Originally published on Mon September 23, 2013 1:29 pm
Sales of its new iPhone 5s and 5c models have surpassed other iPhone releases and exceeded initial supply, Apple says. The company says it has sold 9 million of the phones since their launch on Friday and that "many online orders" will ship in coming weeks.
"This is our best iPhone launch yet — more than nine million new iPhones sold — a new record for first weekend sales," Apple CEO Tim Cook said in a Monday press release. He added that "while we've sold out of our initial supply of iPhone 5s, stores continue to receive new iPhone shipments regularly."
Originally published on Mon September 23, 2013 1:11 pm
The U.S. Defense Department has awarded a rich military contract to Lockheed Martin, agreeing to pay more than $3.9 billion for a missile-defense system. The deal calls for a maximum of 110 high-altitude interceptor missiles for the United States, and 192 versions of the missiles for export to the United Arab Emirates.
Update at 2:30 p.m. ET: Number Of Missiles Adjusted
I don't know about you, but I'm a little troubled when I hear about people who watch multiple screens. You know what I'm talking about. Maybe you're watching a movie at home while live tweeting, or while keeping track at a ballgame. At least movie theaters are a sacred space, immune to these changes.
The International Monetary Fund has played a pivotal role in responding to the global financial crisis. The IMF has almost 200 member countries, and the organization helps to keep their economies growing, or at least stable. Christine LaGarde heads the IMF.
Stephanie Rubin and Ingrid Calvo are two New York-based moms who think American school lunches leave a lot to be desired. So they started a delivery business in Manhattan called Inboxyourmeal com. For $10, they'll deliver healthy, chef-prepared meals to students in their delivery area.
NPR's business news includes a first for Internet TV.
The video streaming service Netflix claimed a victory at the Emmy Awards last night. David Fincher took the Best Director prize for his work on the political drama "House of Cards;" the first time an online video distributor won in a major category.
Bernard Vallius, who heads the group, says it used to be that people ate a sit-down lunch and dinner with family or friends every day. Now people — especially the young and those who live in cities — eat sandwiches or skip lunch altogether and snack, he says.
For the third year in a row, the poverty rate has remained stuck at about 15 percent. Nearly one in six Americans was living in poverty in 2012, according to a new report by the Census Bureau. Despite a slow-moving economic recovery, these latest numbers show that for poor Americans, there are few signs of any recovery.
House Speaker John Boehner, R-Ohio, speaks at a Republican rally Friday after the House passed a measure that would temporarily fund the government while crippling President Obama's health care law. The Senate is not expected to follow suit.
The House has passed a stopgap spending bill that would keep the government open through Dec. 15. It passed almost entirely along party lines: In addition to funding the government, it calls for defunding of the Affordable Care Act.
The White House has said President Obama would veto the bill, were it to come to his desk in this form. And it most likely won't. Democrats, who control the Senate, won't pass a bill that defunds Obamacare.
Here's some food for thought: One-third of the world's food goes to waste every year. In the U.S., about 40 percent of our food gets thrown out. It's happening on the farm, at the grocery store and in our own homes.
Originally published on Fri September 20, 2013 8:24 am
"Joy Covey, who helped take Amazon.com Inc. public as the Internet retailer's chief financial officer, died Wednesday when her bicycle collided with a van on a downhill stretch of road in San Mateo County," the Los Angeles Times writes.
JPMorgan Chase will have to pay more than $900 million in fines for the way it handled the London Whale trading scandal. Last year, the company revealed that its traders in London had lost $6 billion, and then concealed the losses from executives.
While large fines aren't unusual, it is unusual that federal regulators forced the bank to admit to wrongdoing. But this is exactly what happened. NPR's Sonari Glinton has more.
Originally published on Fri September 20, 2013 4:47 am
Wells Fargo has told 1,800 employees their services will no longer be needed in the bank's mortgage unit. The bank already cut more than 2,000 jobs in that unit last month. Wells Fargo cites lower demand for refinancing because of higher mortgage rates.
A close view of the packaging of Grand Theft Auto V at the midnight opening at the HMV music store in London on Tuesday. It made history with a record $800 million in sales on its first day. This version continues to generate controversy over its glorification of violence, drugs and its demeaning portraits of women.
Grand Theft Auto made video game history this week: The latest version of the game had a record $800 million in sales on its first day. As with past versions, the game is generating controversy over its glorification of violence and drugs and its demeaning portrayal of women.
But around 15 percent of its fans are women, who find much to like about the game, even if they do have some ambivalence about it.
There's big money in fantasy sports. Last year, alone, people paid $1.7 billion to play in fantasy leagues. With all that money sloshing around, a fantasy economy has sprung up, giving rise to real businesses. Here are four of them.
The Insurance Company
Henry Olszewski founded Fantasy Sports Insurance in 2008 — the year the financial system nearly collapsed. And, more importantly, the year New England Patriots quarterback Tom Brady suffered a serious hit to the knee.
The Republican-controlled House is set to vote Friday on a stopgap spending bill to keep the government open for business through the middle of December. And the White House has already said if it makes it to the president's desk, he'll veto it. That's because the bill also would defund the Affordable Care Act.
Mississippi Power's Kemper County energy facility near DeKalb, Miss., seen under construction last year. Carbon dioxide will be captured from this plant and used to stimulate production of oil from existing wells.
Credit Rogelio V. Solis / AP
The gasifier facility, still under construction last year at the energy plant. Under the EPA's proposed rules, new plants that run on coal would have to find ways to emit less than half the carbon dioxide current coal plants emit.
The Environmental Protection Agency's second stab at a proposal to set the first-ever limits on greenhouse gas emissions from new power plants would make it impossible for companies to build the kind of coal-fired plants that have been the country's biggest source of electricity for decades.
Under the proposal, released Friday, any new plant that runs on coal would be permitted to emit only about half as much carbon dioxide as an average coal plant puts into the air today.
Potential changes in economic policy from Washington have sent tremors throughout emerging economies. In Turkey, where growth in recent years has put Eurozone economies to shame, the signs are troubling: The Turkish lira has fallen to its lowest value in years and private sector debt is soaring. Economists say continued liquidity and foreign investment remains crucial if Turkey is to avoid a hard landing.
JPMorgan Chase has agreed to pay a $920 million fine. It comes in response to the bank's handling of the so-called London Whale trading debacle. Last year, J.P. Morgan said that rogue traders in its London office had lost $6 billion in a failed hedging strategy, and then concealed it from executives for weeks.
In addition to the fine, regulators forced the bank to take the unusual step of admitting wrongdoing, as NPR's Jim Zarroli reports.
In the quirky little college town of Yellow Springs, Ohio, home to many unconventional ideas over the years, there's now a small insect factory.
It's an unassuming operation, a generic boxy building in a small industrial park. It took me a while even to find a sign with the company's name: EnviroFlight. But its goal is grand: The people at EnviroFlight are hoping that their insects will help our planet grow more food while conserving land and water.
JPMorgan Chase has agreed to acknowledge that it violated federal securities laws and will pay $920 million in penalties assessed by regulators in the U.S. and U.K. to settle charges related to the huge trading losses racked up by its London traders last year, the Securities and Exchange Commission announced Thursday morning.
Originally published on Thu September 19, 2013 7:43 am
The nation's health spending will bump up next year as the Affordable Care Act expands insurance coverage to more Americans, and then will grow by an average of 6.2 percent a year over the next decade, according to projections by government actuaries.
That estimate is lower than the typical annual increases before the recession hit. Still, the actuaries forecast that in a decade the health care segment of the nation's economy will be larger than it is today, amounting to a fifth of the gross domestic product in 2022.