NPR's business news begins with Ben Bernanke's future.
(SOUNDBITE OF MUSIC)
GREENE: OK, President Obama has given the clearest hint yet, that Ben Bernanke's time as chairman of the Federal Reserve may soon be up. In an interview that aired last night on PBS's "Charlie Rose" program, the president said this...
(SOUNDBITE OF "CHARLIE ROSE" SHOW)
PRESIDENT BARACK OBAMA: I think Ben Bernanke's done an outstanding job. Ben Bernanke's a little bit like Bob Mueller, the head of the FBI...
Some other news. Authorities in New York have announced the arrest of eight men and one woman who operate several 7-Eleven convenience stores in New York and in Virginia. They're accused of staffing their stores with undocumented workers and then stealing those workers' wages.
From member station WNYC, Ilya Marritz has details.
And today's last word in business is home detention.
The story comes to us from New Zealand, where authorities have been locking up some criminals in their homes rather than jail. House arrest is a lot cheaper, but it turns out that serving time at home is not as comfortable as you might think.
It's not your everyday real estate deal. A team of young entrepreneurs persuaded about 50 deep-pocketed investors to help them purchase a mountain. The deal just closed in April, and development on Utah's nearly 10,000-acre Powder Mountain is now underway.
"When we made those first phone calls, everybody's like, what? That being said, they know that we aren't kidding," says Jeff Rosenthal, co-founder of Summit, the group that led the purchase of the peak.
Editor's Note: Many of you noted that the price for a 10-pound bag of potatoes cited in the lawsuit seems ridiculously high. So we look into the matter further — you can read what we found in this follow-up post.
High-tech spying with satellites. Intimidation. Price fixing.
From NPR News, this is ALL THINGS CONSIDERED. I'm Melissa Block.
ROBERT SIEGEL, HOST:
And I'm Robert Siegel. We begin this hour with the annual Group of 8 summit in Northern Ireland. Today, President Obama and the other G8 leaders huddled at a resort there. Among the many topics, the bloody civil war in Syria. President Obama and Russian President Vladimir Putin sat down to talk about Syria, acknowledging that they have, as Mr. Obama said, differing perspectives.
The Supreme Court sided with government regulators in an important case involving the pharmaceutical industry and patent law. At issue were contracts between "brand-name" pharmaceutical companies and "generic" producers in which the brand-name company paid the generic not to compete. The court said the Federal Trade Commission could challenge such contracts.
When the maker of a brand-name drug pays a maker of generic drugs to not produce a lower-priced version of their product, the Federal Trade Commission can challenge the arrangement on antitrust grounds, the Supreme Court ruled Monday. The ruling may end the era of what regulators call "pay-for-delay" deals.
The justices voted 5-3 to allow a case to go forward in which the FTC is challenging one of many such deals. Several companies are involved in the case, including Solvay Pharmaceuticals, maker of AndroGel, and generic-drug maker Actavis.