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.
And while markets rallied on news of the Fed's decision, airline employees rally to support a planned merger of American Airlines and U.S. Airways. Here's their message to the Department of Justice.
AMERICAN AIRLINE AND U.S. AIRWAYS EMPLOYEES: (Chanting) DOJ, say OK. DOJ, say OK. DOJ, say OK.
MONTAGNE: The pilots, flight attendants and other employees from the two carriers converged on Capitol Hill. They asked members of Congress to push the Justice Department to drop its anti-trust suit against the merger.
Workers prepare orders to be loaded for shipment at a UPS Healthcare Supply Chain and Distribution Center in Atlanta on March 12. The company recently announced that it would no longer offer coverage for spouses who had their own job-based insurance.
When UPS told workers that it would no longer offer health coverage for spouses who had their own job-based insurance, it caused a big stir. But the shipping giant has plenty of company.
So many employers are trying to cut back on health coverage for spouses that it has become a trend. The practice began well before the Affordable Care Act passed, and the connection to the law, in some cases, isn't that direct.
Federal Reserve Chairman Ben Bernanke arrives to speak at a news conference Wednesday in Washington, D.C. The Fed cut its economic growth forecasts and said it would keep buying bonds in a bid to keep interest rates down.
If you are trying to buy a home, you just got good news: The Federal Reserve said Wednesday it is not going to try to drive up long-term interest rates just yet.
Stock investors are happy for you. They like cheap mortgages too because a robust housing market creates jobs. To celebrate, they bought more shares, sending the Dow Jones industrial average up 147.21 to an all-time high of 15,676.94.
This is ALL THINGS CONSIDERED from NPR News. I'm Robert Siegel.
A giant of the auto business died yesterday, a few days after he turned 100. Eiji Toyoda was president and later chairman of Toyota. The family name is T-O-Y-O-D-A. Toyoda played a key role in the company going worldwide, especially Toyota's move into the U.S. market. Micheline Maynard covers the automotive industry. She's a contributing editor for Forbes these days. Welcome to the program.
The stock market hit new highs today after the Federal Reserve made a surprise announcement. Investors and economists had expected the Fed to start winding down it's $85 billion a month stimulus program at its policymaking meeting today, but it didn't. As NPR's John Ydstie reports, the Fed said it wanted to make sure a recent improvement in the economy and labor market continued before pulling back its stimulus.