BUSINESS NEWS AT A GLANCE
c.2013 New York Times News Service
SEC AGAIN TAKES ON MARK CUBAN IN INSIDER CASE
Mark Cuban has tussled with Bill O’Reilly, Donald Trump and an array of NBA referees. Next up? The federal government. The Securities and Exchange Commission’s insider trading trial against Cuban, the billionaire entrepreneur, opens in a federal courtroom in Dallas on Monday, the culmination of a five-year battle between him and the SEC. Cuban, 55, a reality TV regular best known for his courtside antics at games of the Dallas Mavericks, the basketball team he owns, is one of the few celebrities to land on the agency’s radar. Cuban’s star power, coupled with the SEC’s renewed ambition for taking cases to court, underpins the importance of this trial.
APPLE UPSETS COCA-COLA TO BE MOST-VALUABLE BRAND
Apple is the new most valuable brand in the world, according to a closely followed annual report. The report, to be released Monday, is from Interbrand, a corporate identity and brand consulting company owned by the Omnicom Group that has been compiling what it calls the Best Global Brands report since 2000. The previous No. 1 brand, Coca-Cola, fell to No. 3. Not only has Apple replaced Coca-Cola as first among the 100 most valuable brands based on criteria that include financial performance, this is the first time that the soft drink known for slogans like “It’s the real thing” has not been No. 1. Google was No. 2, up from No. 4 last year.
BRITISH GAME MAKER FILES FOR PUBLIC OFFERING
The game maker King has conquered the mobile gaming world from its home base in London. Now, King, the company that created “Candy Crush Saga,” has its eyes set on becoming a top technology initial public offering — across the Atlantic Ocean. The company has filed for a public offering in the United States, according to people briefed on the matter, in what promises to be one of the biggest debuts by a gaming company in over a year. King joins the growing list of technology companies seeking to go public, in what investors and dealmakers hope will signal a revival amid a slump in the sector.
A WAVE OF SEWING JOBS AS ORDERS PILE UP AT U.S. FACTORIES
The American textile and apparel industries are experiencing a nascent turnaround as apparel and textile companies demand higher quality, more reliable scheduling and fewer safety problems than they encounter overseas. Accidents like the factory collapse in Bangladesh this year, which killed more than 1,000 workers, have reinforced the push for domestic production. Manufacturers are now scrambling to find workers to fill the specialized jobs. Wages for cut-and-sew jobs, the core of the apparel industry’s remaining workforce, have been rising fast — increasing 13.2 percent on an inflation-adjusted basis from 2007 to 2012, while overall private sector pay rose just 1.4 percent.
MED STUDENTS WILL EDIT WIKIPEDIA — FOR CREDIT
Medical students at the University of California, San Francisco, will be able to get course credit for editing Wikipedia articles about diseases, part of an effort to improve the quality of medical articles in the online encyclopedia and help distribute the articles globally via cellphones. Although professors often incorporate Wikipedia work into classes, hoping that student research can live on online, the university and others say this is the first time a medical school will give credit for such work. Dr. Amin Azzam, a health sciences associate clinical professor at the UCSF School of Medicine, will teach the monthlong elective course in December.
BP TRIAL IN 2ND PHASE, TO SET AMOUNT OF OIL SPILLED
With billions of dollars in penalties at stake, the civil trial of the British oil company BP over the oil spill in the Gulf of Mexico begins its second phase in Houston Monday. The trial will set the amount of oil that spilled from the 2010 Deepwater Horizon rig explosion that killed 11 workers and soiled hundreds of miles of beaches. The government will argue that a total 4.2 million barrels of oil was discharged into the sea over 87 days. BP will counter that the number was closer to 2.45 million barrels.
POSSIBILITY OF DELAY THREATENS EUROPEAN BANK OVERHAUL, REGION’S ECONOMY
If all goes as planned, by November European political leaders will anoint the European Central Bank as supreme bank enforcer among the 17 nations that rely on the euro, with the power to separate healthy banks from the walking dead that are sucking the life from the region’s economy. But questions are being raised about whether Germany and perhaps other countries could postpone critical parts of the European banking overhaul for political reasons. Any delays could prolong a deep economic slump for much of the eurozone that has dragged on for five years and driven unemployment to record highs.