Steve Jobs Had Liver Transplant

Steve Jobs has had a liver transplant during his medical leave but is expected to return to work as expected later this month after a medical leave he announced to a shocked Apple community in January, the Wall Street Journal reports.

The Journal cited no source in particular for its story, and got no direct comment from Apple itself. It quoted a “a person familiar with the thinking at Apple” that Jobs would have a diminished schedule at first when he returns to work and also reported that “At least some Apple directors were aware of the CEO’s surgery” as part of an agreement Jobs made with the board before he went on leave.

The Journal said the surgery took place two months ago in Tennessee, where there are three facilities which can perform such a procedure, there is no residency requirement and the wait is among the shortest in the country. According to the United Network for Organ Sharing, which manages the transplant network in the U.S., the five-year survival rate for liver-transplants patients is generally between about 73% and 76%, it said.

The subject of Jobs health has been a front burner item since he announced, on Aug. 1, 2004, that he had undergone surgery for pancreatic surgery. Over the course of last year it was apparent that he was losing weight, but neither he nor the company would directly address this painfully evident fact.

On January 5, Jobs told the “Apple Community” in an open letter that the cause of his weight loss was not a recurrence of his pancreatic cancer but a treatable hormone imbalance. In that letter Jobs said he had already begun a “relatively simple and straightforward” treatment for the condition, that he would remain on as Apple CEO during his recovery, and that he expected to be noticeably improved in a matter of months.

Nine days later Jobs dropped the other shoe.

“… during the past week I have learned that my health-related issues are more complex than I originally thought,” he wrote in an e-mail to Apple employees. “In order to take myself out of the limelight and focus on my health, and to allow everyone at Apple to focus on delivering extraordinary products, I have decided to take a medical leave of absence until the end of June.”

Since then COO Tim Cook has been running day-to-day operations, though the Journal has reported that Jobs was maintaining a “firm grip” on the company and involving himself in projects of his choosing, and that he had also shown up at work from time to time.

Apple shares have improved in Jobs’ absence. AAPL closed at $85.33 on Jan. 15, the first day of trading after he announced his medical leave, and closed at $139.48 on Friday, the day the new iPhone 3 GS went on sale — about a 63% gain. During the same period the NASDAQ has declined by 4%. Without Jobs fully at the the company held a successful if lackluster WWDC and launched the third generation of iPhone.

Source: http://www.wired.com/epicenter/2009/06/jobs-liver-transplant/

Tags: Steve Jobs, WSJ, Apple, Liver transplants, illness, united network for organ sharing, tim cook, nasdaq, wired, iPhone, global economic pulse,

Posted via email from Global Business News

What! Twitter Traffic Flat? Must Be A Mistake!

It was only two months ago that we noted that in just one month Twitter had added 5 million visitors to its site, doubling traffic.

Now, data from Compete and Quantcast shows that Twitter traffic flattened last month—and may have even fallen.

Granted Twitter still has traffic that any big media site would kill for. (To make just one comparison: It’s still greater than traffic to both the WSJ and NYT sites).

But it begs the question of when Twitter is going to roll out some new features that would improve the site’s user experience (and thus it’s well-documented user retention problem).

Executives have said they are looking into it. John Battelle, who pulled the Quantcast data, says not to worry, predicting that “Twitter will address this issue, and growth will resume, but at a more moderate and sustainable pace.”

Source: http://www.paidcontent.org/entry/419-twitter-traffic-flat/

Tags: Twitter traffic rates, WSJ, NYT, Quantcast, Compete, John Battells, Twitter, Global IT News, Global Blog Network,

Posted via email from Global Business News

In Defense of Timothy Geithner

This recent article from the WSJ Opinion Journal is of interest as it tackles many of the relevant issues and developments of current global geo-politics.

The piece takes direct aim at President Obama’s rookie Treasury Secretary, Timothy Geithner, by saying the following:

 

“Mr. Geithner is learning on the job, and yesterday's lesson is that it isn't smart to fool with currency markets when you are already tempting fate with a gigantic U.S. reflation. Treasury and the Federal Reserve are flooding the world with dollars to break the recession, and the world is rightly getting nervous.”

 

Mr. Geithner has been the target of a good deal of criticism thus far, during his short tenure in office, due to his “unseasoned” leadership (read, he doesn’t have grey hair). And for the fact that his public performance while delivering President Obama’s Economic policy prescriptions, have thus far failed to inspire confidence for unstable markets.

 

“As if the dollar didn't have enough problems, Timothy Geithner took China's bait yesterday and said he was "quite open" to its suggestion this week to displace the greenback with an "international reserve currency." The dollar promptly fell and stocks followed, before the Treasury Secretary re-emerged to say "the dollar remains the world's dominant reserve currency. I think that's likely to continue for a long time.".”

 

In this author’s opinion, the WSJ article is “piling on” in its reactive treatment of Mr. Geithner’s unprepared comments given during a talk at the Council of Foreign Relations. Just in case anyone has forgotten, the USD, and the US economy had the same problems, and many more, before Mr. Geithner was even a glint in President Obama’s eye.

As a seasoned Technocrat, Mr. Geithner is uniquely qualified to hold the role that he now undertakes for President Obama. He is the former President of the New York Federal Reserve, which is the main organ through which most of the President’s stimulus, and “bail-out” policies are enacted.

As a personage, Mr. Geithner is whip-smart, articulate, and is sensitive to the complexity of modern financial and economic systems.

Perhaps, if the WSJ was equally sensitive to the inherent complexities of the current global economic reality, Mr. Geithner would be well-received as the able steward of economic recovery that he is. And as a result, shaky markets might be less so.

http://online.wsj.com/article/SB123802521198942455.html

Dollar Alarm - The Currency Paradigm

This recent op-ed from the WSJ, presents a fine discussion of some of the issues facing G7 Central Banker’s, in the wake of turmoil in the world’s financial markets. In particular it focuses on US monetary policy, and its effects on other world currencies.

“Currencies are not a typical commodity, like wheat or platinum. They are a medium of exchange. While currencies are freely traded in a world of floating exchange rates, the supply of dollars, euros or yen is set by a cartel of central banks. Those banks can influence exchange rates by signaling a change in their respective monetary policies.”

I wonder if the author is aware that the phrase “cartel of central banks” is likely to be borrowed by all manner of “causes” as the underpinning of proof of some paranoid conspiracy, hatched in the nether regions of the web.

Seriously though, the limited supply of money, combined with relatively unlimited exchange of money, certainly differentiates fiat money from good ol’ fashioned bricks and mortar commodities.

“This is where the currency traders will test the G-7's sincerity. The hint that the countries might "cooperate" to influence exchange rates is a warning that central banks could intervene in currency markets and catch some traders on the wrong side of a bet. However, such interventions are typically "sterilized," which means that the banks quickly mop up whatever dollars or euros they use to intervene in markets. If central banks really want to put a floor under the buck, the Federal Reserve will have to change its weak-dollar policy.”’

Sterilized… indeed. That’s the straight-dope on Central Bank realpolitik courtesy of the Wall Street Journal, and your good friends at http://GlobalITandBusinessnews.blogspot.com.

“Dollar weakness has contributed to soaring commodity prices that have walloped U.S. consumers just when their spending is most needed to offset the housing slump. The commodity boom is the result in large part of the Fed's weak-dollar policy, and it may have tipped the U.S. into a recession that could have been avoided.”

“As Stanford's Ronald McKinnon noted on March 31 on these pages, the Fed's easing has also driven private capital away from the U.S. Money has flowed instead to those countries with rising currencies, such as China. To prevent the too-rapid revaluation of their currencies, these central banks are buying up dollars, which they then invest in safe U.S. Treasury’s. This explains the paradox of low U.S. Treasury rates even amid a weakening dollar.

Another thing that explains low US T-bill rates is that America’s exports are increasing quickly, as its current account deficit declines. The “paradox of thrift” this is not. http://en.wikipedia.org/wiki/Paradox_of_thrift

When you are the world’s reserve currency, the forces acting upon, and the momentum acting with the currency are unique. In a way, in its role as the reserve currency of choice, the USD dollar is the paradigm upon which all other currencies are built upon. As the star in a heliocentric currency solar system the fundamentals rules of financial gravity that may apply to all other currencies, may not always apply to the USD.

“In a double irony, China is now revaluing the yuan of its own accord to avoid importing inflation from the U.S. Other countries that have pegged their currencies to the greenback are now de-linking. The U.S. devaluationists are getting their way, but in the most painful way possible for the U.S. and world economy.”

Trader #1 – “So you work in International trade eh? What’s your poison?”

Trader #2 – “I export inflation”

Trader #1 – “Very cool, I hear that’s a growing market”…

Trader #2 – “Definitely, it’s an emerging one too”

http://online.wsj.com/article/SB120812890806011487.html?mod=djemEditorialPage

Bullish on the Bear's Markets

From a recent article in the Wall Street Journal, comes an insider appraisal of the current situation faced by Russia’s financial markets.

Authored by Alexander Potemkin, President of Micex (Moscow Interbank Currency Exchange), the piece gives us an idea of the staggering growth and maturity occurring in Mother Russia’s economy.

“There is much discussion -- inside and outside Russia -- about our country's potential as an economic power and the remaining challenges we face. In many respects, the development of Russia's financial markets mirrors the nation's overall path and ambitions.”

“Russia must build a strong infrastructure in utilities, transportation and law as the foundation for a 21st-century society, just as we must build trading and technology systems to attract the investment needed for a 21st-century economy. The country must create sustainable legal and political institutions, just as we must build strong mid-cap companies that are leaders in innovation to overcome our dependence on natural resources. Finally, we must continue to build trust in our country, just as we must build trust in Russian business and confidence about the economy among our trading partners and investors.”

Sounds good so far, but give me some meat on those bones Alexander.

“In economic terms, Russia's burgeoning financial sector is proving to be one of the main engines for the country's transformation. The goal is to establish Moscow as an international financial center, similar to London, New York and Tokyo.”

Ok, now we are getting somewhere, the root of Russia’s ambition laid bare for all to spy.

“In 1992, Russia had more than 1,000 stock exchanges. Most of these existed in the form of wholesale operations similar to medieval markets. Today, the market has consolidated into two main exchanges: The RTS Group and the Moscow Interbank Currency Exchange, or Micex Group.”

One thousand stock exchanges, wow, you don’t hear that every day. I guess we could say that their financial markets at the time were, shall we say, fragmented.

“In 2007, Moscow was named one of Standard & Poor's top 10 global economic centers. Average daily volume on the Russian stock exchanges has increased almost ninefold over the past two years and now stands at $5 billion to $6 billion a day. The IPO market has been one of the most active globally, with the $8 billion debut of VTB Bank's shares ranking as the world's largest in 2007. Russian companies were fourth in the world in terms of capital raised last year.”

Impressive growth, no doubt about it.

Is this the beginning of Russia’s ascendancy as a global financial hub, or just a liquidity bubble spurred by mega oil dollars?

Only time will tell of course, but with ambitious and stable political leadership in place, and with oil prices continuing to rise with no sign of abatement in sight, the future looks bright for the continuing evolution of Russia’s financial markets.

http://online.wsj.com/article/SB121080225781893083.html?mod=djemEditorialPage