Apple Worth $2 Trillion After 60% Surge in Share Price

Apple Worth $2 Trillion After 60% Surge in Share Price

Investing $10,000 in Apple stock 20 years ago would have made you a multimillionaire by now.

The California-based technology company became the first publicly traded U.S. company to surpass $2 trillion in valuation Wednesday. It doubled its value in just two years and 17 days — after it took 38 years to reach $1 trillion.

“It’s a great American success story,” said Brent Skorup, a senior research fellow at the Mercatus Center at George Mason University.

“It’s a sign you’ve made it in many countries. Young people, in particular, want an iPhone,” he said. “They’re status symbols in much of the world.”

Apple, which nearly went bankrupt in the 1990s, now has more than 1.5 billion active devices worldwide, CEO Tim Cook announced Jan. 28.

Some 350 million iPhones will be within an upgrade window over the next 12-18 months, according to an Aug. 9 report by Wedbush Securities, which called it a “once in a decade” opportunity. The investment firm (which provided its report to Zenger News) estimates about 20 percent of iPhone upgrades will come from China. “China remains a key ingredient in Apple’s recipe for success,” the report said.

The release of the iPhone 12, expected in September or October, also presents a significant opportunity for Apple, the report said. The firm’s analysts predicted it could be the “most significant product cycle” for Apple since the iPhone 6 launched in 2014. At the time, Apple’s CEO described the iPhone 6 release as the “the biggest advancements in iPhone history.”

“[The iPhone 12] will be another defining chapter in the Apple growth story looking ahead despite a softer consumer spending environment,” the Wedbush report said.

The company’s success can be attributed to its innovation and high-quality products, said Alec Stapp, director of technology policy at the Progressive Policy Institute.

“One of the most recent successes is AirPods. You can’t go anywhere without people have AirPods in their ears. They’re dominating the wireless earbud market. It’s a true innovation and it’s a really high-quality product,” Stapp said.

Apple is trailed by Microsoft and Amazon, which have market caps between $1.6 trillion and $1.7 trillion as of Thursday.

(Edited by Jeff Epstein and Allison Elyse Gualtieri.)



The post Apple Worth $2 Trillion After 60% Surge in Share Price appeared first on Zenger News.

Democrats Want More Antitrust, Qualcomm Offers an Object Lesson

Democrats Want More Antitrust, Qualcomm Offers an Object Lesson

Technology company Qualcomm is riding high after winning an antitrust battle earlier this month that threatened its core business, providing an object lesson for companies facing a potential wave of litigation if Democrats take over the administration next year.

The proposed Democratic platform expected to be approved at the party’s convention suggests using an expanded standard for suing companies over anti-competitive practices. The platform, under a section called “Tackling Runaway Corporate Concentration,” calls for shifting the Justice Department’s standard from consumer harm to “consider potential effects of future mergers on the labor market, on low-income and marginalized communities, and on racial equity, as well as on consumer prices and market competition.”

Political platforms are symbolic documents that do not carry the force of law. However, if Democratic presidential nominee Joe Biden were to win the election and implement this part of his party’s platform, it could lead to many more government lawsuits against industry from the Department of Justice and the Federal Trade Commission.

Qualcomm was rocked by a May 2019 ruling from a Federal District Court judge for the Northern District of California that sided with the Federal Trade Commission and ordered Qualcomm to renegotiate its existing patent-licensing deals. Judge Lucy Koh’s 233-page ruling also ordered the company to end its practice of not selling chips to phone makers if they refuse to license Qualcomm’s patents.

The suit was initiated under the Obama administration.

On Aug. 11, a three-judge panel on the U.S. Court of Appeals for the Ninth Circuit overturned the ruling.

Qualcomm’s stock has risen dramatically since the lower court ruling May 21, 2019 when it closed at 77.75 per share, according to Nasdaq. Common stock closed at 111.04 on Aug. 19, up about 43 percent since the May decision.

The Federal Trade Commission sued Qualcomm over the matter in 2017, saying the San Diego-based company engaged in anti-competitive practices by refusing to sell chips to phone makers if they did not agree to its patent-licensing terms, which forced the phone makers to pay higher patent royalties when they used a competitor’s chips. The commission also accused Qualcomm of wrongly withholding its patents from competitors.

Judge Consuelo Callahan, writing for the three-judge panel, said it wasn’t the court’s place “to condone or punish Qualcomm for its success, but rather to assess whether the FTC has met its burden under the rule of reason to show that Qualcomm’s practices have crossed the line to conduct which unfairly tends to destroy competition itself. We conclude that the FTC has not met its burden.”

“Anti-competitive behavior is illegal under federal antitrust law,” Callahan wrote. “Hypercompetitive behavior is not.”

The Federal Trade Commission has not ruled out challenging the decision.

“The court’s ruling is disappointing and we will be considering our options,” Federal Trade Commission Bureau of Competition Director Ian Conner said in a statement.

The commission could ask the full appeals court to rehear the case or take it to the Supreme Court, Florian Mueller, a consultant who has closely followed the case, wrote in an email.

The Justice Department did not return a request for comment.

Under the new standard being considered by Democrats, the courts would be asked to consider not just anti-competitive or hypercompetitive behavior but vaguer questions of potential effects on “marginalized communities” and future labor markets. If courts accept those standards there could be many more suits like the one against Qualcomm than even under the Obama administration.

For now, though, the appeals court decision overturning the ruling was a validation of the chip maker’s business model, Qualcomm’s general counsel Don Rosenberg said in a statement.

Qualcomm has been involved in a number of other disputes as well.

President Trump blocked Singapore-based Broadcom from acquiring Qualcomm in 2018, citing national security concerns. Qualcomm has been at the forefront of developing 5G technologies as the U.S. and China are entangled in a power struggle over the technology.

“They sort of anointed Qualcomm as a national treasure,” said Stacy Rasgon, a senior analyst at Bernstein Research. “5G is hugely important for national security. Qualcomm has had the best technology and they’re fighting against [China’s] Huawei and the like so we can’t afford to have this capability go away.”

Qualcomm and Apple agreed in April 2019 to end all litigation between the two companies and signed a new six-year license agreement. Qualcomm had claimed Apple violated its patents by not paying royalties, while Apple claimed Qualcomm had long been overcharging for those patents.

The U.S. Department of Commerce announced Monday that it was adding 38 affiliates of Chinese technology company Huawei to its export blacklist. The announcement will make it more difficult for Huawei, which the Trump administration considers a national security threat, to acquire the chips it needs from U.S. companies, such as Qualcomm.

(Edited by Matthew Cooper and Jeff Epstein.)



The post Democrats Want More Antitrust, Qualcomm Offers an Object Lesson appeared first on Zenger News.

New World Bank Boss: Less Chat, More Results

New World Bank Boss: Less Chat, More Results

The World Bank is streamlining to focus on measurable results, said World Bank President David Malpass. It could be the start of a profound shift for an organization with offices in more than 100 countries known more for attending conferences than winning results.

Billions in loan projects will ultimately be affected in the coming years, as the World Bank puts new emphasis on meaningful improvements in individual nations and moves away from generic solutions applied uniformly across the globe. The new system that began July 1 “has better aligned the bank staff with the country programs,” Malpass said, “so that we have a more direct accountability system.”

The World Bank Group has some 8,000 employees in 170 nations. The bank, Malpass said, needs “a clear focus as opposed to a fragmented focus, [being] all things to all people.”

 

Malpass, who studied at the Georgetown University School of Foreign Service and speaks Russian, French and Spanish, earned a CPA while at consulting firm Arthur Andersen – perhaps the first World Bank Group president to have a certification in public accounting. Later, he served in the Reagan and Bush Administrations, then joined Bear Stearns, a Wall Street firm, as chief economist. In the Trump years, he was deputy undersecretary of the Treasury Department, where he influenced the World Bank Group’s financial plan.

Now he is implementing it, a far-reaching re-engineering effort that is rarely tried in quasi-governmental institutions. The Malpass-led restructuring is perhaps the most impactful in 40 years, observers say, pointing to 1980, when World Bank President Alden W. Clausen, who was nominated by President Jimmy Carter, shifted the bank’s focus away from controversial construction projects and removed key bank executives, culminating in the controversial sacking of the bank’s chief economist in 1982.

A cultural shift is underway, he said. “What I’ve pushed back against is spending all the time in conferences in the capitals of Europe, and in the U.S.,” Malpass said, and people spending all of the time talking about it,” instead of making measurable improvements in national wellbeing.”

“This realignment builds on changes made last year to make our work more impactful for the people we serve,” a World Bank spokesman said.

Some of these changes have been on Malpass’ mind for decades. As deputy assistant secretary for international development in the Reagan years, he noticed access to electric power and clean water were major barriers to lifting poor nations out of poverty.

Forty years later, the same challenges remain, he said. That’s almost a lifetime in the developing world. He concluded streamlining the bureaucracy may quicken progress. “I want the bank to be effective,” Malpass said, “and I think of effectiveness as you having a positive impact on countries: Are they doing better because of what the bank is doing?”

Under the Malpass plan, more than six out of 10 jobs are being realigned to promote country development—a carefully calibrated shift, which has been underway for months.

“Programs need global expertise,” Malpass said, but more people are working on “poverty reduction in Zambia” or “education reform in Panama.” Malpass wants World Bank staff to focus on tailoring solutions to specific practical problems in individual countries, rather than studying economic theories or infrastructure in general.

“That’s an explicit goal of our programs,” said Malpass. “You look at a country: What is blocking business from operating? That might be, for example, controlled markets.”

He cited state-run industries that crowd out competition, military monopolies of non-defense industries such as cement and lack of affordable digital alternatives—banking by smart phone, for example—as market controls that limit growth.

Known inside the bank’s headquarters as “the matrix,” its former organizational chart sprawls across 14 “practice groups,” which each sit atop their own towers of staff in 170 countries branching into different projects, initiatives and study groups. The new chart has fewer layers and clearer lines of authority and responsibility. The old organizational structure produced “inefficiency, fragmentation, and internal competition,” according to a 2019 World Bank Independent Evaluation Group report, that put at risk the bank’s “ability to deliver for clients.”

Though there are no terminations planned, the Washington D.C. headquarters headcount will shrink in the coming years. The pace of hiring is projected to slow and retirees will not be automatically replaced. Some World Bank employees may make physical moves, as newly country-focused staff shift from Washington, D.C., where the bank’s Pennsylvania Avenue headquarters has been shuttered for months because of coronavirus, which cost the life of one World Bank employee in Bangladesh and made more than 60 ill, to other national capitals, where office rents are often lower and paychecks buy more. The point, says Malpass, is to staff closer to clients.

Another surprise: policy outcomes will matter. Malpass, who has a degree in physics and an MBA, wants to incentive World Bank employee efforts to boost median income in their assigned nations. Median income is the exact center on the spectrum from the highest to the lowest paid person in an individual country. To boost the median income, large numbers of poorer people would need to enjoy a rise in take-home pay—which may take years.

Indeed, Covid-19 is expected to substantially increase global poverty, World Bank projections show. Shrinking payments from workers in North America and Western Europe to their overseas relatives, known as remittances, are reducing income for many of the world’s least developed lands; those funds are drying up as building, serving and cleaning jobs, as well as other occupations that disproportionately employ recent immigrants, are laying off workers across the developed world.

In addition, fear of the virus has kept many tourists from traveling to the Southern Hemisphere. The world’s oil and natural-gas glut has led to stops or delays in energy projects across the developing world. To combat falling economic growth across the global South due to Covid-19, the World Bank has announced an emergency fund of $160 billion, one of the world’s largest multinational virus-relief efforts.

Malpass did not say whether employees who achieve the highest increases in national median income would receive bonuses or whether those who fail to reach their goals would be denied promotions. Indeed, such accountability measures seem unlikely given the culture of the World Bank Group and devastating effects of the virus on poorer countries, where growing caseloads often have overwhelmed doctors.

Yet the whole idea of focusing employee performance on improvements in a country’s prosperity is stunning to some senior members of multi-national bureaucracy. Lower-level employees are more encouraged by the changes, as it will give them an opportunity to make a mark before accruing decades of seniority.

Daniel Sellen, the chairman of the World Bank Group Staff Association, declined to comment.

The announcement comes after the one-year anniversary of Malpass’ appointment to lead the World Bank Group, which includes the World Bank and related international aid institutions that collectively loaned billions for schools, roads, power plants, waterworks and other poverty-fighting projects in 2019.

Malpass was nominated by President Trump and later elected unanimously by the World Bank’s governmental shareholders. The United States and Japan are the bank’s largest donor nations, and it backs its AAA credit rating with callable capital of the U.S. government.

Caitlin Yilek contributed to this report.

(Edited by Allison Elyse Gualtieri.)



The post New World Bank Boss: Less Chat, More Results appeared first on Zenger News.

New World Bank Boss: Less Chat, More Results

New World Bank Boss: Less Chat, More Results

The World Bank is streamlining to focus on measurable results, said World Bank President David Malpass. It could be the start of a profound shift for an organization with offices in more than 100 countries known more for attending conferences than winning results.

Billions in loan projects will ultimately be affected in the coming years, as the World Bank puts new emphasis on meaningful improvements in individual nations and moves away from generic solutions applied uniformly across the globe. The new system that began July 1 “has better aligned the bank staff with the country programs,” Malpass said, “so that we have a more direct accountability system.”

The World Bank Group has some 8,000 employees in 170 nations. The bank, Malpass said, needs “a clear focus as opposed to a fragmented focus, [being] all things to all people.”

 

Malpass, who studied at the Georgetown University School of Foreign Service and speaks Russian, French and Spanish, earned a CPA while at consulting firm Arthur Andersen – perhaps the first World Bank Group president to have a certification in public accounting. Later, he served in the Reagan and Bush Administrations, then joined Bear Stearns, a Wall Street firm, as chief economist. In the Trump years, he was deputy undersecretary of the Treasury Department, where he influenced the World Bank Group’s financial plan.

Now he is implementing it, a far-reaching re-engineering effort that is rarely tried in quasi-governmental institutions. The Malpass-led restructuring is perhaps the most impactful in 40 years, observers say, pointing to 1980, when World Bank President Alden W. Clausen, who was nominated by President Jimmy Carter, shifted the bank’s focus away from controversial construction projects and removed key bank executives, culminating in the controversial sacking of the bank’s chief economist in 1982.

A cultural shift is underway, he said. “What I’ve pushed back against is spending all the time in conferences in the capitals of Europe, and in the U.S.,” Malpass said, and people spending all of the time talking about it,” instead of making measurable improvements in national wellbeing.”

“This realignment builds on changes made last year to make our work more impactful for the people we serve,” a World Bank spokesman said.

Some of these changes have been on Malpass’ mind for decades. As deputy assistant secretary for international development in the Reagan years, he noticed access to electric power and clean water were major barriers to lifting poor nations out of poverty.

Forty years later, the same challenges remain, he said. That’s almost a lifetime in the developing world. He concluded streamlining the bureaucracy may quicken progress. “I want the bank to be effective,” Malpass said, “and I think of effectiveness as you having a positive impact on countries: Are they doing better because of what the bank is doing?”

Under the Malpass plan, more than six out of 10 jobs are being realigned to promote country development—a carefully calibrated shift, which has been underway for months.

“Programs need global expertise,” Malpass said, but more people are working on “poverty reduction in Zambia” or “education reform in Panama.” Malpass wants World Bank staff to focus on tailoring solutions to specific practical problems in individual countries, rather than studying economic theories or infrastructure in general.

“That’s an explicit goal of our programs,” said Malpass. “You look at a country: What is blocking business from operating? That might be, for example, controlled markets.”

He cited state-run industries that crowd out competition, military monopolies of non-defense industries such as cement and lack of affordable digital alternatives—banking by smart phone, for example—as market controls that limit growth.

Known inside the bank’s headquarters as “the matrix,” its former organizational chart sprawls across 14 “practice groups,” which each sit atop their own towers of staff in 170 countries branching into different projects, initiatives and study groups. The new chart has fewer layers and clearer lines of authority and responsibility. The old organizational structure produced “inefficiency, fragmentation, and internal competition,” according to a 2019 World Bank Independent Evaluation Group report, that put at risk the bank’s “ability to deliver for clients.”

Though there are no terminations planned, the Washington D.C. headquarters headcount will shrink in the coming years. The pace of hiring is projected to slow and retirees will not be automatically replaced. Some World Bank employees may make physical moves, as newly country-focused staff shift from Washington, D.C., where the bank’s Pennsylvania Avenue headquarters has been shuttered for months because of coronavirus, which cost the life of one World Bank employee in Bangladesh and made more than 60 ill, to other national capitals, where office rents are often lower and paychecks buy more. The point, says Malpass, is to staff closer to clients.

Another surprise: policy outcomes will matter. Malpass, who has a degree in physics and an MBA, wants to incentive World Bank employee efforts to boost median income in their assigned nations. Median income is the exact center on the spectrum from the highest to the lowest paid person in an individual country. To boost the median income, large numbers of poorer people would need to enjoy a rise in take-home pay—which may take years.

Indeed, Covid-19 is expected to substantially increase global poverty, World Bank projections show. Shrinking payments from workers in North America and Western Europe to their overseas relatives, known as remittances, are reducing income for many of the world’s least developed lands; those funds are drying up as building, serving and cleaning jobs, as well as other occupations that disproportionately employ recent immigrants, are laying off workers across the developed world.

In addition, fear of the virus has kept many tourists from traveling to the Southern Hemisphere. The world’s oil and natural-gas glut has led to stops or delays in energy projects across the developing world. To combat falling economic growth across the global South due to Covid-19, the World Bank has announced an emergency fund of $160 billion, one of the world’s largest multinational virus-relief efforts.

Malpass did not say whether employees who achieve the highest increases in national median income would receive bonuses or whether those who fail to reach their goals would be denied promotions. Indeed, such accountability measures seem unlikely given the culture of the World Bank Group and devastating effects of the virus on poorer countries, where growing caseloads often have overwhelmed doctors.

Yet the whole idea of focusing employee performance on improvements in a country’s prosperity is stunning to some senior members of multi-national bureaucracy. Lower-level employees are more encouraged by the changes, as it will give them an opportunity to make a mark before accruing decades of seniority.

Daniel Sellen, the chairman of the World Bank Group Staff Association, declined to comment.

The announcement comes after the one-year anniversary of Malpass’ appointment to lead the World Bank Group, which includes the World Bank and related international aid institutions that collectively loaned billions for schools, roads, power plants, waterworks and other poverty-fighting projects in 2019.

Malpass was nominated by President Trump and later elected unanimously by the World Bank’s governmental shareholders. The United States and Japan are the bank’s largest donor nations, and it backs its AAA credit rating with callable capital of the U.S. government.

Caitlin Yilek contributed to this report.

(Edited by Allison Elyse Gualtieri.)



The post New World Bank Boss: Less Chat, More Results appeared first on Zenger News.

World Bank staff have a new goal: Boost incomes in their assigned countries

World Bank staff have a new goal: Boost incomes in their assigned countries

The World Bank is streamlining to focus on measurable results, said World Bank President David Malpass. It could be the start of a profound shift for an organization with offices in more than 100 countries known more for attending conferences than winning results.

Billions in loan projects will ultimately be affected in the coming years, as the World Bank puts new emphasis on meaningful improvements in individual nations and moves away from generic solutions applied uniformly across the globe. The new system that began July 1 “has better aligned the bank staff with the country programs,” Malpass said, “so that we have a more direct accountability system.”

The World Bank Group has some 8,000 employees in 170 nations. The bank, Malpass said, needs “a clear focus as opposed to a fragmented focus, [being] all things to all people.”

 

Malpass, who studied at the Georgetown University School of Foreign Service and speaks Russian, French and Spanish, earned a CPA while at consulting firm Arthur Andersen – perhaps the first World Bank Group president to have a certification in public accounting. Later, he served in the Reagan and Bush Administrations, then joined Bear Stearns, a Wall Street firm, as chief economist. In the Trump years, he was deputy undersecretary of the Treasury Department, where he influenced the World Bank Group’s financial plan.

Now he is implementing it, a far-reaching re-engineering effort that is rarely tried in quasi-governmental institutions. The Malpass-led restructuring is perhaps the most impactful in 40 years, observers say, pointing to 1980, when World Bank President Alden W. Clausen, who was nominated by President Jimmy Carter, shifted the bank’s focus away from controversial construction projects and removed key bank executives, culminating in the controversial sacking of the bank’s chief economist in 1982.

A cultural shift is underway, he said. “What I’ve pushed back against is spending all the time in conferences in the capitals of Europe, and in the U.S.,” Malpass said, and people spending all of the time talking about it,” instead of making measurable improvements in national wellbeing.”

“This realignment builds on changes made last year to make our work more impactful for the people we serve,” a World Bank spokesman said.

Some of these changes have been on Malpass’ mind for decades. As deputy assistant secretary for international development in the Reagan years, he noticed access to electric power and clean water were major barriers to lifting poor nations out of poverty.

Forty years later, the same challenges remain, he said. That’s almost a lifetime in the developing world. He concluded streamlining the bureaucracy may quicken progress. “I want the bank to be effective,” Malpass said, “and I think of effectiveness as you having a positive impact on countries: Are they doing better because of what the bank is doing?”

Under the Malpass plan, more than six out of 10 jobs are being realigned to promote country development—a carefully calibrated shift, which has been underway for months.

“Programs need global expertise,” Malpass said, but more people are working on “poverty reduction in Zambia” or “education reform in Panama.” Malpass wants World Bank staff to focus on tailoring solutions to specific practical problems in individual countries, rather than studying economic theories or infrastructure in general.

“That’s an explicit goal of our programs,” said Malpass. “You look at a country: What is blocking business from operating? That might be, for example, controlled markets.”

He cited state-run industries that crowd out competition, military monopolies of non-defense industries such as cement and lack of affordable digital alternatives—banking by smart phone, for example—as market controls that limit growth.

Known inside the bank’s headquarters as “the matrix,” its former organizational chart sprawls across 14 “practice groups,” which each sit atop their own towers of staff in 170 countries branching into different projects, initiatives and study groups. The new chart has fewer layers and clearer lines of authority and responsibility. The old organizational structure produced “inefficiency, fragmentation, and internal competition,” according to a 2019 World Bank Independent Evaluation Group report, that put at risk the bank’s “ability to deliver for clients.”

Though there are no terminations planned, the Washington D.C. headquarters headcount will shrink in the coming years. The pace of hiring is projected to slow and retirees will not be automatically replaced. Some World Bank employees may make physical moves, as newly country-focused staff shift from Washington, D.C., where the bank’s Pennsylvania Avenue headquarters has been shuttered for months because of coronavirus, which cost the life of one World Bank employee in Bangladesh and made more than 60 ill, to other national capitals, where office rents are often lower and paychecks buy more. The point, says Malpass, is to staff closer to clients.

Another surprise: policy outcomes will matter. Malpass, who has a degree in physics and an MBA, wants to incentive World Bank employee efforts to boost median income in their assigned nations. Median income is the exact center on the spectrum from the highest to the lowest paid person in an individual country. To boost the median income, large numbers of poorer people would need to enjoy a rise in take-home pay—which may take years.

Indeed, Covid-19 is expected to substantially increase global poverty, World Bank projections show. Shrinking payments from workers in North America and Western Europe to their overseas relatives, known as remittances, are reducing income for many of the world’s least developed lands; those funds are drying up as building, serving and cleaning jobs, as well as other occupations that disproportionately employ recent immigrants, are laying off workers across the developed world.

In addition, fear of the virus has kept many tourists from traveling to the Southern Hemisphere. The world’s oil and natural-gas glut has led to stops or delays in energy projects across the developing world. To combat falling economic growth across the global South due to Covid-19, the World Bank has announced an emergency fund of $160 billion, one of the world’s largest multinational virus-relief efforts.

Malpass did not say whether employees who achieve the highest increases in national median income would receive bonuses or whether those who fail to reach their goals would be denied promotions. Indeed, such accountability measures seem unlikely given the culture of the World Bank Group and devastating effects of the virus on poorer countries, where growing caseloads often have overwhelmed doctors.

Yet the whole idea of focusing employee performance on improvements in a country’s prosperity is stunning to some senior members of multi-national bureaucracy. Lower-level employees are more encouraged by the changes, as it will give them an opportunity to make a mark before accruing decades of seniority.

Daniel Sellen, the chairman of the World Bank Group Staff Association, declined to comment.

The announcement comes after the one-year anniversary of Malpass’ appointment to lead the World Bank Group, which includes the World Bank and related international aid institutions that collectively loaned billions for schools, roads, power plants, waterworks and other poverty-fighting projects in 2019.

Malpass was nominated by President Trump and later elected unanimously by the World Bank’s governmental shareholders. The United States and Japan are the bank’s largest donor nations, and it backs its AAA credit rating with callable capital of the U.S. government.

Caitlin Yilek contributed to this report.

(Edited by Allison Elyse Gualtieri.)



The post World Bank staff have a new goal: Boost incomes in their assigned countries appeared first on Zenger News.