Business

Planet Money
11:13 pm
Thu July 26, 2012

How To Set Up An Offshore Company

Lam Thuy Vo / NPR

Originally published on Thu August 2, 2012 12:51 pm

Setting up an offshore company in a tax haven is surprisingly easy. A simple Google search offers up thousands of companies willing to help you do it.

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Business
2:50 pm
Thu July 26, 2012

Facebook Reports Net Loss After Bumpy IPO

Originally published on Thu July 26, 2012 4:24 pm

Facebook reported a net loss for the second quarter in its first earnings report since a bumpy initial public offering. The company's share price has fallen sharply since the first day of trading. Audie Cornish speaks with Steve Henn.

U.S.
2:50 pm
Thu July 26, 2012

Bypassing College Dreams, A Different Road To Work

Kelly Thompson, a mentor at Siemens, gives apprentices an orientation of the factory. The program provides on-the-job training in manufacturing.
Courtesy of Siemens Energy Inc.

Originally published on Fri July 27, 2012 3:10 pm

Rebeca Espinal admits with a shy smile that she's a straight-A math student. She's a high school graduate who dreamed of going to college.

Instead, Espinal, 17, is working in a Charlotte, N.C., factory that makes gas turbines and generators. She is an apprentice with the German company Siemens.

"I was planning on getting a degree in international relations, but with financial aid and how difficult it is to pay for college and everything," she says. "So when Siemens came along and gave me the offer, it was too good of an opportunity to just let it go.

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The Two-Way
11:33 am
Thu July 26, 2012

How's Facebook Really Doing? Investors Will Soon Find Out

Mobile devices are key to Facebook's growth potential. Can it deliver?
Karen Bleier AFP/Getty Images

Originally published on Thu July 26, 2012 2:41 pm

Update at 4:33 p.m. ET. Right At Expectations:

Facebook reported slightly stronger than expected profits. For the second quarter, it reported a net loss of $157 million or 11 cents a share. But when it adjusted its earnings to remove stock compensation charges related to its IPO, Reuters reports, Facebook actually made 12 cents a share.

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Planet Money
11:12 am
Thu July 26, 2012

The Disagreement Behind Our Economic Platform

Center for Economic and Policy Research

In putting together our dream economic platform, we did have to wade through a lot of disagreement among our panel of economists to get to the six points of major agreement.

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The Two-Way
6:55 am
Thu July 26, 2012

Jobless Claims Drop, Previous Week's Increase Erased

The number of people filing first-time claims for jobless benefits fell by 35,000 last week, to 353,000, the Employment and Training Administration just reported.

That brings the level about back to where it was three weeks ago and down near a four-year low — but also keeps claims in the range where they've been trending for about the last year.

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London 2012: The Summer Olympics
5:36 am
Thu July 26, 2012

Watching The Olympics, Online And Everywhere

Originally published on Thu July 26, 2012 4:12 pm

Transcript

LINDA WERTHEIMER, HOST:

Back in 2010, during Vancouver's Winter Olympics, the iPad did not exist. When Beijing hosted opening ceremonies in 2008, Apple's app store was less than a month old. Now, for the first time ever, millions of people are expected to watch some of the Olympics on their phones, tablets or other gadgets.

NPR's Steve Henn takes a look at what it will take to make the games fully digital.

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Sports
5:28 am
Thu July 26, 2012

Ichiro Fans In Japan Scramble For Yankees Gear

Originally published on Thu July 26, 2012 8:35 am

Transcript

LINDA WERTHEIMER, HOST:

Ichiro Suzuki's trade to the New York Yankees has thrilled Japanese fans, but they're not the only ones cheering. Importers of Major League goods are also happy.

Lucy Craft stopped at a store in Tokyo to check out the merchandise.

LUCY CRAFT, BYLINE: When news reached Japan that Ichiro had been acquired by the Yankees, Satoshi Kanazawa, manager of the Selection Baseball store, sprang into action.

SATOSHI KANAZAWA: (Foreign language spoken)

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Business
5:28 am
Thu July 26, 2012

Church Steeples Doubling As Cellphone Towers

Originally published on Thu July 26, 2012 8:35 am

Transcript

RENEE MONTAGNE, HOST:

Some churches are singing the praises of source a new source of revenue. Here is the church and here is the steeple. Open the door and see the cell phone towers?

LINDA WERTHEIMER, HOST:

That's right. And that's our last word in business today. Cellphone carriers are having a hard time finding places to build new freestanding towers, so they've reached agreements with churches like Catonsville Presbyterian in Maryland to put the antennas in steeples. There are three in that church.

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Business
5:28 am
Thu July 26, 2012

Caterpillar Inc. Strike Continues Amid Record Profits

Originally published on Thu July 26, 2012 8:35 am

Transcript

RENEE MONTAGNE, HOST:

NPR's business news starts with a boost from Caterpillar.

(SOUNDBITE OF MUSIC)

MONTAGNE: Caterpillar is reporting a big increase in its profits - up 67 percent for the second quarter. The world's largest manufacturer of heavy construction and mining equipment is on pace to rake in record profits this year. But that hasn't motivated Caterpillar to sweeten its offer to union workers who are on strike at a plant outside of Chicago.

From Chicago, NPR's David Schaper has more.

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Environment
5:28 am
Thu July 26, 2012

In Drought-Stricken Midwest, It's Fodder Vs. Fuel

Originally published on Thu July 26, 2012 8:35 am

Transcript

RENEE MONTAGNE, HOST:

This is MORNING EDITION from NPR News. I'm Renee Montagne.

LINDA WERTHEIMER, HOST:

And I'm Linda Wertheimer.

In the Midwest, the drought is doing a number on the nation's biggest agricultural crop, corn. The USDA says half of the country's cornfields are in poor or very poor condition, and the short supply is driving up the price. Now, a fight between livestock farmers and ethanol producers over the high priced corn crop. Farmers say ethanol factories have an unfair advantage.

NPR's Dan Charles reports.

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Planet Money
2:45 am
Thu July 26, 2012

Meet The Drug Dealer Who Helps Addicts Quit

Suboxone is used in the treatment of opiate dependence.
Drugs.com

Originally published on Fri July 27, 2012 5:56 am

A prescription drug called Suboxone helps wean people off of heroin and pain pills, but addicts have a hard time getting prescriptions. So they're turning to the black market.

An Albuquerque man who goes by the name Mystery Man has stepped in to fill the void. He says he illegally sells Suboxone every day.

To get Suboxone, Mystery Man has to find a patient with a Suboxone prescription, and give that person the $50 co-pay to fill it. He gets that money by selling, among other things, crack and guns.

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Business
2:09 am
Thu July 26, 2012

For Temp Workers, 'Temp' Looking More Permanent

Job applicants outside the Staffmark temp agency in Cypress, Calif., in 2005. Temp hiring is usually a harbinger of an improving job market, but some analysts say more employers may be considering temps as a more permanent staffing solution.
Ric Francis AP

Originally published on Thu July 26, 2012 4:11 pm

While the job market remains sluggish, temporary work is one area that's done very well in the economic recovery. Companies are keeping their temps longer and are even using them to fill professional and high-ranking positions.

The average daily number of temporary workers employed during the first quarter of 2012 was more than 2.5 million. That's up from a low of 2.1 million in early 2009, according to the American Staffing Association.

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Asia
2:09 am
Thu July 26, 2012

In Pakistan, Sounds Of A Different Kind Of Drone

Ibrahim Ahmad, the son of the owner of the Imperial Bagpipe Manufacturing Co., tests a bagpipe at a factory in Sialkot, Pakistan. The Pakistani city is the largest producer of the instruments most commonly associated with Scotland.
Farooq Naeem AFP/Getty Images

Originally published on Thu July 26, 2012 8:35 am

Bagpipes and Scotland? Aye, it's a natural association: Played for centuries, the instrument is especially identified with the Scottish military and traditional Scottish dress, tartan kilts and shawls.

But bagpipes and Pakistan? Nae, you say? Think again.

Turns out no place in the world manufactures more bagpipes than Pakistan. And no city in Pakistan makes more of them than Sialkot.

Bagpipe Central

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Food
3:13 pm
Wed July 25, 2012

USDA Predicts Food Prices To Rise In Drought's Wake

Originally published on Wed July 25, 2012 5:29 pm

Transcript

ROBERT SIEGEL, HOST:

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

AUDIE CORNISH, HOST:

And I'm Audie Cornish. We begin this hour with the drought and how it could affect your grocery bill. Today, the U.S. Agriculture Department designated 76 more counties as disaster areas because of the drought and excessive heat. And it said that severe drought will likely affect prices for corn and other field crops, although it's too soon to know how much prices will go up.

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Election 2012
3:12 pm
Wed July 25, 2012

Black Business Owners Urge Obama To Aid Growth

Then-presidential candidate Barack Obama poses with National Urban League President Marc Morial on Aug. 2, 2008.
Phelan M. Ebenhack AP

Originally published on Wed July 25, 2012 5:29 pm

President Obama's speech to the National Urban League conference in New Orleans on Wednesday night coincides with a debate over the role of government in helping small businesses succeed.

Some black Americans say they have an especially hard time when it comes to owning and operating their own businesses.

On the northern edge of New Orleans' French Quarter, Shaka Zulu and his wife, Na'imah, are trying desperately to protect a slice of local culture that sometimes gets lost here.

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Economy
3:06 pm
Wed July 25, 2012

Geithner Defends Response To LIBOR Scandal

Originally published on Wed July 25, 2012 5:29 pm

Treasury Secretary Timothy Geithner was on Capitol Hill Wednesday to talk about the implementation of Dodd Frank. But the questions focused on why the New York Fed, under Geithner, didn't act more aggressively when it first learned about possible manipulation of a key interest rate.

The Two-Way
2:06 pm
Wed July 25, 2012

'Truly Ironic': Sandy Weill Says Big Banks Should Be Split Up

Sandy Weill, former chairman of Citigroup, in 2006.
Louis Lanzano AP

Originally published on Wed July 25, 2012 2:44 pm

Sandy I. Weill, the former Citigroup CEO who helped usher in the era of super banks, said during an interview with CNBC today that big banks should be split up.

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Planet Money
1:45 pm
Wed July 25, 2012

Your Subsidy Is My Incentive

Tax the other guy's subsidy all you want, but hands off my incentive — that's good policy you're messing with.
Alan Cleaver Flickr

Originally published on Thu July 26, 2012 8:30 am

We've taken a look at government spending in a few different ways lately, including the posts 50 Years Of Government Spending, In 1 Graph in May, and, more recently, Dissecting Federal Spending With An Eye On Cuts.

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Economy
12:42 pm
Wed July 25, 2012

Pray For Rain: Food Prices Heading Higher

A "historically low inventory" of cattle and hogs is driving up meat prices, a trend that's expected to continue next year, USDA economist Richard Volpe says.
Justin Lane EPA/Landov

Originally published on Wed July 25, 2012 2:30 pm

A fierce drought has been scorching crops this summer, but it's still too soon to know exactly how much of a hole it will burn in your wallet.

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Economy
10:21 am
Wed July 25, 2012

When It Comes To Tax Cuts, Neither Side Is Blinking

Originally published on Thu July 26, 2012 12:43 pm

Taxes may be certain, but growth and job creation aren't.

As the U.S. edges closer to a year-end "fiscal cliff," Democrats and Republicans haven't budged in their fight over expiring tax cuts for the wealthiest Americans — and how best to help the middle class and get the country back to work.

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U.S.
4:55 am
Wed July 25, 2012

Hearing On N.Y.'s Soda Ban Brimming With Opinions

Originally published on Wed July 25, 2012 6:12 am

New York City held its first and only public hearing on Mayor Michael Bloomberg's proposed ban on super-sized sodas Tuesday. One critic of the ban said a lazy lifestyle contributes to obesity just as much as soda; a supporter said he lost 50 pounds by cutting out sugary drinks. The health board will vote on the ban in September.

Business
4:50 am
Wed July 25, 2012

Rain, Jubilee Help Shrink Britain's Output

Originally published on Wed July 25, 2012 6:12 am

The gross domestic product fell seven-tenths of a percent from the first quarter — much more than expected, and the most in three years. Output shrank in part because of unusually rainy weather and the extra public holiday because of the Queen's Jubilee.

Business
4:28 am
Wed July 25, 2012

Utilities, Customers At Odds Over Downed Trees

Originally published on Wed July 25, 2012 6:12 am

Transcript

RENEE MONTAGNE, HOST:

Millions of people lost power in the Derecho storm that lashed the mid-Atlantic last month, and a big reason for that was trees falling on power lines. Utility companies have been criticized for that. So some have been aggressively removing trees to prevent future damage and they're getting criticized for that, too, as Sacha Pfeiffer of member station WBUR reports.

SACHA PFEIFFER, BYLINE: There's a strange site rolling through Boston's suburbs lately. It's called a Brontosaurus, and it's a massive tree-cutting machine.

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Business
4:26 am
Wed July 25, 2012

At Silicon Valley Boot Camp, A Startup's Success

Originally published on Wed July 25, 2012 3:42 pm

Transcript

LINDA WERTHEIMER, HOST:

Today, we conclude our series about an attempt to diversify Silicon Valley. It's called NewME, which stands for New Media Entrepreneurship. Seven entrepreneurs, women and African-Americans, are getting a crash course on how to launch a start-up. And as Amy Standen from member station KQED reports, one of them is getting more attention than he bargained for.

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Business
4:05 am
Wed July 25, 2012

Apple Earnings Send Stock Falling

Originally published on Wed July 25, 2012 6:12 am

Transcript

LINDA WERTHEIMER, HOST:

Also disappointing, Apple's earnings report yesterday. Wall Street was underwhelmed.

And as NPR's Steve Henn reports, Apple's shares fell more than 5 percent.

STEVE HENN, BYLINE: Apple brought in $35 billion in revenue, but the company still managed to disappoint Wall Street analysts, like Walter Piecyk at BTIG.

WALTER PIECYK: Apple missed on iPhones - they only sold 26 million. The street was expecting much more.

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U.S.
2:56 am
Wed July 25, 2012

Plant Pleads To Stay Afloat, But Army Says 'No Tanks'

M1 Abrams tanks sit on the assembly line at a plant in Lima, Ohio, the only place where the tanks are manufactured. Plant and local officials fear the plant won't survive if the military temporarily halts new tank orders.
General Dynamics Land Systems

Originally published on Wed July 25, 2012 3:39 pm

M1 Abrams battle tanks are the rock stars of military armor. They're made in only one place: Lima, Ohio. The Army says it's done ordering them, but Congress appears intent on spending millions for more, arguing that cutting production is bad for the economy and national security.

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Around the Nation
2:54 am
Wed July 25, 2012

When The Ship Comes In To Brownsville, Rip it Up

A ship cutter helps dismantle a ship at the Bay Bridge Texas recycling yard.
Michelle Lopez for NPR

Originally published on Wed July 25, 2012 3:41 pm

This fall, the U.S. Navy will contract three Cold War-era aircraft carriers — the USS Forrestal, the USS Saratoga and the USS Constellation — for scrapping. Often called "supercarriers" owing to their massive size, the ships contain nearly 60,000 tons of steel and other metal each.

All three carriers are likely to be sent to the landlocked city of Brownsville, Texas, to be ripped apart.

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Planet Money
5:22 pm
Tue July 24, 2012

Apple Just Made $9 Billion (And Investors Are Mad)

Daniel Hennemand (photogestion) Flickr

Originally published on Thu July 26, 2012 8:30 am

Apple reported its financial results for the quarter ended June 30, and depending how you look at it, they're either amazing or disappointing.

The company says it made $8.8 billion in profits over the course of three months. That's more than enough to buy every share of Alcoa, the global aluminum giant, which was worth just under $8.6 billion when the stock market closed this afternoon.

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Business
4:14 pm
Tue July 24, 2012

Ford's Little Engine That Could Challenge Hybrids

The 2011 Frankfurt Motor Show in Germany featured Ford Motor Co.'s new three-cylinder EcoBoost engine, which will hit the U.S. market next year.
Courtesy of Ford Motor Co.

Originally published on Wed July 25, 2012 7:37 am

Ford Motor Co. intends to prove that good things come in small packages — really small packages. The company has taken engine downsizing to a new level with its new three-cylinder EcoBoost engine, which has been introduced in Europe and is set to hit the U.S. market next year.

The EcoBoost offers more power than many conventional four-cylinder engines, with fuel economy numbers a hybrid could envy. Early fans are calling it a modern "little engine that could," and Ford is betting that American customers are ready to embrace a three-cylinder engine.

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