Business

The NBA finals aren't the only big news in Oklahoma City.

This morning, shareholders of Chesapeake Energy, the natural gas driller at the center of the nation's hydraulic fracturing controversies, are meeting in Oklahoma City, where the company is headquartered. But the buzz at this gathering won't be about fracking or basketball. It will be about Aubrey McClendon, Chesapeake's controversial CEO.

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DAVID GREENE, HOST:

NPR's business news starts with Spain's banking crisis.

(SOUNDBITE OF MUSIC)

GREENE: What a roller coaster week it has been for Spain. There are fears that Spain lacks the money to rescue its own troubled banks and may need Europe's help.

Madrid did hold a successful bond auction Thursday and markets responded, but only until the Fitch ratings agency downgraded Spain's debt rating several hours later.

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RENEE MONTAGNE, HOST:

Here in Los Angeles this week, the video game industry gathered for its annual convention, the Electronic Entertainment Expo or E3. Companies like Microsoft, Sony and Nintendo unveiled new products and games.

For some highlights, we're joined by Harold Goldberg. He's a video game critic who was at the convention all week. Good morning.

HAROLD GOLDBERG: Good morning, Renee.

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DAVID GREENE, HOST:

And today's last word in business is: Crispy and cheesy and really, really profitable.

You might remember when we introduced you to Taco Bell's Doritos Locos Taco a few months ago. It's a taco made with a shell of Nacho Cheese Doritos. Taco Bell's chief executive hailed it as a flavor pairing waiting to happen. And after a huge media rollout, taco lovers have spoken by buying 100 million Doritos Locos Tacos in about 10 weeks. That is a whole lot of tacos.

Federal Reserve Chairman Ben Bernanke told a congressional committee Thursday that the U.S. economy faces some significant risks, and Fed officials are still deciding what to do about it.

His remarks disappointed a lot of investors who want the Fed to do something to revive growth. Bernanke spoke at a time when interest rates on government debt are hitting lows not seen since the Great Depression.

The Obama administration is searching for a "sweet spot" in economic policy: measures that could increase job growth right now without worsening the federal deficit. That task gained new urgency this month when the Labor Department reported a sharp slowdown in job growth in May.

The challenge could force the president to try to revive his "grand bargain" with Republicans.

Union shops in the private sector have dwindled in recent decades. Now, public union leaders across the country worry that they're losing political clout, bargaining power and members. That raises questions about whether unions fallen victim to their own success, and who needs unions.

"Economic growth appears poised to continue at a moderate pace over coming quarters," Federal Reserve Chairman Ben Bernanke is telling Congress this hour, and will be supported in part by additional "accommodative monetary policy" from the central bank.

While there's been a slowing in job growth, Bernanke says that Fed policymakers believe household spending has been "relatively well sustained" and are encouraged by "consumer spentiment [that is] ... up noticeably from its levels late last year."

(From Athens, correspondent Joanna Kakissis tells us about the latest news regarding the troubled Greek economy.)

There were 377,000 first-time claims for unemployment insurance last week, down 12,000 from the week before, the Employment and Training Administration reports.

But in yet another mixed signal about how the economy's doing, that welcome dip is tempered by the fact that the "4-week moving average was 377,750, an increase of 1,750 from the previous week's revised average of 376,000." Economists watch that average because it offers a slightly larger look at the trend.

Following up on one of the best rallies in months on Wednesday, stock index futures are pointing to a higher start today on Wall Street, Dow Jones Newswires says.

The Associated Press says there are "hopes that Europe is preparing to take action to tackle the region's financial crisis and that the Federal Reserve will consider additional support for the U.S. economy."

The need to store digital information is growing. Tens of thousands of new jobs are expected to be created over the next six years to take full advantage of that ocean of information known as big data.

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DAVID GREENE, HOST:

And today's last word in business is: no.

That's what HBO told fans who were hoping to watch shows like "Game of Thrones" on the web without having to go through a cable or satellite providers.

The premium channel was reacting to an Internet campaign, called Take My Money HBO.

RENEE MONTAGNE, HOST: