Business

The Two-Way
4:23 pm
Thu July 31, 2014

Dow Dives 317 Points, Erasing A Month Of Gains

Originally published on Thu July 31, 2014 5:43 pm

Updated at 4:20 p.m. ET.

The Dow Jones industrial average lost more than 317 points today, closing at 16,563, wiping out the index's gains for the month of July.

The Nasdaq fell 93 points, closing at 4,369. The Standard & Poor's 500 fell 2 percent to 1,930.

It was the worst daily decline since April and the first monthly drop since January.

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Economy
4:15 pm
Thu July 31, 2014

In Debt Duel, It Was Argentina V. Paul Singer

Originally published on Thu July 31, 2014 8:07 pm

Copyright 2014 NPR. To see more, visit http://www.npr.org/.

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Latin America
5:29 am
Thu July 31, 2014

Argentina Is In Default. What Does That Actually Mean?

Originally published on Thu July 31, 2014 8:12 am

Copyright 2014 NPR. To see more, visit http://www.npr.org/.

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LINDA WERTHEIMER, HOST:

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Deceptive Cadence
5:07 am
Thu July 31, 2014

On The Eve Of A Possible Lockout, Met Opera Talks Remain Contentious

A worker unveils posters Tuesday for the coming season of New York's Metropolitan Opera. The Met's fall schedule could be in jeopardy if failed labor negotiations result in a lockout Friday.
John Moore Getty Images

Originally published on Thu July 31, 2014 8:12 am

At the Metropolitan Opera, drama is usually onstage. But for the past several months, it's been in the newspapers.

Contract deadlines for 15 of the 16 unions at the Met in New York are set to expire at midnight tonight, and negotiations will likely go down to the wire. A lockout shutting down the world's largest opera house seems imminent.

Management wants concessions from the unions to offset dwindling ticket sales. Union employees think they're being asked to pay for unchecked spending.

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Economy
6:02 pm
Wed July 30, 2014

Job Worries Linger, But The Economy Is Looking Good

Assembly-line workers at the Chrysler plant in Sterling Heights, Mich. The economy is getting good marks in the latest data, but some worries about the job market continue.
Paul Sancya AP

Originally published on Wed July 30, 2014 6:28 pm

Five years after the Great Recession ended, where are we with this recovery?

On Wednesday, the Commerce Department and the Federal Reserve both answered by saying, in effect:

We're in a sweet spot — growing at a decent rate with good reason for optimism.

Or as the Fed blandly put it, "economic activity will expand at a moderate pace."

President Obama, speaking on the economy in Kansas City, Mo., was more effusive.

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The Two-Way
4:27 pm
Wed July 30, 2014

Judge Orders Bank Of America To Pay $1.3 Billion Fine

U.S. Attorney Preet Bharara applauded a judge's ruling in a major fraud case.
Richard Drew AP

Originally published on Wed July 30, 2014 5:08 pm

A federal judge has ordered Bank of America to pay a $1.27 billion fine for fraud perpetrated by Countrywide Financial Corp., a mortgage company the bank acquired in 2008.

Last October, a jury held Bank of America liable for bad loans Countrywide sold to Fannie Mae and Freddie Mac as part of its "Hustle" mortgage-lending program as the housing market soured in 2007 and 2008.

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Latin America
4:08 pm
Wed July 30, 2014

Late Rally From Argentina Fails To Delay Default

Argentina Economy Minister Axel Kicillof speaks during a news conference at the Argentina Consulate on Wednesday in New York. By the end of the day, a deal had not been reached with the country's creditors.
Stan Honda AFP/Getty Images

Originally published on Wed July 30, 2014 10:09 pm

Talks aimed at resolving Argentina's debt crisis have broken down in New York. A court-appointed mediator has declared that the country will go into default. It is the second time the country has defaulted in about 12 years.

With a midnight deadline looming, the government and its creditors walked away without a deal late Wednesday.

Argentina has been waging a protracted legal battle with a small number of bondholders. They want to be paid in full for bonds they purchased years ago.

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Economy
4:08 pm
Wed July 30, 2014

Fast Growth Does Little To Budge Fed's Caution — For Now

Originally published on Wed July 30, 2014 7:07 pm

Copyright 2014 NPR. To see more, visit http://www.npr.org/.

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The Two-Way
2:38 pm
Wed July 30, 2014

Fed Continues To Scale Back Economic Stimulus

Earlier this month, Fed Chair Janet Yellen told Congress that the economy is improving but hasn't bounced back all the way.
Pablo Martinez Monsivais AP

Originally published on Wed July 30, 2014 4:29 pm

The Federal Reserve announced Wednesday that it will ease up slightly on its efforts to stimulate the economy.

Fed officials said that there is still room for improvement in the labor market, but with the economy growing, they expressed concern that inflation might start ticking up.

Continuing its own recent trend, the Fed announced it will be buying up fewer financial assets. It's on track to end its bond-buying program in October.

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The Two-Way
9:05 am
Wed July 30, 2014

U.S. Economy Rebounds In Spring With GDP Expanding At 4 Percent Rate

Originally published on Wed July 30, 2014 11:51 am

The Commerce Department had some good news about the U.S. economy today: Rebounding from a quarter of negative growth, the country's gross domestic product expanded at a 4 percent annual rate during the second quarter.

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The Salt
6:49 am
Wed July 30, 2014

Farming The Bluefin Tuna, Tiger Of The Ocean, Is Not Without A Price

Yonathan Zohar, Jorge Gomezjurado and Odi Zmora check on bluefin tuna larvae in tanks at the University of Maryland Baltimore County's Institute of Marine and Environmental Technology.
Courtesy of Yonathan Zohar

Originally published on Wed July 30, 2014 3:21 pm

In a windowless laboratory in downtown Baltimore, some tiny, translucent fish larvae are swimming about in glass-walled tanks.

They are infant bluefin tuna. Scientists in this laboratory are trying to grasp what they call the holy grail of aquaculture: raising this powerful fish, so prized by sushi lovers, entirely in captivity. But the effort is fraught with challenges.

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World
4:59 am
Wed July 30, 2014

How Much Impact Will New Sanctions Have On Russia?

Originally published on Wed July 30, 2014 8:07 am

Copyright 2014 NPR. To see more, visit http://www.npr.org/.

Around the Nation
4:59 am
Wed July 30, 2014

As Pharma Jobs Leave N.J., Office Space Ghost Towns Remain

Tom Stanton of the real estate firm Jones Lang LaSalle shows off empty lab space at Roche in Nutley, N.J.
Daniel Tucker WNYC

Originally published on Wed July 30, 2014 1:04 pm

New Jersey used to be known as "the nation's medicine chest," but over the past two decades, many of the state's pharmaceutical industry jobs have dried up or moved elsewhere, and left millions of square feet of office space, warehouses and laboratories sitting empty.

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Economy
4:59 am
Wed July 30, 2014

New York Skyscraper's Separate 'Poor Door' Called A Disgrace

Lower-income residents may find affordable housing hard to come by in Manhattan.
Seth Wenig AP

Originally published on Sat August 2, 2014 2:50 pm

New York City Mayor Bill de Blasio's administration is under fire for signing off on a building plan that allows a new luxury high-rise on Manhattan's western edge to have a separate entrance for low-income residents.

About 20 percent of the units in the 33-story tower will be reserved for low- and middle-income residents. But all the affordable units will be grouped in one area, and those tenants will have to enter through a separate door.

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The Salt
2:53 pm
Tue July 29, 2014

Widely Used Insecticides Are Leaching Into Midwest Rivers

The U.S. Geological Survey found that neonicotinoids are leaching into streams and rivers in the Midwest, including the Missouri River, shown here in Leavenworth, Kan.
Dean Bergmann iStockphoto

Originally published on Tue July 29, 2014 4:42 pm

A class of insecticides called neonicotinoids, which are used on a lot of big corn and soybean fields, has been getting a pretty bad rap lately.

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The Two-Way
2:43 pm
Tue July 29, 2014

Chances Are Pretty Good That's A Bill Collector Calling

According to the Urban Institute report, the typical adult in trouble with bill collectors has a median debt of $1,350.
DNY59 iStockphoto

In about one-third of U.S. households, the sound of a phone or doorbell ringing may trigger a desire to duck.

That's because roughly 77 million adults with a credit file have at least one debt in the collection process, according to a study released by the Urban Institute, a research group. A credit file includes all of the raw data that a credit bureau can use to rank a borrower's creditworthiness.

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The Two-Way
1:11 pm
Tue July 29, 2014

Obama Announces New Sanctions On Russia

Obama, shown here on July 16, warned Tuesday that costs for Russia will continue to grow as it aids Ukrainian separatists
Jacquelyn Martin AP

Originally published on Tue July 29, 2014 4:19 pm

This post was updated at 4 p.m. ET:

President Obama announced a new round of economic sanctions against Russia's banking, energy and defense sectors on Tuesday.

"Because we're closely coordinating our actions with Europe, the sanctions we're announcing today will have an even bigger bite," Obama said on the South Lawn of the White House.

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The Two-Way
8:48 am
Tue July 29, 2014

White House Says Delayed Action On Climate Change Could Cost Billions

Originally published on Tue July 29, 2014 11:04 am

In a report issued Tuesday, the White House warned that the cost of inaction when it comes to climate change outweighs the cost of implementing more-stringent regulations on greenhouse gas emissions.

Here's how Time boils down the White House's argument:

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Parallels
4:56 am
Tue July 29, 2014

Uber, Airbnb Under Attack In Spain As Old And New Economies Clash

Taxi drivers protest against Uber, an on-demand car service app, during a 24-hour strike July 1 in Barcelona, Spain. They say it undercuts their business and are calling for the government to ban it.
David Ramos Getty Images

Originally published on Sat August 2, 2014 2:53 pm

This summer, more people than ever before are booking rooms on Airbnb and using carpooling websites and smartphone apps to get around on vacation. The new "share economy" can be a money saver in areas hard hit by the economic crisis, like southern Europe.

But in sunny Spain, authorities are cracking down.

In Barcelona — one of the top destinations for European tourists this summer — police are pulling over and ticketing drivers suspected of using the private taxi app Uber.

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All Tech Considered
5:05 pm
Mon July 28, 2014

It's Boom Times For Pop-Up Shops As Mobile Shopping Clicks

Customers can get a tactile experience trying on glasses at Warby Parker's shop in New York City.
Elise Hu NPR

Originally published on Tue July 29, 2014 1:33 pm

Fast-rising mobile technology is making buying stuff with a tap of an app easier than ever, and shifting the way we shop. What were once permanent, brick-and-mortar stores, where shoppers look at items in a physical space, are now often pop-ups first — shops that last for a limited time only.

Pop-up shops are temporary retail spaces that spring up in unused premises. Leases can last as short as a single day, when brands use the spaces for a promotional event instead of testing out a market.

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The Two-Way
4:16 pm
Mon July 28, 2014

House Votes To End Full-Fare Rule For Airline Tickets

A family checks in for an American Airlines flight at Chicago's O'Hare International Airport
Scott Olson Getty Images

Originally published on Mon July 28, 2014 5:25 pm

The House voted Monday to allow airlines to advertise lower prices for their routes.

The Transparent Airfares Act, which was approved with minimal debate, would overturn a 2012 rule that requires airlines to post the full price of tickets, including taxes and fees.

Shoppers are smart enough to figure out the price of an airline ticket without federal regulation, said Oregon Democrat Peter DeFazio, a bill co-sponsor.

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The Two-Way
1:37 pm
Mon July 28, 2014

It May Be Summer, But For Economists, This Week Feels Like Christmas

Chiang Ying-ying AP

Originally published on Mon July 28, 2014 4:31 pm

This week is summer's sweet spot — the peak time for pool parties, fresh-picked berries and cool drinks. But for economists, it may feel more like Christmas — so much to unwrap!

Each day will bring new decisions and reports that could have a big impact on the nation's economy. So economists, investors and workers will have plenty to ponder. Here's what's happening this week:

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Money Coach
12:22 pm
Mon July 28, 2014

In Times Of Transition, Get Practical About Your Finances

Copyright 2014 NPR. To see more, visit http://www.npr.org/.

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Europe
5:55 am
Mon July 28, 2014

More Than Half Of Spaniards In Their 20s Are Unemployed

Originally published on Mon July 28, 2014 11:05 pm

Even though Spain's economy is out of recession, youth unemployment has hit 57.7 percent — more than double the continent's average. Economists say it could be years before jobs return. By then, many Spanish 20-somethings — dubbed the "lost generation" — will have missed a decade or more of work.

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Latin America
5:55 am
Mon July 28, 2014

Locked In U.S. Hedge Fund Battle, Argentina Faces Default

Originally published on Mon July 28, 2014 1:52 pm

Copyright 2014 NPR. To see more, visit http://www.npr.org/.

Transcript

RENEE MONTAGNE, HOST:

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

LINDA WERTHEIMER, HOST:

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The Salt
5:00 am
Mon July 28, 2014

Rust Devastates Guatemala's Prime Coffee Crop And Its Farmers

A worker dries coffee beans at a coffee plantation in Santiago Atitlan, Guatemala, in February 2013.
Moises Castillo AP

Originally published on Mon July 28, 2014 3:23 pm

Outside the northern Guatemalan town of Olopa, near the Honduran border, farmer Edwin Fernando Diaz Viera stands in the middle of his tiny coffee field. He says it was his lifelong dream to own a farm here. The area is renowned for producing some of the world's richest arabica, the smooth-tasting beans beloved by specialty coffee brewers.

"My farm was beautiful; it was big," he says.

But then, a plant fungus called coffee rust, or roya in Spanish, hit his crop.

"Coffee rust appeared and wiped out everything," he says.

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Your Money
8:12 am
Sun July 27, 2014

Labels: Easy To Read, Not Always Easy To Trust

Originally published on Sun July 27, 2014 11:42 am

Copyright 2014 NPR. To see more, visit http://www.npr.org/.

Planet Money
11:00 am
Fri July 25, 2014

When Do Chefs And Doctors Buy Generic?

Maggie Starbard NPR

Originally published on Fri July 25, 2014 12:41 pm

Pharmacists and doctors are more likely than the general public to buy generic medicine, as we reported last year. And chefs are more likely than the general public to buy generic food.

The economists who figured this stuff out recently published a new update (PDF) to their research, which caught our eye.

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Sports
7:13 am
Fri July 25, 2014

At Jaguars' New Stadium, Come For The Football Or The Swimming

Hi, Mom! EverBank Field, home of the Jacksonville Jaguars, recently installed a massive video display. This artist's rendering previews the giant screen, which will be unveiled on Saturday.
Courtesy of the Jacksonville Jaguars

Originally published on Sat July 26, 2014 11:22 am

In Jacksonville, Fla., on Saturday, the Jaguars football team will unveil what it's calling the world's largest video display at a stadium. The team also has added luxury cabanas, where fans can watch the game poolside — improvements that are designed to get the beleaguered team's fans off their couches and into the stadium.

When team officials announced they were adding swimming pools to the stadium, some dismissed it as a gimmick. The Jacksonville Jaguars haven't been to the playoffs since 2007, and the team has been the butt of many a football joke.

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Business
7:09 am
Fri July 25, 2014

All Of The Major U.S. Airlines Report Strong 2nd-Quarter Earnings

Originally published on Fri July 25, 2014 8:14 am

Copyright 2014 NPR. To see more, visit http://www.npr.org/.

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