John Ydstie

Mired In Recession, E.U. Eases Some Austerity Measures

John Ydstie — Fri, 31 May 2013 10:11:00 +0000

Transcript

(SOUNDBITE OF MUSIC)

RENEE MONTAGNE, HOST:

This is MORNING EDITION from NPR News. I'm Renee Montagne.

While there are many signs that the American economy is picking up steam, in much of the European Union, the opposite is true.

Apple CEO Defends Tax Practices At Senate Hearing

John Ydstie — Tue, 21 May 2013 20:41:00 +0000

Transcript

ROBERT SIEGEL, HOST:

From NPR News, this is ALL THINGS CONSIDERED. I'm Robert Siegel.

MELISSA BLOCK, HOST:

And I'm Melissa Block.

The top executives of Apple faced tough questions today on Capitol Hill. They came at a hearing about Apple's alleged avoidance of billions of dollars in U.S. income taxes.

CEO Cook To Defend Apple Before Senate Committee Hearing

John Ydstie — Tue, 21 May 2013 08:24:00 +0000

Giant technology firm Apple is paying billions of dollars less than it should in U.S. taxes each year, according to a report by the Senate Permanent Subcommittee on Investigations. In a hearing Tuesday in Washington, D.C., Apple CEO Tim Cook will defend the company.

The subcommittee's report says Apple avoids the tax payments mainly by shifting profits to three subsidiary companies in Ireland. The investigation found Apple is taking advantage of technicalities in U.S.

Obama Names OMB Controller As Acting IRS Commissioner

John Ydstie — Fri, 17 May 2013 09:25:00 +0000

On Thursday, President Obama named Daniel Werfel, 42, acting IRS commissioner. The announcement comes a day after the resignation of Steven Miller, who got caught up in the controversy over the IRS targeting Tea Party groups.

Yen's Drop In Value Could Fuel Curency War

John Ydstie — Thu, 16 May 2013 08:24:00 +0000

Transcript

STEVE INSKEEP, HOST:

Japan's economy is finally getting a lift. The stock market is soaring there. Companies like Toyota and Sony are seeing a surge in profits. And today, Japan's government reported the economy grew a three-and-a-half percent annual rate in the first three months of the year, a significant improvement.

Now, the government has prodded growth by causing the value of the currency, the yen, to decrease against other currencies like the dollar. That affects the price of everything Japan buys and sells - for example, dropping the price of Japanese exports.

Housing Recovery Lifts Other Sectors, Too

John Ydstie — Thu, 02 May 2013 21:27:00 +0000

The government's employment report for April comes out Friday. It's an important measure of the economy's health and the advance signals have been mixed. One report this week showed layoffs falling to a five-year low, but another suggests disappointing jobs creation.

At least one sector is providing some positive news for the job market: housing.

It was only a year or so ago that housing was a big drag on the economy, and the main reason for the disappointing recovery. But that's changed. Jim O'Sullivan, chief U.S.

Regulators Warn Banks On Direct-Deposit Loans

John Ydstie — Fri, 26 Apr 2013 00:16:00 +0000

Consumer advocates call them "debt" traps. The banks that offer them call them direct-deposit advances and describe them as available funds for short-term emergencies.

But the cash advances have many of the negative characteristics of payday loans. And on Thursday, U.S. bank regulators took a step toward protecting consumers from the risks they pose.

Japan's Big Stimulus Move Shocks Globe's Market Watchers

John Ydstie — Thu, 11 Apr 2013 21:49:00 +0000

Currency traders were stunned last week by aggressive action from Japan's central bank. The Bank of Japan embarked on a bond-buying program that, by one measure, is twice the size of the extraordinary moves by Ben Bernanke and the Federal Reserve in the United States. The BOJ's move is an effort to shock the Japanese economy out of more than a decade of sluggish growth and deflation.

Jens Nordvig, global head of currency strategy at Nomura Securities, was one of many market watchers surprised by the strength of the Bank of Japan's move.

Cyprus' Crisis Frames Eurozone As 'Work In Progress'

John Ydstie — Fri, 29 Mar 2013 07:07:00 +0000

On the second day since Cyprus reopened its banks, depositors continue to face restrictions on getting at their money. ATM withdrawals are limited to 300 euros a day, and there are limits on how much cash travelers can take abroad.

The controls are designed to keep worried depositors from draining the banks and moving money out of the country.

Odd Political Bedfellows Agree: Banks Still Too Big To Fail

John Ydstie — Tue, 19 Mar 2013 23:24:00 +0000

Amid Washington's dysfunction, one issue has united some liberal Democrats and conservative Republicans: a common concern that "too big to fail" is alive and well.

Despite the Dodd-Frank financial reforms, these lawmakers believe the nation's largest banks still pose a threat to the economy and that the government will step in to bail them out if they get in trouble.

At a recent hearing on Capitol Hill, Sen. Elizabeth Warren, D-Mass., confronted Federal Reserve Chairman Ben Bernanke with her concerns. "We've now understood this problem for nearly five years," she said.