This week, JPMorgan Chase agreed to a $13 billion settlement with the Justice Department over the sale of faulty mortgage securities that led to the financial crisis. It's the largest settlement with a single company in U.S. history.
From that settlement, $4 billion must go to help the millions of families who saw the values of their homes plummet and who still struggle to keep up with mortgage payments.
Public transit vehicles may be the key to China's success in the U.S. auto market. Chinese company BYD, based in Shenzhen, is manufacturing electric buses. It's an appealing option for a place like California, where emission standards are strict.
At BYD's North American headquarters in Los Angeles, one of the 40-foot electric K9 buses sits on display. BYD Fleet Sales Manager James Holtz sits in the driver's seat and pushes the power button on the dashboard.
Originally published on Sun November 24, 2013 10:15 am
The anti-poverty group Oxfam is asking Pepsi's shareholders to approve a resolution that, if passed, would force the company to disclose its sugar suppliers and investigate whether those suppliers are implicated in "land grabs" that unfairly take land from the poor.
Of the $13 billion settlement between JPMorgan and the Justice Department, $1.5 billion will go to underwater homeowners to help them avoid foreclosures. Host Scott Simon speaks with NPR economics correspondent Chris Arnold about how the settlement will be spent.
While there is widespread frustration over the rollout of the health insurance exchanges, some people see opportunities. Venture capitalists are thinking a lot about what the health care industry may look like in the future while they invest today. Annie Lamont has been a health care venture capitalist for over 30 years. She's a managing partner at Oak Investment Partners. And we asked her what opportunities she sees coming up in her field.
Originally published on Fri November 22, 2013 5:54 pm
Some cars are meant to be beautiful; some cars are meant to serve a purpose. The makers of the Youabian Puma say their car was created with one goal: "to stand out and be unique." And that's what they've done, as dozens of howling headlines attest.
Originally published on Fri November 22, 2013 6:56 pm
The Obama administration confirmed early Friday afternoon that starting next year, it plans to push back the start of enrollment for coverage under the new health care law by one month.
NPR's Julie Rovner tells us via Twitter that White House spokesman Jay Carney says the Department of Health and Human Services "has indicated its intent to shift the 2015 marketplace schedule by one month."
California has rejected President Obama's offer to extend canceled health insurance policies. The board that oversees the state's health insurance marketplace voted unanimously Thursday to let canceled policies expire. The board said it didn't want to confuse consumers and disrupt the state's surge in enrollment.
The Treasury Department announced on Thursday that the U.S. government will sell its remaining 31 million shares in GM by the end of the year. The government received the stock when it bailed out GM during the financial crisis.
Phil's Crummy Corner, a bar in Brooklyn, announced it is raising its drinking age to 25. The restaurant manager told local news site DNA Info that the age limit will only be in place on weekend nights. It's an attempt to keep out loud and rowdy late night crowds.
Consumer advocates are hailing a decision by federal regulators to crack down on so called deposit advances — a type of payday loan offered by some banks. Going forward, banks will not be allowed to let their customers take deposit advances more than once a month, or take them in consecutive months.
Gavin Andresen is chief scientist at the Bitcoin Foundation. I first talked with him about Bitcoin, the virtual currency, back in 2011. I checked back in with him this week, because so much has been going on with Bitcoin lately.
For the first time in its history, the Dow Jones industrial average closed above 16,000 points Thursday. The index of 30 stocks touched the mark earlier this week, when a trader was photographed at the New York Stock Exchange.
The Dow Jones industrial average tacked on 109 points Thursday for a gain of less than 1 percent. But the small rise brought a big milestone, as the industrial index closed above 16,000 for the first time in its history. The index had touched the mark earlier this week but fell short by the day's end.
Today, the Dow closed at 16,009.99.
The historic moment for the benchmark index that tracks 30 leading U.S. companies came on a day that began with positive economic news.
Originally published on Thu November 21, 2013 9:55 am
By a 14-8 vote that saw three Republicans join 11 Democrats in saying "aye," the Senate Banking Committee on Thursday morning approved the nomination of Janet Yellen to be the next head of the Federal Reserve.
A Leopard 2 A6 tank is in operation during the German army exercise in Bergen, Germany, on Oct. 2. Germany said it would sell 270 of the tanks to Saudi Arabia last year. According to official figures, the Saudis were the top buyers of arms from Germany.
The EPA's decision not to force oil companies to replace E10, gasoline mixed with 10 percent ethanol, with E15, had a big impact on a lot of businesses. For manufacturers of motorcycles, motor boats and outdoor power equipment, it was good news. But for gas station owners who invested in expensive blender pumps, the decision hurt.
President Obama met with state insurance commissioners to discuss changes to the implementation of the Affordable Care Act. Some commissioners are in a difficult spot because their states passed laws that prohibit policies that don't comply with the law. Now, the president says companies can keep offering non-compliant policies for another year if they want to.
And our Last Word In Business is, still the King. It's been over three decades since Elvis Presley left this earthly building. But his legacy lives on, and generates about $32 million a year in revenue.
STEVE INSKEEP, HOST:
And now, Elvis Presley Enterprises has a new owner. Authentic Brands Group, which already manages Marilyn Monroe's brand, will acquire rights to Elvis' photos, music, movie and TV appearances, although the price has not yet been disclosed.
The company owns seven daily newspapers including the Chicago Tribune and the Los Angeles Times. The company says the cuts will mostly affect the publishing side of the business — not editorial staff. The company says it's part of an ongoing effort to consolidate its business.
Fort Dodge, Iowa, is not exactly what you'd think of as a hotbed of health care innovation. But the small town in the western part of the state is part of a Medicare pilot project that economists say could be a pathway to the holy grail of health care: providing better care at a lower cost.
Third-grader Kassim West last July at Walter G. Smith Elementary School, one of more than 20 Philadelphia public schools that closed at the end of the school year.
Credit Matt Stanley for NPR
The Philadelphia Federation of Teachers protests outside Feltonville Intermediate School in Philadelphia last month. The protesters demanded the reinstatement of counselors and teachers aides, and blamed Gov. Tom Corbett for budget cuts.
This is the first in a three-part report on Philadelphia schools in crisis.
Sharron Snyder and Othella Stanback, both seniors at Philadelphia's Benjamin Franklin High, will be the first in their families to graduate from high school. This, their final year, was supposed to be memorable. Instead, these teenagers say they feel cheated.
"We're fed up with the budget cuts and everything. Like, this year, my school is like really overcrowded. We don't even have lockers because it's, like, too many students," Sharron says.