Business

The Two-Way
11:08 am
Fri October 18, 2013

India Arrests Crew Of U.S. Ship For Carrying Weapons

Indian policemen escort crew members of a U.S.-owned ship MV Seaman Guard Ohio outside a court in Tuticorin, in the southern Indian state of Tamil Nadu, on Friday.
AP

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.

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Business
10:23 am
Fri October 18, 2013

Google Shares Top $1,000 For First Time

Transcript

DAVID GREENE, HOST:

NPR's business news start with Google at an all-time high.

(SOUNDBITE OF MUSIC)

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.

The Two-Way
6:39 am
Fri October 18, 2013

Can GOP, Democrats Come Together On A Budget By Dec. 13?

Members of the bipartisan budget conference (from left): Sen. Jeff Sessions, Rep. Paul Ryan, Sen. Patty Murray and Rep. Chris Van Hollen. Can they reach a deal by Dec. 13?
Win McNamee Getty Images

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.

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Politics
2:33 am
Fri October 18, 2013

Conference Committee Charged With Budget Compromise

Originally published on Fri October 18, 2013 10:23 am

Transcript

DAVID GREENE, HOST:

This is MORNING EDITION, from NPR News. Good morning. I'm David Greene.

RENEE MONTAGNE, HOST:

And I'm Renee Montagne.

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Business
2:03 am
Fri October 18, 2013

AOL Takes No. 1 Spot For Online Video Ads

Originally published on Fri October 18, 2013 10:23 am

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.

Politics
2:03 am
Fri October 18, 2013

After Shutdown Dust Clears, Where Does Boehner Stand?

Originally published on Fri October 18, 2013 10:23 am

Transcript

RENEE MONTAGNE, HOST:

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.

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Business
2:03 am
Fri October 18, 2013

Van Halen Sues Over Use Of Band's Name

Originally published on Fri October 18, 2013 10:23 am

Transcript

(SOUNDBITE OF MUSIC)

DAVID GREENE, HOST:

Our last word in business today is: "Ain't Talkin' 'bout Love."

It's a classic from Van Halen, a band that brings to mind blistering guitar solos and sold-out arenas.

RENEE MONTAGNE, HOST:

But baby blankets and armoires, probably not. That's the gist of a lawsuit filed by the band against drummer Alex Van Halen's ex-wife.

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Business
2:03 am
Fri October 18, 2013

Apple Hires Burberry CEO To Improve Customer Experience

Originally published on Fri October 18, 2013 10:23 am

Transcript

RENEE MONTAGNE, HOST:

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.

Vicki Barker reports from London.

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Planet Money
1:26 am
Fri October 18, 2013

I Lent $999.78 To The Federal Government*

NPR

Originally published on Fri October 18, 2013 11:29 am

Earlier this week, I bought a Treasury bill.

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.

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Author Interviews
1:18 am
Fri October 18, 2013

Greenspan: 'I Probably Could Have Caught' Economic Crises

Alan Greenspan served as chairman of the Federal Reserve from 1987 to 2006, the second-longest tenure as chairman in the Fed's history.
Courtesy of Alan Greenspan

Originally published on Fri October 18, 2013 10:23 am

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.

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The Two-Way
3:35 pm
Thu October 17, 2013

September Jobs Report To Come Out Tuesday

Following the economy can be confusing.

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.

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Economy
1:58 pm
Thu October 17, 2013

Economists Fear 'Flying Blind' Without Government Data

The Federal Reserve headquarters in Washington, D.C., where the federal government shutdown left policymakers without key economic data.
J. David Ake AP

Originally published on Thu October 17, 2013 2:51 pm

Talk to economists about the government shutdown's impact on their forecasts and you'll hear this phrase again and again:

Flying blind.

For economists and investors, "at this moment, we are flying blind," said Alan Greenspan, former chairman of the Federal Reserve and now president of Greenspan Associates LLC, a consulting firm.

Greenspan is not alone in feeling a little lost without the compass of government reports.

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Planet Money
11:06 am
Thu October 17, 2013

U.S. Is The World's Largest Producer Of Natural Gas. Here's What That Means

Quoctrung Bui

Originally published on Fri October 18, 2013 10:37 pm

Natural gas production in the U.S. is going through the roof. The U.S. now produces more natural gas than any country on Earth, according to a recent report from the U.S. Energy Information Administration.

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The Two-Way
9:39 am
Thu October 17, 2013

Obama Calls For Budget, Immigration Reform By Year's End

At the White House on Thursday, President Obama said "the American people are completely fed up with Washington."
Charles Dharapak AP

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.

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It's All Politics
9:12 am
Thu October 17, 2013

10 Takeaways From The Fiscal Fight

With the shutdown-debt ceiling fight over, Speaker John Boehner, R-Ohio, appeared to strengthen his hand within the House GOP caucus but weaken it outside that group.
Evan Vucci AP

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

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The Two-Way
8:29 am
Thu October 17, 2013

Economists: Shutdown Will Shave Half-Percent From Quarterly GDP

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.

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Business
2:38 am
Thu October 17, 2013

U.S. Economy Takes A Hit After Partial Government Shutdown

Originally published on Thu October 17, 2013 8:23 am

Transcript

RENEE MONTAGNE, HOST:

NPR's business news starts with a hit to the U.S. economy.

(SOUNDBITE OF MUSIC)

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.

Business
2:38 am
Thu October 17, 2013

British Police Auction Off Some Confiscated Luxury Assets

Originally published on Thu October 17, 2013 8:23 am

Transcript

RENEE MONTAGNE, HOST:

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.

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Politics
2:38 am
Thu October 17, 2013

Defeat Isn't Easy For Conservative Republicans To Admit

Originally published on Thu October 17, 2013 8:23 am

Transcript

STEVE INSKEEP, HOST:

It's MORNING EDITION from NPR News. I'm Steve Inskeep.

RENEE MONTAGNE, HOST:

And I'm Renee Montagne.

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Politics
2:38 am
Thu October 17, 2013

After 16 Days, All Federal Employees Are To Report To Work

Originally published on Thu October 17, 2013 8:23 am

Now that the government shutdown is over, federal workers have been ordered back on the job. In Washington D.C., there's been a visible increase in traffic.

Politics
2:38 am
Thu October 17, 2013

Obama Sticks With 'No Ransom' Strategy, Comes Out Ahead

Originally published on Thu October 17, 2013 8:23 am

Transcript

STEVE INSKEEP, HOST:

Throughout the battle over the government shutdown and debt limit, President Obama repeated his view many times: So long as Republicans were threatening default, he would not negotiate.

PRESIDENT BARACK OBAMA: You don't negotiate by putting a gun to the other person's head.

INSKEEP: That strategy paid off for the Whitehouse, but it's not a strategy the president comes by naturally - as NPR's Scott Horsley reports.

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Politics
2:38 am
Thu October 17, 2013

Budget Process Isn't Over. Are More Shutdowns Ahead?

Originally published on Thu October 17, 2013 8:23 am

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.

Politics
2:38 am
Thu October 17, 2013

Government Workers Must Get The Wheel Turning Again

Originally published on Thu October 17, 2013 8:23 am

Transcript

STEVE INSKEEP, HOST:

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.

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Politics
2:38 am
Thu October 17, 2013

Why Democratic Rep. Israel Voted For Debt Bill

Originally published on Thu October 17, 2013 8:23 am

Transcript

RENEE MONTAGNE, HOST:

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?

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The State Of The American Small Business
1:05 am
Thu October 17, 2013

The Roots Of Franchising Took Hold In A Hair Salon Chain

Gary Robins sits in the chair of his Supercuts salon in Media, Pa., one of 41 he owns throughout Philadelphia and Delaware.
Will Figg for NPR

Originally published on Thu October 17, 2013 8:23 am

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.

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The Salt
4:39 pm
Wed October 16, 2013

So What Happens If The Movement To Label GMOs Succeeds?

Labels on bags of snack foods indicate they are non-GMO food products.
Robyn Beck AFP/Getty Images

Originally published on Wed October 16, 2013 6:09 pm

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.

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The Two-Way
2:31 pm
Wed October 16, 2013

Reporter Glenn Greenwald, eBay Founder Forming New Venture

Reporter Glenn Greenwald, who became famous reporting on NSA contractor Edward Snowden's disclosure of the NSA's government surveillance programs, is leaving the Guardian to form a new media company with eBay founder Pierre Omidyar.
Vincent Yu AP

Originally published on Wed October 16, 2013 2:49 pm

Glenn Greenwald, the reporter and blogger who broke the story on the National Security Agency's massive surveillance program, is leaving Britain's Guardian newspaper to join a new media venture.

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Economy
2:27 pm
Wed October 16, 2013

Economists Say Fiscal Fits And Starts Hurt U.S. Growth

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.
Seth Wenig AP

Originally published on Wed October 16, 2013 5:45 pm

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.

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The Salt
12:34 pm
Wed October 16, 2013

Why U.S. Taxpayers Pay $7 Billion A Year To Help Fast-Food Workers

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.
Richard Drew AP

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).

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It's All Politics
11:56 am
Wed October 16, 2013

Good Cop, Bad Cop Routine Gets A Result For Obama And Reid

President Obama and Senate Majority Leader Harry Reid, D-Nev., shared the same goals but had notable stylistic differences in their approaches to the fiscal fight.
Carolyn Kaster AP

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.

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