Marketplace: Wednesday, July 28, 2004

Listen (entire show) | how to listen | sign up for newsletter | order transcript

A look at today's markets (closing numbers)
DOW 31.93 (.32%) ; NASDAQ 10.84 (.58%) ; S&P 500 .59 (.05%)

Newscast Oil prices hit new record highs today. $43 a barrel. That's $12 more than a year ago. This, despite the fact that stockpiles of oil are substantially higher. This market is hysterical, said one analyst today. In fact, there's a story inside a story here... It just so happens that also on this July 28th, the biggest oil exporting company in Russia - Yukos - was ordered to stop production from its main unit. One person's trash is another person's... fuel?! That's what the Bush Administration is banking on. Today the EPA and the Energy Department took the wraps off a plan that advocates say could help developing countries save money--while doing something about global warming. As members of the Marketplace club are aware, we've been closely tracking the trouble in the airline industry. Today, an ominous warning from the former head of the Pension Benefit Guaranty Corporation. That's the government agency that insures pension plans. Listen to all newscast items

Features Penalty... or just another business expense? It's the biggest penalty so far in the government's investigation of wrongdoing in bond market. Citigroup, Goldman Sachs, Deutsche Bank and Miller / Tay-back / Roberts Securities will pay $5 million each to settle allegations of overcharging investors - without admitting guilt. The market for corporate and municipal bonds is $6.5 trillion. Today's fines total $20 million. A harsh reprimand...or just the rising price of doing business? Reporter: John Dimsdale Related Story: Four investment firms paying $5 million each in accords on bond trades Cooking with Gas - Down to the Bone Support Marketplace: Purchase this music from Public Radio MusicSource The economics of outsourcing can go both ways Back to airlines for a moment... some of the struggling carriers are charging passengers for things that used to be free. In-flight meals and the privilege of a paper ticket, for example. Now, Delta is weighing whether to charge customers a fee to speak with a reservation agent in the U.S. -- rather than be routed to a call center in India. The economics of outsourcing have put the spotlight on the migration of American jobs. But tens of thousands of Indian professionals are making a migration of their own - taking jobs skills they learned in America back to their home country. Reporter: Jessica Smith Related Story: In a 'brain gain,' India's Westernized citizens return home Junk Bond Trader - Elliott Smith Support Marketplace: Purchase this music from Public Radio MusicSource Rating coverage at the Democratic National Convention.... We have tonight's blueprint for the big show from Beantown. The highlight: John Edwards will get the official nod as the vice presidential choice. Who knows what might happen tomorrow? Look, even Dan Rather's calling the convention "Dullsville". But perhaps all of the whining over how canned these conventions have become runs a certain risk. A danger that the media is, in fact, missing a major story. Commentator: Robert Reich Related Story: "Bloggers' Boulevard" is a detour from the conventional coverage Return Expedition - Stanley Jordan Support Marketplace: Purchase this music from Public Radio MusicSource .... Is Boston making money off this convention? Small businesses all over Boston were looking forward to free spending delegates. The problem is - the delegates are getting too many free goodies and free drinks - at convention parties. Plus, it's not clear who has any money left. It looks like a lot of people at the convention spent their money ahead of time. Reporter: Amy Scott Web Resource: The Boston Globe - Convention Coverage Get this Party Started - Pink Support Marketplace: Purchase this music from Public Radio MusicSource

Coming up on Marketplace... Finding mates for capitalists