Marketplace PM for August 24, 2007
Posted In: Retail, Wall Street
Things seem to be falling apart at the seams for some of this country's biggest clothing retailers. Ann Taylor posted a 27% decline in profits, and the Gap is cutting 2,200 jobs with sales down 5%. But both announced big stock buybacks. Why? Stacey Vanek-Smith found out.
George Hotz, 17, has posted on his blog the instructions for how to fiddle with an iPhone so it can be used with a wireless carrier other than AT&T. Kai Ryssdal figured that was worth a conversation and called him up.
Check-cashing outlets pull in pretty good profits by offering short-term loans at what can be triple-digit interest rates. The FDIC wants the nations' 22,000 payday lenders to lower those rates -- and competition's the best way to do that. Mhari Saito reports.
The days of the feudal system and its hierarchy of serfs and vassals collapsed in the 1600s. But one self-proclaimed lord of the manor in England is trying to bring those days back -- for a price. Stephen Beard reports.
Posted In: Wall Street
Thanks to the subprime mess, China now has its own problems with tainted imports. Its been buying products of the financial variety from American banks and brokers -- including big slices of mortgage-backed securities. Bob Moon reports on whether that could be a problem.