And today's last word in business comes from the Central Asian country of Uzbekistan, which by the way, won six medals in the last Olympics. But today's last word is about another kind of competition, this one between social networking sites. And the word is: YouFace. That's the name of a new social networking site that aims to lure local Internet users away from Facebook, and, quote, "boost patriotism among young people in Uzbekistan."
NPR's business news starts with a warning about LIBOR.
It came years ago. We now know that Treasury Secretary Tim Geithner pointed out problems with the way that London's key interest rates were set. He did this in 2008, in the midst of the financial crisis at the time he was head of the New York Federal Reserve.
Half of San Bernardino County's 300,000 mortgages are underwater. In an attempt to ease the mortgage crisis, the Southern California county is considering taking control of some of those properties by eminent domain.
County and city officials in San Bernardino, Calif., are considering a controversial plan: using the power of eminent domain to take over "underwater" mortgages, where the value of the home is worth less than the original loan. Taking on those properties, officials say, would allow the homeowners to refinance those troubled loans.
Europe is struggling, thanks to a relentless debt crisis. Compounding its problems: It is not one country, but 17.
Many observers agree that to solve their problems, those countries have to start looking a lot more like one country. And there is a force in Europe trying to make that happen: the European Central Bank. The weapon it has that everyone else lacks? Money.
Global stock markets are anxiously awaiting new figures from China. Analysts are expecting the numbers to show the world's second largest economy suffering its biggest slowdown since the global financial crisis.
A worker dismantles a mattress at a recycling facility in Oakland, Calif. The material will be used to make carpet products and proceeds will help support the St. Vincent de Paul Society of Lane County, a nonprofit that helps low-income families in Eugene, Ore.
The bad economy has hurt many nonprofits around the country, even as demands for their services have grown. That's certainly the case in Reading, Pa., which has been labeled the poorest city in America, with a poverty rate of more than 41 percent.
Now, one local nonprofit, Opportunity House, hopes to salvage some of its services by salvaging junk.
JPMorgan Chase CEO Jamie Dimon, here seen in June testifying before a congressional committee, will try to explain the bank's trading losses to investors on Friday.
Credit Chip Somodevilla / Getty Images
Ever since the peak of the financial crisis, we've been treated to the occasional spectacle that leaves the market and its hangers-on in a tizzy: unveiling the terms of new bailout programs, revealing bank stress-test results, and, not long ago, JPMorgan Chase's chief executive
Republican presidential candidate Mitt Romney addresses the NAACP National Convention on July 11 in Houston, Texas. Romney was booed by the audience when he reiterated his commitment to repeal the Affordable Care Act.
Credit Eric Kayne / Getty Images
Daniel Halper is an online editor at The Weekly Standard.
The Republican side of the Senate Budget Committee released the following chart yesterday, detailing the rising projected cost of President Obama's signature legislation, Obamacare:
The latest estimate, as the chart details, is that Obamacare will cost $2.6 trillion dollars in its first real decade. The bill does not fully go into effect until 2014, therefore the estimate begins with that year.