Business

Europe
7:38 am
Tue March 19, 2013

Cyprus Proposes Exempting Smaller Deposits From Tax

Originally published on Tue March 19, 2013 8:42 am

Transcript

RENEE MONTAGNE, HOST:

Lawmakers in Cyprus are trying to ease rage over a proposed tax on all bank deposits by exempting people who have relatively small accounts. It's part of a bailout plan for that Mediterranean country negotiated with the E.U. and IMF over the weekend, but the compromise on taxes may not be enough for Cyprus' parliament to pass the plan.

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The Two-Way
6:57 am
Tue March 19, 2013

Cyprus Lawmakers Reject Unpopular Bailout Plan

A Cypriot woman holds a sign during a protest against an EU bailout deal outside the Parliament in Nicosia on Monday.
Patrick Baz AFP/Getty Images

Originally published on Tue March 19, 2013 1:55 pm

Update at 2:25 p.m. ET: Deal Turned Down:

Cyprus lawmakers have rejected the bank tax bill, with zero votes in favor, 36 against and 19 abstentions, after a two-hour debate, The Associated Press and Reuters news agencies report. The bill's rejection throws into doubt the $13 billion international bailout package needed to forestall a default.

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The Two-Way
6:47 am
Tue March 19, 2013

Housing Rebound Continues: Starts Rose 0.8 Percent In February

A home under construction in Atlanta late last year. The housing sector is now one of the economy's bright spots.
Erik S. Lesser EPA /LANDOV

Construction was begun on 0.8 percent more homes in February than in January, the Census Bureau and Department of Housing and Urban Development say. Their report is another in a series of signs in recent months that the housing sector's rebound continues.

The number of "housing starts" was up 27.7 percent from February 2012.

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Business
2:43 am
Tue March 19, 2013

Visual Effects Firms Miss Out On A Film's Success

Guillaume Rocheron, Bill Westenhofer, Erik-Jan De Boer and Donald R. Elliott at the 85th Annual Academy Awards in February. Rhythm & Hues Studios, the company that produced the effects for winning film Life of Pi, recently declared bankruptcy.
Kevin Winter Getty Images

Originally published on Tue March 19, 2013 3:20 pm

Hollywood studios are demanding more and more visual effects to make blockbuster films. But the artists who create this movie magic are protesting that they and their entire industry are in deep financial trouble. Even the most celebrated visual-effects companies face the risk of going under, and there are calls to revamp the way they do business.

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Business
2:43 am
Tue March 19, 2013

2 Former CalPERS Officials Inicted For Fraud

Originally published on Tue March 19, 2013 8:42 am

Transcript

RENEE MONTAGNE, HOST:

NPR's business news starts with charges of pension fraud.

(SOUNDBITE OF MUSIC)

MONTAGNE: A federal grand jury has indicted the former CEO of the California Public Employees' Retirement System.

NPR's Sonari Glinton has more on the bribery and influence-peddling case.

SONARI GLINTON, BYLINE: Let's start with the characters. There's Calpers - or the California Public Employees Retirement Systems. As pensions systems, go you can't get bigger.

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Business
2:43 am
Tue March 19, 2013

The Last Word In Business

Originally published on Tue March 19, 2013 8:42 am

Transcript

RENEE MONTAGNE, HOST:

Our last word in business today is filial piety.

STEVE INSKEEP, HOST:

That's the ancient Chinese ethic of young people showing care and respect to their parents and older relatives. Now it's the law in China. Starting this summer, if kids don't pay enough attention to their folks, mom and dad can sue.

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Business
2:43 am
Tue March 19, 2013

E.U. Tax Proposal On Cypriot Bank Deposits Riles Russia

Originally published on Tue March 19, 2013 8:42 am

Transcript

STEVE INSKEEP, HOST:

It's MORNING EDITION from NPR News. I'm Steve Inskeep.

RENEE MONTAGNE, HOST:

And I'm Renee Montagne.

Russian President Vladimir Putin is expressing outrage over a possible new tax in Cyprus. That Mediterranean island is far Moscow but holds billions in Russian money. It's the topic of today's Bottom-line in Business. At the heart of the uproar is a bailout of the banking system in Cyprus. In a first, the European Union is proposing to partly pay for the bailout with a tax on depositors' money.

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All Tech Considered
5:14 pm
Mon March 18, 2013

CEO Of Electronic Arts, World's Third-Largest Gaming Company, Resigns

Electronic Arts CEO John Riccitiello, seen here speaking at the E3 Expo in 2010, is stepping down, the company announced Monday.
Michal Czerwonka Getty Images

Electronic Arts, the world's third-largest video game company, announced Monday that CEO John Riccitiello would be stepping down.

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Business
2:15 pm
Mon March 18, 2013

Why The Crisis In Cyprus May End Up Hurting You Too

Cypriots protest an EU bailout deal outside the parliament in Nicosia on Monday. A proposed bailout deal would slap a levy on all Cypriot bank savings.
Patrick Baz AFP/Getty Images

Originally published on Wed March 20, 2013 10:28 am

Ask Americans to point out Cyprus, and most would have to spin a globe several times before noticing the small island nation, east of Greece and south of Turkey.

But whether or not you have ever given a thought to the 1.1 million people living there under the warm Mediterranean sun, Cyprus might send a chill up your spine this week.

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Intelligence Squared U.S.
2:00 pm
Mon March 18, 2013

Does America Need A Strong Dollar Policy?

(From left) John Taylor, Frederic Mishkin, James Grant and Steve Forbes traded arguments during the latest Intelligence Squared U.S. debate.
Samuel LaHoz

Originally published on Mon March 18, 2013 2:34 pm

  • Listen To The Full Audio Of The Debate
  • Listen To The Broadcast Version Of The Debate

Is a strong U.S. dollar a good thing, or is it overrated as a policy goal?

Some argue that a policy aimed at keeping the dollar strong would hurt U.S. economic growth because it would make American goods and services more expensive, lessening global demand for them. Others say having a weak and unstable unit as the basis of the economy makes commerce harder and creates financial bubbles that then burst disastrously.

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Media
12:21 pm
Mon March 18, 2013

As Consumers Jump Ship, News Outlets Shift Priorities

Originally published on Mon March 18, 2013 12:44 pm

Americans are abandoning their long-trusted news outlets in high numbers. According to a Pew Research Center report, 31 percent of Americans say they have deserted a particular news outlet because it no longer provides the information they want.

Planet Money
10:35 am
Mon March 18, 2013

Where The Bank Really Keeps Your Money

People queue to use an ATM outside of a Laiki Bank branch in Larnaca, Cyprus, on Saturday. Many rushed to cooperative banks after learning that the terms of a bailout deal with international lenders includes a one-time levy on bank deposits.
Petros Karadjias AP

Originally published on Thu March 21, 2013 8:37 am

Cyprus has about as many residents as the Bronx. All Cypriot banks combined are smaller than the 30th-largest U.S. bank. So why is the country's financial system front-page news today?

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The Two-Way
6:54 am
Mon March 18, 2013

Cyprus Bailout To Hit Depositors, Sends Shivers Through Markets

Take the money and run: An ATM in the Cypriot capital Nicosia on Sunday.
Hasan Mroue AFP/Getty Images

Originally published on Mon March 18, 2013 4:08 pm

A vote in Cyprus on whether to approve a controversial bailout plan has been postponed after the prospect of the deal caused bank customers to rush to withdraw their savings and drew the ire of overseas depositors.

As NPR's Krishnadev Calamur wrote in a post over the weekend: "The money [is] needed because Cyprus' banks lost 4.5 billion euros on their Greek bond holdings, which were written down last year after Greece's second bailout."

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Business
2:06 am
Mon March 18, 2013

The Last Word In Business

Originally published on Mon March 18, 2013 10:38 am

Transcript

RENEE MONTAGNE, HOST:

If some of your co-workers seem distracted today - well, it's not any old Monday - huh, Steve?

STEVE INSKEEP, HOST:

I'm sorry, Renee. We're you saying something? I was busy filling out an NCAA Tournament bracket here. Our last word in business, as a matter of fact, is about that. It's lost productivity.

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Business
2:06 am
Mon March 18, 2013

EU Bailout Tax Sparks Bank Run In Cyprus

Originally published on Tue March 19, 2013 8:08 am

Transcript

STEVE INSKEEP, HOST:

It's MORNING EDITION, from NPR News. I'm Steve Inskeep.

RENEE MONTAGNE, HOST:

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Business
2:06 am
Mon March 18, 2013

Court To Sentence AT&T Hacker Andrew Auernheimer

Originally published on Mon March 18, 2013 10:38 am

Transcript

RENEE MONTAGNE, HOST:

NPR's business news starts with a hacking sentence.

(SOUNDBITE OF MUSIC)

MONTAGNE: This morning, a federal court in New Jersey is scheduled to sentence Andrew for his much-publicized exposure of a security flaw on AT&T's iPad service. That was back in 2010.

As NPR's Martin Kaste reports, the sentencing of Andrew Auernheimer will be closely watched by those who believe federal prosecutors have become overly zealous about punishing certain kinds of hackers.

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Business
1:21 am
Mon March 18, 2013

U.S. Probes Abuse Allegations Under Worker Visa Program

Workers and labor organizers in New York City protest the alleged exploitation of students on J-1 summer work travel visas who worked at a Pennsylvania McDonald's, on Thursday.
Jess Jiang NPR

Originally published on Mon March 18, 2013 10:38 am

A group of foreign college students who came to the U.S. on cultural work exchange visas in December have been protesting their working conditions at a McDonald's in Harrisburg, Pa. In the process, they've wading into a debate about guest workers in the U.S.

The students include Jorge Rios, who says three months ago he eagerly did the legwork necessary to get a J-1 visa, used for student work exchange.

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Business
4:21 pm
Sun March 17, 2013

Craft Brews Slowly Chipping Away At Big Beer's Dominance

Craft beers for sale in Chicago. Craft beer has about a 6 percent market share in the U.S. beer market, which is dominated by Anheuser-Busch InBev and MillerCoors.
Scott Olson Getty Images

Originally published on Wed March 20, 2013 11:36 am

America loves beer.

In the U.S., we drink $200 billion worth of the hops-brewed libation annually. What many Americans might not know is that most domestic beer, 90 percent in fact, is dominated by just two companies: Anheuser-Busch InBev and MillerCoors.

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The Salt
3:55 am
Sun March 17, 2013

Yogurt For Men: A Review

That's pronounced "Man, Go!"
NPR

Originally published on Wed March 20, 2013 10:44 am

Last week on Wait, Wait... Don't Tell Me, we talked about a new yogurt for men, or brogurt, from a company called Powerful Yogurt. Here's what our panelist, comedian Jessi Klein, had to say about it:

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The Salt
3:14 am
Sat March 16, 2013

Wine Revolution: As Drinkers And Growers, U.S. Declares Independence

The vineyard at Round Pond Estate in Rutherford, Calif. Napa Valley is just one of wine-growing regions across the country.
Eric Risberg AP

Originally published on Sat March 16, 2013 10:46 am

A curious shift has happened in global wine-drinking trends: Americans have overtaken the French and Italians, Europe's traditional lovers of the fruits of the vine, as the world's top wine market.

And it's not just wine drinking that's taken off stateside: U.S. wine production is also on the rise.

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Business
3:39 pm
Fri March 15, 2013

Boeing: 787 Dreamliners Could Be Back In Service In Weeks, Not Months

For the first time, Boeing has laid out in detail the changes it plans to make in the Dreamliner 787's lithium ion battery. The company now believes the 787s will be back in service in a "matter of weeks."

Law
3:39 pm
Fri March 15, 2013

Hedge Fund To Pay More Than $600 Million In Insider Trading Settlement

Transcript

MELISSA BLOCK, HOST:

The Securities and Exchange Commission says it's the largest settlement in history for insider trading. Two affiliates of the major hedge fund SAC Capital Advisors will pay a fine of more than $600 million. But they're not admitting to any wrongdoing. Here's NPR's Dan Bobkoff.

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Business
3:39 pm
Fri March 15, 2013

JPMorgan Chase Exec Says She Was Misled About Risks With 'London Whale' Trades

Transcript

MELISSA BLOCK, HOST:

From NPR News, this is ALL THINGS CONSIDERED. I'm Melissa Block.

AUDIE CORNISH, HOST:

And I'm Audie Cornish.

Senior executives at JPMorgan Chase appeared on Capitol Hill today. They were asked by a Senate subcommittee to explain how the firm lost more than $6 billion last year in a failed hedging strategy. The testimony comes one day after the subcommittee released a report saying the bank misled regulators and the public about the size of the losses. NPR's Jim Zarroli tells us more.

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The Two-Way
1:31 pm
Fri March 15, 2013

Record $614 Million In Penalties Levied As Insider Trading Cases Are Settled

Connecticut-based hedge fund CR Intrinsic Investors "has agreed to pay more than $600 million to settle SEC charges that it participated in an insider trading scheme involving a clinical trial for an Alzheimer's drug," the Securities and Exchange Commission announced Friday.

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Shots - Health News
8:14 am
Fri March 15, 2013

Power Shift Under Way As Middle Class Expands In Developing World

Brookings Institution

Originally published on Mon March 18, 2013 7:00 am

"The meek shall inherit the earth" — that seems to be the latest message from the United Nations Development Program.

Their 2013 Human Development Report chronicles the recent, rapid expansion of the middle class in the developing world. It also predicts that over the next two decades growth in the so-called "Global South" will dramatically shift economic and political power away from Europe and North America.

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TED Radio Hour
8:01 am
Fri March 15, 2013

Are Droids Taking Our Jobs?

Andrew McAfee speaking at TEDxBoston.
Sheryl Lanzel TED

Originally published on Mon December 16, 2013 12:57 pm

Part 3 of the TED Radio Hour episode Do We Need Humans?

About Andrew McAfee's TEDTalk

Robots and algorithms can now build cars, write articles, and translate texts — all work that once required a human. So what will we humans do for work? Andrew McAfee looks at recent labor data to say: We ain't seen nothing yet.

About Andrew McAfee

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The Two-Way
6:53 am
Fri March 15, 2013

Gasoline Pushed Consumer Prices Up Sharply In February

Handles on a gas pump in Brooklyn.
Jonathan Fickies Landov

Originally published on Fri March 15, 2013 8:05 am

Consumer prices jumped 0.7 percent in February from January, the Bureau of Labor Statistics reports. The increase was fueled by a 9.1 percent surge in gasoline prices. Gas prices alone accounted for about two-thirds of the overall rise, MarketWatch says.

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The Two-Way
6:37 am
Fri March 15, 2013

More Problems Aboard Carnival Cruise Ships

The Carnival Dream docked in St. Thomas, U.S. Virgin Islands, in December 2010.
Andy Newman AP

Originally published on Fri March 15, 2013 11:53 am

For the past month, management at Carnival Cruise Lines has been in a nearly constant state of damage control.

In the past week alone, three of the cruise line's giant floating playgrounds have experienced embarrassing malfunctions that have at least inconvenienced, if not angered, many passengers.

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The Two-Way
5:43 am
Fri March 15, 2013

Book News: Geithner Writing 'Behind The Scenes' Story Of The Financial Crisis

Former Treasury Secretary Timothy Geithner's new book promises to give us the inside dope about reaction to the financial crisis.
Win McNamee Getty Images

Originally published on Fri March 15, 2013 7:56 am

The daily lowdown on books, publishing, and the occasional author behaving badly.

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Energy
3:12 am
Fri March 15, 2013

Could Tapping Undersea Methane Lead To A New Gas Boom?

This photo from a Kyodo News helicopter shows a flame of natural gas from a Japanese deep-sea drilling ship on Tuesday. This successful extraction of methane from the seafloor was a world first.
Kyodo Landov

Originally published on Fri March 15, 2013 8:38 am

The new boom in natural gas from shale has changed the energy economy of the United States. But there's another giant reservoir of natural gas that lies under the ocean floor that, theoretically, could dwarf the shale boom.

No one had tapped this gas from the seabed until this week, when Japanese engineers pulled some up through a well from under the Pacific. The gas at issue here is called methane hydrate. Methane is natural gas; hydrate means there's water in it. In this case, the molecules of gas are trapped inside a sort of cage of water molecules.

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