Jim Zarroli | WYPR

Jim Zarroli

Jim Zarroli is an NPR correspondent based in New York. He covers economics and business news.

Over the years, he has reported on recessions and booms, crashes and rallies, and a long string of tax dodgers, insider traders, and Ponzi schemers. Most recently, he has focused on trade and the job market. He also worked as part of a team covering President Trump's business interests.

Before moving into his current role, Zarroli served as a New York-based general assignment reporter for NPR News. While in this position, he reported from the United Nations and was also involved in NPR's coverage of Hurricane Katrina, the London transit bombings, and the Fukushima earthquake.

Before joining NPR in 1996, Zarroli worked for the Pittsburgh Press and wrote for various print publications.

He lives in Manhattan, loves to read, and is a devoted (but not at all fast) runner.

Zarroli grew up in Wilmington, Delaware, in a family of six kids and graduated from Pennsylvania State University.

Among the changes to U.S. restrictions on Cuba President Obama announced Wednesday was a relaxation of the rules barring U.S. banks from doing business there.

Americans traveling in Cuba will now be able to use their credit cards and ATM cards, but many U.S. banks see the new rules as something of a legal minefield.

A report on the phenomenon known as "reshoring" — the opposite of offshoring — shows that while a growing number of companies are returning to the United States to do their manufacturing, the trend is smaller and less significant to the economy than it appears.

A trial gets under way in St. Louis on Monday that could have a big impact on the way companies select 401(k) plans for their employees.

Lockheed Martin is being sued for choosing retirement funds that shortchanged its employees and charged high fees. The case tests the limits of a company's responsibilities to its employees at a time when 401(k) plans have become a central part of the nation's retirement system.

Growth is slowing all over the world right now, and that's especially true in Europe. Much of the continent is on the brink of another recession, and even the German economy is sputtering to a halt.

Some of the weakest countries, such as Spain and Italy, are actually experiencing deflation — a broad drop in incomes and asset values. It's a painful process that can be hard to reverse once it starts.

Europe's long, slow economic downturn has taken its toll on Javier Oroz Rodriguez, who owns a butcher shop in downtown Madrid.

The U.S. unemployment rate has been falling steadily over the years. Down from the recession peak of 10 percent in 2009, it reached 5.9 percent in September.

That's getting close to what economists call the natural unemployment rate — the normal level of joblessness you'd expect in a healthy economy.

But a lot of economists are asking whether the old rules about full employment still apply.

It was another stomach-churning day on Wall Street. At one point, the Dow industrials were down 460 points — a huge drop that followed four consecutive days of stock market losses.

The decline more than wiped out the year's gains. But then late in the trading day, tocks started to recover. And by the close, the Dow's loss was a little more than 1 percent.

Investors are worried about a global economic slowdown, the Federal Reserve's next move and even the Ebola virus.

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Burger King is buying Tim Hortons, the Canadian coffee-and-donut chain, in a deal valued at $11 billion. The new company will be headquartered in Ontario, Canada, allowing Burger King to take advantage of Canada's lower corporate tax rate. The relocation is bound to cause controversy in the U.S.

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The legal battle between Argentina and its creditors grinds on with no sign of a resolution anytime soon. The dispute pits the government against two New York hedge funds that specialize in buying distressed debt.

These hedge funds bought Argentina's bonds at fire-sale prices and now stand to make huge profits off the country's financial troubles. But they've encountered a lot of resistance from the government.

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Both the United States and Europe announced new economic sanctions this week against Russia for its role in the conflict in Ukraine. Among other things, Western companies will no longer be able to sell Russia new technologies to develop its oil fields.

The move comes at a time when oil exports have become more important than ever for the Russian economy.

President Obama says the sanctions are meant to send a strong message:

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Talks aimed at resolving Argentina's debt crisis have broken down in New York. A court-appointed mediator has declared that the country will go into default. It is the second time the country has defaulted in about 12 years.

With a midnight deadline looming, the government and its creditors walked away without a deal late Wednesday.

Argentina has been waging a protracted legal battle with a small number of bondholders. They want to be paid in full for bonds they purchased years ago.

Russia says it will appeal an unfavorable decision by a court in The Hague. The Permanent Court of Arbitration awarded $50 billion to shareholders of the defunct Yukos oil company. Russia seized the company in 2003 and put owner Mikhail Khodorkovsky in jail on tax and fraud charges.

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"Foreclosure, foreclosure, foreclosure."

Real estate broker John Susani drives down a Paterson, N.J., street where every third house seems to be abandoned or boarded up. During the boom years, money flooded into Paterson.

"The banking industry allowed everyone to be a homeowner; they gave mortgages to people [just because they were] breathing," Susani says.

In some cases, he says, home prices jumped as much as 50 percent. The homes on these streets aren't worth nearly that much anymore.

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This week the big medical device company Medtronic said it was moving its legal headquarters from Minneapolis to Ireland. It's part of a $43 billion merger with another medical company, Dublin-based Covidien.

The move is a tax-saving strategy called an inversion and it's growing more common in the corporate world.

U.S. companies make huge amounts of money overseas every year and much of it stays there, stashed away in foreign accounts.

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Entrepreneur Andy Krafsur raised money for Spira Footwear by reaching out to friends and family. But that was a dozen years ago. After the economy tanked, the common tactic became a lot more difficult.

"The pool of people that you can go to has shrunken significantly," Krafsur says, "and everybody goes to those same people."

Then Krafsur found a crowdfunding website that helped his cash flow enormously. The Securities and Exchange Commission is about to approve rules allowing small businesses to reach out to investors through these kinds of crowdfunding networks.

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The Chinese Internet giant Alibaba has officially announced its initial public offering. The IPO won't take place right away. But when it does, several months from now, it's expected to be one of the biggest in Wall Street history.

One year ago Thursday, an eight-story factory building in the Bangladesh capital of Dhaka collapsed, killing more than 1,100 workers. The disaster at Rana Plaza brought new attention to safety conditions in the country's booming garment industry.

In the year since then, some of the world's biggest retailers have begun inspecting Bangladesh's factories more aggressively. But in other ways efforts to reform the industry have fallen short.

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