The drop is another sign that after several weeks of spikes because many people were thrown out of work due to damage related to late October's Superstorm Sandy, claims have now settled back into the range where they've been for most of the past year.
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.
Credit David Schaper/NPR
Rumors of the demise of Atlantic City's boardwalk were greatly exaggerated — only a small part was damaged. Now city and tourism officials are trying to draw people back.
Credit David Schaper/NPR
At Atlantic City's Tropicana Casino resort, business has been slow since Hurricane Sandy, but it's starting to pick up again.
Credit David Schaper/NPR
At Jay's Souvenirs on the boardwalk, Yaqob Abro says it costs him more to commute to work and keep the lights on than he's making in sales most days.
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.
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.
We begin NPR's business news with possible bank settlements.
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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.
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.
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.
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.
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.
Credit The New York Times
Louise Story is an investigative journalist for The New York Times, specializing in business reporting. In 2009 she was a finalist for the Pulitzer Prize in Public Service for her reporting on the financial crisis of 2008.
In her new series for TheNew 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.
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.
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."
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.
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.
Some top-tier business schools are offering more than just finance and marketing these days: Duke, UCLA, MIT and Stanford are all teaching improv. Professors say these techniques help students increase collaboration, creativity and risk taking.
In an improvisational leadership class at MIT's Sloan School of Management, instructor Daena Giardella coaches a scene where a hospital administrator is firing surgeons after a horribly botched operation.
Giardella, who does professional improv, boils it down to a rule known as "yes, and."
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.
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.
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'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.
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.
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.
There is a lot of speculation now about what issues - big and small - the Obama administration should tackle in its second term. Education is one thing on many of those lists, and in Washington yesterday, the talk was about one of the hottest trends in the field - something called MOOCS. MOOCS is short for Massive Open Online Courses; college courses, to be exact.