Dan Cohen AUTHOR Defense spending on contracts and payroll accounted for 8.5 percent of Virginia’s gross domestic product, making it the top ranked state by that metric in fiscal 2016. Virginia was followed by Hawaii (7.6 percent), Alaska (5.5 percent), Maryland (5.2 percent) and Alabama (5.2 percent) in the ranking of states by defense spending as a portion of their economies. On average, defense spending accounted for 2.2 percent of all states’ GDP in FY 2016. Virginia also ranked highly in absolute terms for attracting defense dollars, coming in second, with $42.7 billion, behind California, at $48.8 billion; Texas came in third for total defense spending with $33.3 billion.Almost 60 percent of total defense spending, $378.5 billion, went to 10 states.Those rankings are included in the latest analysis of defense spending by state prepared by the Office of Economic Adjustment. By highlighting states’ reliance on military installations and contractors, the report can be used “to assess potential exposure to fluctuations in defense spending and to target assistance to create more resilient communities and companies,” according to its executive summary. The listing for each state shows the top defense contractors and ranks the top 10 counties by contract spending, personnel spending, and number of active-duty and civilian personnel.Two states, California and Connecticut, account for half of the top 10 counties for attracting defense contract spending:Fairfax County, Va. — $9.9 billionSan Diego County, Calif. — $8.4 billionLos Angeles County, Calif. — $6.2 billionMadison County, Ala. — $5.4 billionSanta Clara County, Calif. — $5.3 billionLouis County, Mo. — $5.2 billionKing County, Wash. — $5.1 billionNew London County, Conn. — $4.8 billionFairfield County, Conn. — $4.4 billionOrange County, Fla. — $4.0 billion Photo by Steve Earley
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Walmart is pushing further into tech. Nicholas Kamm/AFP/Getty Images Walmart has named former Google, Amazon, Microsoft and IBM exec Suresh Kumar as its chief technology officer, a newly created position. Kumar will use his experience in e-commerce, cloud and machine learning for the role, Walmart said in a blog post Tuesday.First spotted by CNBC, Kumar will report directly to CEO Doug McMillon, who said Kumar “has a unique understanding of the intersection of technology and retail.””The technology of today and tomorrow enables us to serve our customers and associates in ways that weren’t previously possible,” McMillon added.At Google, Kumar served as vice president and general manager of display, video, app ads and analytics. At Microsoft, he was corporate vice president of cloud infrastructure and operations. He spent 15 years at Amazon, including as vice president of technology for retail.Walmart has been pushing more into tech, last week launching a range of Walmart tablets running Android Pie.They come in 8-inch and 10-inch varieties costing $64 and $79. Both run on the Android 9 operating system, have a 1.3GHz quad-core processor, 2GB of RAM and 16GB of ROM storage.Walmart is also selling a 10.1-inch tablet with detachable keyboard for $99.They all have a 2-megapixel rear camera, a 0.3-megapixel front-facing camera, a 2.5D touchscreen, and a resolution of 800×1,280.Walmart, looking to compete more with Amazon, launched one-day shipping this month. Walmart Amazon Google IBM Microsoft Share your voice Mobile Tech Industry Online 0:55 Android Pie Preview • Android Pie works like the iPhone X these two ways Tags How To • Android Pie 9.0: 4 settings you need to change Now playing: Watch this: Post a comment 0 What Amazon’s one-day shipping means for you
The year 2015 will see the Narendra Modi government bring in major reforms in micro- and macro-economic sectors, which would reflect in the Sensex and the GDP growth numbers.Finance minister Arun Jaitley’s Budget 2015/16 would address the reforms needed.In 2014, the Sensex rallied 30%, even as overall economic growth remained rather subdued. A woman speaks on her phone as she walks past the Bombay Stock Exchange (BSE) building in Mumbai.ReutersThe reform push and investments in infrastructure will give a massive fillip to the valuations of companies — ranging from construction, cement and steel to those dealing with housing and finance.Modi emerged onto the national scene in 2014 with a promise to deliver collective growth and has been instrumental in structuring the necessary reforms to act as a base for further reforms.India and the world are looking at Budget 2015 as the harbinger of growth. India has perennially been promising, but has rarely had the chance to deliver on those promises. The budget would also act as an indicator of future growth planning.However, alongside the focus on reforms, another crucial area that needs immediate attention is revenue leak. India struggles to achieve direct and indirect tax targets. The fall in collection of projected revenue exerts severe pressure on the fiscal deficit.Even as Modi government gears up for an improved retail spending, it needs to concentrate on bringing in the section of the population that has historically paid an un-proportionately lower tax.Jaitley has reinforced his commitment to working towards a non-adversarial tax regime, for the corporate sector. Experts expect the bourses to go up by about 15-20%, as the fundamentals get stronger. Since October, the government has gone ahead with reforms on incremental basis; the diesel price deregulation, the auction of coal blocks, etc, with the economic growth remaining muted.The quarters October to December 2014 and current quarter January to March 2015 would see tepid growth numbers, with the momentum unlikely to gain pace on the back of stalled investments, keeping resources locked up. However, the momentum is expected to receive a boost post-Budget, says an HSBC report. ReutersThe bank expects growth to pick up in 2015-16 and 2016-17, fuelled by the revival in investment and increased reforms. It expects the economy to expand by 5.9% in the current quarter.In 2015, the Goods and Services Tax Bill, Land Acquisition Bill, Insurance Bill and the Coal Ordinance will be tabled in the Parliament. The passage of the Bills is critical for the Indian economy. The Winter Session of the Parliament was a complete washout, with the Opposition managing to scuttle the entire session over the reconversion issue.UBS head of India research Gautam Chhaochharia expects 2015 to also be the year where macro- and micro-economic data matters more for the markets. He expects the reforms to be rolled out over the next three- to six-month period, with at least the major ones the market has been banking on, read Economic Times.The Market index acts as an indicator of economic growth, reflecting the economic growth in positive returns, and therefore the stock constituting the index.
Free Webinar | Sept. 9: The Entrepreneur’s Playbook for Going Global Register Now » This story appears in the September 2016 issue of Entrepreneur. Subscribe » Growing a business sometimes requires thinking outside the box. We’re inundated with terrifying tales of computer hacking. But seldom discussed is the relatively low-tech act of visual hacking: That’s when a snoop sneaks a peek at or photographs your sensitive information. In a Ponemon Institute experiment conducted on behalf of 3M and the Visual Privacy Advisory Council, an undercover hacker posing as a contractor or part-time worker was able to obtain sensitive info (like log-in credentials) 88 percent of the time. Related: Cyber Security a Growing Issue for Small BusinessHeighten awareness: In the Ponemon Institute study, employees did nothing to stop the undercover operative 70 percent of the time. Be sure to inform your staff of the risks of visual hacking, and have them memorize “the three Rs”: 1. Refrain from sharing key customer or business information with others. 2. Remove such information from business forms and documents where possible. 3. Redact the sensitive information that cannot be removed.Reduce vulnerability: Identify places where confidential materials are stored, such as workstations, printer and fax areas or conference room whiteboards. The more public the workspace, the more tightly you’ll want to lock it down. Place shredders or secured waste containers where only authorized personnel can access them. Keep documents out of plain sight by using printers with a “locked print” option (which requires passcode entry upon pickup) and instituting a clean-desk policy.Related: 10 Questions to Ask When Creating a Cybersecurity Plan for Your BusinessProtect your screens: This is going to sound paranoid, but Burks says it’s for real: If you have computer screens in public areas, position them in a way that makes them hard to snoop on, and use password-protected screensavers. Privacy filters (films that block side views of your screen) are your friend, especially on laptops or smartphones that employees use outside the office. And consider where visual hacking and computer hacking can intersect: Check that wi-fi security cameras aren’t aimed at confidential information and are protected by strong passwords. 2 min read September 22, 2016