Business

2:07pm

Tue May 21, 2013
Business

Apple, Tech Giants And An Industrial-Age Tax Code

Apple CEO Timothy Cook made a rare appearance on Capitol Hill on Tuesday, testifying after congressional investigators revealed that Apple avoided billions in taxes. Reporter Charles Duhigg of The New York Times and guest host Jennifer Ludden talk about how, as Duhigg writes, "technology giants have taken advantage of tax codes written for an industrial age."

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12:55pm

Tue May 21, 2013
The Two-Way

Airbnb Stays Are Illegal In New York, Court Rules

A search for places to stay in New York City via Airbnb returns plenty of results, despite the practice of short-term rentals being found to be illegal under city and state law.
Airbnb

People who use Airbnb, the web company that pairs travelers with residents who rent out their homes on a short-term basis, are breaking New York City's laws, according to an administrative law judge. The vacation rental business was found to run afoul of the city's occupancy code; it also doesn't conform with a state law.

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12:47pm

Tue May 21, 2013
The Two-Way

JPMorgan Shareholders Vote To Keep Dimon As Chairman, CEO

JPMorgan Chase CEO Jamie Dimon during testimony on Capitol Hill.
Mark Wilson Getty Images

JPMorgan Chase shareholders voted on Tuesday to allow Jamie Dimon to continue being their chairman and CEO.

The AP reports:

"At the bank's annual meeting, 32 percent of shareholders voted for a measure that would have required the bank to split the roles. Had the measure succeeded, Dimon would have had to relinquish the role of chairman.

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5:52am

Tue May 21, 2013
Business

The Last Word In Business

Originally published on Tue May 21, 2013 11:13 am

Transcript

STEVE INSKEEP, HOST:

Tumblrese.

DAVID GREENE, HOST:

And today's last word in business is: almost millionaires.

INSKEEP: Warren Buffett took time yesterday to listen to kids pitching potential new enterprises. These are kids who competed through Buffett's Secret Millionaires Club, a Web and cable series featuring a cartoon.

(SOUNDBITE OF WEB CARTOON, "SECRET MILLIONAIRES CLUB")

(SOUNDBITE OF MUSIC)

WARREN BUFFETT: Hey, kids, Warren Buffett here. A successful business is always trying new things.

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5:52am

Tue May 21, 2013
Business

Tumblr Users Urge New Owner Yahoo To Keep The Site Weird

Originally published on Tue May 21, 2013 11:13 am

Transcript

DAVID GREENE, HOST:

Yahoo's purchase of the blogging site Tumblr sent shockwaves through the Tumblrverse. Is that actually a word now?

WNYC's Ilya Marritz reports that the site's users want to keep Tumblr out of the mainstream.

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5:52am

Tue May 21, 2013
Europe

Young People Cast Out Of Italy's Welfare System

Originally published on Tue May 21, 2013 11:13 am

Transcript

STEVE INSKEEP, HOST:

We are also following a subtler story of economic devastation, even with all the news about unemployment in Europe, this next number is hard to absorb. In Italy, among younger people, the jobless rate us close to 40 percent. The government is focused on the middle-aged and the elderly leaving little room it seems for their kids

Here's NPR's Sylvia Poggioli.

(SOUNDBITE OF SCREAMING AND SHOOTING)

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5:52am

Tue May 21, 2013
Business

Business News

Originally published on Tue May 21, 2013 11:13 am

Transcript

DAVID GREENE, HOST:

We'll NPR's business news with Boeing still dreaming.

(SOUNDBITE OF THEME MUSIC)

GREENE: Boeing's Dreamliner took off yesterday - it was a United Airlines flight from Houston to Chicago. This was the first time the fuel-friendly jet was back in U.S. skies in nearly five months. The 787 planes had been grounded since January because of battery problems, which cost United roughly $11 million in revenue.

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4:24am

Tue May 21, 2013
Business

CEO Cook To Defend Apple Before Senate Committee Hearing

Originally published on Tue May 21, 2013 11:13 am

Apple CEO Tim Cook speaks during an introduction of the iPhone 5 in San Francisco on Sept. 12. The Senate Permanent Subcommittee on Investigations says Apple is paying billions of dollars less than it should in taxes each year, taking advantage of technicalities in U.S. and Irish tax laws.
Eric Risberg AP

Giant technology firm Apple is paying billions of dollars less than it should in U.S. taxes each year, according to a report by the Senate Permanent Subcommittee on Investigations. In a hearing Tuesday in Washington, D.C., Apple CEO Tim Cook will defend the company.

The subcommittee's report says Apple avoids the tax payments mainly by shifting profits to three subsidiary companies in Ireland. The investigation found Apple is taking advantage of technicalities in U.S. and Irish tax laws to avoid paying any tax on a huge portion of its profits.

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4:22am

Tue May 21, 2013
Business

JPMorgan Shareholders Consider Splitting CEO, Chairman Jobs

Originally published on Tue May 21, 2013 11:13 am

Transcript

STEVE INSKEEP, HOST:

JPMorgan Chase holds its annual shareholder meeting today in Tampa, Florida, and the shareholders will vote on a key measure: a proposal to strip the CEO, Jamie Dimon, of his other title, chairman of the board. A growing number of companies have split the CEO and chairman roles.

Shareholder activists and corporate governance experts say having a balance of power at the top helps to reduce risk. The bank and its supporters disagree. NPR's Yuki Noguchi reports.

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2:59am

Tue May 21, 2013
Parallels

The Global Afterlife Of Your Donated Clothes

Originally published on Tue May 21, 2013 9:04 pm

Worker Charles Lee sorts through clothes at Mac Recycling near Baltimore. Textile recycling is a huge international business, and a small facility like Mac ships about 80 tons of clothes each week to buyers around the world.
Jackie Northam NPR

On a bright and warm Saturday morning, there's a steady flow of people dropping off donations at Martha's Table, a charity in downtown Washington, D.C. A mountain of plastic and paper bags stuffed with used dresses, scarves, skirts and footwear expands in one corner of the room. Volunteers sort and put clothes on hangers. They'll go on sale next door, and the proceeds will help the needy in the area.

It's a scene played out across the U.S.: people donating their old clothes, whether through collection bins or through large charities, to help others.

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