Business

4:59am

Tue January 1, 2013
Business

Business News

Originally published on Tue January 1, 2013 9:44 am

Transcript

DAVID GREENE, HOST:

NPR business news starts with record prices at the pump.

You may already have a sense of this from your bank statement, but now AAA has confirmed that the average price of a gallon of gasoline hit a record in 2012. The group says the national average for the year was $3.60. That is nine cents higher than the average in 2011, which was the previous record. For 2013, AAA thinks increased domestic oil production will help keep prices lower. Transcript provided by NPR, Copyright National Public Radio.

4:59am

Tue January 1, 2013
Business

The Last Word In Business

Originally published on Tue January 1, 2013 9:44 am

Transcript

STEVE INSKEEP, HOST:

Today's last word in business is old news.

The postal service famously vows that neither snow nor rain, nor heat, nor gloom of night will stop its carriers from their appointed rounds. But the postal creed does not say how long that will take.

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4:59am

Tue January 1, 2013
Politics

Senate Ushers In New Year With 'Fiscal Cliff' Deal

Originally published on Tue January 1, 2013 9:44 am

Transcript

STEVE INSKEEP, HOST:

On the first morning of 2013, it's MORNING EDITION from NPR News. I'm Steve Inskeep.

DAVID GREENE, HOST:

And I'm David Greene.

The party went until the morning hours here in Washington. We're talking about the gathering on Capitol Hill. Senators were voting around 2:00 a.m. Eastern Time.

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3:00am

Tue January 1, 2013
Law

Justice Wants Banks To Be Quasi Cops

Originally published on Tue January 1, 2013 9:44 am

Assistant U.S. Attorney General Lanny Breuer announces a nearly $2 billion money laundering settlement with British bank HSBC on Dec. 11 in New York City.
Ramin Talaie Getty Images

Every year, banks handle tens of millions of transactions. Some of them involve drug money, or deals with companies doing secret business with countries like Iran and Syria, in defiance of trade sanctions.

But if the Justice Department has its way, banks will be forced to change — to spot illegal transactions and blow the whistle before any money changes hands.

Federal prosecutors have already collected more than $4.5 billion from some of the world's biggest financial institutions — banks charged with looking the other way when dirty money passed through their accounts.

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2:57am

Tue January 1, 2013
Business

New Year Brings Minimum-Wage Hikes In 10 States

Originally published on Tue January 8, 2013 2:23 pm

Rhode Island's minimum wage will increase from $7.40 to $7.75.
iStockphoto.com

On Tuesday, the minimum wage in 10 states will increase by anywhere from a dime to 35 cents.

For all of the states but one, the pay hikes are part of automatic adjustments designed to keep up with the cost of living.

In Rhode Island, it took a state law to raise the minimum wage for the first time in five years.

Rising Wages Vs. Rising Prices

Cafe Zog in Providence is a cozy, quirky place where you can grab a coffee and bagel to go, or nab a booth then head to the counter to order a hot breakfast.

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2:56am

Tue January 1, 2013
Business

Rift With China Clouds Solar Industry's Future

Originally published on Tue January 1, 2013 9:44 am

Solar panels come off the line at SunPower's solar manufacturing plant near San Jose, Calif.
Lauren Sommer for NPR

It's been a banner year for solar energy. The United States is on track to install a record number of solar power systems — thanks in large part to low-cost solar panels from China. That's been challenging for American manufacturers, and federal officials have put trade tariffs on Chinese panels.

Things look busy at the SunPower solar manufacturing plant in Silicon Valley. Workers are screwing frames onto shiny, 6-foot solar panels as they come off the line.

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2:40am

Tue January 1, 2013
Business

'Fiscal Cliff' Statement From President Obama

Originally published on Wed January 2, 2013 11:16 am

The White House released this statement from President Obama at 2:30 a.m. on Tuesday:

Leaders from both parties in the Senate came together to reach an agreement that passed with overwhelming bipartisan support today that protects 98 percent of Americans and 97 percent of small business owners from a middle class tax hike. While neither Democrats nor Republicans got everything they wanted, this agreement is the right thing to do for our country and the House should pass it without delay.

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2:35am

Tue January 1, 2013
Economy

Senate Approves 'Fiscal' Cliff Legislation

Originally published on Tue January 1, 2013 8:28 am

Legislation to negate a fiscal cliff of across-the-board tax increases and sweeping spending cuts to the Pentagon and other government agencies is headed to the GOP-dominated House after bipartisan, middle-of-the-night approval in the Senate capped a New Year's Eve drama unlike any other in the annals of Congress.

The measure cleared the Senate on an 89-8 vote early Tuesday, hours after Vice President Joe Biden and Senate Republican Leader Mitch McConnell of Kentucky sealed a deal.

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4:12pm

Mon December 31, 2012
Business

All Eyes Are On The Fiscal Cliff, But The Dairy Cliff Is Important Too

Originally published on Mon December 31, 2012 7:55 pm

Transcript

ROBERT SIEGEL, HOST:

Amid all the talk of going over the fiscal cliff, we have a report now on another midnight deadline tonight. Few were paying attention when Congress failed to pass the Farm Bill last fall. But now lawmakers are scrambling to extend the law for a year, to dodge a spike in milk prices. While an agreement is in the works, another vote is necessary, and none is scheduled yet. Peggy Lowe of member station KCUR in Kansas City explains how farmers, processors and consumers ended up at what is being called the dairy cliff.

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11:50am

Mon December 31, 2012
Economy

Is Our Economy Better Than Theirs?

The countdown is on to a new year — and the fiscal changes that are on the other side of midnight. But what else is on the cards economically for 2013, both here and overseas? Guest host Celeste Headlee puts the question to the Wall Street Journal's Sudeep Reddy.

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