Business

As a tropical storm was gathering strength last week, fears were growing that the fierce winds might knock out Gulf Coast refineries, send gasoline prices soaring and seriously damage the U.S. economy.

But when Hurricane Isaac slammed into the Gulf Coast on Tuesday, it was only a Category 1 hurricane, far weaker than Katrina, the monster storm that hit seven years ago.

Transcript

DAVID GREENE, HOST:

NPR's business news starts with the latest comments from Ben Bernanke

(SOUNDBITE OF MUSIC)

As the AP reads it, Federal Reserve Chairman Ben Bernanke stopped just short of "committing the Fed to any specific move, such as another round of bond purchases to lower long-term interest rates."

Bernanke gave a speech at the Federal Reserve Bank of Kansas City Economic Symposium in Jackson Hole, Wy. today. As with all his speeches, it was being closely watched for signs on what the Federal Reserve would do next.

Transcript

DAVID GREENE, HOST:

And our last word in business today is Happy Birthday.

Turns out when you're a billionaire investor you can celebrate any way you want. Warren Buffett turned 82 yesterday and his wish was to give away billions, so he did, in the form of millions of dollars worth of his company stock. All told, those shares will eventually be worth about $3 billion. That gift was divided between his three children's charitable foundations.

NPR's Sonari Glinton has more.

Transcript

DAVID GREENE, HOST:

NPR's business news starts with yet another patent decision.

Apple and Samsung have been busy suing each other in countries all over the world. The latest decision came this morning. A court in Tokyo ruled that Samsung did not infringe on an Apple patent. A small win for the South Korean company, after a U.S. jury awarded Apple $1 billion in damages last week. Separately, a South Korean court has already ruled both companies infringed on each other's patents. Transcript provided by NPR, Copyright National Public Radio.

Transcript

STEVE INSKEEP, HOST:

And now let's report on a battle playing out on Norwalk, Connecticut. Eleven thousand students went back to school in Norwalk this week after a summer clash over budget cuts - the kinds of budget cuts that are familiar to people across this country. Dozens of teachers and other staff were reinstated in Norwalk, following protests by parents over the budget cuts.

As Kaomi Goetz of member station WSHU reports, parents are still frustrated.

Transcript

STEVE INSKEEP, HOST:

Apparently the oil market is alright too. Now that Isaac has passed, the major oil companies are looking to restart production in the Gulf of Mexico. With nearly all the production platforms shut down, many people expected to see a rise in oil prices. But instead we've seen in the last few days what looks like the typical movement of the market - a little down one day, a little up the next.

Isaac is proving far less disruptive than Hurricanes Katrina or Ivan. Here's NPR's Yuki Noguchi.

This November, voters in California will decide whether the state should require labels on foods with genetically engineered ingredients. If the initiative, known as Proposition 37, passes, manufacturers would have to say somewhere on the front or the back of the food's packaging if the product contains or may contain genetically engineered ingredients.

Farmers markets are popping up in cities all across the country, and people expect lots of different things from them: Better food, of course, but also economic development and even friendlier neighborhoods.

At its core, though, the farmers market is a business, and it won't survive unless the farmer makes money.

So what's the key to success for these markets?