NPR's business news starts with a rather large ATM fee.
(SOUNDBITE OF MUSIC)
INSKEEP: The Ohio-based ATM manufacturer Diebold has agreed to a $48 million settlement with the Securities and Exchange Commission and the Justice Department over bribery allegations. The company is accused of spending more than $3 million to bribe bank officials in China, Indonesia and Russia over a five-year period - a violation of the U.S. Foreign Corrupt Practices Act. Transcript provided by NPR, Copyright NPR.
The details are still being worked out, but JPMorgan Chase and the Justice Department have agreed to a $13 billion settlement that will close out numerous lawsuits. About $3 billion will go to compensate investors who lost money on securities from banks that JPMorgan acquired during the financial crisis. Federal prosecutors have agreed not to seek punitive damages against JPMorgan for losses related to those deals.
Detroit officially makes its case for bankruptcy before a federal judge on Wednesday. The city is currently saddled with $18 billion in long-term debt, and officials see bankruptcy as their only choice.
In Detroit on Wednesday, a federal trial begins that will determine whether that city is eligible for the nation's largest-ever municipal bankruptcy.
Hundreds of the city's creditors are lining up to oppose the bankruptcy, arguing that Detroit is violating Michigan's Constitution and that if officials tried harder they could find enough savings to pay the city's bills.
We have a few more numbers for you now from a superstar tech company that stumbled painfully and publicly back in 2011 but appears to be on solid footing again. I'm talking about Netflix. Now, remember when the company changed its prices and divided its DVD rental and streaming services, and then quickly reversed course when customers howled?
From NPR News, this is ALL THINGS CONSIDERED. I'm Audie Cornish.
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After a 16-day delay, the employment report for September was finally released today. The most anticipated report of the month was knocked off schedule by the government shutdown. And as NPR's John Ydstie reports, when it arrived this morning, it didn't quite live up to expectations.
Consumers aren't the only ones frustrated by problems with the online health insurance exchanges being run by the feds.
Private companies that sell health insurance on the Internet are also in a bind. Websites like eHealthInsurance.com that were planning to start selling new, subsidized health care policies on Oct. 1 still can't offer them to customers.
Originally published on Tue October 22, 2013 3:19 pm
A new trend is brewing in the coffee world: coffee prepared by a robot, able to be preordered via cellphone and picked up at an unmanned kiosk, perfectly adjusted to your taste and ready to go.
To some, this might seem lamentable: the beginning of the end of coffee shops as we know them. No more huddling around warm cups of coffee with friends or sipping a refreshing iced latte while reading.
A woman displays Cuban pesos, or CUP (right) and the more valuable convertible pesos, or CUC (left), in Havana Tuesday. Raul Castro's government announced that it will begin unifying the two currencies.
Cuba will end the two-currency system it has used for nearly 20 years. Since the collapse of the Soviet Union, Cuba has used either American currency or a peso that's pegged to the dollar alongside its national peso.
The monetary unification will phase out a system that has become a symbol of exclusivity and foreign wealth. Many products that are imported into the country can be bought only with the dollar-based convertible peso. But most Cubans are paid in the standard peso, which is worth just a fraction of the other currency.
Originally published on Tue October 22, 2013 1:49 pm
When it finally came out Tuesday, the September jobs report — delayed for 18 days by the government shutdown — showed a labor market moving forward. But the pace was slow enough to prompt many economists to view it as a letdown.
Job growth "is disappointing, given that employment is still down by about 1.8 million from its peak prior to the recession," Gus Faucher, senior economist with PNC Financial Services Group, said in his analysis.
Originally published on Tue October 22, 2013 4:08 pm
Customers who hope to buy enough from Amazon's website to garner free shipping are now facing a higher bar, as the giant retailer raised its minimum order size from $25 to $35. The change took effect Monday, as the busy holiday shopping season looms.
"This is the first time in more than a decade that Amazon has altered the minimum order for free shipping in the US," the company said in announcing the change.
I'm Michel Martin and this is TELL ME MORE from NPR News. Later in the program, we'll hear about the latest project by Harvard professor and documentary filmmaker Henry Louis Gates Jr. It's a sweeping six-part series about the history of Africans in the Americas dating back to the 1500s. He'll tell us more about that in just a few minutes.
Minimum wage workers in a tiny suburb of Seattle may soon get a big pay raise - a big raise - if voters approve a controversial ballot initiative there next month.
NPR's Martin Kaste reports.
MARTIN KASTE, BYLINE: This is SeaTac - it's a smallish suburb halfway between Seattle and Tacoma - hence the name - and the site of the international airport. Tucked behind the long-term parking lots is a low-rise apartment building that's home to some of the airport's workers.
This is MORNING EDITION from NPR News. I'm David Greene.
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Let's talk about the latest employment numbers and what they mean. The economy, we're told by the Bureau of Labor Statistics, gained 148,000 jobs in September. The unemployment rate fell slightly to 7.2 percent. We're getting these numbers a couple of weeks late because of the government shutdown. NPR's Chris Arnold has been following the economy and the shutdown. He's on the line. Hi, Chris.
One year ago the Michigan apple harvest, hurt by a late winter warm-up and a spring freeze, was almost nonexistent at 3 million bushels. This fall, the crop is projected to yield a record-setting 30 million bushels, but now there's concern that not enough pickers will be in the orchards.
Originally published on Mon October 21, 2013 5:12 pm
The hottest hot seat in Washington is the one occupied by Health and Human Services Secretary Kathleen Sebelius, whose office confirmed Monday she'll testify about the Internet disaster that is HealthCare.gov, the Affordable Care Act website.
When it comes to union organizing at an auto plant, the tension is typically between the workers and the management. But not at Volkswagen in Tennessee. There, the United Auto Workers is attempting to finally unionize the automaker's first foreign-owned plant in the South. And so far, Republican officials are the ones trying to stand in the way.
Now to a story about automobiles and arachnids. Last week, Toyota announced it will recall more than 800,000 cars - that includes Camrys, Avalons, Venzas - all because of a problem with the air-conditioning system.
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The company says condensation from the A/C unit could leak on to sensors that cause the airbag to spontaneously deploy or the airbags could go off because of spiders, specifically spider webs.
This is ALL THINGS CONSIDERED from NPR News. I'm Melissa Block.
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For years, predictions about the demise of the news business have been rampant. But lately, digital industry billionaires are entering the fray, bringing hope that those forecasts are wrong. Earlier this year, Amazon's founder Jeff Bezos bought The Washington Post.
A former UBS bank executive who has been a fugitive since being indicted on federal charges in 2008 has been arrested in Italy. Swiss citizen Raoul Weil, the former head of UBS Global Wealth Management International, is accused of defrauding the U.S. government by helping clients evade taxes.
From Rome, NPR's Sylvia Poggioli filed this report for our Newscast unit:
If you've flown across Nebraska, Kansas or western Texas on a clear day, you've seen them: geometrically arranged circles of green and brown on the landscape, typically half a mile in diameter. They're the result of pivot irrigation, in which long pipes-on-wheels rotate slowly around a central point, spreading water across cornfields.
Yet most of those fields are doomed. The water that nourishes them eventually will run low.
A worker walks inside the turbine hall of the Sizewell nuclear plant in eastern England in 2006. The U.K. government on Monday announced that French-owned EDF would build the first new British nuclear power station in 20 years.
Originally published on Mon October 21, 2013 11:13 am
Britain has approved the construction of the country's first nuclear power station in 20 years.
NPR's Philip Reeves, reporting on the announcement for our Newscast unit, said the move goes counter to a European trend to phase out nuclear power in the aftermath of Japan's Fukushima disaster in 2011.
It's MORNING EDITION from NPR News. Good morning. I'm Steve Inskeep.
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And I'm Renee Montagne. The Justice Department is on the verge of a $13 billion settlement with JPMorgan Chase. That would make it the biggest government fine involving a single company. It involves the allegedly improper sale of mortgage securities that led to the financial crisis of 2008. NPR's Chris Arnold has been following this and he joins us now. Good morning.