National / International News

Inside Ukraine's war-torn towns

BBC - Fri, 2014-06-20 03:18
Inside eastern Ukraine towns destroyed by fighting

Swarm mission makes magnetic maps

BBC - Fri, 2014-06-20 03:04
Europe's new Swarm space mission starts making maps of Earth's magnetic field with its high-precision instruments.

Brother of Yaya and Kolo Toure dies

BBC - Fri, 2014-06-20 03:00
The brother of Ivory Coast World Cup stars Yaya and Kolo Toure dies in Manchester, the Ivorian Football Association confirms.

Silicon Tally: YO YO YO

Marketplace - American Public Media - Fri, 2014-06-20 03:00

It's time for Silicon Tally. How well have you kept up with the week in tech news?

This week we're joined by Marketplace's own Sabri Ben-Achour. Ben-Achour reports on Wall Street, finance, and anything New York and money related. var _polldaddy = [] || _polldaddy; _polldaddy.push( { type: "iframe", auto: "1", domain: "marketplaceapm.polldaddy.com/s/", id: "silicon-tally-yo", placeholder: "pd_1403265357" } ); (function(d,c,j){if(!document.getElementById(j)){var pd=d.createElement(c),s;pd.id=j;pd.src=('https:'==document.location.protocol)?'https://polldaddy.com/survey.js':'http://i0.poll.fm/survey.js';s=document.getElementsByTagName(c)[0];s.parentNode.insertBefore(pd,s);}}(document,'script','pd-embed'));

Zimbabwe arrests state paper editor

BBC - Fri, 2014-06-20 02:41
Zimbabwean police arrest a recently appointed editor of a state-owned newspaper, the latest sign of tension within President Robert Mugabe's ruling party.

VIDEO: Bulgaria floods cause chaos

BBC - Fri, 2014-06-20 02:01
Heavy flooding hits eastern Bulgaria, killing at least 10 people and causing severe damage to several cities.

Central bankers clear the way for stock gains

Marketplace - American Public Media - Fri, 2014-06-20 02:00

Markets around the world are riding high as the end of the financial quarter approaches next week. Michael Hewson, chief market analyst at CMC Markets (UK), joins Marketplace Morning Report host David Brancaccio to explain what's behind the surprising strength.

Click on the audio player above to hear Michael Hewson in conversation with Marketplace Morning Report host David Brancaccio. 

Watchmaking revived by at-risk youth

Marketplace - American Public Media - Fri, 2014-06-20 02:00

Behind the heavily secured doors of Tourneau’s New York workshop, watchmakers work on repairing the world’s most expensive timepieces, worth tens, even hundreds of thousands of dollars. With all the Rolexes inside, one expects to find an elderly Swiss man in a milking jacket in charge.

But the luxury watch seller’s technical director is American Terry Irby, a third generation watchmaker. His gentle Arkansas accent and pristine white lab coat give him the air of a country doctor; one with a magnifying eye loupe around his neck instead of a stethoscope. He’s running something of a teaching hospital for watch repair; an unusual program that combines students from tough backgrounds with the fantastically pricey watches that wrap the wrists of billionaires and celebrities. It’s a bid to save a threatened profession, while bettering the lives of some at-risk young people.

During a recent class, Irby leans over the workbench of 20-year-old Justine Hernandez, showing her how to delicately take the hands off a watch -- a tricky thing to do without scratching its face. The tools she uses include some of the smallest tweezers you’ve ever seen, because many watch parts are the size of gnats.

Like others in the class, Hernandez comes from Manhattan Comprehensive Night & Day High School. It’s for older students -- those whose progress may have been held up by poverty, homelessness, or run-ins with the law. The timepieces they work with come from a whole different world.

“We were looking at all the beautiful watches and there’s this one watch that stands out -- costs like $40,000, which is like a car, probably a couple of cars,” Hernandez recalls.

The skills she’s learning could lead to a stable job with solid pay. Irby says qualified watchmakers start at $50,000 and are in demand around the world. Students who do well in the class can move on to paid internships at Tourneau, which can lead to full-time jobs.

This program isn’t just corporate goodwill. Wristwatches are fashionable again and the company needs people.

“I have often said that I would take ten watchmakers today if I could find them,” Irby explains. “Our biggest complaint is that we can’t do the job fast enough.”

Irby’s office overlooks the floor where the watchmakers work, quietly hunched over benches tending to the world’s finest timepieces, some new and others passed through families over the decades. Among those at work is Edwin Larregui, a recent graduate of the program. Irby speaks highly of his talent and dedication and expects him to be in watchmaking a long time.

Fresh from wrapping up work on a handsome Cartier worth several grand, Larregui recalls a time when he got so wrapped up in his work that he unwittingly went home wearing his eye loupe. He giggles as he recounts the funny looks people gave him on the train home. Then he turns serious, speaking with the calm satisfaction of a young man who has finally found something he loves, something he’s great at.

“It’s a part of me now,” Larregui says.

B-corporations can put social purpose over profits

Marketplace - American Public Media - Fri, 2014-06-20 02:00

Come January, when companies in Minnesota can officially register as benefit corporations, Sunrise Banks hopes to be one of the first in line.

This new class of company lets firms declare that a higher social purpose is as important as profits. The idea has only been around for a few years but a growing number of states now offer the classification.

Sunrise Banks is a Twin Cities-based, family-owned firm. Chief executive David Reiling says the company has always had a social mission to help unbanked and underbanked people get better access to capital.

“What the means from a local standpoint is over 60 percent of our loans are made each year in low and moderate income communities,” he says.

Reiling thinks that's consistent with the idea of a benefit or b-corporation. The concept involves putting a goal, like improving the community or environment, on equal footing with profit-making.

Patagonia is one of the best known examples of a benefit corporation. It sells outdoor gear while trying to limit its environmental footprint.

David Reiling thinks the designation could boost Sunrise Banks' brand -- and profitability.

"We see it actually increasing and expanding because we're a b-corporation," he says.

B-corporation status also affords some legal protections. They'd apply less to a firm like Sunrise, where Reiling and his parents are majority owners, and more to publicly held companies.

If shareholders sue because social goals overtake profit goals, management has a defense: the company was set up with a social mission.

Critics of benefit corporations still expect plenty of lawsuits.

"Because ultimately there will be disputes between shareholders and management on the appropriate course,” says Charles Elson, a corporate governance expert at the University of Delaware. “[It’s] fabulous for the courts. Lousy for the investors."

Elson thinks firms that fail to turn a profit could hide behind their social missions, or unethical companies could masquerade as do-gooders. 

"I think it's one of these things that sound great, but when it's developed it creates a lot more problems than solutions," he says.

Right now it's a problem a growing number of companies are willing to have. Twenty-two states have adopted laws allowing b-corporations, and legislation is sitting on the governor’s desks in three more.

Detroit's revamped pension plan may set new precedents

Marketplace - American Public Media - Fri, 2014-06-20 02:00

The pension system that contributed to Detroit’s bankruptcy is changing. Current city workers will be switched to a new pension plan at the end of the month – one in which they’ll shoulder more risk in the future.

But that still leaves an elephant in the bankruptcy courtroom: the judge’s opinion that pensions people have already earned can be modified in bankruptcy.

That's "despite the fact that pensions cannot be modified outside of bankruptcy under the Michigan Constitution,” says law professor Laura Bartell of Wayne State University. “That is the provision that has been the source of all the consternation in the pension community.”

California’s state pension system CalPERS has been particularly vocal. CalPERS is huge, with 1.7 million members.

It's also an interlocked system, says bankruptcy lawyer and UCLA professor Ken Klee. He says CalPERS invests payments from a number of municipalities.

“And so when somebody can’t pay in their share because they’ve gone into bankruptcy, it puts a burden on the rest of the pension system,” he says.

Not every state authorizes municipal bankruptcies, but California has had a bunch of them.

 

State school sport 'not competitive'

BBC - Fri, 2014-06-20 01:53
Too many state school pupils are being denied the chance to take part in competitive sport by heads who treat it as an "optional extra", says Ofsted.

American Apparel coup lifts shares

BBC - Fri, 2014-06-20 01:36
Shares in American Apparel rise sharply after the clothing firm's board voted to oust its controversial founder and chief executive Dov Charney.

Foreign investors may be behind your paycheck

Marketplace - American Public Media - Fri, 2014-06-20 01:30

Foreign-owned U.S. businesses employ 5.6 million American workers, according to a new report from the Brookings Institution. 

The report says more than a third of those jobs are in manufacturing, with an increasing share in the service sector, banking, high tech, and even pharmaceuticals. 

The foreign investment isn’t just clustered in a few big cities, says Devashree Saha, a Brookings senior policy analyst who wrote the report. Saha notes that in Raleigh, N.C., more than half of pharmaceutical jobs are in what's known as the foreign direct investment sector. 

She says FDI in the U.S. fell by more than half from 1999 to 2012, because of competition from developing countries. But that competition is falling off.  

“There are very few opportunities and the US seems like the better of several not-so-great options,” says Moyara Ruehsen, who teaches international finance at the Monterey Institute.

Ruehsen says now, foreign investment is picking up again, because investors see the U.S. as a safe haven.

 

 

 

VIDEO: 'Bullying has never really stopped'

BBC - Fri, 2014-06-20 01:29
Rosie King, 15, describes how her autism has led to her being bullied throughout her years at school and why she and her mother Sharon believe attitudes to disability must change.

Songwriter Gerry Goffin dies in LA

BBC - Fri, 2014-06-20 01:17
Songwriter Gerry Goffin, who penned chart-topping songs with his then-wife Carole King and later solo, has died at the age of 75 in Los Angeles.

McConaughey wins best TV actor award

BBC - Fri, 2014-06-20 01:09
Oscar winner Matthew McConaughey picks up the best actor award at the annual Television Critics Awards.

In pictures: Refugee stories

BBC - Fri, 2014-06-20 01:09
Photographers talk about their work on World Refugee Day

The market is asking - will TSB buy Co-op Bank?

BBC - Fri, 2014-06-20 00:55
The market is asking if TSB will buy Co-op Bank

VIDEO: Speedboat deaths: Mother's safety plea

BBC - Fri, 2014-06-20 00:35
A woman whose husband and daughter died in a speedboat accident in Cornwall has urged other boat users to wear a safety "kill cord".

HK votes in unofficial referendum

BBC - Fri, 2014-06-20 00:32
Pro-democracy activists in Hong Kong are holding an unofficial vote on universal suffrage, with organisers saying 35,000 voted in its first hour.

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