April 27, 2024

Archives for August 2018

Google & Mastercard have secret deal to track offline shopping to online ad clicks – report

The existence of a clandestine deal between the two market giants was first reported on Thursday. Citing “four people with the knowledge of the deal, three of whom worked on it directly,” the magazine reported that the agreement, which is bound to stoke new privacy concerns, was the fruit of four years of negotiations.

‘More data, more profit’: Google tracks your location even when you ask it not to, says report

The alleged deal allows Google to link ads that a user clicks to what they buy in stores using their card. If there’s a match, Google provides feedback to the advertiser. The scheme works only if a customer is logged into a Google account and has not switched off Google Ad Tracking, a rather tricky process that takes several stages to accomplish.

It has become possible to assess how online ads influence consumer behavior thanks to the Store Sales Measurement tool, unveiled by Google in May 2017. The feature can find a connection between clicks on digital ads and purchases in bricks-and-mortar stores. Part of the solution matches clicks with purchases in offline stores, made with debit or credit cards. The feature works only if the purchase is made within 30 days of the click.

When asked to comment on the previously unknown deal, Google and Mastercard have neither denied nor confirmed its existence. Both companies, however, insisted that they do not study the activity of individual consumers and provide their customers with aggregated depersonalized data.

“We do not have access to any personal information from our partners’ credit and debit cards, nor do we share any personal information with our partners,” Google said, responding to the report.

Mastercard has also denied that it provided personal information to any third parties, saying it only offers merchants and service providers “trends based on aggregated and anonymized data.”

“We do not provide insights that track, serve up ads to, or even measure ad effectiveness relating to, individual consumers,” the company told the BBC.

Article source: https://www.rt.com/business/437386-mastercard-google-deal-cards/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

The Village Voice, a New York Icon, Closes

It gave a home to the investigative reporters Jack Newfield and James Ridgeway, and the music critics Lester Bangs, Robert Christgau, Ellen Willis and Greg Tate. Nat Hentoff focused on jazz and First Amendment issues from 1958 to 2009, and the nightcrawling columnist Michael Musto wrote on celebrities, drag queens and club kids, with wisecracks thrown in, for more than 30 years.

Steven Wishnia, who has freelanced for The Voice on and off since 1994, said he stayed up until midnight on Thursday, putting the final touches on an article about the return of residents to their building on the Bowery after they were ordered to vacate it because of safety hazards. On Friday, Mr. Wishnia received a link to his article along with a note from his editor, Neil DeMause.

“So the good news is that you have the honor of having written the last news article ever for The Village Voice,” Mr. DeMause wrote. “The bad news is also the good news.”

Mr. Barbey is an heir to a Pennsylvania retail fortune. With a net worth estimated at more than $6 billion by Forbes, the Barbey family has a stake in brands like North Face, Wrangler and Timberland. For generations the family has also owned The Reading Eagle, a Pennsylvania daily newspaper. Mr. Barbey has been its chief executive since 2011.

He first read The Voice as a boarding school student in Massachusetts and was drawn to its coverage of the mid-1970s New York rock scene and the film criticism of Andrew Sarris. On Friday he became the media mogul who was shutting it down.

“I began my involvement with The Voice intending to ensure its future,” Mr. Barbey said in the statement. “While this is not the outcome I’d hoped for and worked towards, a fully digitized Voice archive will offer coming generations a chance to experience for themselves what is clearly one of this city’s and this country’s social and cultural treasures.”

The death of The Voice occurred in a bleak economic climate for local journalism. Print circulation has plummeted for two surviving New York tabloids, The New York Post and The Daily News. In July, Tronc, the owner of The News, laid off half the paper’s editorial staff, which had already been severely reduced.

Article source: https://www.nytimes.com/2018/08/31/business/media/the-village-voice-closes.html?partner=rss&emc=rss

Aretha Franklin Funeral: Stars, Dignitaries and Fans Honor the ‘Queen of Soul’

Among the other speakers were Tyler Perry, who joked that his father could tell his mother’s mood but what kind of Aretha song was playing when he got home, and Clive Davis, the music producer, who discussed plotting her career when he signed her to his label, Arista Records, in 1979, a low point for her.

“We were determined to show all musicians how long a career could last,” Mr. Davis said.

The funeral was the culmination of almost a week of events. On Tuesday and Wednesday, crowds of thousands waited for hours outside the Charles H. Wright Museum of African American History for a brief glimpse at Ms. Franklin’s body. On Thursday, another viewing was held at the New Bethel Baptist Church, where a young Ms. Franklin had performed in the congregation of her father, the Rev. C.L. Franklin. And on Thursday night, the Four Tops, Gladys Knight, Johnny Gill and others sang in a free “People’s Tribute” concert.

Recalling a woman of style

Ms. Franklin’s outfits change for each of the viewings, first in cherry red, then, in powder blue and finally rose gold. On Friday, Ms. Franklin, in a gold-plated brass coffin, was dressed in a cream-colored gown with gold sequins. Her high-heeled shoes were also gold with sequins and bright-red soles.

Many of those who attended also wore sparkling attire, some with fascinators on their heads. Their arrival was marked by hundreds of people who stood outside behind barricades. Henry Elders, 55, held a sign that read, “Aretha Made America Great Again.” His wife, Jenna Elders, said she was as enamored with Ms. Franklin’s fashion sense as her music.

“This was a woman who had style, big style,” she said.

Though entry to the service had been reported to be invitation-only, organizers ultimately allowed in about 1,000 fans who had waited in line for hours.

Article source: https://www.nytimes.com/2018/08/31/arts/music/aretha-franklin-funeral.html?partner=rss&emc=rss

Trump Approach on Nafta Relieves Automakers’ Worst Fears

With American consumers flocking to roomier sport utility vehicles, Ford will stop selling the Fiesta, the Fusion and other sedans in its home market. On Friday, the company said it would also cancel plans to import a Focus crossover from China because the Trump administration was considering imposing tariffs on an additional $200 billion of imports from that country. The president has also said he wants to place a 25 percent duty on cars and car parts.

Other companies might not have that choice. Although sales of the Jetta and the Golf have fallen about 40 percent this year, they are two of Volkswagen’s top-selling models in the United States. Honda has a lot riding on the HR-V, which is built in an $880 million plant in Mexico that opened in 2014.

“The HR-V is doing really well for us,” said Adam Silverleib, vice president of Silko Honda, a dealership in Raynham, Mass. Losing the model “would definitely hurt.”

Some companies could find it harder to meet fuel-economy standards if they got rid of smaller cars. The Trump administration is trying to roll back those standards, though court challenges could prevent a resolution of the issue for years.

While fears about the scrapping of Nafta have eased somewhat, automakers are still concerned about Mr. Trump’s plans for higher tariffs on cars and car parts. The president has argued that auto imports pose a threat to national security, a rationale he used to raise tariffs on steel and aluminum imports.

Ms. Dziczek of the Center for Automotive Research said those higher tariffs would significantly increase costs and would thus be much more damaging than the terms of the preliminary agreement with Mexico. Even vehicles made in the United States would be affected because many include imported parts.

Her firm estimates that a 25 percent tariff on imported cars — excluding those made in Mexico and Canada — would increase prices of vehicles made in North America by $1,135; imported models would cost $3,980 more.

As a result, the center estimates, annual auto sales would fall by 1.2 million vehicles and the industry would lose 197,000 jobs.

Article source: https://www.nytimes.com/2018/08/31/business/economy/autos-nafta-trump.html?partner=rss&emc=rss

The Hot College Gig: Online Brand Promoter

On the Victoria’s Secret website, you can search for the names of its representatives at 100 campuses, in schools from Columbia University to Grand Valley State University.

At Virginia Tech, as many as 1,000 of the 30,000 undergrads are being paid to promote products as varied as mascara and storage bins, according to an estimate by Donna Wertalik, director of marketing for the university’s Pamplin College of Business.

“We see so many brands that have it,” Ms. Wertalik said. “A lot of start-up brands will do it. They’ll look for students with credibility and influence to give them credibility and influence.”

Ms. Wertalik oversees a student-run ad agency called Prism. Of the 45 undergrads employed there, she estimated, half are paid to promote products on Instagram.

Companies outline expectations for what the sponsored posts should include, such as specific hashtags or promotions for particular items. Many also ask students to hold or attend events on campus.

Isabel Senior, a student at Duke University, worked for LaCroix, the sparkling water company. Each week for six weeks, she had to post one Instagram photo, one Instagram story and one post on a platform like Facebook or Snapchat. She also gave out cans of LaCroix at campus events like five-kilometer races and university-sponsored concerts.

Every Sunday, Ms. Senior had to send in a form with three photos from her weekly sampling event, along with screenshots of her posts. The company paid her in money and LaCroix products, and if she didn’t complete a task, she said, it docked some of the pay.

Article source: https://www.nytimes.com/2018/08/31/technology/college-students-online-influencers.html?partner=rss&emc=rss

Martin Shubik, Economist and Game Theory Pioneer, Dies at 92

When self-appointed deli mavens critiqued his methodology and stodgy economists chided his flippancy, Professor Shubik wrote that his research represented “a modest attempt to preserve for the annals, before it became too late, a record of the Great American Vanishing Species known as the Pastrami and the Corned Beef Sannawiches.” He also issued a warning: “Run, my friend — do not walk, for time is short and the world is about to be buried in bran flakes.” (In fact, all four of the delis the professors tested are now defunct.)

With Lloyd S. Shapely, a Nobel-winning economist, Professor Shubik developed an index to measure the power wielded by coalitions within groups ranging from shareholders to legislatures.

At Princeton, they, John Nash and another mathematician were among the creators of an economic strategy game, “So Long Sucker,” in which four players can make, and renege on, agreements with one another.

Professor Shubik also invented the mathematical model for “Dollar Auction,” a game that illustrates “escalation of commitment” because while the winner collects the bill, the second-highest bidder loses whatever he bid.

Martin Shubik was born on March 24, 1926, in Manhattan to Joseph Shubik, who was born in Russia and was in New York working for a Scottish flax and linen company, and Sara (Soloveychik) Shubik.

Two years after Martin was born, the family returned to England, where he was raised until the onslaught of German air raids, when he, his mother and his sister were sent to join relatives in Canada. He finished high school there.

He did well in algebra but poorly in geometry. (“I see well in many dimensions as long as the dimensions are around two,” he said in an interview last year with the Institute for Operations Research and the Management Sciences.)

Article source: https://www.nytimes.com/2018/08/31/obituaries/martin-shubik-dead.html?partner=rss&emc=rss

Strategies: What if the Economy and Markets Are Even Better Than They Look?

In an interview, Professor Fair explained: “I don’t attempt to convert the popular vote into an actual forecast, state-by-state, with all the gerrymandering and other factors that are so important. I leave that to the political scientists.”

The second quarter G.D.P. growth — a variable in his equation that captures the good feelings generated by the economy and the stock market — had the effect of subtracting about 1 critical percentage point from the Democratic share in his projection. Another strong showing in the current quarter, which he defines as an annual growth rate of at least 3.2 percent, would move the Republicans ahead in the popular vote in November, according to his algorithm.

But he is the first to admit that his equations don’t capture the inimical style of President Trump. For the last presidential election, for example, Professor Fair’s algorithm indicated that economic as well as political factors strongly favored the Republican Party. His projections said Republicans would capture 56 percent of the popular vote, giving its presidential candidate a landslide victory. Professor Fair was off by 7.1 percentage points (though he did project a Trump victory, unlike most forecasters).

“Had the Republicans nominated a more mainstream candidate, they may have done much better — much closer to what the equation was predicting,” he wrote. Mr. Trump’s “personality” and combative approach to politics could reduce the Republican tally again in the midterm elections, according to Professor Fair, and swing the vote to the Democrats. “I just have no way of capturing that,” he said.

Mr. Trump’s unconventional approach to the presidency is undoubtedly making it more difficult, as well, to accurately assess the trajectory of the markets and the economy themselves.

Edward Yardeni, an independent stock market analyst, made that point in a series of reports in August. Mr. Yardeni, who describes himself as “a conservative-leaning fellow,” said that on contentious issues, from tax cuts to trade disputes to deregulation, financial markets have been “giving quite a bit of weight to the possibility that this all will lead to less protectionism and greater global prosperity” — and to a rising stock market.

That’s not my baseline assumption, but it could happen. What if the stock market keeps ascending, the economy continues to grow, and Mr. Trump and a flock of Republicans do their utmost to take credit for it?

I’m hedging my bets.

Article source: https://www.nytimes.com/2018/08/31/business/economy-markets-stocks.html?partner=rss&emc=rss

IMF backs South Africa’s plan to confiscate land from white farmers

Montfort Mlachila, the IMF’s senior resident representative in South Africa, said that the regulation must not damage agricultural output and put at risk food supplies for the country’s citizens.

“We are in full support of the need to undertake land reforms in order to address the issues of inequality,” Mlachila said in an interview with Reuters.

‘We will take the land by force’: South Africa’s land crisis may explode into racial violence

“There is need to have a transparent, rules-based, and constitutional process that leads to desirable outcomes. It is particularly important not to undermine agricultural production and food security.”

The widely debated land reform was proposed by the country’s ruling African National Congress (ANC) in 2015, and received full support of the newly elected President Cyril Ramaphosa. The proposed measure will allow the South African government to expropriate land belonging to the country’s white farmers without compensation.

A major part of South African farmlands is still owned by the country’s white minority. The current president vowed to change the South African constitution to grant some of the land to the landless black majority.

The draft reform, which reportedly provoked violent attacks and even murders of white farmers, triggered a great uproar internationally. Last week, US President Donald Trump ordered Secretary of State Mike Pompeo to closely study the issue. Earlier this year, the Australian government started issuing emergency visas for farmers facing violence in South Africa.

Last week, the ANC announced the withdrawal of the disputed draft by the Portfolio Committee on Public Works for further study. According to the committee’s chairperson, Humphrey Mmemezi, the bill was referred to parliament on procedural grounds, but they couldn’t duplicate a separate parliamentary process. Afterwards, the ANC announced their commitment to push the land reform through.

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/437348-imf-supports-ramaphosa-land-reform/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Critic’s Notebook: One Last Time, McCain Counterprograms Trump

Instead, he’s become a civic freelancer, heading the government but peripheral to the moral function of society. Tragedy strikes and people simultaneously wish the President would make a statement and hope that Donald Trump doesn’t say anything.

Mr. Trump did not say anything about Mr. McCain in his hour-plus Indiana appearance. The rally was standard Trump combo platter, casting Mr. Trump as the president of the people who voted for him, and encouraging them to revel in grievance and animus.

He rehashed his 2016 election win, more than once. He whipped up the crowd against the media, the day the F.B.I. arrested a man for threatening to kill Boston Globe employees, using Mr. Trump’s phrase “enemy of the people.” He said that he was no longer allowed to call Hispanic gang members “animals,” a term he then repeated several times. He invited his crowd to imagine “if Crooked Hillary Clinton had won.”

Mr. McCain’s colleagues remembered a man who was a friend even while they fought. Mr. Trump, still playing his campaign-rally character on TV, promises the joy of savaging your enemies even after they’ve been defeated. His rally crowds (including the one in Indiana) still chant “Lock her up!” nearly two years after Mrs. Clinton’s loss, joined in one case by his attorney general.

This was the bargain the country made electing someone who became a celebrity for saying “You’re fired,” who uses the terms “nice” and “Boy Scout” as insults, who once told People magazine, “Man is the most vicious of all animals, and life is a series of battles ending in victory or defeat.”

John McCain was, per nearly everyone who spoke about him, a battler, too. But he coordinated his last media blitz to say that American leaders should, after and even amid a fight, see their opponents as humans and not simply obstacles to be crushed.

It was his last argument from the grave, but as Mr. Trump has made clear, it is not something we can expect, for the moment anyway, in this life.

Article source: https://www.nytimes.com/2018/08/31/arts/television/john-mccain-service-trump-rally.html?partner=rss&emc=rss

‘Not good enough’: Trump rejects EU offer to dump auto tariffs

The response came hours after EU Trade Commissioner Cecilia Malmstrom announced that the bloc is “willing to bring down even our car tariffs to zero, all tariffs to zero, if the US does the same.”

“It’s not good enough. Their consumer habits are to buy their cars, not to buy our cars,” Trump said in an interview with Bloomberg News.

Trump tells Germany to buy American automobiles, Germany to Trump: ‘Build better cars’

Under the current trade agreement, Washington levies a 25 percent tariff on light trucks and pickups and 2.5 percent on smaller vehicles from Europe, while Brussels imposes a 10 percent tariff on all passenger cars imported from the US.

So far, automobiles have been excluded from trade negotiations between the partners, who focused mostly on non-auto industrial goods bought and sold between the two markets. Last month, the EU agreed to buy more US produce, including more soybeans and liquefied natural gas (LNG) in an effort to avoid a large-scale trade war. Back then, the sides agreed not to impose new tariffs on each other’s exports, achieving zero tariffs, zero subsidies and zero non-tariff barriers for manufactured products.

In response to Trump’s rejection of eliminating auto tariffs, European Commission President Jean-Claude Juncker said Brussels will respond in kind if the US opts to increase the current car tariffs. On Friday, Juncker told German broadcaster ZDF that the EU would not let anyone determine its trade policies. He said that if Washington violated the deal reached in July and imposed auto tariffs then “we will also do that.”

Trump compared the EU to China in what the US president describes as their unfair trade practices that have led to America’s growing trade deficit. “The European Union is almost as bad as China, just smaller,” he told the agency.

To address the problem, the Trump administration has imposed tariffs on goods imported from the EU and China. US trade partners have responded with retaliatory levies on American goods, raising the threat of a trade war. President Trump said that he supports additional tariffs on $200 billion in Chinese exports as early as next week.

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/437326-trump-rejects-eu-auto-tariffs/?utm_source=rss&utm_medium=rss&utm_campaign=RSS