A meeting of finance ministers from the 20 leading industrial and developing nations wrapped up over the weekend in Moscow. The nations agreed to not to target the exchange rates of their respective currencies amid concerns that competitive devaluation could spark a currency war.
Originally published on Sun February 17, 2013 12:08 pm
The White House and congressional Democrats are sounding the alarm bells over the consequences of the sequester, the across-the-board cuts to the budget that are scheduled to go into effect in March.
White House Chief of Staff Denis McDonough said the cuts would offset "pretty good" economic activity over the past few months. He said President Obama had a plan to cut an addition $1.5 trillion from the deficit.
From the steam engine to visions of a national high-speed rail system, railroads have made their mark on American culture.
In his first term, President Obama promised to create a national system of high-speed rail, though he was scarcely the first politician to have done so. The January 2010 stimulus bill allocated $8 billion for high-speed rail projects, but Congress rejected federal funding for it.
In his State of the Union address on Tuesday, the president reiterated the goal of having passenger rail rise again.
Originally published on Fri February 15, 2013 2:52 pm
People around the world want the same thing from their doctors. First, do no harm. Second, take a look at this weird bump and tell me if I should get worried.
The job is basically the same in many countries around the world. But the pay is wildly different. The median salary for U.S. doctors is about $250,000 a year. In Western Europe, it's less than half that. In developing countries, the salaries are even lower.
It's MORNING EDITION from NPR News. I'm Linda Wertheimer.
RENEE MONTAGNE, HOST:
And I'm Renee Montagne.
With Congress headed for a recess, prospects are dimming for a deal to keep the nation from falling off the next fiscal cliff - sequestration. That's the term for automatic spending cuts that go into effect March 1.
NPR's Mara Liasson explains how the White House and Congress got to this impasse and why it's so hard to get past it.
Originally published on Fri February 15, 2013 6:40 am
This week's debacle on the Carnival Triumph is a setback that may cost the company as much as $80 million and hurt the industry's image. Carnival says passengers who were on the Triumph the last five days without power were miserable, but at least they were safe. Industry watchers say Carnival generally has handled the mishap well, but that the industry may need to rethink how it deal with events like power outages on floating cities than can carry more than 5,000 people.
NPR's business news starts with Europe's rocky economy.
(SOUNDBITE OF MUSIC)
WERTHEIMER: It was a tough three months for the eurozone at the end of last year. The area fell deeper into recession.
And as NPR's John Ydstie reports, it's expected to remain in recession well into 2013.
JOHN YDSTIE, BYLINE: The output of the eurozone fell six-tenths of a percent in the final three months of last year, according to a report from Eurostat. The decline translates to an economy contracting at a 2.3 percent annual rate.
Conventional wisdom says fewer airlines mean higher fares and fewer flights. But experts say the American Airlines-U.S. Airways proposed merger is a mixed bag. Past mergers haven't led to significantly higher fares, but will this time be different?
In Youngstown, Ohio, the owner of an oil and natural gas drilling company has been charged with a violating the Federal Clean Water Act. He's accused of dumping tens of thousands of gallons of drilling waste water into a storm sewer that eventually runs into a local river.
Kansas Gov. Sam Brownback has put the state on what he calls a "glide path to zero" income tax. But that glide path is far from being clear or smooth.
On the face of it, Brownback seems to enjoy a remarkably strong political position. He's a conservative Republican, flanked by GOP supermajorities in both legislative chambers. His allies helped purge moderate Republicans from the state Senate in last year's election.
"I think the road is open," Brownback says. "I think we do provide an alternative model. I think we do provide a red-state model."
The proposed marriage of American Airlines and US Airways announced Thursday is likely the last in a series of industry mega-mergers, but history suggests combining two big carriers isn't easy.
"The history of airline mergers in the U.S. is good, bad and ugly," says Henry Harteveldt, a travel industry analyst at the consulting firm Hudson Crossing. He and many others point to the 2008 union of Delta and Northwest as the best merger in recent memory.
The boards of US Airways Group and AMR have approved the merger of American Airlines and US Airways. The resulting company will become the world's largest airline. American is in bankruptcy, so its creditors will own a big chunk of the new company and US Airways shareholders will own the rest.
This is TALK OF THE NATION. I'm Neal Conan in Washington. You can soon add US Airways to a long list that includes TWA, Pan Am, Eastern, Western, Braniff and so many others. US Airways will merge with American. The new American Airlines will be the world's largest, and after decades of consolidation, one of just four major airlines in the U.S.
Originally published on Thu February 14, 2013 12:08 pm
A future without weeds would be a kind of farmer utopia, but currently, herbicide-resistant "superweeds" are part of today's reality. Some researchers, though, are looking for a solution that seems ripped from science fiction: weed-seeking robots.
Originally published on Fri February 15, 2013 12:21 am
The Carnival cruise ship Triumph docked in Mobile, Ala., late Thursday night, as the job of towing the stricken 100,000-ton ship hundreds of miles across the Gulf of Mexico took longer than expected. The ship's 3,143 passengers had coped with sewage problems and a lack of ventilation since Sunday, when the Triumph was crippled by an engine room fire.
Updated 2:15 a.m. ET Friday: All Passengers Disembarked
A spokesman for Carnival says all passengers have left the cruise ship that was stranded for days without power and running water.
Originally published on Thu February 14, 2013 3:24 pm
American Airlines and US Airways on Thursday announced they plan to merge to create the country's largest airline, with a route network stretching from coast to coast, and covering large swaths of Latin America, Europe, Canada, the Caribbean and Africa.
Warren Buffett is teaming up with another big investor in the $28 billion deal. Berkshire Hathaway has been looking for places to invest, with other recent deals involving consumer icons Coca-Cola and Mars.
NPR business news starts with healthier retirement accounts.
The nation's largest administrator of 401(k) accounts says the average account balance grew by 12 percent last year. Two-thirds of that growth is attributed to the surging stock market. The other factor is increased contributions from workers and their companies. Transcript provided by NPR, Copyright NPR.
Our last word in business today is love, marriage and taxes. Just in time for Valentine's Day and tax filing season, the independent Tax Policy Center has updated its online marriage bonus and penalty calculator.
RENEE MONTAGNE, HOST:
The new numbers reflect the latest changes in the tax code. Couples considering a walk down the aisle might want to take a look at this before saying I do.
This is MORNING EDITION, from NPR News. I'm Renee Montagne.
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And I'm Linda Wertheimer.
More now on this morning's merger announcement by American Airlines and U.S. Airways. The deal would create the biggest air carrier in the U.S., with an estimated value of $11 billion. The merger must still be approved by regulators. And since American Airlines is working its way out of bankruptcy, a federal bankruptcy judge will also have to OK the deal.
The boards of American Airlines and US Airways just approved a merger of the two airlines. But the deal still has to win the approval of antitrust regulators at the Justice Department — regulators who last month sued to stop a merger between the beer giants Anheuser-Busch InBev and Grupo Modelo, which brews Corona.
The antitrust division has dozens of economists on staff. Their job, essentially, is to figure out whether a merger would reduce competition so much that a company could raise prices without losing business to competitors.