Business & Education

Business
4:34 pm
Sat July 20, 2013

What A Bankrupt Detroit Means For The Auto Industry

Detroit this week became the largest American city ever to file for bankruptcy. Host Jacki Lyden talks with NPR business reporter Sonari Glinton about what Detroit's fiscal woes means for the nation's auto industry, which is famously linked to the city.

The Two-Way
9:08 am
Sat July 20, 2013

Helen Thomas, Former Dean Of White House Press, Dies At 92

Helen Thomas reads the newspaper while sitting in her chair in the White House press room in 2006. She died on Saturday at age 92.
Brendan Smialowski Getty Images

Originally published on Sun July 21, 2013 7:51 am

Long-time White House correspondent Helen Thomas, who covered every president from Eisenhower to Obama, has died at age 92, according to The Gridiron Club & Foundation.

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News
3:57 am
Sat July 20, 2013

Detroit Businesses See Opportunity In Bankruptcy

The Detroit skyline gleams from Grand River Ave., a major thoroughfare into some of the city's blighted neighborhoods.
Carlos Osorio AP

Originally published on Sat July 20, 2013 3:48 pm

Few Detroiters think the largest municipal bankruptcy in U.S. history is great news.

But plenty see it as an opportunity. Many Detroit business owners hope the bankruptcy will mean more stability and certainty, in a city that has had little of either in recent years.

Sandy Baruah, head of the Detroit Regional Chamber, says the bankruptcy filing did not come as a surprise to him, nor should it surprise anybody else.

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The Two-Way
5:13 pm
Fri July 19, 2013

SEC Charges Hedge Fund Billionaire Steven Cohen

Steven A. Cohen, founder and chairman of SAC Capital Advisors, is interviewed in Las Vegas in 2011.
Steve Marcus Reuters/Landov

Originally published on Fri July 19, 2013 5:52 pm

The SEC on Friday filed civil charges against Steven A. Cohen, the founder of hedge fund SAC Capital Advisors, accusing the billionaire of failing to prevent insider trading.

The Securities and Exchange Commission in a statement Friday afternoon said:

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Business
4:14 pm
Fri July 19, 2013

New Smartphone Upgrade Plans Can Be Costly In The Long Run

Nearly 60 percent of Americans have smartphones, up from just 8 percent five years ago.
Justin Sullivan Getty Images

Originally published on Fri July 19, 2013 5:12 pm

Three of the four major wireless companies are out with new plans for those who want the latest smartphone sooner. The plans, with names like Verizon Edge and AT&T Next, essentially let you rent a phone for six months or a year and then trade it in for a new one — but there's a catch.

"You're paying essentially twice," says Avi Greengart, who is research director for consumer devices at Current Analysis and does some consulting for the industry.

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Business
3:14 pm
Fri July 19, 2013

Billionaire Hedge Fund Manager Accused Of Failing To Supervise

Originally published on Fri July 19, 2013 5:12 pm

Friday, the Securities and Exchange Commission accused billionaire hedge fund manager Steven Cohen of failing to supervise two of his employees who have been charged with insider trading. Cohen is the founder of SAC Captial Advisors. Audie Cornish speaks with NPR's Chris Arnold.

Planet Money
3:14 pm
Fri July 19, 2013

What Actually Happens At The End Of 'Trading Places'?

Feeling good.
Paramount The Kobal Collection

Originally published on Mon July 22, 2013 9:41 am

It's been 30 years since Trading Places came out. And, to be honest, I never really understood what happened at the end of that movie. Sure, Louis Winthorpe (Dan Aykroyd) and Billy Ray Valentine (Eddie Murphy) get rich, and the Duke brothers lose all their money. But what actually happens? How does it work?

I recently talked to Tom Peronis, a guy who has spent years trading OJ options. He walked me through every step of Winthorpe and Valentine's plan.

1. Give The Duke Brothers Bad Information

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All Tech Considered
11:30 am
Fri July 19, 2013

The Tech Week That Was: Phone Upgrade Plans And TV's Future

Cord-cutting was among the top tech topics this week.
Pennuja via Flickr

Originally published on Fri July 19, 2013 12:25 pm

So much fascinating tech and culture news, so little time. But we certainly think you should see the journalism that's catching our curiosity each week, so each Friday we'll round up the week that was — the work that appeared in this blog, and from our fellow technology writers and observers at other organizations.

ICYMI

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Economy
11:24 am
Fri July 19, 2013

Can Bankruptcy Boost Broke Detroit?

Transcript

MICHEL MARTIN, HOST:

This is TELL ME MORE from NPR News. I'm Michel Martin. Later we'll head into the barbershop as we do just about every Friday. We'll hear from the guys on why financial planning advice from McDonald's to its employees fell flat and other news of the week, that's later. But first, we turn to Detroit. The city declared bankruptcy yesterday, making it the largest municipal bankruptcy in this country's history. It all comes after decades of decline from the city's bloom years as the center of the nation's auto industry.

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The Picture Show
10:32 am
Fri July 19, 2013

How Do You Photograph A City's Bankruptcy?

Kirk Crippens

Originally published on Fri July 19, 2013 5:09 pm

Photographer Kirk Crippens says you can't. But that hasn't stopped him from trying. Since 2009, he has been documenting the city of Stockton, Calif., which last year became the largest city in American history to file for bankruptcy — until Detroit filed yesterday. Before bankruptcy, Stockton was the epicenter of the foreclosure crisis. But before that, Crippens says, it "was an all-American city — Boomtown, USA — housing going up everywhere."

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Economy
10:30 am
Fri July 19, 2013

With Home Prices Soaring, Has Success Spoiled San Francisco?

Real estate agent Katie Hayes (right) answers questions about a home for sale during an open house in San Francisco in May. With the median home price now in excess of $1 million, many longtime residents feel squeezed out.
Justin Sullivan Getty Images

Joe Kelso and John Winter probably waited too long. The couple has been together for a dozen years but only got serious recently about buying a house in San Francisco.

They saved enough to be able to afford anything under $500,000, but houses at such prices are now few and far between.

This spring, the median home price in San Francisco topped $1 million, up by a third from last year.

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Business & Education
8:37 am
Fri July 19, 2013

Alabama Back-to-School Sales Tax Holiday Aug. 2-4

Alabama retailers are getting ready for the annual tax free weekend for back-to-school merchandise.

   The state will waive its 4 percent sales tax from Friday, Aug. 2 through Sunday, Aug. 4. The Alabama Retail Association reports that a record 274 Alabama cities and counties are waiving their local sales taxes during that weekend.

   Items covered by the tax holiday include clothing priced at $100 or less, school supplies costing $50 or less, books that cost $30 or less, and computers and computer equipment selling for $750 or less.

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The Two-Way
7:59 am
Fri July 19, 2013

China Scraps Some Controls On Lending Interest Rates

Originally published on Fri July 19, 2013 9:00 am

China's central bank announced that it was removing some controls on the interest rates charged by banks for the loans it issues clients.

Reuters explains that the People's Bank of China said in a statement that it was removing the floor "on lending rates for commercial banks, meaning that banks will now be able to cut rates as much as they see fit to attract borrowers."

Reuters adds:

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The Two-Way
6:13 am
Fri July 19, 2013

Now That Detroit's Filed For Bankruptcy, What Happens Next?

A portion of downtown Detroit along the Detroit river.
Bill Pugliano Getty Images

Originally published on Fri July 19, 2013 11:59 am

With its bankruptcy filing Thursday, Detroit became the largest municipality in the United States to seek Chapter 9 protection.

As Scott reported, the city is saddled with $18.5 billion in debt.

Today, we ask, what happens next?

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Around the Nation
4:52 am
Fri July 19, 2013

Detroit Files Nation's Largest-Ever Municipal Bankruptcy

Originally published on Fri July 19, 2013 5:00 am

Detroit has become the biggest American city ever to file for bankruptcy, seeking Chapter 9 protection from creditors and unions owed some $18.5 billion in debt and liabilities. What's ahead for debt-ridden Detroit? Quinn Klinefelter WDET.

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