Week of March 3rd, 2008

As I finish washing my face, I see out of the corner of my eye someone standing right by me. About one foot away from me. Or at least that's what…

The loss of 63,000 jobs in the latest employment report is bad. Worse is the drop of 101,000 private sector jobs, the third straight month of…

As predicted, financial institutions are starting to cut credit limits, not raise them. This anecdote comes from money manager John Maudlin….

Web extra: some thoughts about Islamic finance from members of our Public Insight Network.

Sharia law restrictions on stock picking can make investing difficult for Muslims. Tess Vigeland talks to Monem Salam about special Islamic mutual funds that do the required research.

Egypt is a prime tourist destination, but that doesn't mean things are always easy for visitors. Scott Jagow explains some of the difficulties he came across as an American in Cairo.

Dubai aims to be the biggest and the best in every way, but as Sean Cole reports, there's debate as to whether the reality of Dubai lives up to the dream.

Avoiding interest has forced some Muslim student loan seekers to get pretty creative. Rico Gagliano learns about financing higher education under Sharia law.

Question: The dollar continues to hit new lows almost every day. What is the retired investor to do to protect his/her portfolio from the effects…

Nearly 80 percent of the people who live in Dubai are ex-pats, including 20,000 American citizens. Sean Cole brings us a few of their stories.

Many Filipinos have taken to the streets to protest President Gloria Arroyo's policies with China. They are alleging corruption in Chinese-funded infrastructure projects, including one for a large-scale rail line. Scott Tong reports.

Chief executives from three top mortgage lenders hit by the subprime mortgage crisis went before a congressional panel to answer lawmakers' questions on how they were able to earn hundreds of millions of dollars while their companies were bleeding money. John Dimsdale reports.

The United States produces less than 2% of the world's rice, so the grain isn't a big part of our commodities trading. But with a recent hike in prices, the rice market is starting to swell. Adriene Hill reports.

Many homeless patients in Los Angeles hospitals aren't discharged in a timely manner because they have nowhere to go to recuperate. Jeff Tyler reports a new program is trying to address the problem.

With the battle for delegates in the Democratic presidential race extremely close, some in the party are hoping to redo the Michigan and Florida primaries that were disallowed. But at a cost of about $10 million apiece, who would pay for them? Jeremy Hobson reports.

Employers cut more than 63,000 jobs in February — the largest number in five years, according to the Labor Department. How long might job losses continue? As long as it takes to settle up with years of overextended growth. Alisa Roth reports

Middle Eastern governments are pouring money into the U.S. — from Citibank to Church's Chicken. Tess Vigeland asks Islamic finance expert Mahmoud El-Gamal about the future of this relationship.

Cairo hits you in the gut. The city selfishly takes control of all your senses. Sometimes, you'll just want to hide. It is the Arab Street — in…

When Nadia Al Dossary's husband fell into a coma, she ignored Saudi Arabia's laws and handled his affairs. Now, she runs his multimillion-dollar scrap metal company. Kelly McEvers has her story.

When Ayssir's family moved from Baghdad to Amman, Jordan, the children weren't allowed to enter the public school system. But how could the family afford private school? (Last in a series)

The thing I'll remember most about my trip to Egypt is definitely the people. Egyptians are perhaps the warmest, friendliest folks I've ever met….

Egypt and the U.S. practice business very differently, but mobile-phone company CEO Alex Shalaby mixes the two work cultures to his advantage. He talks with Scott Jagow.

They may not go head to head with India, but the call centers of Egypt offer different business perks and provide Egyptians with a decent salary. Amy Scott visits one modern facility near Cairo.

Marketplace Money for March 8-9, 2008

Marketplace Morning Report for Friday, March 7, 2008

My latest musings……

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Commentator and economist Glenn Hubbard says that to fix the housing crisis we must give the Federal Housing Administration more authority. He believes it should offer new loans to subprime mortgage holders so they can refinance.

I wasn't sure what to expect in Egypt for meals or adult beverages. I'll start with the food. I haven't had a bad meal here yet. I was warned to…

For eight years Israel has imposed severe restrictions on the movement of people and goods from the West Bank. Sam Eaton reports the restrictions have devastated the business of Palestinian exporters.

Question: I'm 54, earn about $80,000/yr and plan to work for 10 more years. I have $100,000 invested with Edward Jones in growth funds and would…

The Berlin Polar Bears, a hockey team founded in East Germany, will be leaving their communist-era arena in East Berlin for a new arena in West Berlin. But many of their loyal fans worry American-style sports capitalism will kill the team's spirit. Brett Neely reports.

Minorities were targeted more by subprime lending than other borrowers, even when they may have qualified for traditional loans, according to a new study. Dan Grech reports.

This month Macy's joined the ranks of retail companies which have abandoned monthly retail-sales reports. Bob Moon reports the company could be trying to hide from embarrassing numbers.

Once civil servants in their home in Baghdad, Ayssir and Maher now work small jobs round the clock to provide for their family in Jordan. But they still rely on the help of friends to get by (Part 4 of a series).

Textiles are a huge employer in Egypt, but workers have started protesting their wages. In an unusual move, the government met the demands of thousands of strikers last year. Scott Jagow asks American University's Joel Beinin why.

For many Americans, the Middle East all boils down to oil. But commentator Dennis Ross notes development lags in Middle Eastern countries. To solve the problem, they're seeking to diversify their economies.

Egyptian entrepreneurs have many hurdles ahead of them to start a business, from finding money to surviving a gauntlet of paperwork. Amy Scott talks to young business owners in Egypt to hear more about their struggle.

Marketplace Morning Report for Thursday, March 6, 2008

Question: My former employer has gone into receivership and I was informed that they will be terminating their 401k program. I would have rolled…

Cross-border violence in and around Israel's Gaza Strip makes it difficult for both Israeli and Palestinian business owners to keep their doors open. Daniel Estrin reports how Israeli shop owners are coping.

Commentator David Frum says that instead of repeating mistakes in response to economic slowdowns and high oil prices, we should be trying new solutions.

Chinese Premier Wen Jiabao pledged to fight inflation and government bureaucracy, which have been pushing the cost of living up for the Chinese working class. Bob Moon reports on whether his words will result in real reforms.

Xerox has unveiled its new brand logo on racing superbikes as part of a multimillion-dollar rebranding campaign. But how much can a new logo really convey? Jennifer Collins reports.

According to a study published by the Journal of the American Medical Association, more expensive medications relieve pain better, even when they're placebos. Jeff Tyler reports sometimes perception is reality.

As the credit crunch continues, many businesses have to file for bankruptcy. That means that one area of business is booming: bankruptcy services firms. John Dimsdale reports on how they are staffing up.

Brazil's JBS, the world's biggest beef producer, is looking to buy two U.S. beef companies: Smithfield Beef Group and National Beef Packing Co. The move would make the Brazilian company the largest beef producer in America. Dan Grech reports.

We walked around Old Cairo until we found a place where they were giving music lessons. The students were learning to play an instrument called an…

Iraqi refugee Ayssir and her family abandoned their furniture and belongings in Baghdad and ended up in Amman, Jordan, one of the most expensive cities in the Middle East for housing. Alisa Roth tells more of the story (Part 3 of a series).

At an Egyptian cafe you'll find men sipping tea, smoking tobacco in water pipes, and watching satellite TV. The satellite dish has changed the Middle East as much as any technology. Commentator Marwan Kraidy says Arabic television has come a long way.

Finding a job in Egypt is an uphill battle — even for those with college degrees. Marketplace's Amy Scott reports on a generation of young people waiting for work.

The Khan el-Khalili bazaar is the oldest, most famous marketplace in Cairo, where you'll see the tourism economy at work. Visitors come in droves to get souvenirs, spices, even gold. But the ancient Egyptian artifacts might just be made in . . . Well, Scott Jagow has more.

Marketplace Morning Report for Wednesday, March 5, 2008

In Cairo, negotiating is an age-old art form. And it's actually a lot of fun once you catch the spirit of it….

Don't miss the missives from our listeners. This week our listeners weigh in on stories about compact fluorescent light bulbs and elephant sanctuaries.

In spite of a slowing economy, Atlantic City plans to spend almost $10 billion on a new wave of casino projects. The city is betting on a new demographic of gamblers to spruce up the local economy. Joel Rose reports.

Botox maker Allergan Inc. received a subpoena for documents related to the anti-wrinkle injection. The company believes the subpoena relates to alleged off-label promotion of Botox to treat headaches. Jeff Tyler reports.

Citigroup's shares dropped 4% after the leader of a Dubai-owned investment firm stated that it will take "a lot more money" to rescue the struggling bank. Bob Moon reports on how Middle East investors influence the market.

Federal Reserve Chairman Ben Bernanke called for mortgage lenders to help defaulting homeowners by reducing the principal they owe on their mortgages. John Dimsdale reports banks are reluctant to follow the advice.

Question: I have some investment and savings questions. I'm 24 with about 12,000 in CDs and no debt. I recently went to a financial planner from…

Tonight we ate dinner at a Lebanese restaurant in a fake Moroccan souk, served by Indian waiters. And this pretty much sums up my impression of…

Ayssir, Maher and their three children moved to Jordan to escape the war in Iraq. Music is a necessity in their home, even as they struggle to put food on the table. Alisa Roth continues their story. (Part 2 of a series)

The market for financial products that conform to Islamic rules is expected to grow by up to 15% a year. Financial centers around the world are scrambling to get in on it. Stephen Beard reports from Dubai.

So Egypt wants to start a new gold rush. But commentator Robert Reich says there's a cost to striking it rich.

Gold prices in Egypt keep hitting record highs, but until now, Egypt has largely missed out on the gold boom. Amy Scott reports on the opening of the country's first major modern gold mine.

Marketplace Morning Report for Tuesday, March 4, 2008

Commentator Charles Handy says American corporations are run more like totalitarian states than pillars of democracy. He hopes they can restore their reputations as forces of economic good. Last in a series.

A new report from the Government Accountability Office, or GAO, finds that bank fees are on the rise and are becoming more hidden. Jeff Tyler reports how consumers can uncover hidden costs before they open new accounts.

Venezuelan President Hugo Chavez has sent troops to the Colombia border in response to the country's killing of a top rebel leader in Ecuador. Dan Grech reports Venezuela's economic dependence on Colombia makes war with the country a costly proposition.

Oil and gold prices reached new records as the dollar sank to its lowest value in 35 years against six other major currencies. With more interest-rate cuts ahead, Bob Moon reports on when commodity prices might reach their peak.

The Pentagon has picked EADS, the parent company of Europe's Airbus, for a massive refueling tanker aircraft contract. The announcement was a blow to the U.S. bidder Boeing, which has been making tankers for the Air Force for 50 years. John Dimsdale reports.

Question: In tough times like these, how do I monitor the health of my insurance company and bank? Sure the bank is FDIC insured but getting money…

I'm guessing no one in the history of the world wore as much bling as King Tutankhamun….

After visiting the Egyptian museum, I have decided to stipulate in my will that under no circumstances, should I be mummified when I die….

Somewhere I read a saying about Egyptians: If you drop your wallet on the street, an Egyptian will run after you to give it back. Then he will…

One of my first encounters with the particularities of Egyptian culture … A driver met us at the airport. When he brought his car from the…

As far as I can tell, very few people use maps in Egypt. Point to the Ace Club in Ma’adi on a map, and you’ll get a blank stare from your cab…

Crossing the street in Cairo is an act of pure faith. An estimated 3 million cars clog the streets, and there are no traffic laws to speak of. …

"No, I can't take you there," Yusra, my Iraqi translator told me. "It's not acceptable." I wanted to go to one of the coffeeshops in Amman's…

When I was traveling in Jordan, I didn't always tell people where I was really from. But when I did, it inevitably seemed like they had relatives…

An observation about doing radio interviews in Egypt: They’re constantly interrupted by the call to prayer . . . and the delivery of tea. Thereâ…

Cairo is such a bittersweet city. When the call to prayer echoes through the city five times a day, it's like a siren's song. You have to stop…

Some 750,000 Iraqis have taken refuge in Jordan. Marketplace's Alisa Roth spent time with one family that's happy to be safe, living in Amman, but unsure of what lies in store for them. (First in a series)

Egypt's capital is severely overcrowded and its economy seriously lags other Middle East urban centers. Diane Singerman, co-editor of "Cairo Cosmopolitan," talks with Scott Jagow about the ancient city's struggle with growth and modernity.

How much is the Iraq war costing? The U.S. government predicted $60 billion in 2003. But the authors of a new book say it's now $3 trillion. Host Scott Jagow asked Nobel laureate Joseph Stiglitz and Harvard Professor Linda Bilmes about their calculation.

Khaled Al Khamissi spent a year riding in Cairo taxis, talking to the drivers. Then he wrote a book to tell the stories of a frustrated working class. Scott Jagow hopped into a cab with him to hear more and see the city.