Originally published on Fri October 18, 2013 1:56 pm
The crew of a U.S.-owned ship has been arrested at a port in India for allegedly trying to enter territorial waters illegally carrying what's been described as a "huge cache" of weapons.
The 35 crew members on MV Seaman Guard Ohio, owned by Washington, D.C.-based AdvanFort, were detained on Saturday by the Indian Coast Guard. The vessel is currently at anchor in the port of Tuticorin in the southeastern state of Tamil Nadu.
NPR's business news start with Google at an all-time high.
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GREENE: The Internet giant shares soared to new heights this morning, topping $1,000 a share. Google reported better than expected third-quarter sales and profits, reporting a profit of nearly $3 billion during the third quarter, up nearly 40 percent from a year earlier.
It is now the fourth company trading on a major exchange to have a stock price of $1,000 or more. Transcript provided by NPR, Copyright NPR.
Originally published on Fri October 18, 2013 9:46 am
Now that the government has reopened, attention turns to the next phase of the spending fight, a battle that is far from over.
The bill that President Obama signed early Thursday provides only a temporary respite to the partisan tussles that have perennially plagued the budget process. The government stays open through Jan. 15 and the federal borrowing authority is safe until Feb. 7. After that, all bets are off.
Two industries on opposite sides of the Atlantic this week were rocked by the same piece of news: Angela Ahrendts, the American who revived the fortunes of British fashion label Burberry - famous for its tartan rainwear - was hired away by Apple. Or, as one British paper put it: from Mackintoshes to Macs.
AOL, an online company many had given up for dead, is making a comeback. It recently acquired Adap.TV, a company that automates the purchase of video ads. And in September, it topped Google in one category: it had the most video ads watched, with 3.7 billion views.
This is MORNING EDITION from NPR News. I'm Renee Montagne.
DAVID GREENE, HOST:
And I'm David Greene. Good morning. Today marks the second day of relative normalcy following 16 days of government shutdown and the prospect of a U.S. default on its debts. A pivotal player in this drama was House Speaker John Boehner. He was portrayed alternately as a victim of Tea Party hardliners, as a figurehead haplessly stumbling through this crisis, or as a clever leader who had the ending figured out all along.
Everybody calls Treasury bills T-bills, and they work like this: The government promises to pay holders of T-bills a specific amount on a specific day in the near future. For the T-bill I bought, the government promised to pay $1,000 on Oct. 31.
I bought the T-bill on Tuesday, before Congress had made the debt-ceiling deal, so it was unclear whether I would get paid back on time.
Alan Greenspan was celebrated as a master of monetary policy during his long chairmanship of the Federal Reserve, from 1987 to 2006. But policies put in place during Greenspan's tenure have been blamed by some for the financial crisis that began shortly after he left, and the so-called Great Recession.
But at least one thing has long been certain: the Bureau of Labor Statistics will release its monthly jobs report at exactly 8:30 a.m. on a Friday.
Next week, Tuesday will feel like a Friday.
That's because late Thursday afternoon, the BLS updated its post-shutdown schedule for data releases. The new schedule shows that the long-delayed and much-anticipated September employment report will come out on Tuesday.
Originally published on Thu October 17, 2013 10:50 am
President Obama slammed the partisan standoff "spectacle" that he said had damaged the economy and America's international credibility, and called on Congress to pass a comprehensive budget, immigration reform and a farm bill by year's end.
He praised "Democrats and responsible Republicans who came together" to pass a last-minute deal to reverse a partial government shutdown and narrowly avert the expiration of the federal borrowing authority.
Originally published on Thu October 17, 2013 10:50 am
With the double crises of a partial government shutdown and a potential debt default resolved, it's a good time to consider some of the lessons we learned from the dysfunction and drama of recent weeks.
Here are 10 of them:
Shutting Down The Government Is Not A Winning Political Strategy
Originally published on Thu October 17, 2013 1:06 pm
The government shutdown has taken a toll on the nation's economy and despite a deal that sidesteps a debt default and restarts the government (at least for a few months), growth forecasts for the last quarter of the year are being scaled back.
Economist Mark Zandi of Moody's Analytics has shaved his gross domestic product forecast from a 2.6 percent annualized rate to 2.1 percent for the last three months of the calendar year.
By wide margins in both the House and the Senate, Congress voted Wednesday night to end a 16-day partial government shutdown. The measure also delays the debt ceiling deadline until early February. House and Senate Budget committees have until Dec. 13 to reconcile competing budgets.
OK, with the government funding and debt ceiling deal now reached, passed and signed, government agencies are set to reopen. But don't expect all federal offices to take your calls just yet. NPR's Brian Naylor reports.
BRIAN NAYLOR, BYLINE: University of Alabama geologist Samantha Hansen has been conducting a research project in Antarctica that, in one way, is like most everything else, funded by the federal government. After 16 days down, it's going to take some time to restart.
Let's turn now to a House Democrat for reaction on the deal. Democratic Representative Steve Israel of New York is on the line. Good morning, Congressman.
REPRESENTATIVE STEVE ISRAEL: Good morning. How are you?
MONTAGNE: Fine. Thank you very much. Now, let's just move forward in time. Democrats said they would negotiate once the government reopened and the debt ceiling was raised. Both of those done. Are you ready for serious budget negotiations?
NPR's business news starts with a hit to the U.S. economy.
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MONTAGNE: Standard and Poor's estimates that the 16-day-long government shutdown cost the U.S. economy roughly $24 billion. Because of that, the credit rating agency says it is lowering its estimate for U.S. economic growth in the fourth quarter to just over 2 percent. That's down .6 percentage points from its estimate before the shutdown. Transcript provided by NPR, Copyright NPR.
And our last word in business today is: diamonds on your timepiece.
Police in Great Britain are selling the luxury assets of Vincent Graham. He operated a drug ring in England before police arrested him a couple of years ago. Upon his arrest, police also seized some of Graham's personal belongings: jet skis, motorcycles, a Lamborghini and other luxury cars, items that Graham will no longer needs now that he's in prison.
Gary Robins sits in the chair of his Supercuts salon in Media, Pa., one of 41 he owns throughout Philadelphia and Delaware.
Credit Will Figg for NPR
Martha Matilda Harper used this photo of herself to advertise her salons.
Credit Via winningthevote.org
Though the Supercuts imprint is everywhere — from the wallpaper to the reception desk — Gary Robins (right) owns the business and is responsible for the bottom line. Robins and employees at his Havertown, Pa., location look over stats and sales for the week.
We have been reporting for several weeks now on small businesses in America. Today, we explore a business system where entrepreneurs and corporations come together: franchising. Franchising is a bit like marriage. It takes a good long-term relationship to succeed.
I have a story on All Things Considered Wednesday (click on the audio link above to hear it) about the campaign to put labels on food containing genetically modified organisms, or GMOs. The idea is gaining ground in the Northeast — Maine and Connecticut passed labeling laws this summer, though they won't take effect unless more states do the same. And GMO labeling is on the ballot this November in Washington state.
Reporter Glenn Greenwald, who became famous reporting on NSA contractor Edward Snowden's disclosure of the NSA's government surveillance programs, is leaving the <em>Guardian</em> to form a new media company with eBay founder Pierre Omidyar.
Traders at the New York Stock Exchange on Wednesday. Stocks surged on Wall Street after Senate leaders reached a deal that would avoid a U.S. default and reopen the government after 16 days of being partially shut down.
On Wednesday, the stock market cheered the debt ceiling deal in Congress. The Dow gained 206 points and all the major indexes closed higher.
Investors of course have been watching the showdown in Washington very closely, since a default could have been a global financial disaster. At the same time, economists are trying to figure out how much the jitters and uncertainty over all this has been hurting the economy.
New York City Council speaker and then-mayoral candidate Christine Quinn speaks at a fast-food workers' protest outside a McDonald's in New York in August. A nationwide movement is calling for raising the minimum hourly wage for fast-food workers to $15.
Originally published on Wed October 16, 2013 2:48 pm
If you hit the drive-through, chances are that the cashier who rings you up or the cook who prepared your food relies on public assistance to make ends meet.
A new analysis finds that 52 percent of fast-food workers are enrolled in, or have their families enrolled in, one or more public assistance programs such as SNAP (food stamps) Medicaid or the Children's Health Insurance Program (CHIP).
Originally published on Wed October 16, 2013 1:40 pm
Since the start of the fiscal standoff that led to a government shutdown and a flirtation with a historic debt default, Democrats have been led by the tag team of President Obama and Senate Majority Leader Harry Reid.
At times, their tactics resembled the good cop, bad cop routine where one officer offers the suspect a cup of coffee and the other smacks it from the suspect's lips. Reid, of course, is the smacker.