Business

Business
2:48 am
Fri May 18, 2012

Facebook To Begin Trading On Nasdaq

Originally published on Fri May 18, 2012 2:49 pm

Transcript

(SOUNDBITE OF BELL RINGING)

STEVE INSKEEP, HOST:

There you have it, the sound of money. Mark Zuckerberg rang the opening bell for the NASDAQ stock exchange this morning. Facebook, his company, is going public today. The company's shares start trading under the ticker symbol FB. And we talked about one of the largest IPOs, initial public offerings, in history with NPR's Steve Henn.

OK. When we say one of the largest in history, how big is it here?

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Business
2:48 am
Fri May 18, 2012

Did Bank's Culture Lead To JPMorgan's Big Loss?

Originally published on Fri May 18, 2012 2:49 pm

Transcript

DAVID GREENE, HOST:

The head of JPMorgan Chase, Jamie Dimon, has gotten an invitation to testify in front of the Senate Banking Committee about his bank's recent trading loss of at least $2 billion.

STEVE INSKEEP, HOST:

Dimon is very much the public face of his firm. In a Wall Street culture where banks are defined as much by the executives who run them is by the assets they hold. So, what kind of culture led to the multibillion dollar losses at JPMorgan Chase?

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Business
2:48 am
Fri May 18, 2012

Hewlett-Packard Set To Layoff 30,000 People

Originally published on Fri May 18, 2012 2:49 pm

Transcript

STEVE INSKEEP, HOST:

NPR's business news starts with layoffs at HP.

(SOUNDBITE OF MUSIC)

INSKEEP: Technology giant Hewlett-Packard is poised to eliminate as many as 30,000 jobs worldwide. These cuts, though, will reportedly spare China - the company's largest source of growth, as well as its research and development divisions.

NPR's Wendy Kaufman reports.

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Planet Money
1:20 am
Fri May 18, 2012

The Long, Long, Long Road To New Rules For Banks

Originally published on Fri May 18, 2012 2:49 pm

Would that big, bad JPMorgan Chase trade have violated the Volcker Rule?

It's too soon to say, despite the fact that the rule is part of a two-year-old law.

The Volcker Rule bans deposit-taking banks from making speculative bets. But it allows banks to make investments to hedge risks.

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Space
1:13 am
Fri May 18, 2012

NASA, SpaceX Aim To Launch Private Era In Orbit

NASA and SpaceX partnered closely to make the mission to the International Space Station possible. Above, the SpaceX control room.
SpaceX

Originally published on Fri May 18, 2012 2:49 pm

A private spaceship owned by a company called SpaceX is scheduled to blast off from Cape Canaveral in Florida early Saturday morning.

If all goes well, the unmanned capsule will rocket up on a mission to deliver food and other supplies to the International Space Station, becoming the first commercial spacecraft to visit the outpost.

The highly anticipated mission could mark the beginning of what some say could be a new era in spaceflight, with private companies operating taxi services that could start taking people to orbit in just a few years.

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The Two-Way
2:40 pm
Thu May 17, 2012

Facebook Stock Priced at $38 A Share Ahead of Friday IPO

The Facebook thumb.
Paul Sakuma AP

Originally published on Fri May 18, 2012 4:55 am

When Facebook makes its initial public offering Friday on the NASDAQ, the stock will be priced at $38 per share, a price that's expected to bring in between $16 billion and $18.4 billion to the company. CNBC reports:

"[The price makes] it one of the most lucrative offerings the Street has ever seen. With that valuation taken into consideration, Facebook goes public with the highest valuation — in the $100 billion range — of any company on record at the time of its IPO."

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The Two-Way
2:25 pm
Thu May 17, 2012

Reports: Hewlett-Packard Plans To Announce About 25,000 Job Cuts

Originally published on Thu May 17, 2012 2:37 pm

Several news outlets are reporting that computer giant Hewlett-Packard will announce the elimination of 25,000 to 30,000 jobs. All Things D reports that the announcement will come from CEO Meg Whitman when the company announces its quarterly earnings next Wednesday.

All Things D reports:

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Digital Life
12:00 pm
Thu May 17, 2012

Facebook Users Should Expect Changes After IPO

Originally published on Thu May 17, 2012 12:40 pm

Facebook hopes to raise more than $100 billion in its initial public stock offering. In a piece at Slate.com, tech columnist Farhad Manjoo warns that Facebook users can expect to see changes, including lots more ads. But he warns the company must balance profit seeking with the desires of users.

Shots - Health Blog
8:47 am
Thu May 17, 2012

Embattled Hospital Debt Collector Taps Politicians For Defense

Minnesota Attorney General Lori Swanson announces a lawsuit against Accretive Health in Jan., saying the company failed to protect the confidentiality of health care records for thousands of Minnesota residents. The charges have widened to include the company's tactics in collecting debts.
Jim Mone AP

So what do you do when you're accused of hitting up sick patients in the hospital to pay their bills — sometimes even before they get treatment?

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The Two-Way
5:03 am
Thu May 17, 2012

As Feared, JPMorgan's Losses Are Growing; Reportedly At $3 Billion

Timothy A. Clary AFP/Getty Images

The word on Monday that JPMorgan Chase's losses from risky trades that went wrong could climb from $2 billion to perhaps as high as $4 billion in coming quarters is being bolstered this morning.

There's this report from The New York Times' Deal Book blog:

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Business
4:58 am
Thu May 17, 2012

Skechers To Settle FTC Complaint

The Federal Trade Commission has announced that Skechers will pay more than $40 million to settle charges that the company made unfounded claims about its shape-up shoes. The FTC says the marketing was deceptive.

Economy
2:43 am
Thu May 17, 2012

Fed: Sizeable Risk From Capitol Hill Gridlock

Originally published on Thu May 17, 2012 4:58 am

The Federal Reserve has unsealed the minutes of its Open Market Committee meeting in April. Fed officials warn that a failure to agree on a federal budget plan could mean businesses will delay hiring plans.

Election 2012
2:29 am
Thu May 17, 2012

Biden Speech Part Of Coordinated Attack On Romney

Originally published on Thu May 17, 2012 4:58 am

With a speech in Ohio Wednesday, Vice President Biden kept up the drum beat criticizing Mitt Romney for his work as a venture capitalist. The GOP presidential hopeful casts his business experience as a prime asset.

Television
2:29 am
Thu May 17, 2012

TV Networks Try To Sell Advertisers On Fall Lineups

Originally published on Thu May 17, 2012 4:58 am

Transcript

DAVID GREENE, HOST:

This is MORNING EDITION, from NPR News. Good morning. I'm David Greene. And let's talk a little TV now. The broadcast networks are all gathered up in New York this week for what's known in the biz as the upfronts. This is when they tout their fall lineups to advertisers with star-studded presentations, trying to get their share of about $9 billion worth of advertising.

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Business
2:29 am
Thu May 17, 2012

Foreclosures Are Down For Third Straight Month

Originally published on Thu May 17, 2012 4:58 am

Transcript

DAVID GREENE, HOST:

NPR's business news starts with some good news for the housing market.

(SOUNDBITE OF MUSIC)

GREENE: Home foreclosures in the United States are down for the third straight month, according to the foreclosure listing from RealtyTrack. Nationwide, a new RealtyTrack report finds foreclosure rates in April were down 14 percent over last year, hitting the lowest monthly level in nearly in five years. Transcript provided by NPR, Copyright NPR.

Business
2:29 am
Thu May 17, 2012

The Last Word In Business

Originally published on Thu May 17, 2012 4:58 am

The hot dog is topped with lobster tail, contains safron aioli and is covered in gold dust. Four of the expensive dogs have been sold, and the proceeds donated to charity.

Europe
1:31 am
Thu May 17, 2012

'Dire Consequences' If Greece Exits Euro

People walk past the Bank of Greece headquarters in Athens.
Louisa Gouliamaki AFP/Getty Images

Originally published on Thu May 17, 2012 8:46 am

Euros are being drained out of Greek banks at a rate of up to $1 billion a day this week. In the wake of the country's election turmoil, depositors are nervous about the heightened possibility of a Greek exit from the euro. If that were to happen, euros left in Greek banks could be worth much less than euros outside the country.

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All Tech Considered
3:45 pm
Wed May 16, 2012

'What Facebook Is Selling Is Us'

A worker sits in the Facebook office in Menlo Park, Calif. The amount of information Facebook learns about its users seems to have entranced Wall Street.
Jeff Chiu AP

Facebook's initial public offering is shaping up to be one of the largest in history. This morning the company told the Securities and Exchange Commission that it was expanding its offering ... again.

Now Facebook is planning to raise up to $16 billion from investors by taking a small slice of the company to the public. And it will likely be worth more than $100 billion on its opening day of trading. It could easily go higher.

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Shots - Health Blog
10:39 am
Wed May 16, 2012

Buyers Of Hyped Skechers 'Toning Shoes' Can Get Refunds

An ad that featured Brooke Burke touting Shape-ups as the latest way to burn off calories and make muscles stronger was cited by the Federal Trade Commission.
FTC

Originally published on Wed May 16, 2012 12:49 pm

No more ifs, ands or butts about the claims that Skechers USA made for its goofy-looking toning shoes.

The company has agreed to pay $40 million to settle claims that it deceived customers by saying its Shape-ups shoes would help people who wore them shed pounds and tone their abs, buttocks and legs, the Federal Trade Commission said.

The FTC alleged there's no evidence the Skechers shoes would do a better job by those measures than regular old gym shoes.

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Planet Money
10:14 am
Wed May 16, 2012

How Facebook Can Live Up To The Hype

Lam Thuy Vo / NPR

Facebook will be valued at about $100 billion when it goes public this week. What would it take for that valuation to be justified?

As we noted yesterday, the value of a typical big, public company is 15 times the company's annual profit. So a company valued at $30 billion would typically have annual profits of $2 billion.

Facebook will be valued at 100 times its current annual profits. That's because investors expect the company's profits to go through the roof in the coming years.

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The Two-Way
6:22 am
Wed May 16, 2012

Greece Sets New Election For June 17; Fear Of Bank Runs Reported

With "the shockwaves from Greece's failure to form a coalition government" continuing to roil financial markets around the world, there's word from the BBC that Greece has now scheduled a new set of elections for June 17.

And there's also this:

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The Two-Way
5:43 am
Wed May 16, 2012

Folks Seem To Like It, So Facebook Boosts Size Of Stock Offering By 25 Percent

Paul Sakuma AP

Originally published on Wed May 16, 2012 6:20 am

The hoopla continues over Facebook's initial public offering of stock, with word that the social media giant has increased the size of Friday's IPO by 25 percent.

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Business
3:23 am
Wed May 16, 2012

Majority Of Shareholders Still Support JPMorgan Chase

Originally published on Wed May 16, 2012 4:47 am

JPMorgan Chase hosted its annual shareholder meeting in Tampa Tuesday, and it was the first chance for shareholders to weigh in on the banks problems. News the bank lost at least $2 billion in a botched trading strategy gave fresh fodder to critics who want banks to be more tightly regulated.

Law
3:23 am
Wed May 16, 2012

Appeals Court Moves Toward Identifying Donors

Originally published on Wed May 16, 2012 4:47 am

Transcript

STEVE INSKEEP, HOST:

OK. So that's the budget money. Let's talk about political contributions. The laws governing political money have just become a little bit more convoluted. But this time, the new twist could actually mean more disclosure. We'd find out the names of the big donors who finance attack ads.

NPR's Peter Overby reports.

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Around the Nation
3:23 am
Wed May 16, 2012

International Travelers Welcome Atlanta's New Air Terminal

Originally published on Wed May 16, 2012 4:47 am

Transcript

STEVE INSKEEP, HOST:

A new international terminal opens today at the Atlanta Airport. Hartsfield-Jackson International is already the busiest airport in the world. And the new terminal reflects a big by the business capital of the South to become a bigger global player. Georgia wants to attract more international business. NPR's Kathy Lohr has the story.

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Economy
3:23 am
Wed May 16, 2012

Portugal Looks Back On 1 Year Since Its Bailout

Originally published on Wed May 16, 2012 4:47 am

In Portugal, austerity has meant up to a 30 percent pay cut for civil servants. Unemployment is at more than 15 percent, and the economy continues to shrink. The European Union recently warned the Portuguese people may have to sacrifice even more.

Economy
3:23 am
Wed May 16, 2012

The Latest On Greece's Financial Crisis

Originally published on Wed May 16, 2012 4:47 am

Greece will hold new elections next month after leaders failed to form a government this week. The political uncertainty has raised fears that the heavily indebted country will be forced to exit the eurozone.

NPR Story
2:52 am
Wed May 16, 2012

The Last Word In Business

Originally published on Wed May 16, 2012 5:25 am

Fragrances for the man candles include Riding Mower, which smells like freshly cut grass, and First Down, which has the smell of orange and leather.

NPR Story
2:52 am
Wed May 16, 2012

Debt Ceiling Debate Is Revived In Washington

Originally published on Wed May 16, 2012 4:47 am

Transcript

STEVE INSKEEP, HOST:

It's MORNING EDITION, from NPR News. Good morning. I'm Steve Inskeep.

DAVID GREENE, HOST:

And I'm David Greene.

If you thought the two political parties had moved past their differences over the debt ceiling, think again.

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NPR Story
2:52 am
Wed May 16, 2012

Certain Ford Retirees Face Major Pension Decision

Originally published on Wed May 16, 2012 7:05 am

Transcript

DAVID GREENE, HOST:

And now to big money that's tied up in a company's pension fund. Tens of thousands of white-collar Ford retirees will soon have a big decision to make: Should they stay in the auto company's pension plan, or take their chances with a lump sum payout instead? The offer is believed to be the first of its kind for such a large, ongoing pension fund.

Michigan Radio's Lindsey Smith reports.

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