Mexico's president has unveiled a major shakeup of the country's tax system. His administration says it's aimed at capturing more of Mexico's paltry tax collection. Critics say it's unfairly targeting the middle class. Among the items slated for taxing: dog food and private school tuition.
British officials unveiled plans Thursday morning to sell the majority of its centuries old postal service. It's the largest privatization of a government service the country has seen in decades. The public offering of the world's oldest postal service would take place in the coming weeks.
Victor Willis has finally won a share of the income from his most famous song. The New York Times reports Willis, you know him as the police officer, has emerged from six years of legal wrestling with a new copyright in hand. The victory gives him substantial control over "YMCA" and 32 other Village People tunes.
Originally published on Thu September 12, 2013 5:09 am
A federal judge in San Francisco on Thursday hears arguments over a radical plan to stem the foreclosure crisis. The City of Richmond is proposing to buy underwater mortgages in order to help keep local residents in their homes. If banks don't want to sell those mortgages, the city says it is prepared to invoke eminent domain to seize the mortgages.
There is, of course, a lot of attention being paid about what's happening in Richmond because millions of other American homeowners around the country are also underwater - again, homes that are worth less than their mortgages. We're joined now by NPR correspondent Chris Arnold, who's been following all of this. Good morning.
CHRIS ARNOLD, BYLINE: Good morning, Renee.
MONTAGNE: How many homeowners are still underwater? I gather with the housing market coming back, this is changing - for the better.
In the past couple of weeks, several major companies — Samsung, Sony, Qualcomm — have announced they will release smart watches this fall. As the name suggests, the gadgets do more than keep time.
The latest spate of computerized watches promise to do everything from working as a phone to taking photos and fielding emails. Smart watches have actually been around for a long time, but they've never really taken off as a product.
The world's largest paper producer says it's closing a mill in Alabama that employs 1,100 people. International Paper Company blames the closure in the town of Courtland on a decline in the demand for paper. Stan Ingold of Alabama Public Radio reports.
STAN INGOLD, BYLINE: The small town of Courtland, Alabama is reeling after the announcement by Memphis-based International Paper to close their mill. Diane Scanland is the executive director of the Lawrence County Chamber of Commerce.
It's been five years since Lehman Brothers collapsed and touched off a banking crisis that is still being felt by the global economy. Today, the banking industry is a lot stronger than it was, but some critics say efforts to reform banking regulations have fallen short of their potential.
Economist Tyler Cowen has some advice for what to do about America's income inequality: Get used to it. In his latest book, Average Is Over, Cowen lays out his prediction for where the U.S. economy is heading, like it or not:
"I think we'll see a thinning out of the middle class," he tells NPR's Steve Inskeep. "We'll see a lot of individuals rising up to much greater wealth. And we'll also see more individuals clustering in a kind of lower-middle class existence."
Celebrity editor Tina Brown announced Wednesday that she's leaving The Daily Beast to launch her own media company. She has been a regular guest on Morning Edition. Brown, 59, plans to produce live forums on news topics.
Brown has edited some of the most prestigious publications: Vanity Fair, The New Yorker and Tattler. Five years ago, she helped found The Daily Beast — a news and opinion website. Now, the editor-in-chief says she's leaving to do what she calls "theatrical journalism" before live audiences.