One of Spain's most troubled banks announced, this week, that it's laying off half of its staff - after being sold to a competitor for just one euro. Crippled by the housing market's collapse, Spanish banks are living off bailout loans from Europe. Those loans come with strings attached, including massive layoffs and strict new regulatory measures by Spain's central bank.
Ford announced today, that it plans to hire more than 2,200 white collar workers here in the U.S. The jobs will center around product development, manufacturing and IT. This continues an upswing in hiring at Ford. It added over 8,000 U.S. jobs last year. And yesterday, the automaker doubled its quarterly dividend to the highest level in seven years. Transcript provided by NPR, Copyright National Public Radio.
An apparent feud between two black market pharmacies has shed light on a shady global industry.
"Rx-Promotion and SpamIt probably are responsible for upward of 50 or 60 percent of spam that you and I got in our inboxes over the last five years," said Brian Krebs, a cyber-security reporter who chronicled the alleged feud on his website. "It's just a ridiculous amount of problems that these two guys cause for everybody."
As businesses face more complex regulations and heightened scrutiny by prosecutors, companies are turning to investigative firms to help keep watch over their employees.
The idea behind the "corporate monitoring" business is to nip misconduct in the bud before law enforcement catches a whiff of it. These corporate detectives-for-hire are seeing good business these days, and finding new ways to snoop.
We all know our employers have access to tons of data about us. They can see every person we email from our company email account, every phone number we dial from our desk.
Originally published on Fri January 11, 2013 1:39 pm
Maybe you were hoping you'd never hear the phrase "fiscal cliff" again after Congress passed legislation Jan. 1 to address that tax-break-expiration deadline.
Three more cliff-type deadlines are fast approaching. They involve: 1) raising the federal debt ceiling 2) modifying automatic, across-the-board spending cuts and 3) funding the government to avert a shutdown.
The deadlines all hit between Valentine's Day and Easter, which means new rounds of chaotic congressional negotiations may start up just after the Jan. 21 presidential inauguration parade ends.
Originally published on Thu January 10, 2013 10:53 am
The Mississippi River has provided George Foster with a living all his life. Now, with the river dropping to historically low levels, it's threatening to take his business down with it.
Foster's office sits atop an empty barge on the river, just south of St. Louis. His building tilts at a 30-degree angle because the water is so low. Visitors may want to stick out their fingertips for balance walking down his narrow hallway.
You practically can't visit a news site these days without seeing a story about why President Obama should or should not order the Treasury Department to strike a platinum coin "worth" $1 trillion and deposit it with the Federal Reserve.
Good morning, I'm Renee Montagne. A travel group in Britain is advertising a six-month job with an intriguing set of qualifications: comfortable in swimwear, happy to get wet at work. And this is key: mad about water parks. The job is water slide tester at the company's Splash World Resorts in places like Majorca and Turkey. It pays just okay, but the gig does promise plenty of thrills before the water slide tester retires that swimwear. It's MORNING EDITION. Transcript provided by NPR, Copyright NPR.
And today's last word in business goes out by special request to people listening in their cars. A new study finds that the music you listen to can affect how safely you drive.
STEVE INSKEEP, HOST:
Researchers at London Metropolitan University studied how drivers reacted to different playlists over 500 miles. Some of the safest music, we're told, included tunes by Norah Jones and Elton John. They're soft and slow-paced.
And there's more trouble for Foxconn, the electronics giant which makes Apple products in China. The company is acknowledging that Chinese police are looking into allegations that Foxconn employees took bribes from parts suppliers.
Television makers are trying to find the next big thing that will get you to throw out your current TV and buy a new one. They thought it might be 3D TV. That didn't work out. So now they've come up with something new. They're showing it off this week at the Consumer Electronics Show in Las Vegas, which is where we found Rich Jaroslovsky. He writes about technology for Bloomberg News, and he told us about the newest new viewing experience.
The Consumer Financial Protection Bureau is releasing Thursday much anticipated new mortgage rules, which will restrict the kind of subprime lending practices that caused both the financial and housing sectors to crash five years ago.
The new rules come at a time when regulators and banks are trying to find a middle ground between overly lax and overly tight lending standards.
Originally published on Wed January 9, 2013 3:34 pm
Secretary of Labor Hilda Solis is resigning, opening up one more slot in President Obama's second-term administration. A former member of Congress, Solis was the first Hispanic woman to head a Cabinet-level agency.
Sophisticated hacking attacks on U.S. banks in recent months have distinctive qualities that are leading investigators to believe another nation may be behind the assault. The likely suspect is Iran, which officials believe may be trying to even the score for American hacking of its nuclear program.
At least nine U.S. financial institutions have been hit since September; more attacks are expected. And part of what makes them suspicious is that they seem calculated not to steal account data or money, but instead to disrupt the banking system.
Originally published on Wed January 9, 2013 1:54 pm
Kickstarter, the crowd-funding site that pairs indie-minded inventors and entrepreneurs with online investors, fully funded more than 18,000 projects in 2012, according to its end-of-year analysis. The site says that in total, more than 2.2 million people pledged a total of nearly $320 million. For the year, 17 projects raised more than $1 million.
Originally published on Wed January 9, 2013 11:02 am
Some kids can't get enough of online games where they can pretend to run a candy factory or decorate cakes. But children who play with these games may eat more, and eat more junk food, even if the game features fruit or other healthful choices, according to new research.
You might be feeling a bit hung over from all the 'fiscal cliff' negotiations. But the financial talks in Washington aren't over yet. In the coming months, the White House and Congress will face three major economic challenges. Host Michel Martin breaks down what you need to know for the next round of fiscal talks.
Originally published on Thu January 10, 2013 4:46 am
Update: At 6 a.m. ET. Jan. 10, White House Announcement:
The White House has officially confirmed that President Obama will nominate his chief of staff, Jacob "Jack" Lew, to be the next Treasury secretary. According to a statement, the announcement is scheduled for 1:30 p.m. ET today (Thursday).
Target says it will match the online prices of Amazon.com and others. Target knows that increasingly consumers are using mobile devices to check prices online as they cruise the aisles. And if the price is better somewhere else, that's where they'll buy it.
The Consumer Electronics Show opened this week in Las Vegas. It's supposed to give the world a glimpse of what's coming next in technology. But the absence of major consumer-technology companies such as Amazon, Apple and Microsoft, has led some to wonder whether CES still matters.
Insurance company AIG holds a board meeting Wednesday to consider joining former CEO Maurice "Hank" Greenberg's lawsuit against the government over its handling of the AIG bailout in 2008. For more on the suit, Steve Inskeep talks to business reporter Michael de la Merced of The New York Times.
Alcoa, the biggest aluminum producer in the U.S., has announced it posted a profit of more than $240 million in the last three months of 2012. That's a big improvement from the same quarter the year before when it lost $190 million.
Originally published on Tue January 8, 2013 3:44 pm
A fuel leak Tuesday on a Tokyo-bound Japan Airlines flight forced the Boeing 787 Dreamliner aircraft to cancel takeoff and return to the gate at Boston's Logan International Airport. It was the second incident involving a Dreamliner in two days.
Here's how Logan airport described the incident on its Facebook page: