Apple Set to Make Beautiful Music (YahooFinance)
This week, Apple launches its second-biggest initiative ever in the music industry. A decade ago, iTunes changed the way that consumers heard their favorite bands and threatened to end the CD business entirely. This week, Apple is seeking to even the playing field a bit for bands by introducing a streaming music service that behaves like a radio channel of the listener’s favorite tunes, but also includes advertising, for additional revenue. The service is expected to be released during Apple’s annual developer’s conference this week. In preparation for the launch, Apple’s been busy signing up partners like Vivendi SA, Access Industry’s Warner Music, Sony’s Music Entertainment and Sony/ATV. This new endeavor should be music to investors’ ears.
Obama Administration Marches to the Same Economic Tune (Reuters)
President Obama is set to nominate long-time advisor Jason Furman to chair the White House Council of Economic Advisers (CEA). Furman will replace Alan Krueger, who will return to Princeton University as a professor, rather than lose his tenure there. Furman is expected to tow the President’s current economic line and likely will continue the current administration’s budget and tax fight with Congress. The status quo may not be a step in the right direction for investors who likely would prefer a more cohesive U.S. economic effort. Furman’s appointment to this cabinet-level post still must be confirmed by the Senate.
Get Ready for the Run on Hyperbole in London (Bloomberg)
“It’s one of the most exciting, if not the most exciting asset class in the market today,” said Nick Joplin, executive director of England’s largest publicly traded residential landlord. Given Joplin’s job, it’s not a stretch to realize he’s talking about London’s red-hot real estate rental market. And with the percentage of rentals in London expected to boom from last year’s 25 percent to 37 percent by 2025, there’s still something to be said for tamping down hyperbolic expressions. I guess it’s hard to reign in your enthusiasm though, when the average home price in England’s capital has moved past the $775,000 range.