Apple and IBM have reached an agreement to produce software applications exclusively for iPads and iPhones. But will the biggest impact be on the companies that are not part of the deal? Also, Rupert Murdoch’s reported offer of $80 billion has been turned down by Time Warner. We explain what’s behind the offer. And after, we revisit the California drought, which is expected cost California agriculture a couple billion dollars this year. But it’s far from a disaster. Here and in drought areas like the Ogallala Aquifer, farmers’ unregulated access to underground reservoirs is tapping out a resource that can’t be replaced.