California Governor Jerry Brown wants to convince voters to accept two things they don't like: higher taxes and deep spending cuts. The Democrat proposed a budget yesterday which would only be the start of the pain. The other part would come in November with a ballot measure to raise taxes and spare education. Capital Public Radio's Ben Adler reports from Sacramento.
It's MORNING EDITION from NPR News. Good morning. I'm Steve Inskeep.
DAVID GREENE, HOST:
And I'm David Greene.
JP Morgan Chase has long had the reputation of being one of the better managed big banks in the country. So how did it make a $2 billion blunder and what does it tell us about banking today, nearly five years after the onset of the financial crisis? When such questions are looming, we often turn to David Wessel, economics editor of The Wall Street Journal.
NPR's business news starts with a price hike for Facebook shares.
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INSKEEP: OK, they're not even on sale yet, but investor excitement over Facebook's upcoming initial public offering has prompted the company to raise the price range for its shares. Sources say the new range will be from $34 to $38 per share. That's up from a previous range of $28 to $35.
When Adam Spiegel rolls down the metal security doors at his Medford, Ore., store, a painting becomes visible. Officials told him to clean the graffiti or be fined. He tells the Mail-Tribune it's not graffiti: it's a mural. Some onlookers think the painting resembles a giant bong.
NPR's business news starts with a Mother's Day shakeup.
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INSKEEP: Yahoo says its CEO, Scott Thompson, is out, after a shareholder revealed an in accuracy on his resume. Mr. Thompson had claimed that he held two college degrees. In fact, he only had one. Thompson's resignation is a victory for an activist hedge fund that has been pressing for a shakeup in how Yahoo is run.
When Gac Filipaj fled war-torn Yugoslavia in 1992, he became a refugee in New York. He took a janitor's job at Columbia University because it included free tuition. But he first had to learn English. After a dozen years, he received a bachelor's degree in classics over the weekend.
Facebook is expected to start selling stock to the public this week. The social networking giant is expected to begin trading on the Nasdaq Stock Market on Friday. CEO Mark Zuckerberg will remain the company's biggest shareholder. Steven Levy, of Wired magazine, talks to Morning Edition's David Greene about what that means for the company and potential shareholders.
You know, one of the benefits of starting your own company is that you can pretty much wear whatever you want - up to a point. Our last word in business today is: dress for success.
Just as Steve Jobs was known for his mock-turtleneck, Mark Zuckerberg has become known for his hoodie. Business blogs breathlessly chronicle Zuckerberg's dress decisions and note the fact that he sports the collegiate just-rolled-out-of-bed look, even at important business meetings.
The head of JPMorgan Chase says the trading strategy that cost it $2 billion in a matter of weeks won't really affect the bank's bottom line. But the trade happened during a presidential campaign where the economy and Wall Street are major themes.
Afghanistan's president, Hamid Karzai, travels soon to Chicago. He'll attend a summit of NATO, the North Atlantic Alliance, on whose troops Karzai's government depends. At that summit, NATO countries will be asked to pledge billions of dollars to support Afghanistan's security forces after NATO combat troops withdraw in the year 2014. The U.S. ambassador to Afghanistan will also attend that summit. And as he prepared to leave Kabul, he sat down with our own Renee Montagne.
Philadelphia's school district plans to close a quarter of its school buildings in coming years to eliminate a huge budget hole. But parents and activists don't trust the decision-makers. Many of them suspect the plan is a ruse to force charter schools and privatization on the district.
The economy of Wilmington, Ohio was devastated three years ago when the shipping company DHL left town, taking thousands of jobs with it. City leaders now want to embrace a rapidly growing industry - unmanned aerial vehicles, also known as UAVs. In popular culture, they're somewhat inaccurately called drones. The Federal Aviation Administration recently gave the Air Force permission to test UAVs at the now largely vacant Wilmington Air Park. Here's Ann Thompson of member station WVXU.
The conference finals are underway in the National Hockey League playoffs. In the East, the New York Rangers will face the New Jersey Devils Monday. In the West, the Los Angeles Kings have won Game 1 — beating the Phoenix Coyotes 4-2.
Syria's violence has not let up. Over the weekend, Syrian troops continued their campaign against those who opposed the regime of President Bashar al-Assad. Let's talk about this with NPR's Kelly McEvers, who's on the line from Beirut. And Kelly, what's the latest?
Twenty years ago, few Americans approved of homosexuality or thought gay marriage should be legal. Now, nearly half of all Americans support same-sex marriage, though most Christians are still opposed to it.
Some other news. The oil boom in western North Dakota has sparked one of the largest migrations to a single area in the United States since the Great Depression. Communities that once struggled to keep people at all, are now struggling to absorb all the newcomers as workers from across the country arrive to seek their fortunes in oil.
You may have heard of Dear Photograph, a website that invites readers to submit photos of photos — images from the past, set in the present. Over the past year, the website received thousands of submissions. In fact, enough for a book, also called Dear Photograph, which was released earlier this month.
"I cared about what was happening around me, so I went to be with the people," says Syrian artist Hiba Akkad. "Whatever the people were doing, I wanted to be with them." Above, Akkad's 2012 mixed media on canvas work, <em>Untitled</em>.
Credit Courtesy Galerie Tanit
Tarek Butayhi's 2011 mixed media on canvas work, <em>Untitled</em>. Butayhi's work was displayed in the <a href="http://www.galerietanit.com/bios/syrian/syrian.htm">Artists From Syria Today</a> exhibition at the Espace Kettaneh Kunigk gallery in Beirut.
In Syria, anyone who speaks out against the regime of President Bashar Assad risks harassment, detention and sometimes worse. One famous cartoonist who'd lampooned Assad was pulled out of his car last summer by pro-regime thugs and had his hands broken.
Public figures like singers and actors are under much pressure to keep silent. Even a small and critically acclaimed group of Syrian painters is not immune — but that might be attracting buyers outside Syria to their work.
Charles Baird will be alone on the island for one year. He'll able to send short text messages, but won't be receiving any. By freeing himself from all media, he expects to have enough time to make a documentary about himself.
JetBlue Airways apologized after removing a passenger from her flight because she was on a no-fly list. The passenger looks innocent enough — maybe because she's 18 months old. Her mother told WPBF-TV in Florida that the idea her daughter is a threat was "absurd" and "made no sense."
The Department of Justice has announced it is suing Maricopa County Sheriff Joe Arpaio because of civil rights violations. He became a controversial figure for his tough stance on immigrants. Arpaio says he will not surrender his office and will fight the suit.
It's MORNING EDITION, from NPR News. I'm Steve Inskeep.
DAVID GREENE, HOST:
And I'm David Greene. Good morning.
JPMorgan Chase has acknowledged losing at least $2 billion over the last six weeks in an investment strategy that went awry. The losses are a big embarrassment to a bank that's usually seen as one of the best-managed on Wall Street. And the incident is already prompting new calls for tighter restrictions on bank trading.
According to a survey by the National Retail Federation, mothers will be treated to a little more this holiday. All told, American consumers are expected to spend about $18.6 billion on the moms, stepmoms or grandmas in their lives.
NPR's business news starts with Sony hitting a three-decade low.
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INSKEEP: Sony shares fell to their lowest level since 1980 on Japan's Nikkei stock exchange today. That drop follows yesterday's report that the company suffered a net loss of $5.7 billion for the last fiscal year. The once dominant tech company has fallen behind other industry giants like Samsung and Apple, and has seen especially heavy losses in its TV division. Transcript provided by NPR, Copyright NPR.
Mitt Romney's presidential campaign is in damage control mode after an article in The Washington Post accused the candidate of bullying in high school. Romney says he does not remember the incidents. Several of his classmates independently recall him going after students who seemed different, vulnerable or effeminate.
The Postal Service announced Thursday that it lost more than $3 billion during the first three months of the year. Post office officials are pushing Congress to give it more authority to cut some of its burgeoning costs.
Now, the presidential election is expected to turn on the economy, which means that every bit of economic news takes on political significance. Trouble is, we don't always know what to make of it when we hear that unemployment claims fell again. Sounds good. Or that the trade deficit jumped. Not so good. NPR's Tamara Keith and Scott Horsley will now help us sort that out.
TAMARA KEITH, BYLINE: Whatever story you want to tell about the U.S. economy, you can find some data points to make your case.
U.S. homeownership rates have fallen to their lowest point since 1997, despite the homebuyer tax credit and enduring rock-bottom interest rates. Two years ago on Morning Edition, we profiled two couples who were renting with no regrets. Have they changed their tune?