Business

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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Planet Money
6:44 am
Wed October 16, 2013

When Will The Government Run Out Of Money?

Quoctrung Bui

Originally published on Wed October 16, 2013 10:19 am

In the course of any given month, the government collects billions of dollars in taxes, spends billions more, and borrows money to cover the difference between what it collects and what it spends.

If Congress doesn't raise the debt ceiling soon, the government won't be able to borrow money to cover the difference anymore and won't be able to pay all of its bills.

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The Two-Way
5:35 am
Wed October 16, 2013

As It Happened: The Fight Over The Debt Ceiling, Shutdown

Senate Minority Leader Sen. Mitch McConnell, R-Ky., walks to the Senate floor after agreeing to the framework of a deal to avoid default and reopen the government, on Capitol Hill on Wednesday.
Carolyn Kaster AP

Originally published on Wed October 16, 2013 8:23 pm

Update at 10:18 p.m.: House Approves Bill:

The crisis is over. With about two hours before the country reached the debt ceiling, the House has approved the bill and it is now it's way to the White House. We've posted separately on that development and we are putting this live blog to bed.

Our Original Post Continues:

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Politics
3:58 am
Wed October 16, 2013

Debt Ceiling Deal Depends On U.S. Senate

Originally published on Wed October 16, 2013 6:00 am

Transcript

RENEE MONTAGNE, HOST:

This is MORNING EDITION from NPR News. I'm Renee Montagne.

STEVE INSKEEP, HOST:

And I'm Steve Inskeep. The prospects for a deal to avoid default and reopen the government now depend on the U.S. Senate, whose members include Saxby Chambliss, Republican of Georgia, who's on the line. Senator, welcome back to the program.

SENATOR SAXBY CHAMBLISS: Good to be with you, Steve.

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Economy
2:31 am
Wed October 16, 2013

When Will Congress' Inaction Push U.S. Into Default?

Originally published on Wed October 16, 2013 6:41 am

Transcript

STEVE INSKEEP, HOST:

Now, Treasury Secretary Jack Lew has warned Congress tomorrow, the 17th of October, is the day the government will likely have only about $30 billion on hand, which sounds like a lot. But sometimes, daily expenditures get a lot higher than that. This does not mean the government will default tomorrow if Congress does not act. As NPR's John Ydstie reports, the U.S. could manage to get through the next few days. But without a deal, the threat of default rises sharply next week.

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Politics
2:28 am
Wed October 16, 2013

No Deal On Tuesday Leads To Day 16 Of Shutdown On Wednesday

Originally published on Wed October 16, 2013 3:58 am

With the threat of a government default looming, House leaders tried to take the upper hand in the standoff with a bill appealing to their most conservative members. They failed, resulting in chaos in the House and giving the initiative back to the Senate.

Business
2:11 am
Wed October 16, 2013

German Businessman Who Built Gummi Empire Dies At 90

Originally published on Wed October 16, 2013 4:20 am

In 1945, Hans Riegel took over the gummi bear company founded by his father. He transformed Haribo from a local German candy company to a household name recognized around the world.

Politics
2:11 am
Wed October 16, 2013

Congress Keeps Working As Debt Ceiling Deadline Nears

Originally published on Wed October 16, 2013 5:54 am

This could be the last day the United States is assured of its borrowing authority. Congress could forestall this crisis by raising the debt ceiling, as it has roughly a hundred times before. But the debt ceiling is tied to the same confrontation that's kept much of the federal government shut down.

Europe
2:11 am
Wed October 16, 2013

U.S. Default Would Have Adverse Effect On Europe's Recovery

Originally published on Wed October 16, 2013 3:58 am

The possibility of an American default on its debt is huge news across the continent. Europe is barely emerging from its own debt crisis. Europe's recovery rests on demand for its exports and the U.S. is by far the European Union's largest export market.

Asia
2:11 am
Wed October 16, 2013

China Gives Mesaured Response To Possible U.S. Default

Originally published on Wed October 16, 2013 3:58 am

China is the biggest foreign holder of U.S. debt — totaling more than $1.3 trillion. Chinese media are using the American budget struggle as an implicit justification for China's system.

Business
2:11 am
Wed October 16, 2013

Banks Ease Purse Strings On Luxury Home Loans

Originally published on Wed October 16, 2013 3:58 am

Transcript

RENEE MONTAGNE, HOST:

And for the first time in decades, interest rates for loans on jumbo homes are lower than rates for a typical mortgage. And because of that, the luxury market is the fastest growing home loans sector.

From member station KJZZ in Phoenix, Peter O'Dowd reports.

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The Salt
12:58 am
Wed October 16, 2013

Arkansas Aims To Make Edamame As American As Apple Pie

An Arkansas company is trying to cash in on an edamame boom in the U.S.
Will Merydith Flickr

Originally published on Wed October 16, 2013 12:31 pm

Irene Adams cooks supper for husband, Luke, and 2-year-old son, Cole, at their home in Fayetteville, Ark. She used to serve lots of green beans, but switched to edamame after tasting it at a local restaurant.

"[Cole] used to split his green beans and take out the little seeds inside," Adams says. "So I told Luke we should try edamame, because it's bigger seeds and has more flavor, so that's why we decided to try it and he loves it."

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Business
12:55 am
Wed October 16, 2013

There's A New Kind Of Sign Spinner In Town

YouTube

Originally published on Wed October 16, 2013 10:15 am

Want to get cash for gold, buy furniture, find a tanning salon or rent an apartment? You could look those things up online, but in many cities if you just drive around, you probably won't have to go far before you see a person spinning a giant sign that will point you in the right direction.

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It's All Politics
4:35 pm
Tue October 15, 2013

Shutdown Diary: Hope Turns Into Wall Street Warning

Wisconsin Rep. Paul Ryan, the House Budget Committee chairman, walks to a GOP meeting Tuesday.
Evan Vucci AP

Originally published on Tue October 15, 2013 5:07 pm

Day 15 of the government shutdown started with as much promise as any recently: There was a bipartisan proposal by Senate leaders to reopen the government and raise the debt ceiling.

But any hopes were quickly dashed when leaders of the Republican-controlled House said they would offer a competing proposal because of their dissatisfaction with the Senate effort.

The Senate's Bipartisan Proposal

The Senate agreement between Harry Reid, D-Nev., and Mitch McConnell, R-Ky., came after weekend negotiations.

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Business
4:21 pm
Tue October 15, 2013

The IRS Can't Take Your Questions. It Will Take Your Return

IRS offices around the country, like this one in Brooklyn, N.Y., have been closed since the partial government shutdown began two weeks ago. While the agency continues to cash checks from payees, refunds, audits and most other operations are suspended.
Spencer Platt Getty Images

Tuesday, Oct. 15,is the filing deadline for the roughly 12 million Americans who received an extension on their 2012 taxes. And having 90 percent of its staff furloughed in the partial government shutdown doesn't mean the IRS doesn't want your money.

"The IRS is shut down, but the tax law is never shut down," says Joshua Blank, professor of tax practice and faculty director of New York University Law School's Graduate Tax Program.

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Food
3:02 pm
Tue October 15, 2013

Even Before The Shutdown, Food Supply Regulated Itself

Originally published on Tue October 15, 2013 4:12 pm

Transcript

ROBERT SIEGEL, HOST:

Over the past few weeks, a debate has raged here in Washington about the U.S. food supply. The big question: Is the government shutdown making our food less safe. Since October 1st, both the FDA and the Centers for Disease Control and Prevention have had to furlough workers, and that includes some workers involved in the inspection of food processing plants and who monitor outbreaks of food-borne illness.

NPR's Allison Aubrey joins us now. Hi, Allison.

ALLISON AUBREY, BYLINE: Hi there, Robert.

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U.S.
1:30 pm
Tue October 15, 2013

What Happens If Congress Can't Make A Deal On The Debt?

A biker rides past the U.S. Capitol on Monday. Lawmakers are negotiating over plans to raise the federal debt ceiling amid warnings that the government soon won't be able to pay its debts in full.
Mark Wilson Getty Images

Originally published on Wed October 16, 2013 4:10 pm

If you don't pay your electric bill on time, you'll probably get charged a buck or two in interest. As long as you pay off the balance in a reasonable amount of time, your lights will stay on.

So why is it such a big deal that the Treasury Department may soon be unable to pay all of its bills on time?

U.S. Treasury securities are used as both currency and collateral for countless financial transactions around the world. Think dozens per minute.

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The Salt
10:08 am
Tue October 15, 2013

Brooks Brothers Steakhouse: How's That For Tasteful Shopping?

The Brooks Brothers store on Madison Avenue in New York is planning to open a 15,000-square-foot restaurant next door.
Stan Honda AFP/Getty Images

Originally published on Tue October 15, 2013 11:41 am

Here's a way to stop hungry shoppers from leaving the store for dinner.

Brooks Brothers, the 195-year-old luxury apparel company, is looking to open a restaurant next summer next to its flagship store in Manhattan, a company spokesman tells NPR. The New York Post reports that the restaurant will be a steakhouse — a fitting culinary accompaniment for the purveyor of fine business suits for the moneyed set, we think.

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Economy
9:55 am
Tue October 15, 2013

Is The U.S. In A Debt Crisis?

Transcript

MICHEL MARTIN, HOST:

This is TELL ME MORE from NPR News. I'm Michel Martin. You might've been hearing the name Malala Yousafzai. She is the Pakistani teenager who was shot at point-blank range by Taliban extremists a year ago because she dared to speak up about her desire to go to school. She has made a remarkable recovery. She is in the U.S. now. I spoke with her a few days ago and we'll bring you a portion of that conversation a little later in the program.

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The Two-Way
9:07 am
Tue October 15, 2013

Apple Hires Burberry CEO Ahrendts To Head Retail Division

Angela Ahrendts is leaving her post as CEO of Burberry to head the online and retail division at Apple. She will become the first woman in the tech company's senior executive ranks.
Mark Lennihan AP

Originally published on Tue October 15, 2013 1:45 pm

After going a year without a permanent executive in charge of its retail division, Apple said Tuesday morning that it is hiring Burberry CEO Angela Ahrendts as a senior vice president. She will be the first woman on Apple's team of senior executives.

A veteran of the fashion industry, Ahrendts, 53, is a native of New Palestine, Ind., who has headed Britain's Burberry since 2006. On Tuesday, the company reported total revenue of more than $1.64 billion in the six-month period that ended Sept. 30. Her tenure included a successful revamping of the company's online store.

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World
3:21 am
Tue October 15, 2013

For European Gangs, A Gem Of A Growth Industry: Jewel Heists

Police display some of the jewelry recovered from the 2008 robbery of Harry Winston jewelers in Paris. Thieves snatched loot estimated to be worth $105 million.
Francois Guillot AFP/Getty Images

Originally published on Tue October 15, 2013 2:53 pm

Thieves, using axes and smoke grenades, break into a Swiss luxury watch store and make off with more than $2 million in loot.

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Business
3:14 am
Tue October 15, 2013

Is It Too Soon To Worry About Holiday Retail Sales?

The calendar says October, but retailers and economists are already analyzing the holiday shopping season. With budget battles gripping Washington and an economy that's still recovering, there are mixed feelings about how far shoppers will open their wallets.

Analysis
3:08 am
Tue October 15, 2013

Columnist Doubts Parties Can Resolve Fundamental Differences

Steve Inskeep talks to Jonathan Chait, a commentator for New York magazine about how liberals are viewing the current budget negotiations in Congress, and if they might be willing to compromise on a deal.

Politics
3:03 am
Tue October 15, 2013

House Waits For Details On Senate Bipartisan Proposal

With the debt ceiling deadline looming just two days away, Senate leaders say they're close to a deal that would reopen the government and avert default. Senate Majority Leader Harry Reid and Minority Leader Mitch McConnell have been leading bipartisan talks on a way out of the deadlock. Even if a bipartisan agreement clears the Senate, it will likely be a hard sell to House Republicans.

Business
2:50 am
Tue October 15, 2013

Burberry CEO To Leave For Job At Apple

Originally published on Tue October 15, 2013 4:58 am

Angela Ahrendts will oversee the expansion of Apple retail and online stores. It's a newly created position for Ahrendts, who will report directly to Apple CEO Tim Cook. Since taking over Burberry in 2006, Ahrendts has nearly tripled revenue for the company — known for its distinctive tartan patterns.

Business
2:50 am
Tue October 15, 2013

Art Buyers Didn't Know They Were Getting Banksy Cheap

Originally published on Tue October 15, 2013 6:54 am

A street vendor outside New York's Central Park sold eight prints by the mysterious British street artist who goes by the name Banksy. Some of Banksy's most recognizable works sold for just $60. Many of the pieces are estimated to be worth more than $30,000. It was part of a social experiment.

NPR Story
2:38 am
Tue October 15, 2013

Harvest Brings Farm Families Together, Redefines Commitment

Originally published on Tue October 15, 2013 3:36 am

Transcript

STEVE INSKEEP, HOST:

Now, here's a reality about farming. From the earliest days of this country, it's been an uncertain business, and for many decades, national policies have been designed to smooth out that risk. But, of course, the risk never entirely goes away. You can never control the rain, for example, and lately the uncertainty has been growing. Corn prices are down. The farm bill is stalled in Congress and there's a sense that good times may be fading.

From Nebraska, Grant Gerlock of NET News brings us his report.

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All Tech Considered
12:37 am
Tue October 15, 2013

A Company's Tweets Can Help Make It Creditworthy

Courtesy of Kabbage

Originally published on Tue October 15, 2013 11:25 am

For many online and other small businesses, getting a loan or a big cash advance is tough. Banks and other traditional lenders are often leery of those without years of financial statements and solid credit scores.

But some lenders and other financial services companies are beginning to assess credit risk differently — using criteria you might not expect.

Jeffrey Grossman is an acupuncturist in Bellingham, Wash. He's also a small businessman. He creates media marketing materials for other acupuncturists hoping to expand their practice.

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The Two-Way
3:31 pm
Mon October 14, 2013

Today Is The Last Day For The 'International Herald Tribune'

An image showing the final front page of The International Herald Tribune, published Monday Oct. 14. The newspaper will become The International New York Times Tuesday.
New York Times

Originally published on Mon October 14, 2013 10:49 pm

Monday marks the last day of newsstand sales of the International Herald Tribune, the newspaper that was once instrumental in keeping American expatriates up to date on their homeland. On Tuesday, the paper will bear a new name: The International New York Times.

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Economy
2:51 pm
Mon October 14, 2013

Three Americans Win Nobel Economics Prize

Originally published on Mon October 14, 2013 4:19 pm

Transcript

MELISSA BLOCK, HOST:

This is ALL THINGS CONSIDERED from NPR News. I'm Melissa Block.

The Nobel Memorial Prize in Economics went to three American professors today. In announcing the honor, the Royal Swedish Academy of Sciences said the men all contribute to our understanding of how markets price things like stocks and homes. But as NPR's Dan Bobkoff reports, that doesn't mean the three economists always agree.

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