MONEY Sports

How to Watch the Mayweather-Pacquiao Fight, Including Free Pay-Per-View

Floyd Mayweather Jr., and Manny Pacquiao strike their pose after a news conference Wednesday, March 11, 2015, in Los Angeles. Mayweather and Pacquiao are scheduled to fight on May 2 in Las Vegas.
Ed Crisostomo—AP Floyd Mayweather Jr., and Manny Pacquiao strike their pose after a news conference. They are scheduled to box in the "Fight of the Century" on May 2 in Las Vegas.

Here's everything you need to know about watching Saturday night's historic boxing match of Floyd Mayweather vs. Manny Pacquiao.

Only a few hundred tickets to the “Fight of the Century,” pitting 47-0 Floyd Mayweather versus 57-5-2 Manny Pacquiao this Saturday in Las Vegas, were actually made available for purchase to the general public. They sold out in less than two minutes last week. Anyone hoping to watch the fight in person at the MGM Grand is now at the mercy of ticket brokers and the secondary marketplace, where seats are starting at over $4,000 apiece at sites like StubHub and TiqIQ. Some floor seats for the fight have been listed at asking prices in the low six figures, and as of Monday one bold seller was hoping to get $350,000 apiece for prime-time ringside seats.

The fight is also being shown on closed-circuit TV at 10 MGM Resorts properties in Las Vegas, with an admission cost of $150 per ticket. These tickets are also sold out, however, and now they too are commanding big bucks on the secondary market—upwards of $700 or $800 to catch the fight on TV at the Luxor or Mandalay Bay, for example.

All of the above only applies if you’re in Las Vegas. The rest of us have a host of other, far more affordable options for watching the big fight. Here are four of them:

Standard Pay Per View
Pay TV operators in the U.S. such as Verizon Fios, DirecTV, and Time Warner Cable are generally charging $90 to watch the night’s boxing bouts in standard definition and $100 to view in HD. Depending on your service, subscribers can order the pay-per-view event online, over the phone, or through your remote.

Switch to DISH and Watch for Free
A special promotion from DISH allows new subscribers to get the pay-per-view fight at no charge. To qualify, however, new customers must agree to a 24-month contract with DISH. An offer like this really only makes sense if you were close to switching over to DISH anyway, and the free viewing of the “Fight of the Century” just sweetens the deal. In order to get the PPV for free, be sure to use the code “BOXING” when signing up.

Mooch PPV at a Friend’s House
Probably the most sensible approach is for one subscriber to pony up for the cost of the pay-per-view event and invite a group of friends over to watch—and perhaps chip in to cover a portion of the expense. If your buddy who is hosting won’t take money, the least you can do is arrive with some beer or chips and dip.

Watch at a Bar, Restaurant, or Casino
With the purchase of a commercial pay-per-view license, bars, restaurants, and other business venues can broadcast the fight and charge patrons a fee to watch. A commercial license for a night of UFC or big-time boxing typically costs $1,500 to $3,000, and the fee for a business to broadcast the Mayweather-Pacquiao fight likely costs much more (details haven’t been released publicly). In the past, hundreds of lawsuits have been filed against venues that allegedly showed high-profile pay-per-view sporting events, only instead of a commercial license they paid for the much cheaper residential fee.

If you’re lucky, someone in your neck of the woods has gone to the trouble of rounding up establishments where customers can catch the fight, like this list for the Washington, D.C., area. In most cases, you’ll have to check around with sports bars, local watering holes, and other venues to see if they’re showing the fight and what they’re charging to watch. Expect to be asked to pay a cover charge above the usual $5 or $10 to watch this fight on PPV at a bar or restaurant. A $20 cover is fairly typical, though some establishments are charging more. Casinos around the country are hosting viewing parties of the match, and the Horseshoe Hammond in Chicago and the Mohegan Sun in Connecticut are both charging $35 for general admission seating. After Ticketmaster fees are added in, admission comes to $43.55, or nearly half the price of ordering the pay-per-view event in your own home.

TIME Nepal

Nepal’s Economy Will Take Years to Recover From the Deadly Earthquake

Tourism and rural infrastructure have taken a big hit

Even as the death toll from the Nepal earthquake nears 5,000 — and it looks set to rise much further if reports trickling in from devastated rural areas are anything to go by — experts are warning that the economic aftershocks will be felt for years after the last victims have been buried and rubble cleared.

Nepal is one of Asia’s poorest nations with unemployment over 40% and per capita GDP of just $1,000. Some 59 out of 75 districts have been affected by Saturday’s 7.8-magnitude quake — 11 of them severely. The U.S. Geological Survey estimates that reconstruction costs could exceed $10 billion, or half of national GDP.

“With housing construction standards in Nepal being extremely low due to the poverty of the general population, the impact of the earthquake has been devastating,” says Rajiv Biswas, Asia-Pacific chief economist for IHS analysis group.

The tourism sector, accounting for around 10% of GDP and a similar percentage of all jobs, looks gutted in the short-term.

Nepal boasts eight of the ten highest mountains in the world, with spectacular scenery to match. The fact that it only receives around 600,000 visitors each year makes hospitality a key area of potential growth.

Yet most major hotels have now been shuttered for at least a fortnight while structural assessments are completed, and Kathmandu airport has been thronged by shell-shocked vacationers clamoring to escape the bedlam. Airplanes have been held on the tarmac for hours as the besieged terminal struggles to cope with the increased traffic alongside vital aid deliveries.

Compounding matters, four of this mountain nation’s seven UNESCO World Heritage sites — such as the 100-foot Dharahara Tower in the capital — have been severely damaged. At least 18 climbers at the Everest Base Camp died during an avalanche, while the popular hiking hamlet of Langtang has likely been wiped out by a landslide, according to the New York Times.

“Rebuilding efforts and hopefully recovery can be quick,” Kenichi Yokoyama, Nepal director for the Asian Development Bank, tells TIME. But they will also be uneven.

The service sector and manufacturing — Nepal boasts industrial plants for many Asian and international firms, including Coca-Cola — face disruption, as factories have been evacuated indefinitely until structural reports can be compiled. Damage to infrastructure in rural areas could also be significant.

MORE: Six Ways you Can Give to Nepal Earthquake Relief

On the other hand, the farming sector appears to have escaped relatively unscathed. Agriculture remains Nepal’s principal economic activity, employing 80% of the population and providing a third of GDP.

“Unless land is affected by landslides, or farmers are injured, the agriculture sector may not necessarily suffer major damage,” explains Yokoyama.

Then there is hydropower — the other great hope for Nepal besides tourism. The nation has about 6,000 rivers stretching some 28,000 miles, ranking the nation the second richest globally for inland water resources.

Hydropower is a major source of investment from energy-hungry neighboring superpowers India and China. Nepal is estimated to boast hydropower potential of 80,000MW — enough to power the whole of Germany — but only around 700MW has so far been exploited.

Due to poor infrastructure and extreme conditions, and with construction impossible during most ferocious weather, such schemes are exorbitantly expensive; a new India-backed 900-megawatt dam on the upper Karnali River is slated to cost $1.4 billion.

Nevertheless, Yokoyama says the latest quake is unlikely to affect investor confidence in this sector, especially as no major damage has been reported in existing hydropower stations.

“Everybody would know that Nepal has a high earthquake risk and normally these [hydropower projects] are built to take into account geological and earthquake risks,” he says.

“Hydropower projects are generally ‘over-engineered’ so as to have a significant margin of safety that takes into account regional conditions,” confirms Prof. Tony Lucey, a hydropower expert at Curtin University’s department of engineering in Perth, Australia.

Nepal’s growth was already much slower than most of its South Asian neighbors, and the ABD forecast for this year has been dropped from 4.6% to around 4.2% in light of the quake, says Yokoyama. However, from next year and beyond, reconstruction activity could support faster GDP growth, according to the Economist Intelligence Unit. The remittances sent by Nepalis working overseas, which make up about a third of GDP, will also become even more vital.

At the same time, a fraught political scene adds unpredictability to the equation. Nepal has not had a fully functioning government since the monarchy was abolished in 2008, with a disparate hodgepodge of bickering Maoist and communist splinter groups creating political inertia. Nepal is also ranked 126 out of 175 nations for corruption by Transparency International. Both of these are going to have to change if Nepalis are to truly rise from the rubble.

TIME Autos

Audi Just Invented Fuel Made From CO₂ and Water

Water, CO2 and green power are the ingredients for Audi e-diesel
Audi Handout Water, CO2 and green power are the ingredients for Audi e-diesel

The next step for the project will be industrial scale production

An Audi research facility in Dresden, Germany, has managed to create the first batches of diesel fuel with a net-zero carbon footprint — made from carbon dioxide (CO2), water and renewable energy sources such as wind or solar power.

Germany’s government has welcomed the new technology, created in partnership with a greentech company called Sunfire. Johanna Wanka, Germany’s Federal Minister of Education and Research, even test drove the fuel and called it, “a crucial contribution to climate protection and the efficient use of resources,” according to an Audi press release.

Manufacturing involves first breaking down steam into hydrogen and oxygen through high-temperature electrolysis. The hydrogen then reacts with CO2 to create a liquid called “blue crude.” This is then refined to make the e-diesel.

A visual infographic released by Audi explains the steps in detail.

Visual representation of Audi e-diesel
Audi Handout

The next stage for the project will be industrial scale production because Sunfire only has capacity to produce 3,000 liters (792.5 gal.) of e-diesel in coming months.

“If we get the first sales order, we will be ready to commercialize our technology,” said Sunfire CTO Christian von Olshausen in a company press release.

Read next: This Is How Much OPEC Really Earns

Listen to the most important stories of the day.

TIME Companies

Here’s the Most Surprising Thing About Apple’s Crazy Earnings

The product nobody thought was still alive certainly seems so

“I feel really good about where we are,” Apple’s chief executive, Tim Cook told investors Monday in releasing yet another beyond-solid financial performance for the country’s most valuable company. “It’s tough to find something in the numbers not to like.”

Indeed. Revenues for the company’s second fiscal quarter grew 27% from the year-earlier quarter to $58 billion. Apple earned $13.6 billion, up 33%. The company has done 27 acquisitions in the last year and a half, and it is dramatically upping its share repurchase and dividend program. Yet Apple, now has $194 billion in cash and cash-like investments, up $16 billion from last quarter.

Wall Street analysts found a few things not to like because, well, that’s their job. Apple’s iPad sales are slowing, and while Cook predicts growth will re-accelerate, he won’t say when. (Bigger iPhones and snazzier Macbooks are cannibalizing iPads, he said.) Margins for the just-introduced Apple Watch are lower than the company’s overall margins, and Cook wouldn’t say if or when that will change.

Beyond that, there is an awful lot to celebrate in Apple’s recent performance. What’s more, Apple continues to grow more than the competition in two key areas, phones and PCs. Both are astounding accomplishments if you stop and think about it.

On phones, Apple was supposed to have been marginalized by now by phones running Google’s Android operating system. Android is mostly free, and any manufacturer can use it. Instead, Apple’s share has continued to grow. Cook said iPhone sales grew at a 40% clip during the quarter compared with a 15% rate for the overall market, as calculated by IDC. “In almost every country we grew at a multiple to the market,” Cook said.

Even more remarkable is the continued resurgence of the Mac. For years Apple was a single-digit niche player in PCs, the choice of artists, educators, and other oddballs. Luca Maestri, Apple’s chief financial officer, said the company sold 4.6 million Macs in the quarter, a 10% year-over-year increase, compared with a 7% global contraction for personal computers, per IDC. The Mac remains a tiny portion of Apple’s overall business. But it’s an annuity business that amazingly is now picking up the slack from the slowing iPad. When Cook says, as he did Monday, that he doesn’t care which Apple products cannibalize others, it’s easy to believe that he means it.

Apple has plenty of challenges ahead, not the least of which is satisfying the elevated expectations of its consumers and investors. (Cook said user feedback on the Apple Watch has been nearly 100% positive, which, judging from comments I’ve been seeing, may be a tad too exuberant.) That said, doing well while doing better than everyone else truly is tough not to like.

This article originally appeared on

TIME Apple

What Apple’s Gargantuan Cash Giveaway Really Means

Mmmmmoney: Get a grip; it's just paper
KAREN BLEIER; AFP/Getty Images Mmmmmoney: Get a grip; it's just paper

$200 billion dollars—and it only means 1 thing

Apple’s announcement today that it would increase its dividend 10.6% and give out the biggest chunk of cash to shareholders in history—$200 billion of capital will be returned to investors through March 2017—means one thing and one thing only. The market has topped.

As I’ve written numerous times in recent months, share buybacks and dividend payments of this type don’t signal underlying economic health so much as they indicate a market riding on a financialized sugar high, one built on easy money, cash hording and tax dodging, which will eventually crash. Carl Icahn himself admitted as much to me when I interviewed him back in 2013, for a TIME cover story that looked at his quest to get Apple to give back $150 billion worth of cash to investors. “This market will break,” he said back then, even as he and many others were pushing for America’s richest firms to give investors more of the $4 trillion on their balance sheets (about half of which is held offshore). The only question now is when.

Indeed, one of the reasons that Icahn and others have been able to demand such huge payouts, and that companies like Apple have been able to deliver them, is that the Fed has poured $4 trillion into the market over the last few years, and kept interest rates at historic lows. That’s a crucial part of understanding this massive Apple payout. Despite having nearly 10% of corporate America’s liquid assets on hand, Apple has borrowed much of the money needed to do its capital return program over the last few years, at the lowest rates in corporate history, in order to avoid taking money out of offshore tax havens and paying the U.S. corporate tax rate on it. (CEO Tim Cook has said he would support repatriating some of the money at a lower rate as part of a wider deal on offshore holdings.)

Not only does issuing debt in order to hand over cash to investors save Apple billions, it almost always boosts its share price–buybacks necessarily do that, since they artificially decrease the amount of shares on the market, without actually changing the real value of the company via true strategic investments, like research and development, worker training, or anything else that might bolster the underlying prospects of the firm. More broadly, buyback wizardry underscores one of the great ironies of American business today–the country’s biggest, richest companies have more contact with investors and capital markets than ever before, yet they don’t actually need any capital.

Apple, one of the most admired firms in the world, now spends a large chunk of time thinking about how to create value via financial engineering. This is by no means just about Apple, which is pouring a lot of its wealth into noble pursuits such as green energy even in places like China and some limited factories in America.

But there is a larger uncomfortable truth here that many economists have begun to suspect, on a wide scale, has a lot to do with our permanently slow growth economy. One key part of the theory of “secular stagnation,” which is being bandied about by experts such Larry Summers, is that financial markets are no longer serving the real economy because they funnel so much money away from it. Others go further, believing that financialization itself is a core reason for slow growth and the decreasing competitiveness of U.S. economy in a global landscape.

The biggest economic conundrum of our age–why many companies aren’t investing the cash they have sitting on their balance into our economy in things like factories, workers and wages—turns out to have an easy answer. It’s because they are using it to bolster markets and enrich the 1% via capital return programs instead. A recent paper from the Roosevelt Institute shows that as borrowing to fund paybacks to investors has increased over the last few years has increased, investment into the real economy has decreased.

It’s a trend that has reached a fever pitch in the last decade or so, and particularly the last few years. From 2003 to 2013, the 454 firms in the S&P 500 index did $3.2 trillion worth of buybacks, representing 51% of their income, and another $2.3 trillion on dividend payments, which represented an additional 35% of income. By 2014, buybacks and dividends represented 95% of corporate income, and if the trend continues, they’ll reach over 100% in 2015. The bulk of these buybacks, which sped up following the low interest rate, easy money environment following the 2008 financial crisis, were done during market peaks, belying the notion that such purchases represent firms’ own belief in a rising share price. Many of them were done with borrowed funds (corporate margin debt is at record highs). The buybacks didn’t help make companies more competitive, but they did enrich executives, who took between 66% and 82% of their compensation in stock over the last seven years.

What this means on a practical level is that the claim from corporate leaders about how tight credit conditions, a lack of consumer demand and an uncertain regulatory environment has kept them from investing their cash horde back into the real economy is not the case. William Lazonick, a University of Massachusetts professor who has done extensive research on the topic of buybacks, says that the move from a “retain and reinvest” corporate model to a “downsize and distribute” one is in large part responsible for a “national economy characterized by income inequity, employment instability, and diminished innovative capability.” I couldn’t agree more.

TIME Apple

Tim Cook Just Teased a Huge New Apple Product

Apple CEO Tim Cook attends an Apple special event at the Yerba Buena Center for the Arts in San Francisco, on March 9, 2015
Stephen Lam—Getty Images Apple CEO Tim Cook attends an Apple special event at the Yerba Buena Center for the Arts in San Francisco, on March 9, 2015

Something for the Apple blogs to go nuts over

Apple’s earnings call was full of interesting numbers and nuggets. The company is on a tear, with massive iPhone and Mac sales. After years of trying, it seems to have finally understood what Chinese consumers really want. And though details were sparse, CEO Tim Cook sounded a positive note about the early results of its initial Apple Watch sales. (Not everything is going so well; iPad sales continue to flag as laptop and larger iPhone sales cut in.)

After months of waiting and speculating about what Apple’s next all-new product—the Apple Watch—would actually be like, Cook seemed to throw a small bone to Apple fans and analysts wondering what might be coming down the pipeline post-wearables. Here’s what he said on the subject of television, in response to a question about the recently launched HBO Now service on AppleTV:

Cook: It’s about giving customer something they want. Giving it with Apple’s classic ease of use. I think HBO in particular has some great content. We are marrying their great content and our great ecosystem. There is a lot [of] traction in there. Where could it go? I don’t want to speculate, but you can speculate… We’re on the edge of major major changes for media and I think Apple can be a part of that.

The world may get a glimpse of that future at the company’s World Wide Developers Conference early this summer.

TIME Retail

Apple Pay Is Coming to Your Favorite Store

Best Buy
Scott Olson—Getty Images The Best Buy logo hangs above a store on April 16, 2012 in Chicago, Illinois.

The electronics retailing giant is going to work with Apple's digital payments

Electronics retailer Best Buy is joining competitors in supporting Apple Pay. The company released an update to its iOS app that allows customers to buy items with Apple’s digital payments service. Later this year, the firm will let shoppers pay by iPhone or Apple Watch at checkout counters in its stores. Apple CEO Tim Cook talked up the news during his company’s record earnings call.

Best Buy, as well as retailers such as Walmart, Sears, and CVS, is a member of the Merchant Customer Exchange, which backed an alternative payments system. So far, that service, dubbed CurrentC, has had trouble gaining traction. Apple Pay, in contrast, has had a strong start. It will soon have the support of all four major credit card brands.

Best Buy indicated it was still supporting the rival plan but that it had to support its customers’ preferences. “Today’s consumers have many different ways to spend their money and we want to give our customers as many options as possible,” a Best Buy spokesperson said in a press release.

TIME Earnings

Apple Had Another Record-Shattering Quarter

The Apple logo hangs inside the glass entrance to the Apple Store on 5th Avenue in New York City.
Mike Segar—Reuters The Apple logo hangs inside the glass entrance to the Apple Store on 5th Avenue in New York City.

Apple’s second-quarter revenue jumped on big gains as iPhone sales

Apple reported another blockbuster quarter Monday that shattered records from the brisk sale of iPhones. Here are the key points from the earnings release.

What you need to know: Apple posted $58 billion in second-quarter revenue, a 27% increase year-over-year. The company’s profits jumped nearly 33%, to $13.6 billion or $2.34 per share.

No one expected Apple to match its record-setting first quarter, when the company racked up nearly $75 billion in revenue thanks to a strong holiday performance in the first full quarter of sales for the iPhone 6 and iPhone 6 Plus. Apple’s $18 billion in first-quarter profits were the highest in U.S. corporate history.

Still, the tech giant beat Wall Street’s expectations Monday in delivering its best second quarter numbers ever. Earlier on Monday, Fortune listed 36 analysts who expected Apple’s revenue to increase nearly 24%, to $56.45 billion. Apple’s own guidance from January called for second-quarter revenue between $52 billion and $55 billion.

Apple’s shares gained 1.6% in after-hours trading following the company’s earnings release that included an announcement that it plans to expand increase its dividend and stock buyback plan yet again.

Apple said it will increase the program by returning $200 billion in cash to its shareholder by the end of March 2017. Last year, the company increased the amount to be returned up to $130 billion (from its earlier target of $100 billion) with a target of the end of this year. CEO Tim Cook said most of the program will involve share buybacks, but the company also upped its quarterly dividend by 11% to 52 cents per share, which is payable on May 14.

The big number: While much of the buzz around Apple in recent months has focused on new products — the just-launched Apple Watch, Apple Pay and even a rumored pay-TV service — the company still draws a huge chunk of its revenue from the iPhone.

Apple said Monday that it sold almost 61.2 million iPhones in the second quarter, which is almost 40% more than in the same period last year. That beat analyst predictions of 56.8 million iPhones. The smartphones brought in more than $40 billion — or better than 69% of the company’s total revenue.

“We’re seeing a higher rate of people switching to iPhone than we’ve experienced in previous cycles,” CEO Tim Cook said in a statement.

At the same time, iPad sales dropped again in the second quarter, falling by almost 23% to 12.6 million units sold, which brought in $5.4 billion in revenue. The company sold 21.4 million iPads in the first quarter and even that represented a year-over-year decline of 18%. Meanwhile, Mac sales improved by 10%, to 4.6 million units sold in the second quarter.

What you might have missed: The company said it expects revenue between $46 billion and $48 billion in the current quarter, which will be the first to include sales of the new Apple Watch that started shipping last Friday. While Apple has been tight-lipped regarding official sales figures for the Apple Watch, it seems many of those who ordered the watches have a long wait ahead of them, reportedly, as less than a quarter of preordered watches were delivered over the weekend. More than 600,000 customers who preordered the Apple Watch still don’t have an estimated delivery time, according to unofficial data from e-receipts tallied by Slice Intelligence. Cook only made a vague reference to the Watch in the earnings release, saying “we’re off to an exciting start to the June quarter with the launch of Apple Watch.”

This article originally appeared on

TIME Apple

Apple Is Making Watches As Fast As It Can

Don Emmert—AFP/Getty Images A new Apple Watch on display at the Apple Grand Central Station store on April 24, 2015 in New York.

"Right now, demand is greater than supply"

Apple is desperately trying to make enough Apple Watches to meet demand, according to CEO Tim Cook.

“Right now, demand is greater than supply, so we’re working hard to remedy that,” Cook said of the Apple Watch in an earnings call Monday.

Cook’s comments came after Apple Chief Financial Officer Luca Maestri told Bloomberg the company is “working very, very hard to catch up from a supply standpoint — “keep in mind this is not only a new product but it’s an entirely new category.”

Apple didn’t give an official count for how many Apple Watches it has sold so far, but one estimate by research firm Slice Intelligence says shoppers pre-ordered 1.7 million units.

The Apple Watch launch has been an unusual one for the company. A two-week online preorder period began April 10, with the earliest shipping date advertised as April 24. However, many early orderers have reported considerably longer wait times for their shipments. And unlike with new iPhones, which are available on launch day in Apple’s retail locations and through mobile carriers like Verizon and AT&T, the Apple Watch is almost exclusively being sold through Apple’s online store.

Still, Apple has been apparently been playing a game of under-promise and over-deliver when it comes to Apple Watch shipment times. Many shoppers have reported via social media that their orders are shipping much earlier than Apple initially said would be the case.

“We were able to ship more watches during this past weekend than we had anticipated,” Cook said Monday.

TIME Earnings

Apple Is Totally Killing It in China

Hangzhou Opens Second Apple Store
ChinaFotoPress—ChinaFotoPress via Getty Images Apple Store assistants celebrate the second Apple Store open at the Mixc Mall on its first day open on April 24, 2015 in Hangzhou, Zhejiang province of China.

After years of trying, the company has finally found its footing in the world's largest market

Apple has officially made it big in China.

Sales of Apple devices in China hit $16.8 billion in the second quarter, up 71% year-over-year, according to Apple’s Q2 earnings release published Monday. Chinese sales now account for nearly 30% of Apple’s total revenue.

Much of that growth in what Apple refers to as “Greater China,” which includes China, Hong Kong and Taiwan, comes from the recent release of the iPhone 6 and iPhone 6 Plus. Those devices’ bigger screens are proving very popular with consumers in those countries, analysts say.

Apple’s Q2 China numbers also got a nice lift from February’s Chinese New Year, when Chinese shoppers typically shower friends and family with gifts.

Apple’s success in China means it may now be the top smartphone seller in the country, according to at least one estimate.

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