Originally published on Thu August 8, 2013 4:09 am
JPMorgan Chase revealed on Wednesday that it's facing criminal and civil investigations by the Justice Department. The bank says the investigations focus on sales of subprime mortgage securities in the years preceding the financial crisis.
Earnings season is wrapping up in the car world. And the small American company Tesla is doing better than expected. When the high-end electric automaker released its earnings this week, it handily beat Wall Street expectations. Tesla's stock is up about 300 percent this year.
As NPR's Sonari Glinton reports, the question is, whether the company has enough power to sustain it for the long term.
Sioux Falls, S.D., gains thousands of new residents each year. Leaders point to business opportunities, diversity and quality of life as reasons for its growth. This kind of boom comes with conflict, and Sioux Falls faces challenges to continuing development.
Originally published on Thu August 8, 2013 4:38 am
The cruise ship made famous by the TV show The Love Boat will end up in a scrap heap on the Turkish coast. A ship recycling company in Turkey bought the cruise liner for a little more than $3 million and will strip it for its parts and metal.
Originally published on Fri August 9, 2013 10:44 am
Why buy 1 pound of hamburger meat from a local farmer when you can buy 5 pounds — plus another 20 pounds of stew meat, steaks and roast — for as little as half the price of what it all goes for at the market?
The ongoing immigration debate in Congress often spotlights the job market for people living in the U.S. illegally. Not long ago, that market included one of the country's top organic herb farms — until an immigration bust forced the business, based in Washington state, to clean up its payroll.
Ted Andrews, owner of HerbCo International, says he's learned some tough lessons during the transition to a legal workforce. Lesson No. 1: "There are events that can destroy a business in the snap of a finger," he says. "This was one of them."
Originally published on Wed August 7, 2013 9:54 am
Freddie Mac racked up a $5 billion profit in the second quarter, the mortgage backer said in its quarterly report Wednesday. The earnings are the second-highest in the history of Freddie Mac, which has now extended its streak of profitable quarters to seven in a row.
Local record and book shops have been disappearing as the market for music and literature moves online. In the past few years, there's been a growth in sites that sell fine art on the Internet. On Tuesday, Amazon joined that market. But in this case, many brick and mortar galleries aren't seeing the Internet as a threat.
News that Jeff Bezos, the founder and CEO of Amazon, is buying The Washington Post for $250 million took many in the news media and publishing industries by surprise. For more insight into Bezos, David Greene talks to BusinessWeek senior writer Brad Stone. He is the author of an upcoming book: The Everything Store: Jeff Bezos and the Age of Amazon.
Originally published on Wed August 7, 2013 4:52 am
In Boston, a billionaire entrepreneur is buying the Boston Globe. John Henry is currently the owner of the Red Sox baseball team. He says he isn't interest in trying to influence the news — including the baseball coverage.
The company has been hit by a lot of losses since it was founded in 2007. But for the second quarter of this year, it says it earned nearly $9 million. Virgin America seems to be reaping the benefits of falling fuel prices and an increase in people traveling.
The Justice Department is bringing civil charges against one of the nation's largest banks. The government alleges that Bank of America made false statements about the quality of home loans it sold off to investors, $850 million worth of loads. The Justice Department move is the latest in a series of cases being brought against financial firms.
NPR's Chris Arnold has been following all of this and joins us now. Good morning.
The idea of raising backyard chickens has become very popular. But people who follow through on the idea don't always know what they are getting into. So a few companies are letting would-be chicken farmers try out the experience — for a fee.
Once again, Spain and Britain are at odds over a tiny limestone peninsula at Europe's southern tip — Gibraltar. It's physically attached to Spain but has been a British territory for 300 years. Now some Spaniards want it back.
President Obama is in California, where he'll visit Marines at Camp Pendleton. On Tuesday, he spoke about housing in Phoenix. Among other items, he talked about winding down Fannie Mae and Freddie Mac, the companies that guarantee most long-term fixed-rate mortgages in the U.S.
A series of threats and abusive messages aimed at prominent women in the U.K. have placed Twitter in an awkward spot. As the company gears up to go public and expand its brand around the world, it is increasingly running into cultural and legal hurdles that challenge Twitter's free speech ethos.
Earlier this year, Caroline Criado-Perez led a successful campaign to keep non-royal British women on the country's currency. Then last week, because of that work, the 29-year-old activist and blogger became the target of an organized barrage of hateful messages on Twitter.
Originally published on Tue August 6, 2013 2:33 pm
The Department of Justice announced Tuesday that it was suing Bank of America for allegedly lying to investors about the riskiness of about $850 million worth of mortgage-backed securities back in 2008.
Originally published on Tue August 6, 2013 2:20 pm
Public health advocates have lobbied hard in recent years to clear restaurants, bars and other workplaces of tobacco smoke, and the winds seem to be at their back.
Already, 36 states and the District of Columbia have enacted some version of an indoor smoking ban to protect the health of workers and patrons, and many local communities in other states have followed suit.
Today's Last Word In Business is criminal glass ceiling. A new study suggests that female white collar crooks face the same barriers as their law-abiding counterparts in the corporate world.
RENEE MONTAGNE, HOST:
A team of researchers from Penn State studied the involvement of women in recent corporate fraud cases. It found women held inferior positions in criminal conspiracies, and profited significantly less from their misdeeds.
This is MORNING EDITION, from NPR News. I'm Renee Montagne.
LINDA WERTHEIMER, HOST:
And I'm Linda Wertheimer. This morning, The Washington Post is in its own headlines. The Graham family, which controlled the Post for eight decades, is selling the flagship paper. Here's Washington Post Chairman Donald Graham, in a Post-TV video talking about the sale.
The world of newspapers was rocked Monday by news that Jeff Bezos, the founder and CEO of Amazon.com, is buying The Washington Post for $250 million. Bezos' purchase of the paper will bring to an end its association with the Graham family, which bought the Post in 1933.
The company is hoping the move will increase sales. The 2014 model of the plug-in car will now cost about $35,000 — more than 12 percent less than last year's model. Ford and Nissan have already reduced the prices on their electric cars.