Financial 411: Japan's Recovery
Tuesday, March 22, 2011
New York Judge Rejects Google Deal
A federal judge in New York City has rejected a deal between Google and lawyers for authors and publishers. The gigantic search engine wants to make money from the world's largest digital library, which it has assembled.
U.S. Circuit Judge Denny Chin conceded that the creation of a universal library could benefit the public, but he said it would "simply go too far" and give Google an unfair advantage over competitors. He also expressed concern for the rights of copyright holders.
Insider Trading Trial Continues
In another Manhattan court room, a former Intel executive has begun testifying at the insider trading trial of hedge fund billionaire Raj Rajaratnam. Prosecutors say Rajiv Goel was caught on a wiretap giving Rajaratnam confidential details of a billion dollar telecom deal being considered by the board of Intel. Goel has already pleaded guilty to leaking company secrets, and is cooperating with prosecutors.
Political instability in several countries in the Middle East pushed the price of crude to $104 per barrel in trading today. That's a rise of more than a $1.67.
On the stock market, the Dow was down 18 points, to close at 12,019. The S&P lost five points, to close at 1,294. The NASDAQ lost eight points, ending the day at 2,684.
It's been more than a week since Japan was devastated by a massive earthquake and tsunami. As workers struggle to bring the leaking nuclear reactors under control, in other parts of the country, the dust is beginning to settle. David Weinstein is the associate director of research at the Center of Japanese Economy and Business, which is part of Columbia's Business School. He talks about Japan's recovery, including its effects on the global economy.