Sonari Glinton

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DAVID GREENE, HOST:

And our last word in business today is Happy Birthday.

Turns out when you're a billionaire investor you can celebrate any way you want. Warren Buffett turned 82 yesterday and his wish was to give away billions, so he did, in the form of millions of dollars worth of his company stock. All told, those shares will eventually be worth about $3 billion. That gift was divided between his three children's charitable foundations.

NPR's Sonari Glinton has more.

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The airline industry is having a better than expected summer. Airline stocks have been on the rise and customer service is improving. These days, airlines are less likely to lose your luggage. They're also seeing the highest percent of on-time arrivals since the government started keeping track in the late 1980s.

NPR's Sonari Glinton reports the industry is getting some help from an unlikely source.

Hundreds gathered in Flint, Mich., Tuesday, to celebrate the return home of Olympian Claressa Shields. At 17, Shields became the first U.S. woman ever — and the only American this summer — to win a gold medal in boxing.

In a rare moment of joy, Flint greeted the high school student with a marching band and a motorcycle escort.

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This is WEEKEND EDITION from NPR News. I'm Scott Simon. Eight-point-two percent, that's the number economists and politicians are looking at closely. It is the unemployment rate for the month of June. The U.S. Labor Department reported that the economy added only 80,000 jobs last month. As the economy continues its very slow recovery, it's worth asking, is the jobs report always the best indicator? NPR's Sonari Glinton has more.

In the car business, Lincoln once stood as the pinnacle of luxury. Frank Sinatra drove a Lincoln. So did the Shah of Iran. In the U.S., the presidential limo was a Lincoln.

The brand peaked with the 1961 Lincoln Continental, a beautiful, innovative car that stood for style, individuality and sophistication.

But after the '60s, Lincoln started on a long, slow decline that mirrored the slide of the American auto industry.

The average credit score for new- and used-car buyers has taken a fall since the days of the financial crisis in 2008. It's fallen especially in the last two quarters. Brands such as Kia and Dodge are gobbling up a disproportionate number of subprime buyers. An increasing number of new-car buyers are getting loans with interest rates higher than 10 percent.

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The Facebook IPO hasn't just sent a jolt of excitement through Silicon Valley, there are many average individual investors who are also thrilled. NPR's Sonari Glinton has more.

SONARI GLINTON, BYLINE: All right. It's a little after 9:30 on Friday. The bell just rang on the NASDAQ, and I'm gonna check in with some regular investors. I'm gonna start with Nelly Sai-Palm. She's a student at the University of Chicago's Booth School of Business, and I'm going to give her a call.

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After spending much of the year on the rise, gas prices are now falling. The average price for a gallon of regular gas nationwide is $3.73, according to AAA. That's a drop of nearly 20 cents in one month, and industry analysts expect the price to keep falling.

You can get in a lot trouble trying to predict commodity prices, though. Phil Flynn, a market analyst at futures brokerage PFGBEST in Chicago, says there is one thing you can predict.

President Obama is attending a fundraiser at the home of actor George Clooney in Studio City, Calif., on Thursday evening, along with about 150 guests. Almost anyone can attend, if they pony up $40,000.

But for a few sweepstakes winners, the price of admission is about $3. It's the latest innovation in political fundraising.

Marketing-wise, there's nothing more old school than a sweepstakes.

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

RENEE MONTAGNE, HOST:

And I'm Renee Montagne.

After all the reports about massive debts and credit downgrades, we have a story this morning of a credit upgrade. The ratings agency Fitch upgraded Ford.

INSKEEP: The company was at junk bond status, meaning a loan to Ford was considered a major gamble. Now, it's been moved to investment grade, the lowest investment rating: BBB minus.

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RENEE MONTAGNE, HOST:

Next, we have a tale of globalization, how a single fire at a company in Germany could affect business in Detroit or Shanghai.

STEVE INSKEEP, HOST:

The company is a chemical plant in a town called Marl. An explosion there killed two people. It was a tragedy, but did not seem to have global significance.

MONTAGNE: Until car companies realized that Marl is vital to their business. NPR's Sonari Glinton explains.

Average prices for cars are at an all-time high, reflecting increased demand and a healthier economy. The average car price has gone up nearly $2,000 since last year. Even though car prices are higher, buyers haven't shied away from picking up a new car.

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It wasn't just the budget that lawmakers clashed over today. The House and Senate each passed short-term transportation bills. And that sets up yet another showdown over spending, as NPR's Sonari Glinton reports.

SONARI GLINTON, BYLINE: If Congress hadn't passed the short-term transportation bills, beginning this weekend, the government wouldn't have been able to spend money on transportation programs or collect fuel taxes. Disaster averted, right?

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This is ALL THINGS CONSIDERED from NPR News. I'm Melissa Block.

ROBERT SIEGEL, HOST:

And I'm Robert Siegel.

If you were expecting three days of Supreme Court arguments over the health care law to kick off with a bang, think again. Today's arguments began like this.

UNIDENTIFIED MAN: The Anti-Injunction Act imposes a pay-first-litigate-later rule that is central to federal tax assessment and collection.

Presidential candidates Mitt Romney and Rick Santorum are neck-and-neck in the polls in the run-up to the Michigan Republican primary on Tuesday.

One group that Romney appears to have an advantage with is Roman Catholic voters despite the fact that he is Mormon and Santorum Catholic.

The disconnect between faith and politics highlights differences among Catholics and shows that some religious voters are focusing more on other issues.

Declaring Faith

Congress appears to have avoided another showdown over the payroll tax reduction that has been pumping billions of dollars back into the economy. There may even be a deal ahead on jobless benefits and payments to Medicare doctors.

The last time Congress extended the payroll tax holiday was in December, when it passed a two-month extension tied to two other measures. One extended unemployment benefits, and the second fixed a formula by which Medicare doctors are paid. The Medicare fix would stop big cuts in reimbursements for doctors.