Business & Education

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.

Business
4:52 am
Fri July 19, 2013

Moody's Investors Service Upgrades U.S. Debt

Originally published on Fri July 19, 2013 7:45 am

Moody's lifted the rating from "negative" to "stable" and affirmed the country's AAA rating. In a statement, it said the U.S. economy has demonstrated resilience in the face of major cuts to government spending. The country is on track to report its lowest annual deficit in five years.

Business
4:26 am
Fri July 19, 2013

Federal Judge Green Lights Suit Against Private Equity Firms

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

The investor lawsuit claims the companies, including Blackstone, Carlyle and Bain Capital, colluded to drive down prices on hundreds of billions of dollars in takeovers.

Business
4:26 am
Fri July 19, 2013

In Dubai, Weight Loss Is Worth Gold

Originally published on Fri July 19, 2013 6:06 am

If you want people to slim down, why not reward them with gold? That's the tack being taken in Dubai, United Arab Emirates. For every kilogram lost, the government will pay out a gram of gold.

Planet Money
2:18 am
Fri July 19, 2013

Will Robot Nannies Save Japan's Economy?

The key to Japan's economy?
Courtesy of Cartoon Network

Originally published on Fri July 19, 2013 8:40 am

More than half of all Japanese women quit their jobs after giving birth to their first child. That's more than double the rate in the U.S., and it's a problem for Japan's economy.

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Europe
3:12 pm
Thu July 18, 2013

Investigators Take Action Following Heathrow Fire

Originally published on Thu July 18, 2013 5:31 pm

Nearly one week ago, a fire erupted inside a parked Ethiopian Airlines Boeing 787 at London's Heathrow Airport. Thursday, the British Air Investigation Branch issued a bulletin urging the deactivation of an emergency transmitter on all 787s. The British investigators stopped just short of blaming the Emergency Locator Transmitter for the fire. But they did recommend that the Federal Aviation Administration order the deactivation of beacons on 787s under FAA authority. Melissa Block talks with NPR's Wendy Kaufman.

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