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.
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.
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.
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.
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.
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.
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.
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.