Yuki Noguchi

Yuki Noguchi is a correspondent on the Business Desk based out of NPR's headquarters in Washington D.C. Since joining NPR in 2008, she's covered business and economic news, and has a special interest in workplace issues — everything from abusive working environments, to the idiosyncratic cubicle culture. In recent years she has covered the housing market meltdown, unemployment during the Great Recession, and covered the aftermath of the tsunami in Japan in 2011. As in her personal life, however, her coverage interests are wide-ranging, and have included things like entomophagy and the St. Louis Cardinals.

Prior to joining NPR, Yuki started her career as a reporter for The Washington Post. She reported on stories mostly about business and technology, and later became an editor.

Yuki grew up with a younger brother speaking her parents' native Japanese at home. She has a degree in history from Yale.

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MELISSA BLOCK, HOST:

The new jobs report, out today, shows a sharp drop in the unemployment rate. But millions of Americans are, of course, still looking for work. Often, the bridge between them and a good job is a training program to help give them a new set of skills. Programs to retrain America's workforce got quite a bit of attention in Wednesday's presidential debate, and NPR's Yuki Noguchi reports on one of them here in Washington.

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RENEE MONTAGNE, HOST:

Housing continues to be a big issue for the economy, and for many voters. But so far it hasn't been a major issue in the presidential campaign. Perhaps that's because both sides agree that there's no easy fix for the problem of millions of troubled mortgages.

The Problem:

Cathy Busby and her husband co-owned a realty office in Denver when they bought their house in 2006. The next year, the market for houses dried up, leaving them with little income as their house lost value.

Now, she says, she considers herself "poverty level."

The U.S. population is growing. In normal times, the labor force — working or not — would be growing too. But these are not normal times, and the labor force is actually smaller than it was four years ago, meaning millions of people who should be there aren't.

The reasons people drop out of the workforce are myriad. People go back to school. Others have health issues or family priorities that keep them from looking for work. But some stop looking because they are discouraged.

Charlotte, N.C., host of the 2012 Democratic National Convention, is the nation's biggest financial center outside of New York. But Charlotte and surrounding Mecklenburg County have the highest foreclosure rates in the state, and many thousands of homeowners owe more on their homes than the properties are worth.

As thousands of Democrats converge in Charlotte for the convention, some troubled homeowners have also gathered, lamenting that the foreclosure crisis has not been sufficiently front and center in the presidential campaign.

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STEVE INSKEEP, HOST:

Let's follow up on another story. Earlier this year, five big banks settled the so-called robo-signing case, admitting they rushed the foreclosure processes for thousands of homeowners. Now, those banks are working to forgive and modify $20 billion worth of home loans.

As NPR's Yuki Noguchi reports, yesterday was the first chance to look at how banks are handling this part of the settlement.

YUKI NOGUCHI, BYLINE: Joseph Smith's first full report wasn't due until November, but he was eager to keep the issue top of mind.

Refinance activity continues to boom, fueling the home-loan market. Low interest rates have created a class of "serial refinancers" — those lucky enough to borrow at lower rates — and given them new opportunities to spend their freed up cash.

Settlement attorney Robert Gratz never used to be on a first-name basis with his clients.

"In the past, our practice was such that you'd see people, and that was the end of it," he says.

Gratz now sees the same faces all the time, of clients refinancing again and again — these days in the mid-3 percent range.

The allegations this week against London-based Standard Chartered Bank raise questions, not just about the bank's viability but also about the efficacy of U.S. laws when it comes to foreign banks. Standard Chartered allegedly violated U.S. sanctions against Iran, and regulators said the bank's executives lied to investigators as part of a cover-up.

The case serves as yet another reminder that U.S. regulations, which have strengthened since the Sept. 11, 2001, terrorist attacks, apparently did not deter foreign banks from laundering money through their U.S. operations.

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STEVE INSKEEP, HOST:

Best Buy's founder and former chairman is not happy about the way things are going. That's why Richard Schulze said, yesterday, he wants to buy back the shares he does not already own and take the electronics retailer private. Schulze said he decided to publicly announce this offer because the board was taking too much time with it - could be worth nearly $9 billion in cash.

But as NPR's Yuki Noguchi reports, the deal is being met with some skepticism.

Housing, the sector that led us into the recession, now looks to be one of the brighter spots in the economy. Homebuilding is at its highest level in nearly four years. More homes are selling, and at higher prices.

The question, of course, is whether this is a solid enough foundation to sustain a full housing recovery.

Lawrence Yun, the chief economist for the National Association of Realtors, says housing woes are largely behind us.

While the job market remains sluggish, temporary work is one area that's done very well in the economic recovery. Companies are keeping their temps longer and are even using them to fill professional and high-ranking positions.

The average daily number of temporary workers employed during the first quarter of 2012 was more than 2.5 million. That's up from a low of 2.1 million in early 2009, according to the American Staffing Association.

County and city officials in San Bernardino, Calif., are considering a controversial plan: using the power of eminent domain to take over "underwater" mortgages, where the value of the home is worth less than the original loan. Taking on those properties, officials say, would allow the homeowners to refinance those troubled loans.

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ROBERT SIEGEL, HOST:

From NPR News, this is ALL THINGS CONSIDERED. I'm Robert Siegel.

MELISSA BLOCK, HOST:

And I'm Melissa Block. The big news from Washington today may not sound like big new. The unemployment rate remains stuck at 8.2 percent in June. Hiring was virtually flat compared to the prior months, with a meager 80,000 jobs added to the payrolls. But these days, the weak economy is increasingly a political story as NPR's Yuki Noguchi reports.

Groupon and Living Social have sold tens of millions of daily deals and are now a major force in retail. But they rely heavily on getting businesses to offer their goods and services at deep discounts. In exchange, businesses hope for payoff in the form of return customers.

Sometimes, though, the flood of extra business causes more problems than it solves.

Deal-Hungry Crowd

Ailie Ham had just opened Creative Hands Massage in Washington, D.C., when she decided to offer deals through Living Social and Groupon last year.

The fallen leader of Barclays Bank got on the hot seat before members of the British Parliament on Wednesday. Robert Diamond, an American, resigned Tuesday as CEO of the bank — the latest executive to lose his job over an interest-rate manipulation scandal.

The scandal has not only consumed Barclays, it also threatens to engulf other international banks — and high-ranking government officials, too.

Diamond started his career at Barclays on Independence Day, exactly 16 years ago. On Wednesday in London, he set off some fireworks all his own.

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