Jim Zarroli http://wuis.org en International Court Rules Against Russia In $50 Billion Decision http://wuis.org/post/international-court-rules-against-russia-50-billion-decision Russia says it will appeal an unfavorable decision by a court in The Hague. The Permanent Court of Arbitration awarded $50 billion to shareholders of the defunct Yukos oil company. Russia seized the company in 2003 and put owner Mikhail Khodorkovsky in jail on tax and fraud charges. <div class="fullattribution">Copyright 2014 NPR. Mon, 28 Jul 2014 21:05:00 +0000 Jim Zarroli 30212 at http://wuis.org Locked In U.S. Hedge Fund Battle, Argentina Faces Default http://wuis.org/post/locked-us-hedge-fund-battle-argentina-faces-default <div class="fullattribution">Copyright 2014 NPR. To see more, visit http://www.npr.org/.<img src="http://www.google-analytics.com/__utm.gif?utmac=UA-5828686-4&utmdt=Locked+In+U.S.+Hedge+Fund+Battle%2C+Argentina+Faces+Default&utme=8(APIKey)9(MDA2NDA4NzY1MDEyODkzMjYyNTkxZjFiZQ004)"/></div><p>Transcript <p>RENEE MONTAGNE, HOST: <p>This is MORNING EDITION from NPR News. I'm Renee Montagne.<p>LINDA WERTHEIMER, HOST: <p>And I'm Linda Wertheimer. The nation of Argentina could default this week on billions of dollars of debt. It would be the second time Argentina has defaulted in less than 15 years. Mon, 28 Jul 2014 09:55:00 +0000 Jim Zarroli 30154 at http://wuis.org How High Debt From The Housing Collapse Still Stifles Our Economy http://wuis.org/post/how-high-debt-housing-collapse-still-stifles-our-economy "Foreclosure, foreclosure, foreclosure."<p>Real estate broker John Susani drives down a Paterson, N.J., street where every third house seems to be abandoned or boarded up. During the boom years, money flooded into Paterson.<p>"The banking industry allowed everyone to be a homeowner; they gave mortgages to people [just because they were] breathing," Susani says.<p>In some cases, he says, home prices jumped as much as 50 percent. The homes on these streets aren't worth nearly that much anymore.<p>Seven years after the subprime mortgage crisis, U.S. Thu, 24 Jul 2014 10:13:00 +0000 Jim Zarroli 29905 at http://wuis.org How High Debt From The Housing Collapse Still Stifles Our Economy Citigroup Agrees To $7 Billion Fine For 'Egregious' Misconduct http://wuis.org/post/citigroup-agrees-7-billion-fine-egregious-misconduct Citigroup has agreed to pay $7 billion to settle claims that it committed fraud when it sold mortgage-backed securities in the years leading up to the financial crisis. Most of the money will be paid to the U.S. Treasury, but some will be used to provide mortgage relief to struggling homeowners. Mon, 14 Jul 2014 20:15:00 +0000 Jim Zarroli 29273 at http://wuis.org Citigroup Settles Subprime Mortgage Case For $7 Billion http://wuis.org/post/citigroup-settles-subprime-mortgage-case-7-billion Transcript <p>STEVE INSKEEP, HOST: <p>Citigroup has agreed to settle allegations that it defrauded investors in the years leading up to the financial crisis. The settlement requires Citigroup to pay $7 billion. Two and a half billion will go toward mortgage relief for homeowners. Now, this settlement involves mortgage-backed securities the bank packaged and sold to investors, and it was announced this morning by U.S. Attorney General Eric Holder. We're going to talk this through with NPR's Jim Zarroli who's on the line. Mon, 14 Jul 2014 16:34:00 +0000 Jim Zarroli 29238 at http://wuis.org With Default 23 Days Away, A Little Clause Could Cost Argentina Big http://wuis.org/post/default-23-days-away-little-clause-could-cost-argentina-big Transcript <p>ROBERT SIEGEL, HOST: <p>From NPR News, this is ALL THINGS CONSIDERED. I'm Robert Siegel.<p>MELISSA BLOCK, HOST: <p>And I'm Melissa Block. The clock is ticking for Argentina. Yes, in the World Cup, but here, we're talking about its effort to prevent another debt crisis. Argentina has until the end of this month to pay its bondholders or it risks going into default. Tue, 08 Jul 2014 20:13:00 +0000 Jim Zarroli 28855 at http://wuis.org Report Shows 288,000 New Jobs In June http://wuis.org/post/report-shows-288000-new-jobs-june Transcript <p>RENEE MONTAGNE, HOST: <p>This is MORNING EDITION from NPR News. I'm Renee Montagne.<p>DAVID GREENE, HOST: <p>And I'm David Greene. Good morning. We begin this hour with more positive signs about the nation's economy. The Labor Department this morning said the U.S. unemployment rate fell to its lowest level in nearly six years last month, and employers added some 288,000 jobs to their payrolls. Here's NPR's Jim Zarroli.<p>JIM ZARROLI, BYLINE: The job growth was spread across the economy in business services, retail trade, manufacturing and even government hiring. Thu, 03 Jul 2014 15:14:00 +0000 Jim Zarroli 28529 at http://wuis.org BNP Paribas Agrees To Nearly $9 Billion Fine And Admission Of Guilt http://wuis.org/post/bnp-paribas-agrees-9-billion-fine-and-admission-guilt Transcript <p>MELISSA BLOCK, HOST: <p>Banking giant BNP Paribas has agreed to pay American regulators nearly $9 billion dollars to settle charges of economic sanctions violations. It's the largest such fine ever imposed by the U.S. The bank will plead guilty to two criminal charges. It was accused of helping clients in Sudan, Cuba and Iran conduct business in the United States. NPR's Jim Zarroli reports.<p>JIM ZARROLI, BYLINE: The charges were brought after a lengthy investigation that involved the Justice Department, the Federal Reserve and banking regulators in New York state. Mon, 30 Jun 2014 22:20:00 +0000 Jim Zarroli 28361 at http://wuis.org U.S.-Foreign Mergers Raise Calls For Tax Reforms http://wuis.org/post/us-foreign-mergers-raise-calls-tax-reforms This week the big medical device company Medtronic said it was moving its legal headquarters from Minneapolis to Ireland. It's part of a $43 billion merger with another medical company, Dublin-based Covidien.<p>The move is a tax-saving strategy called an inversion and it's growing more common in the corporate world.<p>U.S. Fri, 20 Jun 2014 21:45:00 +0000 Jim Zarroli 27708 at http://wuis.org U.S.-Foreign Mergers Raise Calls For Tax Reforms Lightning-Fast Trades Go Beneath The Congressional Microscope http://wuis.org/post/lightning-fast-trades-go-beneath-congressional-microscope The Senate Permanent Subcommittee on Investigations is holding a hearing on problems in the financial markets caused by high-frequency trading firms. Tue, 17 Jun 2014 20:06:00 +0000 Jim Zarroli 27452 at http://wuis.org Once A GOP Pillar, Chamber Of Commerce Is Now A Lightning Rod http://wuis.org/post/once-gop-pillar-chamber-commerce-now-lightning-rod The Chamber of Commerce says it tried to help Eric Cantor in his primary campaign, but Cantor refused the offer. Thu, 12 Jun 2014 23:44:00 +0000 Jim Zarroli 27146 at http://wuis.org Political Rhetoric Bogs Down Future Of Keystone XL Pipeline http://wuis.org/post/political-rhetoric-bogs-down-future-keystone-xl-pipeline Transcript <p>RENEE MONTAGNE, HOST: <p>It's MORNING EDITION from NPR News. I'm Renee Montagne.<p>STEVE INSKEEP, HOST: <p>And I'm Steve Inskeep. Good morning. Last month the Obama administration put off a decision on whether to approve the Keystone XL pipeline. The project has been enormously controversial. It would carry crude oil from Canada to the Gulf of Mexico. This morning we examine what's at stake for the oil industry and for energy production. Fri, 23 May 2014 11:16:00 +0000 Jim Zarroli 25744 at http://wuis.org AT&T And DirecTV Mega-Merger Spells Changes For Media Landscape http://wuis.org/post/att-and-directv-mega-merger-spells-changes-media-landscape Transcript <p>AUDIE CORNISH, HOST: <p>Federal regulators are facing a decision on whether to allow another big media merger. This time, it's AT&T and DirecTV. Yesterday, the board of AT&T voted to acquire the satellite television company in a deal worth almost $50 billion. NPR's Jim Zarroli reports that the hope is to be a stronger competitor against the likes of Verizon and Comcast.<p>JIM ZARROLI, BYLINE: Like other big media companies, AT&T has been desperately trying to tell the future of the media business and get ready for it. Mon, 19 May 2014 20:16:00 +0000 Jim Zarroli 25463 at http://wuis.org AT&T To Buy DirecTV In Nearly $50 Billion Deal http://wuis.org/post/att-buy-directv-nearly-50-billion-deal Transcript <p>RENEE MONTAGNE, HOST: <p>It's MORNING EDITION, from NPR News. Good Morning. I'm Renee Montagne.<p>DAVID GREENE, HOST: <p>And I'm David Greene.<p>If you've streamed a movie or a TV show recently, you are part of the problem facing cable and satellite providers. These companies are facing more and more competition from Internet streaming, and to survive, some are consolidating.<p>Yesterday, AT&T announced that it is buying a satellite TV provider DirecTV. Mon, 19 May 2014 09:11:00 +0000 Jim Zarroli 25409 at http://wuis.org Crowdfunding Can Help Build Business, But At What Cost? http://wuis.org/post/crowdfunding-can-help-build-business-what-cost Entrepreneur Andy Krafsur raised money for Spira Footwear by reaching out to friends and family. But that was a dozen years ago. After the economy tanked, the common tactic became a lot more difficult.<p>"The pool of people that you can go to has shrunken significantly," Krafsur says, "and everybody goes to those same people."<p>Then Krafsur found a crowdfunding website that helped his cash flow enormously. Fri, 09 May 2014 09:36:00 +0000 Jim Zarroli 24728 at http://wuis.org Crowdfunding Can Help Build Business, But At What Cost? Alibaba IPO Could Be The Biggest Ever http://wuis.org/post/alibaba-ipo-could-be-biggest-ever Alibaba is the biggest e-commerce player in China. The Internet conglomerate is filing papers in the U.S. for what could be the biggest IPO ever. Tue, 06 May 2014 21:34:00 +0000 Jim Zarroli 24561 at http://wuis.org Buffett Defends Coke Position At Berkshire Hathaway Meeting http://wuis.org/post/buffett-defends-coke-position-berkshire-hathaway-meeting Warren Buffett is under fire for not opposing Coca-Cola's executive compensation plan more aggressively. Buffett spoke about his decision at a shareholder meeting for his company Berkshire Hathaway. Mon, 05 May 2014 09:00:00 +0000 Jim Zarroli 24430 at http://wuis.org After Bangladesh Factory Disaster, Efforts Show Mixed Progress http://wuis.org/post/after-bangladesh-factory-disaster-efforts-show-mixed-progress One year ago Thursday, an eight-story factory building in the Bangladesh capital of Dhaka collapsed, killing more than 1,100 workers. The disaster at Rana Plaza brought new attention to safety conditions in the country's booming garment industry.<p>In the year since then, some of the world's biggest retailers have begun inspecting Bangladesh's factories more aggressively. But in other ways efforts to reform the industry have fallen short.<p>When sewing machine operator Aklima Khanam arrived at Rana Plaza on April 24, 2013, some of her coworkers were milling around outside. Thu, 24 Apr 2014 07:37:00 +0000 Jim Zarroli 23668 at http://wuis.org After Bangladesh Factory Disaster, Efforts Show Mixed Progress Blockbuster Trades Are Changing The Face Of Pharmaceuticals http://wuis.org/post/blockbuster-trades-are-changing-face-pharmaceuticals Transcript <p>MELISSA BLOCK, HOST: <p>The pharmaceutical industry is undergoing some sweeping changes so the past few days, some major deals have been announced. The first involving a trio of big named companies: GlaxoSmithKline, Novartis and Ely Lily. The second is a proposed deal between Quebec-based Valeant Pharmaceuticals and California's Allergan, the maker of Botox. That deal is valued at $45 billion. NPR's Jim Zarroli reports.<p>JIM ZARROLI, BYLINE: In the drug business, Valeant is known for spending little money on researching new drugs. Wed, 23 Apr 2014 20:01:00 +0000 Jim Zarroli 23632 at http://wuis.org Sending Money On An Overseas Round Trip To Avoid Taxes http://wuis.org/post/sending-money-overseas-round-trip-avoid-taxes Some investors avoid paying taxes in a move called round-tripping — sending money offshore, then investing it in U.S. stocks or bonds. A study estimates it costs the U.S. billions in lost revenues.<p>Recently, MIT professor Michelle Hanlon and two colleagues set out to find out all they could about round-tripping.<p>"I think it's a big problem in the U.S. tax system that individuals can evade taxes and that they try to do so offshore," Hanlon says. Tue, 15 Apr 2014 21:16:00 +0000 Jim Zarroli 23086 at http://wuis.org Sending Money On An Overseas Round Trip To Avoid Taxes With Proposed Mega-Merger On The Hill, Spotlight's On Consumers http://wuis.org/post/proposed-mega-merger-hill-spotlights-consumers Comcast and Time Warner executives ran into stiff opposition as they pitched their proposed merger to the Senate Judiciary Committee. The deal would give the combined company a large share of both pay TV and broadband internet service markets. In both cases, lawmakers wanted to know how consumers would be affected. Wed, 09 Apr 2014 20:08:00 +0000 Jim Zarroli 22659 at http://wuis.org New Rules Force Big Banks To Keep A Bigger Cushion http://wuis.org/post/new-rules-force-big-banks-keep-bigger-cushion Transcript <p>MELISSA BLOCK, HOST: <p>From NPR News, this is ALL THINGS CONSIDERED. I'm Melissa Block.<p>AUDIE CORNISH, HOST: <p>And I'm Audie Cornish.<p>Five and a half years after the financial crisis that devastated the global economy, U.S. officials are taking steps to strengthen the nation's banking system. Today, the Federal Reserve and the Federal Deposit Insurance Corporation approved tough new rules that require banks to hold a lot more capital on their books. Tue, 08 Apr 2014 20:01:00 +0000 Jim Zarroli 22562 at http://wuis.org Traders Defend High-Speed Systems Against Charges Of Rigging http://wuis.org/post/traders-defend-high-speed-systems-against-charges-rigging The FBI and the Securities and Exchange Commission revealed this week that they're both investigating the world of high-frequency stock trading. They did so at a time when a new book on the subject, <em>Flash Boys</em> by Michael Lewis, is causing an uproar on Wall Street.<p>To read Lewis' book is to be reminded of how drastically the stock market has changed in a decade — and how opaque it remains. Lewis says this opacity serves to cover up some disturbing developments.<p>"The stock market is rigged. Wed, 02 Apr 2014 22:24:00 +0000 Jim Zarroli 22188 at http://wuis.org Traders Defend High-Speed Systems Against Charges Of Rigging American-Made, Haven-Kept? Congress Looks At Caterpillar's Tax Returns http://wuis.org/post/american-made-haven-kept-congress-looks-caterpillars-tax-returns Caterpillar executives are on Capitol Hill answering questions about the company's tax returns. Caterpillar is accused of shifting money abroad to avoid billions in taxes. Company officials say Caterpillar has followed the law. <div class="fullattribution">Copyright 2014 NPR. Tue, 01 Apr 2014 20:01:00 +0000 Jim Zarroli 22090 at http://wuis.org Russia's Energy Market Heft Leaves Neighbors Unsettled http://wuis.org/post/russias-energy-market-heft-leaves-neighbors-unsettled Transcript <p>AUDIE CORNISH, HOST: <p>The crisis in Ukraine is raising new questions about Russia's role in the energy markets. Moscow has long used exports of oil and natural gas to win political concessions from countries on its borders. Europe gets a quarter of its natural gas from Russia.<p>As NPR's Jim Zarroli reports, that's making a lot of people there nervous.<p>JIM ZARROLI, BYLINE: Russia's oil and gas supplies are a huge part of what keeps its economy going. Fri, 28 Mar 2014 21:10:00 +0000 Jim Zarroli 21859 at http://wuis.org Madoff Aides Found Guilty For Role In Massive Ponzi Scheme http://wuis.org/post/madoff-aides-found-guilty-role-massive-ponzi-scheme Five of Bernie Madoff's former employees were found guilty of helping him fleece investors of $17 billion. They were convicted on charges of securities fraud, conspiracy and tax evasion. Mon, 24 Mar 2014 20:24:00 +0000 Jim Zarroli 21530 at http://wuis.org FTC Investigates Herbalife, Following Claims It's A Pyramid Scheme http://wuis.org/post/ftc-investigates-herbalife-following-claims-its-pyramid-scheme Herbalife shares dropped on news the Federal Trade Commission is investigating the company. After shorting Herbalife's stock, hedge fund manager Bill Ackman's been lobbying politicians to investigate. Wed, 12 Mar 2014 20:12:00 +0000 Jim Zarroli 20722 at http://wuis.org Swiss Bank Finds Itself Under American Scrutiny http://wuis.org/post/swiss-bank-finds-itself-under-american-scrutiny Transcript <p>MELISSA BLOCK, HOST: <p>Top executives at one of Switzerland's biggest banks said today they're sincerely trying to prevent tax evasion by U.S. citizens. They also said conflicting laws in the two countries make it almost impossible to do that. Wed, 26 Feb 2014 21:20:00 +0000 Jim Zarroli 19771 at http://wuis.org Netflix Pays Comcast To Ensure Its Videos Stream Smoothly http://wuis.org/post/netflix-pays-comcast-ensure-its-videos-stream-smoothly Transcript <p>ROBERT SIEGEL, HOST: <p>Netflix is hoping that a deal it has struck with Comcast will mollify some of its unhappy customers. The company announced yesterday that it will pay to connect Comcast's broadband network more directly. That means Netflix customers should get faster, smoother access to programs like "House of Cards." The deal could serve as a model to help the company resolve disputes with other big Internet service providers.<p>NPR's Jim Zarroli reports.<p>JIM ZARROLI, BYLINE: With its popular video streaming service, Netflix has been growing at a dizzying speed. Mon, 24 Feb 2014 21:08:00 +0000 Jim Zarroli 19613 at http://wuis.org Video Streaming Is Straining, But Who Will Ease The Tension? http://wuis.org/post/video-streaming-straining-who-will-ease-tension Suzie Felber's kids are only just learning what a commercial is.<p>"They start screaming when they come on," she says. "They think the TV's broken."<p>The Felbers usually stream television shows over the Internet in their New Jersey home.<p>More and more people are following suit, using services such as Netflix and Amazon Prime. Thu, 20 Feb 2014 23:46:00 +0000 Jim Zarroli 19399 at http://wuis.org Video Streaming Is Straining, But Who Will Ease The Tension?