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Financial 411: Gauging Reaction to the News Corp. Scandal in New York

Thursday, July 21, 2011

Latest Unemployment Numbers

New York State and New York City both saw their June unemployment rates tick up to 8 percent and 8.7 percent, respectively. In the city, the securities industry shed 2,000 jobs last month. Local government took an even bigger hit, losing 2,700 jobs. Restaurants and private schools have added the greatest number of positions since the city hit economic bottom in September 2009.

Markets

Although there's still no deal on raising the U.S. debt limit, across the Atlantic, Eurozone leaders just signed on to giving Greece a second bailout worth $230 billion. With that news and strong earnings reports, markets rose Thursday. The Dow jumped 153 points, closing at 12,724. The S&P 500 rose 18 points, to close at 1,344. And the Nasdaq was up 20 points, ending the day at at 2,834.

A Look at How the News Corp. Scandal is Affecting Employees in New York

There are 6,000 people in New York City who are particularly concerned with the phone-hacking scandal in Great Britain that is affecting News Corp. They are the News Corp. employees at company headquarters in Midtown, and at the massive company's media properties here, including The Wall Street Journal, the New York Post and Fox News.  

Last Friday, Les Hinton, the CEO of Dow Jones, the parent company of the Journal, and someone very close to Rupert Murdoch, resigned. He became the first New York-based casualty of the crisis.

WNYC's Ilya Marritz has been talking to some News Corp. employees in New York, and he said many of them are very concerned. He tells us what they're worried about, and how they feel about the media scandal.

Name the Next Start-up

You may have heard our story earlier this week on start-up companies, and the importance of coming up with a good name. We asked for your suggestions for names based on descriptions of a few real start-ups. Take a look at those suggestions and vote on your favorites here. We'll mention the results on the air on Friday.


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