Business

Business
6:36 am
Fri June 15, 2012

Domain-Name Expansion Prompts Rush Of Applications

Originally published on Fri June 15, 2012 8:56 am

Transcript

RENEE MONTAGNE, HOST:

Our last word in business today is dot free for all.

The group that governs Internet names is allowing for more top-level domain names - that's the technical term for endings like dot-com and dot-net. Nearly 2,000 applications poured in from companies hoping to grab domain name endings like dot-app, dot-eat and dot-baby.

Google went all out, spending more than $18 million to apply for the rights to obvious endings like dot-google and dot-goog. But Google also applied to own dot-love. Hmm.

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Business
6:36 am
Fri June 15, 2012

Yammer Agrees To $1.2 Billion Sale To Microsoft

Originally published on Fri June 15, 2012 8:56 am

Transcript

DAVID GREENE, HOST:

NPR's business news starts with a new owner for Yammer.

(SOUNDBITE OF MUSIC)

GREENE: Yammer, the social networking company has agreed to sell itself to Microsoft for $1.2 billion, according to The Wall Street Journal. Yammer is often called Facebook for the workplace. Co-workers can use it to share files, message one another and organize meetings and events.

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Economy
6:36 am
Fri June 15, 2012

Markets Encouraged By Plans To Calm Eurozone Panic

Originally published on Fri June 15, 2012 8:56 am

Transcript

RENEE MONTAGNE, HOST:

And coming to the end of a tumultuous week of global economic news, we're seeing rising shares Asia, plus the euro coming close to a three-week high.

As NPR's Philip Reeves reports, markets are encouraged by reports that the world's central banks have come up with a plan to try to calm panic in the eurozone.

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The Two-Way
6:12 am
Fri June 15, 2012

Coca-Cola Returning To Myanmar; Now It Sells In All But 2 Nations

Scott Olson Getty Images

Originally published on Fri June 15, 2012 6:29 am

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Asia
2:44 am
Fri June 15, 2012

China's Economy Cools, Perhaps More Than Planned

A Chinese worker operates a machine at a factory in Binzhou in northeast China's Shandong province. China's exports and imports shot up in May year-on-year, the customs agency said on June 10, defying expectations amid a slowdown in the world's second largest economy.
AFP/Getty Images

Originally published on Fri June 15, 2012 9:14 am

In recent months, economic growth in China has not only slowed — it's slowed faster than most people expected. Last week, for the first time since the depths of the global financial crisis, the government actually cut lending rates to try to spur growth. All of this has people wondering: Where is the world's star economy headed?

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Planet Money
2:43 am
Fri June 15, 2012

Can Lincoln Be Cool Again?

An ad for the 1965 Lincoln Continental.
courtesy Lincoln

Originally published on Fri June 15, 2012 8:56 am

In the car business, Lincoln once stood as the pinnacle of luxury. Frank Sinatra drove a Lincoln. So did the Shah of Iran. In the U.S., the presidential limo was a Lincoln.

The brand peaked with the 1961 Lincoln Continental, a beautiful, innovative car that stood for style, individuality and sophistication.

But after the '60s, Lincoln started on a long, slow decline that mirrored the slide of the American auto industry.

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Economy
3:44 pm
Thu June 14, 2012

New Schedules Push Graveyard Shift Off The Clock

A worker builds cars on the assembly line at Ford's Chicago Assembly plant, which has adopted the "three crew" work schedule. The new third shift can increase efficiency in factories, but it can also wreak havoc on sleep needs and home lives.
Scott Olson Getty Images

Originally published on Thu June 14, 2012 8:54 pm

As car companies struggle to meet growing demand, the third shift is making a comeback. But many factories running on three shifts are doing it differently from in the past. And that new "three crew" shift pattern could make what's normally a hard job even harder.

At Ford's Michigan Assembly Plant in Wayne, employees work 10-hour shifts four days a week. The so-called A crew gets days, while the B crew gets afternoons. But the C crew shift rotates its start time every week. On Fridays and Saturdays, workers start at 6:00 a.m. On Mondays and Tuesdays, they start at 4:30 p.m.

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American Dreams: Then And Now
3:11 pm
Thu June 14, 2012

Nailing The American Dream, With Polish

A model shows off an ABC student's work. Most of the students are studying manicuring.
Courtesy of Advance Beauty College

Originally published on Thu June 14, 2012 6:25 pm

If you've had a manicure in California, odds are the person at the other end of the emery board was of Vietnamese heritage.

Vietnamese immigrants now dominate California's nail-care industry — and make up a significant percentage of all manicurists nationwide.

The story began with a hurried immigration after the fall of Saigon almost four decades ago.

Sparked by the interest of a group of refugees and the help of a Hollywood star, the demand for affordable manicures quickly became the foundation of the American dream for many Vietnamese newcomers.

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Law
2:59 pm
Thu June 14, 2012

Victim: Ponzi Schemer Stanford Destroyed Families

Originally published on Thu June 14, 2012 3:39 pm

Texas financier R. Allen Stanford received a 110 year sentence in prison on Thursday. He bilked investors out of more than $7 billion over 20 years in what was one of the largest Ponzi schemes in U.S. history.

The Salt
10:17 am
Thu June 14, 2012

Report Urges Food Stamp Program To Clarify Purchases, Corporate Profits

The public really doesn't know much about what food stamp recipients are buying, and how much companies are profiting.
iStockphoto.com

Originally published on Thu June 14, 2012 12:30 pm

Anthony Smukall's shopping list might look similar to that of many American's: Milk, eggs, whole grain bread, apples, assorted berries. But Smukall buys these products with his monthly SNAP allotment – money he receives from the Supplemental Nutrition Assistance Program (formerly known as food stamps).

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The Two-Way
6:52 am
Thu June 14, 2012

Jobless Claims Rose Last Week; Consumer Prices Fell In May

The number of unemployed Americans who filed first-time claims for jobless benefits rose by 6,000 last week from the week before, the Employment and Training Administration reported this morning.

It says there were 386,000 first-time filings, up from a revised 380,000 (earlier, the agency had estimated there were 377,000 first-time clams in the week ended June 2).

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Business
4:37 am
Thu June 14, 2012

Jury Deliberates In Gupta Insider Trading Case

Originally published on Thu June 14, 2012 5:07 am

The insider trading case against Rajat Gupta is in the jury's hands. Gupta was a former member of the board of directors of Goldman Sachs and a close associate of Raj Rajaratnam, the hedge fund manager who was convicted of insider trading last year.

NPR Story
4:36 am
Thu June 14, 2012

JPMorgan's CEO Calls Losses 'Indefensible'

Originally published on Thu June 14, 2012 5:07 am

The chief executive of JPMorgan Chase, Jamie Dimon, was on Capitol Hill Wednesday, where he tried to explain his company's recent multibillion-dollar trading losses. Dimon told the Senate Banking Committee that the losses were indefensible. He also said the company may try to recover some of the compensation paid to the traders who were responsible.

Business
4:36 am
Thu June 14, 2012

Business News

Originally published on Thu June 14, 2012 5:07 am

Finnish cellphone manufacturer Nokia announced it will cut 10,000 jobs by the end of next year; that follows a cut of 14,000 jobs announced last year. Nokia once dominated the cellphone industry but in recent years has struggled to keep up with smartphone makers like Samsung and Apple.

Media
3:00 am
Thu June 14, 2012

'A Morning Ritual': New Orleans Fights For Its Paper

A New Orleans newspaper stand holds copies of Wednesday's Times-Picayune, which announced layoffs for 200 employees.
Debbie Elliott NPR

Originally published on Thu June 14, 2012 5:07 am

What happens when a media company wants to take away your daily newspaper? In New Orleans, you take to the streets.

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Crisis In The Housing Market
2:30 am
Thu June 14, 2012

Will Credit Be The Spoiler In Housing Recovery?

The housing market is finally showing signs of a comeback, according to an annual study from Harvard. But, though mortgage interest rates are at record lows, banks are often too cautious to lend.
Seth Perlman AP

Originally published on Thu June 14, 2012 9:04 am

Amid all the economic uncertainty over the credit crisis in Europe and slow job growth in the U.S., one sector may be looking up. The U.S. housing market is finally showing more signs of recovery, according to a report being released Thursday by Harvard University.

Harvard comes out with this study once a year, and this time around, it's painting a much brighter picture.

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Law
3:26 pm
Wed June 13, 2012

Jury To Deliberate In McKinsey Insider Trading Case

Originally published on Wed June 13, 2012 5:32 pm

Jurors in the insider trading case of Rajat Gupta heard closing arguments on Wednesday. Gupta is the former head of McKinsey and Company, and a close associate of Raj Rajaratnam, the hedge fund manager who was convicted of insider trading last year.

Business
3:24 pm
Wed June 13, 2012

JPMorgan CEO Maintains Close Ties In Washington

Originally published on Wed June 13, 2012 5:32 pm

Transcript

MELISSA BLOCK, HOST:

For more about the man we just heard referred to as Washington's favorite banker, Jamie Dimon, I'm joined by Jessica Silver-Greenberg. She covers banking for The New York Times. Jessica, welcome.

JESSICA SILVER-GREENBERG: Thank you.

BLOCK: Jamie Dimon seems like he was treated with a pretty gentle hand before the Senate Banking Committee today. Is it a sign, do you think, of a favored son of Washington exerting his clout?

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Business
3:23 pm
Wed June 13, 2012

JPMorgan CEO: $2 Billion Loss Was Indefensible

Originally published on Wed June 13, 2012 5:32 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. The chief executive of JPMorgan Chase, Jamie Dimon, went to Capitol Hill today. There, he tried to explain his company's recent multibillion-dollar trading losses, but he did not try to defend them. That's because he told the Senate Banking Committee the losses were indefensible. Dimon also said his company may try to recover some of the compensation paid to the traders who were responsible. NPR's Jim Zarroli reports.

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Business
3:14 pm
Wed June 13, 2012

As Home-As-B&B Service Grows, So Does Controversy

Originally published on Wed June 13, 2012 5:32 pm

The online service for short-term rentals in private homes known as Airbnb got a boost when it was featured at the recent Apple conference. But the company has also drawn in attention in cities like San Francisco, where legal concerns over everything from liability and safety to upset landlords have led to scrutiny. Audie Cornish speaks with Fast Company reporter Austin Carr about what Airbnb is up against.

Technology
3:13 pm
Wed June 13, 2012

New Internet Suffixes Are The Web's Newest Frontier

Originally published on Wed June 13, 2012 5:32 pm

The Internet Corporation for Assigned Names and Numbers — or ICANN — announced Wednesday which companies or entities have applied to administer top level domains like ".google" or potentially ".drink." Some say it has implications for consumers because it could increase potential for Internet fraud.

It's All Politics
12:21 pm
Wed June 13, 2012

Obama Team: Household Net Worth Actually Rose During His Presidency

Obama administration officials pointed to the 56 percent rise in the Dow Jones Industrial Average since January 2009, and rising 401(k) values as evidence that the personal balance sheets of many Americans have improved during his presidency.
Spencer Platt Getty Images

Originally published on Wed June 13, 2012 1:12 pm

The nearly 40 percent drop in median household net worth between 2007 and 2010 the Federal Reserve reported earlier this week was unarguably an arresting statistic. It confirmed for millions what they already knew, that the Great Recession and its aftermath have been a financial setback with few parallels.

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The Two-Way
10:49 am
Wed June 13, 2012

JPMorgan Execs Who Bungled Billions May Have To Return Bonuses, Stock

JPMorgan Chase CEO Jamie Dimon during his testimony today on Capitol Hill.
Mark Wilson Getty Images

Along with saying, again, that his bank "let a lot of people down" when it lost more than $2 billion, JPMorgan Chase CEO Jamie Dimon added this prediction during his testimony before the Senate Banking Committee this morning:

"It's likely that there will be clawbacks."

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The Two-Way
6:51 am
Wed June 13, 2012

Sharp Drop In Gas Prices Puts Brakes On Inflation

Wholesale prices fell 1 percent in May from April thanks to an 8.9 percent plunge in the price of gasoline, the Bureau of Labor Statistics reports. The overall decrease is the largest in one month since July 2009.

Excluding the energy and sectors, prices at the wholesale level ticked up 0.2 percent.

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Business
5:00 am
Wed June 13, 2012

JPMorgan Chase CEO To Testify On Trading Losses

Jamie Dimon will be on Capitol Hill on Wednesday testifying about massive trading losses at the nation's biggest bank. The CEO of JPMorgan Chase is expected to apologize for a hedging strategy that led to a multibillion-dollar loss. In prepared remarks, Dimon says despite those losses, the bank's overall balance sheet remains solid.

Business
5:00 am
Wed June 13, 2012

Study: Working Women Don't Play 'Queen Bee'

A new study of global business refutes the notion of the queen bee — the often cited assertion that women are reluctant to help other women and will undermine each other to get ahead. In fact, the study shows that women are more likely to develop new talent — especially other women — than men are.

Business
5:00 am
Wed June 13, 2012

Study Of Bank-Robbing Shows It Isn't A Lucrative Job

A team of economists studied bank heists in the U.S. and U.K. to figure out whether bank robbery is a lucrative profession. The research, published in the journal Significance, found the average takeaway per robber is about $4,000 in the U.S. There's a much better return in the U.K., closer to $20,000.

Planet Money
3:03 am
Wed June 13, 2012

Spain's Bank Matchmaker On What Went Wrong

Angel Borges, matchmaker.
Chana Joffe-Walt NPR

Originally published on Mon July 9, 2012 6:55 pm

A couple years ago, Spain hatched a plan to help its small, regional banks. The banks, called cajas, had made lots of bad loans during Spain's real estate bubble.

The plan: Merge the bad cajas with the good ones, in order to make the losses more manageable and bring down overhead.

The government brought in Angel Borges, a banking consultant from Madrid, as a sort of yenta — a matchmaker who was supposed to help the cajas get together.

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The Salt
2:29 am
Wed June 13, 2012

Farmers Split Over Subsidies As Senate Farm Bill Debate Begins

Larry Sailer on his corn and soybean farm, just north of Iowa Falls, Iowa.
Jonathan Ahl for NPR

Originally published on Wed June 13, 2012 6:48 am

The latest proposal for the farm bill — the law governing everything from food stamps to rural development grants — is being considered by the U.S. Senate this week. It's designed to save more than $23 billion over the next 10 years, in part by getting rid of direct payments to farmers. The direct payment program alone costs taxpayers $5 billion per year.

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Politics
2:29 am
Wed June 13, 2012

Why The Farm Bill's Provisions Will Matter To You

Dairy cows feed on a farm in Chilton, Wis., in May. The farm bill being considered by Congress, part of a massive package that could cost nearly $1 trillion over a decade, contains a number of provisions affecting dairies.
Carrie Antlfinger AP

Originally published on Wed June 13, 2012 10:49 am

If you think only farmers care about the farm bill currently being considered by Congress, you're very, very mistaken.

The measure will not only set policy and spending for the nation's farms for years to come, but it will also affect dozens of other seemingly unrelated programs — all at a cost of nearly $1 trillion over the next decade. Following are a few questions and answers about the massive legislation:

Why is it called the farm bill, and where did it come from?

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