The setting for this year's G-20 summit meeting is the Riviera Convention Center that hosts the Cannes Film Festival. President Obama will be walking the red carpet, but it's the European leaders who are stars of this show.
The Europeans are facing pressure to erect a financial "firewall" that will prevent the debt problems now plaguing Greece from spreading to the rest of the Continent and beyond.
The U.S. economy hit an important milestone last week: Gross domestic product, the sum of all goods and services produced in the country, returned to pre-recession levels. But the gains were made with millions fewer workers. Part of the reason is technology, as computers and machines continue to replace humans.
We used to think about machines taking over mundane jobs, like twisting a screw into a toaster on an assembly line over and over again. But more recently, technology is eliminating higher-skill jobs.
About 3,000 people gathered at the Port of Oakland Wednesday, and effectively shut it down. People flooded the port area and blocked exits. The protest remained largely peaceful until the late evening, when police responded to a bonfire.
Italian Prime Minister Silvio Berlusconi made a number of promises to fellow leaders of the eurozone countries at a summit meeting in October. Now Italy's economy is starting to become a growing concern for European Union leaders and financial markets.
It's MORNING EDITION from NPR News. I'm Steve Inskeep.
RENEE MONTAGNE, HOST:
And I'm Renee Montagne. To understand the European debt crisis, it helps to keep track of both the short-term and the long-term. In the short-term, Europeans have agreed on a bailout deal that among other things would cut the debts of Greece. It's being held up by the Greek prime minister's plan to hold a referendum on austerity measures. Europeans have told Greece it's got to decide soon if it wants to be part of the eurozone or not.
America's original discount store has filed for federal bankruptcy protection and plans to close its 46 stores. This isn't the first time the company has filed for bankruptcy, but it appears to be its last. The company cited increased competition from department stores, private-label discounters and the economic downturn.
First Solar, viewed as the golden child of the solar industry, hold its quarterly call today with nervous investors. They're on edge because the Arizona-based company announced a CEO shake-up late last month and have said almost nothing publically since then. From member station KJZZ in Phoenix, Peter O'Dowd reports.
NPR's business news begins with a bleaker forecast from the Fed. Just when we were beginning to hear some more positive economic news, the Federal Reserve reminds us not to get too excited. It's predicting slower growth and less improvement in the unemployment rate through 2013 than previously expected. This news comes after a two-day meeting of the Fed's policy-making committee, in which it decided against taking new measures to stimulate the economy for now.
Some towns in New York are rushing to ban horizontal hydrofracking, a controversial technique for capturing natural gas trapped deep under ground. The state itself has yet to approve fracking, but Dryden, N.Y., isn't taking any chances. Town supervisors approved a ban based on local zoning. David Chanatry of the New York Reporting Project at Utica College reports, the Dryden's ban is the issue in next week's town board elections.