Marketplace Morning Report for Tuesday, June 4, 2013
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The Obama administration slaps Iran with fresh trade sanctions in its ongoing effort to halt Tehran's nuclear program. The new penalties are likely to hit Iran's currency and its car market. A fight over oil tax cuts in Alaska heats up. And New York City's 57th street is becoming an 'it-place' for hedge fund titans and other global executives to buy castles in the sky.
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Posted In: stock market, Federal Reserve, stock
Stock markets were up this morning, though data from a variety of sources indicate a only tepid economy. Juli Niemann, analyst with Smith Moore & Company, says it's precisely this bad news that is making the market rally.
Bad news is good news for the markets. Would-be first-time homebuyers delay their purchase. And New York introduces new rating systems for teachers.
Posted In: Iran, sanctions, currency, rial
There will be new penalties for financial institutions that deal in Iranian currency, which should cause the rial to devalue further. But new sanctions on the country's car industry could be felt more acutely.
Posted In: Google, Google Glass, larry page, app
In response to privacy concerns, Google has announced it will not allow facial recognition apps for Google Glass in its app store. How are app developers responding?
Posted In: higher education, Education, textbooks
Boston-based start-up Boundless, which provides free educational materials online, says it's looking to help cash-strapped students find an alternative to expensive textbooks.
Posted In: zynga, social media, mobile
Zynga, the company best known for social media games like Facebook's Farmville, is laying off nearly 20 percent of its current workforce.
Posted In: Housing, housing market, mortgage
Would-be homebuyers are nervous because of the housing crash and the instability of the job market.