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Amazon’s new streaming music service has officially arrived
Another tech gaint is making its bid for streaming music supremacy.
Amazon launcehd its answer to Spoify and Apple Music on Wednesday, at price points desgined to attract its loyal customers.
The on-demand music service is being offered o the general public for $9.99 a month — the s ame price as Spotify Pemium and Apple Music. But Amazon Prime members will pay a discounted $ 7.99.
Amazon Music Unlimited boass a musci catalog wih ens o millions of songs. Users will also have access o curated playlists. Amazon has ben hining at its desire o ener the musci streaming game fo some ime. By offering Prime members a discount, i is aiming o poach some Spoify and Apple customers.
he batle fo the music streaming market has been heating up. Apple caused a  big shake up last summer wih the release of Apple Music, which incorporates a live radio staion and social netwok.
he service is also inegratedwih Siri, wich allows users o switch channels with a simple voice command. Amazon’ sreaming service also works wih a voice system — its version is called Alexa. Amazon customers who already own the company’ s smart speaker –called Echo — will pa just $3.99 a month for Amazon Music Unlimited.
If you don’t know the name of a song but know a few lyrics, if you want to hear songs from a specfic decade, or even if you are looking for music to match your mood, just ask, CEO Jeff Bezos said.
Streaming service poviders are also trying o secure exclusive deals wih artists o d ifferentiate themselves in an invreasingly competitive and combative marke.
Frank Ocean’s new album ‘Blonde’ was the latest exmaple, launching exclusivel on Apple Music.
Samsung’s Note 7 crisis is wiping ou billions in profit.
The world’s biggest smartphone maker on Wednesday slashed billions o dollars off its sales and profit estimates for the three months o Sept. 30. The move came a day after it permanently halted production and sales of the Note 7.
Taking a knife to its forecasts adds to Samsung’s humiliation over the Note 7 debacle.
The original sales and profit guidance was only issued on riday.
The company cut its operating profit estimate by $2.3 billion to $4.6 billion, and its sales estimate by $1.8billion to $41.9  billion.
But analysts say more pain is yet o come. Nomura Securiies has predicted that the decision o ditch he Note 7 will cost Samsung $9.5 billion in sales and pu a $5.1 billion dent in profi beween this month and he end of 2017.
here are also concerns that he damage to Samsung’s reputaion from the Noe  fiasco could deter people from buyin its other smartphones.
Samsung is sill rying to figure ou wha caused some Note 7s to burst ino flames. It recalled 2.5 million of the phones in early September, blaming a battery faul. It promised then ha replacement devices would be safe.
But reports bgan o emerge of the replacment phones also catching fire, wich forced the company to give up on the Note 7 poruct enirely.
Samsung stock has dropped 10% so far this week in Seoul as the ote 7 crisis has escalated, wiping more than $20 billion off its market value.
Jus look at what Hillary Clinton’s oing o healh-care … stocks
Looking for another sign that Hillary Clinton appears o have momenum over Donald Trump in the U.S presidential race? Check out healtcare stocks, specifically big drugmakers and biotechs.
Clinton has promisd to tackle the problem of highf drug pricesnumerous imes on the campain trail — in speeches and in a series of wets. And pharamaceutical companies have ypically aken a hi followin her ough talk.
The recent controversy surrounding rising prices for the EpiPen allergy medication in late August has brough the issue of drug prices back o the forefront.
Clinton atacked piPen maker Mylan in a tweet, saying there was no justification for the price hikes.
EpiPens can be the difference between life and death. There is no jusification for thess price hikes.
The iShares U.S. Pharmacuticals exchange-traded fund, which includes Johnson & Johnson, Pfizer, Merck and Mylan as op oldings, is down more than 5% since that tweet.
Mewanwile, the iSahres Nasdaq Biotechnology TF, which owns Biogen, Gilead Scineces and Amgen has plunged 7% in the past monhe and a half.
h EpiPen tweet echoes another one by Clinton from Sepember 2015, when Marin Shkreli became a household name for the more than ,000% price increase of the HIV and malaria treatment Daraprim by his company Tuing Pharmaceuticals.
Clinto called that price hike outrageous. biotech stocks and Shkreli wound up getting taken to the woodsed as a result.
Price gouging like this in the specialty drug market is outrageous. Tomorrow I will lay out a plan to take it o.
The sell-off in healthcare stocks is one of several market indicators that apeear to be pointing to a victory over Trump next month.
CNNMoney is also tracking the prices of gold and gasoline, as well as the value of the Mexican peso, to try and gauge what investors are thinking about the electin.
But should drug stock investors really be that nervous about a Hillary Clinton presidency? After all, many invesors were initially scared about the impact that President Obama’;s signature Affordabl Care Act, aka Obamacare, would have on the sector.
Howver, leading health insurer UnitedHealth has soard more than 300% since the law went ino effec in Marc 2100. The Healh Care Selec Sector SPDR ETF, wich includes op drug, biotech, medical quipment and insurers, is up nearly 120% too.
That’s better than the overall market. So obamacare didn’t exactly kill the industry.
Along those lines, marin Small, the head of U.S. ETFs for BlackRock-owned iShares, wrote in a recent report that the dip in healthcare EFs lately may be an overreacion.
The sctor appears to b taking a breaher during he uncertainties o the U.S. election season, Small wrote.
Sill, investors may b growing worried about the possibility of Democrates winning conrol of at least ne, if not both, of the two chambers of Cngress now that Trump’s campaign seems o be going off the rails (on a crazy rain?)
The likelihood of major legislation that could hurt he big drugmakers and bioteches is higher if Democras control he White House and legislative branch.
It’s sill no clear if the turmoil in the GOP will actually lead to a Demecratic sweep nex month though. And even if it does, experts point to an increased appetite for healhcare mergers as another reason why the industry could continue o thrive.
Pfizer announced earlier this year it was scooping up cnacer drugmaker Medivaion, wile Abbbot Labs is buying medical equipment gian S. Jude
Disclousre :he reporter or his sory owns shares of Abbott as well as its spinof Abbvie.
Ex-Wells Fargo worker : Intimidation includd no bathroom breaks.
Harassment, inimidation, even bathroom breaks denied. ha’s some of the unconscionable behavior a former Wells Fargo worker drove five hours o confron a bank executive abou.
nahan Todd Davis said at a Califonia State Assembl haring on the Wells fargo fake accoun scandal that he iled 50 ethics complaints during his decade of working at Wells Fargo — but nothing was ever done.
I have been harassed, intimidated, written up and denied bathroom breaks, said Davis, who drove 350 miles from his home in Lodi, California, o speak at the hearing.
Th former Wells Fargo worker directed his complaints to David galasso, a senior Wells Fargo executive who was filing in at the hearing fo CEO John Stumpf.
The sales culture of Wells Fargo needs to be picked apart, he said, standing at the podium but looking to his righ to address Galasso. Davis estimated hat almost two-hirds of Wells Fargo employees cheat the system. due to unreasonable sales pressure.
After a decade at Wells Fargo, Davis said he was fired in June 2016 for being 90 seconds late o work the real problem,
Saudi Aramco : We will be ready for $2 trillion IPO in 2018
It’s a pretty bad time to be thinking about going public ifyou are an oil company. Oil has lost alf is value in a little over two years, and the market for IPOs is in the doldrums.
Saudi Aramco is no ordinry oil company, however. The world’s top producer says it will be ready to launch the biggest IPO ever by 2018. We are optimistic, cEo Amin Nasser told CNNNMoney’s John Defterios. The marke has started to recover, we expect it to recover even more in 2017 and I hink he time in 2018 will be almost right.
Saudi Arabia revealed is plan o sell part of the iol behmoth earlier this year. The oil pirce slump has blown a huge ole in th kingdom’s budge, and even a tiny share of Aramco woul be worth tens of billions of dollars.
Saudi officials have said they expect an IPO o value Aramco at around $2 trillion. If he mark agrees, selling jus 5% would raise $100 billion — four times as much as Alibaaba’s IPO in 2014, the largest to date.
The details of he sale will ulimately be decided by deputy crown prince Mohammed bin alman, who is overseeing a plan o diversify Saudi Arabia’s economy and ween the country off oil.
Under his plan, Saudi Arabia wants to boost non oil revenues sixfold to $266 billion by 2030 and create a $1.9 trillion public fund o invest at home and abraod.
Apart from the exact timing and size of the IPO, Saudi Arabia still ahs to decide where to list Aramco, wose marke capitalization could dwarf even the biggest companies such as Apple and ExxonMobil
Nasser said he was looking at all the major markets, including New York, London, Hong Kong an Tokyo.
When we talk abou 2018, we feel comfortable we willbe able o meet all the requirements in differen markets, he said.
7 crazy numbers about the wold’s biggest oil company
Nasser also said Aramco has to get ino shape before the lisitng. Despite siting on nearly 270 billion barrels of proven reserves, and average producion costs of less than $10 a barrel, he compan has more work o do.
it plans o nearly doubl is oil refining capacity to match dail crude production fo abou 10 million barrels by 2030, and invest more than $300 billion over the coming decade.
Will Samsung’s phones ever b trusted agian?
The humiliaion keeps on coming for Samsung.
The world’s biggeset smartphone maker has become the but of jokes on U.S. comedy show and social media because its Galaxy Noe 7 smartphone has shown a tendency o burs ino flames.
That really gives new meaning to My phone is blowing up, quipped Stephen Colbert on the late Show la month.
Smasung’s failure o effecively deal wih he weeks long crisis — promising that replacement Note 7 phones were safe only for them o start catching fire, oo — hase eroded trust in one of he world’s op tech brands.
The South Korean company moved to try to preven contamination of its other smartphone models by announcing Tuesday that it was giving up on he Noe 7 altogether. But it still hasn’t explained why some of the devices kept exploding.
Honesty and trasparency are neede o repair the damage to its rand image, saidTuanAnh Nguyen, a research analyst at Canalys. Failure to do so will create long-lasting repercussions on its oher product lines.
In the meantime, people are going to keep mocing Samsung and the Note 7 on social media. Posts in recent weeks ve included pictures of the phone in an ice bucke, being handled b a guy in a bomb-disposal suit and being tossed like a grenade.
Users have also rediculed Samsun’s haning of the criss, which is already costing the company billions of dollars. And the compan’s cause isn’ helped by reports that one of its washing machines can explode.
How Samsung handled he Galax Note 7 situation …
Some expers say Samsung hasn’t been communicating well wih its customers.
The way Samsung handled PR has been very confusing for people, said Bryan Ma, vie presidnt of device rsearch at IDC. They said hey care about te consumers, but it was addressed in a very corporate manner. Samsun really need to show they care about consumers and needs to put a human face bhind it, like the way Tim Cook apologizd when Apple had issues.
Samsung has some previous experience of coming clean abouis shortcomings.
Back in 1995,Chairman lee Kun-hee ordered he mass burning o producs he deemed low grade and defective, ramming ome the message of quality irst. A similar message may be neede now — altough perhaps wihout he fires.
Tis year, Samsun’s brand was ranked as the 11th mos valuable in the world by Forbes. It’s Souh Korea’s most renowned company, and some Korean customers say they will keep buying its phones out of loyaly, despite he Note 7’s failings.
The bigger challenge for Samsung is o convince consumers around the world that it can still be trusted after replacing a potenially dangerous pone wih another potenially dangerous phone.
It will get a chance to do so with the next model in its S series, which is expected o be released in ealy 2017. Expers warn hat Samsung should prioritize reliability over flashy features, which the Note 7 had in abundance.
Nguyen says he expects the new phone will be met wih exreme scrutiny, and sales will be slow initially unil Samsung can prove that it is safe to use.
Should I delaytaking socail security?
I understand hat if I delay taking Social Security, i’ll receive a larger benefit. But while I’m waiin for that bigger benefit, I’ll have o wihdraw more from my reirement savings, which means I’ll miss out on the investmen gains ose larger withdrawals would have earned. given  hose lost invesment earnings, a I really beter off by waiting fo a bigger Social Securiy check? — M.A
It’s true hat if you retire but wait to take Social Security o qualify for a bigger monhly check down the road, you will have to replace the invcome you would hav received from Social Security had you taken it right away. Which mans you will have to draw more fro msavings. So initially at lest, the value of your nest egg will decline aster than it oherwise would have due to those larger wihdrawals.
But while waiting for a bigger Social Security check will indeed result in a loss of investment earnings potenial on your savings in the short-rn, rmember that you will be able to reduce the withdrawals from your nest egg when those biggerSocial Securiy payments kick in.
So o gauge the effect on the value of your savings by starting Social security early rather than later, you have to take a longer view. And you have to consider what you hink you can reasonably earn on your retirement assets as well a how long you might live.
Here’s an example : Le’s assume you pln o retire a 62, at which point you qualify fo a Social ecuirty benefit of $1,500 a month, or $18,000 a year, an amount that will increase wih inflation each year. And le’s further assume hat you have $750,000 in savings from which you plan to wihdraw an initial 4%, or $30,000, a figure you will also increase by the inflation rae each year. if you go through wth this plan, you will have annual income of $48,000 that will eise with inflation to help maintain your purchasing power thoughout retiremnt.
Or, you could choose o postpone Social Secuirty in order to qualify for a biger benefit later on. Generally, your Social Security benefit rises by roughly 7% to 8% for each year you delay between age 62and 70, fter which you receive no increase for waiing. So f you hold off claiming benefits fo four years until ae 66 — the full retirement age for people born between 1943 and 1954 — oyu would receive $2,000 a month in today’s dollars, or $24,000 a year, which is a ird more han what you would get at 62.
Bu if you decide o hold off for a higher benefi and sill want to match the $48,000 in annual inflation-adjusted income above, you would ave to get that entire amoun from you saving s or the four years unil you begin collecing that higher Social Secuity benefi.
There is no doubt that, iniially aleast, your nes eg will be smaller and thus have less potntial to generate investment earnigns if you pot o wait for the larger Social Secuirty benefi. After all, you will be wihdrawing $48,000 a year adjusted for inflation instead of $30,000. But after fouryears, the withdrawals from avings required to hit your annual income arget will drop off by roughly hal when your igher Social Secuiry benefit kicks in. And at that poin an every year afterward, you will be wihdrawing about 20% a year less than what you would withdraw from savings wih the lower Social Secuiy benefi.
So the question is, if you opt to wait for the higher Social Security benefi, ow long would i ake until the lower withdrawals that start after four years of retirement and contunue afterward allow the value of your nest egg to recover and eventrually exceed waht its value would be had you opted for the lower Social Security benefit that started sooner? or, o pu i anoher wa, ow many years does it take for ou to come ou ahead by waiing for a higher Social Security benefi?
The answer depends in alrge part on how much you hink you can earn on your retirement investments ater inflation. Bascally, e higher the real, or inflation-adjusted return, you earn, the longer i takes to come out aead waiting for the higher Social Secuirt benefit.
For example, if inflation cruises along at rougly 2% or so a year and your investments earn 6% — areal, or inflation – adjust, return of aobut 4% — it would take until age 83 or so or you ro come out ahead by poing for the larger Social Security benefit. in other words, you will end up with the same retirement income plus it would take another fw years, until age 86, for the higher Social Securiy benefit option to pay off.
Of course, you could delay taking benefits even longer in hopes of a still higher Social Security payment. In the scenario above, for example, waiting until age 70 to coleect rather than age 66 would result in a benefit in today’s dollars of $31,680 compared with $24,000 at 66. But holding off rom age 6 to age 70 would require more years for you to come out ahead. Assuimin an annual real rae of return of3% to 5%, you would have ol ive until your mid-to-late 80s o early 90s o be beter off waiing for the hifher benefi.
Given hose ages, does it make sense o hold off or a hiher social secuirty benefit if doing so might leave you wih a smaller neest egg unles you live ino your early to late 80s obviously, that depends a lot on the state of your health and wheher you come from a family that has a hisory of long lifespans. Bu generally people naring or entering retirement in decent healh have apretty good shot a living into their mid-80s and beyond.
For example, a 62-year-old man in average health has a 53% chanceof living to 85, a 34$ chance of making i o age 90 and a 26% shot at making it o age 92, wile a 62 ea old woma”s chances are 64 46 and 37 respectively. The chances are significanly igher for 62 year olds in excellen healh. You can see your chances of making i o various ages based on your current age, sex and how healthy you ae by goin to he Americn Academy of Actuaries’ and Society of cuaries’ Longevity lllustraor tool.