Potential changes in economic policy from Washington have sent tremors throughout emerging economies. In Turkey, where growth in recent years has put Eurozone economies to shame, the signs are troubling: The Turkish lira has fallen to its lowest value in years and private sector debt is soaring. Economists say continued liquidity and foreign investment remains crucial if Turkey is to avoid a hard landing.
JPMorgan Chase has agreed to pay a $920 million fine. It comes in response to the bank's handling of the so-called London Whale trading debacle. Last year, J.P. Morgan said that rogue traders in its London office had lost $6 billion in a failed hedging strategy, and then concealed it from executives for weeks.
In addition to the fine, regulators forced the bank to take the unusual step of admitting wrongdoing, as NPR's Jim Zarroli reports.
JPMorgan Chase has agreed to acknowledge that it violated federal securities laws and will pay $920 million in penalties assessed by regulators in the U.S. and U.K. to settle charges related to the huge trading losses racked up by its London traders last year, the Securities and Exchange Commission announced Thursday morning.
Originally published on Thu September 19, 2013 9:43 am
The nation's health spending will bump up next year as the Affordable Care Act expands insurance coverage to more Americans, and then will grow by an average of 6.2 percent a year over the next decade, according to projections by government actuaries.
That estimate is lower than the typical annual increases before the recession hit. Still, the actuaries forecast that in a decade the health care segment of the nation's economy will be larger than it is today, amounting to a fifth of the gross domestic product in 2022.
And while markets rallied on news of the Fed's decision, airline employees rally to support a planned merger of American Airlines and U.S. Airways. Here's their message to the Department of Justice.
AMERICAN AIRLINE AND U.S. AIRWAYS EMPLOYEES: (Chanting) DOJ, say OK. DOJ, say OK. DOJ, say OK.
MONTAGNE: The pilots, flight attendants and other employees from the two carriers converged on Capitol Hill. They asked members of Congress to push the Justice Department to drop its anti-trust suit against the merger.