Marketplace PM for May 4, 2005
Our silver lining story for the day. You may have heard that military bases are on the chopping block. A commission that helps decide which bases will be shut down wrapped up hearings today. The Pentagon's expected to release a list of proposed closures next week. The Defense Department hopes to save billions through this process. But communities close to those shuttered bases typically take a big hit. It can take years to replace all the jobs that are lost when a base shuts down. So where's that silver lining? Craig Miller reports that, with careful planning, communities can turn base closings into economic opportunity.
On the President's schedule today: a speech about social security. Mr. Bush addressed a conference of Latino small business owners this morning. The White House plan to remake social security has been the top domestic story for months. Commentator Robert Reich is calling for a "time-out."
The big Hollywood studios don't make most of their money at the ticket window. The big ka-ching is at the DVD rental counter. And those home video revenues keep climbing. Up ten percent last year alone, according to the Motion Picture Association of America. Revenues from movies shown on TV went up ten percent as well. Theatrical revenues, however, slipped a percent. Numbers like these are forcing studios to rethink how they package the movie experience. But none has gone quite as far as a small, private entertainment company. It's hooked up with Oscar winning director Steven Soderbergh. Marketplace's Tess Vigeland tells us they intend to turn Tinseltown on its ear.
Posted In: Canada
Can you name the top three ports in the world? Here's a hint: They're ALL in Asia. The Los Angeles and Long Beach port complex dropped to number four. That from a new study, which finds volume is growing on both sides of the Pacific, too. But as Rachael Myrow reports, all that trade brings unintended consequences.
Amazon.com's adding a liquor aisle. The online retailer already expanded from books and electronics, by partnering with the likes of Toys-R-Us and Target. Now it's toasting a new deal with Wine.com. Curt Nickisch reports.