NPR's Business News starts with big losses at Credit Suisse - really big. The Swiss bank is reporting a net loss of more than $770 million for the second quarter. That's the biggest loss for the bank since the 2008 financial crisis. Much of the loss is due to a legal settlement with U.S. tax authorities. In May, the bank pleaded guilty to helping Americans evade U.S. taxes by hiding the money in Swiss accounts. Credit Suisse paid a fine of $2.6 billion. Transcript provided by NPR, Copyright NPR.
This summer, we're also focusing on the high rate of youth unemployment and hearing what some out-of-work younger adults are doing to make ends meet. Christina Gastlelum is 32. She recently moved to Maine from New York City. She tried to keep doing her job as vice president of a nonprofit remotely which did not work out.
The Johns Hopkins Health System will pay $190 million to former patients of a gynecologist who used a small camera to secretly film examinations, in one of the the largest sexual misconduct settlements involving a physician.
The Baltimore-based hospital is settling a class-action lawsuit that includes more than 7,000 women and at least 62 minors; more women will likely register with the suit.
From member station WYPR, Christopher Connelly reports:
Young people are being chased out of the labor market. Though the national unemployment rate has fallen steadily in recent months, youth unemployment remains stubbornly high, and the jobless rate is even higher among young minorities. For young people between the ages of 16 and 24, unemployment is more than twice the national rate, at 14.2 percent. For African-Americans, that rate jumps to 21.4 percent.
A federal grand jury indicted FedEx last week on charges the company knowingly shipped drugs from illegal online pharmacies. NPR's Yuki Noguchi reports the disputes over shippers' responsibilities in the illegal drug trade go back many years.
Originally published on Sun July 20, 2014 12:01 pm
R.J. Reynolds Tobacco Co., the nation's second-largest cigarette maker, is vowing to fight a verdict of $23.6 billion in punitive damages to the widow of a smoker who died of lung cancer.
Calling the massive award "grossly excessive and impermissible under state and constitutional law," the tobacco company's CEO, J. Jefferey Raborn, said the verdict was "beyond the realm of reasonableness and fairness, and is completely inconsistent with the evidence presented."
New data released by the Department of Labor suggests that raising the minimum wage in some states might have spurred job growth, contrary to what critics said would happen.
In a report on Friday, the 13 states that raised their minimum wages on Jan. 1 have added jobs at a faster pace than those that did not. The data run counter to a Congressional Budget Office report in February that said raising the minimum wage to $10.10 an hour, as the White House supports, would cost 500,000 jobs.
NPR's Business News starts with a downsized Microsoft. Microsoft announced the biggest layoffs in its history yesterday. It's cutting 18,000 jobs worldwide over the next year - that's 14% of its workforce. The company's new CEO wants to adapt to a society and an industry increasingly dependent on mobile devices. From member station KPLU, Bellamy Pailthorp reports.
Originally published on Wed July 16, 2014 10:32 am
Discrimination against female workers who might get pregnant in the future, or have been pregnant in the past, is against the law, the Equal Employment Opportunity Commission said this week. For the first time in 30 years, the agency has updated its rules against pregnancy discrimination.
The agency clarified several policies, including one that spells out when businesses may have to provide pregnant workers light duty and another that bans employers from forcing a pregnant worker to take leave even in cases when she's able to continue on the job.
Installing solar panels on a house to generate electricity often costs $20,000 or more, and many homeowners have turned to leasing programs to avoid those upfront costs. But most leases are for 20 years, and that can present problems if someone wants to sell the house before the lease is completed.
Peter Auditore of El Granada, Calif., was happy with the leased solar panels he installed a few years back. When he decided to sell, he found a buyer who also appreciated the environmental benefits of solar panels. But then there was a hitch just as the sale was about to go through.
By Commonwealth as submitted by Chornyak & Associates
As people age, their financial needs change and they may need advice. Here's a useful checklist of issues to consider in working with aging family members regarding financial decisions, provided by Commonwealth Financial Network.
Each day between 2011 and 2030, 10,000 baby boomers will celebrate their 65th birthdays. As the boomers grow older, their middle-aged children may find themselves in a challenging situation: providing financial assistance to their parents as well as their own kids.
It makes some sense that young people might work less than their older counterparts. They are figuring out their lives, going in and out of school and making more short-term plans.
But a whopping 5.8 million young people are neither in school nor working. It is "a completely different situation than we've seen in the past," says Elisabeth Jacobs, the senior director for policy and academic programs at the Washington Center for Equitable Growth.
Chicago is practically giving away land: vacant lots for just $1 each. The catch? To buy one, you must already own a home on the same block.
Like many U.S. cities, Chicago has struggled with what to do with a growing number of empty lots in the wake of the foreclosure crisis. Efforts to develop affordable housing or urban farms have had some mixed results.
So Chicago officials and community development advocates hope the vacant lot program can help spark a renewal in some of the city's most blighted areas.
A year ago, the housing market looked like it was finally recovering. Sales and prices were picking up. But then home sales fizzled. Currently, they are down about 7 percent from last spring.
A big part of why housing remains so stunted is that there are more than 2 million "missing households" in the U.S. That's how economists describe the fact that fewer people are striking out on their own to find places to live.
Suppose you spent five years in prison for a crime you didn't commit. How much does the government owe you?
Over the past few decades, the rise of DNA exonerations has made this a more pressing question. And many states have created explicit policies to answer it.
But those policies vary wildly from state to state.
Twenty-one states provide no money — though people who are exonerated can sue for damages. Twelve states and the District of Columbia award damages on a case-by-case basis. Another 17 states pay a fixed amount per year of imprisonment.