Business & Education

Law
3:54 pm
Thu August 1, 2013

Former Goldman Sachs Trader Found Liable For Fraud

Originally published on Thu August 1, 2013 4:48 pm

Transcript

AUDIE CORNISH, HOST:

You're listening to ALL THINGS CONSIDERED from NPR News.

In New York City today, a victory for the Securities and Exchange Commission: A federal jury held former Goldman Sachs trader Fabrice Tourre liable on six of the seven counts against him. The SEC had accused Tourre of intentionally misleading investors about a mortgage-backed security just as the housing sector was beginning to collapse. The investment created huge losses.

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Business
3:54 pm
Thu August 1, 2013

Google Ups Its Game Against Apple With New Smartphone

The new Moto X launched Thursday in New York City.
Bryan Bedder Getty Images

Originally published on Fri August 2, 2013 10:40 am

When it was launched Thursday, the Moto X, Google's first smartphone product to come out of its buyout of Motorola, was not the highest powered or highest pixeled device. Rather, the designers boasted of its usability — that the Moto X has a larger purpose: making the technology of a phone adapt to the way people use them, rather than force user behavior to adapt to the technology.

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Business
3:54 pm
Thu August 1, 2013

Private Equity Fund Eyes The Business Of Pot

A cannabis leaf
Bolotov Paul iStockphoto.com

Originally published on Thu August 1, 2013 8:40 pm

A couple of guys with serious investment banking experience are moving into the marijuana business. They've launched the first multimillion-dollar private equity fund devoted entirely to what they like to call the "cannabis space."

It started when Brendan Kennedy was working at the Silicon Valley Bank and learned of an entrepreneur who wanted to sell software for marijuana dispensaries. The idea piqued Kennedy's interest. A few days later, a radio show about legalizing pot piqued it even more.

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Parallels
3:54 pm
Thu August 1, 2013

'Abenomics' Serving Up The Same Old Medicine In Japan?

Japanese Prime Minister Shinzo Abe's plans for reviving Japan's ailing economy are yielding mixed results so far.
Koji Sasahara AP

Originally published on Thu August 1, 2013 4:48 pm

Ever since Japan's stock market bubble burst in the early 1990s, the country's economy has been stuck in a deflationary spiral. Wages and prices kept going down — and so did consumer spending.

After all, would you buy something today if you knew it was going to be cheaper tomorrow?

But when he came to power last December, Japan's Prime Minister Shinzo Abe said he could fix the problem, after two "lost decades."

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The Two-Way
3:21 pm
Thu August 1, 2013

Former Goldman Trader Found Liable For Billion-Dollar Fraud

Former Goldman Sachs trader Fabrice Tourre walks to a federal court in Manhattan with his attorneys Thursday. A jury found Tourre liable in a massive securities fraud case.
Richard Drew AP

Originally published on Thu August 1, 2013 3:59 pm

A federal jury in New York City has found that Fabrice Tourre, the former Goldman Sachs trader who regulators say caused investors to lose $1 billion, is liable in the mortgage securities fraud case filed against him by the Securities and Exchange Commission.

Regulators say Tourre, 34, a native of France who was nicknamed "Fab" in his office, packaged toxic subprime mortgages into a collateralized debt obligation that was sold to investors under the name Abacus in 2007.

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The Salt
12:09 pm
Thu August 1, 2013

Where In The World Are There No McDonald's?

Chinese consumers have 1,075 McDonald's locations to choose from, but the variety inside the restaurant isn't exactly top of their tastes-- KFC does much better business here because Chinese diners prefer white meat over beef patties.
felibrilu via Flickr

Originally published on Thu August 1, 2013 2:03 pm

Recent news out of Vietnam intrigued us here at The Salt. Ho Chi Minh City is set to get its first McDonald's sometime in the next year, according to the company.

It seems Vietnam is ready for the iconic American food, and McDonald's is confident that Vietnamese consumers now have enough disposable income to get hooked on shakes, burgers and fries.

That got us thinking about the global reach of one of the world's most iconic food companies.

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The Two-Way
11:09 am
Thu August 1, 2013

Weekly Jobless Claims Drop; Mortgage Rates Edge Up

New claims for unemployment benefits fell to 326,000 in the week that ended July 27 — the lowest level for initial jobless claims in more than five years, according to the Labor Department.

Employment data for the month of July is due to be released Friday. But for now, the weekly jobless claims numbers are being hailed as another sign that the U.S. economy is gaining strength.

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The Two-Way
10:00 am
Thu August 1, 2013

S&P 500 Index Passes 1,700 Mark For First Time

A chart shows the growth in the Standard & Poor's 500 index of large-capitalization U.S. stocks. The index passed the 1,700 mark for the first time Thursday.
S&P 500

Originally published on Thu August 1, 2013 12:06 pm

The Standard & Poor's 500 index, the benchmark of America's largest corporations, surpassed 1,700 points for the first time in early trading Thursday. The rise is being tied to a drop in weekly jobless claims, as well as assurances from central banks in the U.S. and Europe that they would continue to bolster their economies.

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Economy
9:23 am
Thu August 1, 2013

Jobless Aid Falls To New Low

Originally published on Fri August 2, 2013 5:01 pm

Transcript

DAVID GREENE, HOST:

NPR's business news starts with unemployment numbers.

No, this is not the big monthly jobs report. We'll get that tomorrow. But this morning one number from the Labor Department - the department announced that applications for jobless benefits fell to 326,000 last week. That is the lowest level since January of 2008. Transcript provided by NPR, Copyright NPR.

Business & Education
8:37 am
Thu August 1, 2013

Ala School System Denies Link to "Prayer Caravan"

Cullman County School Superintendent Billy Coleman
www.myfoxal.com

An Alabama school superintendent denies that the system is sponsoring a "prayer caravan" event that's drawn complaints from an atheist group.

   Cullman County School Superintendent Billy Coleman is also a pastor, and he has helped promote the event.

   Coleman says his involvement in the religious event is causing confusion, but he denies that the school board itself is involved.

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Business & Education
8:23 am
Thu August 1, 2013

Selma Takes Over Running Historic Hotel

Selma is now running the city's historic St. James Hotel because the hotel's management company terminated its contract.
http://historicstjameshotel.com

The city of Selma is now running the historic St. James Hotel because the hotel's management company terminated its contract.

Business
5:16 am
Thu August 1, 2013

Sony Plugs Back In To Profits

Originally published on Thu August 1, 2013 9:23 am

Transcript

DAVID GREENE, HOST:

NPR's business news starts with Sony plugged into profits.

Sony reports that it's making money again. The Japanese company announced its second quarter earnings today. Most of its success though comes thanks to a favorable currency rate - a weak yen was key for Sony. Still, the company did see a little improvement in its smartphone sales and entertainment business. Net income for Sony's latest quarter was $35 million. Transcript provided by NPR, Copyright NPR.

Business
2:03 am
Thu August 1, 2013

Firm Hopes 'Owning Nashville' Will Pay Off For Investors

A new fund trading on the New York Stock Exchange will allow investors to put money in companies that all call Nashville home. The manager's of the fund hope to expand the project to other cities.
Walter G. Arce CSM /Landov

Originally published on Thu August 1, 2013 9:23 am

There's a hot stock tip floating around Nashville, and it's a first-of-its-kind investment fund that begins trading on the New York Stock Exchange Thursday.

The fund is a collection of stocks in publicly traded companies that have one thing in common: the city they call home.

When people buy into the Nashville Area Exchange Traded Fund — which starts trading at $25 a share — they will essentially be placing a bet based on an area code.

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All Tech Considered
2:00 am
Thu August 1, 2013

Beyond .Com: Some See Confusion In Internet Domain Expansion

Suffixes like .org, .net and .com are the most common on the Internet today. But the Internet Corporation for Assigned Names and Numbers, which governs Web names, plans to add some 1,400 more, some ending in Arabic or Chinese characters.
iStockphoto.com

Originally published on Thu August 1, 2013 9:23 am

Starting this fall, the Internet Corporation for Assigned Names and Numbers, or ICANN, will begin rolling out 20 new suffixes, or top-level domains, every week. This will create new entrepreneurial opportunities, says ICANN CEO Fadi Chehade.

"Diversity to the domain name system is coming," he says.

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It's All Politics
6:43 pm
Wed July 31, 2013

Obama's Fed Pick Quandary: What Does It Mean For His Legacy?

Janet Yellen, vice chairwoman of the Federal Reserve, is under consideration to become the first woman to lead the Fed. President Obama reportedly is likely to choose between Yellen and former Treasury Secretary Lawrence Summers.
Franck Robichon EPA/Landov

Originally published on Thu August 1, 2013 8:56 am

Of all the legacies presidents leave behind, few are as important — yet as poorly understood in the moment — as their picks for chairman of the Federal Reserve.

Paul Volcker, credited with taming double-digit inflation through backbreaking high interest rates that contributed to the recession of the early 1980s, was among President Jimmy Carter's most consequential appointments.

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