Business

4:54pm

Thu August 1, 2013
Law

Former Goldman Sachs Trader Found Liable For Fraud

Originally published on Thu August 1, 2013 5:48 pm

Transcript

AUDIE CORNISH, HOST:

You're listening to ALL THINGS CONSIDERED from NPR News.

In New York City today, a victory for the Securities and Exchange Commission: A federal jury held former Goldman Sachs trader Fabrice Tourre liable on six of the seven counts against him. The SEC had accused Tourre of intentionally misleading investors about a mortgage-backed security just as the housing sector was beginning to collapse. The investment created huge losses.

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4:54pm

Thu August 1, 2013
Business

Google Ups Its Game Against Apple With New Smartphone

Originally published on Fri August 2, 2013 11:40 am

The new Moto X launched Thursday in New York City.
Bryan Bedder Getty Images

When it was launched Thursday, the Moto X, Google's first smartphone product to come out of its buyout of Motorola, was not the highest powered or highest pixeled device. Rather, the designers boasted of its usability — that the Moto X has a larger purpose: making the technology of a phone adapt to the way people use them, rather than force user behavior to adapt to the technology.

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4:54pm

Thu August 1, 2013
Business

Private Equity Fund Eyes The Business Of Pot

Originally published on Thu August 1, 2013 9:40 pm

A cannabis leaf
Bolotov Paul iStockphoto.com

A couple of guys with serious investment banking experience are moving into the marijuana business. They've launched the first multimillion-dollar private equity fund devoted entirely to what they like to call the "cannabis space."

It started when Brendan Kennedy was working at the Silicon Valley Bank and learned of an entrepreneur who wanted to sell software for marijuana dispensaries. The idea piqued Kennedy's interest. A few days later, a radio show about legalizing pot piqued it even more.

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4:21pm

Thu August 1, 2013
The Two-Way

Former Goldman Trader Found Liable For Billion-Dollar Fraud

Originally published on Thu August 1, 2013 4:59 pm

Former Goldman Sachs trader Fabrice Tourre walks to a federal court in Manhattan with his attorneys Thursday. A jury found Tourre liable in a massive securities fraud case.
Richard Drew AP

A federal jury in New York City has found that Fabrice Tourre, the former Goldman Sachs trader who regulators say caused investors to lose $1 billion, is liable in the mortgage securities fraud case filed against him by the Securities and Exchange Commission.

Regulators say Tourre, 34, a native of France who was nicknamed "Fab" in his office, packaged toxic subprime mortgages into a collateralized debt obligation that was sold to investors under the name Abacus in 2007.

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1:09pm

Thu August 1, 2013
The Salt

Where In The World Are There No McDonald's?

Originally published on Thu August 1, 2013 3:03 pm

Chinese consumers have 1,075 McDonald's locations to choose from, but the variety inside the restaurant isn't exactly top of their tastes-- KFC does much better business here because Chinese diners prefer white meat over beef patties.
felibrilu via Flickr

Recent news out of Vietnam intrigued us here at The Salt. Ho Chi Minh City is set to get its first McDonald's sometime in the next year, according to the company.

It seems Vietnam is ready for the iconic American food, and McDonald's is confident that Vietnamese consumers now have enough disposable income to get hooked on shakes, burgers and fries.

That got us thinking about the global reach of one of the world's most iconic food companies.

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12:09pm

Thu August 1, 2013
The Two-Way

Weekly Jobless Claims Drop; Mortgage Rates Edge Up

New claims for unemployment benefits fell to 326,000 in the week that ended July 27 — the lowest level for initial jobless claims in more than five years, according to the Labor Department.

Employment data for the month of July is due to be released Friday. But for now, the weekly jobless claims numbers are being hailed as another sign that the U.S. economy is gaining strength.

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11:00am

Thu August 1, 2013
The Two-Way

S&P 500 Index Passes 1,700 Mark For First Time

Originally published on Thu August 1, 2013 1:06 pm

A chart shows the growth in the Standard & Poor's 500 index of large-capitalization U.S. stocks. The index passed the 1,700 mark for the first time Thursday.
S&P 500

The Standard & Poor's 500 index, the benchmark of America's largest corporations, surpassed 1,700 points for the first time in early trading Thursday. The rise is being tied to a drop in weekly jobless claims, as well as assurances from central banks in the U.S. and Europe that they would continue to bolster their economies.

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10:23am

Thu August 1, 2013
Economy

Jobless Aid Falls To New Low

Originally published on Fri August 2, 2013 6:01 pm

Transcript

DAVID GREENE, HOST:

NPR's business news starts with unemployment numbers.

No, this is not the big monthly jobs report. We'll get that tomorrow. But this morning one number from the Labor Department - the department announced that applications for jobless benefits fell to 326,000 last week. That is the lowest level since January of 2008. Transcript provided by NPR, Copyright NPR.

6:16am

Thu August 1, 2013
Business

Sony Plugs Back In To Profits

Originally published on Thu August 1, 2013 10:23 am

Transcript

DAVID GREENE, HOST:

NPR's business news starts with Sony plugged into profits.

Sony reports that it's making money again. The Japanese company announced its second quarter earnings today. Most of its success though comes thanks to a favorable currency rate - a weak yen was key for Sony. Still, the company did see a little improvement in its smartphone sales and entertainment business. Net income for Sony's latest quarter was $35 million. Transcript provided by NPR, Copyright NPR.

3:03am

Thu August 1, 2013
Business

Firm Hopes 'Owning Nashville' Will Pay Off For Investors

Originally published on Thu August 1, 2013 10:23 am

A new fund trading on the New York Stock Exchange will allow investors to put money in companies that all call Nashville home. The manager's of the fund hope to expand the project to other cities.
Walter G. Arce CSM /Landov

There's a hot stock tip floating around Nashville, and it's a first-of-its-kind investment fund that begins trading on the New York Stock Exchange Thursday.

The fund is a collection of stocks in publicly traded companies that have one thing in common: the city they call home.

When people buy into the Nashville Area Exchange Traded Fund — which starts trading at $25 a share — they will essentially be placing a bet based on an area code.

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