National / International News

Will GM recalls dent its recovery?

BBC - Thu, 2014-03-20 16:00
Will GM's recalls dent its recovery?

America's heroin 'epidemic'

BBC - Thu, 2014-03-20 15:48
The horrific toll of cheap and plentiful heroin on US families

Egyptian priest digitally unwrapped

BBC - Thu, 2014-03-20 15:45
Sweden digitally unwraps an Egyptian priest

VIDEO: Unwrapping an Egyptian mummy

BBC - Thu, 2014-03-20 15:45
What do scans reveal about 2,300-year-old Egyptian priest?

With New Inquiry, Harry Reid Raises Stakes In Senate-CIA Clash

NPR News - Thu, 2014-03-20 15:44

The majority leader informed the CIA director that the Senate's chief law enforcement officer would be conducting a "forensic examination" to get answers in the unprecedented dispute.

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Top students turning down Wall Street life

Marketplace - American Public Media - Thu, 2014-03-20 15:24

Wall Street is starting to lose a war it has long dominated: The battle for talent. Elite schools that once sent hordes of brainy undergrads to big banks aren’t sending quite so many these days. A growing number of America’s top students are joining tech companies to seek their fortunes, or choosing to improve others’ fortunes in the non-profit world.

There’s a snapshot of what’s happening nationally at Princeton University, one of Wall Street’s favorite hunting grounds. As one of the America’s most selective schools, the university has already done some of recruiters’ work for them by bringing the nation’s brightest to campus. Year after year, banks and consulting firms arrive on campus to make their pitch. Students don ties and pantsuits for interviews, and not just economics majors. The banks pull from across campus.

Any bank recruiter would love to snag senior Malik Jackson. Wall Street prizes Ivy League athletes and Jackson plays quarterback. That means there’s a front row seat reserved for him on the train that has long carried Princeton grads to banking.

But he’s not taking it.

He’s going back to his hometown of Jacksonville, Florida to teach middle school social studies via Teach For America.

“As a student body, we all have such distinct interests,” Jackson explains. “It would be a disservice if all those interests were only focused on one field.”

He’s one of a growing number of students resisting the lure of finance and choosing to work in the non-profit sector, a big change from years past.

“I saw just about everyone headed to banks and consulting firms,” says Wendy Kopp, who graduated from Princeton in 1989.

Seeing so many of her classmates students sucked into finance frustrated her. She felt their talents could be put to better use elsewhere. That led her to starting Teach For America, the non-profit which steers talented undergrads to teach in needy classrooms. The program has grown rapidly, drawing heavily from Princeton and other selective schools. Kopp is now CEO of Teach For All, a global network of educational non-profits.

Non-profits got a big assist from Wall Street during the financial crisis. Banks blew up, cut jobs, and students questioned working for the firms that wrecked the world’s economy. Occupy Wall Street grew popular on campuses. When JPMorgan’s recruiters came to Princeton in 2011, a group of Occupy protesters disrupted the meeting. It wouldn’t be the only such protest.

“When I was a freshman, a lot of my upperclassmen friends would tell me about how their friends were going into finance and consulting,” says junior Damaris Miller, one of the Occupy protesters disrupting that recruiting session. “I find that a lot of my friends are not.”

Among Princeton’s 2006 graduates, 45 percent with full-time jobs worked in finance, according the Princeton University Office of Career Services, which surveys where students land a few months after graduation. That number nosedived after the financial crash. By the time the class of 2013 had entered the world, only 24 percent of those with full-time jobs were in finance. (The University’s data include finance and insurance in one category.)

[Note: For the Classes of 2006-2010 there was a 3-month survey follow-up period following graduation. In 2011, the follow-up period was changed to 6-months after graduation.]

Figuring out what students want and how to get them there is the challenge for Pulin Sanghvi, who runs Princeton’s career services office. A veteran of both Morgan Stanley and McKinsey, he understands that today’s students aren’t as easily swayed by the giants of banking and consulting that have traditionally had dibs on elite graduates.

He says today’s students want jobs that have meaning to them. That can mean non-profits, but not necessarily. The day Sanghvi showed me around his offices, Kayak was there interviewing students. Tech companies and startups are scooping up many who might have gone to Wall Street. The percentage of grads finding work at tech companies is soaring as the numbers for finance sag.

“Many [students] are getting excited by the opportunity to disrupt industries, and create new enterprises, and build organizations that may create thousands of jobs,” Sanghvi says.

Part of the reason banks had such a tight grip on elite schools for so long was their hefty recruiting budgets. Many students who weren’t sure what to do just defaulted into finance. Now, they’re going elsewhere.

Plenty still go to Wall Street, of course. Those who are most certain about it gathered recently for an evening meeting of the Princeton Corporate Finance Club. Sophomore economics major Darwin Li is president. Though most undergrads do just one finance internship after junior year, he did his first straight out of high school. He’s now looking ahead to his third, and says he already has a summer offer from a hedge fund.

Li doesn’t come across as careerist or greedy, just genuinely passionate about finance. Someone who should be a banker.

“Growing up I’ve been very numbers oriented, competing in math competitions. I’ve had a very quantitative mindset. I played chess,” he says. “The thought process to accomplish those things is pretty much the same thought process used in a lot of financial fields.”

The campus doesn’t give the impression of disdain for students who go to work for banks. It’s more of a suspicion of those who seem to be doing it for the wrong reasons.

“I wouldn’t say that people are very antagonistic toward people who are pursuing careers in finance, but are more antagonistic to people who originally give the impression that they wanted to work for a non-profit and then switch over,” explains Prianka Misra, an associate editor of the student paper’s opinion section. “It seems like their intentions are entirely at odds with each other.”

Soon-to-be teacher Malik Jackson has no problem with friends going into finance, tech, non-profits or whatever, as long as they’re following a passion, not just a routine.

“You could be a company man and that is totally cool,” he says. “Or you could maybe start your own company. Or you could maybe just try to make the world better. There are so many ways to do it.”

Wall Street is freaked out about elite students passing it by. Banks are changing their recruiting pitch and work environments to compete. But it may be the students they can easily get are the ones who really want to do banking. That could be good for the banks. It certainly seems good for the students.

'We'll Eradicate Twitter,' Turkey's Prime Minister Vows

NPR News - Thu, 2014-03-20 15:20

Recep Tayyip Erdogan has been in a bitter election battle and launched a verbal assault on social media after recordings surfaced that allegedly tie him to corruption.

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Manchester United & Chelsea await draw

BBC - Thu, 2014-03-20 15:17
Manchester United and Chelsea could face each other in the Champions League quarter-finals draw on Friday.

VIDEO: Next annual profits jump by 12%

BBC - Thu, 2014-03-20 15:14
As Next has reports a 12% increase in annual profits to £695m, Emma Simpson looks at whether the chain is set to overtake Marks & Spencer.

Sea World celebrates 50 years amid animal care concerns

Marketplace - American Public Media - Thu, 2014-03-20 15:14

As SeaWorld celebrates its 50th anniversary today, concerns from animal rights activists about the care of marine animals have not appeared to hurt the company’s bottom line.

2013 was a good year for shareholders of SeaWorld Entertainment, which manages three SeaWorld Parks in the U.S. The company offered its initial public stock last April, and reported total 2013 revenues of $1.4 billion.  That’s a three percent increase over the prior year. While revenue is expected to grow again in 2014, it’s largely because of rising admission prices -- total park attendance at SeaWorld parks fell last year.

Blackfish raised concerns about animal care

While shareholders are likely satisfied with the way SeaWorld parks are run from a financial perspective, activists are calling for people to boycott the parks and engage in forcing changes to how animals are cared for.  This is partially a response to the 2013 documentary Blackfish. The film caused a stir when it criticized SeaWorld San Diego's orca whale shows.

Scott Sherman is a San Diego city council member who sees SeaWorld and its orca whales as icons.

“Even Southwest Airlines has planes painted like Shamu if that tells you, heh, how much people look forward to coming to SeaWorld when they come to San Diego," Sherman says.

The park pays San Diego about $14 million a year in rent, and employs thousands of  local workers. So the city's still backing SeaWorld, despite Blackfish. “If you look at the numbers,” Sherman says, “SeaWorld's tourism is up over the last quarter here, and things look like they're doing pretty well.”

Christie Marchese reminds us the film only hit TV screens in October. Her company Picture Motion looks at the impact of documentary films:

“I think it's still a bit early to measure the full impact of this film,” she says of Blackfish. If we measure the success of the film's message by SeaWorld ticket sales, she says, “It's asking people to stop planning expensive trips. And so I think it's going to take some time before we see a slow decrease in people going to SeaWorld.” - Christie Marchese, Picture Motion

And tickets sales won't be SeaWorld's only concern: legislators in New York and California have recently proposed bans on the captivity of orca whales.

Economic impact of marine parks

So let's imagine an extreme scenario.  What would happen if SeaWorld closed all of its parks in the U.S., due to fallout of a potential orca whale ban nationwide?

It’s difficult to estimate the total economic impact, but we can guess based on some average numbers provided by the industry and SeaWorld.

SeaWorld is an accredited member of the Association of Zoos and Aquariums (AZA), an international industry trade group of zoos and aquariums which manage care for about 800,000 animals. AZA claims members “generate more than $16 billion in annual economic activity and supporting more than 142,000 jobs.”

That works out to be about $20,000 of generated cash flow activity for every animal in marine parks, globally – activity which includes all sorts of transactions related to the care and management of the animals and their man-made shelters. It’s important to note that this average is very rough because it assumed similarity between the value of different animals in marine parks and zoos.

Since SeaWorld charges admission that is not based on animal type, we can only guess which animals bring in the most revenue for SeaWorld. The company manages 67,000 different creatures, including 7,000 marine and terrestrial animals, and 60,000 fish.

At $20,000 a head, the best guess is that SeaWorld generates about $1.3 billion of economic activity in the United States annually, which pretty closely matches SWE’s reported 2013 revenue of $1.4 billion.

The flagship SeaWorld, according to San Diego Mayor Kevin Faulconer, has employed 93,000 people in the county over an unknown period of years. Based on very rough assumptions, that’s about 300,000 jobs generated across the United States from the currently-existing three SeaWorlds (again, over an unknown period of years). 

Based on the average numbers, SeaWorld might find its best argument for defending itself from pressure in how many people it employs, rather than what it pays in taxes or other generated revenue. But those people might also agree with animal rights activists at the end of the day. The final impact of Blackfish is far from over. 

VIDEO: US sanctions target Putin's allies

BBC - Thu, 2014-03-20 15:12
US President Barack Obama has announced further sanctions against Russia over its annexation of Crimea from Ukraine.

NCAA bracketeers cried today

Marketplace - American Public Media - Thu, 2014-03-20 15:05
Thursday, March 20, 2014 - 17:43 Jared Wickerham/Getty Images

Aaron Craft #4 of the Ohio State Buckeyes reacts after losing to the Dayton Flyers 60-59 in the second round of the 2014 NCAA Men's Basketball Tournament at the First Niagara Center on March 20, 2014 in Buffalo, New York.

Much was made (here and elsewhere) of the billion dollar bracket challenge from Warren Buffett and the founder of Quicken .

Thanks to the wonders of, you know, actually playing the game, it looks like the billion dollars is safe.

No spoilers here, but after the second round of games, ESPN said just 5.7 percent of its 11 million brackets are still any good.

Marketplace for Thursday, March 20, 2014by Kai RyssdalPodcast Title: NCAA bracketeers cried todayStory Type: BlogSyndication: SlackerSoundcloudStitcherSwellPMPApp Respond: No

With Wind At Its Back, GOP Expands 2014 Senate Map

NPR News - Thu, 2014-03-20 15:01

Between President Obama's weakened approval ratings, the Affordable Care Act and widespread economic worries, Democrats find themselves on the defensive in the battle for the Senate.

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VIDEO: Whiley's 26-hour treadmill triumph

BBC - Thu, 2014-03-20 14:58
DJ Jo Whiley has completed her Sport Relief challenge, defying a thigh injury and blisters to keep going for 26-hours on a treadmill outside BBC New Broadcasting House in London.

NCAA bracketeers cried today

Marketplace - American Public Media - Thu, 2014-03-20 14:43

Much was made (here and elsewhere) of the billion dollar bracket challenge from Warren Buffett and the founder of Quicken .

Thanks to the wonders of, you know, actually playing the game, it looks like the billion dollars is safe.

No spoilers here, but after the second round of games, ESPN said just 5.7 percent of its 11 million brackets are still any good.

Players back me after rant - Sherwood

BBC - Thu, 2014-03-20 14:39
Tim Sherwood says Tottenham's display in their narrow Europa League defeat by Benfica shows he has his players' support.

Vicar or publican - which jobs make you happy?

BBC - Thu, 2014-03-20 14:35
Which jobs give people the most satisfying lives?

Gallup: Americans Put The Environment Over Economic Growth Again

NPR News - Thu, 2014-03-20 14:32

The recession had caused Americans to favor the economy over the environment, but that trend reversed itself in Gallup's latest survey.

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Brazil launches big corruption probe

BBC - Thu, 2014-03-20 14:17
Brazil says it is investigating corruption and price-fixing allegations against 18 companies, including Siemens of Germany and Alstom of France.

Lough search for missing NI man

BBC - Thu, 2014-03-20 14:07
Two men from Northern Ireland are critically ill in hospital and a third is missing after their boat sank while on a fishing trip in County Westmeath.

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