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Google To Ban Payday Loan Ads

Google says it will ban all payday loan ads from its site. Consumer advocates say the lending practice hurts the poor and vulnerable.

Transcript

ARI SHAPIRO, HOST:

Google did something today that has made a lot of advocates for the poor very happy. The company announced in a blog post that it will stop permitting ads from payday loan companies. NPR’s Laura Sydell reports.

LAURA SYDELL, BYLINE: Payday loans target people who are shot on cash, and typically they’re due on the day the borrower gets paid. That’s not necessarily a bad thing, but the companies charge such high interest rates that they can be extremely difficult to pay off. Alvaro Bedoya, the director of the Center on Privacy and Technology at Georgetown University Law School says the interest rates go as high as 1000 percent.

ALVARO BEDOYA: And to put that in context, Al Capone is said to have charged somewhere between 100 and 250 percent.

SYDELL: And Capone was a notorious criminal. In a blog post, a Google official wrote that the company will no longer allow ads for loans where repayment is due within 60 days and for loans with rates higher than 36 percent. Georgetown’s Bedoya says this won’t close down all these lenders, but search is often a point of entry for desperate people.

BEDOYA: So for example, if you go broke and you do a search for, need money for rent or, need money for heating bill, payday lenders have paid to have their ads show up at the top of these search results.

SYDELL: The payday lending industry itself is calling Google’s ban on these ads unfair. A trade group, the Community Financial Services Association of America, said Google and others are making a blanket assessment about the payday lending industry rather than discerning the good actors from the bad. The industry is also critical of Facebook, which has a ban on payday loan ads. But Bedoya and other advocates for the poor are hoping that Microsoft’s Bing and Yahoo Search will also ban the ads. Laura Sydell, NPR News.

Copyright © 2016 NPR. All rights reserved. Visit our website terms of use and permissions pages at www.npr.org for further information.

NPR transcripts are created on a rush deadline by Verb8tm, Inc., an NPR contractor, and produced using a proprietary transcription process developed with NPR. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.

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Staples And Office Depot Call Off Merger After Judge's Ruling

A federal judge blocked the merger of Staples and Home Depot, saying Tuesday that the government had made the case that the merger had a "reasonable probability" of hurting competition in office supplies.

A federal judge blocked the merger of Staples and Home Depot, saying Tuesday that the government had made the case that the merger had a “reasonable probability” of hurting competition in office supplies. Seth Perlman/Alan Diaz/AP hide caption

toggle caption Seth Perlman/Alan Diaz/AP

Staples and Office Depot are calling off their $6.3 billion merger. The decision follows a ruling from a federal judge who said the deal would hurt competition in the office supplies industry.

NPR’s Jim Zarroli reports that Judge Emmet Sullivan issued a temporary injunction against the merger, saying that federal regulators had presented a strong case that the deal would substantially impair competition in the office supplies market.

“The Federal Trade Commission, which had asked for the injunction called the ruling great news,” Jim reports. “And it said the merger would have led to higher prices and lower quality service for large companies.”

In a statement, Staples CEO Ron Sargent expressed his disappointment. He also said: “We believe that it is in the best interest of our shareholders, customers, and associates to forego appealing this decision, terminate the merger agreement, and move on with our strategic plan to drive shareholder value.”

The FTC initially filed an administrative complaint in December. As the Two-Way reported at the time, it charged that “the merger between Massachusetts-based Staples, the world’s largest seller of office supplies, and Florida-based Office Depot would violate antitrust laws.”

Staples announced its plan to buy office Depot in February last year.

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Blockchain Looks To Change How To Do Business Online

Behind the hype of Bitcoin is a technology that could shift how we do business on the Internet. It’s called Blockchain. NPR’s Robert Siegel talks to Don Tapscott, co-author of a new book about Blockchain and the global economy.

Transcript

ROBERT SIEGEL, HOST:

Now we’re going to hear a little more about blockchain, the technology behind bitcoin. Don Tapscott is a management professor at the University of Toronto and co-author of a new book on blockchain. He says it is the greatest innovation in computer science in years, a vast digital ledger that can be shared by everyone.

DON TAPSCOTT: On it, there’s not just information but anything of value. Money, titles, deeds can be stored and moved and managed securely and privately. And this is achieved through some clever code and through mass collaboration.

SIEGEL: Give us a real-world example of how blockchain might or already has improved the world.

TAPSCOTT: Well, Anna Lee Domingo (ph) is a Filipino housekeeper and nanny in Toronto. She gets her paycheck. She goes to the Filipino mall where there’s a Western Union office, and she sends her remittances to her mom in Manila. And this takes her about five hours a month. She gets charged 10, 11 percent. Six months ago, Anna Lee Domingo started using a tool called Abra, and she types in $200 and her mom’s ID. And the money is transferred in a millisecond. The fees are a quarter of a percent.

SIEGEL: Now, where was her $200 before it was transmitted to the Philippines?

TAPSCOTT: It’s on her mobile phone, and she got it there by going to a bitcoin teller or to a bank or on the Internet. And this has now changed her world a lot.

SIEGEL: I understand the incentive to pay a much smaller commission for a transfer than you have to pay now. On the other hand, I was trying to think, in reading a little bit about this, whether I really mistrust my bank that much apart from issues of cost. Do we need this if we feel fairly confident about the bank we use?

TAPSCOTT: Well, overall, these intermediaries do a pretty good job, but there are limitations. They all take a fee, but there are other problems. They capture our data. And here we have this biggest asset from the digital age, data. But we create it, but we don’t get to keep it. And it’s not just that we can’t monetize it, but this data is often used to undermine our privacy.

SIEGEL: Does somebody own blockchain? How would you describe that?

TAPSCOTT: No, it’s open source. First of all, there are many blockchains. The bitcoin blockchain is the biggest. There’s one called Ethereum that uses a currency called Ether. And I was in London recently, and I was speaking to the Ethereum developers group. Ethereum has a whole suite of software development tools. And in that room were people creating companies to replace the stock market, to replace the audit function of corporations, to build a whole new model of identity so that we can each own our own identity rather than governments, big social media companies and others.

There was a company creating an alternative to Uber. And most of what Uber does can be replaced by what are called smart agents and smart contracts on a blockchain. And the drivers get all of the value. This technology is the single most important technology of our time because it enables us to collaborate together in the world as peers. And through that, maybe we can create a new kind of environment for the better.

SIEGEL: Well Don Tapscott, thanks for talking with us about it today.

TAPSCOTT: My pleasure.

SIEGEL: Don Tapscott is the author along with Alex Tapscott of “Blockchain Revolution: How The Technology Behind Bitcoin Is Changing Money, Business And The World.”

Copyright © 2016 NPR. All rights reserved. Visit our website terms of use and permissions pages at www.npr.org for further information.

NPR transcripts are created on a rush deadline by Verb8tm, Inc., an NPR contractor, and produced using a proprietary transcription process developed with NPR. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.

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In The Midst Of A Downturn, Some In Oil Industry Are Prepping For A Bounce

The plunging price of crude oil is good for motorists but bad for those in the industry. And nowhere is that pain more acute than in West Texas, where many are hunkered down with an eye on the future.

Transcript

MICHEL MARTIN, HOST:

This is ALL THINGS CONSIDERED from NPR News. I’m Michel Martin. We’re going to start the program today looking at the energy industry, which we’ve been watching pretty closely. A few months ago, oil reached a 30-year low. The price of a barrel of crude has inched up since, but the domestic oil industry is still struggling. Oil and gas companies, once flushed with cash, have cut exploration and pulled up to three quarters of their rigs from the field. Many companies have gone bankrupt and tens of thousands of people are out of work.

We’ve been interested in the consequences of this across the board – from the decrease in pirate attacks on oil tankers to the traumatic effect on oil and gas boom towns. Yet, in every economic downturn there are survivors who position themselves for recovery. Lorne Matalon of Marfa Public Radio, reports on the recovering strategies from the Nation’s largest producing oil field – the Permian Basin in Texas.

LORNE MATALON: Kenny Scudder is on the road a lot, constant travel from Texas to other energy states like Louisiana, New Mexico and Oklahoma.

KENNY SCUDDER: This is where we’re going…

MATALON: Scudder is VP of Sales at Palmer of Texas. His company makes storage tanks and separation equipment for oil and natural gas producers. Scudder’s calling on some of his customers and their contractors. And right now he doesn’t like what he sees. The energy business – a key driver of the U.S. economy – is hurting.

SCUDDER: I’m with a manufacturing company and pain to us is less bookings, less revenue, less shipments…

MATALON: But Scudder says the company’s adjusted and positioned itself for energy’s inevitable bounce-back.

SCUDDER: You downsize your workforce, you have pay cuts, you diversify into other areas other than oilfield areas. So as a manufacturer, that’s what you do – you look for other avenues to keep your plant open so that when it does pick up again, you’re ready to ramp back up to where you need to be.

MATALON: Palmer has diversified. It’s making filters for aquariums in places like SeaWorld and manufacturing storage tanks for a water reclamation plant near Los Angeles.

SCUDDER: One of the upsides of a downturn is if you have a strong balance sheet, if you’ve made wise investments during the last boom, you can still maintain your business and expand and get ready for the next upswing.

MATALON: Scudder says he’s fortunate in that he can diversify. The company kept cash in reserve and his storage tanks can be tailored to suit multiple purposes. But oil producers only have one product. And for them, there aren’t a lot of options.

DAVID MCDOW: Really painful, a lot of people being laid off.

MATALON: David McDow’s a construction foreman at a contractor of one of Scudder’s customers. His hands speak to a lifetime of work in the oilfield and his face is burnished by the Texas sun.

MCDOW: I’m fortunate that I’m not laid off but I’ve had to come, you know, 500 miles from my home to work. You know, everybody’s hungry. All of our competitors are all hungry too just like we are so, you know, a lot of them will take jobs for nothing. And, I mean, that makes it tough on everybody.

MATALON: McDow says his 40-year career has consisted of peaks and valleys. Now, he says, he can at least visualize the next peak.

MCDOW: You know, if you’d want to drill a well, right now’s a good time to do it. You know, I mean, everything you can get a good deal on it if you’ve got the capital to work with.

MATALON: Distressed companies here in West Texas are selling off assets – or themselves entirely to buyers from China and Mexico anxious to snap up a good deal. Major players like Chevron, Shell and BP are also making huge layoffs, but analysts believe they’ll be stable financially again. Analyst Jordan Goodman says even smaller players with cash in reserve will emerge stronger because of the pain they’re dealing with now.

JORDAN GOODMAN: You can thrive because you’ll be one of the few left over when all your competitors are going under. So in the long run, the strong will get stronger. The weak will go bankrupt.

MATALON: An energy-focused law firm Haynes and Boone says at least 60 American oil and gas companies have filed for bankruptcy since last year. But businesses like Palmer of Texas – and there are hundreds in Texas alone – are hunkered down now with an eye on future profit. For NPR News, I’m Lorne Matalon in Midland, Texas.

MARTIN: This story came to us from Inside Energy. That’s a public media collaboration focused on America’s energy issues.

Copyright © 2016 NPR. All rights reserved. Visit our website terms of use and permissions pages at www.npr.org for further information.

NPR transcripts are created on a rush deadline by Verb8tm, Inc., an NPR contractor, and produced using a proprietary transcription process developed with NPR. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.

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Episode 700: Peanuts and Cracker Jack

Jose Magrass, hot dog selling machine.

Jose Magrass, hot dog selling machine. Nick Fountain/NPR hide caption

toggle caption Nick Fountain/NPR

There’s not a lot of running in baseball. Mostly the players just stand around. But up in the stands, there is a very different game being played—one that demands hours of nonstop effort. The players in this game are vendors, the ballpark workers who run up and down stairs, carrying cases of water and bins of hot dogs above their heads. They are competing to sell as much overpriced junk food, in as little time as possible.

In Boston’s Fenway Park the top seller is Jose Magrass. He is a legend. On opening day this year, he sold 500 hot dogs—$2750 worth. But slinging that many dogs in one night takes skill, shrewdness, and strategy.

On today’s show: The secret world of ballpark vendors. It’s a game of weather forecasting, ruthless efficiency, sore thighs, and swollen vocal chords.

Find us: Twitter/ Facebook.

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How To Buy A Car: Start With Some Patience

Buying a car is a big expense - but it doesn't have to be a stressful one.

Alija/Getty Images

By my count I have helped some 58 friends (including many colleagues in public radio) buy a car. That’s sort of funny, considering I didn’t buy a car until I was 37 years old and began reporting on the auto industry for NPR.

On Saturdays over the last few years, I have gotten phone calls from friends at car dealerships asking for advice. It’s no small financial matter, when the average cost of a new car is roughly $33,000.

So if you are reading this while in a car dealership, do what I tell all my friends: Stand up! Leave the dealership! Do not buy a car today!

JOIN NPR’S ‘YOUR MONEY AND YOUR LIFE’ FACEBOOK GROUP

And before you return, take a look at these tips I’ve gathered from industry experts and public radio friends.

Do Your Homework

“I knew exactly what I wanted,” Muthoni Muturi, NPR editor

Your father may have always loved Hondas, and your grandmother may have always bought Crown Victorias.

But it’s my job to keep up with the car companies, and I have a hard time keeping track of what’s good or bad. (And it’s not your father’s Oldsmobile, because they don’t make Oldsmobiles anymore.)

“Information is king,” says Jonathan Collegio of the National Automobile Dealers Association, or NADA.

“Consumers should do as much homework as possible,” he says, and “have a sense of the market.”

They shouldn’t be afraid to go to a dealership, he says, but they should come prepared.

Start with data: Consumer Reports has a list of the best and worst cars. Car company rankings change all the time, and you might be surprised at what you learn — for instance, that Audi, Subaru, Mazda and Buick all rate higher than Honda for reliability.

The Insurance Institute for Highway Safety, or IIHS, compiles safety data by car and make.

Both sites promise unbiased data-driven information about car reliability and safety.

In addition, there are for-profit sites that help with reviews and pricing of cars. Here are just a few: Cars.com, Truecar.com, Kelley Blue Book, CARFAX.com, Autotrader.com, Costco Auto and NADA Guides.

Michelle Singletary, a personal finance columnist with The Washington Post, warns that consumers should not “set one toe in the dealership” before doing their homework.

Do A Thorough Test Drive

“Don’t be satisfied with going around the block,” Karen Grigsby Bates, NPR correspondent

Five or 10 years ago when you bought your last car you were that much younger. Your body, your needs and your eyesight have changed. That’s why a test drive is so important.

Drive the car in the conditions you would use it in — at night on a dark road, for instance, so you can test the lights and brightness of interior lamps.

Rebecca Lindland, a senior analyst with Kelley Blue Book, points out that a test drive can help with dealing with family members who have disabilities.

She also recommends bringing car seats and pet carriers with you. And she reminds shorter drivers to pay attention to sightlines and especially the A-pillar (which is the beam on the windshield to the left of the driver); it can obscure vision around curves.

She also advises would-be buyers to pay attention to something known as the H-point.

“When you stand next to the car with the door open, look at how high the top of the seat is. That’s called the H-point — where the top of the seat is,” she says.

Where the H-point falls will give you a sense of ease of entry. If the top of a seat hits below your knees, for instance, you’ll have to stoop lower to get into the car. If the H-point hits around mid-thigh, it will be was easier to get in and out.

The key is to feel comfortable in the vehicle.

Keep Your Emotions In Check

“A car is not an impulse purchase,” Sonari Glinton, NPR business correspondent

At its most basic, purchasing a car is a financial decision that’s tied with emotion, and dealers will use tactics that play on your emotions.

I would suggest separating the different decisions.

Test-drive on one day. Figure out financing on another. Determine the best dealer on yet another.

“Remember, their job is to sell you a car today,” says Jack Nerad, executive editorial director and executive market analyst with Kelley Blue Book and author of The Complete Idiot’s Guide to Buying or Leasing a Car.

“If you don’t like the experience of how they are treating you, leave,” Nerad advises. “You have all the power. Use it. Walk out the door.”

Dealers often will make you feel like the deal you’re getting is scarce, says Camelia Kuhnen, a neuroeconomist at the University of North Carolina at Chapel Hill. That will make you feel like you need to buy a car even if it’s against your best judgment.

“You can easily survive without that particular car, at this particular dealership,” she says.

Bringing a friend who will be dispassionate about the whole process and help advocate on your behalf is a good idea, Kuhnen adds.

Shop Around For Financing, Too

“I was prepared to walk out and did. It was only a couple hundred dollars difference but I got the deal I wanted,” Greg Dixon, NPR producer for All Things Considered

“If you can’t pay cash for it, you need to be asking yourself why [you’re] buying this car,” says Singletary, the personal finance columnist. She suggests checking with your local bank or credit union before you go the dealership.

“Negotiate purchase price not the monthly payment,” says Lindland of Kelley Blue Book. “You can easily spend hundreds, even thousands of extra dollars by not paying attention to terms.”

One final tip from Lindland: Avoid car terms that are over 60 months.

“Longer term loans help keep monthly payments low,” says Melinda Zabritski with Experian, the credit agency.

But consumers should be very careful, she says, because “it’s easy to find yourself upside down … dealing with negative equity should they choose to trade it in after only a few years.”

Collegio of NADA says “it’s good to shop around.” He advises that you get a rate from your local bank — the dealer will be able to match or meet it.

His organization has a guide for auto financing at autofinancing101.org.

A Few More Things To Consider

Ask for incentives. Dealers and carmakers often offer cash incentives, preferable loan or lease terms, gifts and even coupons to encourage consumers to buy cars. Check the manufacturer’s website for incentives, and be sure to ask your salesperson.

The last weekend of the month is when dealers have the biggest incentive to sell.

If you’re interested in leasing, negotiate the purchase price of the car first.

Deal with the trade-in separately, advises Singletary.

Buy less car than you need, and think used (often referred to as pre-owned) to get the best deal.

Once you decide on the car, stick with the decision.

“Don’t settle on color,” warns Bates, who’s a member of NPR’s Code Switch team. “Every time I go outside and see that red car, it makes me happy.”

When you walk to your car, it should make you happy. And don’t forget: You don’t have to buy a car today.

JOIN NPR’S ‘YOUR MONEY AND YOUR LIFE’ FACEBOOK GROUP, an online community featuring stories from some of the best investors and financial experts on the planet along with crowdsourced wisdom curated and overseen by NPR reporters and editors.

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DOT Announces Recall Of Up To 40 Million More Takata Air Bag Inflators

Mark Rosekind, administrator of the National Highway Traffic Safety Administration, speaks Wednesday during a news conference on Takata air bags in Washington, D.C.

Mark Rosekind, administrator of the National Highway Traffic Safety Administration, speaks Wednesday during a news conference on Takata air bags in Washington, D.C. Mark Wilson/Getty Images hide caption

toggle caption Mark Wilson/Getty Images

The Department of Transportation on Wednesday announced the recall of an additional 35 million to 40 million faulty air bag inflators made by Japan’s Takata Corp., an auto-parts supplier.

Already, 28.8 million Takata inflators have been recalled. In all, this massive action will add up to the largest safety recall in U.S. history.

DOT’s National Highway Traffic Safety Administration said the problem comes down to this: “the inflators’ propensity to rupture.” Those ruptures have been tied to 10 deaths and more than 100 injuries in this country.

“The acceleration of this recall is based on scientific evidence and will protect all Americans from air bag inflators that may become unsafe,” Transportation Secretary Anthony Foxx said.

The government says “time, environmental moisture and fluctuating high temperatures contribute to the degradation of the ammonium nitrate propellant in the inflators. Such degradation can cause the propellant to burn too quickly.”

That rapid burn can rupture the inflator and spray shrapnel into drivers and passengers.

“People who receive notification that there is a remedy available for their vehicle should act immediately to have their inflator fixed,” NHTSA Administrator Mark Rosekind said.

He urged vehicle owners to check SaferCar.gov for information about any open recalls. On that website, owners also can find out what to do to have safety problems fixed free of charge. The specific car and truck models included in the latest Takata recall were not immediately released.

Last year, NHTSA imposed the largest civil penalty in its history on Takata for violations of the Motor Vehicle Safety Act. NHTSA has appointed an independent monitor to assess, track and report the company’s compliance with the recall program.

Takata makes air bags, seat belts and other parts for the auto industry. Now it faces huge losses. Takata said earlier this week that it would book one-time charges totaling 20.1 billion yen, or $189 million, to cover cost of the recalls and settlements with victims.

The company has been hit with widespread criticism for moving too slowly to recognize the problem and provide authorities with complete and accurate information. Now, it will take years to replace all of the defective parts.

Many consumers have expressed frustration through social media. Rick DeGaetano, a computer consultant in Hayward, Calif., spoke by phone with NPR after he took to Facebook to vent about the potential danger — and financial harm — done by Takata.

DeGaetano said his friend’s car was affected. Even aside from worrying “that you’re going to get shrapnel in your face if you get in an accident,” his friend also has to worry about losing money, DeGaetano said. “It hurts the resale value of your car,” he said.

NPR business intern Naomi LaChance contributed to this report.

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China Investigates Search Engine Baidu After Student Dies Of Cancer

Baidu, China's largest search engine, is under investigation after college student with a rare form of cancer said it promoted a fraudulent treatment center.

Baidu, China’s largest search engine, is under investigation after college student with a rare form of cancer said it promoted a fraudulent treatment center. Alexander F. Yuan/AP hide caption

toggle caption Alexander F. Yuan/AP

Chinese health and Internet authorities have launched an investigation into Baidu, the country’s largest search engine, following the death of a college student who accused Baidu of misleading him to a fraudulent cancer treatment.

Experts believe the scandal will damage the credibility of Baidu’s search results, and its long-term economic prospects.

On Monday, news of the government investigation caused Baidu’s stock to tumble by nearly 8% on the NASDAQ.

The scandal began with a college student from northwest China’s Shaanxi Province. Two years ago, then sophomore Wei Zexi found out he had a rare form of cancer called synovial sarcoma. After other treatments failed, he turned to Baidu.

His search on Baidu suggested a treatment at the Beijing People’s Armed Police Corps Hospital No. 2. It claimed to have a highly effective experimental treatment developed in collaboration with Stanford medical school.

In fact, state media later reported, there was no collaboration. The treatment failed, and Wei accused the Baidu of cheating him.

“I did not know how sinister Baidu could be,” he wrote.

Wei also uploaded a plea for help to the Internet.

“I don’t want to die,” he said. “My 21 years of effort have not yet born fruit. I still have dreams. I still want to see this wide world.”

Wei died on April 12.

The search result Wei turned up was promoted, in other words paid for, and it was labeled as such, but it’s not clear if Wei understood this. What is clear is that many Chinese are furious at Baidu and at the government for what they consider lax regulation.

“The lack of forces protecting the public interest is one of the biggest challenges facing the development of China’s Internet,” comments Fang Xingdong, one of China’s earliest bloggers, and the founder of Chinalabs.com, an Internet-related think tank.

Baidu dominates China’s Internet search market with a 70% share, a market capitalization of around $67 billion and more than 600 million monthly mobile search users. Like Google, it provides maps and music, and is working on developing driverless cars.

But it doesn’t have to compete with Google, which is blocked in China. Baidu, meanwhile, complies with Chinese laws by filtering out information – especially political information – which the government considers “harmful” or “illegal.”

Internet “regulatory agencies, policies and rules focus on managing ideological issues,” Fang Xingdong points out, “while neglecting people’s livelihoods.”

Beijing-based tech blogger Hong Bo notes that China’s advertising law does not cover search engine results.

And he says, consumers tend to forget that search engines put certain results at the top of the page not because they’re the best, but because they’re paid for.

“Baidu’s promoted links have deceived users,” he says, “and triggered one crisis after another. This is not the first time, and this issue has got to be resolved sooner or later.”

In January, Baidu hosted an online forum on hemophilia. But it sold the right to moderate that forum to an unlicensed private hospital. A public outcry ensued, and Baidu promised to “reflect deeply” on its actions.

Baidu has promised to cooperate with the current government investigation. It has also offered condolences to the family of Wei Zexi.

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Trade Opponents Leak Documents They Say Show Corporate Influence

One of the economic legacies President Obama hopes to leave behind is an expansion of U.S. exports.

To do that, he wants to complete one trade deal with European countries, and another with Pacific Rim nations.

But well into his final year in office, Obama is facing stiff headwinds on trade.

The European deal, called the Transatlantic Trade and Investment Partnership, made news on Monday…but probably not the way the White House would have preferred.

Greenpeace Netherlands, an environmental group, leaked 248 pages of classified documents involving TTIP, the far-reaching deal involving the U.S. and European Union. The documents date from before trade negotiators met again last week in New York.

Consumer and environmental groups on both sides of the Atlantic Ocean have expressed concerns that U.S. corporations may be pushing Europeans to lower their various protections. They say the leaked papers support that view.

“We’ve done this to ignite a debate,” Greenpeace trade expert Juergen Knirsch said at a news conference in Berlin. TTIP opponents want negotiations to end.

But the European Commission said the documents merely reflect negotiating positions in talks that have been going on for three years.

The EU’s top negotiator, Ignacio Garcia-Bercero, said at a press conference that “some points that Greenpeace is making in these documents are flatly wrong.”

White House spokesman Josh Earnest told reporters the leaks will not have a “material impact” on the talks. “Our focus is on trying to complete these negotiations by the end of the year,” he said.

Typically, trade negotiators work behind closed doors as they sort out positions. Even though details have not been officially released, it’s known that TTIP would deal with many contentious issues such as genetically modified foods, poultry safety, auto exports and more.

In April, a survey by the Bertelsmann Foundation showed support for TTIP was declining in both Germany and the United States.

Obama’s other deal, the Trans-Pacific Partnership, has been negotiated, but not yet approved by Congress and the approval process appears stalled for now. No vote is scheduled for the deal, and many congressional observers predict any action will have to wait until after the November election. Trade has become a hot-button issue with many voters this election cycle.

To drum up support for TPP, Obama released an essay Monday afternoon in The Washington Post, saying the partnership would strength the U.S. economy:

“TPP brings together 12 countries representing nearly 40 percent of the global economy to make sure that private firms have a fair shot at competing against state-owned enterprises. My administration is working closely with leaders in Congress to secure bipartisan approval for our trade agreement.”

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Middle-Class Immigrant Family Says Greed Is Eclipsing The American Dream

In this week’s “Hanging On” series about the American middle class, NPR’s Rachel Martin speaks with business owners Manolo Betancur and Zhenia Martinez. They own Las Delicias Bakery in Charlotte, N.C.

Transcript

UNIDENTIFIED WOMAN #1: I think most people hate to think of themselves as middle-class.

UNIDENTIFIED WOMAN #2: Have what you need, but maybe not everything you want.

UNIDENTIFIED MAN #1: We have a car, but we live in an apartment. That’s middle class.

UNIDENTIFIED MAN #2: If you add a boat, then you’re not middle class anymore. That’s what changes it right there.

UNIDENTIFIED MAN #3: The middle class are families who are earning six figures.

UNIDENTIFIED MAN #4: $30,000, $35,000 probably.

UNIDENTIFIED MAN #5: That means me (laughter). And it means I’m in trouble (laughter).

(SOUNDBITE OF MUSIC)

RACHEL MARTIN, HOST:

This is Hanging On, our continuing series about the American middle class. Today we go to Charlotte, N.C., where we visited Las Delicias Bakery. It’s on the East Side of Charlotte, which is home to many of the city’s Latino immigrants, including a man named Manolo Betancur and his wife, Zhenia Martinez. They own the bakery, which sells churros and tres leches cakes to grocery stores across the state. Betancur is from Colombia. Martinez is from Mexico. They have both been American citizens for years. But for them, in this moment, the American dream feels fragile.

MANOLO BETANCUR: I came to his country just with two pants, two shirts, my pair of shoes and $100 in my pocket, and I didn’t even speak any English. And I was able to get my college degree here, and I was able to become American citizen. And now we own this business. And, you know, we never thought that we will have our cakes in one of the biggest and coolest supermarkets here in Charlotte and in North Carolina. So yeah, the American dream is still there. It’s maybe harder to find now. You got to work a little bit harder to find it. But also there is the feeling that American greed is taking over the American dream.

MARTIN: So you’ve gotten everything you wanted?

BETANCUR: (Laughter) That’s a good question. Depends what you mean with that. You know, if you – I got everything that I wanted, you know, if you mean about happiness. Because, you know, the business, the car, the dollars that you put in pocket, it’s nothing compared, you know, to having my kids around. You know, that’s the love of our lives. So you meaning that, yes, I got everything I want, you know?

If you mean, like, in an economic way, well, it’s getting better, yes – better than many countries around the world. But if you mean it, like, anger and everything for the government and for the politicians, no, I’m not. I’m not, you know, because I hate that feeling that the government is just always helping and being nice with big corporations. And everybody, they feel so proud. We help the small businesses, you know? Go to Bank of America or Wells Fargo, these huge corporations and get bail out from the government. How easy it is for us to get a loan from them? It’s very hard, you know.

ZHENIA MARTINEZ: I want to say that I think – I think happiness is within. So I think I have gotten what I want. But I think as a community and as a country, we could do so much better because I think it’s the working class that’s been forgotten. You see a lot of people that can’t even pay their bills. And that’s just – it’s sad. I mean, as a mother I can’t imagine what they have to go through. And it’s just not something that should happen when you have CEOs that are earning millions of dollars, as simple as that.

You know, it’s – overall, the working class – more companies are moving to having part-time jobs basically because it benefits them financially. You know, if they have part-time positions, they don’t have to provide health care. They don’t have to provide retirement. Something needs to change in that perspective. We need to start focusing more on the people that do everything and make the country move as a whole and step away from focusing on the greed that has taken over.

MARTIN: I asked Manolo Betancur and Zhenia Martinez how they’re doing now, if they feel like they are on good footing financially. Manolo said the recession was hard on them. Their family had to close three bakeries. No one was coming. It took a while to recover, but now they sell their breads and pastries in a major grocery store chain around the state.

As we talk, their 6-year-old daughter fidgets in Manolo’s arms. He brushes her long brown hair from her forehead. He tells me he became an American citizen in 2008.

BETANCUR: Yeah. I’m very proud. Don’t take me – don’t take us wrong. We love this country. We are very happy that our kids are born in this country, are raised in this country. We work hard, and we love this country. But, like, that doesn’t mean that, like any place around the world, there are things that we can do better.

MARTIN: That was Manolo Betancur and Zhenia Martinez. You’ll hear more of their story on today’s For the Record when we look at how immigrants in North Carolina are thinking about their presidential choices.

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