Originally published on Sat October 19, 2013 3:28 pm
In what would be the largest such settlement in U.S. history, JPMorgan Chase & Co. has reportedly reached a tentative deal with the Justice Department that would see the bank pay $13 billion to settle civil charges related to wrongdoing by some of its units just before and during the housing crisis.
The deal, sources tell news outlets including NPR, would not absolve JPMorgan from possible criminal liability.
Word of the tentative agreement emerged around 3 p.m. ET. Saturday. We posted when the news broke and followed with background and more details.
Americans started thinking differently about U.S. dependence on imported oil 40 years ago this Sunday. Decades later, the U.S. is in the midst of a homegrown energy boom.
The oil embargo began in 1973. The United States had long taken cheap and plentiful oil for granted when Saudi Arabia shocked the country by suddenly cutting off all direct oil shipments in retaliation for U.S. support of Israel. Other Arab countries followed suit.
Prices soared. Gasoline lines stretched for blocks. Richard Nixon became the first of many U.S. presidents to call for energy independence.
Earlier this month, major credit card processors including MasterCard, Visa and America Express announced they would stop processing payments to websites that collect and publish mug shots online. The sites say they are providing a public service, but they make their money by charging people a fee to remove these embarrassing photos from the Internet.
From NPR News, this is ALL THINGS CONSIDERED. I'm Robert Siegel.
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And I'm Audie Cornish.
One effect of the 16-day government shutdown is that economists have had only a murky picture of the state of the economy. That's because the government is one of the most important sources of economic data. And as NPR's Dan Bobkoff reports, most of the people responsible for compiling and analyzing the numbers were furloughed, even barred from checking their email.
Originally published on Fri October 18, 2013 4:18 pm
In the California wine mecca of Sonoma County, climate change is pitting redwood lovers against red wine lovers.
This Friday morning, a coalition of environmental groups are in a Santa Rosa, Calif., courtroom fighting to stop a Spanish-owned winery from leveling 154 acres of coast redwoods and Douglas firs to make way for grapevines.
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.
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.
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.
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.
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.