The city's plan to restructure its debt has been praised as a creative way to protect both pensioners and its art museum. But some creditors — and residents — feel like they're being railroaded.
U.S. combat troops will be gone by year's end and Afghanistan is still trying to sort out its presidential election. The Taliban, meanwhile, have launched some of their largest offensives in years.
Former House Majority Leader Eric Cantor is joining the boutique investment bank Moelis & Company. The Virginia Republican was unexpectedily defeated in a June primary.
The FBI is looking into allegations that online accounts of several celebrities had been hacked. Apple says it is determining whether its online photo-sharing service had been hacked.
A day after an Islamic-extremist group launched an attack in Somalia, U.S. military forces have struck back. A Pentagon spokesman says the results of the operation are being assessed.
NATO leaders are expected this week to set up a rapid-response force to defend against potential Russian aggression.
If you remember Augustus Gloop, Veruca Salt and Willy Wonka, and of course our hero, Charlie Bucket from "Charlie and the Chocolate Factory," then I have some good news for you.
No, not a golden ticket. A lost chapter of Roald Dahl's classic book has been published by the English paper The Guardian.
In the lost chapter, the children go into the chocolate factory's vanilla fudge room and its rather violent cutting and pounding room. Not all the kids make it out.
You can also catch glimpses of some early character sketches and Dahl's trademark dark humor.
The paper says it was deemed too wild and subversive 50 years ago.
President Obama heads to Europe this week to take part in the NATO summit. The alliance is weighing how to respond to Russia's incursions into Ukraine.
Ebola has exposed weaknesses in Africa's health networks and a failure to work together to arrest the spread of the virus. The "not our problem" response is taking an economic toll on the continent.
Four decades after Studs Terkel's famous collection of oral histories was published, Radio Diaries revives one of his interviews with Helen Moog, an Ohio taxi driver and grandmother of five.
Tracing the parentage of a 1957 Chevy is not easy, but for Earl Swift, author of Auto Biography: A Classic Car, An Outlaw Motorhead, and 57 Years of the American Dream, it became an obsession.
"I met Tommy Arney in 1993 when he was running a go-go bar in Virginia," says Swift.
Swift was, at the time, a newspaper reporter for the Virginian Pilot. He went to Arney’s go-go bar to interview him about a court battle he was in. Swift says he walked out of that interview very impressed with Arney.
"He had an intelligent humor that stayed with me for years afterwards," says Swift.
He met the 1957 Chevy eleven years later.
"Having driven a succession of beaters in college and throughout my twenties, and wondering often back in those days what the cars had been like when they were new and actually functioned as intended," says Swift. "I decided it would be an interesting newspaper story to find an old car and try to trace it back to everybody who had owned and try to tell a bigger story; something about America or about the region or the state through this one car and this otherwise unconnected fraternity of people who had shared it."
Swift tracks down the thirteen individuals who owned the ’57 Chevy, and uncovers the story of Tommy Arney, the thirteenth owner, whose mission was to rescue the car from ruin.
When Jamaad Reed started his job as a cashier at a Walmart near Cincinnati, he made $8.15 an hour. That was two years ago. Since then, he has seen a couple of raises, which have meant his wage has kept up with inflation — but just barely. As of March of this year, Reed was making $9.05 an hour.
“I'm stuck,” he told me recently. “You know what I'm saying? I feel like I'm stuck in the same spot.”
"Stuck" is a pretty good word to describe wages for most American workers over the last few decades. Not just in the case of lower-wage workers like Reed, but all along most of the income spectrum, except for those at the very very top.
In fact, most American workers have seen little to no growth since the late 1970s, if you adjust for inflation, according to Elise Gould. She's an economist with the Economic Policy Institute and author of a new study that analyzes wage data from census surveys over the last several decades.
That's not to say that individual workers haven't seen gains. But, says Gould, “as productivity has continued to rise, typical workers’ wages simply have not.”
That’s a very different economic picture from a half century ago. In the first few decades after World War II, as the nation's productivity grew, so did wages. So what happened?
“This is one of the questions that people are arguing about right now,” says Linda Barrington, the executive director of the Institute of Compensation Studies at Cornell University.
Barrington says some economists point to a loss of worker bargaining power, meaning workers are less able to claim growing productivity gains in the way they could when labor unions were stronger.
Others blame a shift in business strategy over the years to one that focuses more on shareholder returns, “as opposed to sharing the returns and the gains to all of the employee base,” says Barrington.
Meanwhile, technological advances and globalization have meant there are fewer middle-wage jobs to be had in the U.S. Now, workers who in a previous era might have had relatively well-paying manufacturing or clerical jobs, have to settle for lower-paying jobs in the service sector instead.
Even as economists debate the reasons behind American workers’ stagnating wages—one thing is certain. They don’t just affect individual wallets, but the economy as a whole.
As Barrington points out, “every worker is also a consumer.” And consumers are what drive the modern American economy.
The State Department said the men should be released out of humanitarian concern and asked that Kenneth Bae, who has been held for two years, be granted amnesty.
Saffron, vanilla, palm oil, cacao and cottonseed oil are still picked by hand in some parts of the world. Sometimes that manual labor shows up in the price of the food; sometimes it doesn't.
Passenger pigeons were once the world's most abundant bird, but they were also the cheapest protein available. The last passenger pigeon, Martha, died exactly a century ago at the Cincinnati Zoo.
Many immigrant men in the U.S. work hard to hold onto definitions of masculinity from their native countries — while also rejecting more rigid gender roles that may be the norm in their homelands.
A new diet study concludes that a low-carbohydrate diet leads to almost three times more weight loss than a traditional low-fat diet where carbs made up 40 to 45 percent of calories.
Take a city with half a million people and double its population overnight. It happens each August in Edinburgh, Scotland.
"The Festival City" is currently hosting the biggest arts festival in the world. It's such a phenomenon it's spawned copycats including one in Hollywood.
Spectators stand shoulder to shoulder along the Royal Mile as it snakes its way down from Edinburgh Castle to Holyrood Palace. Street performers from all corners of the world vie for just a bit of your attention.
"It's 3000 different shows, all of which run pretty much every day for 25 days. If you went to see every show, it'd take you 3 months," says Neal MacKinnon, the Fringe Society's Head of External Affairs.
And that's assuming you don't take time to eat or sleep. According to MacKinnon, it just keeps growing.
"This year we are 10 percent bigger than we were last year," he says.
Edinburgh is packed in August. Buses take twice as long. Temporary help wanted signs hang in store windows, and once comfortable pubs don't even have room to stand. T-shirt screen printer Norm Richardson tells me he's been buried with orders.
"August is a nightmare to be honest," says Richardson, "As early as you can get in till as late as you can be bothered working. Days and days stretching into the future, like the end of Raiders of the Lost Ark, where there's just boxes going off into infinity."
The festival supplies 15-20 percent of his yearly volume. Kat Brogan of Mercat Tours says it's hard to keep a tour group's attention with so many other things going on.
We get clever. So we nip down wee streets and closes and alleyways to make sure that the guides can be seen and heard," Brogan says.
Some hotels have been completely booked since January, "And their prices go up exponentially as well," MacKinnon says.
Neil MacKinnon from the Fringe Society says accommodations are hard to come by, but the people who live here have found ways to cash in on the problem.
"There is a long tradition of thousands of Edinburgh residents vacating the city for the month of August," he says. "They rent out their flats, which are occupied for the month."
Some apartments require tenants to move out for the month of August. Fringe University's Andrew Jones says some students he helps place are charged three months rent for their one month stay.
"Edinburgh in August brings out the Adam Smith in everyone," says Jones.
He means Adam Smith, the "Father of Capitalism," who might be proud of his hometown today. But one group that's left out of the windfall? The artists who perform. Jones recalls a conversation he had with a theatre company at the festival.
"We've got a budget of 120 thousand dollars, and we plan to make about 20 thousand back on the box office," Jones says.
While businesses profit from the festival, Neal MacKinnon says theatre companies? Generally don't.
Most companies will either break even or not make a profit," MacKinnon says. "They are here because it's an investment in their career."
A long term investment that might never pay off. Screen printer Norm Richardson is skeptical about the likelihood of being discovered .
"It's just a bit harder now to get people to kind of notice you," says Richardson, "'cause everyone's fire eating and juggling on a unicycle, so how do you choose which unicycling fire eater to go and see when there's so many?"
Undaunted, the festival continues to grow, as each year more artists come to chase their dream here in the Scottish Capital.
Prime Minister David Cameron wants to give police the power to seize passports of Islamist fighters bound for Iraq and Syria. On Friday, Britain raised its threat level to "severe" from "substantial."
It’s a little more than a week to go until Apple’s next big press event, and the hype is mounting.
Apple is expected to introduce its new iWatch. And if that’s not enough, there's buzz that Apple will also announce that its new iPhone will be an iWallet. Several news outlets said Apple has done deals with American Express, Visa and Mastercard to make this happen.
But what if Apple doesn't produce an “insanely great” product, as Steve Jobs was fond of saying. Three years after Jobs' death, consumers and investors are asking whether Apple can keep churning out products that hit that mark?
“Some of those expectations may be close to phantasmagorical,” said Charles Byers, ca marketing professor at Santa Clara University.
Trip Chowdhry, an analyst at Global Equities Research, said Apple just needs to ignore the noise. When it comes to the smart watch - or any new product - he said Apple needs to focus on what it does best.
“Apple just has to go back to its roots,” Chowdhry said. “What do they do? Less is more. Make it so easy that anybody can use it. Your grandma can use it.”
Chowdhry said there are already a lot of smart watches out there, with plenty of bells and whistles. But they’re difficult to use and mostly it’s tech geeks who are into them. He said Apple’s magic is in taking existing technology and making it intuitive, simple and universally desirable.
James McQuivey, an analyst at Forrester, said that if Apple doesn’t introduce a breakthrough product soon, the chatter that the company may have lost its mojo will grow even louder.
If they can’t do something momentous by the end of 2014, McQuivey said, investors will conclude that Apple’s days of being an "insanely great" company are behind it.