NPR 2009-4-24

From NPR News in Washington, I’m Jack 1 Speer.

President Barack Obama met today with the heads of some of the country's biggest credit card companies. The president made it clear his administration wants the industry to cut out the fine print and sudden interest rate hikes that cause problems for so many customers.

"We believe that it is important to require firms to make all their contract terms easily accessible online in a fashion that allows people to shop for the best deal for their needs."

With industry representatives seated at his side, Mr. Obama called on the card industry to act responsibly in what he termed a constructive 2 fashion. President also said he realizes the importance of credit cards with almost 80% of US households having at least one.

It's not just the White House that is calling for credit card reform. Lawmakers in Congress are also looking to move their own bill on the issue through the House over the next week. NPR's Audie Cornish has more.

Congressman 3 Luis Gutierrez of Illinois heads the subcommittee working on the legislation, known as the Credit Cardholders Bill of Rights.

"Many consumers have seen actions which they feel simply benefit banks, simply benefit the lenders. We are going to make sure that consumers know that we are on their side and the Congress is going to act."

The bill would ban the marketing 4 of credit cards to minors 5, bar arbitrary increases on interest rates and require that companies let consumers set their own credit limit. Banks and credit card companies argue that legislation would hurt their ability to manage risky 6 borrowers through fees and bring an end to low rate promotional offers. Audie Cornish, NPR News, the Capitol.

General Motors announced plans today to temporarily close 13 of its US factories this summer. Some will shut down for as long as two months. The automaker says the move is aimed at aligning 7 production with market demand. From member station WKYU in Bowling 8 Green, Kentucky, Lisa Autry reports.

Robert Warwick assembles the Corvette at GM's Bowling Green plant. Having been with the company since 1980, He's been through several shutdowns. But Warwick says it never gets easier.

"You know, it’s very stressful on the families, especially those who have young kids and are having to make house payments and they, you know, they don't have a job security, thinking the job is gonna be there like it used to be."

Warwick was laid off from the Bowling Green plant for six weeks last December as GM slashed 9 production amid plummeting 10 sales on the car lot. The Corvette assembly plants will get off easier this time around, compared to other GM factories closing for one additional week in July. A two-week shutdown was already scheduled for the month. For NPR News, I’m Lisa Autry in Bowling Green, Kentucky.

The number of people filing first time jobless claims took another big bump-up last week. According to the Labor 11 Department, initial claims for unemployment benefits rose to a seasonally 12 adjusted 640,000. That's up 27,000 from the previous week.

On Wall Street today, the Dow Jones Industrial average gained 70 points to close at 7957. The NASDAQ was up six points. The S&P 500 rose eight points today.

This is NPR.

US Airways 13 has reported higher quarterly losses at the time the weak economy has cut into both business and leisure travel. However, the Airline says it was actually able to reduce its pool of running slightly by taking some of the airplanes out of service. The airline says for the January through March quarter it lost 103 million dollars—roughly 90 cents a share, though was better than the 237 million dollars the airline loss compared to same period a year ago.

A pioneer in the field of cinematography has died. Jack Cardiff died yesterday at the age of 94. He won an Oscar for his work on the film “Black Narcissus” and received wide admiration 14 for the classic ballet film “The Red Shoes”. NPR's Neda Ulaby reports.

Jack Cardiff was a sort of cinematographer who could make the color white, voluptuous 15, be it the milky 16 folds to nun’s spotless wimple or the ethereal flounce of a dancer’s tutu. Jack Cardiff was known for his sumptuous 17 palette in saturated 18 hues 19 that gave his movies the visual feel of fairy tales. Director Martin Scorsese said he could paint with a camera. His co-workers called him Jack O'Lantern because of his knack 20 for lighting 21. Cardiff worked in various capacities on movies ranging from "The Barefoot Contessa" to ”The African Queen”. He won a Lifetime Achievement Oscar in 2001. The British-born cinematographer died at his home in southeast England after a short illness. Neda Ulaby, NPR News.

Now it appears a mistake made by a Florida pharmacy 22 may have led to the deaths of 21 polo ponies 23 at US Open Polo Championship last weekend. Horses became sick and died just before the match. They apparently 24 got a supplement prepared that was too strong.