Business

Around the Nation
12:07 pm
Tue July 10, 2012

Intense Heat Has Lasting Impact Across U.S.

Originally published on Tue July 10, 2012 1:10 pm

Transcript

NEAL CONAN, HOST:

This is TALK OF THE NATION. I'm Neal Conan in Washington. Heat in the summertime is usually not news, but this year is more than a little out of the ordinary. The first six months of 2012 is already on the books as the warmest half-year on record according to the National Oceanic and Atmospheric Administration.

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The Two-Way
10:19 am
Tue July 10, 2012

Ex-Barclays CEO Gives Up $30 Million In Bonuses; Was Pressured To Quit

Ex-Barclays CEO Robert Diamond.
Mark Lennihan AP

Robert Diamond, the newly departed chief of Barclays bank, won't collect millions in stock bonuses on his way out the door.

He'll still get his annual salary and a one-time payout, worth about $3 million, according to Reuters.

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The Two-Way
9:09 am
Tue July 10, 2012

Even As Jobless Rate Stays High, Job Openings Continue To Grow

Applicants wait to enter a job fair in New York City last month.
John Moore Getty Images

Originally published on Tue July 10, 2012 9:59 am

There were 3.6 million jobs open and ready to be filled in May if the right candidates came along, the Bureau of Labor Statistics reported this morning.

That was up from 3.4 million in April, was the second-most for any month so far this year and was up 16 percent from the 3.1 million in May 2011.

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Planet Money
7:58 am
Tue July 10, 2012

NYT Excerpt: Why The Bronx Seems Gentrification-Proof

The Bronx has lagged as the rest of New York City has boomed.
Chris Hondros AFP/Getty

Originally published on Tue July 10, 2012 5:57 pm

This week in The New York Times Magazine, Adam Davidson asks why the borough hasn't been able to catch up with the rest of New York City's phenomenal economic growth:

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Business
4:00 am
Tue July 10, 2012

Patriot Coal Files For Chapter 11

Originally published on Tue July 10, 2012 5:52 am

Transcript

LINDA WERTHEIMER, HOST:

Coal demand is at its lowest in more than two decades. That's, in part, because of milder winters and a shift to cheaper natural gas. Coal companies are also facing tough new rules proposals from the Environmental Protection Agency for building new coal-fired power plants. Shares for most coal producers have taken a big hit because of these factors and the slow global economy.

RENEE MONTAGNE, HOST:

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Business
4:00 am
Tue July 10, 2012

Business News

Originally published on Tue July 10, 2012 5:52 am

Transcript

RENEE MONTAGNE, HOST:

NPR's business news starts with a record find for Google.

(SOUNDBITE OF MUSIC)

MONTAGNE: Google is reportedly set to pay a 22 and a half million dollar settlement. That fine would resolve charges that Google snuck past Apple's privacy settings for users of Apple's Safari browser.

According to The Wall Street Journal, this would be the highest fine ever imposed on a single company by the Federal Trade Commission. Google has not admitted to any wrongdoing. Transcript provided by NPR, Copyright National Public Radio.

Business
4:00 am
Tue July 10, 2012

The Last Word In Business

Originally published on Tue July 10, 2012 5:52 am

Over a decade ago, Britton Nicholas Newlife bet with a bookmaker that Roger Federer would win Wimbledon seven times. The bet was for $2,300 and the odds were 66-1. Newlife died three years ago, but he left his betting ticket to the international charity Oxfam. On Sunday, Federer won his seventh Wimbledon title. Oxfam will receive more than $150,000 in winnings.

Election 2012
1:57 am
Tue July 10, 2012

Bush Tax Cuts: The New Middle-Class Norm

Josh Walling and Randi Cartmill with their children, Jacqueline, Josh and Ryan. Josh Walling says his family, whose household income is below the national median, would lose a substantial amount of money if the Bush tax cuts expired.
Courtesy of Randi Cartmill

Originally published on Thu July 26, 2012 12:42 pm

The first in an occasional series, Fiscal Cliff Notes, which breaks down the looming "fiscal cliff" of expiring tax cuts and deep automatic spending cuts set to hit around the first of year.

Much of the political focus when discussing the Bush-era tax cuts is on the wealthy, but they're not the only ones who would be affected if the tax cuts are allowed to expire at the end of this year.

The vast majority of American taxpayers would take a hit, including Randi Cartmill and Josh Walling, who live in Madison, Wis., with their three children.

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Business
1:16 am
Tue July 10, 2012

For Manufacturing Jobs, Workers Brush Up On Math

Brian Gasiewski removes the external housing for an industrial shock absorber from a CNC, or computer numerical control, machine at Fitzpatrick Manufacturing Co. in Sterling Heights, Mich.
Duane Burleson AP

Originally published on Tue July 10, 2012 5:52 am

Politicians have touted modern manufacturing as the solution for lifting the economy and providing good jobs.

But today's manufacturing work requires strong math skills — not just adding and subtracting, but a good grasp of fractions, decimals and basic trigonometry. And job applicants who want to go into manufacturing often don't have what it takes.

So colleges and nonprofits, especially throughout Illinois, are stepping in to bridge this skills gap by combining manufacturing training with basic reading and math.

Doing Math On The Job

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Business
12:03 am
Tue July 10, 2012

Judge: Samsung's Galaxy Tab Not As 'Cool' As iPad

Samsung won a victory Monday in its global patent war with Apple. The British judge said Samsung's Galaxy Tab (right) is "not as cool" as the iPad (left).
Gero Breloer AP

Originally published on Tue July 10, 2012 12:09 pm

Samsung won a victory in Britain on Monday in its global patent war with Apple over the designs for its tablet computers.

A British judge ruled Samsung's Galaxy Tablets do not infringe on any of Apple's designs for the iPad.

Samsung, however, may have mixed feelings about this decision.

According to Judge Colin Birss, Samsung's Galaxy tablets are not cool enough to be confused with the iPad or violate any of Apple's design patents.

The ruling was a legal victory for Samsung, but if this were a consumer review, it would have been a bloodbath.

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All Tech Considered
3:38 pm
Mon July 9, 2012

The Next Silicon Valley? Berlin Startups Catching Up With The Hype

Simon Fabich (center) is CEO and co-founder of the Berlin-based online shopping startup Monoqi. Artsy and relatively inexpensive, Berlin is an up-and-coming city for European tech startups.
Courtesy of Monoqi

Originally published on Tue October 16, 2012 2:29 pm

California's Silicon Valley remains by far the dominant arena for high-tech startups and venture capitalists looking to back innovative projects.

But Europe is starting to make its mark on the startup scene. London, Paris and Berlin are starting to hold their own as more and more European startups look to compete on the global stage and attract investors.

A 'Crazy Green Field' For Creative Types

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Planet Money
11:32 am
Mon July 9, 2012

What ever happened to the TED spread?

TED spread charts like this one — from June 2011 — have been used to judge whether the financial markets are worried about the health of the big banks.
Bloomberg News

Over the last week or so, we've been watching the scandal over manipulation of LIBOR, perhaps the single most important global interest rate: See Robert Smith's piece on Morning Edition, and Tuesday's podcast.

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Economy
9:23 am
Mon July 9, 2012

No June Gloom For American Auto Sales

Originally published on Mon July 9, 2012 10:04 am

Recovery has been creeping at a slow pace for much of the American economy, but sales by US auto makers have revved up. Chrysler and General Motors both saw double digit growth in June, and Ford wasn't too far behind. Guest host Maria Hinojosa and NPR's Sonari Glinton talk about what's driving the rise.

Planet Money
9:08 am
Mon July 9, 2012

Identifying The Real Victims In The LIBOR Scandal

LIBOR affects many consumer credit rates, from mortgages to credit cards.
Theo Francis NPR

Originally published on Wed July 11, 2012 3:16 pm

A lot of the coverage of the LIBOR scandal has focused on the ways that Barclays tried to manipulate LIBOR lower during the financial crisis, to make the bank look more secure. This has led some listeners to ask a good question: if rates were being shoved down, doesn't that help consumers? LIBOR, after all, is a financial benchmark that shows up in adjustable rate mortgages and other loans.

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Planet Money
6:13 am
Mon July 9, 2012

Did The Bank of England Urge Barclays to Lie?

Morning light on the houses of Parliament in London, where Bank of England Deputy Governor Paul Tucker faces questions over his role in a banking scandal.
Christopher Furlong Getty Images

The scandal over LIBOR, a key global interest rate, has already hit banks around the world. Today, it moves to the very heart of the British government.

A deputy governor of the Bank of England will be quizzed by parliament on whether he told banks to lie to about the crucial interest rate.

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Economy
3:28 am
Mon July 9, 2012

Charity Collects Donations To Buy Greek Bonds

Many businesses in the town of Oia, on the northern tip of Santorini, are struggling to make ends meet following a drop in tourism.
Michael Virtanen AP

Originally published on Mon July 9, 2012 4:22 pm

A young shipping heir whose family helped turn the Greek island of Santorini into a tourist hot spot is trying to help Greece dig out of its massive debt by asking average Greeks to chip in.

Peter Nomikos hopes to build a social movement beginning with a charity he launched about two weeks ago called Greece Debt Free, which collects donations to buy Greek bonds. On Santorini, the Cycladic island of whitewashed homes, residents say they'd like help with their benefactor's charity — but they can't even pay their own bills.

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Business
2:55 am
Mon July 9, 2012

Business News

Originally published on Mon July 9, 2012 5:03 am

Some Internet users may be out of luck when they try to log on Monday. They're victims of an international malware attack — a malicious software picked up by their computers online over a year ago. The FBI has turned off Internet servers set up as a stop-gap to keep tens of thousands of victims online.

Business
2:55 am
Mon July 9, 2012

Stafford Loans Interest Rate To Remain Steady

Originally published on Mon July 9, 2012 4:23 pm

Transcript

RENEE MONTAGNE, HOST:

And for one more year, college students can access a certain kind of loan for the low rate of 3.4 percent. It's known as a Stafford loan, and the interest rate was set to double, until lawmakers managed to reach an agreement to keep the rate low, which in turn will keep college more affordable for more people.

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Business
2:55 am
Mon July 9, 2012

The Last Word In Business

Originally published on Mon July 9, 2012 5:11 am

In France, 26 million customers lost mobile phone service for more than nine hours on Friday. France Telecom had crashed. For subscribers, that meant no calls, no texts and no mobile Internet.

Politics
2:09 am
Mon July 9, 2012

GOP To Make 31st Attempt To Repeal Obamacare Act

Originally published on Wed November 14, 2012 11:00 am

The House Rules Committee takes up a bill Monday called the "Repeal of Obamacare Act." And just like it says, the bill would wipe away the president's Affordable Care Act. A vote of the full House is planned for Wednesday.

It's the first legislative response from House Republicans after the Supreme Court upheld the law. But it is far from the first time the GOP has voted for repeal.

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Your Money
3:28 pm
Sun July 8, 2012

Raising Minimum Wage: A Help Or Harm?

Wendy Brown of Schenectady, N.Y., holds a sign before an Occupy Albany rally pushing for a raise in New York's minimum wage on May 29, 2012.
Mike Groll AP

Originally published on Sun July 8, 2012 6:55 pm

Back in 1912, Massachusetts became the first place in America to introduce a minimum wage, but it would take another quarter century before a national minimum wage was set.

President Franklin Roosevelt made it law in 1938, that any hourly worker had to be paid at least 25 cents an hour. It was revolutionary, and very few countries had anything like it.

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Your Money
2:44 pm
Sat July 7, 2012

What Does London's LIBOR Mean To The U.S.?

British banking giant Barclays is at the center of an interbank loan rate scandal that caused several high-ranking executives to resign and forced the company to pay $455 million in fines.
Carl Court AFP/Getty Images

Originally published on Sat July 7, 2012 3:24 pm

Many of us were introduced to the term LIBOR for the first time this week, when it was revealed that some banks might have been manipulating the dull but vital interest rates to gain an edge in the market.

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Sports
2:42 pm
Sat July 7, 2012

In NBA, The Old Guys Get Paid

Steve Nash, 38, left the Phoenix Suns to sign a $27 million three-year deal with the Los Angeles Lakers
Matt York AP

Originally published on Sat July 7, 2012 3:54 pm

Two NBA stars who are certainly past their primes and almost over the hill signed huge new contracts this week.

Make no mistake, Kevin Garnett and Steve Nash are still world-class basketball players. But it's been eight years since Garnett won his Most Valuable Player award, and it's been six years since Nash won back-to-back MVPs. Garnett is 36 years old, and Nash is 38.

"At 38, you're an active senior in NBA terms," sports writer Dave Zirin of The Nation magazine says. "You might as well be playing shuffleboard."

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Election 2012
1:55 pm
Sat July 7, 2012

Pro-Obama SuperPACs Losing The Money Race

President Obama steps onstage before a campaign event in Poland, Ohio. He recently underlined the importance of campaign finances to supporters in an email that began, "I will be outspent."
Chip Somodevilla Getty Images

Originally published on Sat July 7, 2012 3:28 pm

"I will be outspent." This simple phrase headed an email President Obama recently sent to supporters.

"We can be outspent and still win," the message read. "But we can't be outspent 10 to 1 and still win." Obama asked for donations of as little as $3 to compete against the deep pockets of Republican challenger Mitt Romney and the super political action committees that back him.

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Around the Nation
6:57 am
Sat July 7, 2012

Scranton's Public Workers' Pay Cut to Minimum Wage

Originally published on Sat July 7, 2012 2:29 pm

The city of Scranton, Pa., sent out paychecks to its employees Friday, like it does every two weeks. But this time the checks were much smaller than usual. Mayor Chris Doherty has reduced everyone's pay — including his own — to the state's minimum wage: $7.25 an hour.

Doherty says his city has run out of money.

Scranton has had financial troubles for a couple of decades — the town has been losing population since the end of World War II. But the budget problems became more serious in recent months as the mayor and the city council fought over how to balance the budget.

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Economy
3:29 pm
Fri July 6, 2012

Options Slim, Older Job Seekers Try Starting Fresh

John Pham (right) reviews Bob Drake's resume at an AARP event aimed at helping older workers improve their job search. Workers age 55 and older cite particular difficulty finding employment, and some are choosing to retrain for new careers.
Frank Franklin II AP

Originally published on Tue July 10, 2012 2:46 pm

Deborah Klein sits in a parked car, a pile of envelopes on her lap. She's looking for work as a pharmacy technician, and has come to a faded strip mall near Waterbury, Conn., to drop off resumes with employers.

"I hope they get in touch with me, they want to meet with me, and who knows — they may have a position," Klein says. "It may not be now, but if I put something in their hand, they have something to think about."

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It's All Politics
2:15 pm
Fri July 6, 2012

Jobs Report And Politics: The Monthly Spin Cycle

Republican presidential candidate Mitt Romney speaks about the monthly jobs report Friday in Wolfeboro, N.H.
Charles Dharapak AP

Originally published on Fri July 6, 2012 2:32 pm

Like any Oval Office incumbent seeking re-election, President Obama would prefer to have the economy exceeding expectations in terms of job creation at this point in the campaign.

But exactly four months from Election Day, the economy isn't cooperating. In fact, it's doing just the opposite, underperforming job-growth forecasts in recent months.

Given the trend, it seems unlikely the four monthly jobs reports to be issued between Friday and Election Day will change the pattern in which our politics now seem trapped:

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The Two-Way
1:07 pm
Fri July 6, 2012

Yahoo, Facebook Reportedly In Ad Deal

Originally published on Fri July 6, 2012 1:52 pm

Yahoo and Facebook have agreed to re-sheath their patent swords and play nice — at least for now.

The two companies have struck a broad advertising partnership as part of a deal to end a patent dispute, Kara Swisher reports on the technology blog All Things Digital, quoting "sources close to the situation."

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Planet Money
10:10 am
Fri July 6, 2012

Rigging LIBOR: Banking Scandal Hits Home (Literally)

Lefteris Pitarakis AP

Originally published on Mon July 30, 2012 7:20 pm

The biggest scandal in the world right now has nothing to do with sex or celebrities. It's about an interest rate called LIBOR, or the London Interbank Offered Rate.

Most Americans probably never heard of LIBOR. When I first moved to New York, I hadn't. Back then, I could barely afford my apartment and got an adjustable rate mortgage. And so I wondered: When my rate adjusts, how will I know how much I'll be paying?

I searched through all the documents and it was right there — LIBOR. I would be paying a few percentage points above whatever LIBOR was.

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Planet Money
8:08 am
Fri July 6, 2012

How Unemployment Has Dragged On, In Three Charts

Lam Thuy Vo / NPR

Originally published on Mon July 9, 2012 9:06 pm

Losing your job is rarely good. Not being able to find one for months can be disastrous for individuals, and bad for society as well. Yet during the recent recession and the current anemic recovery, more people in the U.S. have been unemployed for longer than at any time since 1948.

Of all Americans who were unemployed in June, almost half had been without a job for 27 weeks or longer. In other words, 5.4 million people have been jobless for more than half a year.

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