Business

6:45pm

Thu January 10, 2013
The Two-Way

American Express To Cut 5,400 Jobs

American Express Co. announced Thursday that it was cutting 5,400 jobs, primarily in its travel business, and take a $287 million restructuring charge associated with those layoffs.

The charge is likely to lower the company's adjusted fourth quarter net income by 46 percent from a year earlier. Excluding the charge, however, the company said its fourth quarter adjusted net income was $1.2 billion, or $1.09 per share.

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3:06pm

Thu January 10, 2013
The Two-Way

What Does $1 Trillion Worth Of Platinum Look Like?

You'd need a lot of these — think in terms of railroad cars to haul them — to have $1 trillion.
Shannon Stapleton Reuters /Landov

OK, OK. We know that you don't actually need $1 trillion worth of platinum to make this debt-defying coin.

But just for the sake of some financial fun, how much platinum would you actually need to mint a coin that contains a trillion dollars worth of platinum?

Turns out, it's probably more than mankind has available on the market right now.

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2:14pm

Thu January 10, 2013
The Two-Way

Obama Taps Top Aide Lew For Treasury

Originally published on Thu January 10, 2013 2:57 pm

Jack Lew has been nominated to be the next Treasury secretary.
Mandel Ngan AFP/Getty Images
  • President Obama announces nomination of Jack Lew for Treasury

Saying he "cannot think of a better person" to take the job, President Obama this afternoon formally announced he is nominating Jacob "Jack" Lew, his chief of staff, to be the next Treasury secretary.

Word of Obama's decision to tap Lew, who previously served as budget director in the Obama and Clinton administration, broke Wednesday.

"Jack has my complete trust," Obama said.

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12:00pm

Thu January 10, 2013
Economy

Three New 'Cliffs' Threaten The Economy

Originally published on Fri January 11, 2013 3:39 pm

Traders work on the floor of the New York Stock Exchange Jan. 2. Financial market participants will be keeping a close eye on upcoming deadlines affecting the U.S. debt ceiling, scheduled automatic budget cuts and federal funding.
AFP AFP/Getty Images

Maybe you were hoping you'd never hear the phrase "fiscal cliff" again after Congress passed legislation Jan. 1 to address that tax-break-expiration deadline.

Sorry.

Three more cliff-type deadlines are fast approaching. They involve: 1) raising the federal debt ceiling 2) modifying automatic, across-the-board spending cuts and 3) funding the government to avert a shutdown.

The deadlines all hit between Valentine's Day and Easter, which means new rounds of chaotic congressional negotiations may start up just after the Jan. 21 presidential inauguration parade ends.

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9:48am

Thu January 10, 2013
U.S.

Mississippi Blues: When The River Doesn't Run

Originally published on Thu January 10, 2013 12:53 pm

Barges last month crowded an area on the Mississippi River south of St. Louis where barges are stored, loaded and unloaded. Shippers worry that the drought-shrunken river could shut to barge traffic entirely this month.
Colby Buchanan/U.S. Coast Guard AP

The Mississippi River has provided George Foster with a living all his life. Now, with the river dropping to historically low levels, it's threatening to take his business down with it.

Foster's office sits atop an empty barge on the river, just south of St. Louis. His building tilts at a 30-degree angle because the water is so low. Visitors may want to stick out their fingertips for balance walking down his narrow hallway.

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8:16am

Thu January 10, 2013
The Two-Way

Crazy Or Canny? Talk Grows About $1 Trillion Platinum Coin

Originally published on Fri January 11, 2013 1:15 pm

No, this isn't worth $1 trillion. It's a commemorative coin minted in the U.K. in 2008. But some have suggested the president's image should be on it if he orders up a $1 trillion coin.
Christopher Furlong Getty Images

We're pretty sure this won't happen.

But ...

You practically can't visit a news site these days without seeing a story about why President Obama should or should not order the Treasury Department to strike a platinum coin "worth" $1 trillion and deposit it with the Federal Reserve.

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7:49am

Thu January 10, 2013
Business

Wanted: Water Slide Tester

Originally published on Thu January 10, 2013 3:04 pm

Transcript

RENEE MONTAGNE, HOST:

Good morning, I'm Renee Montagne. A travel group in Britain is advertising a six-month job with an intriguing set of qualifications: comfortable in swimwear, happy to get wet at work. And this is key: mad about water parks. The job is water slide tester at the company's Splash World Resorts in places like Majorca and Turkey. It pays just okay, but the gig does promise plenty of thrills before the water slide tester retires that swimwear. It's MORNING EDITION. Transcript provided by NPR, Copyright NPR.

7:01am

Thu January 10, 2013
Business

China Investigates Foxconn For Bribery Allegations

Originally published on Thu January 10, 2013 3:04 pm

Transcript

RENEE MONTAGNE, HOST:

And there's more trouble for Foxconn, the electronics giant which makes Apple products in China. The company is acknowledging that Chinese police are looking into allegations that Foxconn employees took bribes from parts suppliers.

NPR's Frank Langfitt reports from Shanghai.

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5:39am

Thu January 10, 2013
Business

Study: Music Affects Driver Safety

Originally published on Thu January 10, 2013 3:04 pm

Transcript

RENEE MONTAGNE, HOST:

And today's last word in business goes out by special request to people listening in their cars. A new study finds that the music you listen to can affect how safely you drive.

STEVE INSKEEP, HOST:

Researchers at London Metropolitan University studied how drivers reacted to different playlists over 500 miles. Some of the safest music, we're told, included tunes by Norah Jones and Elton John. They're soft and slow-paced.

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5:39am

Thu January 10, 2013
Business

Latest TV Technoloy: Ultra-High Definition TV.

Originally published on Thu January 10, 2013 3:04 pm

Transcript

STEVE INSKEEP, HOST:

Television makers are trying to find the next big thing that will get you to throw out your current TV and buy a new one. They thought it might be 3D TV. That didn't work out. So now they've come up with something new. They're showing it off this week at the Consumer Electronics Show in Las Vegas, which is where we found Rich Jaroslovsky. He writes about technology for Bloomberg News, and he told us about the newest new viewing experience.

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