Business

4:57pm

Tue August 14, 2012
Europe

British Bank Settles After Hiding Iranian Transactions

Originally published on Tue August 14, 2012 6:04 pm

The British bank accused of using its New York branch to launder money from international transaction has agreed to pay New York's top banking regulator $340 million. Regulators said the bank schemed to hide more than 60,000 financial transactions totaling $250 billion for Iranian clients. The bank denied the charges. Audie Cornish talks with Jim Zarroli.

4:49pm

Tue August 14, 2012
It's All Politics

Ryan's Mission For Fed: Focus On Prices, Not Unemployment

Originally published on Thu August 16, 2012 1:07 pm

House Budget Committee Chairman Paul Ryan, R-Wis., shakes hands with Federal Reserve Chairman Ben Bernanke at the close of the committee's hearing on the state of the economy in February 2011.
J. Scott Applewhite AP

Mitt Romney's new running mate has authored some provocative policy proposals to cut budget deficits and overhaul Social Security, Medicare and Medicaid. But Rep. Paul Ryan has also been an advocate for a different course for the central banking system of the United States, the Federal Reserve.

For the past 35 years, the Fed has had a dual mandate from Congress: to set interest rates at levels that will both foster maximum employment and keep prices stable. Put another way, the Fed's goals are to get unemployment as low as possible while keeping inflation in check.

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4:33pm

Tue August 14, 2012
The Two-Way

British Bank Agrees To $340 Million Settlement Over Laundering Charges

Originally published on Tue August 14, 2012 5:27 pm

Britain's fifth-largest bank has agreed to pay $340 million to settle charges by New York regulators that it laundered money for Iranian clients.

NPR's Chris Arnold filed this report for our Newscast unit:

"In court documents, the regulator alleged that for 10 years Standard Chartered Bank quote 'schemed with the Government of Iran and hid from regulators roughly 60,000 secret transactions... involving $250 billion dollars and reaping hundreds of millions of dollars in fees for the bank.'

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3:38pm

Tue August 14, 2012
Planet Money

What A Very Old Menu Tells Us About The Price Of Steak

Originally published on Tue August 14, 2012 11:08 pm

Matt Sayles Associated Press

Delmonico's, the New York City steakhouse, has been around forever.

The New York Public Library's archival menu collection doesn't go back quite that far. But it does have a Delmonico's menu from 1918. The archive also, sort of randomly, has a Delmonico's menu from 1988. Delmonico's current menu is online.

One item that's on all three menus: filet mignon.

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3:30pm

Tue August 14, 2012
The Salt

Secret Side of the Drought: Corn Farmers Will Benefit

Originally published on Mon October 22, 2012 11:28 am

President Obama and Agriculture Secretary Tom Vilsack (second from right) inspect drought-damaged corn on the McIntosh farm in Missouri Valley, Iowa.
Carolyn Kaster AP

You've all heard a lot about this year's devastating drought in the Midwest, right? The U.S. Department of Agriculture announced last Friday that the average U.S. cornfield this year will yield less per acre than it has since 1995. Soybean yields are down, too.

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2:50pm

Tue August 14, 2012
Economy

Back-To-School Shoppers Open Wallets, But Carefully

Originally published on Tue August 14, 2012 5:29 pm

Shoppers walk along Chicago's Michigan Avenue last month.
Sitthixay Ditthavong AP

After months of sitting on their wallets, Americans went shopping in July. The uptick reported Tuesday is boosting economists' hopes for a reasonably strong back-to-school season. And retailers are looking for clues about how the holiday shopping season will turn out later in the year.

"This is a good report," Chris Christopher, an economist with IHS Global Insight, a forecasting firm, wrote in an assessment of the latest report. "It indicates that consumers came back after hunkering down" during the year's first half when sales were "dismal."

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11:14am

Tue August 14, 2012
The Salt

Reach For The Fries? Apple Slices Recalled For Possible Listeria Contamination

Originally published on Mon October 22, 2012 11:29 am

This apple-topped salad is one of several products being recalled for potential contamination with the bacteria Listeria monocytogenes
Ready Pac, Inc.

If you've been applauding yourself recently for choosing the apple slices over the french fries for your kid's fast food meal, or an apple-laden prepackaged salad for your own dinner, you might want to hit the pause button.

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11:10am

Tue August 14, 2012
Economy

Retail Sales Jump, But Are They High Enough?

Originally published on Tue August 14, 2012 5:30 pm

July saw the largest retail sales increase in months, according to the Commerce Department. But not all the news is rosy. NPR Senior Business Editor Marilyn Geewax joins guest host Jacki Lyden to take a look at consumer spending and the "back to school" season.

8:50am

Tue August 14, 2012
The Two-Way

Retail Sales Rose 0.8 Percent In July; More Than Expected

There was a 0.8 percent increase in retail sales in July from June, the Census Bureau says, thanks in part to gains in purchases of cars, furniture and appliances.

Overall, The Associated Press says, "all major categories showed increases, a sign that consumers may be gaining confidence." If that is indeed the case, it's good news for the economy. Consumers purchase about 70 percent of all goods and services.

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7:29am

Tue August 14, 2012
The Two-Way

Luxury Cars Do Poorly In New Type Of Crash Test

Originally published on Tue August 14, 2012 8:51 am

This type of crash is particularly deadly and the first set of cars tested generally didn't provide very good protection.
Insurance Institute for Highway Safety

The first set of cars put through a new type of safety test did poorly even though they were "luxury and near-luxury cars" that should have the latest safety technology built in, the Insurance Institute for Highway Safety reports today.

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