In addition to those complications, which I wrote about in the recent issue of TIME magazine, there’s the problem of taxes. Namely, it seems as if almost no one involved in the sharing economy kn

Four Months After the ‘Poop Cruise,’ the Carnival Triumph Sails Again — and Is Sold Out

Is it safe to go back in the water? Based on how the Carnival Triumph was fully booked last week, when it embarked on its first departure after the infamous “poop cruise” incident, plenty of cruise passengers seem to say yes. A local TV station in Texas reports that the first post-“poop cruise” voyage for the Carnival Triumph, which departed Galveston on Thursday, was sold out. The ship’s second d

Wall Street Falls in Love with Snapchat

The photo-sharing app that’s all the rage with teenagers has found a surprising new clientele: Wall Street bankers and traders. Snapchat, an app that lets users send one another photos that self-destruct in seconds, is becoming increasingly popular in the heavily regulated world of finance — and it’s hard not to wonder if the trend is based on the mistaken belief that Snapchat messages truly disap

New Age Philanthropy: Donor-Advised Funds Defy Sluggish Giving Trends

Charitable giving has a new look, one that is broadening the giving pool and helping keep the dollars rolling into nonprofits even during tough economic times, according to a new report. The reason for this change are so-called donor-advised funds, which are the fasting growing charitable giving vehicle in the country. Some 175,000 of these giving accounts now hold $37 billion in assets, up 34% in

No, the Lululemon CEO Didn’t Get Fired for See-Through Yoga Pants

Earlier this year, yoga-wear company Lululemon had to initiate a massive recall of its popular luon yoga pants, which failed to fulfill one of the main duties of pants: opacity. The see-through-pants debacle cost the Vancouver-based firm an estimated $67 million in sales, and gave the press enough material for headline puns to last a lifetime. So when it was announced Monday that Lululemon CEO Chr

Grading Abenomics: After Stock Slide, Japan Economic Reforms Under Scrutiny

Is Japan now officially in bear market? It’s a question being asked by many investors today, given that the Nikkei closed yesterday 20 percent down from a recent high on May 22nd. The market was up slightly, by 1.9%, on Friday, but mainly off the back of bargain buying. In technical terms, a 20 percent drop is often labeled a bear market. But what’s happened in Japan hasn’t happened in a vacuum –

You Probably Agreed to NSA Snooping When You Accepted That Website’s Terms of Service

Everyone from Mark Zuckerberg down to the average Facebook user has expressed surprised outrage at the existence of PRISM, a top-secret government program that the National Security Agency uses to access user data from at least nine major Internet companies in order to target foreign threats. But maybe we all shouldn’t be shocked at all, considering we grant companies like Facebook, Google and App

Rupert Murdoch Files for Divorce from Wendi Deng

(LOS ANGELES) — News Corp. CEO Rupert Murdoch has filed for divorce from Wendi Deng Murdoch, his wife since 1999, citing a breakdown in the relationship. The matter doesn’t alter the succession plan for the media company, which the 82-year-old founder controls through a family trust. Murdoch filed a one-page document Thursday indicating that he was opening a divorce case in New York State Supreme

Patient Zero: The Battle for Music Exclusives Heats Up

This post is in partnership with Evolver.fm, which is the first publication for music fans that’s dedicated to music apps. The article below was originally published at Evolver.fm. Before a piece of music is everywhere, it is nowhere. At one magical point in between, new music appears on the internet for the very first time, in a certain, specific place. This moment has always been rich with signi

Hindenburg Omen: A Real Problem for Stocks or Just Hot Air?

When simple economics fail as an indicator for the direction of stocks, as is often the case, Wall Street likes to lean on a variety of myths, truisms, axioms, and bromides. Front and center right now: The Hindenburg Omen. Students of history can well imagine that this omen, such as it is, does not portend good things. The name is a reference to the disastrous 1937 German Zeppelin crash in which 3

Gannett to Buy TV Station Owner Belo for $1.5 Billion

(McLEAN, Va.) — Gannett said it reached a deal to buy TV station owner Belo for about $1.5 billion in cash, significantly boosting its presence in broadcasting. Under the agreement announced Thursday, Gannett will pay $13.75 per share for the TV station operator, which is based in Dallas. That represents a 28 percent premium over Belo’s closing price on Wednesday. Gannett, the largest U.S. newspap

U.S. Unemployment Benefit Applications Fall to 334,000

(WASHINGTON) — The number of Americans seeking unemployment benefits dropped 12,000 last week to a seasonally adjusted 334,000, a decline that suggests steady job gains will endure. The less volatile four-week average decreased 7,250 to 345,250, the Labor Department said Thursday. Both figures are roughly 7,000 higher than month-ago levels, which were the lowest in five years. Applications are a p

4 Reasons Excessive Overdraft Fees Just Won’t Go Away

Despite regulatory reform aimed at reining in checking account overdraft fees, the penalty is still a cash cow for banks — to the tune of about $31 billion a year. That’s down from $37 billion in 2009, but a new report from the Consumer Financial Protection Bureau makes clear the number ought to be far lower. Why? Because customers who opt into so-called overdraft protection plans — which are mark

Build a Team for Success

If you’re not a Denver Broncos fan—heck, even if you don’t like football—you can still benefit from the leadership advice of Ted Sundquist, the team’s former general manager. Leaders who can keep a team focused, unified and on track are more likely to achieve their goals. But don’t take my word for it. Listen instead to Ted Sundquist, former general manager of the Denver Broncos, and a man who kno

One Way Tebow Will Definitely Help the Patriots

A third-string quarterback with zero Pro Bowl appearances and highly criticized throwing mechanics—who was recently dumped by his team from last year, and who many football analysts predicted wouldn’t be in the NFL this year—will have one of the league’s hottest-selling jerseys. Immediately after the New England Patriots announced that Tim Tebow had signed a contract with the team, speculation has

Black Swan Event: The Beginning of the End of Unpaid Internships

Two years ago, they didn’t stand a chance. Two days ago, when I heard they had won, I dug the e-mail out of my inbox: “I’ve been glad to read about your upcoming book, Intern Nation. I recently worked as one of approximately 20 illegally unpaid interns for the Oscar-nominated film Black Swan.” The e-mail was from Eric Glatt, a 41-year-old New Yorker who admitted that he fell “outside the norm” for

Why Dads Get Short Shrift on Father’s Day — and Dads Are O.K. With It

When it comes to their respective days of honor, why do dads get funny ties and moms get diamond-heart necklaces? Why do we spend 40% more on Mother’s Day than Father’s Day? Some seemingly ungrateful children (and a few dads) offer explanations. Every year since the National Retail Federation has been keep track, the amount consumers spend on Father’s Day gifts has been significantly less than the