Swiss banking giant UBS AG has agreed to pay $1.5 billion in fines to regulators in the U.S., Britain and Switzerland for its part in a scheme to manipulate the London interbank offered rate (LIBOR), which is used to set rates on contracts around the world.
Companies that make firearms are facing some tough choices, in the aftermath of the Sandy Hook tragedy. Yesterday, the private equity group Cerberus Capital Management said it's getting out of the gun business. And one of the largest outlets for firearms, Dick's Sporting Goods, said it is suspending sales of certain kinds of rifles. Wal-Mart has removed a website listing for a rifle similar to the one used by the gunman in Connecticut.
NPR's Sonari Glinton looks at what the gun debate could mean for big business and big retail.
NPR's business news begins with a global bank settlement.
It's the big Swiss bank, UBS. It announced this morning that it will pay a total of $1.5 billion in fines for its role in rigging the interbank lending rate known as LIBOR. The settlement will be paid to Swiss, British and American regulators.
Greece got a rare bit of good news late yesterday. Standard and Poor's upgraded the country's credit rating six notches to a B minus. I mean, not the worst grade on your report card, but in the financial world this is junk bond status.
Still, Joanna Kakissis reports from Athens that there is a more stable outlook.
The change — which was posted in dense legalese on its website Monday — sparked users to vow to stop posting their color-filtered, tilt-shifted photos to Instagram.
It's a nervous time for companies that make and sell guns.
On Tuesday, Cerberus Capital Management, a private equity firm, announced it was selling its stake in Freedom Group, maker of the American Bushmaster AR-15 rifle, which was used in the Newtown killings last Friday, along with other brands such as Remington.
China and India are projected to propel coal's challenge of oil as the world's top energy source within the next five years, according to a new study. Here, a man rides a bicycle toward a coal-fired power station in China's Guangdong province last year.
Originally published on Mon March 25, 2013 12:49 pm
Despite a slowdown in U.S. consumption, coal is poised to replace oil as the world's top energy source — possibly in the next five years, according to the International Energy Agency. The rise will be driven almost entirely by new energy demands in China and India, the IEA says.
Originally published on Tue December 18, 2012 11:12 am
The issue of gun control appears to have moved into business and finance. One of the largest private equity companies in the country is terminating its relationship with a firearms corporation associated with one of the weapons used in the Newtown school shooting.
Originally published on Tue December 18, 2012 5:00 am
McKenna Pope, 13, of New Jersey wanted to get an Easy Bake Oven for her little brother, but didn't want him thinking the purple and pink toy was just for girls. Forty-thousand signatures later, Hasbro has now shown McKenna a prototype of a new silver, blue and black oven. The company says the gender-neutral toy will be on shelves next summer.
Originally published on Tue December 18, 2012 4:40 am
President Obama and House Speaker John Boehner met in person again Monday to discuss a budget deal that would undo the massive tax hikes and spending cuts set to take effect Jan. 1. The Republican leader has offered to increase tax rates on people who make over $1 million. The president has responded with a counteroffer.
As the "fiscal cliff" nears, Morning Edition evaluates some of the deductions and credits that are in the tax code. As part of our 12 Days of Tax Deductions, David Greene examines the Adoption Tax Credit, which supports families who adopt children from foster care, as well as infant and international adoptions.
Cyndy Aafedt (left) owns the El Rancho hotel in Williston, N.D. Jobs in town have been hard to fill. Her employee, Mary Joy Hardt (right), who is from the Philippines, is one of many people with J-1 visas helping to fill retail, hotel and restaurant job openings here.
Credit Meg Luther Lindholm for NPR
Kyle Pfifer works at a McDonald's in Williston, a job he got the same day he applied. He says he turned in his application, got lunch, "and I had a call before I was done eating, and I had a job."
The population boom in Williston, N.D., has been a blessing and a curse for many local businesses. Williston, the fastest growing small city in America, is enjoying an oil boom and has seen its population double in the past two years.
At the city's brand new McDonald's, manager Vern Brekhus struggles every day to maintain his staff of nearly 100 workers.
As a part of the series, "Why Not," Tell Me More is looking at policies that were once untouchable but now may be on the table. Today, NPR Correspondent Tamara Keith and Emory Law Professor Dorothy Brown dig into the pros-and-cons of raising taxes on capital gains and dividends.
David Greene talks to toy analyst Sean McGowan about Lego's new line for girls, gender-neutral Easy Bake Ovens and other gender issues facing the toy industry. McGowan is a senior analyst at Needham & Company.
Originally published on Mon December 17, 2012 5:41 am
When Apple launched it's iPhone 5 in China Friday, it sold more than 2 million phones in three days. It's great news for the company as there have been some concerns about Apple's long-term outlook and its stock has taken a hit in recent days.
Originally published on Mon December 17, 2012 5:46 am
A cleaning crew found the coins after the death of a reclusive man in Carson City, Nevada, earlier this year. When the man was found to have no relatives in the area, researchers followed the trail to a teacher in California. She just needs certification from a judge to claim the chunk of change.
Originally published on Mon December 17, 2012 5:05 am
There's still no budget deal to prevent the automatic spending cuts and tax increases scheduled to go into effect at the end of this year. There are some tax deductions, credits and other breaks lawmakers are weighing in this budget debate.
Fatima Jafari, owner of Bamboo Wood Industries, listens to a worker in her factory in Kabul, Afghanistan. Jafari is one of the few female entrepreneurs in an industrial trade in the country, despite international efforts to support women in business.
Behind a tall metal gate in a nondescript nook of Kabul sits the Bamboo Wood Industries factory. It's not a place you're likely to stumble across by accident. Inside, a handful of men are cutting, painting and assembling desks and cabinets. The pieces being made are chocolate brown and quite modern looking.
Sitting in a spartan, unheated office above the factory floor is Fatima Jafari, the owner of the company. The 30-something woman started the business a little over a year ago.
The right-to-work legislation that was passed, and signed into law, in Michigan this week has been called a staggering blow to organized labor. Such laws allow workers to refuse to join a union and pay union dues, even if they're employed in a unionized workplace. Twenty-four states now have similar laws but Michigan, as the home of the U.S. auto industry, is considered one of the foundries of the American labor movement.
Originally published on Fri December 14, 2012 5:02 am
The bank UBS has been in the middle of a huge investigation into interest rate manipulation. There are several reports that a subsidiary of UBS is making a settlement deal with U.S., British and Swiss officials.