Business

Business
10:49 am
Wed May 29, 2013

Personalized Coca-Colas, But Not If Your Name Is Mohammed Or Maria

Originally published on Thu May 30, 2013 11:53 am

Remember the disappointment you felt as a kid at the souvenir shop when that personalized key chain wasn't available in your name? For me, it was never finding "Allison" with two L's. My colleague Maria says she was always stuck with "Mary" as her only option.

Facebook fans of Coca-Cola's new "Share a Coke" campaign are having similar frustrations. As part of its new campaign, which recently launched in Europe, the soda giant is printing popular first names on labels of Coke, Diet Coke and Coke Zero.

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Business
2:54 am
Wed May 29, 2013

Natural Gas Export Plan Unites Oregon Landowners Against It

Rancher Bill Gow doesn't want the proposed Pacific Connector Gas Pipeline to travel across his Douglas County, Ore., ranch. While he has refused to negotiate with the pipeline company, ultimately a court may force him and other landowners to allow the project on their land.
Jeff Brady NPR

Originally published on Wed May 29, 2013 10:47 am

A radical shift in the world energy picture is raising environmental concerns in the United States.

Until recently, the U.S. had been expected to import more natural gas. But now, because of controversial technologies like "fracking," drillers are producing a lot more domestic natural gas; so much that prices are down, along with industry profits. And drillers are looking overseas for new customers.

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Business
2:54 am
Wed May 29, 2013

Once A Boon For Investors, House Flipping Is Back

This home in the Glassell Park neighborhood of Los Angeles was bought by Dossier Capital for $390,000, records show. It's now listed for more than $720,000.
Courtesy of Dossier Capital

Originally published on Wed May 29, 2013 10:47 am

House flipping is back.

A popular phenomenon during the housing boom, flipping is when a house is bought and sold within a six-month period. Flippers are real estate investors who buy houses, fix them up quickly and then resell them, making money off the renovation. In parts of California, it's happening at some of the fastest rates in a decade.

At a recent open house in Glassell Park, a neighborhood in northeast Los Angeles, curious buyers and neighbors streamed into a green stucco house that had just come onto the market.

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Business
11:13 am
Thu May 23, 2013

Bernanke Hints That The Economy Still Needs Help

Federal Reserve Chairman Ben Bernanke during his Capitol Hill testimony Wednesday before the Joint Economic Committee.
Alex Wong Getty Images

Originally published on Wed May 22, 2013 11:37 am

In the nearly impenetrable language that comes with his job, Federal Reserve Chairman Ben Bernanke told Congress on Wednesday that even though the economy is doing better, the central bank needs to keep giving it a boost.

The key passage from his prepared testimony:

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Business
11:11 am
Thu May 23, 2013

Judge: Unredeemed Borders Gift Cards Are Worthless

Customers walk out of Borders on July 22, 2011, in San Francisco, Calif., as the chain began liquidating.
Justin Sullivan Getty Images

Originally published on Thu May 23, 2013 8:34 am

If you were hoping to cash in that Borders gift card for the latest Dan Brown novel — or at least hoping to get some cash for it — you're too late.

A Manhattan federal judge on Wednesday ruled that the bankrupt and defunct book chain owes nothing to the roughly 17.7 million people who hold $210.5 million in unredeemed gift cards.

U.S. District Judge Andrew Carter says it would be unfair to Borders Group's other creditors to let gift-card holders pursue recoveries, Reuters reports:

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Business
3:07 am
Wed May 22, 2013

Why Apple (And Lots Of Other Companies) Wound Up In Ireland

Andy Wong AP

Originally published on Wed May 22, 2013 9:35 am

Apple was criticized in a Senate committee hearing Tuesday for using complex accounting to minimize the corporate taxes it pays. One key piece of the company's tax strategy: It funnels lots of its profits through subsidiaries in Ireland.

Offering low corporate tax rates has been a fundamental part of Ireland's economic strategy for decades — a way to get foreign companies to set up operations in the country.

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Business
4:24 am
Tue May 21, 2013

CEO Cook To Defend Apple Before Senate Committee Hearing

Apple CEO Tim Cook speaks during an introduction of the iPhone 5 in San Francisco on Sept. 12. The Senate Permanent Subcommittee on Investigations says Apple is paying billions of dollars less than it should in taxes each year, taking advantage of technicalities in U.S. and Irish tax laws.
Eric Risberg AP

Originally published on Tue May 21, 2013 11:13 am

Giant technology firm Apple is paying billions of dollars less than it should in U.S. taxes each year, according to a report by the Senate Permanent Subcommittee on Investigations. In a hearing Tuesday in Washington, D.C., Apple CEO Tim Cook will defend the company.

The subcommittee's report says Apple avoids the tax payments mainly by shifting profits to three subsidiary companies in Ireland. The investigation found Apple is taking advantage of technicalities in U.S. and Irish tax laws to avoid paying any tax on a huge portion of its profits.

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Business
4:47 pm
Tue May 14, 2013

Huge Boost In U.S. Oil Output Set To Transform Global Market

IEA chief Maria van der Hoeven, seen in a 2011 photo, said that North American production has set off a "supply shock that is sending ripples throughout the world."
AFP AFP/Getty Images

Originally published on Tue May 14, 2013 5:48 pm

U.S. oil production is rising sharply and increased output from shale will be a "game changer" in global energy markets in the coming years, according to a new report out Tuesday by the International Energy Agency.

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Business
12:23 pm
Tue May 14, 2013

Whatever Happened To The Economy?

The economy is still a big issue, but Washington isn't doing much about it.
Paul J. Richards AFP/Getty Images

Originally published on Tue May 14, 2013 2:36 pm

Remember the economy?

The election year was dominated by talk about jobs and the economy, but neither the administration nor Congress seems to have any grand ideas for jump-starting a still sluggish recovery — and they're not even talking about it much.

President Obama sought to turn attention back to economic issues with a speech last week in Texas on manufacturing, but that's already long since been forgotten. A cascade of scandals has driven the issue entirely off the Washington radar.

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Business
3:17 am
Fri May 10, 2013

Peers Find Less Pressure Borrowing From Each Other

iStockphoto.com

Originally published on Fri May 10, 2013 8:10 am

The Internet has managed to disrupt many industries, from publishing to music. So why not lending?

Google is teaming up with the nation's largest peer-to-peer lender. The search and tech giant is investing $125 million in Lending Club, which gets borrowers and lenders together outside the conventional banking system. Google's move and the actions of other big players reflect a growing interest in peer-to-peer lending.

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Business
2:45 am
Thu May 9, 2013

Furloughs Only The Latest Blow To Federal Worker Morale

Federal employees demonstrate against the U.S. budget sequester, outside New York's Federal Plaza on Tuesday.
John Moore Getty Images

Originally published on Thu May 9, 2013 5:51 am

Federal workers say they don't have much to celebrate these days.

Furloughs began in April, exacerbating already low morale for many government agencies as budgets have tightened. Downsizing has meant more work for those who remain, and talk of further cuts has many worried about job security. This year is also the third that federal workers haven't received a pay increase, contributing to discontent.

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Business
7:03 am
Wed May 8, 2013

Head Of Environmental Division Is Leaving Justice Dept.

Assistant Attorney General Ignacia S. Moreno in September of 2011.
Jeff Chiu AP

Originally published on Wed May 8, 2013 11:38 am

Assistant U.S. Attorney General Ignacia Moreno, the point person at the Justice Department for prosecuting environmental crimes, says she will leave government service next month.

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Business
6:19 pm
Mon May 6, 2013

Some Net Retailers Aren't Buying Online Sales Tax Proposal

The Senate on Monday approved a bill to allow states to collect sales taxes from online retailers. Proponents say sellers will get help navigating tax collection, but many retailers says complying will be burdensome and opens the door for unforeseen problems.
iStockphoto.com

Originally published on Mon May 6, 2013 9:00 pm

Congress is considering a bill that would allow states to collect sales taxes from online retailers. Proponents say a law is necessary to level the playing field with brick-and-mortar stores and to raise revenue for states.

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Business
11:28 am
Mon May 6, 2013

Wal-Mart Reclaims No. 1 Spot On 'Fortune' 500 List

A shopping cart at a Wal-Mart store in Los Angeles.
Robyn Beck AFP/Getty Images

Originally published on Mon May 6, 2013 3:40 pm

Wal-Mart has reclaimed the lead spot on the Fortune 500 list released today. For the past few years, the giant retailer has been battling it out with Exxon for top billing.

This year, Exxon Mobil dropped to No. 2.

Fortune writes about Wal-Mart:

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Business
8:35 am
Fri May 3, 2013

165,000 Jobs Added In April, Jobless Rate Fell To 7.5 Percent

Waiting for work: Job seekers lined up last month at the 25th Annual CUNY big Apple Job and Internship Fair in Manhattan.
Spencer Platt Getty Images

Originally published on Fri May 3, 2013 10:05 am

(Most recent update: 10 a.m. ET.)

The nation's jobless rate edged down to 7.5 percent in April from 7.6 percent in March and employers added 165,000 jobs to their payrolls last month, the Bureau of Labor Statistics reported Friday morning.

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Business
5:13 am
Mon April 29, 2013

States Question What To Do With Surging Tax Revenue

Originally published on Mon April 29, 2013 1:07 pm

Across the country, state budgets are back in the black after years of belt-tightening and spending cuts. From California to Florida, in nearly every state, the economic recovery has produced a surge in tax revenue.

For governors and state legislators, that's produced a new question: how to spend the money.

The past three years have not been easy ones for elected officials. Nearly every state requires them to produce a balanced budget. And with declining revenue from sales, property and income taxes, that has meant big spending cuts.

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Business
3:27 am
Fri April 12, 2013

In The Wake Of Brazil's Boom, Prices To Match

Tatiana Coelho buys fruit from a vendor in a favela in Rio de Janeiro, Brazil, on Sept. 20, 2012. Prices, especially for food, are skyrocketing in Brazil.
Melanie Stetson Freeman Christian Science Monitor via Getty Images

Originally published on Fri April 12, 2013 10:56 am

In Sao Paulo, Brazil's largest city, a Starbucks coffee shop looks as it would in the United States. It has the same jazzy music; the same items on the menu.

There is one thing that is different, though: the prices.

"Everyone told me it's expensive, but when you see it yourself it's shocking," says one customer, Thierry, who is from Geneva and is in town for a wedding.

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Business
3:20 am
Wed April 10, 2013

Construction Booming In Texas, But Many Workers Pay Dearly

Marchers at the state capitol building in Austin, Texas, in February protest working conditions in the state's construction sector.
Jason Cato Courtesy of Workers Defense Project

Originally published on Thu April 11, 2013 1:12 pm

Like almost everything in the Texas, the construction industry in the Lone Star State is big. One in every 13 workers here is employed in the state's $54 billion-per-year construction industry.

Homebuilding and commercial construction may be an economic driver for the state, but it's also an industry riddled with hazards. Years of illegal immigration have pushed wages down, and accidents and wage fraud are common. Of the nearly 1 million workers laboring in construction here, approximately half are undocumented.

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Business
3:23 am
Mon April 1, 2013

EPA's Push For More Ethanol Could Be Too Little, Too Late

A decal advertising E85 ethanol is displayed on a pump at a gas station in Johnston, Iowa.
Justin Sullivan Getty Images

Originally published on Fri April 5, 2013 8:50 am

The U.S. Environmental Protection Agency could soon issue a final ruling that aims to force oil companies to replace E10, gasoline mixed with 10 percent ethanol, with E15.

This move could come just as widespread support for ethanol, which is made from corn, appears to be eroding.

Mike Mitchell was once a true believer in ethanol as a homegrown solution to foreign oil imports. He owns gas stations, and he went further than most, installing expensive blender pumps that let customers choose E15, E20 and all the way up to E85.

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Business
3:33 am
Wed March 27, 2013

Planning For Retirement When Savings Fall Short

For most Americans, the math for a comfortable retirement may never add up.
iStockphoto.com

Originally published on Wed March 27, 2013 8:04 am

For most Americans, the math for a comfortable retirement may never add up.

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