NPR's business news starts with a U.K. interest rate probe.
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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.
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.
Our last word in business today: body of work. That's the legacy left behind by Italian car designer Sergio Pininfarina. He died yesterday in Turin, Italy at age 85. His family's design firm was behind the sleek, elegant bodies that became a hallmark of Ferrari automobiles.
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.