 | From the Editor's Desk
The Trillion-Dollar R&D Fix In this article Anne Marie Knott, a professor at Washington University’s Olin School of Management, presents a new metric for R&D productivity: RQ, short for research quotient. It allows managers not only to estimate the effectiveness of R&D investment relative to the competition but also to see how changes in R&D expenditure affect the bottom line and, most important, a company’s market value.
Continued here
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WorkDonald Wildmon, Early Crusader in Conservative Culture Wars, Dies at 85   A former pastor in the United Methodist Church, Mr. Wildmon became a lightning rod for liberals, who attacked him for bigotry and stifling free speech. In 1981, the president of NBC, Fred Silverman, a champion of socially conscious television, said that Mr. Wildmon’s threats to boycott advertisers were “a sneak attack on the foundation of democracy.” Work
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WorkWoman Sues Dentist After Getting 4 Root Canals, 8 Crowns and 20 Fillings in 1 Visit  “The American Dental Association is aware of recent news reports and is unable to comment since the Association does not have all the specific details and facts of the case,” Corinne Racine, a spokeswoman for the organization, said in an emailed statement. “Dentists should use their best professional judgment in all treatment decisions. Patient safety and comfort are of paramount importance.” WorkSee X's value plummet 72% in one chart  Equally controversial was Musk’s reinstatement of formerly-suspended accounts, including those of of conspiracy theorist Alex Jones, who repeatedly alleged on the platform that 2012\'s Sandy Hook school shooting was a hoax; former president Donald Trump, who was banned for encouraging the Jan. 6th attack on the US Capitol in 2021; rapper Ye, formerly known as Kanye West, who was twice suspended for antisemitic posts last year; and far-right US congressional representative Marjorie Taylor Greene, who was dropped by the platform after violating its covid-19 misinformation policies in 2021 and 2022. WorkWorkAmericans went on a car shopping spree in 2023 with sales rising 12% despite lofty prices and high interest rates  © 2023 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information | Ad Choices FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Terms & Conditions. Powered and implemented by Interactive Data Managed Solutions. WorkWorkWorkWhoever is behind Kerman bombing risks igniting regional war  The US and France have been in recent months looking at a possible diplomatic fix involving foreign forces and the Lebanese army acting as a buffer. Another option is to bolster the currently weak mandate of the UN force deployed along the blue line. Any hope of such a peaceful resolution look all the more forlorn, however, after the Arouri assassination and now the atrocity in Kerman. Work'A bully': the billionaire who led calls for Claudine Gay's Harvard exit  Amid a slew of supportive tweets from rightwing accounts was the Virginia Project, a Republican organization which runs a "program on un-American activities" targeting "critical race theory", "queer theory" and "equity"; a Republican activist and close friend of George Santos; and Monica Crowley, a former Fox News contributor and Trump administration staffer who was previously found by CNN to have plagiarized multiple sources in a book she wrote in 2012. WorkWorkWorkA $34 trillion national debt? You ain’t seen nothing yet.  Voters, for their part, are disgusted with America’s fiscal follies — but that doesn’t make them willing to shoulder tax hikes or benefit cuts. So onward we trundle, until the mushrooming national debt finally hits a number the markets can’t live with, whether round or not. WorkWhat to Know About the Science of Reading  While some children seem to pick up reading naturally, research shows that many need explicit, carefully sequenced instruction in the letter combinations and spelling patterns that form the English language. Without explicit teaching, some students — including children who are read to every day in homes filled with books — will not become proficient and confident readers. WorkJudge in Las Vegas Attacked By Man Who Was Denied Probation  Courthouses typically have some security, and in some instances, security guards have also been subjected to attacks. Last year, a man was sentenced to 46 months in prison for assaulting a court security officer at the Lloyd D. George Federal Courthouse in Las Vegas in 2022, according to the Justice Department. WorkAssessing Republicans’ Claims About Immigration During Border Visit  Mr. Wray repeated his emphasis on the ambiguity. “Well, again, as you say, there’s the unknown unknown and the known unknown,” he said. “But what I can tell you is that our 56 joint terrorism task forces are working their tails off to make sure that they suss out and identify potential terrorist suspects, whether they’re on the watch list or not.” WorkWorkG.O.P. Senate Group Files Brief in Support of Trump’s Colorado Ballot Appeal  The committee’s amicus brief was filed by a high-profile group of lawyers, several of whom worked in the Trump administration. That list includes Noel Francisco, the former solicitor general; John Gore, who was the principal deputy assistant attorney general for the Justice Department’s Civil Rights Division; and Hashim Mooppan, a former Justice Department lawyer who defended the ex-president’s travel ban on people from Muslim-majority countries. WorkTrump’s January: Court Dates and Election Nights  Maggie Haberman is a senior political correspondent reporting on the 2024 presidential campaign, down ballot races across the country and the investigations into former President Donald J. Trump. More about Maggie Haberman WorkWorkWorkKennedy Announces He Is on the Ballot in Utah  In his remarks, Mr. Kennedy lamented “the undemocratic lock that the major political parties have on this process” and the “arbitrary and capricious” rules that states have in place for independent presidential bids. WorkWorkWorkWorkOhio Woman Who Miscarried Faces Charge That She Abused Corpse  Ms. Hill, the reproductive health lawyer, said Ms. Watts’s case may be a sign of things to come in Ohio in the wake of the constitutional amendment to protect reproductive health care, and said there could be more efforts to criminalize miscarriages and other pregnancy outcomes. WorkJohnson Visits Border, Turning Up Heat on Biden for an Immigration Deal  But significant gaps remain between the two parties that would make it difficult for negotiators to finalize an agreement before Congress returns to Washington next week. Though the two sides have agreed in principle to make it more difficult for migrants to apply for asylum, increase detentions and broaden the president’s ability to swiftly deport those who cross the border illegally, they remain at odds over how and when such powers should be used — and how to write those authorities into law. WorkBiden Plans 2 Campaign Speeches to Underscore Contrasts With Trump  They also plan to dispatch Vice President Kamala Harris on a national tour, focused on abortion rights, that will begin in Wisconsin on Jan. 22, the 51st anniversary of the landmark abortion-rights decision in Roe v. Wade. The Supreme Court struck down that ruling in 2022 with the support of three Trump-appointed justices. WorkWorkSpaceX Illegally Fired 8 Workers Who Criticized Elon Musk: Feds  Our newsroom continues to bring you hard-hitting investigations, well-researched analysis and timely takes on one of the most consequential elections in recent history. Reporting on the current political climate is a responsibility we do not take lightly — and we need your help. WorkElon Musk says the Tesla Cybertruck will definitely make a "good police vehicle"  $80,000: How much a Tesla Model Y will save the Somerset, Wisconsin police department over the 10 year duty cycle of the vehicle, according to a January 2023 Facebook post from chief Joel J. Trepczyk. “The Model Y is a 100% battery electric vehicle which is gaining more popularity with law enforcement agencies throughout the nation, who are realizing the cost savings of electric vehicle versus a traditional fleet,” he wrote, referring to advantages like a lack of oil changes, regenerative braking, and more. WorkA Stanford economist says we should think of water like radio waves  But not everyone is a fan of turning water into a more readily tradeable financial commodity. Arizona has already been seeing waves of big-money investors flooding into the state to buy up water-rich land to cash in selling liquid gold to desperate municipalities. And there has been some movement in Washington, DC to ban the trading of water amid fears that a basic need should not be a commodity. Spectrum-style auctions would be much more complicated and politically fraught when water becomes the central good. WorkIntel has launched a new AI company  While Intel’s move into AI is undoubtedly ambitious, the new company has no shortage of challenges to navigate: A rapidly changing landscape, ethical considerations, a lack of transparency and accountability, and shifting definitions of responsible development. WorkA Tekken 8 filter for colorblind players is giving rise to other health concerns  👀 The Last of Us 2 has been praised for its inclusivity, aiding blind players with text-to-speech support, ledge detection, high-contrast mode, a pinging audio system to help navigation, and more. The game “is a testament to what can be achieved when accessibility is considered from the ground up and is extremely close to being flawless,” one reviewer wrote. WorkWorkWorkWorkJapan Airlines' great evacuation is no miracle—it's a product of training  JAL seems to have been well-prepped for the recent emergency. But also, a lot has changed in airplane design since 1985. The Airbus A350, built largely from more fire-resistant carbon fiber composites than earlier materials, didn’t go up in flames instantaneously. The structure held up just long enough for people to escape to safety. It only fully caught fire two minutes later. WorkCan artificial intelligence help you get fit?  Mr Bean argues that AI fitness apps will only continue to improve. \"From an industry perspective, we\'re very early on,\" he says. \"But one of the brilliant features of AI is its ability to learn. It\'s not perfect now, but as it learns over time, AI fitness will get better and better.\" WorkWorkHow much could darts sensation Luke Littler earn?  Bullimore also compared Littler\'s success to that of Raducanu - who bagged $2.5m (£1.8m) for winning the title, the only major one of her career, but has since earned millions on top from sponsorship. WorkBorrowers' pain eased as lenders cut mortgage rates  Andrew Montlake, of mortgage broker Coreco, said: \"How long [these cuts] continue remains to be seen, and whilst rates could still have some way to fall and the market will be more competitive once more, I suspect the pace of reductions to slow as the market finds a new normal to stabilise.\" WorkRyanair hits out at Booking.com over flight cuts  That helped the carrier to report a near-60% rise in profits for the period to €2.18bn (£1.9bn). Ryanair has reported a jump in profits after pushing up fares in the face of strong demand for summer air travel. WorkWorkFed Minutes Showed Officials Feeling Better About Inflation  But inflation has cooled sharply since mid-2023, with the Fed’s preferred measure of price increases climbing 2.6 percent in the year through November. While that is still faster than the central bank’s 2 percent inflation goal, it is much more moderate than the 2022 peak, which was higher than 7 percent. That has allowed the Fed to pivot away from rate increases. WorkDisney Gains Support From a Prominent Activist Investor  Michael de la Merced joined The Times as a reporter in 2006, covering Wall Street and finance. Among his main coverage areas are mergers and acquisitions, bankruptcies and the private equity industry. More about Michael J. de la Merced WorkXerox to Cut 15% of Its Work Force in the First Quarter of 2024  In 2018, the company announced that it was merging with Fujifilm, the Japanese conglomerate. That merger was called off less than three months later after activist shareholders, most prominently Carl Icahn, protested the move as undervaluing Xerox. In 2019, Xerox sought to acquire HP, but that deal was also called off after HP rejected it, citing concerns over Xerox’s financial health. WorkSidney M. Wolfe, Scourge of the Pharmaceutical Industry, Dies at 86  Dr. Wolfe’s first effort, a few months before officially founding the group, was to write a letter with Mr. Nader to the F.D.A. about contamination in bags of intravenous fluid manufactured by Abbott Laboratories — and then to release the letter to the news media. Within two days, some two million bags had been recalled. WorkAuto Sales Are Expected to Slow After a Strong 2023  Neal E. Boudette is based in Michigan and has been covering the auto industry for two decades. He joined The New York Times in 2016 after more than 15 years at The Wall Street Journal. More about Neal E. Boudette WorkWorkThe Pentagon Road to Venture Capital  Carlyle Group: Frank Finelli, retired Army lieutenant colonel, former special assistant to the chairman of the Joint Chiefs of Staff (1998); James Stavridis, retired Navy admiral, former NATO commander (2013). Defense-related investments: IMIA (shipbuilding and repair), ADB Safegate (airport safety). WorkBoy, 13, Is Believed to Be the First to ‘Beat’ Tetris  “Now that it’s been done, there’s kind of a new phase or a new challenge,” Mr. Macdonald said. “When we all found out this past year that, ‘Oh, the crash is possible, you could do it at this level,’ then people started racing to be the first to do it. But now there’s a whole new challenge, which is basically now, instead of going through the crash, how long can you go beyond the crash?” WorkMuseum World Hit by Cyberattack on Widely Used Software  “The objects in museums are valuable, but the information about them is truly priceless,” said Erin Thompson, a professor of art crime at John Jay College of Criminal Justice in New York. “Often, generations of curators will have worked to research and document an artifact. If this information is lost, the blow to our knowledge of the world would be immense.” WorkWorkWorkFed officials in December saw rate cuts likely, but path highly uncertain, minutes show  Federal Reserve officials in December concluded that interest rate cuts are likely in 2024, though they appeared to provide little in the way of when that might occur, according to minutes from the meeting released Wednesday.At the meeting, the rate-setting Federal Open Market Committee agreed to hold its benchmark rate steady in a range between 5.25% and 5.5%. Members indicated they expect three quarter-percentage point cuts by the end of 2024.However, the meeting summary noted a high level of uncertainty over how, or if, that will happen.\"In discussing the policy outlook, participants viewed the policy rate as likely at or near its peak for this tightening cycle, though they noted that the actual policy path will depend on how the economy evolves,\" the minutes said.Officials noted the progress that has been made in the battle to bring down inflation. They said supply chain factors that contributed substantially to a surge that peaked in mid-2022 appear to have eased. In addition, they cited progress in bringing the labor market better into balance, though that also is a work in progress.The \"dot plot\" of individual members\' expectations released following the meeting showed that participants expect cuts over the coming three years to bring the overnight borrowing rate back down near the long-run range of 2%.\"In their submitted projections, almost all participants indicated that, reflecting the improvements in their inflation outlooks, their baseline projections implied that a lower target range for the federal funds rate would be appropriate by the end of 2024,\" the document said.However, the minutes noted an \"unusually elevated degree of uncertainty\" about the policy path. Several members said it might be necessary to keep the funds rate at an elevated level if inflation doesn\'t cooperate, and others noted the potential for additional hikes depending on how conditions evolve.\"Participants generally stressed the importance of maintaining a careful and data-dependent approach to making monetary policy decisions and reaffirmed that it would be appropriate for policy to remain at a restrictive stance for some time until inflation was clearly moving down sustainably toward the Committee\'s objective,\" the minutes stated.Despite the cautionary tone from Fed officials, markets expect the central bank to cut aggressively in 2024.Fed funds futures trading points to six quarter-point cuts this year, which would take the fed funds rate, which primarily sets what banks charge each other for overnight loans but also influences multiple consumer debt products, down to a range between 3.75%-4%.Earlier Wednesday, Richmond Fed President Thomas Barkin also expressed caution about policy, noting the number of risks inherent in trying to guide the economy to a soft landing.The minutes indicated that \"clear progress\" had been made against inflation, with a six-month measure of personal consumption expenditures even indicating that the inflation rate has edged below the Fed\'s 2% target.However, the document also noted that progress has been \"uneven\" across sectors, with energy and core goods moving lower but core services still moving higher.Officials also addressed the Fed\'s effort to reduce the bond holdings on its balance sheet. The central bank has shaved about $1.2 trillion by allowing maturing proceeds to roll off rather than reinvesting them as usual.Several FOMC members said it likely would be appropriate to wind down the process when bank reserves \"are somewhat above the level judged consistent with ample.\" Those officials said discussions would begin well in advance of stopping the process so the public had plenty of notice. WorkGM's 2023 U.S. vehicle sales were its best since 2019  \"We are committed to the future of EVs and will have the sales and marketing support to sell these ineligible vehicles. Beginning in January, GM will provide the equivalent EV tax credit purchase amount for any vehicles that became ineligible due to the new guidelines,\" GM said in a statement. WorkJob openings nudged down in November, down to lowest in more than two years  Employment, however, was a relative bright spot in the report, rising to 48.1, a 2.3-point monthly increase. Order backlogs jumped 6 points to 45.3 and new export orders rose to 49.9, a 3.9-point acceleration. There also was some positive inflation news as the prices sub-index decreased to 45.2, down 4.7 points. |
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