Nightly Business Report (PBS) - 2006-11-28

Channel: malgent

Transcript

Language: English (original, YouTube automatic captions)

[0:04] Concerns about core inflation today from

[0:06] Federal Reserve Chairman Ben Bernani. In

[0:08] his first remarks on the economy in

[0:10] months, Bernani says price pressures

[0:12] must come down. But what he doesn't say

[0:14] is that interest rates will come down as

[0:16] well. We'll have details and analysis of

[0:18] his speech.

[0:19] >> The financial markets are getting a new

[0:22] top cop. A deal is in the works to get

[0:24] rid of overlapping layers of regulation

[0:26] among the nation's major stock

[0:28] exchanges. The move could save millions

[0:30] of dollars a year and improve oversight.

[0:34] >> Aircraft maker Boeing is on a roll. Its

[0:36] shares head higher on news of yet

[0:38] another big new order for the airplane

[0:40] maker. This time the buyer is an airline

[0:42] in Europe. Last week it was an airline

[0:45] in Asia.

[0:46] >> Also tonight, harnessing the energy of

[0:48] the wind and the sun. We look at

[0:50] prospects for alternative energy as we

[0:52] begin a special series of reports called

[0:55] Power Struggle.

[0:56] >> I'm Paul Kang

[0:57] >> and I'm Susie Gar. This is Nightly

[0:59] Business Report for Tuesday, November

[1:01] 28th.

[1:02] >> Nightly Business Report is made possible

[1:05] by Franklin Templeton Investments.

[1:09] Providing a unique perspective through

[1:10] the specialized investment expertise of

[1:13] Franklin Templeton Mutual Series and

[1:15] Fiduciary Trust. Franklin Templeton

[1:17] Investments. Gain from our perspective.

[1:21] >> And by AG Edwards.

[1:25] This program was made possible by

[1:27] contributions to your PBS station from

[1:30] viewers like you. Thank you.

[1:40] Good evening everyone. An inflation

[1:42] warning today from the chairman of the

[1:43] Federal Reserve. Speaking in New York to

[1:46] the National Italian American

[1:47] Foundation, Ben Berneni said the economy

[1:50] is in good shape, but he's concerned

[1:52] about the current level of core

[1:53] inflation. His comments dashed hopes on

[1:56] Wall Street that the Fed might cut rates

[1:58] early next year. Erikica Miller reports.

[2:03] Fed chairman Ben Bernani got a standing

[2:05] ovation from the audience today, but not

[2:08] from Wall Street. Stock investors were

[2:10] disappointed the Fed chairman did not

[2:12] signal the possibility of an interest

[2:13] rate cut in the near future. Twice in

[2:16] his prepared remarks, Bernanki repeated

[2:18] this warning about inflation,

[2:19] >> but the level of core inflation remains

[2:21] uncomfortably high. that sparked

[2:24] concerns the next move by the Fed might

[2:26] actually be a rate hike.

[2:28] >> He was implying that maybe you're going

[2:30] to get rate increases and certainly said

[2:32] nothing to encourage those who are

[2:34] betting on rate cuts.

[2:36] >> But the news wasn't all bad. Bernanki

[2:38] gave an upbeat assessment of the overall

[2:40] economy despite a slowdown in the

[2:42] housing and auto sectors. Over the next

[2:44] year or so, the economy appears likely

[2:46] to expand at a moderate rate, close to

[2:49] or modestly below the economy's longrun

[2:52] sustainable pace.

[2:53] >> The Federal Reserve's open market

[2:55] committee will meet December 12th, and

[2:57] nearly everyone agrees the central bank

[2:59] is likely to hold rates steady, as it

[3:01] did the last three meetings. The bigger

[3:03] debate is which way the Fed will move

[3:04] next year. Even after Bernanki speech

[3:07] today, the bond market is pricing in

[3:08] nearly 50% odds of a rate cut in the

[3:11] first quarter. But many economists think

[3:13] the next move will be a rate hike.

[3:15] >> I think that might be on hold for

[3:17] another three months perhaps. Um I think

[3:20] we could see rates going up end of

[3:22] February, March in that period of time

[3:23] because I think by that time the economy

[3:25] will have more clearly recovered.

[3:27] >> There were several other issues Berneni

[3:29] did not address in his speech today. He

[3:31] did not mention recent weakness in the

[3:32] dollar or his planned trip to China next

[3:34] month with Treasury Secretary Henry

[3:36] Pollson. This is Fed Chairman Ben

[3:38] Bernankei's last planned economic speech

[3:41] before the Fed's December meeting. As a

[3:43] result, experts say his next major

[3:45] economic assessment is likely to come in

[3:47] the statement accompanying the Fed's

[3:48] decision. Erica Miller, Nightly Business

[3:51] Report, New York.

[3:52] >> Meanwhile, the latest data out today

[3:54] paint a mixed picture of the US economy.

[3:57] The National Association of Realtors

[3:59] says sales of existing homes rose for

[4:01] the first time in eight months in

[4:03] October, up 510 of a percent to an

[4:05] annual pace of 6.2 2 million units. But

[4:08] the median price of a home sold is down

[4:10] a record 3.5% over the past year to

[4:13] $221,000.

[4:15] The news was even worse for durable

[4:17] goods, which plunged more than 8% last

[4:19] month, the biggest drop in more than six

[4:21] years. The decline was due to weak

[4:23] demand for commercial airplanes and

[4:25] electronics, including computers. Still,

[4:28] economists say those numbers can be

[4:30] misleading.

[4:32] But I think on the manufacturing side,

[4:34] what the data indicate is that things

[4:35] have slowed down in the manufacturing

[4:37] sector, but they're not crashing as much

[4:39] as that 8% drop would would suggest.

[4:42] What really had here was a big jump in

[4:44] September, offset by a big drop in

[4:46] October. We're back to where we were in

[4:48] August, and that wasn't really so bad.

[4:51] >> Well, as bad as yesterday's sell-off was

[4:53] on Wall Street, stocks open still lower

[4:55] today as the dollar continued to slide

[4:57] while oil rse. The Dow fell 30 points at

[5:00] the outset of trading. The Nasdaq lost

[5:02] 12. Bargain hunters cut those losses to

[5:05] single digits by midday, but they backed

[5:07] off during the Bernani speech. Despite

[5:09] his concern about inflation, buyers came

[5:11] back in the final hour, resulting in a

[5:13] positive market close. The Dow

[5:15] industrial average ended up 14.74 points

[5:17] at 12,136.45.

[5:20] The Nasdaq Composite was up 6.69, ending

[5:23] at 2412.61.

[5:25] Standard and Forge 500 index gained 4.82

[5:28] to close at 1386.72.

[5:31] In the bond market, the 10-year note

[5:33] rose 732s to par in 3032, putting the

[5:36] yield down to 4.51%.

[5:55] There's a big merger in the works

[5:56] tonight in the securities industry, but

[5:58] this time it's not the brokers who are

[6:00] joining forces. It's the regulators. The

[6:03] National Association of Securities

[6:04] Dealers and New York Stock Exchange

[6:06] Regulation are consolidating. The new

[6:09] merged entity will regulate the NASDAQ

[6:11] and the New York Stock Exchanges as well

[6:14] as the all 5100 brokerage firms around

[6:16] the country. Washington Bureau Chief

[6:18] Darren Gersh has more.

[6:21] >> With competition from international

[6:23] stock markets intensifying, regulators

[6:25] say it's a good time to streamline the

[6:27] way they do business.

[6:29] >> US investors deserve a regulator that

[6:31] has the resources and skills to keep

[6:33] pace with an increasingly complex and

[6:35] changing securities industry. Right now,

[6:38] the New York Stock Exchange polices

[6:40] itself and its members through a

[6:42] regulatory subsidiary. The National

[6:44] Association of Security Dealers does

[6:46] much the same thing for NASDAQ and the

[6:49] nation's 650,000 stock brokers. The

[6:52] Securities and Exchange Commission

[6:53] oversees both groups and today played

[6:56] regulatory matchmaker. Instead of a

[6:59] managerie of potentially conflicting

[7:01] schemes that can actually undermine the

[7:04] effectiveness of regulation, not to

[7:06] mention the efficiency of our capital

[7:08] markets, we might soon be able to

[7:10] increase the effectiveness of regulation

[7:12] for the benefit of all investors.

[7:14] >> Investor advocates have long been

[7:16] concerned that industry self-regulation

[7:18] is undermined by conflicts of interest.

[7:21] Rolling the New York Stock Exchange's

[7:23] regulation into the NASD, in theory,

[7:26] eliminate those fears. But the question

[7:28] is what happens in practice.

[7:30] >> There's nothing about what the SEC

[7:32] announced today that that suggests that

[7:34] it's going to be toothless, but there

[7:36] going to be people pushing it for it to

[7:38] be toothless. And that's the danger. The

[7:41] danger is that a good idea will be

[7:43] turned into something that's not good by

[7:45] political pressure.

[7:47] >> Regulators say their goal is to make the

[7:49] rules more consistent and easier to

[7:50] follow, and that could ultimately save

[7:52] tens of millions of dollars. But the

[7:55] woman named to lead the new organization

[7:57] says there will be no cutbacks in

[7:59] regulatory staff.

[8:01] >> This is not about cost savings in terms

[8:04] of the staffing of the new organization.

[8:06] This is much more about costsaving in

[8:09] within firms that are going to have that

[8:11] are currently dealing with multiple rule

[8:14] books, multiple sets of examiners,

[8:16] multiple enforcement inquiries and

[8:17] cases. The new regulatory entity still

[8:20] doesn't have a name and assuming the SEC

[8:22] gives final approval won't be up and

[8:24] running until the second half of 2007.

[8:27] Once that happens, each member firm will

[8:29] get a $35,000 check as a sort of down

[8:32] payment on the expected regulatory cost

[8:34] savings. Darren Gersh, Nightly Business

[8:37] Report, Washington.

[8:39] >> Speaking of cost savings, it looks like

[8:41] the new Medicare drug program is costing

[8:43] the government less than expected. In

[8:45] fact, $13 billion less than expected.

[8:48] The agency overseeing that program says

[8:50] half that amount comes from lower thanex

[8:52] expected enrollment. Almost $4 billion

[8:55] was saved because drug prices didn't

[8:56] climb as fast as Medicare had

[8:58] anticipated. Also helping keep co

[9:00] keeping costs lower, competition among

[9:02] private insurance programs that

[9:04] administer the drug plan.

[9:32] Going global could be the wave of the

[9:34] future for the futures industry.

[9:36] Explosive growth in derivatives trading

[9:38] has many US exchanges looking outside

[9:40] our borders for possible partners. Diane

[9:43] Esserbrook has more from Chicago.

[9:46] 75 derivative exchanges worldwide trade

[9:49] everything from energy to crops to

[9:51] currencies, but consolidation is

[9:54] expected to pair their numbers over the

[9:56] next decade due to increased electronic

[9:58] trading, more competition for customers

[10:00] and mutualization. At the Futures

[10:02] Industry Association Expo in Chicago

[10:05] this week, global exchange leaders

[10:06] predict exchange consolidation will

[10:09] cross both continents and asset classes.

[10:12] >> I don't think that it will matter

[10:13] whether they're domestic or

[10:14] international. Uh I think the need to

[10:17] improve shareholder value will drive us

[10:20] toward more consolidation.

[10:22] >> Industry consolidation has gained steam

[10:24] in the past few months. The New York

[10:26] Stock Exchange is pursuing a merger with

[10:28] Paris-based Urinex in hopes of gaining

[10:30] access to the lucrative futures market.

[10:32] And last month, the Chicago Merkantile

[10:34] Exchange announced plans to merge with

[10:36] the Chicago Board of Trade. But that

[10:38] deal is being scrutinized by the US

[10:40] Department of Justice. Analysts think

[10:42] antitrust concerns will pave the way for

[10:45] more crossber marriages.

[10:47] >> There's significant other benefits by

[10:49] expanding your markets, access to new

[10:52] products. So you'll see definitely more

[10:55] global consolidation as as well as what

[10:58] you see in domestic consolidation here

[11:00] with the CBOT and CME. These exchange

[11:03] leaders think there will be even more

[11:04] opportunities to merge with

[11:06] international exchanges down the road.

[11:08] They say China and India are untapped

[11:10] markets for futures trading and they

[11:13] expect derivative exchanges to open

[11:14] there over the next several years. I

[11:17] think that both markets represent

[11:21] absolutely unbelievable

[11:24] um potential for development.

[11:27] >> I think that they'll have a tremendous

[11:29] uh impact on that because of the the

[11:31] consumption as well as the production uh

[11:33] of these markets. You look at what's

[11:35] going on in China with the commodity

[11:36] markets, it's quite outstanding.

[11:38] Analysts predict that growth in

[11:40] derivatives trading will outpace that of

[11:42] equities for at least the next decade

[11:44] driven by product innovation, access to

[11:47] new markets, and increased investment

[11:49] from hedge funds. Dian Esbrook, Nightly

[11:52] Business Report, Chicago.

[11:55] >> Now, let's take a look at some stocks in

[11:56] the news tonight.

[12:01] Once again, volume leader on the big

[12:02] board on 20.4 million shares. Lucent

[12:05] Technologies edging up 3 cents. Alcatel

[12:07] should complete its merger with Lucent

[12:09] by late this week. Fizer moved up 8

[12:11] cents. Uh it was just one of the three

[12:13] gainers in the Dow yesterday. The only

[12:15] news out today on Fiser discontinued

[12:17] developing an anti-csychotic drug with a

[12:19] Dutch firm called Axo Nobel.

[12:22] Then Ford Motor Company edging a penny

[12:24] lower. Exon Mobile on the higher oil

[12:26] prices today up a $169. GE 25cent loss

[12:30] that was a fifth in volume. Motorola

[12:32] lost 12 cents. AT&T moving up 14 cents.

[12:35] Time Warner a 4-cent loss while Quest

[12:38] Communications gained that much. And

[12:39] CVS, the big drug chain, 38 cent gain,

[12:42] 10th in volume. Boeing closed up 57

[12:45] cents but traded as high as $88.73 this

[12:48] morning after getting uh an order from

[12:50] Air Berlin. Berlin, the second largest

[12:53] German carrier. The orders for 60 new

[12:55] 737800 models, and that's worth about

[12:58] $4.2 billion.

[13:01] Nokia was down 22 cents. The company cut

[13:04] its targets for operating margins due to

[13:06] the pricing pressures in the global

[13:08] handset market. Then Louisiana Pacific

[13:11] moving up a$1.13 on takeover

[13:13] speculation. It's rumored that

[13:15] Warehouser could make a buyout bid. So

[13:17] far, just speculation. Service Master up

[13:20] a$125. The company has hired Goldman

[13:22] Sachs and Morgan Stanley to help explore

[13:24] strategic alternatives and that includes

[13:26] the possible sale of the company.

[13:28] Quicksilver Resources, this is an oil

[13:30] and natural gas producer, got an upgrade

[13:32] from Goldman Sachs today from neutral to

[13:35] buy. Then Frontline Limited, which is in

[13:38] the oil and and in the crude oil tanker

[13:41] business, down $2.34. Third quarter

[13:43] earnings were higher, $132 versus 99

[13:46] last year, but most street estimates

[13:47] were above $1.50. The company cited for

[13:50] the shortfall the cost of dry decking

[13:52] dry docking seven vessels. Donaldson was

[13:55] down $37. First quarter earnings were a

[13:57] bit higher, 43 cents versus 37 last

[14:00] year, but that was only in line with

[14:01] estimates and a disappointment to some

[14:03] apparently. Copper's holdings down 83

[14:06] cents companies involved in wood

[14:08] treatment systems, things like that, and

[14:10] its largest shareholder, Saratoga

[14:11] Partners, is going to sell 1.75 million

[14:14] shares.

[14:16] The uh overnight market in Hong Kong,

[14:18] the Hang Index, tumbled almost 3%. So,

[14:21] the Chinese American Depository Receipts

[14:23] in the US had a rough time of it today.

[14:26] As you can see, some major losses by

[14:28] these four issues, all ADRs.

[14:32] Google topped the active list now up

[14:34] $4.75 on NASDAQ, followed by Apple

[14:36] Computer, up $227. And that is a new

[14:39] closing record high for Apple. And

[14:41] incidentally, Amazon.com says six of

[14:44] Apple's iPod products made the list of

[14:46] the top 10 most popular electronics pro

[14:49] products. UBS also boosted 2007 earnings

[14:52] for Apple from $2.75 to $284 a share.

[14:55] Cisco up a$123. Microsoft a 9-cent loss.

[14:59] Research in motion fifth and dollar

[15:00] volume lost a dollar1. Intel a 4-cent

[15:03] drop, 89 cent drop in Broadcom. And

[15:06] incidentally, uh Broadcom CEO says the

[15:08] company's inventory is under control,

[15:10] but the challenge is with some of its

[15:12] customers. Qualcomm 60cent drop there

[15:15] and then Oracle a two-cent loss and Dell

[15:17] tenth in volume was off 6 cents. Palm

[15:20] Incorporated fell a$118 after the close

[15:22] yesterday. The company cut second

[15:23] quarter revenue guidance due to the

[15:25] delay in shipping its new trio

[15:26] smartphone and then we see Anakah

[15:30] Therapeutics up $234. The company got

[15:32] preliminary FDA approval for its

[15:34] cosmetic tissue augmentation product.

[15:37] Those are the stocks in the news

[15:38] tonight. Susie,

[15:39] >> thank you Paul. Well, call it a power

[15:41] struggle. the challenge of finding

[15:43] renewable energy sources that will be

[15:45] still viable decades, even centuries

[15:48] from now. And it's a power play that's

[15:50] attracting big bucks. Last year, venture

[15:52] capitalists poured almost a billion

[15:54] dollars into clean energy startup firms.

[15:57] So, we're taking a look at the renewable

[15:59] energy industry in a three-part series

[16:01] called Appropriately Power Struggle.

[16:03] Tonight, Stephanie D looks at how light

[16:05] and wind could meet our energy needs in

[16:08] the future.

[16:11] Using lenses and mirrors to concentrate

[16:13] sunlight, Silicon Valley startup Soul

[16:16] Focus is working to generate more energy

[16:18] for less money.

[16:21] Soul Focus CEO Gary Connley wants to

[16:24] make solar power as ubiquitous as the

[16:27] PC. Everything in our design does

[16:29] multiple duty. And then we use

[16:30] automotive type techniques to get that

[16:32] very low cost and very high reliability.

[16:36] >> Solar energy now costs about four times

[16:39] as much as conventional fuels.

[16:41] >> We're trying to produce energy from the

[16:43] sun that is as cheap or as competitive

[16:45] as uh classic energy, which means oil,

[16:48] even coal. uh we want to approach this

[16:51] from a u economic basis to where if we

[16:54] can compete with other energy sources uh

[16:57] directly as without subsidy.

[17:00] >> Some investors are betting soul focus

[17:02] can cash in on its design. The firm

[17:05] planned to raise $10 million in venture

[17:08] funding but investor enthusiasm brought

[17:10] it 32 million. That level of investor

[17:13] interest may be reminiscent of the dot

[17:16] boom but some investors are undeterred.

[17:21] Stefan Doolazullik is in charge of

[17:23] choosing alternative energy projects for

[17:25] Vantage Point Venture Partners. He says

[17:28] there is great potential for renewable

[17:30] energy and energy efficient

[17:31] technologies.

[17:32] >> If you're watching just one technology,

[17:35] you may well see a bubble-like behavior.

[17:39] If you watch the entire what we call

[17:41] clean tech sector,

[17:43] what you're likely to see is a series of

[17:46] those waves moving forward and the whole

[17:49] sector will become much much larger. And

[17:51] so there's a lot of money to be made in

[17:52] the sector. You just have to be careful

[17:54] as to which portion of it you're playing

[17:56] at at which time.

[18:00] >> For example, wind power may already be

[18:02] largely played out. Michael Garland

[18:04] heads up the energy infrastructure group

[18:07] for financeier Babcock and Brown.

[18:13] One of the projects he's working on now

[18:15] is this wind farm in the Altimont Pass

[18:17] in California. He says renewable

[18:20] projects are often more complicated than

[18:22] they appear and can take decades to

[18:25] generate returns. Still, he expects the

[18:28] market to grow, but investors returns to

[18:30] be lower. It really is going to be

[18:32] limited by the amount of uh the

[18:34] equipment and the ability to manufacture

[18:36] the subcomponents. Everything from last

[18:39] year we had issues with steel

[18:42] availability and towers. Um and this

[18:45] year and um for the next year or two

[18:48] we're going to see turb turbine

[18:49] limitations in terms of the ability to

[18:52] manufacture enough turbines to meet the

[18:54] demand.

[18:56] Lower energy prices from traditional

[18:58] sources could also dampen enthusiasm for

[19:01] renewable projects.

[19:05] But even with lower oil and natural gas

[19:08] prices, many predict a sustained

[19:10] interest in renewables and clean

[19:12] technology.

[19:14] For example, Tesla Motors,

[19:17] which developed this fully electric

[19:19] sports car,

[19:22] expects interest to remain high even if

[19:24] prices at the pump are low.

[19:26] >> But the fact of the matter is that we

[19:28] are deeply dependent now on oil from

[19:30] countries, not only in the Middle East,

[19:30] but let's let's toss in Venezuela while

[19:32] you're at it that don't don't like us

[19:33] particularly. And that's from a national

[19:35] security perspective, not a good

[19:37] position to be in.

[19:40] Everheart also points out electric cars

[19:43] have zero emissions, so don't contribute

[19:45] to global warming. A point that remains

[19:48] regardless of the price of crude. The

[19:50] return for investors in renewable energy

[19:52] will be measured not just in dollars,

[19:54] but also by what new technologies,

[19:56] engineering, and designs are developed.

[19:59] Stephanie Du, Nightly Business Report,

[20:01] San Francisco.

[20:02] >> Tomorrow, a sign of the tides as power

[20:05] struggle continues. how a New York River

[20:07] could supply electricity to the city.

[20:29] Heat. Heat.

[21:18] Here's

[21:47] a look at what's happening tomorrow on

[21:49] the economic calendar. The preliminary

[21:51] numbers on the third quarter's gross

[21:53] domestic product come out. Also on tap,

[21:55] the government's weekly look at crude

[21:57] oil and gasoline inventories and the

[21:59] Federal Reserve's Beige Book. Tonight's

[22:02] commentators suggest investors may

[22:03] profit more from looking forward than

[22:06] looking backward. Here's Alan Sloan,

[22:08] Wall Street editor of Newsweek.

[22:10] >> One of the journalistic rules I live by

[22:13] is that when everyone loves something,

[22:15] it's so over. Take hedge funds and

[22:17] private equity. Barely a day goes by

[22:20] without hearing of hedge funds driving

[22:22] the stock market or about a huge deal

[22:25] being done by private equity firms,

[22:27] formerly known as leverage buyout firms.

[22:30] Hedge funds and private equity seem

[22:32] destined to own the world. But that's

[22:34] just not going to happen anymore than

[22:36] tech mutual funds. Remember them

[22:39] doubling every year or trees growing to

[22:41] the sky. Hedge funds and private equity

[22:44] are popular now because they did lots

[22:47] better than the stock market for the

[22:48] five years after the bubble burst in

[22:50] 2000. So, some enormous investors,

[22:54] especially public pension funds, have

[22:56] decided they'll do better with hedge

[22:58] funds and private equity than with

[22:59] boring old US stocks. We have a name for

[23:02] this. It's called investing by looking

[23:04] through the rearview mirror. Hedge funds

[23:07] and private equity did well for

[23:09] investors when they were relatively

[23:10] small. Now, hundreds of billions of

[23:13] dollars a year are pouring into them.

[23:14] There's no way to put this all to work

[23:16] so that investors make out well, though

[23:18] the managers will do just fine given the

[23:21] huge fees they charge. Some investors

[23:24] will do okay. But in a few years, I

[23:27] suspect most of them will wish they'd

[23:29] stuck to boring old stocks, no matter

[23:32] what they see in their rearview mirrors.

[23:33] Today, I'm Alan Sloan. Recapping today's

[23:37] market action, stocks closed modestly

[23:39] higher despite a warning from Fed

[23:41] Chairman Bernani about inflation. The

[23:43] Dow gained 14 points and Nasdaq

[23:45] Composite closes up six. To learn more

[23:48] about the stories in tonight's

[23:49] broadcast, go to Nightly Business Report

[23:51] on PBS.org.

[23:54] >> And finally tonight, most Americans

[23:56] don't think a lot about money, and I

[23:58] mean physical money, the printed

[24:00] currency we use every day. But a federal

[24:02] court judge has thought about it and he

[24:04] says the Treasury Department is breaking

[24:06] the law by making all our currency the

[24:08] same size and texture. The problem?

[24:11] Blind people cannot tell the difference

[24:13] among different denominations of cash.

[24:15] Of the more than 180 countries that

[24:18] issue paper money, the US is the only

[24:20] one that prints all its bills in

[24:22] identical sizes and colors. So the judge

[24:24] has given the Treasury 10 days to come

[24:27] up ways to fix the problem so the blind

[24:29] can tell the bills apart. And Paul,

[24:31] among those options, varying size or

[24:34] texture, or using raised ink or embossed

[24:36] dots, so you can tell the difference by

[24:39] feel rather than by sight.

[24:40] >> I think the US ought to adopt whatever

[24:42] worked best in those foreign countries.

[24:45] >> Sounds like you're right on the money.

[24:47] That's Nightly Business Report for

[24:49] Tuesday, November 28th. I'm Susie Garup.

[24:51] Good night, everyone. Good night to you,

[24:53] Paul.

[24:53] >> Good night, Susie. I'm Paul Kagas.

[24:55] Wishing all of you the best of goodbye.

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