business & economy
In 2007, two in five Americans said they trusted banks. Now, just five years later, that number has dipped to one in five. New York Times columnist Eduardo Porter asks what changed. Do we care about bad behavior in corporate America?
Government investigators are zeroing in on a once-little known financial index known as the London Interbank Offered Rate, or Libor. Allegations have been made that banks manipulated the rate and may have cheated governments, investors and even small businesses out of money.
Technology has long been a driver of economic growth. But it often comes at a cost. As new innovations allow companies to replace more skilled workers with automated machines, many of those workers are left with nowhere to go.
To environmentalists, the Hotel Algarrobico represents the worst example of Spain's failures to enforce its environmental laws: built right along the coast and in a national park. But to local residents, it's more economic opportunity lost. It could provide hundreds of jobs, but right now it's sitting empty.
Swiss banks, and other overseas financial institutions are finding that it's become easier just to not take American customers, rather than try to comply with U.S. banking regulations.
Libya's population was once one-fourth immigrants, most of them illegal. In the wake of its revolution last year, most of them left. And while some are returning, helping to fill important jobs that have gone unfilled, the nation is also cracking down, hard, on illegal immigrants.
Chinese law requires most of its buildings to come complete with bomb shelters. Now, as the threat of war has subsided and China's prosperity has skyrocketed, many of those bomb shelters, old and new, are being turned to more peaceful, and profitable, endeavors.
The city of Stockton, Cal., is facing a $26 million budget deficit amid rising crime and foreclosure rates. Unable to reach an agreement with its creditors, the city has voted to file for bankruptcy, in what will be the largest city bankruptcy filing in U.S. history.
Baltimore's City Council recently voted to let companies place advertisements on fire trucks in an effort to cover infrastructure costs.
With the hope of avoiding future bank bailouts, the U.S. government has requested nine of the largest banks to submit plans for how they could be dismantled in the event of another financial crisis. The proposals act as a sort of living will for the banks and are due to regulators by July 1.