Census Bureau: Income Trend and Health of Economy

On September 17, 2013, the US Census Bureau reported that there was no meaningful change in the country's poverty rate, which stood at 15 percent in 2012, with 46.5 million people earning at or below the federal poverty line of $11,170 per individual and $23,050 for a family of four. Prior to Great Recession, poverty rate was 12.5 percent in 2007.

The US median income last year (2012) stood at $51,017, not significantly below the 2011 median income of $51,100.

FOOD, SOFT DRINKS, BEVERAGE, GROCERY AND RESTAURANT INDUSTRY and Verizon to Buy Back Shares in Verizon Wireless

Verizon to Buy Back Shares in Verizon Wireless

On September 2, 2013, Verizon Communications agreed to buy back the 45 percent shares it didn't own from UK-based Vodafone Group for $130 billion, ending a nearly 14-year partnership in the wireless business. As part of the transaction, Vodafone Group shareholders will get $60 billion in Verizon shares and $24 billion in cash--which Vittorio Colao, the CEO of the British company, will use to either reward the shareholders with higher dividends or acquire more niche companies--out of a total of nearly $130 billion in transaction: $60.2 billion in Verizon shares and $58.9 billion in cash component. In a several of small side deals, Verizon will hand over 23 percent of its current stake in Vodafone Italy for $3.5 billion.

U.S. Slaps Avocado Import Ban on Mexico

Mexican authorities confirmed on late February 12, 2022 that the U.S. had imposed ban on avocado import after one American plant inspector in Michoacan state had been sent a threatening message. In the run-up to January 13, 2022, Super Bowl, Mexican avocado growers are readying to run ad for an industry that brings $3 billion additional revenue from abroad. 

Avocado Exports to Resume

The U.S. Embassy in Mexico on February 18, 2022 announced that an agreement had been reached for U.S. Department of Agriculture's Animal Plant Health Inspection Service to resume inspection of processing plants in the Mexican state of Michoacan, the only Mexican province certified as pest-free, allowing it to export avocados directly to the United States. The $3 billion avocado export pipeline is frozen since the United States has imposed a ban on avocado import from Mexico after one of the inspectors with the Animal Plant Health Inspection Service has received a threatening text. There is a growing suspicion that many of the avocados processed in the Michoacan may be from non-certified states instead of being grown in the state itself which is certified pest-free. The exact provisions of February 18, 2022, agreement are yet to be known. 

Trump Claims Coca-Cola to Switch from High Fructose Corn Syrup to Real Cane Sugar

President Donald Trump is sharing ingredient change plan of a beverage behemoth on his social media platform and openly taking credit for the switch. In a post on July 16, 2025, Trump said that Coca-Cola had agreed to his suggestion to switch from high fructose corn syrup to real cane sugar. The Atlanta-based beverage behemoth is yet to confirm Trump's claim. 

Microsoft to Buy Nokia

Software giant Microsoft Corp on September 3, 2013 announced that it would acquire Nokia's phone business in a transaction valued at $7.2 billion. After selling its handset division, Nokia will focus on growing its networking and mapping businesses. However, it will be an uphill battle for Microsoft to regain market shares in the profitable smartphone market, with Google Android leading with 52 percent, followed by Apple IOS (39.9%), Microsoft (3.1%) and RIM/Blackberry (4.4%). From the handset perspectives, the volumes of handsets shipped in 2012 show that Samsung had a clear lead:

* Samsung   406 million (215.8 million smartphones)

* Nokia        335.6 million (35.1 million smartphones)

* Apple        135.9 million (all smartphones)

From management standpoint, Nokia Oyj CEO Stephen Elop's return to Microsoft will add an additional dimension of jockeying for CEO position which will be vacated by Steve Ballmer within a year.

Glitch Shuts NASDAQ Market

On August 22, 2013, Wall Street received another black eye as the technical glitch took its toll on the market performance by shutting the tech-rich NASDAQ for three hours.

US to Sue Bank of America

On August 6, 2013, the US DOJ filed a civil lawsuit against Bank of America in a Charlotte federal courthouse, accusing the bank and several of its subsidiaries of failing to adequately disclose the risks associated with $850 million in mortgage bonds sold to investors during height of the banking crisis in 2008. Apparently, the bank didn't disclose that more than 70 percent of the mortgages backing the investments were written by brokers outside the bank's network. Investors eventually lost about $100 million on the investments. The Securities and Exchange Commission also filed a related suit against Bank of America during the day too. This is the most high-profile lawsuit since US took the Standard and Poor's to the court earlier this year. 

Amazon Founder Buys Washington Post

On August 5, 2013, the new media became the winner in acquiring a venerable brand from the old media as Amazon founder Jeff Bezos agreed to buy the landmark newspaper and other assets for a value of $250 million from the Washington Post Co., whose Chairman and CEO, Donald Graham, called Bezos a "uniquely good owner". This is the first time the ownership will switch from the Graham family, which has controlled the Washington Post since 1933, in almost eight decades. Katharine Weymouth, granddaughter of Phillip L. Graham and Katharine Graham, will remain the CEO and publisher of the newspaper. The Washington Post Company's name will be changed, but will retail all other assets such as Slate online magazine, TheRoot.com and Foreign Policy magazine. The rich history and the rightful place of the Post in American political fabric brought the investigative journalism to world stage with Bob Woodward and Carl Bernstein becoming the household names after their unraveling and unwrapping of the Watergate scandal that had led to President Richard Nixon's quitting the office. In 2008 alone, Post achieved six Pulitzers for exposing mistreatment at Walter Reed Hospital, covering the Virginia Tech massacre and detail reporting on the private security contract in Iraq.

SAC Capital Advisors

The US brought criminal charges against the revered Wall Street hedge fund SAC Capital Advisors and related companies on counts that cover which the US Attorney Preet Bharara called the enabling and promoting insider trading practices. However, the criminal charges filed on July 25, 2013 didn't name the founder of the hedge fund, Steven Cohen. The criminal charges were filed almost a week after the Securities and Exchange Commission filed a civil case aimed at barring Cohen from managing investor funds for his failure to prevent insider trading by his employees.

On November 4, 2013, SAC Capital agreed to the largest ever insider trading settlement with US Attorney Bharara, and would pay a fine of $1.2 billion. SAC Capital also pleaded guilty to each of the five counts in the indictment, which notes that eight former employees were charged with securities fraud. Six of them had pleaded guilty, and two of them will be put in trials in the coming months. The trial of two former traders--Michael Steinberg and Mathew Martoma--will put the spotlight squarely on Steven Cohen, billionaire founder of the hedge fund. SAC Capital previously agreed to pay an additional $616 million in fine to Securities and Exchange Commission. As part of the November 4, 2013, settlement terms, SAC is barred to manage money of any outside investors. It is free to manage personal wealth of Cohen, who was not charged on any wrongdoing.

Largest Criminal Fine for Insider Trading Against SAC Capital
A federal judge, US District Judge Laura Taylor Swain, on April 10, 2014 sentenced SAC Capital with $1.8 billion in fine, largest criminal fine in insider trading, on charges of wire fraud and security fraud committed by the trader and three related entities. All admitted to the charges last fall (2013 fall).