And last week was a wild one for China's economy. First, interest rates on the loans that banks give each other spiked. As the banks struggled to get money, stock markets dropped - not only in China - but throughout Asia - and briefly in New York.
Things have calmed down since then. But the crisis showed how China's new leaders are just beginning to confront some fundamental problems in the world's second largest economy.
We're going to NPR's Frank Langfitt in Shanghai to tell us what they're doing.
Washington is still trying to determine how much damage has been done as a result of Edward Snowden's revelations about NSA surveillance. Snowden allegedly encrypted the files he took with him, but some officials fear Chinese or Russian intelligence services gained access to Snowden's computers.
This is MORNING EDITION, from NPR News. I'm Renee Montagne.
DAVID GREENE, HOST:
And I'm David Greene. Good morning. Well, now that summer is officially here, we thought this might be a good time to check in with some of our colleagues to find out how the federal budget cuts known as sequestration are playing out. These cuts went into effect in the spring, and it is becoming clear that some federal agencies and programs are feeling the brunt, while others have largely escaped.
Federal regulators have filed civil charges against former New Jersey Governor Jon Corzine in connection with the failure of his commodities firm, MF Global. The government says Corzine failed to stop the firm from dipping into customer funds during a financial crisis in October 2011.
One leader for whom immigration has always been an issue is Antonio Villaraigosa, the mayor of Los Angeles. He steps down this weekend, after two terms in office. He's the city's first Latino mayor in over a century, a local boy born in East L.A., far from the L.A. that dreams are made of. He joined us here at NPR West to talk about his time leading the second-largest city in the country. Good morning.
MAYOR ANTONIO VILLARAIGOSA: Good morning to you, Renee.
The Senate passed a sweeping immigration overhaul bill Thursday with bipartisan support. The legislation, passed by a vote of 68 to 32, would put millions in the country illegally on a path to citizenship and vastly expand border security.
To understand why Bosnian Rainbows' music stands out, you have to go back to 2007 in Guadalajara, Mexico. A singer named Teresa Suarez has taken the stage name Teri Gender Bender — adopted as a feminist statement while at the head of a band called Le Butcherettes.
What if we could get our gasoline, diesel fuel and jet fuel from yeast instead of from oil wells? That's not as crazy as it sounds. In fact, it's already happening on a small scale. And there's a vigorous research effort to ramp this up on a massive scale.
One of the more innovative approaches uses a new technology called "synthetic biology." Jay Keasling is one of the leaders in this hot field.
The U.S. is ready for tornadoes, but not tsunamis.
That's the conclusion of a panel of scientists who spoke this week on "mega-disasters" at the American Geophysical Union's science policy meeting in Washington, D.C.
The nation has done a good job preparing for natural disasters like hurricanes and tornadoes, which occur frequently but usually produce limited damage and relatively few casualties, the panelists said. But government officials are just beginning to develop plans for events like a major tsunami or a large asteroid hurtling toward a populated area.
Climate change seems like this complicated problem with a million pieces. But Henry Jacoby, an economist at MIT's business school, says there's really just one thing you need to do to solve the problem: Tax carbon emissions.
"If you let the economists write the legislation," Jacoby says, "it could be quite simple." He says he could fit the whole bill on one page.
Basically, Jacoby would tax fossil fuels in proportion to the amount of carbon they release. That would make coal, oil and natural gas more expensive. That's it; that's the whole plan.
The interest rate on government-backed student loans is going to jump from 3.4 percent to 6.8 percent Monday.
Republicans, Democrats and the Obama administration could not agree on a plan to keep it from happening. Lawmakers say a deal is still possible after the July 4 recess. But if they don't agree on a plan soon, 7 million students expected to take out new Stafford loans could be stuck with a much bigger bill when they start paying the money back.
It has been one of the more heated debates in Washington this year.
Developers in Phoenix are scrambling to keep up with another frenzied demand for housing. During the Great Recession, homebuilders in the suburbs abandoned neighborhoods that were only half-built. These so-called zombie subdivisions left a ring of unfinished construction around the city.
British singer Omar was a child musician back in the '70s and '80s, but he's done a lot of growing up since then. Now married with two daughters, Omar has a new album, The Man, which marks a turning point in his life.
"It's about changing," he says. "Since I've had [my girls], there's a purpose to my life now. It's about growth, development and evolution."
The Man is the singer's first project in seven years. Stripped down to a natural level, the album is assembled in a way that hearkens back to the musician's early days.
Samuel Taylor was raised in a religious family. When he came out to his mother, Connie Casey, she sent him to a series of conversion therapy ministries affiliated with Exodus International, the Christian organization that folded this month and apologized to the gay community for trying to "correct" same-sex attraction.
An irony of therecent Texas political theater: Democratic state Sen. Wendy Davis' filibuster aimed at stopping anti-abortion legislation raised not only her profile but that of Republican Gov. Rick Perry.
Shortly after Davis' talkathon ran out the clock on a bill that would potentially have made abortions much harder for women in Texas to obtain after 20 weeks of pregnancy, Perry put himself back in the national headlines.
Federal regulators are suing former MF Global Holdings CEO Jon Corzine, accusing him of not properly supervising the company that filed for bankruptcy back in 2011. The Commodity Futures Trading Commission says Corzine failed to keep money that belonged to the brokerage's customers from being used to cover MF Global's obligations.
Originally published on Fri June 28, 2013 11:30 am
The White House announced today that it was revoking special trade status for Bangladesh, a move apparently meant to send a message to the Bangladeshi government after April's horrific garment factory collapse. Small problem. The move by the White House in no way affects the garment industry.
High-rise apartment buildings might not seem like fertile ground for making compost.
But officials in New York want to capture and recycle more of the city's food waste — even in some of the nation's most vertical neighborhoods. They're expanding a pilot program that's also trying to encourage composting by turning greenmarkets and libraries into drop-off sites for residents' food waste.