Not in North America, necessarily, but "you can't keep fur in stock in Russia," says furrier Greg Tinder. "The higher the price tag you put on it, the faster it sells."
Tinder, who left Saks Fifth Avenue to start his own label, says the East has always been a furrier's dream — think big, plushy Soviet-era hats. But now, with Russia's economy on the rise, there's some new money on the block, and designers know that.
When it comes to the Olympics, politics intrudes more often than not.
President Obama has decided not to attend the Winter Olympics in Sochi, Russia, in February. The official U.S. delegation will not include a president, vice president, first lady or former president for the first time since 2000.
Instead, Obama asked athletes including openly gay tennis great Billie Jean King and two-time hockey medalist Caitlin Cahow to represent the country. American gay-rights groups, angered by an anti-gay law Russia enacted in June, applauded the move.
Originally published on Thu December 19, 2013 6:24 pm
The Senate passed a two-year bipartisan budget deal aimed at easing automatic spending cuts and avoiding a government shutdown, following a House vote on the measure last week.
The vote by a simple majority was absent the partisan brinksmanship that has become a hallmark of budget deals in recent memory.
The appropriations committees in both chambers must now set in stone a $1.012 trillion fiscal 2014 spending bill before current spending authority expires. Congress also faces a spring 2014 to raise the debt ceiling — another potential partisan standoff.
In the past five years, the Federal Reserve has created roughly $3 trillion out of thin air.
The Fed uses the money it creates out of thin air to buy bonds. The idea is to drive down interest rates, which encourages people and businesses to borrow and spend money. It's called quantitative easing.
Ten years after education researchers began focusing on big city school systems and monitoring their math and reading scores, there's good news to report. Today, fourth and eighth graders in many of the nation's largest cities have made impressive gains. Surprisingly, school systems with large numbers of low income children have exceeded the national average in both subjects .
Originally published on Wed December 18, 2013 7:42 pm
Michael Steinberg, a top portfolio manager at SAC Capital Advisors, has been found guilty of insider trading — the latest conviction stemming from a years-long federal investigation into the hedge fund's activities.
Steinberg was found guilty on five counts of conspiracy and securities fraud.
"Prosecutors said he traded on confidential information that was passed to him by an employee, who later admitted to swapping illegal tips with friends at other firms."
For more than a year, the Senate Intelligence Committee and the CIA have been engaged in a tug of war over the release of the so-called torture report.
Chairman Dianne Feinstein, a Democrat from California, says the $40 million, 6,000-page report demonstrates that CIA treatment of detainees was all but useless in terms of gathering actionable intelligence.
For its part, the CIA says the classified committee report contains significant errors and that no one at the agency was interviewed by Senate investigators.
Originally published on Wed December 18, 2013 4:56 pm
Secretary of State John Kerry has telephoned a top official in New Delhi to express regret for the strip-search of an Indian diplomat after her arrest last week in New York on charges of visa fraud.
"As a father of two daughters about the same age as [Indian diplomat] Devyani Khobragade, the Secretary empathizes with the sensitivities we are hearing from India about the events that unfolded after Ms. Khobragade's arrest," State Department spokeswoman Marie Harf said in a written statement, relating Kerry's conversation.