NPR's business news starts with a U.K. interest rate probe.
(SOUNDBITE OF MUSIC)
WERTHEIMER: The former chief executive of Barclays is testifying before a parliamentary committee in Britain. Bob Diamond, who resigned yesterday, is being asked about the rate-setting scandal at the bank. He told lawmakers in the hearing today that it was an unfortunate series of events. Yesterday, Barclays released documents suggesting a Bank of England official may have pressured Barclays to lower its rates. NPR's Jim Zarroli reports.
Pakistan and the United States have reached agreement to reopen the strategic land supply routes from Pakistan into Afghanistan. Pakistan closed those routes last November after a U.S. attack left 24 Pakistani soldiers dead. Pakistan had wanted a formal apology from the U.S. but the administration refused because it believed American troops had come under fire first from the Pakistani side. But yesterday, Secretary of State Clinton made comments that finally broke the logjam.
A bit of good news for Colorado. Yesterday, firefighters battling wildfires there got a boost from some much-needed rain.
RENEE MONTAGNE, HOST:
The fires and drought conditions in the state prompted a firework ban for this 4th of July holiday. But an exception was made last night in Denver, where a giant crowd gathered to watch fireworks and applaud the efforts of those fighting to contain the fires.
Maybe you won't pay several hundred dollars for a pair of sneakers, but there are a lot of people who will — providing they are the right sneakers. The demand for certain models has spawned a robust market for re-sellers — people who buy up the available supply and re-sell them for a profit.