NEW YORK (CNN) -- CNN Money's Maribel Aber has your top business and financial news on this Friday, April 26.
Spending cuts: Reality of furloughs hits home
Long delays at airports across the country have shown the public that the across-the-board spending cuts will have real world effects. Predictably, lawmakers are expressing outrage at the situation -- which both they and President Obama opened the door to when they agreed to the so-called sequester in the first place and then failed to reach agreement on how to replace it. Set to unfold over the next few months, the cuts are like a "slow motion train wreck," said Steve Bell, senior director of the economic policy project at the Bipartisan Policy Center. "The pain will increase and become more and more apparent to the general public."
Report: Amazon developing TV set-top box for streaming
Amazon wants to be in the TV hardware business, according to a report. Having carved out an enviable share in the tablet market with the Kindle line, the Seattle-based online retailer is developing a TV set-top box, according to a report by Bloomberg Businessweek, citing anonymous sources. Planned for introduction in the fall, the device, which is connected to TVs, would stream content from Amazon's growing library of movies and TV shows.Amazon's streaming app is widely available now on tablets and TVs. But its exclusive device would shore up the company's control in how content is delivered, give priority to its products over others and enhance Amazon's presence in the growing streaming market that is also targeted by Apple, Roku, Google, Netflix, Microsoft's Xbox and Sony's Playstation 3.
The Web in 2013: Bigger, faster, and much more dangerous
Broadband speed in the United States jumped by 28% in 2012, according to Akamai's (AKAM) annual "State of the Internet" report issued this week. That trend helps explain why Akamai's first-quarter results, released late Wednesday, look so good. Akamai manages and delivers Internet content for clients like News Corp. (NWSA), Facebook (FB), Apple (AAPL), Nintendo (NTDOY), and Netflix (NFLX). The more content is demanded, the better Akamai does. As broadband speeds increase, more people watch video online, play games, and download software. The company said during its conference call with analysts that all of those businesses added to its bottom line.
LG touts smartphone with flexible screen by end Of 2013
Samsung and LG Electronics have been teasing the market for several years about flexible displays on forthcoming handsets - and released nothing commercially. Yesterday though, LG said on a financial-results call with investors that it would introduce a smartphone device with a flexible OLED screen in the fourth quarter of this year. LG's vice president of mobile, Yoon Bu-hyun, said he was working closely with the company's Display division to bring the flexible display to market, according to The Verge, without going into further details. It is unclear if LG will introduce the feature in its forthcoming flagship phone, the Optimus G2, a phone it will likely release in the third quarter of 2013, according to analyst Mark Newman at Bernstein Research. LG has hinted all four of the major U.S. carriers have been secured as launch partners for the Optimus G2.