If you have a savings account you probably already know this: Your money there is losing value to inflation. Yields are so low that returns are not even keeping up with the cost of living.
I've been watching some of my own savings dwindle. And that prompted me to take up a challenge: I'm taking $5,000 from personal savings and putting it to work. I'm not a financial whiz, pundit or any kind of guru.
Arrested Development returning via Netflix? Just another old-media brand reviving itself on new media.
The TV show, which originally ran on Fox from 2003 to 2006 and unveils new episodes on Netflix next weekend, finds itself in splendid company. Radiohead, Louis C.K., Veronica Mars — all found their audiences with promotion and distribution from big studios and networks. Radiohead was signed to a major music label. Louis C.K. enjoyed HBO specials and TV shows. And Veronica Mars ran on two TV networks for three years.
From NPR News, this is ALL THINGS CONSIDERED. I'm Robert Siegel.
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The top executives of Apple faced tough questions today on Capitol Hill. They came at a hearing about Apple's alleged avoidance of billions of dollars in U.S. income taxes. Yesterday, Senate investigators released a study describing how the maker of the iPhone, iPad and Mac computers used subsidiaries based in Ireland to avoid income taxes on a big chunk of its global profits.
Jamie Dimon, the chairman and CEO of JP Morgan Chase, has beaten back the most significant challenge to his leadership since he took charge. Company shareholders turned down a proposal that would have taken away one of his titles.
But as NPR's Jim Zarroli reports, shareholders made clear they are unhappy about the performance of some board members.
From NPR News, this is ALL THINGS CONSIDERED. I'm Melissa Block.
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And I'm Robert Siegel.
The immigration bill that's working its way through the Senate gives the tech industry something it has long asked for: more visas for skilled workers from overseas. But the original bill also came with something the tech industry didn't like: rules to keep those foreign workers from taking the jobs of Americans. As NPR's Martin Kaste reports, key senators agreed to loosen those rules.
Now, the cash register re-imagined. Paying for things online with your mobile phone can be as easy as paying with cash but digital payment companies, like PayPal and Square, think the big money for them is still at the register. So they're rushing head-long into brick-and-mortar retail, eager for new ways to make old-fashioned money.
From member station WHYY, Zack Seward has the story.
Originally published on Thu November 14, 2013 8:51 am
Microsoft unveiled its new Xbox One Tuesday, displaying a device that takes new steps in game consoles' journey to becoming all-purpose entertainment and communication devices. The new console replaces the Xbox 360, which has been on the market for nearly eight years.
Apple CEO Timothy Cook made a rare appearance on Capitol Hill on Tuesday, testifying after congressional investigators revealed that Apple avoided billions in taxes. Reporter Charles Duhigg of The New York Times and guest host Jennifer Ludden talk about how, as Duhigg writes, "technology giants have taken advantage of tax codes written for an industrial age."
People who use Airbnb, the web company that pairs travelers with residents who rent out their homes on a short-term basis, are breaking New York City's laws, according to an administrative law judge. The vacation rental business was found to run afoul of the city's occupancy code; it also doesn't conform with a state law.
"At the bank's annual meeting, 32 percent of shareholders voted for a measure that would have required the bank to split the roles. Had the measure succeeded, Dimon would have had to relinquish the role of chairman.
We'll NPR's business news with Boeing still dreaming.
(SOUNDBITE OF THEME MUSIC)
GREENE: Boeing's Dreamliner took off yesterday - it was a United Airlines flight from Houston to Chicago. This was the first time the fuel-friendly jet was back in U.S. skies in nearly five months. The 787 planes had been grounded since January because of battery problems, which cost United roughly $11 million in revenue.
And today's last word in business is: almost millionaires.
INSKEEP: Warren Buffett took time yesterday to listen to kids pitching potential new enterprises. These are kids who competed through Buffett's Secret Millionaires Club, a Web and cable series featuring a cartoon.
(SOUNDBITE OF WEB CARTOON, "SECRET MILLIONAIRES CLUB")
(SOUNDBITE OF MUSIC)
WARREN BUFFETT: Hey, kids, Warren Buffett here. A successful business is always trying new things.
Apple CEO Tim Cook speaks during an introduction of the iPhone 5 in San Francisco on Sept. 12. The Senate Permanent Subcommittee on Investigations says Apple is paying billions of dollars less than it should in taxes each year, taking advantage of technicalities in U.S. and Irish tax laws.
Giant technology firm Apple is paying billions of dollars less than it should in U.S. taxes each year, according to a report by the Senate Permanent Subcommittee on Investigations. In a hearing Tuesday in Washington, D.C., Apple CEO Tim Cook will defend the company.
The subcommittee's report says Apple avoids the tax payments mainly by shifting profits to three subsidiary companies in Ireland. The investigation found Apple is taking advantage of technicalities in U.S. and Irish tax laws to avoid paying any tax on a huge portion of its profits.
JPMorgan Chase holds its annual shareholder meeting today in Tampa, Florida, and the shareholders will vote on a key measure: a proposal to strip the CEO, Jamie Dimon, of his other title, chairman of the board. A growing number of companies have split the CEO and chairman roles.
Shareholder activists and corporate governance experts say having a balance of power at the top helps to reduce risk. The bank and its supporters disagree. NPR's Yuki Noguchi reports.
Microsoft hasn't exactly had a great couple of years.
Its new Windows 8 operating system was held responsible for the drop in PC sales last quarter. Sales of its Windows Phones lag far behind both the iPhone and Google's Android phones.
The light in the darkness for Microsoft has been the Xbox 360, which has been the top-selling game console for over two years — beating out both the Nintendo Wii and Sony's PlayStation. On Tuesday, Microsoft is expected to announce a new version of the Xbox.
Boeing's 787 jetliners are returning to the skies. Four months ago, the entire fleet was grounded following serious battery problems on two jets, but the batteries have now been redesigned. Planes have been retrofitted, and airlines are beginning to put them back into service. Today, United Airlines, the only U.S. carrier flying the 787, put two of them back into service. NPR's Wendy Kaufman reports.
From NPR News, it's ALL THINGS CONSIDERED. I'm Melissa Block.
ROBERT SIEGEL, HOST:
I'm Robert Siegel. Some big numbers are being thrown around in Silicon Valley today. This morning, Yahoo CEO Marissa Mayer announced that Yahoo is buying Tumblr, a social media and blogging startup. The price, $1.1 billion and that for a site which last year earned a tiny fraction of that amount in revenue.
Yahoo's $1.1 billion purchase of Tumblr could be considered a bargain compared with its other big-dollar bets. The company's history is dotted with pricey purchases of once-hot Web properties that had more promise than eventual purpose. A look back:
William von Schneidau, an intrepid butcher in Seattle, is giving a whole new meaning to "potbelly pig." Lately, he's been feeding marijuana refuse to the pigs he turns into prosciutto for BB Ranch, his butcher shop in the city's famous Pike Place Marke
Yahoo confirmed early Monday morning that it is buying Tumblr in a deal worth about $1.1 billion. "Per the agreement and our promise not to screw it up, Tumblr will be independently operated as a separate business," Yahoo added.
In its statement announcing the deal, Yahoo says that:
Two ports, the Ports of Los Angeles and Long Beach, handle almost half of all of the consumer goods being shipped into the United States. Together, these two ports are also the single largest polluter in Southern California, a region famous for its smog.
NPR's Kirk Siegler reports on a new California law that will soon require some of the largest diesel-guzzling ships to kill their engines and plug in to shore power at the docks.
Alongside a freeway in Northern California is a billboard which reads: Pivot to Canada. The billboard is urging high-tech immigrants living in the U.S. to pay attention to Canada. Canada wants to attract highly-skilled, foreign-born tech workers who are fed up with the visa process that they must follow to remain in the U.S.
TD Bank volunteers sort donated food into barrels at the Manna Food Center in Gaithersburg in Montgomery County, Md. Poverty in the county just outside Washington, D.C., has grown by two-thirds since 2007.
Credit Pam Fessler/NPR
Elizabeth Kneebone is co-author, with Alan Berube, of Confronting Suburban Poverty in America, a new book from the Brookings Institution.
Credit Gabriella Demczuk / NPR
Fafaneva Phillip Avudufu (left) and his wife, Akouavi Davi, with their grandson Joshua, 4, in their apartment in Gaithersburg, Md.
Poverty has grown everywhere in the U.S. in recent years, but mostly in the suburbs. During the 2000s, it grew twice as fast in suburban areas as in cities, with more than 16 million poor people now living in the nation's suburbs — more than in urban or rural areas.
Elizabeth Kneebone, a fellow with the Metropolitan Policy Program at the Brookings Institution, says this shift in poverty can be seen in Montgomery County, Md., right outside the nation's capital.
By all the laws of anything, Winston Chen should not have quit his well-paying, midcareer job at a software company at age 40. But one day he was watching a TED Talk, one of those popular online video presentations, delivered by a New York designer.
"He presented this absolutely irresistible idea," Chen says. "He said, 'Why don't we take five years out of retirement and spread them throughout your working life?' "
"The Yahoo board has approved a deal to pay $1.1 billion in cash for the blogging site Tumblr."
The Journal, the only outlet reporting the approval, is sourcing its story to "people familiar with the matter." Lauren Armstrong, a Yahoo spokeswoman, told us in an email that they "don't comment on rumors or speculation."
One hundred and forty years ago this month, a German immigrant named Levi Strauss patented the first pair of jeans ever made. During the California gold rush, Strauss traveled across the country to set up a West Coast branch of his family's dry goods business. That business changed forever when Strauss got a letter from a tailor named Jacob Davis.