Analysis shows economic value of arts and culture

Creative industries contribute more to the U.S. economy than previously thought, the government said Monday in its first official analysis of the arts and culture sector’s economic value.

The report from the National Endowment for the Arts and U.S. Bureau of Economic Analysis shows arts and culture contributed more than $698 billion to the economy – about 4.32 percent of U.S. goods and services. The study is based on 2012 data, the most recent figures available, and includes nonprofit, for-profit and government-funded programs.

Six industries account for the bulk of arts and culture production – broadcasting, movies and videos, publishing, retail sales, performing arts and advertising.

Thieves breach American, United airlines accounts

Thieves have broken into customer accounts at American and United airlines and in some cases booked free trips or upgrades.

The airlines say the incidents happened in late December. American began notifying affected customers by email on Monday.

United Airlines said thieves booked trips or made mileage transactions on up to three dozen accounts. The airline said it would restore miles to anyone who had them stolen.

American Airlines said that about 10,000 accounts were affected. The company has learned of two cases in which somebody booked a free trip or upgrade without the account holder’s knowledge.

Two security exchanges to pay $14 million fine

Two securities exchanges will pay a total of $14 million to settle charges of giving inaccurate information to trading firms about their buy and sell orders.

The Securities and Exchange Commission announced the settlement Monday in the civil case with the EDGA and EDGX exchanges. The SEC said it was the largest penalty it had imposed on a U.S. stock exchange.

Nominee for high Treasury Department post withdraws

A Wall Street banker nominated by President Obama to be the third-ranking official at the Treasury Department has pulled out of contention for the post in the face of Democratic opposition, a blow to the White House and a victory for the party’s liberal wing.

The White House says Antonio Weiss asked that Obama not resubmit his nomination to the Senate. Instead, Weiss will serve as a counselor to Treasury Secretary Jack Lew, a post that does not require Senate confirmation.

– From news service reports

Copy the Story Link