Jim Zarroli

Bangladesh's Powerful Garment Sector Fends Off Regulation

Jim Zarroli — Thu, 09 May 2013 21:50:00 +0000

Eight people died Wednesday in a fire at a Bangladeshi sweater factory. This follows the much deadlier collapse of the Rana Plaza building, where more than 900 people died.

The deaths are taking place in a garment sector that has seen explosive growth over the past three decades. The country has managed to lure clothing-makers through a combination of low wages and light regulation.

As a manufacturing center, Bangladesh has little to recommend it. The roads are poor. There's no port to speak of. The electricity is notoriously unreliable.

Making Room: Can Smaller Apartments Help New York City Grow?

Jim Zarroli — Fri, 26 Apr 2013 00:16:00 +0000

New York City is notoriously crowded, and it's only getting more so. The city estimates it will have 1 million more people by the year 2030, many of them single. Where to place all these newcomers is a major challenge.

Mayor Mike Bloomberg has announced plans to put up an experimental building of micro-apartments that could be replicated throughout the city. And the Museum of the City of New York is looking at ways to make better use of the city's housing stock.

Walk around the back of a house in Queens and you'll find a dingy basement apartment no bigger than 600 square feet.

Despite Flaws, Harvard Economists Stand By Research

Jim Zarroli — Thu, 18 Apr 2013 09:56:00 +0000

Long-Term Unemployed Prepare For Sequester Pinch

Jim Zarroli — Sat, 06 Apr 2013 10:53:00 +0000

Almost 5 million Americans are considered long-term unemployed, meaning they have been searching for work for at least six months.

This week, their plight is getting a bit tougher as the government cuts their unemployment benefits — part of the automatic reductions in federal spending that took effect recently.

On a recent day, about 40 people turned out at a Manhattan jobs center run by the New York Labor Department to get advice on looking for work.

As Cardinal, New Pope Walked Fine Line On Economic Issues

Jim Zarroli — Mon, 25 Mar 2013 22:50:00 +0000

He took his name from a 13th century saint who gave up his wealth and threw in his lot with the poor.

Confidence In Cyprus Banks Falters As Government Proposes Deposit Tax

Jim Zarroli — Mon, 18 Mar 2013 20:43:00 +0000

Cyprus is facing a run on its banks after the government proposed taxing bank deposits. The government has put off a vote on the plan in a bid to calm things down. Banks are set to re-open on Thursday after a bank holiday was declared on Monday.

JPMorgan In Hot Seat Over London Whale Losses

Jim Zarroli — Fri, 15 Mar 2013 09:12:00 +0000

Transcript

RENEE MONTAGNE, HOST:

JPMorgan Chase executives testify before a Senate committee today. They'll be questioned about the multibillion-dollar trading losses racked up by a London-based unit of the bank. The bank acknowledged last spring that it lost more than $6 billion. The executive who was running the unit told a Senate subcommittee that employees at the bank misled her about the extent of the risks they were taking while trading derivatives.

In Trendy World Of Fast Fashion, Styles Aren't Made To Last

Jim Zarroli — Mon, 11 Mar 2013 20:27:00 +0000

When she got out of college and moved to New York, Elizabeth Cline liked to shop at vintage-clothing stores. They were the kinds of places tucked away on side streets in Manhattan and Brooklyn, where a lot of hunting and a little luck might reward you with a great, inexpensive cocktail dress that no one else had.

Then she discovered the world of "fast fashion" — chains like Forever 21, H&M and Zara — and it redefined her whole notion of bargain shopping.

"The products are very, very cheap," says Cline, author of Overdressed: The Shockingly High Cost of Cheap Fashion.

As States Embrace Online Gambling, Questions Arise

Jim Zarroli — Wed, 27 Feb 2013 22:57:00 +0000

Several states are rushing to establish a foothold in online gambling — an activity that federal officials were only recently trying to ban.

Just a while ago, the federal government actually viewed online gambling as a crime. Lately, the Obama administration has taken a more permissive stance. It now allows states to sell lottery tickets online.

New Jersey Gov. Chris Christie had expressed reservations about online gambling a month ago and had vetoed an earlier version of the bill. But in the end, the pressure to sign the legislation was just too great.

The Rev.

S&P Lawsuit Puts Ratings Firms Back In The Spotlight

Jim Zarroli — Tue, 05 Feb 2013 23:36:00 +0000

The Justice Department said Tuesday it could seek more than $5 billion in damages from Standard & Poor's, the nation's biggest credit ratings company, a day after it sued the company, alleging that S&P defrauded investors by giving triple-A ratings to risky subprime mortgage investments.

The ratings business got started a century ago, when John Moody set up a company to rate railroad bonds for investors.