Financial 411
By WNYC
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Podcast Description
WNYC's Amy Eddings hosts a daily overview of financial news at 4:30 weekdays which is available via podcast. The financial wrap delivers all the highlights of the day and a preview of what you can expect tomorrow, all with WNYC's context, clarity and a New York perspective.
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Financial 411: Weekly Business Roundup | Markets Stocks were mixed Friday. The Dow declined 43 points, ending the week at 12,681. But positive reports from chipmakers pushed the Nasdaq 24 points higher, to 2,859. The S&P 500 gained a single point, settling at 1,345. Reviewing This Week's Business Headlines The big banks released their second quarter earnings reports this week. It was bad news at Bank of America, which had its biggest quarterly loss ever - $9 billion - connected with a lawsuit the bank settled. Goldman Sachs made a profit of $1 billion. Morgan Stanley lost more than $500 million. We'll talk about why some analysts are disappointed in the latest reports, and why others are cheering. There's still no deal on raising America's debt limit, which is the amount of money our government can borrow. But some on Wall Street have cooked up plans to make money in the event our government defaults on its debt. We'll explain how. Turning to local matters, the unemployment rate in the city rose last month to 8.7 percent. Jobs were lost in financial services and government, but there were gains in private schools and restaurants. And speaking of jobs, Mayor Michael Bloomberg has officially kicked off a competition for universities to open an applied sciences campus in the city. The idea is to pick a partner to open a brand new research center, which will bring students to start. Down the line, Bloomberg said it could become an engine for tens of thousands of new jobs as well. We'll talk about who's interested, and the rest of this week's business headlines, with Greg David, director of the Business & Economics Reporting Program at the CUNY Graduate School of Journalism. | 7/22/11 | Free | View In iTunes |
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Financial 411: Gauging Reaction to the News Corp. Scandal in New York | Latest Unemployment Numbers New York State and New York City both saw their June unemployment rates tick up to 8 percent and 8.7 percent, respectively. In the city, the securities industry shed 2,000 jobs last month. Local government took an even bigger hit, losing 2,700 jobs. Restaurants and private schools have added the greatest number of positions since the city hit economic bottom in September 2009. Markets Although there's still no deal on raising the U.S. debt limit, across the Atlantic, Eurozone leaders just signed on to giving Greece a second bailout worth $230 billion. With that news and strong earnings reports, markets rose Thursday. The Dow jumped 153 points, closing at 12,724. The S&P 500 rose 18 points, to close at 1,344. And the Nasdaq was up 20 points, ending the day at at 2,834. A Look at How the News Corp. Scandal is Affecting Employees in New York There are 6,000 people in New York City who are particularly concerned with the phone-hacking scandal in Great Britain that is affecting News Corp. They are the News Corp. employees at company headquarters in Midtown, and at the massive company's media properties here, including The Wall Street Journal, the New York Post and Fox News. Last Friday, Les Hinton, the CEO of Dow Jones, the parent company of the Journal, and someone very close to Rupert Murdoch, resigned. He became the first New York-based casualty of the crisis. WNYC's Ilya Marritz has been talking to some News Corp. employees in New York, and he said many of them are very concerned. He tells us what they're worried about, and how they feel about the media scandal. Name the Next Start-up You may have heard our story earlier this week on start-up companies, and the importance of coming up with a good name. We asked for your suggestions for names based on descriptions of a few real start-ups. Take a look at those suggestions and vote on your favorites here. We'll mention the results on the air on Friday. | 7/21/11 | Free | View In iTunes |
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Financial 411: The Hudson Yards Project | Debt Talks Continue on Capitol Hill President Barack Obama said he's now open to a short-term deal to raise the nation's debt ceiling if it will allow time for a broader plan to be put in place. There are 13 days left before the August 2 deadline, when the U.S. risks defaulting on its financial obligations. A new bipartisan budget plan emerging from the Senate would slash the deficit by almost $4 trillion over a decade, through a mix of spending cuts and new tax revenues. Markets Stocks fell slightly on Wednesday, after their big rally on Tuesday. The Dow lost 16 points, closing at 12,572. The S&P 500 was down one point, to close at 1,326. The Nasdaq shed 12 points, closing at 2,814. The Hudson Yards Project The Hudson Yards project may finally be getting the anchor tenant it needs to start construction. Crains is reporting Wednesday that the developer, The Related Companies, is close to signing a deal with the luxury handbag company Coach for 600,000-square feet of office space. The luxury handbag company would move its corporate headquarters from the Garment District. Erik Engquist, assistant managing editor at Crains, brings us up to speed on the project. He also talks about what Coach brings to the table. | 7/20/11 | Free | View In iTunes |
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Financial 411: Drawing Tech Companies to NYC | City officials want to attract a major research institution to open a new science and engineering campus in New York City. As an incentive, the city is offering publicly owned land and as much as $100 million in funding. It was the highlight of an event on the future of New York City, hosted by Crains New York Business. City officials have really been pushing technology. But there are also challenges to starting a company in New York — like the cost. New York Works: Brooklyn Arborist Chris Roddick The iconic image of New York City is the skyline - glass buildings jutting up into the air. But Chris Roddick spends his days climbing the city's natural skyscrapers: trees. For 17 years, Roddick has been pruning, planting and inspecting trees at the Brooklyn Botanical garden. Sarah Kate Kramer brings us his story for this week's New York Works series. Is there someone you think we should profile? Let us know in the comments section! Markets Markets soared on Tuesday, after Coca-Cola and IBM reported strong second quarter earnings, and President Barack Obama announced a breakthrough in negotiations over raising the nation's debt ceiling. The Dow rose 202 points, to12,587. The S&P rose 21 points, to close at 1,327. The NASDAQ was up 61 points, to end the day at 2,827. | 7/19/11 | Free | View In iTunes |
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Financial 411: Weekly Business Roundup | News Corporation's phone-hacking scandal continues to grow. Dow Jones CEO Les Hinton has announced he's resigning. He was chairman of News International, overseeing the British newspapers that are at the heart of the scandal. Reporters from those papers are accused of hacking into people's voice mails to get information. "News Corp. is an enormous force here in New York," said Greg David, director of the Business and Economics Reporting Program at the CUNY Graduate School of Journalism. All week we've been hearing about the fight in Washington over raising the nation's debt limit, and on Friday, President Barack Obama repeated his desire to reach a deal that would also cut spending and raise revenues. "We have a chance to stabilize America's finances for a decade, for 15 years or 20 years, if we're willing to seize the moment," he said. If the president doesn't reach a deal with Republicans by August 2, the U.S. risks defaulting on its financial obligations and severely cutting back funding for programs like Social Security. We'll talk about the impact that could have on New York City. And at last, the final installment of Harry Potter opened at midnight. And it's not just entertainment — it's big business. David discusses these stories and this week's top business headlines. Markets Markets rose Friday after some companies, including Google, reported strong second quarter earnings. The Dow climbed 43 points, closing at 12,480. The S&P 500 was up seven points, to close at 1,316. And the Nasdaq rose 27 points, closing at 2,790. | 7/15/11 | Free | View In iTunes |
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Financial 411: Has London's Phone-Hacking Scandal Jumped Across the Pond? | The scandal may have just jumped the pond. The FBI has opened an investigation into allegations that Rupert Murdoch's News Corp. tried to hack the phones of September 11, 2001, victims. The company told WNYC it has no comment. This latest development comes after Murdoch and son James said they will appear before a British parliamentary committee next week to discuss the allegations that one of the company's British tabloids illegally hacked into people's voice mails to get information. This story has dominated the news media for more than a week now, and it doesn't seem to be going away anytime soon. The company's stock is also down this week. "I think shareholders are a little bit nervous, both about what's going to come out of the ongoing criminal investigation that's going on in London," said Felix Gilealso it raises a lot of questions about the future leadership of this company, because so many of the key executives are really caught up in this growing scandal and growing investigation." Gillette also co-authored the magazine's story about News Corp. and what's at stake. He talks about the growing scandal, and its implications. Markets Ben Bernanke was on Capitol Hill for a second day on Thursday, and told a Senate committee it's not yet time for a new round of economic stimulus. Those comments helped send stocks down. The Dow gave up 54 points to close at 12,437. The Nasdaq settled at 2,763, with a loss of 34 points, and the S&P 500 declined nine points, to end the day at 1,309. | 7/14/11 | Free | View In iTunes |
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Financial 411: Managing Your Manager | Markets After three days of losses, markets returned to positive territory on Wednesday, spurred on by Federal Reserve Chairman Ben Bernanke's comment that the Fed is prepared to do more to stimulate the economy if it falters. News Corporation added 58 cents after the beleaguered media giant announced it will abandon a bid for full control of a British satellite broadcaster. The Dow gained 45 points, closing at 12,492. The Nasdaq rose 15 points, ending at 2,797. And the S&P 500 gained four points, finishing at 1,318. Keeping an Eye on Debt Negotiations Stock portfolio managers say investors are keeping a close watch on Washington, and the halting negotiations over raising the debt ceiling. Jeffrey Cleveland, senior economist with the investment management firm Payden and Rygel, said investors and money managers expect the president and lawmakers will come to an agreement, but the debate isn't helping overall confidence. "This does leave a cloud of uncertainty hanging over not just the market, but the economy," he said. "So there's this big question of what's going to happen next and I think that does make investors more hesitant than otherwise would be the case." Cleveland said everyone's focused on what could happen if the nation defaults on its debts, but few are talking about the long term economic effects from a deficit reduction deal. Creating a Better Relationship with Your Boss Unless you are a CEO or run your own business, you probably have a boss. If you’re lucky, you enjoy working with your manager. But for many of us, the boss we have isn’t necessarily the boss we want. Is there a way for you to have a better relationship with your boss? Linda Hill, runs the Leadership Initiative at Harvard Business School, where she is also a professor. "Often we think we are supposed to be relatively passive in this relationship, and that the boss sort of tells us how the relationship would be," she said. "But unless the boss really understands what will allow you to be effective on your job, the boss may or may not come up with the right way of your working together." Hill offers some other tips on working together with your boss. | 7/13/11 | Free | View In iTunes |
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Financial 411: Reviewing the Business Headlines | Markets fell on Tuesday after the rating agency Moody’s cut Ireland’s credit rating to junk status. The Dow dropped 59 points, closing at 12,447. The S&P 500 was down six points, closing at 1,314. The Nasdaq fell 21 points, closing at 2,782. Taking a Look at Crains New York Business Headlines The mayoral race is still far off, in 2013, but a new Democratic candidate has jumped into the mayoral race. Tom Allon is the publisher of Manhattan Media, and views himself as a business candidate. We'll talk about how he intends to raise money for the campaign. Meanwhile, Mayor Michael Bloomberg is weighing in on the financial debate in Washington, D.C., over raising the nation's debt limit. "The debt ceiling is so important," he said. "Playing chicken with it may be cute and it may be good politics, but it doesn't leave the rest of the rest of the world having a warm and fuzzy feeling about investing in America." He also said that failure to raise the debt limit would take a "serious toll" on the nation, and the city. In other business headlines, New York State Comptroller Tom DiNapoli has released a report that finds state tax breaks to businesses don't appear to be creating the number of jobs promised. We'll talk about some specific projects in New York City that may not have lived up to the expectations of spurring economic growth. Crains New York Business Assistant Managing Editor Eric Engquist joins us to talk more about these stories, which are among the top headlines in Crains this week. | 7/12/11 | Free | View In iTunes |
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Financial 411: The Business Week Ahead | It was a rocky start to trading this week, as fears about Europe's debt crisis seized investors. The Dow fell 151 points, to close at 12,506 on Monday. The S&P 500 dropped 24 points, to end at 1,319. And the Nasdaq dropped 57 points, to close at 2,803. It's not just European debt that's worrisome. There's also an ongoing debate in Washington, D.C., over raising the U.S. debt ceiling. Negotiations broke down this weekend, and President Barack Obama spoke about the issue again on Monday, putting pressure on both parties after meeting with Congressional on Sunday. "We're going to meet every single day until we get this thing resolved," he said. The president has made it clear he will not approve any short-term deals on the debt limit, and he said compromise is necessary to reach an agreement by August. This week is also the start of the second quarter earnings session. Economists are keeping a close watch, after last week's dismal jobs report. WNYC's Business Editor Charlie Herman will review this week's business headlines. New York Works: Astrovisualizer Carter Emmart Right now, above our heads, the space shuttle Atlantis is circling the earth. It's the last and final flight for the shuttle program after 30 years. For the next generation of astronauts wanting to travel to outer space, they might have to settle for a trip to the planetarium instead. That's where reporter Tracey Samuelson finds the man who creates those shows. Carter Emmart, an astrovisualizer at the Hayden Planetarium at the American Museum of Natural History. He's the latest subject of our series, New York Works. Let us know who you think we should profile next, in the comments section below. | 7/11/11 | Free | View In iTunes |
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Financial 411: Making the Time to Think | As part of our weekly look at issues in the workplace, we talk with management consultant Peter Bregman, who says that in our driven, fast-paced, productivity-focused lives we are losing our ability to take time out of our day to slow down and just think. Bregman said slowing down for a short time throughout the day makes us more productive, and is exactly what we need in an age driven by technology. "I never liked to slow down, but when I slowed down for a little bit, my mind started working in ways that my mind didn't when I was being productive," he said. "If we don't forcibly get away from those pinging e-mails, we'll never get the time to do the thinking we need to be effective in our jobs." Bregman also shares some personal tips to help slow down throughout the day, such as setting your watch to beep every hour to take a one minute break, writing down your goals every morning or writing in a journal. Markets Stocks had modest gains Wednesday as investors prepare for the upcoming monthly jobs report on Friday and corporate earnings reports next week. The Dow Jones gained 56 points to close at 12,626, while the S&P 500 500 was up a point, to end at 1,339. The NASDAQ gained eight points, ending at 2,834. | 7/6/11 | Free | View In iTunes |
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Financial 411: The Business Week Ahead | Markets Wall Street was flat on Tuesday, after resuming trading following Monday's holiday and last week's strong finish. The Dow Jones dropped 13 points, to 12,570. The S&P 500 dipped two points, closing at 1,338. The NASDAQ bucked the trend, gaining 10 points, to end the day at 2,826. The Week Ahead On Friday, the government will release the June employment report. Last month's report brought disappointing numbers, with only 54,000 new jobs created. Focus is also back on the economy this week, as lawmakers on Capitol Hill negotiate over whether to raise the nation's debt limit. Looking even further ahead, next week, companies will begin reporting how much they earned in the second-quarter. Kelly Evans, who writes Ahead of the Tape for the Wall Street Journal, will preview the week ahead in business. New York Works: Bed Bug Exterminator Jim O'Brien They're a New Yorker's worst nightmare: bed bugs. The words alone are enough to creep you out. In the latest edition of our New York Works series, we meet someone who spends his days with these critters,by choice. Reporter Tracey Samuelson joins exterminator Jim O'Brien, and takes us inside an infested home. New York Works: The Bed Bug Exterminator Let us know who you think we should profile next, in the comments section. | 7/5/11 | Free | View In iTunes |
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Financial 411: Weekly Business Roundup | The ghost of mortgage-backed securities reappeared this week. Bank of America agreed to pay $8.5 billion to settle claims with several major institutional investors who said they had been misled about the poor quality of mortgage-backed securities. These were bonds purchased from Countrywide Financial, which was later absorbed by Bank of America. In other banking headlines, Goldman Sachs announced it will let go of 230 employees in New York City. We've had reports that other banks are looking at issuing pink slips. We'll talk about reasons for the cuts. Turning to energy and the environment, New York Governor Andrew Cuomo and New York City Mayor Michael Bloomberg got into a verbal t*t-for-tat this week over the Indian Point nuclear power station. It's a big part of the downstate energy mix, supplying between 20 and 25 percent of our electricity. Cuomo wants to shut it down, and Bloomberg said the city needs that energy. But the ultimate decision isn't up to them — it's up to federal regulators. Markets This was the best week for markets since March 2009. They may have received a boost by positive manufacturing reports, and the news that Greece approved new austerity measures, clearing the way for it to receive international loans. The Dow gained 168 points on Friday, to close at 12,583. The S&P 500 added 19 points, to end the day at 1,340. The Nasdaq rose 43 point, to close at 2,816. | 7/1/11 | Free | View In iTunes |
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Financial 411: All About Bitcoin | Tuesday marks the last day of the Federal Reserve's QE2 or quantitative easing, a program to strengthen the U.S. economy through the purchase of $600 billion in bonds. As it comes to a close, QE2 is getting mixed reviews. The economy is growing, but at a lackluster pace. Stock are up, but the dollar is down. That's part of the reason for the increasing interest in one currency that has recently skyrocketed in value. It's called bitcoin, and it's become the new "gold." It's a digital currency that exists outside government control — for now — and outside the U.S. banking system. A libertarian's dream. Bitcoin was trading at 10 cents last summer, when it first launched. Now it's trading at nearly $17. NPR's Jacob Goldstein, who is part of the Planet Money team, said it's still a small, experimental currency. "It's a very technically-focused group of people who use these, so you can buy stuff online, you can buy coffee, you can buy alpaca socks, it's definitely not practical yet," he said. Goldstein said you can buy and sell anonymously online using bitcoins. New York Senator Charles Schumer has called the bitcoin "an online form of money laundering," saying it fosters illegal activities. Goldstein breaks down the "wild west" of the bitcoin world. A longer podcast version of this story will also be available at Planet Money. | 6/30/11 | Free | View In iTunes |
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Financial 411: Pressure on Local Government | The big worry last summer was the possibility of states across the country defaulting on their debts. Now it appears most states have turned the corner, and are seeing an uptick in their collections of sales and income taxes. This summer, the pressure is on local governments, like New York City's, which are struggling with cuts in state aid. Josh Zeitz, a research analyst at the brokerage firm MF Global, said there are several reasons why local governments will feel more pain than state governments. "Most states have actually balanced their budgets this year by making steep cuts to municipal and county aid," he said. "That's aid that goes directly to local governments, and by making steep cuts to public education, which is largely a local function." Zeitz also breaks down how New York City is faring, and talks about some of the structural advantages and disadvantages it has over other localities. Markets Greek lawmakers have approved a new austerity plan that's needed to get an infusion of emergency loans. That pushed markets higher on Wednesday. The Dow rose 73 points, ending at 12,261. The Nasdaq added 11 points, closing at 2,740. The S&P 500 settled at 1,307, after gaining 11 points. | 6/29/11 | Free | View In iTunes |
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Financial 411: Is it Better to Rent, or Buy? | IMF Appoints New Chief French Finance Minister Christine Lagarde has been chosen to lead the International Monetary Fund after receiving the support of the Obama administration. She will become the first female leader of the organization and steps in after the former chief, Dominique Strauss-Kahn, stepped down after being charged with sexually assaulting a hotel housekeeper in New York City. Lagarde will face immediate challenges in her new job such as helping prevent Greece from defaulting on its debt. Worries it could do just that have plagued Europe for months now, and have led some to worries about the future of the Euro. Markets But on Tuesday, there was optimism that the solution to the crisis is near. That sent stocks up, for the second day in a row. The Dow Jones gained 134 points, to close at 12,177. The S&P 500 added 15 points, to end at 1,295. The Nasdaq ended the day at 2,725, gaining 37 points. Confidence on Wall Street, however, is not shared with people on Main Street. The Conference Board says that consumer confidence fell to a seven month low in June, due to continued high unemployment and flat wages. Is it Better to Rent, or Buy? Another reason Americans are worried is because of the dismal state of the housing market. On Tuesday, there were some mixed messages about real estate. The Standard and Poor's latest Case-Shiller home price report found that prices in major U.S. cities rose for the first time in eight months last April. In New York City, prices increased just under a percent from March to April. But there's bad news too: Home prices are at levels last seen in 2003, and sales are still down from a year ago. In New York, that means a lot of people are choosing to rent versus buy, a conclusion supported by data from the brokerage firm CitiHabitats. So is it better to rent nowadays? Reporter Janet Babin said it appears more people are renting. According to CitiHabitats, she said, "the city's vacancy rate is actually the lowest it's been in five years. Many upscale buyers are finding that it's cheaper to rent a place than to buy, their money can go further, it can stretch farther, if they decide to rent instead of buy." Babin said the trend is seasonal, to some extent, as the summer months are the busiest of the year for people looking to move into the city. She also explains other factors, like economic uncertainty, that influence housing sales. Interest rates are also low — below five percent for a 30-year fixed loan — but Babin said banks are still being cautious about who they lend their money to, and only those with the best credit are going to get mortgages. | 6/28/11 | Free | View In iTunes |
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Financial 411: The Week Ahead in Business | Markets A bit of hope returned to Wall Street on Monday, after signs that that the debt crisis in Europe could be avoided. That sent stocks up a percentage point. The Dow Jones gained 109 points, to close at 12,044. The S&P 500 gained 12 points, ending at 1,280. And the NASDAQ added 35 points, to finish at 2,688. The Week Ahead in Business Debt seems to be the word this week, both here in the U.S. and overseas in Europe. President Barack Obama got directly involved in negotiations over the debt ceiling on Monday. Obama and Democrats want either tax increases, or the elimination of tax breaks for big companies and wealthy individuals. Republicans don't want either — they're arguing for federal spending cuts. Lawmakers are working under an August 2nd deadline, to decide whether to raise the nation's debt ceiling. In Greece, legislators are debating new austerity plans to get more bailout money. They're expected to take a vote on those measures on Wednesday. If approved, the move would give them the next installment from the $110 billion international bailout. We're also keeping an eye on the stock market, which has been edging downward for the past couple of weeks. We'll also see the latest housing reports, and sales figures from automakers. WNYC Business Editor Charlie Herman previews the week ahead. New York Works: Dialect Coach New York City is home to more than eight million people, and according to the Linguistics Program at the CUNY Graduate Center, possibly as many as 800 different languages. When those foreign language speakers speak English, they create a lot of different accents. And we're not even talking about the local ones that flavor neighborhoods from Staten Island to the Bronx. That got reporter Tracey Samuelson thinking about different dialects and those people who study how we talk, and can even teach us how to talk differently. She has the latest report, about Dialect Coach Susan Cameron, for our series New York Works. Let us know who you think we should profile next, in the comments section. | 6/27/11 | Free | View In iTunes |
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Financial 411: Weekly Business Roundup | Stocks ended another week lower than where they started. Markets fell Friday, after poor earnings from technology companies suggested that big business is investing less, as the economic recovery has slowed. Europe's debt woes continued to weigh on markets as well. Moody's warned that it might downgrade the credit rating of some Italian banks. The Dow dropped 115 points, or one percent, to 11,935. The S&P 500 lost 15 points, or 1.2 percent, to 1,268. The Nasdaq fell 34 points, to 2,653. It's the seventh week out of the last eight that major indexes have fallen. As of Friday afternoon, in Albany, a property tax cap and city rent regulations remained stalled, despite a broad agreement between Albany's three men in a room. The logjam on a same-sex marriage bill broke late Friday, when lawmakers announced that they would allow the bill to go to the floor for a vote. Lawmakers also say there's a framework to shape the deals on a tax cap and rent regulations. In other legislative news, a plan to allow up to 30,000 livery cabs to pick up passengers on the street looks likely to pass the Senate, now that two changes have been made. Car service companies that buy the $1,500 permits will be required to charge the same 50 cent MTA surcharge, as do yellow cabs; and, the permits won't go into effect until January. The medallion yellow cab industry is fighting this, although taxi workers have flipped to supporting the measure. A new report by the group Common Cause finds real-estate interests are doubling-down on their campaign contributions. The report says the real-estate industry nearly doubled its campaign contributions to New York politicians in 2009-2010 to $10 million, compared with the previous two-year period. | 6/24/11 | Free | View In iTunes |
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Financial 411: The Tech Bubble | In trading on Thursday, LinkedIn, the social networking site for career-minded individuals, gained $3.50, or five percent, to $70.32. And, Pandora, the company that lets you design your own internet radio station, added 66 cents, or five percent, closing at $14 a share. Both stocks were highly anticipated before their initial public offerings, and many investors believe they are only a prelude to much bigger stock offerings by Facebook, Groupon, and Twitter. Henry Blodget, CEO and editor of Business Insider, doesn't think it's a bubble. "Tech is in a boom, the internet business is doing extraordinarily well, there are lots of companies that have built real businesses, which is very different than in the 1990s, where so many were just so young," he said. "In the public markets, the reason people are talking about a bubble is that you see huge first day pops in stock prices, as with LinkedIn. But if you look at the way the stocks have behaved, and you look at some of the underlying fundamentals, there are some that are expensive, but they're just nowhere near the valuations that we saw in the 1990s." Full disclosure: Blodget is known as the former Merrill Lynch analyst, who settled fraud charges with the Securities and Exchange Commission in 2003, not long after the tech bubble of the late 1990s — but he's talking to us as a journalist. He'll explain what makes tech stocks attractive to some investors, and whether New York City can become a center for technology companies to rival Silicon Valley. Word of a new austerity plan for Greece helped markets recover some from losses earlier in the day. The Dow ended at 12,050, down 60 points. The S&P 500 declined 4 points, settling at 1,284. And the Nasdaq actually gained 18 points, closing at 2,687. Markets Word of a new austerity plan for Greece helped markets recover some from losses earlier on Friday. The Dow ended at 12,050, down 60 points. The S&P 500 declined four points, settling at 1,284. The Nasdaq actually gained 18 points, closing at 2,687. | 6/23/11 | Free | View In iTunes |
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Financial 411: Lobbying Continues in Washington After the Laws are Signed | You might think the lobbying in Washington, D.C., stops on a piece of legislation once it's signed into law. But when it comes to the financial regulatory reform bill, which became law last summer, the lobbying intensified in some areas. Companies shifted focus from members of Congress to the regulatory bodies themselves: the Securities and Exchange Commission, the Federal Reserve and the Commodity Futures Trading Commission. Michael Beckel, the money-in-politics reporter for the Center for Responsive Politics, which tracks public data on campaign contribution, said big commercial banks and security investment firms like Goldman Sachs, JP Morgan Chase and CitiGroup are among the top spenders — plunking down millions for these efforts. "It's battle after battle to be able to implement, and in some places, just to try to grind to a halt, or defund, or repeal completely, what's going on," he said. "I think that the companies are investing significant sums of money in this lobbying approach and they clearly see a value to what they're doing, otherwise they wouldn't be putting up so much money to make sure that their voices are heard in the process." And with the 2012 election season coming up — and the first campaign finance filings due to come out next month — Beckel said we'll be able to see which donors are bankrolling which candidates. Markets The Dow fell 80 points, to close at 12,110. The Nasdaq dropped 18 points, to 2,669. And the S&P 500 ended the day at 1,287, down eight points. | 6/22/11 | Free | View In iTunes |
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Financial 411: Travel Plans a Go Despite Economy | Many Americans appear determined to go on a vacation this summer despite their anxieties about the economy. But they will have to make an extra effort to find savings, with gas prices and air fares both higher than they were last year. Even with high fuel costs, and a weak dollar compared to the Euro, Charisse Jones, a business travel correspondent for USA Today, said people will be traveling this summer. The paper recently polled readers about their summer travel plans. "We found out that people are fed up with being pent up," she said. "The staycation is dead." Jones said a lot of travelers are choosing to drive, because it's still cheaper than flying. She expects air fares to stay at their current levels for awhile, at least through summer, because airlines are making up for fewer sales during the recession. How high could they go? "The sky's the limit," Jones said, who noted she thinks they may drop again in the fall. Jones also talks about some destinations inside and outside the U.S. that could be offering some deals this summer. Markets Markets rose on Tuesday. The Dow jumped 109 points, closing at 12,190. The S&P 500 was up 17 points, to close at 1,296. The NASDAQ climbed 58 points, closing at 2,687. | 6/21/11 | Free | View In iTunes |
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Financial 411: The Week Ahead in Business | Investors overcame their fears that the financial crisis in Greece could spread throughout Europe, and pushed the market up on Monday. The Dow Jones finished up 76 points to close at 12,080. The S&P 500 gained seven points, to end at 1,278. The NASDAQ added 13 points, to close at 2,630. But will the trend continue this week? We'll see the latest figures on home sales. The Federal Reserve is also scheduled to meet, and is expected to keep interest rates unchanged. Chairman Ben Bernanke will hold his second news conference later in the week. It's a new question and answer format for the Fed, and what Bernanke talks about is likely to be based largely based on the questions he's asked by reporters. Greece's financial troubles continue this week. Could they effect the US? WNYC's Economics Editor Charlie Herman previews the business and economics news of the week, and weighs in on what we can expect. New York Works: Lifeguard Janet Fash In New York, beaches are open from Memorial Day weekend through Labor Day. Approximately 1,200 lifeguards do everything from water rescues to first aid. With a starting hourly rate of $13.57 an hour, it's a good gig for someone who's saving for college, and for teachers who have summers off, like Brooklyn native Janet Fash. She's the chief lifeguard at Beach 96th Street in the Rockaways, and the subject of this week's New York Works. Brigid Bergin reports. Let us know who you think we should profile next, in the comments section. | 6/20/11 | Free | View In iTunes |
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Financial 411: Weekly Business Roundup | For a third straight day, Republican senators in Albany conferenced behind closed doors only to emerge saying they have no agreement on whether to bring a bill legalizing same-sex marriage to the floor for a vote. But lawmakers have a lot of other matters on their plates before the session ends on Monday, such as renewing New York City's rent regulations. The law that sets rents for about 1 million New York City residents expired midnight Wednesday because Albany legislators didn't renew it. Governor Andrew Cuomo has said he wants the rules strengthened, but he hasn't said much more. The due date is also quickly approaching for a city budget that could contain teacher layoffs. A wrench was thrown into negotiations when the labor umbrella group, the Municipal Labor Committee, balked at the idea of letting the city tap into its Health Insurance Stabilization Fund. Mayor Michael Bloomberg and the City Council have until the end of the month to iron out an agreement on the budget. Turning to global economics, bankers and others contemplated the idea of contagion. Specifically, could the Greek debt crisis spread? On Friday, word came that German Chancellor Angela Merkel is said to be backing off from her earlier demand that private institutions bear some of the losses resulting from the Greek debt crisis. After an initial bailout, Greece is again close to defaulting on its debts. What could this mean for the country, the rest of Europe, and the global economy? We'll review this week's business and economics news with Greg David, director of the Business & Economics Reporting Program at the CUNY Graduate School of Journalism. Markets The Dow rose 43 points, ending at 12,004. The index clocked a small gain for the week. The Nasdaq had a small decline of seven points, closing at 2,616. The S&P 500 added four points, settling at 1,272. | 6/17/11 | Free | View In iTunes |
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Financial 411: A Look at the Latest Jobs Numbers | New York City and state's unemployment rates stayed steady last month — at 8.6 and 7.9 percent, respectively. The state's Labor Department reported that in the past year, New York City had some of the fastest growth in jobs at colleges and universities. On the flip side, federal workers in New York City were downsized by nearly 35 percent. Barbara Byrne Denham, chief economist at Eastern Consolidated, said the latest report was a little disappointing because jobs numbers were flat. She called it "a bump in the road," with retail, the film industry and health services industries reporting jobs losses last month. She talked about what the latest numbers mean for the city, and what they say about about Wall Street and the financial industry. Meanwhile, in New Jersey, the unemployment rate rose to 9.4 percent in May, from 9.3 percent in April. Job losses were felt in manufacturing, retail and construction sectors. Markets Stocks rose early, but gave up much of their gains in the afternoon, as worry grew over the Greek debt crisis. At the closing bell, the Dow was up 64 points, closing at 11,962. It was a different story for the Nasdaq, which lost eight points, ending at 2,624. | 6/16/11 | Free | View In iTunes |
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Financial 411: Did the Fed's Quantitative Easing Work? | The Federal Reserve's sometimes-controversial program of quantitative easing, or QE2, comes to an end in 15 days. Under the program, the Fed bought $600 billion in U.S. treasury bonds, in an effort to keep interest rates low and spur economic growth. Federal Reserve Chairman Ben Bernanke gave QE2 tepid support at his news conference last April. "We were very clear from the beginning that while we thought this was an important step, this was not going to be a panacea, that it was only going to turn the economy in the right direction," he said. Was Bernanke right? Did QE2 turn the economy in the right direction? Lawrence White, Professor of Economics at NYU's Stern School of Business, said yes. "There was more lending, the banks were not just sitting on the cash. They were out-lending more than otherwise would have been the case," he said. "I think the economy would have been in more serious difficulties had the QE2 not happened." White backs up his case, and speculates on what may happen, now that QE2 is coming to an end. Markets Stocks ended sharply lower, as unrest in Greece further destabilized global financial markets. Major indexes had their biggest drop since June 1. The Dow dumped 179 points, to close below 12,000 for the second time in two weeks, at 11,897. The S&P 500 dropped 22 points, to close at 1,265. The NASDAQ shed 47 points, to 2,631. | 6/15/11 | Free | View In iTunes |
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Financial 411: A Year After Dodd-Frank, New Rules Behind Schedule | It's been nearly a year since sweeping changes to the financial regulatory system were signed into law. That law, known as Dodd-Frank, is supposed to create a new set of rules for the banking industry to prevent another so-called Great Recession. But many of the required rules still haven't been written, much less implemented. Vacancies in the Obama administration and in other top government posts are only adding to the delay. And on Tuesday, the Commodities Futures Trading Commission voted to delay certain rules that were to take effect next month until the end of December. Louise Story, Wall Street and finance reporter for The New York Times, said there are a few reasons why the rules are delayed. "One is that they didn't give much more money or staffing to the regulators, like the Securities and Exchange Commission or the Federal Reserve, that are supposed to create them," she said. "But it's also because the banks are really pushing to slow these down. They would love nothing more than for some of the rules not to happen at all, or for them to happen in a much longer time frame because the rules threaten a lot of their profits." Story talks about some of the rules that are delayed —and there are at least 12 of them — what industries they're meant to regulate, and some other factors contributing to their slower-than-expected implementation. Markets Stocks closed higher for the third day this month, after retailers had better sales in May than expected. All three major indexes had their best day so far in June. The Dow added 123 points, closing at 12,076. The S&P 500 grew 16 points, to 1,288. The NASDAQ gained 39 points, ending the day at 2,679 | 6/14/11 | Free | View In iTunes |
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Financial 411: A Look at the Week Ahead | Economic Concerns Continue What's the cure for an ailing economy? Time. That's the overwhelming response from several leading economists polled by the Associated Press. The survey found that many of them are now lowering their expectations for job growth and economic expansion for the rest of the year. But, it's not all bad news — at least gas prices continue to fall. The energy department says the average gallon of gasoline now costs $3.71, down seven cents from last week. In New York City, it's $3.88 a gallon. Markets Stocks were mixed on Monday, after six straight weeks of losses. The Dow Jones and the S&P 500 both gained a point, to close at 11,953 and 1,272, respectively. The NASDAQ lost four points, ending the day at 2,640. Macy's Workers Vote to Strike Union workers at Macy's flagship store in Herald Square and three other locations in the city voted to strike if a new contract is not reached by Wednesday night. The union says that the retailer is doing well financially, but wants to eliminate pensions for new employees and charge more for health care. Macy's says it remains open to negotiations. The Week Ahead The stock market has been slowly losing value from week to week, and economists are gloomy. There are several other factors influencing economists this week, including continued worries about economic and job growth. There's also the fact that the Federal Reserves bond-buying program is ending and the end of this month, and the unresolved question of whether to raise the debt ceiling. We'll see the latest figures on inflation and retail sales later this week. New York Works: Triathlon Coach Scott Willett This Wednesday, registration begins for the first-ever New York City/New Jersey Ironman triathlon. The event, to be held next year in August, includes a 2.4-mile swim in the Hudson River, a 112-mile bike ride on the Palisades Parkway, and a 26.2-mile run beginning in Fort Lee and finishing in Riverside Park. An event of this magnitude takes serious training, and that's where coach Scott Willet comes in. WNYC's Brigid Bergin caught up with him for this week's New York Works — a look at how New Yorkers are carving out their own slice of the big Apple. Read and listen to her report here by clicking the link below. | 6/13/11 | Free | View In iTunes |
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Financial 411: Weekly Business Roundup | This week, talk about a Congressman Anthony Weiner threatened to derail the entire news cycle. Weiner, who admitted on Monday to sending sexually explicit pictures to several women online, is now under pressure to resign. At one time, he was considered a serious contender for the New York City mayor's office. Could he still be a contender? Meanwhile, two governors in neighboring states are pursuing public pension reform. New Jersey Governor Chris Christie scored an important new supporter for his pension overhaul plan this week — Democratic Senate leader Steve Sweeney. Governors all over the country are trying to lower pension costs, including New York's Andrew Cuomo. Cuomo's plan would effect future employees. We'll talk about some other aspects of the plans being considered in New York and New Jersey. On Capitol Hill, the Senate voted this week to re-affirm a new law that will cap the fees banks can charge merchants when they take debit card payments. Such a provision would amount to loses for financial institutions. But could the law impact consumers? Finally, in tech news, Apple sweetened the rules for publishers that put their content on iPad devices. It's complicated, but the bottom line is that Apple would get a smaller cut from the money publishers make selling the magazines. Greg David, director of the Business & Economics Reporting Program at the CUNY Graduate School of Journalism, joins us to review this week's business and economic news. Markets This was the sixth straight week of losses on the stock market. There was a big sell-off on Wall Street on Friday, and the Dow declined 172 points, closing below 12,000 at 11,952. The Nasdaq slumped to 2,644, with a loss of 41 points. The S&P 500 gave up 18 points, ending at 1,271. | 6/10/11 | Free | View In iTunes |
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Financial 411: Developers, Workers Spar on Contracts | New York City has been transformed in the past decade by a construction boom, which created not just office buildings but lots of new condos. The recession put an end to the rapid growth. Construction has dropped 22 percent since 2008. But as the industry begins to show signs of life again, there is a fight developing between developers and their carpenters, concrete workers, and other unionized employees. Nearly two dozen labor contracts are set to expire at the end of this month, and the negotiations are bogged down as builders ask for concessions from unions. Danny Massey is a reporter with Crain's New York Business, and attended a discussion on Thursday sponsored by the Regional Plan Association, where both sides were represented. He said negotiations were tense. "At this stage of the game, three weeks before the expiration of some two dozen contracts, it seems like there is such an incredible gulf between these two sides," he said, "that doesn't really seem evident now how it's going to be resolved." Massey explains what's at stake in this latest round of negotiations, and what it could mean for the city's construction industry. Markets Markets rose on Thursday. The Dow climbed 75 points, to close at 12,124. The S&P 500 was up nine points, closing at 1,289. The NASDAQ also rose nine points, to close at 2,685. | 6/9/11 | Free | View In iTunes |
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Financial 411: New York City's Design Sector | Throughout the recession and the recovery, New York City's jobless rate has been lower than the nation's as a whole. It was 8.6 percent in April in the city, compared with 9.1 percent for the entire U.S. One thing that may be helping is the design sector of our local economy. A new study finds jobs are booming in graphic design, industrial design, fashion, and — despite the drop in construction — even architecture. David Giles, a research associate with the Center for an Urban Future, offers this "working definition" of a designer: "A designer is someone who shapes objects, rather than produces them. Designers shape buildings, they shape interiors, they shape urban plazas and landscapes. They shape kitchen appliances and tools. They even shape text and letters in some cases." Graphic design, he said, is one of the fastest growing areas in the design sector. Giles explores the phenomenon, and explains what's driving that sector's growth. For example, he points out that more companies, including those in the financial services industry, now include in-house design teams. Markets A survey by the Federal Reserve said the economy is faltering in several regions of the country. The Dow fell 22 points on that news, settling at 12,049. The Nasdaq lost 26 points, closing at 2,675. And the S&P 500 hit 1,280, a decline of five points. | 6/8/11 | Free | View In iTunes |
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Financial 411: Can New York City Surpass Silicon Valley as a Tech Center? | It's Internet Week, and all week long, the city has organized events designed to celebrate the local technology industry. Senator Charles Schumer spoke on Monday, setting an ambitious goal for New York City: to surpass Silicon Valley as the country's leading high-tech center by 2035. To find out more about the types of companies getting off the ground here in New York, we turn to Dave Lifson. Lifson founded his own company, Postling, two years ago, and also scouts for promising new start-ups looking for money. Postling helps small businesses develop social media and marketing strategies. Lifson believes the city can surpass Silicon Valley. He said the city already has some advantages — "specifically around being so close to the customers of start-ups," he said. "So instead of being in the bubble of Silicon Valley, where all of your friends are also entrepreneurs, you're sitting next to people in finance and in advertising and in fashion and media, and that can be really powerful." Lifson talks about why he decided to start his company in the city, and defends his belief that the city can become the nation's leading high-tech center. | 6/7/11 | Free | View In iTunes |
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Financial 411: New York Public Radio to Buy Four NJ Stations | New Jersey is out of the radio business, and will no longer manage its own television station. New York Public Radio, the owner of WNYC, will acquire four stations from the NJN network, New Jersey’s public television and radio broadcaster: WNJY FM 89.3 Netcong, WNJP FM 88.5 Sussex, WNJT FM 88.1 Trenton and WNJO FM 90.3 Toms River. New Jersey Governor Chris Christie said New York Public Radio will create a new public radio station focused on New Jersey news, and with a bureau in the Garden State. WNYC's Ilya Marritz and Bob Hennelly have been covering the story. The governor's office said the savings for taxpayers will be about $13 million dollars a year, including staff and operations costs, and an operating subsidy. They'll also talk about how local lawmakers are reacting to the deal. The radio acquisitions are subject to review by the New Jersey Legislature and approval by the New Jersey Public Broadcasting Authority and the FCC. The NJTV arrangement needs the approval of the state legislature. | 6/6/11 | Free | View In iTunes |
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Financial 411: Weekly Business Roundup | This week brought a succession of disappointing economic reports, from housing to industrial production, and on Friday - job creation. The economy added just 54,000 jobs last month. That's much lower than the number that was expected, and a lot less than the 200,000 or so we've been averaging for the past several months. While there may not be a double-dip — yet — in the overall economy, Forbes magazine proclaimed this week that we're having a housing double-dip. The S&P/Case-Shiller Home Price Index found that March home prices have fallen bellow the 2009, trough, to levels that haven't been seen since 2002. This week also brought troubling news for Goldman Sachs, in the form of a critical report by a Senate committee. There are currently no charges against Goldman, or anyone else in the probe. District Attorney Cy Vance hasn't released the details of what this is all about, but it's a story that could develop in the coming weeks. Greg David, director of the Business & Economics Reporting Program at the CUNY Graduate School of Journalism, said the details are in a 300-page report from the Senate committee, "which said Goldman did terrible things." "First of all, it bet against housing when it was putting its clients in housing, and it lied about it to Congress," he said. Some believe the Securities and Exchange Commission and the Justice Department — not New York prosecutors and senate committees — should be going after the big banks. David explains what power local authorities have to make a case against these banks, and reviews this week's business and economics headlines. Markets It was the fifth straight week of stock market declines. The Dow gave up 97 more points on Friday, reacting to the bad jobs numbers. The index closed at 12,151. The Nasdaq lost 41 points, ending at 2,733. The S&P 500 slumped to 1,300, down 13 points. | 6/3/11 | Free | View In iTunes |
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Financial 411: New Cases in the Insider Trading Probe | Even if the federal government hasn't criminally charged any of the big banks or their top executives for their role in the 2008 financial meltdown, there is one issue prosecutors have aggressively pursued: insider trading. Opening statements began Thursday in the third insider trading trial to take place in New York City in a matter of months. Now former expert network consultant Winifred Jiau is in the spotlight, and she's not alone: the Securities and Exchange Commission is investigating trades at the big hedge fund, SAC Capital Advisors, run by Steven Cohen. Other investigations have resulted in dozens of insider trading charges, and several guilty pleas. Peter Lattman, a reporter at the New York Times, has covered a lot of these different stories. "In Manhattan alone, the federal prosecutors here have charged some 50 people with insider trading crimes over the past two years, and I think 39 of them have pleaded guilty already — and that's just in Manhattan," he said. "It seems like there's a pervasive culture here of wrongdoing on trading floors that the government's trying to root out." Lattman explains the recent focus on insider trading, and talks about critics who say these pursuits have nothing to do with the financial crisis. He also describes the details of the Jiau case, and why the SAC is such a ripe target for the federal government. | 6/2/11 | Free | View In iTunes |
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Financial 411: SUNY's Impact on New York's Economy | Potential Deal for SUNY Tuition Increase Governor Andrew Cuomo and legislative leaders said they are negotiating what could be a 5-percent increase in tuition for the State University of New York. If the deal is reached in the final 10 days of the legislative session, most of the 64 campuses would see a 5 percent increase as early as the fall semester. At some campuses, like Buffalo and Stony Brook, tuition would rise even more. But even as students and parents face higher costs, Cuomo is touting public universities as engines of economic growth. He recently announced that challenge grants of as much as $35 million will be available to SUNY campuses that attract private investment. Thomas Gais, director of the Rockefeller Institute of Government at SUNY-Albany, provides insight on the idea that it's practically an article of faith that a university education is money well spent. His institute put out a report today, entitled "How SUNY Matters: Economic Impacts of the State University of New York." Markets Stocks nose-dived Wednesday on new reports suggesting private sector job growth is slowing down. Same for manufacturing. The Dow gave up a whopping 280 points, closing at 12,290. The Nasdaq declined 66 points, ending at 2,769. The S&P 500 slumped to 1,315, a loss of 31 points. | 6/1/11 | Free | View In iTunes |
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Financial 411: Case-Shiller Confirms Housing Dip | Housing Continues Its Slump Home prices have reached their lowest level since the housing bubble burst in 2006. They're being pushed down by foreclosures, a glut of unsold homes and the inability or reluctance of many to buy. Prices fell from February to March in 18 of the 20 big cities tracked by Standard and Poor's Case Shiller index. Consumer Confidence Falls And here's some more bad news. Consumer sentiment has dropped to its lowest level in six months. The Conference Board's consumer confidence index shows Americans are growing increasingly concerned about high gas prices, a choppy job outlook and a weak housing market. Markets In spite of these negative economic indicators stocks rose Tuesday as investors cheered a new bailout plan for Greece. The Dow rose 128 points to close at 12,570. The S&P 500 gained 14 points, closing at 1,345. Nasdaq was up 38 points, to close at 2,835. | 5/31/11 | Free | View In iTunes |
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Financial 411: Weekly Business Roundup | New York lawmakers have agreed to a cap on local property taxes after Governor Andrew Cuomo reached a deal with the legislature to cap local property taxes at 2 percent, or the rate of inflation — whichever is less. Local tax relief was one of the governor's big campaign pledges. But is this bill the game-changer he promised? In another possible deal this week, hedge fund manager David Einhorn said he's in talks to acquire a minority stake in the New York Mets worth $200 million. The Wilpons are having some financial troubles — in part because they invested with Bernie Madoff and his Ponzi scheme and are now being sued by the court appointed bankruptcy trustee. So why would a minority stake be attractive to someone like David Einhorn? On the topic of possible sales and acquisitions, Martha Stewart is set to rejoin the board of her company, Martha Stewart Living Omnimedia — after an enforced five-year ban in a settlement with the Securities and Exchange Commission. Her company has hired Blackstone Group to help her explore a sale. But why sell now, and who's interested? Greg David, director of the Business & Economics Reporting Program at the CUNY Graduate School of Journalism, weighs in on these questions and talks about other business news that made the headlines this week. Markets Stocks rose ahead of a three-day weekend, led by energy and materials stocks. The Dow rose 39 points,to close at 12,442. The S&P 500 gained five points, closing at 1331. The Nasdaq was up 14 points, to close at 2,797. Disclosure note: David Einhorn's wife, Cheryl Einhorn, is a paid consultant for WNYC. | 5/27/11 | Free | View In iTunes |
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Financial 411: The Rise of E-Readers | North America's largest book show, BookExpo America, wrapped up Thursday at the Javits Center in Midtown Manhattan, and the makers of several e-readers unveiled their latest tablets:. Barnes & Nobles, which makes the Nook, and Toronto-based Kobo introduced touch screen e-readers. WNYC's Ilya Marritz reports that people in the world of books are increasingly convinced that the future of reading will be digital. He spoke with Donna Hayes, the CEO of Harlequin, which publishes romance novels. She estimates that 12 percent of Harlequin readers now get their books on Amazon's Kindle. "They read a lot, they buy a lot, and they really don't want to have to wait to get that next book," she said. Jim Milliot, the co-editorial director of Publishers Weekly, said the manufacturers of e-readers sent a "clear message" this week. "The takeaway is really that device manufacturers are aiming to make the devices easier for users to read on, and that the prices are coming down," he said. Milliot discusses the latest devices introduced this week, and talks about the competition among e-bookstores, the marketplace where e-readers buy their books. Markets Tech stocks pushed markets higher on Thursday, with the Dow adding eight points, to close at 12,403. The Nasdaq gained 22 points, ending at 2,783. The S&P 500 settled at 1,326, after rising five points. | 5/26/11 | Free | View In iTunes |
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Financial 411: Labor Unions Eye a New Target | Labor unions have gone after Wal-mart for years — attacking the world's largest retailer for providing poor wages and benefits and driving small businesses out of business. Now, organized labor has its eye on another big-box retailer: Target. Workers at a Target store in Valley Stream, Long Island, will vote next month on whether to join United Food and Commercial Workers Local 1500. Daniel Massey, a reporter at Crain's New York Business, has been covering the story. He said one of the reasons that the union is focusing on Target is because of its recent push into the fresh food market. On the other hand, he said, its also a worker-driven campaign: some employees at the store are complaining about low wages and only a few work hours a week. Massey said Target's also running a campaign of its own: "It's waging a sort of textbook, aggressive, anti-union campaign." The company has also hired a law firm, Jackson Lewis. Massey explains what's at stake, and what unionization at big box stores could mean for the city's living wage bill. Markets Markets rose Wednesday. The Dow climbed 38 points, to close at 12,395. The S&P 500 gained four points, ending the day at 1,320. The Nasdaq rose 15 points, to close at 2,761. UPDATE: Daniel Massey reports that Target said it hired the firm Jackson Lewis for a separate employment-related matter. The union contends it is related to their unionization campaign. | 5/25/11 | Free | View In iTunes |
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Financial 411: Continuing the Conversation about Stress in the Workplace | Last week, our talk about workplace stress with consultant Peter Bregman definitely hit a nerve — and the conversation isn't over. When asked if his clients were coming to him with more stress-related issues, Bregman said "yes" — even as, or especially as, the economy improves. He said many company executives are happily trumpeting the fact that business has been getting better, with better earnings and share prices. "But the people who they're saying it to are looking around and saying, 'We have to do twice as much,' 'We don't have as many people working with us,' and, 'We're not seeing an increase in our salaries,'" Bregman said. That, he added, could lead to more stress for employees, and distrust of their leaders. This week, Bregman offers his advice to employees and employers - "and it starts with empathy." Markets Stocks closed slightly lower, as worries about Europe's debt crisis continued. The Dow Jones fell 25 points, to close at 12,356. The S&P 500 lost a point. to end at 1,316. And the Nasdaq fell 13 points, or 0.5 percent, to close at 2,746. | 5/24/11 | Free | View In iTunes |
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Financial 411: Budget Talks Heat Up in NYC | Markets U.S. stocks plunged to monthly lows because of new worries about the growing debt crisis in several European cities. From Spain, where the ruling Socialist party was defeated in weekend elections, to Standard & Poor's warning that it could lower Italy's debt rating, to renewed worries about Greece's ability to pay back more than $150 billion in rescue loans - Wall Street was a little panicked on Monday. The Dow Jones lost 131 points, to close at 12,381. The S&P 500 lost 16 points, ending at 1,317. The Nasdaq lost 44 points, to close at 2,759. Budget Negotiations Heat Up This Week New York City's budget negotiations are heating up, with the June 30 deadline about five weeks away. WNYC's Bob Hennelly explains who we'll hear from this week, and what's going on behind the scenes. He said non-profits and charity organizations focused on social services, as well as groups hit hard by budget cuts from Washington and Albany will plead their case this week. Meanwhile, behind the scenes, there's talk about the proposed closure of 20 fire companies throughout the city, and struggling to find money to prevent the layoffs of more than 4,000 teachers. Hennelly also explains the push behind pension reform in the city, and how Governor Andrew Cuomo and Mayor Michael Bloomberg are teaming up. New York Works: Staten Island Ferry Captain Jim Parese Our series "New York Works" profiles New Yorkers at work across the city. Jim Parese has been a captain with the Staten Island Ferry for 25 years. From his pilot house, he has some of the best views of New York City. Reporter Tracey Samuelson interviewed him for this week's piece. And if there's a unique job you think we should profile, let us know! | 5/23/11 | Free | View In iTunes |
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Financial 411: Weekly Business Roundup | The fight to legalize gay marriage in New York heated up this week. According to a new Sienna college poll, New Yorkers want the legislature to focus first on passing a property tax cap. Next, they want an ethics reform bill. Then, voters want lawmakers to address rent control laws, followed by legalizing gay marriage. In real estate headlines, Conde Nast is set to move to the World Trade Center, and hopes to become a magnet for other businesses. It's being hailed as a major development for Lower Manhattan, one that will bring scores of other media companies downtown. Conde Nast helped turn around Times Square when it moved there. Can the lightening strike twice? On the topic of media, it's upfront week in New York. That's when the broadcast and cable networks show off their upcoming seasons to advertisers and media buyers, and hope to sell lots of expensive ad space. It's estimated that the four networks could take a lot more money this year than last. But is TV still king? This week also brought more news on the Mets and Bernie Madoff. Irving Picard, the court-appointed trustee who's trying to get money for those people hurt by Madoff's scheme, is leveling new accusations at the Wilpons, the owners of the team. Picard said they tried to shop for "fraud insurance" for their investments with Madoff. Greg David, the director of the Business & Economics Reporting Program at the CUNY Graduate School of Journalism, reviews this week's business and economic news. | 5/20/11 | Free | View In iTunes |
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Financial 411: Jobs, Jobs, Jobs | The unemployment rate in New York dropped last month, as private employers continue to hire more people. In the city, it's now 8.6 percent. Even though the jobs numbers tell us more people are finding work, not all job-seekers are being treated equally in our economic recovery. Men – who lost the majority of jobs during the recession – are finding jobs at a faster rate than women. Rana Foroohar, Time magazine’s business editor, said she thinks it's a trend that doesn't have staying power. "I think that there are larger, global factors that are still going to favor them [women]," she said. "The first and most important thing is that women are going to earn the majority of the world's new income in the next ten years, some $5 trillion." She added: "If you think about the fact that women are going to be buying most of the stuff out there in the next 10 years, and they already make most of the purchasing decisions, you can bet that the people running companies are going to want to hire women that understand these markets and understand the female consumer." Foroohar explains her predictions, and talks about her recent article for Time Magazine: "Is This the End of the Mancession?" Prospects for College Grads What about college graduates – what are their prospects for collecting their first paychecks, now that they’ve collected their diplomas? The New York Times’ Economix blog co-editor, Catherine Rampell, took a look, and, in her story on the subject, uses words like "humbling" and "bleak." "Across all majors, about 3/4 of recent grads have jobs," she said. "But only about half of them have a job that actually requires a college degree." Rampell also talks about some other trends, including fewer available jobs and lower salaries. Markets Investor optimism over initial public offerings following LinkedIn's strong showing Wednesday on its first day of trading, helped boost the market on Thursday. The Dow rose 45 points, to 12,605. The S&P 500 added three points, to 1,344. The Nasdaq ticked up eight points, to 2,823. | 5/19/11 | Free | View In iTunes |
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Financial 411: Tracking Changes in the Housing Market | What is up with the housing market? On Wednesday, the government said new home construction fell nearly 11 percent in April. But Thursday, we expect the National Association of Realtors to tell us that existing home sales grew last month, albeit modestly. This uncertainty seems like bad news for real estate. Shiller, of the Case-Shiller home price index, thinks another double-digit dip is in the works. But Shawn Tully, the senior editor-at-large at Fortune magazine, is optimistic, and said he thinks housing is back. He's watching how housing prices compare to rental prices. "When you get to ratios or prices to rents that are below the historic average, and renting becomes more expensive than owning, it's time to buy," he said. Tully tracks recent developments in the housing market, and explains why he's thinking positively about the future. | 5/18/11 | Free | View In iTunes |
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Financial 411: Coping With Workplace Stress in a Stressful Economy | Big business is often a major topic on the 411. But the focus on Tuesday is a micro talk about your business, and, more specifically, your workplace. Peter Bregman, a management consultant who works with CEOs on leadership and organizational issues, has written several articles on workplace stress and says stress levels can increase in a tough economy. "I think there's a very interesting dynamic that's happening," he said. "The economy has been doing better, companies have more cash, but they don't trust it. And as a result of not trusting it, they're not bringing in more people." He said that, in turn, can stress out employees who feel they're doing more work with less help, and less financial gain. Bregman talks about how employees and bosses can cope with workplace stress. He also explains some of the ideas in one of his recent articles, with a somewhat surprising headline: "Too Much to Do? Take on More." | 5/17/11 | Free | View In iTunes |
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Financial 411: IMF Chief Jailed, U.S. Reaches Debt Limit | IMF Head Jailed, Denied Bail The head of the International Monetary Fund, Dominique Strauss-Kahn, remains in police custody, after a criminal court judge in Manhattan denied him bail Monday, citing concerns that he'd flee the country. Strauss-Kahn is accused of sexually assaulting a hotel maid at the Sofitel in Midtown Manhattan. He faces seven counts of sexual assault and unlawful imprisonment. Some charges carry maximum sentences of 25 years. Whether he's guilty or innocent, the news comes at a difficult time for Europe. On Monday, Portugal received about $110 billion, in part from IMF — so instability at top of that organization could have economic implications, and prompt questions over future leadership of the fund. Irene Finel Honigman teaches international banking and finance at Columbia's School of International and Public Affairs. She said the news is already having a negative effect in Greece. "All of this, of course, may be premature, but right now there's a sort of sense of initial panic," she said. "The last thing anyone needed was fragility and volatility at a major institution." Federal Government Hits $14.3 Triillion Debt Limit On Monday, the government hit its $14.3 trillion borrowing limit. Treasury Secretary Timothy Geithner said he will immediately stop investing in two government pension plans, so that the federal government doesn't default. Lawmakers on both sides of the aisle, in Congress and the White House, have been meeting and talking. But WNYC's Business and Economics Editor, Charlie Herman, said it doesn't appear that they're any closer to a deal. He explains that what we're seeing now is a broader debate on debt in general, taxes and spending, especially on entitlement programs like Medicare and Social Security. Herman also talks about what could happen if there's still no deal by later this summer. New Series: New York Works The Financial 411 is introducing a new series called "New York Works." The series looks at jobs that aren't necessarily unique to New York City, but are made more special or significant precisely because they're here. For the first story, reporter Tracey Samuelson goes behind the red velvet curtain, to meet with a dancer at the American Ballet Theatre. | 5/16/11 | Free | View In iTunes |
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Financial 411: Nassau County Mulls Sports Arena, Casino | Rajaratnum Convicted on Federal Fraud Charges A Manhattan jury has convicted former hedge fund manager Raj Rajaratnam on 14 federal fraud and conspiracy charges. Authorities said the insider trading case against him is the biggest ever involving a hedge fund. To make their case, prosecutors relied heavily on wiretapped phone calls and the testimony of cooperating witnesses to argue that Rajaratnam used insider tips to earn profits — or prevent loses — totaling more than $60 million. "We're going to take an appeal on this conviction," said defense attorney John Dowd, during brief comments outside the courthouse on Wednesday. Rajaratnam faces up to 25 years in sentencing, which is expected in July. U.S. Trade Deficit Widens The U.S. trade deficit widened by more than expected in March, as a result of soaring oil prices. The U.S. deficit in international trade of goods and services jumped 6 percent from the month before to $48.18 billion, according to the Commerce Department. American companies sold more automobiles and other goods and services to customers abroad. But that wasn't enough to make up for an 18 percent rise in oil imports. Markets Oil prices tumbled nearly 5 percent on Wednesday, after a report from the government that people are driving less because of higher prices at the pump. On Wall Street, all the indexes were down. The Dow Jones lost 130 points, to close at 12,630. The S&P 500 finished at 1,342. The NASDAQ ended the day at 2,845. Nassau County Considers Sports Arena, Casino Officials in Nassau County says they want to to build a $400 million hockey arena and minor league baseball field -- and a casino at the Belmont race track. County Executive Edward Managano made the announcement on Wednesday. Is the casino a way for the financially troubled county to gamble its way back to financial health? John Callegari, a reporter with Long Island Business news, explains about how the county plans to pay for the project, and talks about previous attempts to build a new hockey arena in Nassau County. | 5/11/11 | Free | View In iTunes |
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Financial 411: A Look at Credit Card Rules, Two Years Later | Microsoft to Buy Skype for $8.5 Billion Microsoft said it will buy Skype, the Internet telephone service, for $8.5 billion. The tech company said communications are the backbone of the company, and that Skype's services will be combined with existing Microsoft products. The deal would be the largest in Microsoft's 36-year history. "Skype has developed multiple revenue streams, and overall revenue has grown 20 percent year over year, and I think represents a very significant go-forward opportunity," said Steve Ballmer, Microsoft's CEO. Markets The Dow Jones gained 76 points, to close at 12,760. The S&P 500 added 11 points, ending at 1,357. The NASDAQ gained 29 points, to close at 2,872. Goldman Sachs Unit Under Investigation Goldman Sachs said one of its units is being investigated by federal regulators over whether it improperly used investment accounts to make trades. The New York-based bank could face civil fraud charges involving money belonging to customers of another financial firm that was a Goldman client. Goldman said the charges would be based on allegations that it knew — or should have known — that the money belonged to customers of that firm rather than to the firm itself. The bank said it is cooperating with the investigation. Cigarette Taxes: An Update On Monday, a federal appeals court said New York state can collect taxes on cigarette sales from Indian-owned businesses to non-Indians. On Tuesday, a state supreme court judge issued a temporary order preventing New York tax officials from doing just that until lawyers for the Seneca Nation can make their case against the tax collections. The state estimates it could collect as much as $500,000 a day in additional revenue. Pew Charitable Trusts Looks Studies New Credit Card Rules Two years after President Barack Obama signed into law sweeping changes to the credit card industry, late payment fees have fallen, interest rates have held steady and annual fees and other charges have changed little. Those are a few of the conclusions from a study conducted by the Pew Charitable Trusts. Nick Bourke, director of the Safe Credit Cards Project at Pew, is an author of the study. He discusses how the new rules have changed the industry, and what consumers pays in fines and fees. | 5/10/11 | Free | View In iTunes |
| Total: 47 Episodes |
