Finnish cellphone manufacturer Nokia announced it will cut 10,000 jobs by the end of next year; that follows a cut of 14,000 jobs announced last year. Nokia once dominated the cellphone industry but in recent years has struggled to keep up with smartphone makers like Samsung and Apple.
The insider trading case against Rajat Gupta is in the jury's hands. Gupta was a former member of the board of directors of Goldman Sachs and a close associate of Raj Rajaratnam, the hedge fund manager who was convicted of insider trading last year.
The chief executive of JPMorgan Chase, Jamie Dimon, was on Capitol Hill Wednesday, where he tried to explain his company's recent multibillion-dollar trading losses. Dimon told the Senate Banking Committee that the losses were indefensible. He also said the company may try to recover some of the compensation paid to the traders who were responsible.
The housing market is finally showing signs of a comeback, according to an annual study from Harvard. Home prices have stopped falling in many areas, and buyers are growing more confident. But, though mortgage interest rates are at record lows, banks are often cautious to lend.
The city is rallying around its famous newspaper, the Times-Picayune, as it goes through layoffs and publication cutbacks. The public outcry is escalating, with the upper echelon of the city's political, business and cultural leaders pleading with the paper's owners to reconsider.
The online service for short-term rentals in private homes known as Airbnb got a boost when it was featured at the recent Apple conference. But the company has also drawn in attention in cities like San Francisco, where legal concerns over everything from liability and safety to upset landlords have led to scrutiny. Audie Cornish speaks with Fast Company reporter Austin Carr about what Airbnb is up against.
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