Financial news on September 29th, 2012

Business and Financial news
Apple Apologizes for Misstep on Maps

Apple apologizes to iPhone customers for its new mobile maps, which often direct users to nonsensical routes and misplaced landmarks; remarkably suggests users try map services from rivals like Microsoft and Google while it works on fixes; incident shows users' reliance on map services and highlights Apple's tendency to bungle services that rely heavily on the Internet. Read more..

By NICK WINGFIELD and BRIAN X. CHEN - The New York Times

Borrowing From Your Family, by Design

Ron Lieber Your Money column describes no-interest loan funds, which many families have set up to help family members pay off educational and other expenses. Read more..

By RON LIEBER - The New York Times

F.C.C. Backs Proposal to Realign Airwaves

Federal Communications Commission approves process to pay television broadcasters to give up airwaves that would then be auctioned to cellphone companies; initiative would help satisfy what many industry experts say is booming demand for wireless Internet capacity. Read more..

By EDWARD WYATT - The New York Times

Heartbeat of Rock ’n’ Roll

Fender is the world’s largest manufacturer of guitars. But the recession, inexpensive manufacturers and the shift toward synthesizers and drum machines have threatened Fender’s profit margins. Read more..

Selly Thiam - The New York Times

Perspective Is at Play in Who Is ‘Better Off’

James B Stewart Common Sense column argues answer to Mitt Romney's question 'Are you better off?' depends upon whether or not voters own assets; notes those who have done well do not seem more likely to vote for Pres Obama, while those with less money appear to be least likely to vote for Romney. Read more..

By JAMES B. STEWART - The New York Times

Spain Needs $76 Billion to Recapitalize Its Banks, Audit Finds

Independent banking assessment reports that Spain’s ailing banking industry could need up to 59.3 billion euros, or $76.4 billion, in additional capital, number well below 100 billion euros, or $128.6 billion, in bailout money country negotiated with euro zone; report paves way for Madrid to request bank rescue loans that European finance ministers have agreed to extend. Read more..

By RAPHAEL MINDER - The New York Times

That Loaded Gun in My Carry-On? Oh, I Forgot

Transportation Security Administration says steady increase of people in the United States are being caught boarding airplanes carrying guns, hand grenades and other dangerous items; security experts attribute upsurge to rise in gun sales and so-called right-to-carry laws that significantly relax regulations on carrying guns in public life. Read more..

By JOE SHARKEY - The New York Times

Viewing the Economy Through Campaign Glasses

Floyd Norris Off the Charts column looks at charts showing how the American economy is doing in the short and long term based on numerous economic indicators; notes that short-term charts, which show economy is getting better, favor Pres Obama's campaign, while long-term charts prove Mitt Romney's contention that economy is getting worse. Read more..

By FLOYD NORRIS - The New York Times

Workers in Southeast Region Reject AT&T Contract

Communications Workers of America votes against three-year labor contract with AT&T; telecommunications provider says it will continue to work with union to reach agreement for employees in its southeast region of nine states. Read more..

By REUTERS - The New York Times

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