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.
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.
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.
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.
It's MORNING EDITION from NPR News. I'm Steve Inskeep.
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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.
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.
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.
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."
NPR's business news starts with a hacking sentence.
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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.
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.
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.
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."
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.
From NPR News, this is ALL THINGS CONSIDERED. I'm Melissa Block.
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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.
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.
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.
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.
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.