Business

Business
6:02 am
Sun January 20, 2013

Dependent On Arms Plant, N.Y. Town Braces For Gun Laws' Impact

Standing near the Remington Arms factory, Beth Neale, deputy mayor of Ilion, N.Y., says she's watched a lot of large manufacturers leave the region. She's not sure Ilion would easily recover from losing Remington.
Marie Cusick for NPR

Originally published on Sun January 20, 2013 1:30 pm

When New York state passed a wave of new gun-control laws on Jan. 15, it outlawed a type of assault rifle made just over an hour's drive from the state capital.

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News from Chornyak & Associates
12:11 pm
Tue January 15, 2013

IRS Trends in Tax Auditing

Are you aware of the significant changes in the way the IRS targets taxpayers for audits and how it conducts the exams?  

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Business
3:27 am
Thu January 10, 2013

The North Dakota Town Where A One-Bedroom Apartment Rents For $2,100 A Month

Yours, for $2,100 a month
Josh Marston

Originally published on Thu January 10, 2013 3:04 pm

A plain, one-bedroom apartment in Williston, N.D., rents for $2,100 a month. For this price, you could rent a one-bedroom apartment in New York City.

Williston is not New York City. There are 30,000 residents and one department store. The nearest city is two hours away.

Rents are so high in Williston because the town is in the middle of an oil boom. Unemployment is below 1 percent, and workers are flooding into town.

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Business
9:15 am
Tue January 8, 2013

New Bank Rule: Sounds Boring, Actually A Big Deal

The Bank for International Settlements in Basel, Switzerland: world capital of bank rules that sound boring but are actually a big deal.
Fabrice Coffrini AFP/Getty Images

Originally published on Mon January 14, 2013 5:59 pm

We don't hear much about bank liquidity, partly because it sounds so dull. It's much more fun to talk about prop trading (fear the London Whale!) or structured finance (synthetic CDOs are crazy!).

But if you're trying to figure out how safe banks are — and how willing they'll be to make loans to ordinary people — liquidity is at least as important as other, more-dramatic-sounding corners of finance.

So the new liquidity rules global banking regulators released yesterday are a big deal for the real economy.

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Business
5:45 pm
Mon January 7, 2013

Why Is Google Exec Interested In North Korea?

Google's Executive Chairman Eric Schmidt (left) arrives at Pyongyang International Airport on Monday. There is speculation that Schmidt's presence in North Korea could have an upside for Google by positioning Schmidt as the company's global ambassador.
David Guttenfelder AP

Originally published on Mon January 7, 2013 6:39 pm

Eric Schmidt, executive chairman of Google, has landed in North Korea. His trip there is a bit of a mystery.

Schmidt, the former CEO of Google, has been a vocal proponent of providing people around the world with Internet access and technology. North Korea doesn't even let its citizens access the open Internet, and its population is overwhelmingly poor — so it's not exactly a coveted audience for advertisers.

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Business
5:07 pm
Mon January 7, 2013

The $1.76 Million Tuna: Great For Publicity, Bad For The Species

Sushi chain owner Kiyoshi Kimura poses with a bluefin tuna in front of his Sushi Zanmai restaurant in Tokyo on Saturday. He paid more than $1.7 million for the fish.
Shuji Kajiyama AP

Originally published on Mon January 7, 2013 5:52 pm

It's become an annual tradition: bidding up an outrageous price for a Pacific bluefin tuna during the first auction of the new year at Toyko's Tsukiji fish market.

And on Saturday, a bluefin tuna big enough to serve up about 10,000 pieces of sushi fetched a mind-boggling price: $1.76 million. That's about three times as much as last year's tuna and equates to about $3,600 per pound for the 489-pound fish.

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Business
11:57 am
Mon January 7, 2013

Big Banks Agree To Pay $8.5 Billion To Settle Foreclosure-Abuse Claims

April 2011: A foreclosure sign in front of a home in Richmond, Calif.
Justin Sullivan Getty Images

Originally published on Mon January 7, 2013 6:26 pm

Ten of the nation's major mortgage servicing companies, including household names such as Bank of America and Citibank, have agreed to pay $8.5 billion to resolve claims that they abused some homeowners when they foreclosed on mortgages during the recent housing crisis, the Federal Reserve and the Comptroller of the Currency announced late Monday morning.

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Business
8:39 am
Mon January 7, 2013

Bank Of America To Pay Fannie Mae $3.6B, Buy Back $6.75B In Mortgages

Bank of America's corporate center in Charlotte, N.C.
Scott Olson Getty Images

Originally published on Mon January 7, 2013 9:43 am

Bank of America announced this morning that it will pay the Federal National Mortgage Association (Fannie Mae) $3.6 billion in cash and will buy back $6.75 billion worth of mortgages to resolve claims related to mortgage-backed securities sold to Fannie Mae by the bank and Countrywide Financial Corp. (which BofA acquired in 2008.

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Business
5:55 pm
Sun January 6, 2013

iPads, China: Twin Threats To Wisconsin's Paper Industry

The Nekoosa Paper Mill was established in 1883. Its mill in Nekoosa, Wis., sits on the banks of the Wisconsin River, and is now owned by a Canadian paper company.
Mike De Sisti Milwaukee Journal Sentinel

Originally published on Tue January 8, 2013 8:11 pm

Deep in the Northwoods of Wisconsin, lumberjacks still cry "timber," just not as often as they once did. Across the state, milling lumber into good paper, the kind called "knowledge" grade for books, has employed thousands for more than a century, and created a distinct culture.

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Business
11:10 am
Fri January 4, 2013

After Sandy, Can The Jersey Shore Come Home Again?

A woman walks past a cabana complex pulled off its foundations by Superstorm Sandy in Sea Bright, N.J., in November.
Seth Wenig AP

Originally published on Thu January 3, 2013 8:25 pm

Think about it and you'll start to realize how important the Jersey shore is to American culture. Sure there's the television show Jersey Shore, but there are more enduring signs. Consider the board game Monopoly; properties are named after Atlantic City locations. And during a television fundraiser for Superstorm Sandy victims in November, comedian Jimmy Fallon talked specifically about the Jersey Shore.

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Business
11:07 am
Fri January 4, 2013

Budget Deal Provides Tax Breaks For Green Energy

Ruben Fragoso checks out appliances at Best Buy in Miami in April 2010, when Florida residents were taking advantage of a federally funded discount for Energy Star-rated appliances. Legislation just passed by Congress as part of the fiscal-cliff deal includes tax breaks for energy-efficient appliances.
Joe Raedle Getty Images

Originally published on Fri January 4, 2013 12:27 pm

Whether you're a homeowner who bought an energy-saving refrigerator last year or a company hoping to build a wind farm, the tax package Congress just approved may give you a reason to cheer.

"It's got something in there, a Christmas gift if you will, for almost everyone — American homeowners, workers who commute via transit, and manufacturers of efficient equipment like clothes washers, dryers, refrigerators," says Kateri Callahan, president of the Alliance to Save Energy.

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Business
8:59 am
Fri January 4, 2013

155,000 Jobs Added In December, Jobless Rate At 7.8 Percent

Looking for work: The scene at a "diversity job fair" in Manhattan last month.
John Moore Getty Images

Originally published on Fri January 4, 2013 12:00 pm

There were 155,000 jobs added to public and private payrolls in December, the Bureau of Labor Statistics reported Friday morning.

That's right in line with economists' expectations and is another sign of steady, though modest, growth in employment. In November, employers added an estimated 161,000 jobs. The average monthly gain in 2012 was 153,000 jobs, BLS says. That's the same average as in 2011.

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Business
7:14 am
Fri January 4, 2013

Did Hiring Pick Up As 2012 Ended? We'll Find Out Shortly

The scene at a job fair in San Mateo, Calif., earlier this year.
Justin Sullivan Getty Images

Originally published on Fri January 4, 2013 8:38 am

8:35 a.m. ET. And the answer is: 155,000 jobs added to payrolls in December; the jobless rate held at 7.8 percent. (November's rate was revised up to 7.8 percent.)

Our original post:

Here it comes — the always eagerly anticipated news about jobs and the nation's unemployment rate.

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Business
3:20 pm
Thu January 3, 2013

The Phantom Tax That Made The Deficit Look Better

The alternative minimum tax created a "useful fiction," as one analyst says, by appearing to shrink budget deficits.
Tim Boyle Getty Images

As Americans continue to sort out the contents of the fiscal cliff legislative package passed by Congress Tuesday, they are finding elements they like and some they hate.

There's one exception. Everyone is glad Congress finally found a permanent fix for the alternative minimum tax.

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Business
2:46 pm
Thu January 3, 2013

Transocean To Pay $1.4 Billion In Gulf Oil Spill Settlement

The Transocean Discoverer Enterprise drill ship collects oil from the site of the Deepwater Horizon oil well as workers try to stem the flow of the spill in the Gulf of Mexico, June 12, 2010.
Saul Loeb AFP/Getty Images

Originally published on Thu January 3, 2013 6:10 pm

Transocean, the owner of the Deepwater Horizon rig where 11 men died in April 2010, has agreed to pay $1.4 billion in criminal and civil penalties to resolve Justice Department allegations over its role in the Gulf of Mexico oil spill.

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Business
1:16 pm
Mon December 31, 2012

Deal To Avert 'Fiscal Cliff' Appears Likely

The Capitol is illuminated in Washington, where the House and Senate remain in session. The two chambers will miss a deadline to avoid the "fiscal cliff" tonight, as 2013 begins.
Drew Angerer Getty Images

Originally published on Tue June 4, 2013 10:01 am

Update at 9:45 p.m. Deal Reached

Vice President Joe Biden was meeting late Monday with Senate Democrats to brief them on a proposed deal to stop sharp tax increases and spending cuts. A source told NPR the deal with congressional Democratic and Republican leaders includes a mix of both.

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Business
10:55 am
Fri December 28, 2012

Jobless Claims Fell By 12,000 Last Week

The line at a job fair earlier this month in Manhattan.
John Moore Getty Images

Originally published on Thu December 27, 2012 8:45 am

There were 350,000 first-time claims for unemployment benefits last week, down 12,000 from the week before, the Employment and Training Administration reports. That's the lowest level since early March 2008.

The agency adds that "the 4-week moving average," which tends to smooth out some of the volatility that comes with the weekly figures, "was 356,750, a decrease of 11,250 from the previous week's revised average of 368,000."

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Business
4:23 pm
Thu December 27, 2012

Federal Government Prepares For Uncertain Landing After 'Fiscal Cliff'

Originally published on Thu December 27, 2012 9:40 pm

With negotiations to avoid the "fiscal cliff" uncertain at best, the Obama administration is trying to tamp down anxiety in the federal workforce.

The administration's message to various federal agencies is that there will be little immediate effect on public employees from the budget cuts scheduled to take effect next week if a deal is not reached. Treasury Department employees, for instance, were told not to expect "day to day operations to change dramatically on or immediately after January 2."

For workers, of course, that's good news.

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Business
3:25 am
Wed December 26, 2012

Wall Street Wiretaps: Investigators Use Insiders' Own Words To Convict Them

Raj Rajaratnam, center, billionaire co-founder of Galleon Group, is surrounded by photographers as leaves Manhattan federal court May 11 after being convicted of insider trading charges.
Mary Altaffer AP

Originally published on Wed December 26, 2012 6:07 am

It was another busy year for federal authorities pursuing insider trading cases. Seventy-five people have now been charged in the last three years, and investigators say that success comes largely from their decision to attack insider trading the way they take down the Mafia and drug cartels — with tools such as wiretaps, informants and cooperators.

The story behind how the government decided to go after insider trading as hard as it goes after the mob is really just a story about dead ends.

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Business
3:23 am
Wed December 26, 2012

Who Could Be Watching You Watching Your Figure? Your Boss

Mobile apps and devices track a user's health statistics. But those data are sometimes sold and can end up in the hands of employers and insurance companies.
iStockphoto.com

Originally published on Wed December 26, 2012 2:28 pm

Those of us trying to lose some pounds after overindulging this holiday season can get help from a slew of smartphone apps that count steps climbed and calories burned. Self-tracking has also become a way for companies to make money using your fitness data. And some experts worry that the data collected could be used against users in the long run.

At a recent Quantified Self Meetup in downtown San Francisco, technology lovers are testing homemade do-it-yourself devices on people eager to measure their mind and body.

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