National / International News

Over 2 Years Since Its Wreck, The Costa Concordia Floats Again

NPR News - Mon, 2014-07-14 12:06

The Costa Concordia cruise crashed into a reef and capsized over two years ago. On Monday, the most complicated part of the operation to refloat the ship was completed successfully.

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West Bank: Strewn With Broken Glass And Caught In The Crosshairs

NPR News - Mon, 2014-07-14 12:06

For the first time, rockets from Hamas caused damage in Palestinian areas of the West Bank. Reporter Daniel Estrin surveys a damaged home and asks Palestinians how they feel about getting caught in the crossfire.

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In Europe, Google Stumbles Between Free Speech And Privacy

NPR News - Mon, 2014-07-14 12:06

Europe's highest court left Google with the responsibility of balancing the privacy rights of citizens with the public interest — and it's a tough balancing act.

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For Most Kids, Nice Finishes Last

NPR News - Mon, 2014-07-14 12:06

A Harvard researcher says teens feel their parents prioritize success and feeling good over kindness — and so they do, too.

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This Is Your Stressed-Out Brain On Scarcity

NPR News - Mon, 2014-07-14 12:06

When we don't have enough of something — love, time or money — we spend extraordinary effort worrying about how to get by, research shows. The stress of poverty changes the way people think.

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Citigroup Agrees To $7 Billion Fine For 'Egregious' Misconduct

NPR News - Mon, 2014-07-14 12:06

Citigroup has agreed to pay $7 billion to settle claims that it committed fraud when it sold mortgage-backed securities in the years leading up to the financial crisis. Most of the money will be paid to the U.S. Treasury, but some will be used to provide mortgage relief to struggling homeowners.

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The 3 Scariest Words A Boy Can Hear

NPR News - Mon, 2014-07-14 12:06

"Be a man" — it's a mandate most boys hear at least once in their lives. Former NFL player Joe Ehrmann says it can leave boys ill-equipped to face life's real challenges.

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Welsh Secretary David Jones out

BBC - Mon, 2014-07-14 12:00
Welsh Secretary David Jones is out of the cabinet after a reshuffle by Prime Minister David Cameron.

Murder victim's family want answers

BBC - Mon, 2014-07-14 11:40
The family of a man beaten to death after wrongly being branded a paedophile say they "can't wait any longer" for the results of a police watchdog inquiry.

VIDEO: Hitman jailed for killing gang boss

BBC - Mon, 2014-07-14 11:37
A contract killer has been jailed for a minimum of 38 years for murdering a gang leader and then shooting his own getaway driver.

Powell & Simpson have doping bans cut

BBC - Mon, 2014-07-14 11:33
Jamaican sprinters Asafa Powell and Sherone Simpson's sanctions for doping are reduced from 18 to six months.

How tough is it to sell steel?

Marketplace - American Public Media - Mon, 2014-07-14 11:33

After much speculation of the South Korean steel case — which found steel tubes are being illegally dumped in the U.S market — the Department of Commerce found unfairly priced imported steel could harm the U.S. market and cost jobs.

Lisa Goldenberg, president of Delaware Steel Company in Pennsylvania says her company is not doing as well as she hoped they would be this time of year, but business is moving along slowly. Job openings are a bit scarce too.

"We have not hired a lot, but I’m always looking for talented salespeople," says Goldenberg. "And that is very difficult in steel."

Being a steel sales person requires a strong sales personality, she says, and a lot of experience in the industry. However, Goldenberg hopes to hire an intern to help bring the company up to speed with new technology.

Goldenberg feels the pressures of a slow economy and says she tries to stay positive for a better 2015.

"We’re going to come out better on the other side, but with some bumps and bruises," says Goldenberg.

Giant African snails seized at Los Angeles airport

Marketplace - American Public Media - Mon, 2014-07-14 11:30

Straight from the wires of the Associated Press; customs inspectors seized a live shipment of 67 giant African snails at Los Angeles International Airport this month.

They took 67 snails with a total weight of 35 pounds. That is more than two pounds apiece. Of snails.

The mollusks apparently arrived from Nigeria.

Experts the AP spoke to say the species of snail is prohibited because, A: ew, but also, B: they pose a serious threat to agriculture, public health and the economy.

Giant African snails seized at Los Angeles airport

Marketplace - American Public Media - Mon, 2014-07-14 11:30

Straight from the wires of the Associated Press; customs inspectors seized a live shipment of 67 giant African snails at Los Angeles International Airport this month.

They took 67 snails with a total weight of 35 pounds. That is more than two pounds apiece. Of snails.

The mollusks apparently arrived from Nigeria.

Experts the AP spoke to say the species of snail is prohibited because, A: ew, but also, B: they pose a serious threat to agriculture, public health and the economy.

VIDEO: Met Police to recruit Londoners

BBC - Mon, 2014-07-14 11:26
New recruits for the Metropolitan Police will be considered only if they have lived for three of the last six years in London.

Accounting Giant To Pay $4 Million After Improper Lobbying

NPR News - Mon, 2014-07-14 11:25

The SEC announced Monday that auditing giant Ernst & Young will pay $4 million to settle charges a subsidiary lobbied Congress inappropriately. The firm neither admitted nor denied the charges.

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Ukraine plane hit near Russia border

BBC - Mon, 2014-07-14 11:20
A Ukrainian military aircraft is shot down in the east, according to officials who suggest it may have been hit from Russian soil.

Do We Choose Our Friends Because They Share Our Genes?

NPR News - Mon, 2014-07-14 11:08

You and your friends may have more than music and movies in common. Friends typically have more genetic similarities than strangers, researchers say. That may have evolutionary advantages.

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When is joining a bull market asking for trouble?

Marketplace - American Public Media - Mon, 2014-07-14 11:04

Wouldn’t it be great if the stock market was just more straightforward? When individual investors wait out an iffy market until stocks seem strong enough to buy, a decline could be imminent. Or, says James Angel, an associate professor of finance at Georgetown’s McDonough School of Business, "since there are still plenty of people still on the sidelines, it could be a sign that the great bull market is going to get even stronger.”

Angel notes that participation in the stock market is still far below where it was five years ago, which means there are still many investors left to start buying stocks again. And he says, figuring out exactly when the market will peak is, at its very easiest, difficult.

"When the market goes up it’ll often overshoot and go above the fair value of the market," he says. "And when the market goes down it’ll overshoot on the way down and often go below the fair value of the market. Calling the turning point is the hardest thing to do."

Scott Wren, senior equity strategist at Wells Fargo Advisers, says a flood of individual investors entering the market can be a sign a bull run is over, but that's not what's happening here.

“Money is starting to move in, but I would not agree – when you read some headlines out there that money is pouring in from retail investors – we’re not seeing that from our clients,” he says.

Wren notes while we may see more volatile trading, there’s only a slim chance of another recession in the next couple of years. He expects the bull market to continue through 2016 – though a little less bullish. Gregory Miller, chief economist with Sun Trust Banks, agrees that the market may continue its course, though tempered slightly.

“Now, the prospect of continued 20 percent annualized returns may be coming to an end,” he says.

If you are looking for a safe place to park your cash, says Miller,  look for stocks that are tied to the economy, like industrials.

The worst thing to do," says James Angel, speaking about potential individual investors who may only now be buying into the stock market,  "is to chase what was hot last year."

If a stock was really hot last year, notes Angel, chances are it’ll have cooled off by now. Instead of looking to the past, he says to focus on the future -- thinking about investment objectives, time horizons and risk tolerance, especially while interest rates are so low. 

"Right now," he says, "we’re in a low-return environment, so making sure you don’t do something stupid is the most important thing. "

 

Payback time for student-loan scams?

Marketplace - American Public Media - Mon, 2014-07-14 11:00

Here’s a handful of student loan numbers for you. According to the Consumer Financial Protection Bureau, current student loan debt is nearing $1.2 trillion. An estimated 7 million borrowers are now in default; behind on $100 billion in debt.

All of which adds up to a juicy market for companies looking to cash in on people with student debt troubles.

Today, Illinois Attorney General Lisa Madigan filed suit against two student-loan debt-settlement companies.  The suits allege that Broadsword Student Advantage and First American Tax Defense tricked borrowers into paying upfront fees for student loan help the companies didn’t provide.

According to one of the filings, First American Tax Defense promised enrollment in a fake “Obama Forgiveness Program.”

Madigan said these companies run ads that entice people excited to call, “and what they really find out is that these are scam artists [who] want their money.”

In a 2013 report, the National Consumer Law Center found that  “a new ‘student loan debt relief’ industry has sprung up in response to the demand for borrower assistance and the dearth of reliable resources.” 

“There’s a lot of debt, it’s very confusing,” said NCLC attorney Persis Yu. “I think some borrowers are desperate and they are turning to places that look like they might be an easy fix.” 

She says many of these debt-settlement companies mischaracterize government programs as their own.

They charge borrowers as much as $1600 for services, like debt consolidation, that are available from the government for nothing.

“What’s making this possible is a lack of awareness of repayment options,” said Mark Kantrowitz, student financial aid expert from Edvisors.com.

He says the government should run an ad campaign of its own, so students with debt know what help is available for free.

If you are struggling to pay back your federal student loans, here are your options:

  • Direct consolidation: If you have multiple federal student loans you can consolidate them into one payment and extend the life of the loan to 30 years to lower monthly payments. 
  • Extended repayment: Borrowers with more than $30,000 in debt can extend the repayment period from the standard 10 years up to 25.
  • Graduated repayment: Borrowers who choose extended repayment can also set up monthly payments that start low and grow every two years.
  • Income-based repayment: Your monthly payment is pegged to your income and can be adjusted annually to account for income fluctuations. The term of the loan can also be modified to go beyond 10 years.
  • Income contingent repayment: Your payment based on your monthly income and any outstanding debt is cancelled after 25 years.
  • Pay-as-you-earn: For borrowers who took out loans after 2007 and have a family or financial hardship. This income-based plan offers the lowest monthly payment options of any income-based plan.
  •  
  • Source: Office of Federal Student Aid

 

How to spot a scam:

  • High-pressure sales tactics, like suggesting your interest rates are about to skyrocket, without debt consolidation.
  • Charging fees before debts are settled
  • Touting a "new government program" or suggesting they have special access to government programs
  • Claiming to represent the Department of Education or other government agency
  • Offers of discounted pay-back rates, gifts or special incentives
  • The hard sell, plain and simple

Source: Department of Education and Federal Trade Commission
 

 Correction: The previous version of this story misidentified Mark Kantrowitz as Mike Kantrowitz. Marketplace regrets the error.

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