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Marketplace Morning Report for Tuesday, March 5, 2013

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Perhaps no state will feel the sequester more than Virginia, which relies heavily on federal spending because of its proximity to the nation's capital and its role as the home of the military industrial complex. Virginia Republican Governor Bob McDonnell shares his expectations for the months ahead. As China's National People's Congress gets underway, the current Premier of China, Wen Jiabao, has announced an ambitious 7.5 percent economic growth target for the country. And while we're talking China, incoming President Xi Jinping has proposed a new food and drug safety agency.

PODCAST: Record Dow, Subway card cash cow?

Governor of Virginia Bob McDonnell shares his expectations for the months ahead as the sequester takes effect. What's got the Dow into record territory? And lost your Metrocard? That'll cost you a dollar.

Fannie and Freddie to launch joint securities venture

The regulator overseeing Fannie Mae and Freddie Mac has announced an idea to reform the mortgage giants. It involves starting a joint venture to bundle mortgages into securities that people can invest in.
Posted In: Fannie Mae, Freddie Mac, mortgage-backed securities, mortgage

Dow hits new record high, but why?

The Dow gained nearly 100 points this morning, topping 14,225 and breaking into record territory.
Posted In: Dow, stock market, S&P

China aims high for economic growth

China's National People's Congress convenes today as it concludes its once-in-a-decade transition of power. In his final address to the Congress, outgoing Premier Wen Jiabao set an ambitious economic growth target of 7.5 percent.
Posted In: China, Wen Jiabao, GDP

Lost your NYC Metrocard? That'll cost you an extra dollar

This week, New York subway and bus riders will have to hold onto their Metrocards or face a $1 surcharge for a new one. NYC's transit authority says it costs $10 million a year to produce the cards.
Posted In: New York City, New York, MTA, public transportation

China to get its own FDA

Public anger over unsafe food and drugs is widespread in China. The country's new leader, Xi Jinping, is setting up an agency equivalent to America's Food and Drug Administration to tackle the problem.
Posted In: China, FDA, food and drink, food safety

#1reasonwhy: Women gamers speak out

Female video game developers and enthusiasts share their reason for loving the game and why they don't always feel included.
Posted In: video game, women, Tech, Twitter

Sequester steal: Will IRS budget cuts tempt tax cheats?

The sequester could force the IRS to furlough workers, including those who investigate tax fraud. Just to be safe, the IRS hopes to delay any furloughs until after tax season.
Posted In: sequester, IRS, Taxes

Will the White House make unlocking your cellphone easier?

Copyright authorities in Washington have recently started to take a dim view of people who want to switch their cellphone from one carrier to another. But now, phone 'unlockers' are getting some support from the White House.
Posted In: Cellphones, Obama, Library of Congress

Sequester a 'bipartisan failure', says Virginia's Governor

Virginia's Republican Governor, Bob McDonnell, says he supports federal spending cuts, including to defense spending, but that the sequester isn't balanced.
Posted In: sequester, Virginia, defense