Apple's trusted, high-end brand will give the smartwatch category immediate clout and help drive much more interest among consumers, particularly those attracted to luxury goods. And the pricing, materials, and design on certain models will make the Apple Watch the first smartwatch to compete in the luxury-wristwatch category.

In a new report on the smartwatch market and the luxury wristwatch market, BI Intelligence takes a closer look at the opportunity for Apple's wearable device, how it might impact the market for luxury watches, and forecasts shipments for both Apple Watch and the broader luxury watch market over the next five years. We also examine the pricing and design strategy behind Apple Watch, the new retail distribution opportunities with this device, and the wider opportunity among tech-savvy consumers.

 Purchase the full report >>

Here are some key points from the report:

• Smartwatches, and the Apple Watch in particular, will be the device category that drives overall growth in the wearables market over the next five years. Wearable computer shipments will grow 22% per year on average through 2020, to reach 235 million units shipped annually in that year.
• Smartwatches will grow 25% per year on average through 2020 and will make up 52% of total wearables shipments in that year.
• Fitness bands have more limited functionality and will cater to a more niche, health-focused audience.
• Apple Watch will compete not only with other smartwatches but in the traditional luxury-wristwatch category as well. We forecast 15 million Apple Watch shipments in 2015, and compound average growth of 24% per year through 2020.
• The three Apple Watch models will carry high prices compared to other smartwatches. We expect the Sport edition to cost $349. We predict the two higher-end Apple Watches — the Watch and the Watch Edition with a solid-gold body — will be priced at $549 and $2,499, respectively.
• The introduction of the Apple Watch will mark Apple's first opportunity to distribute a product through apparel and jewelry retailers, including department stores. Retail consumers will take to Apple Watch as a symbol of status and as a fashion-forward accessory, much like a traditional luxury wristwatch.
• By 2020, Apple Watch shipments will be equivalent to about two-fifths of the luxury-watch market. Assuming a lower-bound price of $350 for the luxury-watch category, and including Apple Watch in that category, traditional wristwatches would account for ~60% of total shipments in 2020, while Apple Watch would account for ~40%.

In full, the report:

• Forecasts the markets for wearables overall, smartwatches, and luxury wristwatches through 2020.
• Estimates Apple's tiered pricing strategy for its three Apple Watch models.
• Examines the opportunity for Apple Watch to resonate with consumers in the traditional luxury wristwatch market.
• Discusses the new retail distribution opportunities for Apple Watch through apparel and jewelry retailers, including department stores.
• Reviews proprietary consumer survey results that give insight into what consumers are looking for when choosing a smartwatch.

 Purchase the full report >>

THE SMARTWATCH REPORT$395.00

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Very few people in America are willing to identify as upper class, according to a new Pew Research Center survey.

About 94% of people in that income bracket (over $100,000) identified as middle class, upper middle class, or lower middle class while only 6% called themselves upper class.

Here are the results of the survey:

While a family of three with an income of up to $122,000 is still considered "middle income," the over-$100,000 range also includes families with much higher salaries than that.

And although only 6% of survey respondents identified as upper class, Pew's data shows that 20% of American adults are in the "upper income" bracket.

The reason why so many Americans identify as middle class when almost half o them are actually in a higher income bracket is because "in a self-defined classless society, people will naturally not want to separate themselves from their fellow citizens,"according to The Brookings Institution.

Economic inequality continues to grow in America. Pew notes that only families in the upper-income bracket have seen a significant increase in wealth since the early 1990s, while the share of adults living in middle-income households is falling.

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NOW WATCH: This Texas Millionaire Lives In A Low-Income Housing Complex In Houston

The Euro is falling to its lowest level in 11 years against the dollar.

European Central Bank president Mario Draghi is holding a press conference, outlining the quantitative easing programme due to begin on March 9. Earlier, the bank announced it will keep interest rates unchanged in March as expected.

The Euro rallied briefly before falling to as low as 1.1015 against the US dollar.

The yield on Germany's 10-year bund has fallen as much as 6% during the press conference.

US stock futures are higher following two consecutive days of the market closing lower. Initial jobless claims rose to 320,000 last week from 313,000 the prior week, missing the expectation of a decline to 295,000.

Here's a chart of the Euro's volatile move as Draghi speaks:

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NYU professor Scott Galloway gave a 15-minute presentation on the four biggest companies in tech — Amazon, Facebook, Google, and Apple.

The full presentation, which we saw on Josh Brown's website, is worth watching. But, the five minutes spent on Amazon are the most interesting. It's hard to watch the Amazon part and not feel like Amazon is going to be in trouble in the next few years. 

Galloway's presentation is based on an algorithm that looks at 850 data points across digital, social, marketing, and mobile in 11 geographies. He applies the data against 1,300 brands, then makes recommendations about the winners and losers based on the results. 

He says sometimes he's wrong. And it's entirely possible he's wrong in his following assessment.

But Galloway says that he believes "pure play" retailers that either focus on digital or brick-and-mortar sales cannot survive. He thinks e-commerce companies will be forced to open stores or "go out of business" and that retailers need to be excellent at digital or they will "go out of business." 

His evidence that pure-play e-commerce can't work? Fab raised hundreds of millions, then went bust. Gilt Group raised boatloads but has struggled. Net-a-Porter isn't making money. 

He says the "majority" of startup e-commerce companies are running to open stores. "We've discovered these incredible robust, flexible warehouses called stores," he says. Warby Parker, for instance, has opened a number of stores and its generating more revenue per square foot than any other retailer besides Apple.

Retailers are not "befuddled prey" waiting to be nuked, says Galloway. He says they are investing in digital, and, flashing the following chart, says they are all growing faster than Amazon. 

He says, "You might think Amazon is the most innovative company in retail. Over the last 10 years, that might be true...

But if you look at the last five years, it's been Macy's from a shareholder's perspective. 

And Amazon has had the lowest return of almost every major retailer in the U.S. over the last year.

Amazon's strategy, says Galloway, is to be the last mile. It wants to invest in infrastructure to quickly deliver products. Then it wants others to chase it, burning money and going down in flames as they try to keep pace. But, he says Amazon's delivery costs are exploding. And he thinks it's unsustainable for Amazon's delivery costs to continue growing by 40%.

He believes Amazon's differentiation through one-click ordering will vanish thanks to competitive products. He also thinks there are rival companies that will eliminate Amazon's delivery advantage. 

He believes Uber will be the company that disrupts Amazon. He says in Chicago, you can get a car and a driver for ~$0.90 per mile. If you took Amazon's delivery costs, that means Uber can do 7 billion miles worth of delivery. 

The final trend is somewhat boring, but important. "Click and Collect" is growing. Brick and Mortar locations are using their stores are warehouses. So, if you order a flat screen TV from Best Buy, it will get to you faster than Amazon. 

"The retail of the future is not Amazon, it's Macy's," says Galloway. Macy's shut down a number of stores, then invested $2 billion in its digital efforts. It can use its stores are places for people to pick things up, or it can ship things to people. 

He predicts Amazon will fall in value, and it will have to buy some retail stores to compete with traditional retailers. 

And now, for our push back on some of what Galloway is saying.

His idea is compelling. It makes a lot of sense that Amazon will face strong competition from retailers that are becoming smarter. There will also be competition from startups focused on one vertical, like Warby Parker owning glasses. Or Instacart owning grocery delivery. 

However, Amazon is not stupid. It is led by Jeff Bezos, one of the smartest people in the technology industry. It has already started to experiment with local warehouses for selling products. As for traditional retailers, they've struggled to respond to the threat of Amazon. Perhaps they're going to get it together now, but we're skeptical. 

Uber as a delivery company is a long-term dream. Perhaps it happens. But it's a long ways off. Amazon has opportunity to respond if it thinks Uber will be a threat. Lyft, for instance, will be available for a decent price. But, it's unclear that the Uber pricing Galloway talks about is sustainable. Uber is being funded by venture capitalists and setting aggressive pricing in new markets to cripple rivals, much like Amazon. Is that long-term sustainable? That's too be determined. For now, Uber is focused on car services, not delivery.

All that said, Galloway makes good points and it's worth watching (the Amazon stuff starts around the 2 minute mark):

SEE ALSO: Amazon has a key weakness

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NOW WATCH: 14 things you didn't know your iPhone headphones could do

If ever there were an agency that thinks big, it's NASA. The first and only agency to send people to the surface of the moon, NASA has now been asked to develop the technology to send manned missions beyond our solar system, to distant stars.

During a NASA budget hearing on Wednesday, Texas Republican and Chairman of the House Appropriations Subcommittee on Commerce, Justice, Science and Related Agencies, John Culberson questioned NASA administrator Charles Bolden on the future of NASA, its budget, and its goals.

"I'd encourage you to focus on the development of the next-generation of the rocket propulsion," Culberson said. "The fact that we're still flying rocket engines that's fundamentally been designed by Robert Goddard in the 1920s is just inexcusable."

Specifically, Culberson was asking about NASA's Asteroid Redirection Mission to capture an asteroid. The mission requires new technologies including a long-lasting form of rocket propulsion to haul an asteroid through space.

"The lessons we learn and new technologies we prove through the Asteroid Redirect Mission will put humans one giant leap closer to Mars," according to this NASA video.

But Mars is just the beginning for Culberson. He has far grander aspirations. Quite literally, he wants NASA to reach for the stars.

"Let us ... leave for future generations the development of the first interstellar rocket propulsion system that would carry us to Alpha Centauri and beyond," Culberson said.

Keep dreaming

Alpha Centauri is the closest star to Earth besides our sun. It floats in space about 4.37 light years from Earth, and would therefore take 4.37 years for a spacecraft traveling at the speed of light to get there.

But today's spacecraft, and most likely the spacecraft of future generations, travel at speeds much slower than that.

The fastest spacecraft humans have ever created is the New Horizons mission, which, right now, is headed toward Pluto at a speed of about 36,000 miles-per-hour.

At that speed, it would take about 80,500 years to reach Alpha Centauri.

And New Horizons isn't even a manned mission!

Sending humans to other stars would require two things we've never done before:

• Live longer in space than anyone in history - 6 months is the longest consecutive amount of time a single human has spent on the International Space Station
• Reproduce in space, so that there are actually humans aboard the spacecraft when it reaches Alpha Centauri

Even with next-generation rocket propulsion systems, we can't hope to reach Alpha Centauri within a single generation.

While we joke that this is an impossible dream, Culberson's hopes for advanced rocket propulsion systems are encouraging and hopefully mean that NASA will be funded well enough to develop some amazing new technologies that we're going to need to meet NASA's goal of setting the first astronauts on Mars by the 2030s.

"We'll certainly do everything we can to support you," Culberson said. "It’s a real privilege for me to be in this position to help make some of those dreams of future young people come true."

CHECK OUT: NASA spacecraft 'is about to make history'

SEE ALSO: Scientists have a plan to make breathable oxygen on Mars for the first time

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NOW WATCH: Why a NASA mission to Jupiter’s famous icy moon is now a priority

The European Central Bank kept rates unchanged in March, as pretty much everyone expected.

After the decision to bring in a bigger-than-expected QE bond-buying programme at the end of January, little was expected from today's announcement - but the press conference showed that the ECB has significantly hiked growth forecasts for the bloc.

Here's what Draghi said, and here's his full introductory statement:

• ECB QE begins on 9 March 2015.
• GDP growth of 0.3% in Q4 was "somewhat higher" than expected and surveys so far in 2015 point to improvements since then.
• The ECB is expecting growth of 1.5% this year, well up from the 1% they expected in December, and 1.9% in 2016, up from 1.5% previously.
• Inflation is likely to be at zero overall for 2015, but return to the 2% target by 2017.
• With things looking a little better again, Draghi is pushing hard again for further supply-side efforts "it is crucial that structural reforms be implemented swiftly and credibly".
• Fiscal policy should be supportive, but sticking to Europe's strict rules on deficits is apparently "key for confidence in our fiscal framework".
• Draghi just called the current programme the final part of a set of policies brought in from summer last year. It's not clear if that means this is as big as QE gets.
• A comment just made suggests the ECB won't buy bonds yielding less than the central bank deposit rate (-0.2%). 
• The upper cap on the emergency liquidity assistance scheme for Greece's banks has been raised by €500 million, up to €68.8 bln.

Investors were looking for new lines on the duration and shape of ECB QE, according to Jennifer McKeown of Capital Economics: 

We already know that the Bank plans to buy about €1.1trn of government bonds, European institutions’ debt and private sector assets between now and September 2016. But any indication that it will focus on long maturities or buy anything but the safest assets could increase the likely effectiveness and hence go down well with financial markets.

What the ECB did release was this primer on what the asset purchase programme (QE) will look like. 

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You've probably heard about the Rich Kids of Instagram, the blog that aggregates photos from the world's richest young Instagram users. Nothing is too outlandish or flashy for these kids— pictures of bottles of Champagne, diamond-encrusted Rolexes, and private yachts are posted almost daily. It's next-level humblebragging. 

Now, there's a parody Instagram account for their wealthy puppy equivalents too.

Kaylin Pound started the "Rich Dogs of Instagram" account two weeks ago.

"I had to write a story for Elite Daily about those Romanian Instagrammers that poked fun at the Rich Kids Of Instagram by recreating a bunch of their photos," she told Business Insider.

"This made me wonder if anyone had ever thought of making a parody account with dogs, and to my surprise no one had done it before so I made The Rich Dogs Of Instagram account."

Pound has been working for Elite Daily since November — before the millennial news website was acquired by the Daily Mail. She says when she started the account, which features pictures of dogs appearing to live exorbitant lifestyles, she just aggregated pictures she found on Instagram. But now "thanks to all of the people that have been sending me images, I am now strictly posting submissions," she says.

Pound says she's "very surprised" by how many followers she's amassed in a relatively short period of time. She's up to 13,700 followers currently and gains another 1,000 every day, and she intends to keep the account going.  

Pound, who has two Westies named Nuckles and Nellie, is using Rich Dogs of Instagram for a charitable cause too.

"Since it has gained so much press attention in such a short time, I decided that I wanted to use it for something other than a good laugh, so I am teaming up with Posh Pets Rescue in NYC to help them spread the word about giving back to dogs that aren’t as fortunate as The Rich Dogs of Instagram," she says.

SEE ALSO: Here's What The Rich Kids Of Instagram Did With Their Summers

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Hundreds of Amtrak passengers who were stuck for hours with no heat on a freezing train stranded on the tracks in the Northeast on Thursday unleashed their frustration on social media.

A train traveling to Boston got stuck in Connecticut during a snowstorm and lost power, stranding nearly 300 passengers for about three hours, according to The Boston Globe.

No one was injured, but passengers weren't happy about the delay. Some passengers told WHDH News that they weren't sure what was going on while they were stuck.

The problem was attributed to snow and ice buildup on an overhead power system, an Amtrak representative told The Globe. Another train was sent to pick up the stranded passengers.

Here are some of the tweets and Instagram posts that came in from passengers who were traveling with Amtrak on Thursday:

Longest night ever ! At least we had glow sticks. #ravetrain#acela#amtrakpic.twitter.com/WmvmVzPDoe

— supahdupahsherr (@supahdupahsherr) March 6, 2015

@Amtrak literally ruins my life every time I take a train u guys suk

— Que (@jschwartzieee) March 6, 2015

Riders used glow sticks after getting stranded on an @Amtrak train for hours. @antoinetteA w/ today's warning. #wcvbpic.twitter.com/WkqYMsTurH

— Jenny Barron (@JennyWCVB) March 6, 2015

@Amtrak I hate you

— Katie Mangol (@kjmangol) March 6, 2015

I think I might go insane before this train starts moving again @Amtrak

— Katie Mangol (@kjmangol) March 6, 2015

As seen on Amtrak. The snow never stops in Boston. Thank-you @kristinasmonde pic.twitter.com/wqJs9x4TAX

— ciara hunt (@ciarahunt) March 5, 2015

Amtrak train packed heading from Boston to LGA thanks in part to runway closure. And it's snowing between train cars. pic.twitter.com/7T0LGiK59j

— Steve Kastenbaum (@SKastenbaum) March 5, 2015

hey, @Amtrak, Ive been on hold for 40 minutes waiting for someone to help me because a train I was on was over 3 hours late. What gives?

— twoboys (@OliveJuiceEli) March 6, 2015

After 3 mess ups with my ticket purchase. 30 minutes late picking me up and almost 2 hours late to my destination. Damnit @Amtrak#AngryFace

— eric b (@tobitex9) March 6, 2015

Go fck yourself, @Amtrak.

A photo posted by Brian Kantor (@iambrianscottk) on Feb 25, 2015 at 12:26pm PST

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NOW WATCH: The New Mercedes Driverless Car Even Has The Driver's Seat Facing Away From The Road

The US dollar is rallying after the February jobs report smashed expectations.

The US dollar index was higher by nearly 1%, at the highest level in around 11 years. The Euro falling to as low as 1.0871 against the dollar.

US stock futures fell ahead ot the open. Stocks closed higher on Thursday, ending a two-day streak of losses.

US treasuries fell, with the yield on the benchmark 10-year note at 2.19%.

Bonds rallied and yields fell on Thursday as the European Central Bank announced details of its quantitative easing program.

The Bureau of Labor Statistics reported that non-farm payrolls grew by 295,000 and the unemployment rate fell to 5.5%.

SEE ALSO: GOLDMAN: 3 reasons why the jobs report could be great — and 4 reasons why it might stink

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Just days before we're expecting to learn more about the Apple Watch, The Financial Times has released a new interview with Jony Ive that reveals a few more details about the device and its packaging.

The most expensive version of the Apple Watch, according to Ive, features a connector on the back that turns it into a charging dock, the Financial Times reports.

The box charges the watch magnetically, and the inside of the packaging is made of "ultra-suede."

Apple also wanted to keep the packaging for the watch simple, according to Ive:

We didn’t want the packaging to be a sort of shorthand for value, where the box needs to be big and we have to include expensive materials. We’ve always liked the idea that if we are heavy in our thinking, we can be much lighter in the implementation. So there’s huge virtue, I think, in keeping the packaging small: at least, it is the right choice environmentally, it’s easier to move things around and you don’t end up with your wardrobes full of large watch boxes that you don’t use.

We expect to learn more about the Apple Watch, such as how much it will cost and when it will be available for purchase, on Monday at Apple's press event. 

SEE ALSO: We asked a bunch of fitness experts about the Apple Watch — here's what they had to say

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NOW WATCH: Here's How The Apple Watch Works

The really fantastic February jobs report shows a hint of wage growth in the economy — but only a hint. 

Wages grew at a rate of 2% annually, versus an expectation of 2.2%. That's just barely outpacing inflation, and is a deceleration from the January report, which showed 2.2% growth year-over-year.

Month-over-month, average hourly earnings rose by three cents, or 0.1%, to $24.78.

Fed chair Janet Yellen has continued to emphasize that the Fed is still worried about the slow pace of wage growth when it comes to deciding when to pull the trigger on raising interest rates.

But there's also an argument that sluggish wage growth has more to do with demographics than slow economic growth, as a huge cohort of millennials enters the workforce, with entry-level wages, and baby boomers, at peak earnings, retire. That shift brings the median wage down, even if there's a lot of wage growth within each cohort.

SEE ALSO: Jobs report crushes expectations

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Queen Elizabeth the Second, by the Grace of God Queen of this Realm and of Her other Realms and Territories, Head of the Commonwealth, Defender of the Faith, is not going to live forever.

Since ascending to the throne in 1952, the monarch has seen 12 Prime Ministers serve Britain, and lived through another 12 US Presidents. She's now 88. At some point — not for many years yet, we hope — Queen Elizabeth II's reign will come to an end.

But what happens then?

For at least 12 days — between her passing, the funeral and beyond — Britain will grind to a halt. It'll cost the British economy billions in lost earnings. The stock markets and banks will close for an indefinite period. And both the funeral and the subsequent coronation will become formal national holidays, each with an estimated economic hit to GDP of between £1.2 and £6 billion, to say nothing of organisational costs.

But to focus on the financial disruption doesn't begin to describe the sheer magnitude of it. It will be an event unlike anything Britain has ever seen before. There will be trivial disruptions — the BBC will cancel all comedy shows, for instance — and jarring cultural changes. Prince Charles may change his name, for instance, and the words of the national anthem will be changed, too. 

The deaths of Princess Diana and the Queen Mother both brought on waves of public mourning and hysteria. But the Queen, due to her longevity and fundamental place atop British society, will be on a whole new level above that. 

The vast majority of British people have simply never known life without the Queen.

It will be a strange, uncertain time.

The early hours

Much depends on the manner of the Queen's passing. If it's expected (from a long illness, say), then detailed plans will have been put in place for handling it and making the announcement. These plans are already being made: Inside Buckingham Palace, arrangements for after the Queen's passing and the subsequent succession are known as the "Bridge." But if it's sudden, unexpected, or even in public — as was the case with Princess Diana's death in 1997 — then the news will get out immediately, in an unplanned, uncontrolled fashion.

Either way, the majority of staff at the Palace and associated institutions will be immediately sent home. The Royal Court has a staff hotline for distributing news and instructions to employees in the event of occasions like this. (Many of the details in this story were provided to Business Insider by a former staff member of the Palace.)

Assuming the Queen's passing was expected, the news will spread at first via the main TV channels. All BBC channels will stop their programming and show the BBC1 feed for the announcement. The other independent channels won't be obligated to interrupt their regular programming. But they almost certainly will.

This is how the BBC initially announced the death of the Queen Mother in 2002:

At the BBC, anchors actively practice for the eventuality of the Monarch's passing so they won't be caught unaware on their shifts. The BBC's Peter Sissons was heavily criticised for wearing a red tie to announce the Queen Mother's passing (as seen above), and the BBC now keeps black ties and suits at the ready at all times. Presenters also run drills in which they're required to make sudden "spoof" announcements that are never broadcast.

All comedy will be cancelled

The last death of a Monarch was in 1952, and the BBC stopped all comedy for a set period of mourning after the announcement was made. The Daily Mail reports that the BBC plans to do the same again today, cancelling all comedy until after the funeral.

CNN has pre-recorded "packages" on the Queen's life ready to be aired at a moment's notice, we're told — and so will every other major news channel.

The London Stock Exchange will likely close if the announcement happens during working hours, and other businesses may too. The protocols government bodies will follow will emanate from the Department of Culture, Media and Sport (though they may also originate from the Palace). But the immediate government response beyond official statements of condolences will be hard to predict, the former palace employee we spoke to said. The last monarch died in 1952; procedures that seemed apt then may be woefully antiquated today.

Whatever happens formally, the shock on the day of the Queen's passing will see Britain effectively cease to function. The day of the funeral, around two weeks later, will be declared a bank holiday, but "shell-shocked" mourning will continue throughout this time.

A brief resurrection of the British Empire

Given the Queen's international significance, it will almost certainly be the top news story across the entire world. It will trend globally on social media. After all, Britain has a massive overseas presence — not just via its embassies, but also former colonies and the Commonwealth, which swears loyalty to the crown, and more informally in any country where English is spoken. The British Empire once covered a quarter of the earth's landmass and for a brief, surreal period it will feel as if the Empire still exists, as all its former subjects will turn toward Britain for the news.

A former ambassador we spoke to said what will happen overseas depends on the manner of the Queen's passing. If it has been long-expected, there will be detailed plans and procedures in place. If it's sudden, overseas posts will look to the Foreign Office for urgent guidance.

A few things will definitely happen overseas: Social functions will be cancelled. The Union Jack flag will be flown at half-mast until after the funeral (this will also happen at home in the UK). Officials will enter a period of mourning, and dress appropriately. Condolence books will be prepared for visitors to leave messages in.

But the ambassador also stressed there is a massive amount of uncertainty as to what will actually happen. It has been more than 60 years since the last monarch died. Society has changed a huge amount in that time.

But we're getting ahead of ourselves. What will happen inside the Palace?

Behind closed doors at the Palace

Once the majority of the staff are out the way and the public tourist attractions are closed, an Accession Council will be held at St. James's Palace to declare the successor formally — Prince Charles, barring any unforeseen circumstances. The Accession Council will be attended by Privy Councillors, Lords, the Lord Mayor of the City of London, and High Commissioners of certain Commonwealth countries, amongst others.

This council is not required to make Queen Elizabeth II's successor "official" however — Charles will become the monarch from the moment of her passing. There is never not a Sovereign on the throne. This is also why the the Royal Standard is never flown at half-mast (unlike the Union Jack).

Charles could change his name

It's also worth discussing the possibility of the crown "leapfrogging" Charles in favour of his son, Prince William — a possibility that has been discussed in the media repeatedly.

This would cause a constitutional crisis, and definitely will not happen. Prince William himself has said there is "no question" of it happening. Instead, Prince William will become the new Prince of Wales — Charles' current role.

At the council, the new Monarch (presumably Charles) will swear loyalty to Parliament, and to the Church of England. He will also become the new Supreme Governor of the church. (Catholics cannot ascend to the throne.) The council will also make a "Proclamation of Accession."

This was the most recent Proclamation, from when Queen Elizabeth II ascended to the throne:

Whereas it has pleased Almighty God to call to His Mercy our late Sovereign Lord King George the Sixth of Blessed and Glorious memory, by whose Decease the Crown is solely and rightfully come to the High and Mighty Princess Elizabeth Alexandra Mary:

WE, therefore, the Lords Spiritual and Temporal of this Realm, being here assisted with these His late Majesty's Privy Council, with representatives of other Members of the Commonwealth, with other Principal Gentlemen of Quality, with the Lord Mayor, Aldermen, and Citizens of London, do now hereby with one voice and Consent of Tongue and Heart publish and proclaim that the High and Mighty Princess Elizabeth Alexandra Mary is now, by the death of our late Sovereign of happy memory, become Queen Elizabeth the Second, by the Grace of God Queen of this Realm and of all Her other Realms and Territories, Head of the Commonwealth, Defender of the Faith, to whom Her lieges do acknowledge all Faith and constant Obedience with hearty and humble Affection, beseeching God by whom Kings and Queens do reign, to bless the Royal Princess Elizabeth the Second with long and happy Years to reign over us.

Charles won't necessarily become "King Charles," however. Upon ascending to the Throne, royals may pick their "regnal" name from any of their Christian or middle names. Arthur Bousfield and Gary Toffoli write that when Queen Elizabeth II was asked, she opted for "my own of course — what else?" But if Prince Charles felt inclined to change, as Charles Philip Arthur George, he could also be "King Philip,""King Arthur," or "King George."

The Queen will lie in state

As these discussions are ongoing, the Queen's coffin will be prepared to lie in state — that is, to be presented for public viewing so people can pay their respects.

Before this, however, both Houses of Parliament will sit, or be recalled if necessary. Members will have the opportunity to take a new oath of allegiance to the new Monarch. All MPs must swear allegiance to the present Monarch — though some republican MPs will cross their fingers when making the 500-year-old oath. Members of both houses will also present addresses of condolences and loyalty to the new Sovereign, a House of Lords spokesperson told me, in a format that is yet to be determined.

After this, both Houses will be suspended until after the official State Funeral.

The Queen's body will lie in state in Westminster Hall. There will be a short ceremony to mark the coffin's arrival, after which the public will be able to file past and pay their respects. The Hall will be open all but a single hour a day for the duration, the spokesperson says. 

When the Queen Mother lay in state for three days, her grieving grandsons relieve the official guard to stand guard over the coffin for a short period; it was called the Vigil of the Princes. Something similar happened for George V. While not a formal ceremony, it's likely a similar act of remembrance would be accorded to Queen Elizabeth. More than 200,000 members of the public paid their respects as the Queen Mother lay in state; the scale of mourning for the Queen should easily eclipse this.

Here's footage of the Queen Mother's coffin lying in state:

Throughout this period, there will be a massive, hysterical outpouring of public grief. It won't just be a sombre dress minute of silence at sports games — it'll be a punch to the gut of the national psyche. When Princess Diana died, the public turned out in their tens of thousands to lay flowers outside Buckingham Palace — by some estimates as many as 1 million bouquets were left.

A memorial appeal raised £20 million. People queued for ten hours or more to sign memorial books. "Everything closed, saturation TV closed, no one at work" on the day of the funeral, recounted one witness to the BBC (despite it not being a national holiday). There were "scenes of unbelievable grief," said another, "it was as though all of these people had lost someone incredible dear to them and their emotion was genuine. It worried me hugely — especially after days of mounting hysteria on the streets of Kensington, people walking into the road blinded by tears, etc. — people appeared to be losing their grip on reality."The Guardian's Jonathan Freedland writes that many Britons felt "forced to close their shops or cancel sporting events on the day of the funeral, lest they feel the rage of the tear-stained hordes outside."

Given the Queen's stature, and how intrinsically she is woven into the fabric of modern Britain, it's likely there will be even greater public mourning for her passing.

Here's a photo of flowers laid 5 feet deep outside Buckingham Palace for Princess Diana in 1997:

A star-studded funeral

Queen Elizabeth's body will continue to lie in state until the day of the funeral, which will be a public holiday. The Daily Mail believes this will be 12 days after the death. The coffin will then be transported to Westminster Abbey by gun carriage for a State Funeral.

It will probably be the best-attended funeral of all time. World leaders from across the globe will flock to attend. She's one of the most senior heads of state in the world, second only to King Bhumibol Adulyadej of Thailand, who has ruled for five more years than her.

On the day of Princess Diana's funeral, "more than a million people lined the route of the funeral cortege," according to the BBC, with 30 million Brits tuning in to watch it. Worldwide, there were as many as 2.5 billion viewers. 

The service will be led by Justin Welby, the Archbishop of Canterbury and the second-most senior figure in the Church of England (after the Monarch).

The Queen's final resting place

Once the funeral is concluded, it'll be time for the burial. Queen Elizabeth may well have already decided this — in which case it could either be Sandringham or Balmoral in Scotland. These two properties are unique in that they belong to the Queen in a personal capacity, rather than to the crown.

After a certain appropriate period of mourning — up to a year or so — there will be a coronation. It's a highly ceremonial affair, although the new monarch technically has the ability to do whatever he wants — after all, he is already the King. Charles' authority as sovereign does not derive from the ceremony, so he could choose to eschew it altogether, should he desire.

But assuming Charles does not wish to totally break with tradition, it will — again — be held at Westminster Abbey. And, again, it will be officiated by the Archbishop of Canterbury.

Here's archive footage illustrating the pomp and ceremony of Queen Elizabeth II's coronation:

The entire event will be broadcast on television (and also streamed online), and there will be parties up and down the country. After the Royal Wedding of Prince William and Catharine Middleton in 2011, there were thousands of street parties celebrating. The same will be true of the coronation. As a national holiday, the Royal Wedding in 2011 lost the economy between $1.2 and 6 billion, and the Coronation will be similar — in addition to the direct cost to the taxpayer of holding the largest British ceremonial event since the 1950s.  

Decorations along Victoria Street in London, ahead of the 1953 Coronation of Queen Elizabeth II:

The little things

The Queen buried, a new King on the throne... is that it? Of course not.

There will be hundreds of changes taking place up and down the country in the weeks and months ahead.

First off, new currency will begin being printed and minted immediately. The portraits of Charles will already have been made in preparation. They won't seek to replace the entire stock of currency overnight, however — it will take several years to do so, much like how older notes and coins are gradually removed from circulation today.

Of course, the national anthem, "God Save The Queen," would change too. Here's Dame Julie Andrews singing "God Save The King" for George VI in 1948.

Even Trafalgar Square will change

Another change: Police will need new insignia on their helmets. They currently display the Queen's initials and regnal number. Likewise, a great deal of military insignia will require updating.

Passports too will need a refresh. The British passport currently "requests and requires in the Name of Her Majesty all those whom it may concern to allow the bearer to pass freely without let or hindrance." Stamps will also need updating so that they show the new King's head rather than the Queen's.

These changes matter more than you would expect. After the current Queen was crowned, her regnal number — II — caused controversy in Scotland, which she also rules, as there was never a Scottish Elizabeth I. When postboxes bearing her cypher were erected in Scotland, some were attacked and vandalised.

As signs of the Queen's reign are slowly erased, she will also be memorialised. The fourth plinth in Trafalgar Square is currently dedicated to temporary statues and works of art, but former London Mayor Ken Livingstone says his understanding is that"the fourth plinth is being reserved for Queen Elizabeth II."

It may end the Commonwealth

The Queen's passing may have far more profound and long-lasting consequences than just new postage stamps, however. It may well spell the end of the Commonwealth as we know it.

The 53-country organisation includes 16 countries where the British Monarch is officially the Head of State, including Australia, Canada, Jamaica, New Zealand, and Barbados. It's a remnant of the British Empire which today exists mainly as a trade and political organisation. It has few formal powers but carries the weight of symbolism: Many of these countries were part of the Empire against their will, and almost all of them declared independence long ago.

With Queen Elizabeth II out of the way, some may choose to end this union with Britain once and for all.

Australia, for example, has already held a referendum on becoming a Republic once before, in 1999. It was a relatively close-run thing, with the republicans ultimately losing 45% to 55%. But much support for the Monarchy arguably derives from personal affection for the Queen herself. With her gone, many Commonwealth nations may decide the time has come to separate.

This also depends on the time of the Queen's death. Australian Prime Minister Tony Abbott and Canadian Prime Minister Stephen Harper are both staunch Monarchists, and certain to try and block any attempt at Republicanism on their watch. But if the Queen's passing comes later, after they have left office, resurgent republicanism may find a more receptive audience.

A republican Britain?

Depending on Charles' reign, republicanism may grow in prominence in Britain too. But there's no chance of Britain becoming a Republic in the near future. Support for the Monarch is deeply entrenched in the nation's psyche, with 66% of respondents in one survey saying Britain is better off as a Monarchy, and with just 17% opting for a Republic.

But right now this is all academic — and hopefully a long way off yet. On September 9, 2015, Queen Elizabeth II will break the record set by Queen Victoria, her great-great-grandmother: She'll be the longest-reigning British monarch ever!

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Apple is joining the Dow effective March 19.

Apple will replace AT&T in the Dow Jones Industrial Average.

Apple is the most valuable company in the world with a market cap of about $736 billion.

The company split its stock 7:1 in June 2014. It has been trading at all-time highs in recent weeks.

Piper Jaffray analyst Gene Munster called Apple's inclusion in the Dow an "historic moment."

Here's the press release from Dow Jones:

Apple Inc. (NASD:AAPL) will replace AT&T Inc. (NYSE:T) in the Dow Jones Industrial Average (DJIA) after the close of trading on Wednesday, March 18. The change will be effective with the opening of trading on Thursday, March 19.

The index change was prompted by Visa Inc.’s (NYSE:V) 4:1 stock split which is scheduled to be effective at the same time. The post-split adjusted lower price of Visa will reduce the weighting of the Information Technology sector in the index. Adding Apple to the index will help to partially offset this reduction. In price weighted indices such as the DJIA, a large change in price of a high priced stock can have a material impact on sector representation in the index and this index change is designed to minimize that impact. The Telecommunication Services sector will continue to be represented in the DJIA by Verizon Communications Inc. (NYSE:VZ).

“As the largest corporation in the world and a leader in technology, Apple is the clear choice for the Dow Jones Industrial Average, the most recognized stock market measure,” says David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. “The DJIA is price weighted so extremely high stock prices tend to distort the index while very low stock prices have little impact. The timing of Apple’s addition to the DJIA hinged on two stock splits: Apple’s 7:1 last June and Visa’s 4:1 on March 19th this year. Apple’s split brought the stock price down closer to the median price in the DJIA. The Visa split will reduce the technology weight in the DJIA and make room for Apple. Among the current DJIA constituents, AT&T has one of the lowest prices. Moreover, the DJIA is over-weighted in telecommunications and AT&T and Verizon are quite similar, though AT&T has a smaller market capitalization.”

Apple, headquartered in Cupertino, CA, designs, manufactures, and markets mobile communication and media devices, personal computers, and portable digital music players. The change won’t cause any disruption in the level of the index. The divisor used to calculate the index from the components’ prices on their respective home exchanges will be changed prior to the opening on March 19. This procedure prevents any distortion in the index’s reflection of the portion of the U.S. stock market it is designed to measure.

SEE ALSO: How Samsung won and then lost the smartphone war

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After a very strong jobs report, with 295,000 more openings in February - the 12th straight month of growth over 200,000 for the first time since 1994 - the dollar is surging against the euro.

After falling below $1.10 yesterday for the first time in 11 years, the euro is now down below $1.09, slipping another 1.29% as of 1 p.m. GMT (9 a.m. ET).

The trade-weighted euro (measured against a basket of currencies, based on how much the eurozone trades with them) has gone through the floor.

Here's how that looks:

It dropped 5.1% in 2014 as a whole, and it's already down 6.6% in the first ten weeks of 2015. That steep drop is also partly due to the sudden and rapid rise of the Swiss Franc earlier in 2015.

The strength of the US economy, shown by Friday's jobs report, makes it seem even more likely that the Federal Reserve will start hiking interest rates this summer. 

With the European Central Bank  only just launching its QE programme, and with years of relatively easy policy to come, the euro is likely to keep falling against the dollar, which is good news for European exporters. 

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Many have labeled the iPhone as one of the most revolutionary computing devices in history — it essentially popularized the modern smartphone. Now, the tech industry is looking to Apple to make a similar impact on the smartwatch industry.

The Apple Watch, while it very well may be the best smartwatch yet, isn't likely to be as monumental as the iPhone, but there is one significant difference between the two according to Jony Ive, Apple's senior vice president of design.

When Apple created the iPhone, the company hated cellphones and the way they worked at the time, Ive said when speaking with The Financial Times. But things are a bit different with the Apple Watch, as Ive explains:

It was different with the phone – all of us working on the first iPhone were driven by an absolute disdain for the cellphones we were using at the time. That’s not the case here. We’re a group of people who love our watches. So we’re working on something, yet have a high regard for what currently exists.

What's interesting, however, is that Ive seems to be referring to analog wristwatches here, not smartwatches like those made by Samsung, Motorola, and others. Apple CEO Tim Cook has previously said that he believes the Apple Watch will do for smartwatches what the iPad had done for tablets and the iPod had done for MP3 players.

He described MP3 players before the iPod as "fundamentally too hard to use" when speaking at the Goldman Sachs Technology  and Internet Conference, and said he sees the "smartwatch category very much like that." 

Ive's comments are just another indication that Apple is pushing its watch as a luxury timepiece rather than a computerized watch. We expect to learn more details on Monday at Apple's press event. 

SEE ALSO: Apple's Spotify killer may be coming in June

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"Full employment!"

In a note following February's jobs report, economists at BNP Paribas declared that the US economy has reached full employment. 

Full employment is the level of unemployment at which economists consider there to be no "deficient-demand" unemployment, meaning that the unemployment rate is as low as the economy can tolerate. 

Nonfarm payrolls grew by 257,000 and the unemployment rate fell to 5.5% from 5.7% previously in February. 

In its note, BNP writes, "The current unemployment rate (5.5%) has now breached the upper bound of the FOMC’s latest central tendency for the long-term unemployment rate (or non-accelerating inflation rate of unemployment) of 5.2-5.5%. This is a significant move that will put pressure on the Committee to lay the groundwork for higher rates soon."

In late February, we noted that Pennsylvania Senator Pat Toomey had the most interesting observation during Fed Chair Janet Yellen's testimony on Capitol Hill that wage increases at Wal-Mart could indicate that we are approaching Nairu. 

And now, with the unemployment rate falling to 5.5%, economists declare: here we are. 

Ian Shepherdson at Pantheon Macro added that, "the unemployment rate has dropped into the Fed's Nairu range, 5.2-to-5.5%, for the first time since the crash. Remember, monetary policy is meant to be neutral at the Nairu; clearly, it's not."

The Fed is set to meet later this month, and while expectations are that the Fed will keep interest rates pegged near zero, the question now is how much groundwork the Fed will lay for a potential rate hike in coming meetings.

So, June it is? 

SEE ALSO: The US job market is on fire

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People spend 6.5 hours per week on average in their cars, and as dashboards become digital platforms it's creating a massive new market for carmakers, digital-media companies, and even marketers. Revenues from connected services are expected to top $152 billion by 2020.

Carmakers are offering a selection of features in their connected cars, with a special focus on entertainment apps and safety-management features.

In a new companion report from BI Intelligence to our connected-car market forecast report, we look at revenue from connected-car internet services, consumer attitudes to these services and how they will pay for them (including getting ads in return for free content), and the potential for self-driving cars.

Here are some of the key takeaways from the report:

• Connected-safety features bring in the most revenue of all of today's connected-car services, at $13 billion. But safety will lose its spot as the top revenue stream to driver-assistance in 2017. Connected-safety features will bring in $44 billion in 2020. These connections include alerting customers of road conditions, such as severe weather or an approaching hazard, as well as collision-avoidance. 
• Entertainment is one of the most popular features available for the connected car, but it is not a major revenue driver. The category will account for only $13 billion in revenue in 2020. Entertainment features include integrations with apps such as Pandora, Yelp, and Facebook. 
• But there's still a ways to go before mainstream consumers really understand how they can benefit from the connected car. About 80% of consumers have either never heard of connected cars or are unsure what the term refers to. 
• People who actually use connected car services are satisfied with them. About half of those who have a connected car actually use the car's connected features, and those who do use many of these features shows high levels of satisfaction with them.
• Consumers are pretty split on how they want to pay for these services. 25% of global consumers would be willing to receive in-car advertising if it meant they got free basic services in exchange. This means marketers are likely to have a big opportunity to tap into the connected-car market.

To access the full reports on the connected-car market and the connected car as a digital platform, sign up for a risk-free trial of BI Intelligence. Subscribers get full access to all our downloadable reports, data, and graphics.

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British billionaire Mike Ashley just lost his power over the board at Glasgow Rangers.

At the Extraordinary General Meeting at Rangers' Ibrox Stadium today, major shareholder David King, with a 14.5% stake, seized control of the football club by winning an 85% majority of votes.

He also managed to replace Ashley's right hand men, Derek Llambias and Barry Leach, with Paul Murray and John Gilligan.

Ashley only owns 9% of Rangers (4% personally and 5% through his MASH holdings company) but that still makes him the second-largest shareholder in the group.

His attempt to boost his stake in Rangers to around 30% was thwarted in December last year by the Scottish Football Association. It cited a "conflict of interest" with his Newcastle ownership (the two clubs compete for player contracts and could in theory face each other in European competition).

However, his loans to Rangers actually gives him a lot of control, including appointing directors and bosses to the beleaguered football club.

But, now, his four close business partners, Llambias, Leech, James Easdale and Derek Somners, are no longer on the board at Rangers. Easdale and Somners left a week before the EGM.

Here are the fans' reactions:

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So the last test only measured whether or not Wall Street had enough gas in its car. The next test is where we find out if Wall Street can drive.

On Thursday the Federal Reserve announced that 31 banks passed the first party of their annual two part stress test. Wall Street gave itself a golf clap.

Unfortunately, that first part of the test doesn't mean much for the banks in the way of their ability to survive the next financial Apocalypse.

To understand why you have to understand the way the stress test is structured.

Each test is a different financial disaster. This year's happened to be a scenario in which corporations started defaulting on their debt.

So there's your first caveat right there — a bank t if it doesn't have a ton of corporate debt liability on its balance sheet.

Then there's then fact that this test is in two parts. On Thursday we saw the results of Dodd-Frank Act stress testing (DFAST). On March 11 we'll get the results of the Comprehensive Capital Analysis and Review (CCAR) test.

DFAST just tests to see if you have enough cash to survive the particular disaster scenario the Fed dreamed up. The only question is — is this bank adequately capitalized?

But there's way more to surviving a financial disaster than being capitalized, and that's what CCAR tests for. To survive a financial end of days, a bank has to have good risk management, streamlined compliance operations, and a bunch of other qualitative processes and controls in place.

That's what CCAR tests for, and that's where banks fail. That's where Citigroup failed last year. And when a bank fails CCAR, the Federal Reserve won't let it buy back shares or pay out dividends. Naturally, this really annoys shareholders.

This year the story is whether or not Citigroup can get its act together this year. Additionally, Deutsche Bank, which only recently came under the Fed's oversight, very well may fail CCAR.

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New York (AFP) - US tech giant Apple will join the blue-chip Dow Jones Industrial Index later this month, replacing telecom company AT&T, S&P Dow Jones Indices announced Friday.

The inclusion of the iPhone and iPad maker in the elite list of 30 top companies comes long after Apple had become the biggest US company by market capitalization, now with a value of more than $730 billion. The change will take effect March 19, S&P Dow Jones said.

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