Business

8:22am

Fri November 16, 2012
The Two-Way

No More Twinkies? Hostess Brands Is Shutting Down

Originally published on Fri November 16, 2012 9:53 am

Stock up now.
Scott Olson Getty Images

Carrying through on its warning about what could happen, the management of Hostess Brands announced this morning that the company is going out of business and laying off its 18,500 employees.

At issue: According to Hostess CEO Gregory Rayburn, "we simply do not have the financial resources to survive an ongoing national strike."

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4:47am

Fri November 16, 2012
Business

BP Settles Criminal Suit Over Gulf Oil Spill

Originally published on Fri November 16, 2012 6:05 am

Transcript

LINDA WERTHEIMER, HOST:

It's MORNING EDITION, from NPR News. I'm Linda Wertheimer.

STEVE INSKEEP, HOST:

And I'm Steve Inskeep. Good morning. Let's talk next about what's being described as the largest criminal fine in U.S. history. BP will pay nearly $1.3 billion for crimes associated with its 2010 drilling rig accident and oil spill, in the Gulf of Mexico. On top of that, the company will pay more than $3 billion to settle claims from the Department of Justice and the Securities and Exchange Commission. NPR's Jeff Brady reports.

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4:47am

Fri November 16, 2012
Economy

Everyone 'Has To Participate' To Avoid Fiscal Cliff

Originally published on Fri November 16, 2012 5:26 am

Transcript

STEVE INSKEEP, HOST:

Listen carefully to both President Obama and Republican leaders, and you hear hints of room for compromise. They're talking of taxes and spending as a deadline approaches, December 31st, when higher taxes and spending cuts would take effect. That would reduce the federal deficit, but also damage the economy, according to forecasters.

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4:47am

Fri November 16, 2012
Business

Federal Housing Administration To Run Out Of Funds

Originally published on Fri November 16, 2012 5:17 am

Transcript

STEVE INSKEEP, HOST:

NPR's business news starts with more mortgage problems.

(SOUNDBITE OF MUSIC)

INSKEEP: Independent auditors released a report this morning, showing that the Federal Housing Administration is facing a shortfall from losses on the mortgages it insures. The Obama administration says it's going to take steps to prevent a taxpayer bailout.

As NPR's Ailsa Chang reports, the FHA has been struggling since the foreclosure crisis hit four years ago.

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4:47am

Fri November 16, 2012
Business

Nintendo Wii U Out This Weekend

Originally published on Fri November 16, 2012 7:31 am

Transcript

LINDA WERTHEIMER, HOST:

For those who want to buy Nintendo's new video game console, you may have to wait a while. The Wii U goes on sale Sunday, but many stores have already sold out pre-orders. On Amazon, you can find the new console, but for much more than Nintendo's $350 price.

To find out what's the big deal for gamers and for Nintendo is, we've called Daisuke Wakabayashi. He covers Japanese video game companies for The Wall Street Journal, and joins us from Tokyo.

Good Morning, Dai.

DAISUKE WAKABAYASHI: Good morning.

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4:47am

Fri November 16, 2012
Business

The Last Word In Business

Originally published on Fri November 16, 2012 7:30 am

Honda, which has long aspired to launch off the road and into the skies, is one step closer to that goal. It has started production on its HondaJet. It's a twin jet engine aircraft, being assembled in North Carolina, aimed at the business market. Industry insiders call it the "Honda Civic of the skies."

3:37am

Fri November 16, 2012
Planet Money

It's Legal To Sell Marijuana In Washington. But Try Telling That To A Bank.

Originally published on Mon November 19, 2012 2:03 pm

David McNew Getty Images

Voters in Washington and Colorado just approved measures legalizing marijuana for recreational use. But businesses that want to sell marijuana in those states will face a problem: No bank wants to do business with them.

I called several banks in Washington. I called a local credit union, a tiny bank in the San Juan islands. Everybody said basically the same thing. Even if selling marijuana is legal under state law, it's still illegal under federal law. And banks and credit unions worry that this could get them in trouble.

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2:19pm

Thu November 15, 2012
Law

Busted: What Happens When Shoplifters Get Caught?

Originally published on Thu November 15, 2012 3:25 pm

Transcript

NEAL CONAN, HOST:

This is TALK OF THE NATION. I'm Neal Conan, in Washington. As the holidays get underway, retailers go on high alert against shoplifters. Cases spike at this time of the year, and they're expected to raise losses for the year to nearly $35 billion.

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12:42pm

Thu November 15, 2012
Money Coach

A Military Boot Camp For Your Money

Transcript

MICHEL MARTIN, HOST:

Switching gears now, we've all heard about how veterans leave the military with lifelong lessons about discipline, camaraderie and staying cool under fire, but our next guest says his military service also helped him with his finances.

Steve Repak is a veteran who is now a certified financial planner. He says he's applied what he learned in the Army to apply discipline to his finances. He's written a book to share what he learned. It's called "Dollars and Uncommon Sense: Basic Training for Your Money," and he's with us now.

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8:56am

Thu November 15, 2012
The Two-Way

Superstorm Sandy Sends Jobless Claims Up Sharply

The line was long last week at a job fair in Chicago.
Scott Olson Getty Images

There were 439,000 first-time claims for unemployment insurance last week, up by 78,000 from the week before, the Employment and Training Administration says. Behind the big increase: Superstorm Sandy, which threw some people in the Mid-Atlantic onto the unemployment rolls and shut down state unemployment offices the week before — meaning that some claims were postponed into last week.

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