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Marketplace Morning Report for Tuesday, August 7, 2012

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The British firm Standard Chartered bank isn't a bank you'll find on every corner in the United States, even though it processes almost $200 billion worth of global transactions every day. But it could soon have its banking license revoked in the nation's financial center, because of allegations that the bank has been hiding tens of thousands of secret transactions with Iran. This week, companies like Macy's, Kohl's, Nordstrom and JCPenney will reporter earnings, but those earnings will only tell part of the story. In Australia, there's a new tax on greenhouse gas missions, and it was expected to help the poor and the elderly. They get a refund to pay for basic goods like food and electricity.

Magazine newsstand sales fall dramatically

At Conde Nast alone, Vogue, Vanity Fair, Lucky and Allure all experienced double-digit declines in newsstand sales, according to new data out today from the Audit Bureau of Circulations. In the first six months of this year, magazine sales slumped 9.6 percent overall.
Posted In: magazines, fashion, mid-day extra

PODCAST: Giving loans to South Africa, fighting a refinery fire

The British firm Standard Chartered bank isn't a bank you'll find on every corner in the United States, even though it processes almost $200 billion worth of global transactions every day. But it could soon have its banking license revoked in the nation's financial center, because of allegations that the bank has been hiding tens of thousands of secret transactions with Iran. This week, companies like Macy's, Kohl's, Nordstrom and JCPenney will reporter earnings, but those earnings will only tell part of the story. In Australia, there's a new tax on greenhouse gas missions, and it was expected to help the poor and the elderly. They get a refund to pay for basic goods like food and electricity.

Medaling at the Olympics: The Index

The Financial Times has a cool Olympic feature, where they run a formula for how many medals countries should get -- based on things like historical performance, per capita GDP, and host-country advantage. Then they compare that against actual performance in the Games.
Posted In: Financial Times, medal, Olympics

Chevron refinery fire hits oil market

A major refinery for Chevron caught fire in California last night. The fire in Richmond, outside of San Francisco, has been extinguished, but the fire could be bad news for drivers across the West, because one less refinery online is likely to mean higher gas prices.
Posted In: Oil, Chevron, fire

U.S. pledges $2 billion loan to South Africa for clean energy

Secretary of State Hillary Clinton is in South Africa this morning along with other U.S. leaders. Among them, the head of the Export-Import Bank of the United States, which has just announced a $2 billion loan to South Africa. That's to help the country fund green energy projects with U.S. companies.
Posted In: South Africa, renewable energy, import export

Google, Apple rivalry heats up over YouTube

Apple has announced that Google's YouTube Application won't be included in the next version of software for the iPhone and iPad. YouTube has been a core app since the iPhone debuted in 2007.
Posted In: apple, Google, YouTube

Oil refinery catches fire in Northern California

A major refinery for Chevron caught fire in California last night. The fire has been contained, but it's still burning. And one less refinery won't be any help for already high gas prices.
Posted In: Oil, Chevron, fire

Switching up the violent video game trend

Each time there's a mass shooting in the real world, people ponder again the link between violent media and violent actions. The link isn't clear in recent cases -- and it's not proven as a general matter. But is there any harm in investigating alternatives?
Posted In: video games, violence

Standard Chartered bank struggles against scandal

Shares of the British bank Standard Chartered are tanking in London this morning -- down some 25 percent. New York financial regulators say the bank concealed billions of dollars of illegal transactions for Iranian customers.
Posted In: Banks, Standard Chartered, Iran

How a school district's bond went from $100 million to $1 billion

The Poway Unified School district borrowed just over $100 million for building renovations in 2008, but because of a form of creative financing called a capital appreciation bond, the total debt is now adding up to close to $1 billion.
Posted In: School

Standard Chartered shares down following Iran allegations

Standard Chartered could soon have its banking license revoked in the nation's financial center, because of allegations that the bank has been hiding tens of thousands of secret transactions with Iran.
Posted In: Banks, Standard Chartered, Iran

Australia's carbon tax boosts gambling

A national emissions tax pushed up some electricity and fuel prices so low-income Australians get a rebate check. Many, however, use it to gamble.
Posted In: Australia, gambling, poker

Back-to-school already in swing at stores

Department stores try to get school shoppers in the doors earlier.
Posted In: Retail, back to school

After Facebook 'hangover,' IPOs raring to go

With six companies going public this week, the hangover from Facebook's IPO appears to be easing.
Posted In: IPO, Manchester United, Outback

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Star Time 2
Squarepusher
Above The Clouds
Little People
Africa [Clean]
Toto