Business

Chuck used to sell marijuana in California. But the legalization of medical marijuana in the state meant he was suddenly competing against hundreds of marijuana dispensaries. So he moved to New York, where marijuana is still 100 percent illegal. Since making the move, he says, he's quadrupled his income. (For the record: His name isn't really Chuck.)

Over the past several years, the Federal Reserve has added trillions of dollars to its balance sheet, purchasing bonds in order to stimulate the economy. Many investors have been concerned that when the Fed starts selling off those bonds it could create turmoil in the markets. But in congressional testimony Wednesday, Fed Chief Ben Bernanke said the Fed might not sell off those bonds at all.

In the nearly impenetrable language that comes with his job, Federal Reserve Chairman Ben Bernanke told Congress on Wednesday that even though the economy is doing better, the central bank needs to keep giving it a boost.

The key passage from his prepared testimony:

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And our last word in business on this Wednesday is: Mile High Book Club.

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We're talking about an in-flight library offered by the Australian airline Qantas.

GREENE: They will still have movies on the plane, that right, Linda?

WERTHEIMER: Yes, David. But Qantas is telling passengers who want to read that they can ditch their Kindles and settle in with a paperback.

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NPR's business news starts with Home Depot raising the roof.

Home Depot got a boost from the housing recovery in its first-quarter net income. It rose 18 percent; that exceeds expectations. The company acknowledged yesterday that while cool and wet spring weather had a negative impact on some of Home Depot's seasonal business, its core business stayed strong.

Home Depot's stock price rose by 2.5 percent with the news. Transcript provided by NPR, Copyright NPR.

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The wait is over for many Xbox fans. Yesterday, Microsoft unveiled its next generation Xbox gaming console. It's called Xbox One. It's the first major revamp of the gaming system since 2005. In our business bottom line, NPR's Laura Sydell reports the new Xbox is designed to be an all-in-one system, an entertainment hub for movies, TV and games that should appeal as much to grandparents as it does to children.

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Finding a parking space, probably not at the top of the list of things you like to do. Well, experts in parking think they might be able to change that. One key, they say, is for developers to think about the parking experience when they're designing malls or apartment complexes, instead of just treating it as an afterthought.

This came up in Florida this week, at the International Parking Institute's annual conference. Reporter Kenny Malone, from member station WLRN, was there.

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Here's some news for travelers. If you can't afford or don't want to pay the price for a hotel room, maybe you've used the cheap lodging site Airbnb. If so, you have to take New York City off your list. The popular website has suffered a major setback in court. A judge in New York ruled that an Airbnb user in Manhattan violated local laws when he rented a room to an out-of-towner.

From member station WNYC, Ilya Marritz reports.

The Treasury Department's inspector general, who faulted the IRS for flagging conservative groups for extra scrutiny, is now investigating how the agency is monitoring the political activities of tax-exempt groups. These so-called social welfare organizations are not supposed to be primarily about politics, although many seem to be.

Apple was criticized in a Senate committee hearing Tuesday for using complex accounting to minimize the corporate taxes it pays. One key piece of the company's tax strategy: It funnels lots of its profits through subsidiaries in Ireland.

Offering low corporate tax rates has been a fundamental part of Ireland's economic strategy for decades — a way to get foreign companies to set up operations in the country.

If you have a savings account you probably already know this: Your money there is losing value to inflation. Yields are so low that returns are not even keeping up with the cost of living.

I've been watching some of my own savings dwindle. And that prompted me to take up a challenge: I'm taking $5,000 from personal savings and putting it to work. I'm not a financial whiz, pundit or any kind of guru.

Arrested Development returning via Netflix? Just another old-media brand reviving itself on new media.

The TV show, which originally ran on Fox from 2003 to 2006 and unveils new episodes on Netflix next weekend, finds itself in splendid company. Radiohead, Louis C.K., Veronica Mars — all found their audiences with promotion and distribution from big studios and networks. Radiohead was signed to a major music label. Louis C.K. enjoyed HBO specials and TV shows. And Veronica Mars ran on two TV networks for three years.

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From NPR News, this is ALL THINGS CONSIDERED. I'm Robert Siegel.

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And I'm Melissa Block.

The top executives of Apple faced tough questions today on Capitol Hill. They came at a hearing about Apple's alleged avoidance of billions of dollars in U.S. income taxes. Yesterday, Senate investigators released a study describing how the maker of the iPhone, iPad and Mac computers used subsidiaries based in Ireland to avoid income taxes on a big chunk of its global profits.

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Jamie Dimon, the chairman and CEO of JP Morgan Chase, has beaten back the most significant challenge to his leadership since he took charge. Company shareholders turned down a proposal that would have taken away one of his titles.

But as NPR's Jim Zarroli reports, shareholders made clear they are unhappy about the performance of some board members.