NPR 2011-11-03

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Investors⁴ are also looking at what's happening out of Europe. The leaders of France and Germany are holding urgent talks with Greek Prime Minister George Papandreou in the southern French resort of Cannes on the eve of the G20 Summit. As NPR's Eric Westervelt reports, at issue is the Greek leader's call for a national referendum on a bailout plan European leaders agreed to last week.

 

French President Nicolas Sarkozy had hoped the meeting here tomorrow on Friday at the group of 20 industrial and developing nations would be a chance to reassure⁵ the world that Europe has a clear wide-ranging plan to handle the debt crisis. But now the Greek leader's surprise pledge to put the debt bailout issue before Greek voters  has cast serious doubt on the plan agreed to just last week. There's fear a 'no' vote on any referendum could spark a disorderly Greek default, which would likely deeply shake world markets. Paris and Berlin want Papandreou to commit to hold off vote by mid-December and to explain the language of the referendum. As the French Prime Minister put it today, the Greeks must say quickly and without ambiguity⁶ whether they choose to keep their place in the eurozone or not. Eric Westervelt, NPR New, Cannes.

 

President Obama is putting more pressure on lawmakers to approve the transportation portion of the 447-billion-dollar jobs bill that's stalled in Congress. Standing⁷ at the foot of the Potomac River Bridge connecting Washington, DC to Arlington, Virginia, the president warned that all those opposed to a plan to put people to work on bridges, roads and runways will have to answer to voters.

 

"There's no good reason to oppose this bill, not one. And members of Congress who do, who vote no, are going to have to explain why to their constituencies. The American people are with me with this."

 

But Republicans and few Democrats⁸ object to any new spending and a proposal to increase taxes on the wealthiest Americans.

 

The Arab League says Syria is agreeing to end its crackdown on anti-government demonstrators and a proposal announced today Damascus agreed to pull armored vehicles from the streets and release all political prisoners. However, Syrian activists⁹ are skeptical¹⁰, saying any meaningful change needs to include the end of Syria's Assad regime.

 

Before the close on Wall Street, the Dow was up 178 points, 1.5%, at 11,836.

 

This is NPR.

 

The central Yemeni city of Taiz is the latest site of deadly confrontations¹¹ in the opposition¹²'s months-long uprising. A medical official says at least nine people were killed today during fighting between opposition fighters and troops. The doctor says security forces randomly¹³ shelled several neighborhoods in Taiz where anti-government fighters had seized control of a government building in the city center.

 

Expect more bargains in the short term anyway at the famous discount retailers¹⁵ Filene's Basement and Syms. As NPR's Tovia Smith tells us, the stores have filed for Chapter 11 bankruptcy¹⁶ protection and planned to liquidate¹⁷ their operations.

 

This is the third time the iconic Filene's Basement has sought protection from creditors¹⁸. The century-old bargain retailer¹⁴ was itself a bargain when Syms bought it out of bankruptcy in 2009 for some 62 million dollars. Syms is about to turn the chain around, but officials today said they were unable because of increased competition from department stores, private label discounters and the economic downturn. The company says it considered liquidation¹⁹ the best way to maximize value for shareholders²⁰. Twenty-five Syms stores and 21 Filene's Basement locations will hold going-out-of-business sales before Black Friday. Tovia Smith, NPR News, Boston.

 

A federal appeals court is citing with CBS, which argued it was improperly²¹ fined by the Federal Communications Commissions for Janet Jackson's so-called "wardrobe malfunction²²" during a 2004 Super Bowl. The singer's breast was exposed for half a second during the halftime show. The FCC fined CBS more than a half-million dollars.

 

I'm Lakshmi Singh, NPR News, Washington.

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