Business

Around the Nation
3:12 am
Thu December 6, 2012

Post Sandy: Atlantic City Wants Its Tourists Back

Atlantic City's boardwalk, with its shops, restaurants, casinos and hotels, was mostly protected during Hurricane Sandy by a dune restoration project. But TV images of one small section that was damaged gave the impression that the whole thing was destroyed.
David Schaper/NPR

Originally published on Thu December 6, 2012 2:24 pm

A month after Hurricane Sandy pounded the New Jersey Shore, Atlantic City is back in business. Even though most of the casinos and restaurants sustained very little damage in the storm, they're now suffering from a lack of visitors. But the city has launched an effort to change that.

As three young boys roll their skateboards down the "World Famous Atlantic City Boardwalk," it's proof that it is still here, fully in tact, and that rumors of its demise were greatly exaggerated.

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Business
3:12 am
Thu December 6, 2012

The Last Word In Business

Originally published on Mon December 10, 2012 3:41 pm

Transcript

DAVID GREENE, HOST:

And our last word in business today is Trump versus Forbes. The Forbes we're talking about is a Scotsman named Michael Forbes. He has the misfortune of living right next to Donald Trump's new golf course in Scotland. Forbes has refused to sell his property to Trump; and what has ensued is the war of words that you probably would expect between the property magnet, and anyone who gets in his way.

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Business
3:12 am
Thu December 6, 2012

Business News

Originally published on Thu December 6, 2012 4:55 am

Transcript

DAVID GREENE, HOST:

We begin NPR's business news with possible bank settlements.

(SOUNDBITE OF MUSIC)

GREENE: One of Britain's largest banks, Standard Chartered, says it expects to pay around $330 million to the United States. This would settle a case with regulators here who accused the bank of failing to comply with sanctions against Iran. Standard Chartered has already paid out $340 million to the state of New York on the same claims.

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Business
3:12 am
Thu December 6, 2012

Citigroup To Cut 11,000 Jobs

Banks have been under increasing pressure to cut costs and eliminate redundancies. The cuts will eliminate about 4 percent of Citi's workforce.

Business
3:12 am
Thu December 6, 2012

Obama, Business Roundtable Disagree Over Taxes

President Obama is lobbying the CEOs of the nation's largest companies to support him as he tries to reach a budget deal with Republican lawmakers. The president met Wednesday with members of the Business Roundtable. The group urges the extension of Bush-era tax cuts for everyone, including the wealthy.

Shots - Health News
1:32 am
Thu December 6, 2012

Why It's Easier To Scam The Elderly

Fraud victims are more likely to have opened official-looking sweepstakes notices and other mailings. A new study says the elderly are more susceptible than the young to being swindled.
Allen Breed AP

Originally published on Thu December 6, 2012 2:23 pm

Lots of scams come by phone or by mail, but when the scam artist is right in front of you, researchers say the clues are in the face.

"A smile that is in the mouth but doesn't go up to the eyes, an averted gaze, a backward lean" are some of the ways deception may present itself, says Shelley Taylor, a psychologist at UCLA.

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Economy
1:31 am
Thu December 6, 2012

What Should The U.S. Learn From Europe's Woes?

French President Francois Hollande (left) and German Chancellor Angela Merkel take part in a bilateral meeting at the EU headquarters in Brussels on Nov. 22 as part of a European budget summit.
Bertrand Langlois AFP/Getty Images

Originally published on Thu December 6, 2012 2:21 pm

As President Obama and Capitol Hill lawmakers assess the need for spending cuts and tax increases against the risk of triggering a new recession, they might look across the Atlantic for insights from those who have already grappled with those budgetary questions.

The problem of excessive government debt has swamped economies across Europe and forced countries to take severe measures to cut their deficits. The first lesson from their "fiscal consolidation" experiences: It will hurt.

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It's All Politics
4:00 pm
Wed December 5, 2012

Obama And House GOP Engage In Fiscal Cliff Talks, Only Briefly With Each Other

President Obama is introduced to the Business Roundtable by Boeing CEO Jim McNerney in Washington on Wednesday.
Charles Dharapak AP

Originally published on Wed December 5, 2012 4:30 pm

The president and House Republicans continued to snipe at each other Wednesday over the impending set of automatic tax hikes and spending cuts known as the fiscal cliff. They traded accusations and blame during another day with plenty of talk, but — until late in the day, at least — no negotiations.

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It's All Politics
3:52 pm
Wed December 5, 2012

Looming Spending Cuts Would Hit Hard All Over

Alan Krueger, chairman of the president's Council of Economic Advisers, warns that consumer spending will drop if Congress and the White House fail to reach a deal on spending cuts and tax increases.
Jewel Samad AFP/Getty Images

Originally published on Wed December 5, 2012 4:09 pm

Tax increases are only a part of what lies ahead if Congress can't come to an agreement to avert the fiscal cliff by the new year. Massive spending cuts will also kick in — and those cuts will be felt throughout the economy.

The current stalemate got under way two years ago when Congress, locked in a bitter partisan battle over whether to extend the George W. Bush-era tax cuts, passed what was known as the Budget Control Act of 2011.

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The Two-Way
2:52 pm
Wed December 5, 2012

For The Aerospace Industry 'Fiscal Cliff' Represents A Red Alert

Originally published on Wed December 5, 2012 3:05 pm

It's red alert time for aerospace industry executives, workers and contractors.

As they mingled today at the Aerospace Industries Association's annual Year-End Outlook luncheon at a Washington Grand Hyatt, the bright red electronic digits kept counting down for them.

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Economy
2:44 pm
Wed December 5, 2012

A Thin Line: Economic Growth Or Corporate Welfare?

In her series for The New York Times, reporter Louise Story says that the manufacturing sector — automakers, in particular — benefit the most from incentive packages.
Ricardo Azoury iStockphoto.com

Originally published on Fri December 7, 2012 6:59 am

In her new series for The New York Times called "The United States of Subsidies," investigative reporter Louise Story examines how states, counties and cities are giving up more than $80 billion each year in tax breaks and other financial incentives to lure companies or persuade them to stay put.

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The Two-Way
12:28 pm
Wed December 5, 2012

Socialism, Capitalism: Merriam-Webster's Odd-Couple Words Of The Year

A demonstrator carries a sign calling people to "resist" President Barack Obama perceived socialist policies during a march of supporters of the conservative Tea Party movement in Washington.
Nicholas Kamm AFP/Getty Images

Originally published on Wed December 5, 2012 7:12 pm

The dictionary Merriam-Webster has declared an incongruous pair their words of the year: Socialism and capitalism.

"There's no surprise there that politics was in people's minds," the dictionary's Editor-at-large Peter Sokolowski told CBS News when making the announcement.

Sokolowski said that the dictionary, which bases its decision on what people are looking up in their online edition, chose two words for the first time because they trended together.

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Economy
10:30 am
Wed December 5, 2012

How Helpful Is Extending Unemployment Benefits?

Transcript

MICHEL MARTIN, HOST:

I'm Michel Martin and this is TELL ME MORE from NPR News. Coming up, for years now we've been talking about ways to close the achievement gap. Now some states are asking to set standards based on race. You can imagine why this is controversial. So we'll try to learn more about this in just a few minutes.

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The Two-Way
9:09 am
Wed December 5, 2012

Citigroup Cutting 11,000 Jobs, Taking $1.1 Billion In Charges

Chris Hondros Getty Images

Originally published on Wed December 5, 2012 12:48 pm

Saying it needs to "further reduce expenses and improve efficiency across the company," Citigroup announced today that it is eliminating about 11,000 jobs — 4 percent of its global workforce.

The banking giant also said it is expects to take "pre-tax charges of approximately $1 billion in the fourth quarter of 2012 and approximately $100 million of related charges in the first half of 2013."

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The Two-Way
6:56 am
Wed December 5, 2012

118,000 Jobs Added To Payrolls Last Month, Report Signals

A "closed" sign at a coffee shop in New York City, where many businesses had to shut down for at least a few days before, during and after Superstorm Sandy.
Carlo Allegri Reuters /Landov

There were 118,000 jobs added to private employers' payrolls in November, according to the latest ADP National Employment Report.

That's slower growth than in October, when ADP's employment measure grew by 157,000 jobs.

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The Two-Way
5:25 am
Wed December 5, 2012

Deal Struck To End L.A. Port Strike; Walkout Was Delaying Billions In Goods

Work can start again: This ship, loaded with containers, was sitting beneath idle cranes Tuesday at the Port of Los Angeles.
Robyn Beck AFP/Getty Images

Originally published on Wed December 5, 2012 6:58 am

  • From 'Morning Edition': Kirk Siegler and Renee Montagne

A week-old strike that "crippled the ports of Los Angeles and Long Beach" and kept about $1 billion worth of goods a day from arriving on shore is set to end today.

"We've got a deal and people are going back to work," Los Angeles Mayor Antonio Villaraigosa announced late last night, as our colleagues at Southern California Public Radio report.

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Around the Nation
3:04 am
Wed December 5, 2012

Deal Reached In Calif. Port Workers Strike

Originally published on Wed December 5, 2012 7:09 am

Transcript

DAVID GREENE, HOST:

This is MORNING EDITION from NPR News. I'm David Greene.

RENEE MONTAGNE, HOST:

And I'm Renee Montagne.

After eight days and billions of dollars in lost business, the shutdown at the nation's busiest port hub is over. Striking clerks at the adjacent ports of Los Angeles and Long Beach have reached a tentative agreement with managers. At issue: worries about outsourcing jobs. The clerks, hundreds of them, and ten thousand longshoremen, who refused to cross picket lines, head back to work this morning.

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Business
2:48 am
Wed December 5, 2012

The Last Word In Business

Originally published on Wed December 5, 2012 7:09 am

U.S. food company General Mills, which owns the ice cream brand, complained that a Chinese clothes company's name was to similar to Haagen-Dazs. A judge in Beijing has agreed.

Sports
2:48 am
Wed December 5, 2012

Talks Resume In Nation Hockey League Dispute

Originally published on Wed December 5, 2012 7:09 am

Transcript

RENEE MONTAGNE, HOST:

Professional hockey is getting close to the moment when it will have to cancel its entire season for the second time in eight years. So far, a lockout that began last September has forced games to be cancelled through the middle of December. The two sides in the National Hockey League labor dispute are expected to meet again today, after nearly 10 hours of talks yesterday.

NPR's Tom Goldman has more.

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Business
2:48 am
Wed December 5, 2012

Business News

Originally published on Wed December 5, 2012 7:09 am

Transcript

DAVID GREENE, HOST:

We begin NPR's business news today with a Facebook status update.

Facebook will join the Nasdaq 100 Index next week. It's replacing Indian tech company Infosys. It used to be that companies had to be listed on the Nasdaq for two years before they could become part of this elite index. Facebook only had to wait three months, thanks to some rule changes Nasdaq made back when the social network decided to go public. Transcript provided by NPR, Copyright National Public Radio.

Politics
2:48 am
Wed December 5, 2012

Taxes Are A Stumbling Block To Fiscal Cliff Talks

Originally published on Wed December 5, 2012 7:09 am

Transcript

DAVID GREENE, HOST:

This is MORNING EDITION from NPR News. I'm David Greene.

RENEE MONTAGNE, HOST:

And I'm Renee Montagne.

Americans are not optimistic that leaders here in Washington will strike a budget deal in time to avoid automatic tax increases and spending cuts. A new poll by the Pew Research Center found nearly half the country expects the budget stalemate to drag on.

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Asia
2:42 am
Wed December 5, 2012

India May Ease Restrictions On Retail Sector

Indian leftist activists rally in front of a Best Price store, owned by Wal-Mart and its Indian partner, Bharti, in Hyderabad in November. The rally was organized to protest foreign direct investment in India's retail sector.
Noah Seelam AFP/Getty Images

Originally published on Wed December 5, 2012 10:36 am

Wal-Mart has long stirred controversy as it has moved into American towns, and many small businesses found they were unable to compete. Now the fight has come to India, where Parliament has been hotly debating whether to ease restrictions on direct foreign investment by such giant retailers.

India's lower house of Parliament handed the country's fragile coalition government a victory Wednesday by endorsing a plan by Prime Minister Manmohan Singh's governing coalition to allow foreign supermarkets to operate in Asia's third-largest economy. The debate now goes to the upper house.

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NPR Story
2:42 am
Wed December 5, 2012

Cooper Union Students Protest Threat To Free Tuition

Originally published on Wed December 5, 2012 7:09 am

Transcript

RENEE MONTAGNE, HOST:

And a student occupation is entering its third day in New York City. It's happening at Cooper Union. The school of art, architecture and engineering is famous for not charging undergraduates tuition.

As NPR's Joel Rose reports, student protesters are unhappy about what they see as threats to that tradition.

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The Salt
12:36 am
Wed December 5, 2012

Milk Producers Peer Over The Dairy Cliff

Dairy farmer Bob Andrews feeds heifers in the same barn his grandfather used. He says today "the harder you work, the further you get behind."
David Sommerstein NCPR

Originally published on Wed December 5, 2012 7:09 am

There's more than one cliff drawing controversy this month. The federal farm bill is one of many items caught in congressional gridlock. The bill resets U.S. agriculture policy every four years, and most farmers are still covered by crop insurance and other programs until next planting season. But there's one exception: dairy.

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Business
3:28 pm
Tue December 4, 2012

Pilots At Bankrupt American Airlines Push For Merger

Originally published on Tue December 4, 2012 4:50 pm

Transcript

MELISSA BLOCK, HOST:

From NPR News, this is ALL THINGS CONSIDERED. I'm Melissa Block.

AUDIE CORNISH, HOST:

And I'm Audie Cornish. American Airlines has been in bankruptcy for more than a year and looks like it will be there a while longer. The airline has asked a judge in New York for yet another extension to file its restructuring plan. Executives are hoping American can remain a standalone carrier. The company's unions, on the other hand, say they've had it and they want the company to merge with U.S. Airways.

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Business
3:28 pm
Tue December 4, 2012

Menards Can't Hire Enough Hands In Booming N.D.

Originally published on Tue December 4, 2012 4:50 pm

Transcript

MELISSA BLOCK, HOST:

North Dakota has the lowest unemployment rate in the country, fueled by a booming oil economy. In fact, it's been so hard to find workers in Minot, North Dakota, in the north central part of the state, that one big box store is flying them in from Wisconsin. Dan Feldner of the Minot Daily News joins me to talk about it. And Dan, we're talking about the home improvement retailer Menards. The headquarters is in Au Claire, Wisconsin.

How many workers are they going to be flying in?

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NPR Story
3:20 pm
Tue December 4, 2012

AAA Says New Ethanol-Gas Blend Could Hurt Cars

Justin Sullivan Getty Images

Originally published on Tue December 4, 2012 4:50 pm

AAA has warned against potential damage that a new blend of gasoline could do to some engines. And the warning has started a fight over renewable fuels and the future of what we put in our gas tanks.

The fuel is called E15 — named for the percentage of ethanol in the blend. Most of the gas that's sold in the U.S. has about 10 percent ethanol in it.

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Business
2:22 pm
Tue December 4, 2012

Netflix Gets Disney Movies Ahead Of Pay TV Channels

A promotional image for the Netflix Just for Kids portal. The new deal announced with Disney is the first time that one of Hollywood's major studios has sold the coveted rights to Netflix Inc. instead of a premium TV network.
Netflix

Netflix's video subscription service has trumped pay-TV channels and grabbed the rights to show Disney movies shortly after they finish their runs in theaters.

The multiyear licensing agreement announced Tuesday represents a breakthrough for Netflix as it tries to add more recent movies to a popular service that streams video over high-speed Internet connections.

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Politics
12:09 pm
Tue December 4, 2012

To Fix The Debt, Compromise Is Key

Originally published on Wed December 5, 2012 12:58 pm

Transcript

NEAL CONAN, HOST:

This is TALK OF THE NATION. I'm Neal Conan in Washington. Later in the program, exit interviews with Senator Joseph Lieberman and Congressman Ron Paul as they leave Congress after many years. But first we continue our Opinion Page series on the fiscal cliff.

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Money Coach
9:41 am
Tue December 4, 2012

Small Businesses: "Show Me The Credit"

Originally published on Wed December 5, 2012 10:33 am

Transcript

MICHEL MARTIN, HOST:

And now to matters of personal finance. We all remember the financial crisis the country faced four years ago. The numbers suggest that the economy is improving slowly but surely. Interest rates are at near record lows, but our next guest says - and this is something you might have experienced yourself - a lot of people are still having a difficult time getting access to credit, especially small-business owners and home owners with less than perfect credit.

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