Every year, banks handle tens of millions of transactions. Some of them involve drug money, or deals with companies doing secret business with countries like Iran and Syria, in defiance of trade sanctions.
But if the Justice Department has its way, banks will be forced to change — to spot illegal transactions and blow the whistle before any money changes hands.
Federal prosecutors have already collected more than $4.5 billion from some of the world's biggest financial institutions — banks charged with looking the other way when dirty money passed through their accounts.
It's been a banner year for solar energy. The United States is on track to install a record number of solar power systems — thanks in large part to low-cost solar panels from China. That's been challenging for American manufacturers, and federal officials have put trade tariffs on Chinese panels.
Things look busy at the SunPower solar manufacturing plant in Silicon Valley. Workers are screwing frames onto shiny, 6-foot solar panels as they come off the line.
Amid all the talk of going over the fiscal cliff, we have a report now on another midnight deadline tonight. Few were paying attention when Congress failed to pass the Farm Bill last fall. But now lawmakers are scrambling to extend the law for a year, to dodge a spike in milk prices. While an agreement is in the works, another vote is necessary, and none is scheduled yet. Peggy Lowe of member station KCUR in Kansas City explains how farmers, processors and consumers ended up at what is being called the dairy cliff.
The countdown is on to a new year — and the fiscal changes that are on the other side of midnight. But what else is on the cards economically for 2013, both here and overseas? Guest host Celeste Headlee puts the question to the Wall Street Journal's Sudeep Reddy.
We are in a great season to buy a car. Automakers and dealers are offering lots of incentives. And those incentives are just one of the factors in what may end up as the best year for the auto industry since 2007, before the height of the financial crisis. So why has it been a good year? Well, when millions of people hold off on their car purchases for years, that pent up demand, along with cheap credit, will eventually drive stronger sales.
The U.S. economy grew at a steady though not very strong pace this year. But Europe slipped back into recession because of the ongoing debt crisis. European leaders took steps to stimulate growth, but it wasn't enough to reverse course.
The economic crisis that got under way five years ago was felt all over the world. But Mohammed El-Erian, CEO of the investment firm PIMCO, says different regions have healed at much different rates.
The year "2012 was another multispeed world globally, in the sense that different parts did different things," he says.
It is almost unimaginable that both the House and Senate would be in session on a Sunday evening on the penultimate day of the year. And yet, they both were, with lawmakers hoping it was not merely a big waste of time and effort.
A bipartisan push by Senate leaders over the weekend has so far failed to forge a deal to spare American wage earners from tax hikes and shield government programs from drastic cutbacks.
The familiar image of the salesman in American culture hasn't always been a flattering one. Just think of Alec Baldwin as the verbally abusive "motivator" of two real estate salesmen in Glengarry Glen Ross.
Daniel H. Pink, author of the new book To Sell is Human, says that this relentless, predator-style approach to selling has become outdated. He believes that the art of sales has changed more in the past 10 years than it did in the previous century.
In June, Scott Walker — the Wisconsin governor who banned collective bargaining for public employee unions — survived a recall election.
And, despite huge protests in Michigan, the union stronghold became the 24th right-to-work state, banning unions from requiring workers to sign up. That came just 10 months after Indiana passed a similar law.
Any new member of Congress faces a steep climb to get up to speed on the economic challenges facing the U.S. over the next 12 months. Some of the loudest demands for congressional attention will no doubt come from America's CEOs and business leaders because while the recovery has been trudging along in the right direction, some of America's largest companies and corporations have not distinguished themselves over the last year.
From NPR News, this is ALL THINGS CONSIDERED. I'm Audie Cornish. A strike has been averted at many of the nation's busiest shipping ports, at least temporarily. The union representing longshoremen at ports along the East Coast and the Gulf of Mexico have threatened to walk off the job starting Sunday. But as we hear from NPR's Jim Zarroli, port operators and the union have reached agreement on one of their most contentious issues.
Originally published on Fri December 28, 2012 2:46 pm
Longshoremen and East Coast and Gulf Coast port operators have agreed to an extension on labor negotiations, a federal mediator said Friday, averting a potentially crippling strike that would have halted container traffic at many of the nation's largest seaports.
Update at 4:45 p.m. ET: The temporary deal extends the contract to Feb. 6.
GREENE: Apple hit a big milestone this year when it became the most highly valued public company in history. So it may be a surprise to hear that Apple's CEO, Tim Cook, saw a big dip in salary - like, a 99 percent dip.
And our last word in business has the Second City coming in first, but I have a feeling this will not be a source of pride. In 2013, Chicago will have the most expensive parking meters in North America.
Originally published on Fri December 28, 2012 4:48 am
So far there are no signs of a breakthrough in talks between Democrats and Republicans in Washington to stave off the tax hikes and spending cuts set to take effect on New Year's Day. President Obama has summoned top congressional leaders for talks at the White House on Friday.
Events in the new year could include the biggest airline merger ever. For months, a deal between American Airlines and U.S. Airways has been talked about. The new year is also likely to bring slightly higher domestic ticket prices and some new planes.
Also last month, the head of the Environmental Protection Agency joked to an environmental law conference: Everyone who wants my job, stand up. Yesterday, Lisa Jackson turned serious and made it official: She's leaving the EPA next month.
As NPR's Selena Simmons-Duffin reports, there are mixed feelings about Jackson's departure.
Originally published on Fri December 28, 2012 4:50 am
The tortuous negotiations involved in the "fiscal cliff" talks are like a chess game. The opponents follow rules and techniques. Negotiating is part science, part art, and everyone does it in their daily lives.
Originally published on Thu December 27, 2012 7:40 pm
With negotiations to avoid the "fiscal cliff" uncertain at best, the Obama administration is trying to tamp down anxiety in the federal workforce.
The administration's message to various federal agencies is that there will be little immediate effect on public employees from the budget cuts scheduled to take effect next week if a deal is not reached. Treasury Department employees, for instance, were told not to expect "day to day operations to change dramatically on or immediately after January 2."
The agency adds that "the 4-week moving average," which tends to smooth out some of the volatility that comes with the weekly figures, "was 356,750, a decrease of 11,250 from the previous week's revised average of 368,000."
Now, if you have BlackBerry at the bottom of the drawer, it turns out it's also at the bottom of the 2012 list of smartphone makers.
Our last word in business is: Bad Call.
The company that makes BlackBerry, Research in Motion, had only 5 percent of the global smartphone market in 2012. That was down from 11 percent the year before. That's according to the market research firm iSuppli. Also in the 5 percent club: Nokia and HTC.
That's the business news on MORNING EDITION, from NPR News. I'm David Greene.
Originally published on Thu December 27, 2012 3:06 am
President Obama returns to Washington Thursday as do members of the U.S. Senate. They're cutting holiday plans short in hopes of coming up with a deal to avoid the tax hikes and budget cuts set to take effect on Jan. 1.