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 — Thu, 25 Apr 2013 22:05:00 +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.

MIT Officer Dies Protecting His Community, In Job He Loved

Jim Zarroli — Sat, 20 Apr 2013 19:09:00 +0000

The grisly week that began at the Boston Marathon Monday left one police officer dead.

As police closed in on the bombing suspects Thursday night, law enforcement officials say two officers were shot. One, transit police officer Richard Donohue, is in critical condition at Mount Auburn Hospital.

The other, Sean Collier of the MIT campus police, was pronounced dead Thursday night.

MIT says Collier had gone to respond to a report of an altercation on campus Thursday evening.

Despite Flaws, Harvard Economists Stand By Research

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

Transcript

STEVE INSKEEP, HOST:

Two prominent Harvard economists have admitted there are errors in an influential paper they wrote on government debt. This paper was widely cited in recent budget debates.

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.

Historic Blizzard Freezes Transit In Northeast U.S.

Jim Zarroli — Sat, 09 Feb 2013 00:09:00 +0000

Transcript

AUDIE CORNISH, HOST:

It's ALL THINGS CONSIDERED from NPR News. I'm Audie Cornish.

ROBERT SIEGEL, HOST:

And I'm Robert Siegel.

Heavy snow is falling across the Northeast, and when it's all over, winter storm Nemo could be a blizzard of historic proportions. The governor of Massachusetts has even ordered all cars off the roads.

CORNISH: The impact on transportation is widespread: thousands of flights cancelled, trains service disrupted.

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.

In 4th Quarter, Economy Shrank For First Time Since '09

Jim Zarroli — Wed, 30 Jan 2013 15:43:00 +0000

Transcript

STEVE INSKEEP, HOST:

It's MORNING EDITION, from NPR News. I'm Steve Inskeep, with Renee Montagne. Good morning.

Let's try again, shall we, to explain what it means when we hear that the U.S. economy shrank in the fourth quarter of 2012. As we've discussed elsewhere in the program, the decline was slight - just one-tenth of a percentage point - but it is the first contraction of the economy since the Great Recession officially ended in 2009. NPR's Jim Zarroli is with us once again in New York.

Japan's Economic Plan Feared To Be Bad News For Everyone Else

Jim Zarroli — Sat, 26 Jan 2013 10:26:00 +0000

Moves taken by Japan's central bank are raising fears that the world could face what's called a "currency war." The measures, announced Tuesday, are designed to flood Japan's moribund economy with money and encourage businesses and consumers to spend more.

Steps like these have been tried again and again by countries all over the world — including the U.S. — in recent years, with mixed success.

What's Wrong With Pouring Money Into The Problem?

Algeria Attack Raises Security Alarms For Energy Firms

Jim Zarroli — Tue, 22 Jan 2013 22:22:00 +0000
The prime minister of Algeria is defending his government's response to last week's attack on a natural gas plant that left 37 hostages dead. He says the Islamic militants who were behind the attack planned to blow up the facility and would have killed a lot more people if they hadn't been stopped.
The attack happened at a huge, internationally operated facility in the Sahara.

Settlements Underscore Damage Done In Housing Crash

Jim Zarroli — Tue, 08 Jan 2013 11:06:00 +0000
Some of the biggest banks in the country have agreed to pay more than $18 billion to settle allegations of wrongdoing in their mortgage lending. And in a separate settlement, 10 banks agreed to pay more than $8 billion to settle claims they made errors in foreclosing on people's homes.

Europe Fails To Stimulate Growth In 2012

Jim Zarroli — Mon, 31 Dec 2012 09:13:00 +0000
The U.S. economy grew at a steady though not very strong pace this year. But Europe slipped back into recession because of the ongoing debt crisis. European leaders took steps to stimulate growth, but it wasn't enough to reverse course.
The economic crisis that got under way five years ago was felt all over the world.

Small Conn. Town Trying To Cope With Scale Of Mass Shooting

Jim Zarroli — Sat, 15 Dec 2012 09:34:00 +0000
Newtown, Conn., is a white-collar community an hour and a half northeast of New York City. It's the kind of place where crime is rare and the biggest thing that happens each year is the Labor Day parade.
Now the peace and quiet has been shattered, and residents are trying to make sense of what's happened.
Hours after the shootings that left so many people dead, St. Rose of Lima Catholic Church opened its doors for a prayer vigil.

Looming Spending Cuts Would Hit Hard All Over

Jim Zarroli — Wed, 05 Dec 2012 22:52:00 +0000
Tax increases are only a part of what lies ahead if Congress can't come to an agreement to avert the fiscal cliff by the new year. Massive spending cuts will also kick in — and those cuts will be felt throughout the economy.
The current stalemate got under way two years ago when Congress, locked in a bitter partisan battle over whether to extend the George W.

Seaside After Sandy: Is Rebuilding Worth It?

Jim Zarroli — Fri, 16 Nov 2012 22:42:00 +0000
Ever since Hurricane Sandy ripped through the New Jersey coast, some of the hardest-hit towns have been closed altogether. Authorities say gas leaks and unstable buildings have made them too risky to visit.
This week, residents were allowed to enter Seaside Heights for a few hours each day to get a firsthand look at the damage.

Beach Towns Mourn Sandy-Ravaged Boardwalks

Jim Zarroli — Tue, 13 Nov 2012 08:33:00 +0000
Hurricane Sandy left a long trail of destruction across the New Jersey shoreline. And it did a lot more than just flood houses.
In towns like Seaside Heights and Belmar, Sandy wiped out the boardwalks that line the beach. In places like these, boardwalks served as the commercial center knitting the towns together, and residents are wondering where to go from here.
Until two weeks ago, the boardwalk was the place to hang out in Belmar, N.J. Ann Summer was walking along the water with her husband this weekend.
"I think it was part of the heart of Belmar.

Sandy's Effects 'Staggering' To New York's Economy

Jim Zarroli — Fri, 09 Nov 2012 09:46:00 +0000
Transcript
RENEE MONTAGNE, HOST:
The governor of New York, Andrew Cuomo, also held a press conference yesterday, and gave a warning that Sandy could end up costing his state $33 billion in economic damage, which could worsen the state's already-perilous fiscal situation.
NPR's Jim Zarroli reports.
JIM ZARROLI, BYLINE: Cuomo said the initial estimates are that the storm will cost the region $50 billion in lost economic activity and infrastructure damage.

In Storm-Ravaged N.J. Town, A Scramble At The Polls

Jim Zarroli — Wed, 07 Nov 2012 13:48:00 +0000
Transcript
RENEE MONTAGNE, HOST:
And it was no ordinary Election Day either in Belmar, New Jersey, one of the beach towns that was badly damaged by Superstorm Sandy. Some of the regular polling places were flooded out and town officials had to come up with new ways to get voters to the polls. NPR's Jim Zarolli reports.
JIM ZAROLLI, BYLINE: These days the Belmar Town Hall has been turned into a kind of rescue center for displaced residents, a place where they can get food and clothing.

After The Storm, Staten Islanders Share The Misery

Jim Zarroli — Fri, 02 Nov 2012 21:38:00 +0000
Much of the worst damage from Superstorm Sandy happened in New York's less touristy outer boroughs.
Some neighborhoods have been changed forever by the storm. Staten Island saw half of the city's fatalities. On Friday, residents sorted through waterlogged belongings and tried to figure out next steps.
Rosemarie Caruso lives a block from the water on the eastern shore of Staten Island. She says there have been hurricanes before and all they brought was a little flooding.

The Complicated Economic Impact Of Sandy

Jim Zarroli — Thu, 01 Nov 2012 09:06:00 +0000
Transcript
STEVE INSKEEP, HOST:
Sandy is likely to go down as one of the costliest storms in U.S. history. The initial estimates of the losses are anywhere from $20 billion to $50 billion. But as NPR's Jim Zarroli reports, the impact on the economy is more complicated than it may appear.

Rising Waters Leave Some Trapped in Moonachie, N.J.

Jim Zarroli — Tue, 30 Oct 2012 21:16:00 +0000
The power was still out in northern New Jersey on Tuesday. Floodwaters from Sandy trapped people in their homes and spread debris over a large area.

Dow Falls 243 Points On Worst Day In Months

Jim Zarroli — Tue, 23 Oct 2012 21:41:00 +0000
Transcript
MELISSA BLOCK, HOST:
This is ALL THINGS CONSIDERED from NPR News. I'm Melissa Block.
AUDIE CORNISH, HOST:
And I'm Audie Cornish. Now, some business news. This past Friday and again today, the Dow Jones industrial average fell more than 200 points. The drop occurred after several big U.S. companies turned in disappointing results. NPR's Jim Zarroli explains.
JIM ZARROLI, BYLINE: This is the time of year when companies report their earnings for the third quarter, and so far, there have been some unpleasant surprises. Last week, it was Google and IBM.

Do Chinese Tech Firms Pose U.S. Security Threat?

Jim Zarroli — Fri, 12 Oct 2012 21:31:00 +0000
Over the past decade, Chinese companies have become major players in the global telecommunications market. This week the House Intelligence Committee issued a report that could interrupt that growth.

Despite Greek Economy, Athens Cupcake Business Thrives

Jim Zarroli — Thu, 04 Oct 2012 07:42:00 +0000
Nicole Kotovos was searching for a way to start a new life when the idea struck her: She would go to her ancestral homeland of Greece and open an American-style bakery cafe.

Greek Credit Crisis Forces Winemakers, Food Canners To Adapt

Jim Zarroli — Wed, 26 Sep 2012 19:43:00 +0000
When the economic crisis erupted in Greece and the bottom fell out of the domestic wine market, the Kir-Yianni vineyard outside picturesque Naoussa decided to adapt. Like other wineries in Greece, it has increasingly tapped the export market, successfully marketing and selling wine in Europe, the United States and even China.
"If you ask me, this crisis has been good for us," says Stellios Boutaris, the son of the company's founder.