Business & Technology

The Two-Way
5:00 pm
Fri July 13, 2012

Visa, MasterCard Come To More Than $6 Billion Settlement With Retailers

Originally published on Fri July 13, 2012 8:31 pm

Visa and Mastercard have announced that they will pay retailers more than $6 billion to settle several class-action and individual lawsuits retailers have filed since 2005.

According to a Wall Street Journal story from earlier this month, the settlement stems from complaints that Visa and MasterCard, the largest card-payments networks in the world, prohibited retailers from imposing surcharges to customers using those credit cards.

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Business
4:52 pm
Fri July 13, 2012

Documents Lift Veil On Bank-Rate-Rigging Scandal

Police wait for protesters to appear at a branch of Barclays Bank in London on July 4.
Olivia Harris Reuters/Landov

Originally published on Fri July 13, 2012 9:24 pm

As the financial crisis began to unfold in 2007, the New York Federal Reserve learned that some banks might have intentionally underestimated the rates they expected to pay for loans from other banks.

Documents the New York Fed released Friday, in response to a request from Congress, show that the banking regulator began to be concerned about the accuracy of LIBOR — or the London Interbank Offered Rate — late in 2007.

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Energy
3:46 pm
Fri July 13, 2012

What's Killing 'King Coal' In West Virginia?

Originally published on Fri July 13, 2012 9:24 pm

Transcript

MELISSA BLOCK, HOST:

This week, one of the biggest coal mining companies in Central Appalachia, Patriot Coal, filed for bankruptcy protection. Over the past three months, a wave of layoffs has hit coal country hard, and this past month, the share of all U.S. electricity generated from coal hit its lowest level since the 1940s. Our colleague Guy Raz visited Webster County in the middle of West Virginia to find out what's killing King Coal.

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Home Insurance
1:04 pm
Fri July 13, 2012

Citizens sets annual Katrina-Rita bond assessment

Homeowners will pay $54 on average next year on their insurance policies to cover bond payments being made by state-backed Louisiana Citizens Property Insurance Corp., which had to borrow nearly $1 billion to pay claims from hurricanes Katrina and Rita.

The board voted Thursday to impose a 3.74 percent assessment on all commercial and personal policyholders in the state starting Jan. 1.

Business
6:48 am
Fri July 13, 2012

JPMorgan: Trading Loss Grows To $4.4 Billion

Originally published on Thu August 30, 2012 1:23 pm

Transcript

RENEE MONTAGNE, HOST:

The largest bank in the U.S., JPMorgan Chase, this morning released its second quarter results. It's net income was $5 billion, but it turns out that loses in a failed hedging strategy involving a secretive trader were much higher than what the bank originally said the loss would be. In fact, JPMorgan lost $4.4 billion last quarter on those risky trades.

As NPR's Yuki Noguchi reports, that's not the full extent of the firm's damage.

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The Two-Way
12:52 pm
Thu July 12, 2012

Yahoo! Confirms Data Breach; 400,000 Passwords At Risk

The Yahoo sign in Times Square in a 2006 file photo.
Don Emmert AFP/Getty Images

Originally published on Thu July 12, 2012 12:56 pm

Yahoo said today that hackers had stolen and posted a file that contained 400,000 usernames and passwords.

The New York Times reports that those credentials were used not only for Yahoo! services but to services such as Gmail, AOL, Hotmail, Comcast, MSN, SBC Global, Verizon, Bellsouth and Live.com.

The Times' Bits blog reports:

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NPR Story
4:40 am
Thu July 12, 2012

Mobile Ad Networks Accused Of Invasive Apps

Originally published on Thu July 12, 2012 12:21 pm

Mobile apps are aggressively placing unwanted ads on phones. Lookout, a mobile security firm in San Francisco, tested mobile apps and found some disturbing practices. Those include transmitting consumer phone numbers and email addresses and transmitting to third parties and placing ads on the mobile phone's desktop.

NPR Story
4:23 am
Thu July 12, 2012

The Last Word In Business

Originally published on Thu July 12, 2012 11:21 am

Transcript

STEVE INSKEEP, HOST:

Sometimes friends become more than friends and Facebook just won't do. And if the friend in question are dogs, they may want to hear today's last word in business.

(SOUNDBITE OF SONG, "PUPPY LOVE")

PAUL ANKA: (Singing) And they called it puppy love, oh I...

RENEE MONTAGNE, HOST:

Brazil's dog population is second only to the U.S. Two entrepreneurs - a brother and sister team - are hoping to capitalize on that by building an eight-story hotel for pets. With one floor apparently is dedicated to mating.

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Colonial Golf & Country Club
8:52 pm
Wed July 11, 2012

Colonial Golf & Country Club sale approved

A federal bankruptcy judge has approved the sale of Colonial Golf & Country Club's 88-acre property to businessman John Georges and real estate developer Wayne Ducote.

Judge Elizabeth Magner congratulated the parties assembled Wednesday after confirming the Harahan-based club's Chapter 11 reorganization plan.

The Times-Picayune reports the 87-year-old club closed in January and declared bankruptcy in February, a day before the property was to be sold at a state court-ordered auction.

The Salt
4:00 pm
Wed July 11, 2012

Wake Up Call To Grocery Stores: Young People Shop Around

The millennial generation doesn't shop at the grocery store the way their parents and grandparents do.
iStockphoto.com

Originally published on Wed July 11, 2012 10:31 pm

Supermarkets have spent decades catering to the needs and wants of baby boomers, and now the millennial generation is disappointed with what they're finding at traditional grocery stores, and are shopping elsewhere in greater numbers.

In fact, a new market research report called Trouble in Aisle 5 reports that millennials buy only 41 percent of their food at traditional grocery stores, compared to the boomers' 50 percent.

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