TIME Advertising

There’s a New, Even More Epic Version of That Beats World Cup Ad

This one features Jay-Z

Beats Electronics upset sports marketing behemoths Nike and Adidas when it released a five-minute ad featuring a huge roster of soccer stars and other celebrities. Now Beats is trying to one-up itself with a new version of the of the ad that features a verse from Jay-Z. The hip-hop star raps over the X Ambassadors’ “Jungle,” the song used in the original ad. Though this version of the commercial is just a minute long, there’s still time for Neymar Junior, LeBron James and Lil Wayne to all make appearances.

The Jay-Z remix of “Jungle” will be available exclusively to subscribers of Beats Music for one week. Gaining an exclusivity window from such a prominent artist is a big win for Beats, which is competing against Spotify to control the music streaming space. Currently Beats Music has about 250,000 paying subscribers, while Spotify has 10 million.

TIME Fast Food

KFC Apologizes After Toddler Scarred in Pitbull Attack Is Reportedly Kicked Out

The restaurant will donate $30,000 toward the girl's medical bills

KFC said Sunday that it apologized to the family of a three-year-old girl who was reportedly asked to leave a restaurant in Mississippi by an employee who said the girl’s facial injuries upset other customers.

The allegation that she was asked to leave was published last week on “Victoria’s Victories,” a Facebook page that traces Victoria Wilcher’s recovery from a pitbull attack that has left her heavily scarred. It prompted outrage on social media, and led KFC to issue an apology on its own Facebook page.

“As soon as we were notified of this report on Friday, we immediately began an investigation, as this kind of hurtful and disrespectful action would not be tolerated by KFC,” the company said. “Regardless of the outcome of our investigation, we have apologized to Victoria’s family and are committed to assisting them. The company is making a $30,000 donation to assist with her medical bills. The entire KFC family is behind Victoria.

“Victoria’s Victories” had more than 60,000 Facebook “likes” as of Monday morning.

Updated: The original version of this story referred to reports that a girl who had been mauled by pitbulls had been asked to leave a KFC restaurant. KFC, which initially apologized, now says two investigations have yielded no evidence the incident actually took place.

TIME leadership

One of the Most Powerful CEOs on Earth Was Afraid to Come Out of the Closet. Until Now

BP Chief Resigns Over Gay Affair
Former Chief Executive of British Petroleum Lord Browne Peter Macdiarmid—Getty Images

Here’s how companies can encourage a culture of openness

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This post is in partnership with Fortune, which offers the latest business and finance news. Read the article below originally published at Fortune.com.

Over the course of my career at BP, from trainee to chief executive, I was frequently asked whether I had a girlfriend or whether I was married. People assumed that I was a bachelor who had not yet met the right woman. It was a fair assumption, for an obvious reason: Most people are straight. But for those who remain in the closet, the assumption of heterosexuality can be highly damaging. It reinforces their feeling that being gay is something out of the ordinary, something that would put them at a disadvantage in their personal and professional lives, and something that is probably best kept hidden.

The assumption of heterosexuality is one of the reasons that many people in business and in other sectors continue to lead hidden lives. I have spent the past 18 months conducting interviews for my book, The Glass Closet: Why Coming Out Is Good Business, about the risks and rewards of coming out in business. I encountered men and women who, despite living in an age of diversity targets, lesbian, gay, bisexual and transgender corporate networks and equal marriage, are still afraid of the consequences of coming out. Young executives in their 20’s should be free of the fears that plagued me for over 40 years, but the evidence suggests that many of them are not.

Through four decades at BP, I kept my private life separate from my business life. As a young professional in the oil industry, my career was going in the right direction, and I saw absolutely no purpose in coming out. The corporate ladder was slippery enough on its own, without complicating things by throwing oil on the rungs. By the time I was chief executive, I was worried that any disclosure would damage critical business relationships, particularly those in the Middle East. In countries where homosexuality is illegal, my public profile probably would have protected me, but my sexuality could have had unknown and unlimited consequences on BP’s businesses.

For the rest of the story, got to Fortune.com.

TIME Aviation

JetBlue Sorry for Not Letting Toddler Go to the Bathroom

Forced 3-year old girl to pee in her seat

JetBlue apologized this weekend to the Massachusetts mother of a three-year-old girl who peed in her airplane seat because flight attendants wouldn’t let her use the bathroom while the plane was on the tarmac.

Jennifer Deveraux of Newton, Mass, said that when she got up to clean up after her daughter’s accident, flight attendants reported her to the pilot. “I said, ‘Please give me a break,” Deveraux told CBS Boston. “My daughter had an accident because you wouldn’t let me take her to the bathroom. After I clean it up I will sit down,'” The flight attendants reported her anyway, and the pilot threatened to take the plane back to the gate to turn a “noncompliant passenger” over to security.

“It wasn’t about bad customer service at that point,” Deveraux said of the Monday flight. “It was about bad human decency. My daughter was sitting in a pool of urine and I couldn’t do anything about it,”

JetBlue apologized to Deveraux and her family on Saturday. “This incident in question happened while the aircraft was on an active taxiway, when FAA regulations require all customers to remain seated due to the risk of sudden aircraft movement,” JetBlue spokesman Sebastian White said in a statement. “The crew made a safety and FAA regulation-based decision.”

TIME Careers & Workplace

You’re Probably Guilty of This Gross Work Habit

Putting a whole new meaning on “taking care of business,” recent research shows that corporate America increasingly views the bathroom — at work and at home — as an extension of their office.

About half of respondents in a recent survey (which was sponsored by Lysol) admit they bring their mobile devices with them to the restroom when they’re at work so they don’t miss a call when nature calls.

Maybe this is a sign we’re getting too busy and really just need a break. When we’re on the job, almost two-thirds of survey respondents between the ages of 25 and 44 said they multitask with their devices in the bathroom. A quarter of employees use that “quality time” to surf the web; about the same number admits to playing games, and 17% call friends.

More than a third — 36% — of employed Americans who responded to the survey admit to emailing their boss, co-workers or clients while on the toilet, and 26% said they “frequently” used bathroom breaks for catching up on work email. And for the 5% who said they text or call their boss from the lavatory, make sure you press mute before you flush.

Younger employees and parents are more likely to read, shop and communicate from the porcelain throne — or, at least, they’re more willing to admit it. According to a Huffington Post/YouGov poll conducted last fall, half of adults under the age of 30 said they use their cell phones while on the toilet paper.

The Lysol study asked another question asking what people do on their mobile devices in general when they’re in the bathroom and the results are, well, pretty much everything.

More than half browse Twitter, Facebook or Instagram, almost one in five post or like Facebook statuses and 5% post videos on Vine. Ecommerce also gets a boost when nature calls. One in five respondents to the Lysol survey said they buy stuff online. Of those, more than half said they buy clothes, and about a third order their groceries from the toilet.

Not only are we taking more work home with us, we’re taking it right into the bathroom. Ikea’s new Life at Home survey of people in eight major cities worldwide found that roughly one in six employed New Yorkers admitted to doing work when they’re in the bathroom or on the toilet in the morning — a percentage matched only by Stockholm out of the other cities in the survey.

It’s kind of a bummer that the toilet has become the only place we can have a few minutes to ourselves where we can catch up on our digital activities, but look at the bright side: If the TP runs out, at least you can send a text asking for a spare roll.

MONEY online shopping

It Doesn’t Matter That Amazon’s Music Streaming Service Is Lame

listening to bad music
Monalyn Gracia—Corbis

Last week, Amazon introduced Prime Music, a streaming service included in a Prime subscription that scared … absolutely none of the big music streaming competitors.

Within hours of Amazon introducing its music streaming service, Prime Music, the consensus among critics and observers is that the service is … okay.

While Amazon played up the fact that Prime Music has “unlimited, ad-free streaming” and a catalogue of “over a million songs,” anyone and everyone evaluating the service was quick to point out that players in the streaming scene such as Spotify have well over 20 million songs. “It’s hard to tell who is the target audience for Amazon’s service. If it’s a consumer mass market play, there are still some big gaps,” TechCrunch observed, noting that 9 of the current top 10 in the Billboard Top 100 were not available last week via Prime Music streaming.

Businessweek called the service “half-baked,” declaring “there is little reason to believe that Prime Music will lure people away from Spotify or Rdio.” The tech columnist at USA Today agreed: “If you’re already a paying subscriber to Spotify, or huge fan of Pandora, nothing in Amazon’s new Prime Music offering, introduced Thursday, will make you want to switch.”

Prime Music’s reception in the marketplace bears an eerie resemblance to that of another streaming service, which also happens to be an Amazon product. Tech and entertainment writers have long argued that Amazon Prime’s streaming video options were no match to Netflix, which has a far more robust catalogue of TV shows and movies.

When Prime Instant Video was still new, critics bashed its “dismal lack of popular and recent titles.” Likewise, music critic Bob Lefsetz called Prime Music a “disaster” because, among other reasons, there are so many holes in the catalogue it’ll inevitably frustrate subscribers. “Now Bezos wants me to waste time, which nobody has any of, to click around and find the music I want to hear on his service, ultimately being disappointed in a fair share of my efforts?” Lefsetz wrote. “This is not a benefit, this is a DISTRACTION!”

Much of the Prime Music criticism is completely valid. But it probably doesn’t matter. Amazon customers are not only likely to see Prime Music as a benefit, but as the best kind of benefit, one that’s totally free, passed along by those generous benefactors in Seattle. Amazon Prime was born as a two-day delivery service—buy as much as you want on the site and get two-day shipping for $79 annually—and that’s what the average subscriber still thinks he’s paying for. All the extras, including video streaming, some free Kindle ebook rentals, and now, Prime Music, tend to be viewed as just that, as perks or extras.

It’s hard to complain about a service being somewhat subpar when the service being provided is free. Or at least when it feels like the service is free. Of course, you’re paying for the service, via your subscription fee—now $99, up from the original $79—plus all of those purchases you’re making at Amazon. But it still sorta feels free. For that matter, the “free” two-day shipping isn’t really free either; it’s more like a flat prepaid payment of $99 for a year’s worth of shipping.

By bulking up what’s included in the Amazon Prime service package, Amazon is using a tactic out of the storied cable TV bundle playbook. The average pay TV subscriber watches only around 17 channels, yet his package includes 100, 200, perhaps 700 more options. Paying $90 per month for a mere 17 channels sounds like a lot. But when that $90 gives the customer a bundle of 600 channels, it feels like a much better value—even if you never watch 573 of them. Similarly, Amazon Prime members are likely to feel like they’re getting good value for their Prime bundle, even if they rarely or never take advantage of the streaming options and other extras.

Just knowing that these extras are part of the package helps convince some consumers that a Prime membership is worthwhile. And if they actually use those streaming options for hours and hours, week in, week out? That works out well for Amazon too, because the more time spent on the site, the more likely a subscriber is to be tempted into making purchases. And the more likely a subscriber is to feel that an Amazon Prime membership is an absolute essential. Subscribers will only head more in that direction as Prime Music adds to its song list, which is sure to happen in the same way that Prime Instant Video has expanded its catalogue, adding HBO shows like “The Sopranos” in April.

And hey, remember, it’s all free for Prime subscribers!

TIME

Two Companies You’ve Never Heard Of Plan Merger Worth More Than Latvia

Medtronic and Covidien plotting the latest healthcare mega-merger, in a deal reportedly worth $40 billion

Two medical-device makers you’ve probably never heard of are in talks to merge for a price that rivals the size of small economies like Latvia, Jordan and Luxembourg.

The two companies, Medtronic and Covidien—who might as well be Transformers for all most people know—are poised to announce a $40 billion deal on Monday, unnamed sources told the Wall Street Journal.

Medtronic makes cardiovascular and orthopedic devices and is based in Minneapolis, while Covidien, which is based in Ireland, makes staplers, feeding pumps and other devices used in surgery.

The deal would lower Medtronic’s tax rate in the United States by coupling it with the lower-taxed Irish company. The U.S. corporate tax rate is 35%, and Ireland’s is 12.5%.

Huge medical company deals are apparently the mergers de nos jours, with Pfizer most recently launching an abortive takeover bid of the U.K.’s AstraZeneca, a roughly $120 billion deal.

According to the International Monetary Fund figures, Latvia’s total gross domestic product in 2013 was $38.9 billion, while Jordan’s was $40 billion and Luxembourg was $42 billion.

[WSJ]

TIME facebook

This Is Facebook’s Most Controversial Move Yet

The social media company will begin tracking users’ mobile and web browsing habits in order to better serve up custom advertisements

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This post is in partnership with Fortune, which offers the latest business and finance news. Read the article below originally published at Fortune.com.

TIME Retirement

The 4 Words Terrifying Americans Right Now

Photo: Travis Rathbone

This post is in partnership with The Fiscal Times. The article below was originally published on The Fiscal Times.

Americans are freaking out about their personal savings – and for good reason. A recent Gallup poll found that 59 percent of those surveyed were very or moderately worried they won’t have enough money for retirement – by far their biggest concern.

Many people once counted on a triad of support for retirement – Social Security, personal savings, and employer-sponsored pensions. Yet in the wake of the Great Recession and a long stretch of high unemployment and stagnant wages, the once-dependable foundation has been crumbling.

Related: Rubio’s Retirement Savings Solution: Work Longer

Employers have phased out generous defined benefit pension programs in favor of 401(k)s and other workplace-based retirement accounts. Personal savings have taken a dive as many people have tapped retirement savings to pay the rent or help make ends meet. And many young people seriously question whether the Social Security trust fund will be able to pay them anything by the time they retire.

The latest National Retirement Risk Index from the Center for Retirement Research (CRR) at Boston College says that more than half (53 percent) of households risk falling more than 10 percent short of the retirement income they’ll need to maintain their standard of living. More than 40 percent of retirees are also at risk of running out of money for daily needs, out-of-pocket spending on health care or long-term care, according to the Employee Benefit Research Institute (EBRI).

Even more alarming, the National Bureau of Economic Research recently concluded that nearly one-quarter of Americans could not come up with $2,000 in 30 days if necessary, and another 20 percent would have to pawn or sell possessions to do so. That would mean nearly half of all Americans are financially stressed.

“The graying of Americans, a growing retirement population, rapid changes in the private employer pension programs, projected insolvency in public pension funds, fiscal pressures at both the federal and state level – all this and more requires policymakers to renew their focus on ensuring existing programs support individuals and families in their twilight years,” said Bill Hoagland, a senior vice president of the Bipartisan Policy Center.

Related: Retirement Savings: Men and Women Do it Differently

The mounting crisis over retirement savings and investment underscores a key facet of the evolving national debate over income inequality: While many households are well prepared for retirement, only 17 percent of people in the lowest income quartile will have sufficient resources to avoid running short of money by the end of their lives, according to EBRI’s 2014 metric.

The Bipartisan Policy Center on Monday is launching a “personal savings initiative” to begin formulating a series of innovative proposals to try to increase national savings, improve income security in retirement, and guard against the potential costs of long-term care. While Congress is unlikely to take up any meaningful tax or financial services legislation before November, a new commission chaired by former senator Kent Conrad (D-ND) and former Social Security Administration official James B. Lockhart III hopes to outline an action agenda for the coming year.

The group will look for ways to beef up the defined contribution retirement system by increasing personal savings for retirement and improving the effectiveness of tax-advantaged savings vehicles, according to a sum of the initiative.

Related: Robust Stock Market Boosts Retirement Savings

The commission will also examine the impact of federal policies on private savings, the finances and operation of Social Security Disability Insurance, the interaction of Social Security with personal savings, the impact of long-term care needs on retirement security, and the role of homeownership and student debt.

The reasons for shortfalls in retirement savings are complicated, but three stand out, says the BPC:

  • A Sea Change in Workplace Retirement Plans

Over the past two decades, the workplace retirement landscape has dramatically shifted to defined contribution plans, in which a worker and in some cases the employer contribute to an account managed by the employee. These have largely replaced defined benefit plans, which specify a benefit – often a percentage of the average salary during the last few years of employment – once the worker retires.

Since 1998, the number of companies offering any sort of defined benefit plan plummeted from 71 to 30 – and an increasing number of those are hybrid plans, where workers accumulate an account balance rather than an annuity. When 401(k)s were created in 1978, they were meant to be a supplement to traditional defined benefit pensions, not a stand-alone retirement account. But over time, they have evolved to serve that purpose – although they typically provide far less in long-term benefits than the old plans.

  • Dismal Personal Savings

The reasons for the long decline in personal savings are difficult to pinpoint, but they likely include stagnant real incomes for many workers, rising standards of living and higher consumption, and a weaker dollar than in the past. The savings rate is the percentage of money that one deducts from his or her personal disposable income for retirement.

Related: The 401(k) Loan: America’s Pricey New Piggy Bank

America’s savings rate fell steadily from the early 1980s through the mid-2000s, ticking up only during or after recessions, according to a Washington Post analysis. It topped 11 percent during President Ronald Reagan’s first term. From 2005-2007, the annual rate averaged 3 percent. The savings rate essentially doubled during the Great Recession, and stayed there, averaging nearly 6 percent from 2009-2012. By early 2013, the rate had dipped to 2.6 percent, before rising again to 4 percent by mid-2014.

A Capital One ShareBuilder survey this year found that 72 percent of Americans are saving – while many more than that know they should be – and only one-fifth of them are saving 10 percent or more. On average, people are saving only 6.4 percent of their annual income, the survey found.

  • Taking the Money Out

For those with defined contribution retirement accounts, carefully managing withdrawals is part of the challenge. Many people are shocked to discover that their account balances, when they need them, are smaller than they anticipated because of cash-outs during job changes, hardship withdrawals, or expensive 401(k) loans. Moreover, those who do not use their savings to purchase lifetime annuities face the risk of outliving their savings.

Individuals without long-term care insurance face impoverishment, having to spend almost all of their financial assets and income on care before they can qualify for long-term support benefits through Medicaid, the federal-state safety net program.

Read more from The Fiscal Times:

Your Tax Dollars Pay for Walmart Execs’ Bonuses

10 Affordable Housing Markets—On the Beach!

How Hookers and Drug Dealers Could Boost US GDP

TIME Tablets

This Is What People Are Saying About Samsung’s iPad Killer

Samsung Product Announcement
Steve Sands—WireImage

Very impressive

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This post is in partnership with Fortune, which offers the latest business and finance news. Read the article below originally published at Fortune.com.

You’ve got to give Samsung credit. They are relentless.

In six months, they’ve thrown nine different tablets at the market created by Apple’s iPad. The ninth, unveiled Thursday night at New York City’s Madison Square Garden, is called the Galaxy Tab S.

The tech press posted its reactions overnight. A sampler:

Simon Rockman, The Register: S is for SMACKDOWN. “Samsung has raised the stakes in its battle against Apple’s ever-popular iPad with its newest range of Galaxy fondleslabs, which are both bigger and have higher screen resolutions than those of its fruity rival. The new Galaxy Tab S comes in 8.4-inch and 10.5-inch configurations, both of which are the thickness of a current iPad (6.6mm) and slimmer than previous Samsung slabs. The slimmest of the fondleslab lot, of course, is the Sony Xperia Z2 tablet at 6.4mm – but at this extreme it’s splitting hairs.”

Tim Moynihan, Wired: Samsung’s New Galaxy Tablets Are Razor-Thin and Razor-Sharp. “There’s no mystery as to which tablets they’re meant to compete with. In terms of weight, screen size, pixel density, and slimness, the new tablets compare favorably to Apple’s iPad Air and iPad Mini. The new tablets are also priced the same as Apple’s 16GB/Wi-Fi models of each version: $500 for the 10.5-incher and $400 for the 8.4-incher. At one pound, the larger Tab S weighs the same as the smaller-screened iPad Air, while the smaller Tab S (10 oz.) is both lighter and larger-screened than the iPad Mini (11.6 oz.).

For the rest of the reviews, got to Fortune.com.

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