Business & Education

Business
3:25 pm
Thu September 19, 2013

JPMorgan Chase To Pay Huge Fine In London Whale Settlement

Originally published on Thu September 19, 2013 6:07 pm

Transcript

AUDIE CORNISH, HOST:

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.

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Economy
11:08 am
Thu September 19, 2013

War On Poverty Still Worth Fighting?

Originally published on Thu September 19, 2013 2:15 pm

Transcript

MICHEL MARTIN, HOST:

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The Two-Way
8:43 am
Thu September 19, 2013

Whale Of A Fine: JPMorgan Chase To Pay $920M In Penalties

The JPMorgan Chase building in London, where traders ran up huge losses.
Timur Emek AP

Originally published on Thu September 19, 2013 10:39 am

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.

As we wrote earlier this week when word of the pending settlement first emerged, this all:

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UA Sorority Racism
8:16 am
Thu September 19, 2013

Former UA Student Leaders Back Greek Integration

Pi Beta Phi is one of three sororities officials are investgating after alleged discrimination against two African-American girls during the recruitment process.
Cary Norton for The New York Times

Former student leaders at the University of Alabama are supporting more diversity within the school's racially segregated sorority and fraternity system.

   Kenneth Mullinax says he and 17 other former campus leaders pooled $1,000 to purchase a newspaper ad supporting integration of both white and black Greek-letter groups.

   Mullinax says the advertisement is scheduled to appear in the student newspaper Thursday.

   Sponsors of the ad include former Alabama Attorney General Bill Baxley and Rob Riley, son of former Gov. Bob Riley.

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Shots - Health News
8:08 am
Thu September 19, 2013

Health Care Costs Are Projected To Outpace Economic Growth

Increased use of generic drugs caused a slight drop in the price of prescription drugs in 2012.
iStockphoto.com

Originally published on Thu September 19, 2013 8:43 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.

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The Two-Way
8:07 am
Thu September 19, 2013

Jobless Claims Rose Less Than Expected Last Week

Originally published on Thu September 19, 2013 10:06 am

While the number of people filing first-time claims for jobless benefits rose by 15,000 last week, the increase was less than economists expected, Bloomberg News reports.

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Business
2:59 am
Thu September 19, 2013

South Korea To Build 'Invisible' Skyscraper

Originally published on Thu September 19, 2013 8:44 am

Transcript

RENEE MONTAGNE, HOST:

South Korea is hoping to draw crowds to see a planned new skyscraper in Seoul. In truth though, they might not be able to see the Tower Infinity. Today's last word in business is: Invisible Tower.

STEVE INSKEEP, HOST:

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Economy
2:59 am
Thu September 19, 2013

Fed Decision Gives Indian Market Temporary Reprieve

Originally published on Thu September 19, 2013 8:44 am

Transcript

STEVE INSKEEP, HOST:

A market rally in India is at the top of NPR's business news.

(SOUNDBITE OF MUSIC)

INSKEEP: We are all connected, of course. And like Wall Street, Indian markets soared, after the Federal Reserve's surprising decision to continue its stimulus program in the United States.

From New Delhi, NPR's Julie McCarthy reports.

JULIE MCCARTHY, BYLINE: The U.S. Fed's decision to keep unchanged its massive bond-buying program to spur the U.S. economy cheered Asian markets.

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Economy
2:59 am
Thu September 19, 2013

Federal Reserve Stays The Course On Stimulus

Originally published on Thu September 19, 2013 8:44 am

Transcript

RENEE MONTAGNE, HOST:

It's MORNING EDITION, from NPR News. Good morning. I'm Renee Montagne.

STEVE INSKEEP, HOST:

And I'm Steve Inskeep.

A big question for watchers of the Federal Reserve is: Why? Analysts are asking why the Fed decided to continue stimulating the economy, buying $85 billion of bonds each month.

MONTAGNE: It was widely expected the Fed would start scaling back that stimulus as the economy improved. But in a statement, the Fed said conditions are not that great.

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Politics
2:59 am
Thu September 19, 2013

Sen. McConnell In No-Win Situation On Obamacare

Originally published on Thu September 19, 2013 8:44 am

Transcript

RENEE MONTAGNE, HOST:

It's MORNING EDITION, from NPR News. Good morning. I'm Renee Montagne.

STEVE INSKEEP, HOST:

And I'm Steve Inskeep.

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Business
2:59 am
Thu September 19, 2013

Employees Rally In Support Of American, U.S. Airways Merger

Originally published on Thu September 19, 2013 8:44 am

Transcript

RENEE MONTAGNE, HOST:

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.

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Business
2:59 am
Thu September 19, 2013

Starbucks Asks Customers To Leave Their Guns Behind

Originally published on Thu September 19, 2013 8:44 am

Transcript

STEVE INSKEEP, HOST:

Starbucks has a new message for its customers: Leave Your Guns Behind.

Under this new policy, Starbucks is not banning guns in its stores, but has made clear they are no longer welcome.

More from NPR's Wendy Kaufman.

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Shots - Health News
2:20 am
Thu September 19, 2013

Employers Trim Health Costs By Cutting Coverage For Spouses

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.
Robin Nelson Bloomberg via Getty Images

Originally published on Thu September 19, 2013 9:05 am

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.

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Economy
5:12 pm
Wed September 18, 2013

The Fed's Surprising Decision: Should You Cheer Or Boo?

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.
Mark Wilson Getty Images

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.

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Business
4:24 pm
Wed September 18, 2013

The Man Who Made Toyota A Modern Success Dies At 100

Originally published on Wed September 18, 2013 7:01 pm

Transcript

ROBERT SIEGEL, HOST:

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.

MICHELINE MAYNARD: Thanks for having me, Robert.

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