Marketplace Morning Report: Recent Episodes
Marketplace
In less than 10 minutes, we’ll get you up to speed on all the news you missed overnight. Throughout the morning, Marketplace’s David Brancaccio will bring you the latest business and economic stories you need to know to start your day. And before U.S. markets open, you’ll get a global markets update from the BBC World Service in London.
This week, millions of fresh-cut flowers are arriving in the U.S., mostly from South America. Imports account for more than 80% of flowers sold here, and it’s a $2 billion industry. We’ll draw back the curtain on the supply chain for those dozen red roses for your sweetheart. Also: the latest consumer price index reading, tensions in the B Corps world and the foreign aid freeze’s impact on U.S. farmers.
This week, we’re kicking off “Unlocking The Gates: How the North led housing discrimination in America.” The special series from Marketplace special correspondent Lee Hawkins investigates the relationship between housing access and economic opportunity. Today, Hawkins explains how a secret nighttime business deal unlocked the gates of a Minnesota suburb for dozens of Black families — his own family included. But first, the Trump administration mulls shrinking federal agencies that regulate banking.
From the BBC World Service: Canadian Prime Minster Justin Trudeau will be holding talks with European leaders in Brussels and warned they would work together to counter U.S. steel and aluminum tariff threats. Then, Goldman Sachs International scrapped a diversity rule that once barred the bank from advising all-male, all-white company boards on stock market flotations. Also, we look at how Spain is trying to combat disease threats to its olive harvest.
Key parts of the 2017 tax cuts expire at the end of this year, and the Trump administration is interested in Congress making them permanent. Supporters of a tax cut extension say it would pay for itself. But was that the case in 2017? We’ll do the numbers. Plus, it may sound straight out of a sci-fi flick, but one bioscience firm is attempting to resurrect woolly mammoths, dodo birds and other extinct wildlife.
Elon Musk is leading efforts to buy artificial intelligence leader OpenAI, the maker of ChatGPT, for roughly $100 billion. OpenAI’s founder, however, is not interested. We’ll hear more about the unsolicited bid. Plus, the new head of the Consumer Financial Protection Bureau has ordered employees to stop work. We’ll look at the problems the CFPB was set up to solve. Also: how blue state republicans in the House could throw their weight around.
From the BBC World Service: At an ongoing summit in Paris, U.S. Vice President JD Vance gave a speech to world leaders and tech bosses, criticizing what he views as overly-stringent European tech regulation. Plus, can leaders there agree to a declaration of goals regarding AI? And later, some co-operative farmers in Ireland are on the verge of an incredible windfall after selling shares in the Kerry Group.
Social Security, signed into law 90 years ago by President Franklin Roosevelt, is the financial foundation of retirement in America. But it’s not just those getting to retire who feel positive impacts from the retirement benefits — more children living with older adults are benefiting from Social Security too. Also on the show: new tariffs on steel and aluminum imports and a summit on artificial intelligence.
The latest numbers on Friday showed that job creation was weaker than expected in January, but the survey of households found that unemployment fell slightly. There were also revisions showing that 100,000 more people got jobs in the last two months of 2024 than previously thought. Revisions are normal, but how should we read these? Plus, as part of our What’s That Like? series, we’ll hear an Air Force musician reflect on his career.
From the BBC World Service: U.S. President Donald Trump plans a 25% import tax on all steel and aluminum entering the U.S. China, Canada and Mexico — some of the biggest suppliers — could be hit hard. Also: China’s trade flow shifted in response to tariffs, three Baltic nations cut ties with Russia’s power grid, and global leaders and tech bosses meet in Paris to figure out how to regulate artificial intelligence.
President Donald Trump’s firings of dozens of government officials have raised questions about whether or not those moves are legal. As a continuation of conversations from earlier today, it could be part of a broader attempt to overturn a legal precedent regarding presidential powers over independent commissions. Also: Secretary of State Marco Rubio on fees for U.S. vessels entering the Panama Canal and the outlook for Honeywell’s aerospace spinoff.
Chances are pretty good you’ve spent money on alcohol, drugs or gambling. That’s not just a good guess — a new Bankrate study said 84% of Americans spend money on at least one of the six most common “vices.” But turns out, age plays a major factor in your vice of choice. Also on the program: federal workers in limbo and one side of the debate over President Donald Trump’s firings.
From the BBC World Service: The Reserve Bank of India has reduced its main interest rate by 25 basis points to 6.25%. It’s the first cut since May 2020 and is aimed at boosting growth in Asia’s third biggest economy. Then, the South African city of Johannesburg has long had a reputation for being dangerous, but a huge effort is underway to make it more livable and attractive to visitors.
Let’s review recent news about federal funding: Much of U.S. foreign aid is on hold. Federal grants and funding streams were frozen last week, but that was blocked by two different courts, and then rolled back by the White House. Still, some nonprofits have had to furlough workers and put projects on hold. Also: zooming in on the importance of 10-year treasury note yields and celebrating 25 years of The Sims.
Newly-installed Treasury Secretary Scott Bessent says that when it comes to interest rates, he and the president are less worried about what the Federal Reserve will do and more focused on one particular number: the 10-year treasury yield, which affects consumer borrowing costs. We’ll hear more. Also on the show: USAID supporters rallied on Capitol Hill yesterday, and the climate crisis is driving up business insurance — including at ski resorts.
From the BBC World Service: Beijing has strongly denied U.S. claims that illegal drug shipments from China are a national emergency. In a formal complaint to the World Trade Organization over tariffs imposed by Washington, China dismissed the allegations as unfounded. Plus, Norwegian energy giant Equinor is cutting its renewable investment in half over the next two years, and The Sims video game turns 25 this week.
Millions of federal workers have until Thursday to decide whether to accept a buyout promising pay through September if they quit now. The Trump administration styles it as a long, paid vacation, but the arrangement isn’t set in stone and unions are urging members against it. We’ll hear more. Also on the show: why lenders are rejecting so many applications for loans and why China’s tariff reaction includes an investigation into Google.
Elvis Presley’s “Hound Dog” was a hit when released in 1956. But the original was recorded several years earlier by Big Mama Thornton. Today, we’ll hear learn about the economics behind recording and some of the Black artists who inspired the King of Rock ‘n’ Roll. But first: Your Temu, Shein and Amazon packages might be delayed. After new tariffs by the Trump administration, USPS says it’s suspending package acceptance from China and Hong Kong.
From the BBC World Service: The U.S. Postal Service has stopped accepting parcels from China and Hong Kong, just as new tariffs from President Donald Trump kick in. It’s a surprising escalation in the U.S.-China trade war that would impact millions of packages flowing into the U.S. from companies like Temu and Shein — and it’s hit markets hard. Then later: Is Germany’s generous sick leave policy impacting its economy?
There was a surge of job creation in December — 250,000 more people showed up on payrolls that month. After unemployment rose in the first half of last year, job-seekers are starting 2025 in a pretty good place. We’ll hear more. Plus, China strikes back against U.S. tariffs, and President Donald Trump wants Panama to make immediate changes to what he calls the “influence and control” of China over Panama’s Canal.
Several executive orders and actions by President Donald Trump order a freeze of federal funds that Congress has already approved. But according to the Constitution and the Impoundment Control Act of 1974, the president doesn’t have the authority to do that unilaterally. We’ll explain. But first, could a sovereign wealth fund help buy TikTok? And later, the climate crisis could shave off nearly $1.5 trillion in property values over the next 30 years.
From the BBC World Service: After President Donald Trump slapped a fresh 10% levy on exports to the U.S. — that’s on top of an existing raft of tariffs — China has brought in some tariffs of its own. China’s government is also going to investigate Google’s activities there. Meanwhile, Canada and Mexico are off the tariff hook (for now). And, Panama has pulled out of China’s Belt and Road Initiative.
Today, it’s talk of tariffs. New import taxes on Canada, Mexico and China are set for midnight, although U.S. President Donald Trump plans conversations with Mexico’s and Canada’s leaders today. Prices for things like cars, electronics, foods and building materials are expected to rise as a result. We’ll also unpack how oil markets might deal with new tariffs and hear what the additional levy could mean for manufacturers in China.
President Donald Trump is imposing new tariffs on imports from the U.S.’s largest trading partners, Canada and Mexico: 10% on Canadian energy imports and 25% on everything else from both countries. We’ll preview what some of the ripple effects could be. Also on today’s show: Gold is rushing from London to New York, and Elon Musk’s DOGE commission now has access to the Treasury Department’s payment system.
From the BBC World Service: Global stocks are in the red after U.S. President Donald Trump followed through with his promise to place tariffs on Canada, Mexico and China, slated to go into effect at midnight. The European Union could also be in Trump’s sights. We’ll learn about the potential business impacts and how markets are responding. Plus, thousands of businesses in China have moved production abroad to evade Trump’s tariffs.
According to the PCE price index — a measure of inflation out Friday morning from the Bureau of Economic Analysis — prices in December rose three-tenths of 1%. That is the highest monthly change since April of last year. Some of that is due to the fact that energy prices have crept up. But if you take energy out of the equation, and food too, annual inflation has been sitting around 2.7 or 2.8% since July. Christopher Low, chief economist at FHN Financial, joins us to discuss. Plus, a look at consumer spending on durable goods and how OPEC+ will respond to Trump’s call for increased oil production.
President Trump says he’s still planning to impose import taxes on goods from Canada and Mexico starting tomorrow. In the past he’s floated a rate of 25%, but there could be exceptions. Later on the show, “Marketplace Morning Report” host David Brancaccio continues his dispatch from Altadena, where he and his wife, Mary, lost their home. Yesterday, David looked at a key constraint on rebuilding: where will Californians find the contractors needed with the skills to build from the ground up? Today, he looks at building community.
From the BBC World Service: The Indian finance minister is set to unveil the country’s annual budget on Saturday, but keeping India’s rapid growth on track won’t be easy. But first, are we going to see tariffs on Canada and Mexico? President Trump is expected to follow through on his plans to impose tariffs on the two countries starting February 1.
The Trump administration rescinded an order freezing federal grants — but not foreign aid. That is still suspended for a 90-day review. While some exceptions have been made, some aid groups say lives could be on the line. Plus, The Economist magazine ranks Spain’s economy as the strongest in the world. The Spanish economy grew 3.2% in 2024, which was faster than growth experienced in France, Germany, Italy and the United Kingdom.
Fires in Southern California this month destroyed at least 16,000 structures. More than 9,000 of them were lost in and around Altadena — and that included the home of “Marketplace Morning Report” host David Brancaccio. David and his wife, Mary, provide a dispatch from the site and share what they’re learning as they look to rebuild. But first: what Big Tech CEOs are saying about competing with the Chinese AI platform DeepSeek.
From the BBC World Service: The European Central Bank is expected to cut interest rates today to give a boost to the eurozone’s sluggish economy. As major economies like France, Germany and the United Kingdom struggle, Spain’s growth outstripped the eurozone last year. What’s the key to its success? Also, the artificial intelligence showdown continues as China’s tech giant Alibaba unveils its own AI chatbot. We’ll discuss.
The Federal Reserve briefing on the economy, jobs and interest rates is due later today. It is likely to be a quiet start to an eventful year for the central bank. Also on the program: why the prices of tech stocks are being impacted by China’s DeepSeek AI model. And later, we look at the latest in a case involving freight rail company Norfolk Southern and passenger railroad company Amtrak.
The average American tax filer spends more than $200 on tax prep each year, often through tax softwares like TurboTax, H&R Block or TaxSlayer. But the IRS has been piloting a free filing system, Direct File, and it’s now available to people in 25 states. Plus, consumers are more downbeat on the economy, and the Trump administration is offering a sort of buyout package to federal workers.
From the BBC World Service: The British government announced that London’s Heathrow Airport will get a third runway. Chancellor Rachel Reeves says it’ll make the U.K. more globally connected as she pushes for growth in the economy. Then, countries in Africa are attempting to pull themselves out of post-COVID economic slumps. Yet one persistent economic challenge for many countries on the continent? They import a lot of food staples, such as cashews.
A record 47% of the European Union’s electricity is now generated by renewable energy sources. Saudi Arabia and China have also been investing in greener energy sources. In the U.S., however, President Donald Trump has pulled the country out of the Paris Climate Agreement and is pushing more fossil fuel development. We’ll discuss. Plus, we’ll talk about the potential trajectory of interest rates and the state of the airline economy.
The Trump administration is ordering a temporary pause of all federal grants and loans, which takes effect at the end of today. The order came in a memo from the Office of Management and Budget and leaves a lot of questions unanswered. Also, workers at a Whole Foods store in Pennsylvania have voted to unionize, and we look at how the Congressional Review Act could allow Republicans to roll back some Biden-era regulations.
From the BBC World Service: A lower-cost artificial intelligence chatbot from a Chinese start-up is fueling a second day of global tech stock sell-offs as investors flag concerns about AI advancements in China. U.S. President Donald Trump calls it a “wake-up call” for U.S. firms. And later: Is Elon Musk’s role in the Trump administration impacting brand decisions about advertising on X? We’ll hear more.
There are reports this morning of yet another lifeline for TikTok — this time involving an artificial intelligence startup called Perplexity AI. Over the weekend, President Donald Trump said a deal was in the works. A decision on TikTok’s fate could be made in the next 30 days. Also: why one Chinese AI firm is dragging down U.S. stocks and what all goes into water cleanup efforts in Guatemala.
Research scientists who get funding from the National Institutes of Health — the biggest funder of biomedical research in the world — have had key meetings about their grants canceled recently. There’s little clarity on why and whether it’s a temporary pause or something bigger. We’ll hear more. Also, we’ll be joined by Artis Stevens, President and CEO of Big Brothers Big Sisters of America, to learn about the economic payoff of mentorship.
From the BBC World Service: The Trump administration U-turn on tariffs and other sanctions comes as Colombia agreed to take back its citizens who were deported from the U.S. Then, a Chinese artificial intelligence start-up has released its largest language model to rival OpenAI and Meta, and it’s got the U.S. AI sector worried. Plus, we’ll look at the costs to clean up Guatemala’s polluted lakes and rivers.
A new $7.4 billion settlement with states has been reached with Purdue Pharma and its Sackler family owners to settle lawsuits alleging that their drug OxyContin helped fuel the opioid crisis — but it still has to be approved by a U.S. Bankruptcy Court. We’ll learn more about all the deal entails. Then, we’ll discuss mortgage rates, job creation and immigration. And after, as Congress struggles with tech legislation, states aim to regulate online privacy
President Donald Trump and First Lady Melania Trump launched meme coins of themselves just before the inauguration, which have made them billions — at least on paper, for now. While some in the crypto industry are happy over the attention it’s drawing to digital currencies, others are upset. Also on the program: a Chevron deference-free world in the Trump era and a question over federal aid to Southern California amid the wildfire emergency.
From the BBC World Service: Many hope that by increasing interest rates to 0.5%, the Bank of Japan might help spur growth for the world’s fourth-largest economy. Then, following U.S. President Donald Trump’s address at the World Economic Forum in Davos, the U.K. government says it should be excluded from tariffs on exports to America. And later, we hear from a company working to make rice production more sustainable.
A lot has come out of the new Trump administration in its first week, including a change of course coming at the Securities and Exchange Commission over how it deals with cryptocurrency. Now in charge of that shift is Hester Peirce, whom the crypto industry has affectionately dubbed “Crypto Mom.” We’ll hear more. Plus, a writer reflects on what it was like to work at a grocery store during peak of the pandemic.
Sadly, we’re not talking about hot air balloons or superheroes. Today, we’re talking about home prices, which went up in every major metro area around the country in December for the first time since 2022. Another thing that’s gone sky-high? The price of eggs, which is causing some businesses to crack. We’ll also hear about some of the human reporting behind Watch Duty, an app that’s proven helpful in spreading information amid LA’s fires.
From the BBC World Service: As the United Kingdom seeks to “reset” its relationship with the European Union, the bloc’s new trade chief, Maroš Šefčovič, has suggested a new customs arrangement could lessen trade burdens. Also, as Europe shifts away from coal power, solar power is booming as an energy source. And later, Saudi Arabia is embracing the film industry. We’ll discuss some of the economics and complications.
Emergency declarations provide the government extra authority to take actions. President Donald Trump has said he will declare a national energy emergency — something no other president has declared and something designed to streamline permitting, weaken regulation and cut gas prices. Also on the program: Investors pick up on what tariffs could possibly mean, and there are more questions than answers about the announcement of a huge server farm upgrade.
Officials are currently focusing on cleanup and housing efforts for tens of thousands of people in the wake of LA’s fires. But over the next few years, the focus will shift toward rebuilding, Yet those efforts will face shortages of skilled labor and building materials, as well as expensive construction loans. Also, we’ll discuss the fallout of President Donald Trump’s decision to pull out of the World Health Organization and moves to shut down DEI efforts.
From the BBC World Service: For decades, the two multinational giants Coca-Cola and PepsiCo have been competing for Indian consumers. But now they face competition from a brand launched by Asia’s richest man. Plus, the chair of a British antitrust regulation agency is out as the United Kingdom goes for growth. And, a Dutch court has ordered the government to drastically cut nitrogen emissions in the Netherlands.
This morning, we’re continuing to discuss the start of President Donald Trump’s second term. Trump is set to meet with Republican Congressional leaders today as they map out his legislative agenda, and he’s already issued a wide-ranging series of executive orders. We’ll dig in and hear how bond markets are responding. Also: A new lending program helps Texans brace for extreme weather. And, can improv help facilitate healthy dialogues?
Because yesterday wasn’t the day. Today, we’ll get to President Donald Trump’s executive orders right out of the gate. We’ll talk about what was included — including a hiring freeze on federal government workers — and what wasn’t. Plus, a national emergency on energy is meant to increase energy production, global economic leaders meet in Switzerland, and consumers continue to spend a lot but with a political divide.
Markets are moving — especially the U.S. dollar, which is down 1% to the euro this morning — with financial players focused on a published report suggesting that the Donald Trump administration will apply tariffs to every country, but not everything. On the program, we’ll discuss with economist Julia Coronado, founder of MacroPolicy Perspectives. Plus, President Joe Biden has signed a measure to increase Social Security benefits for nearly 3 million people.
Every bottle of alcohol sold in the U.S. already has a warning label. But late last week the U.S. Surgeon General recommended changes to those labels, including adding specific information on how alcohol can cause certain kinds of cancer. But how effective might such updates be? We’ll dig in. Plus, mortgage rates are creeping back up, and oral arguments over a TikTok ban are slated to go before the Supreme Court this week.
From the BBC World Service: Shares of the Japanese giant Nippon Steel slide after President Joe Biden’s decision to block its takeover of U.S. Steel, citing national security concerns. Nippon says it’s going to challenge that decision. As we hear, the drama isn’t over yet. Also on this morning’s program: Italy is considering a $1.5 billion deal with SpaceX, and manufacturers in India could benefit from U.S.-China tariffs.
Last spring, the Dartmouth College basketball team made headlines when the players voted to form a union, and the National Labor Relations Board decided that players were employees entitled to unionize. But in anticipation of an NLRB that’s less labor-friendly under President Donald Trump, the players have thrown in the towel. We hear more. But first: This morning, President Joe Biden blocked Japanese steel-maker Nippon’s attempts to buy U.S. Steel.
Today is the first day of the 119th Congress. Republicans control the House and the Senate, though who holds the House Speaker position remains up in the air. And top of the economic agenda for the new Congress will be what happens with the Trump tax cuts passed in 2017. Also on this morning’s program: a floundering takeover of U.S. Steel, the year ahead in AI and an update on net neutrality.
From the BBC World Service: President Joe Biden appears ready to block a proposed takeover of U.S. Steel by Japanese company Nippon Steel, according to multiple media reports. We’ll unpack the latest developments. Also: Gold saw its best performance in 14 years last year, so what might 2025 hold? Then, European soccer is big business. Now, a potential rivalry between teams in Paris could be shaking things up.
We’re 18 days until Donald Trump’s second term in office and 13 days away from another potential dockworkers’ strike. Workers at East and Gulf Coast ports briefly went on strike in October, but reached a partial deal and agreed to keep talking until Jan. 15. We’ll hear what’s left to hammer out. Also on today’s show: We’re swiftly approaching the debt ceiling, and it’s been a relatively muted day for foreign markets.
Bloomberg calculates that the U.S. dollar made its biggest gain last year in nearly a decade. And it starts 2025 with some momentum for further gains, continuing a rally that started in early fall when the Federal Reserve started cutting U.S. interest rates amid persistently strong economic growth. Also, Amazon’s RTO push is hampered by a lack of office space, and more Texans turn to microgrids for energy resilience.
From the BBC World Service: Authorities in India have removed hundreds of tons of toxic waste from an Indian chemical factory that witnessed one of the world’s deadliest gas leaks four decades ago. Locals have long-complained of people getting sick due to groundwater contamination. Plus, Russian gas has stopped flowing to EU states from Ukraine. And “The Lehman Trilogy” has kept theater audiences gripped for more than a decade.
We all have our hopes and dreams for 2025. For bankers, that includes clarity on the Basel III Endgame rules and if they will get tougher or easier on how banks calculate risk and how much cash they set aside for emergencies. The rules have been delayed in part because the initial proposals proved controversial, and led to an unlikely coalition of interests banding together to oppose them. Also on the show: The BBC’s Leanna Byrne speaks with Tom Cheesewright, an applied futurist, about what he sees as this year’s key economic workplace trends.
Legislatures in 41 states passed more than 100 laws governing artificial intelligence last year, according to analysis from New York University, and some of those laws will go into effect starting today. Plus, how organizations will be supervised and regulated will be a key beat in 2025 for Marketplace. This includes the future of new banking regulations. Federal agencies are considering new rules under the Basel III Endgame proposal, which would govern how banks calculate risks and how much cash they have to hold to guard against those risks.
From the BBC World Service: What lies ahead for global economies this year? We turn to China, Singapore and Germany for insights into what’s coming. And later, Leanna Byrne asks Tom Cheesewright, an applied futurist, about his predictions for the major economic workplace trends in the next 12 months.
For stocks, it’s like the roarin’ ’90s again. But stock trends don’t go forever … right? Let’s get a take on this by turning to Larry Adam, chief investment officer at Raymond James, and discuss financial market predictions for 2025. Plus, the U.S. saw a strong — but cooling — labor market in 2024. How’s next year look? We’ll also hear about Norway’s striking success in EV adoption.
There’s plenty of uncertainty for the year ahead, but one certainty? 2025 could be a big year for antitrust cases. Companies that will be grappling with antitrust law this upcoming year include Google, Facebook and Amazon. We’ll dig into the issues at stake and what to expect from the incoming Trump administration. But first: a look at a “major” Treasury Department hack and pay increases for more than 9 million people.
From the BBC World Service: Chinese state-sponsored hackers allegedly gained access to the U.S. Treasury Department’s systems earlier this month, and were able to access employee workstations and some unclassified documents, according to U.S. officials. Plus, the latest Chinese manufacturing data is out — and it’s not pretty. And in Norway, 94% of all new car sales during November were electric. What lessons are there for other countries trying to ditch fossil fuel engines?
Major cell phone companies say their networks are secure now from a Chinese hack nicknamed Salt Typhoon. But the U.S. government is still urging people who are in senior government or senior political positions to use encrypted messaging on mobile devices. Also on the program: Economist Julia Coronado discusses why she’s waiting to make economic predictions for the year ahead, and the Cook Islands contemplate deep sea mining.
Jimmy Carter, a winner of the Nobel Peace Prize, died yesterday at 100. He served as president from 1977 to 1981, a term with the lows of U.S. hostages in Iran and the highs of the Camp David Accords. The Carter years were also strained by the economy. Today, we’ll reflect on his impacts. Plus, bets on a bull market in 2025 and an examination of surging rates of homelessness.
From the BBC World Service: Norway has suspended its plans for commercial-scale deep sea mining after facing criticism from environmental scientists. In the Pacific, the Cook Islands hopes the practice could help bolster its economy, but it’s not without opposition. But first: South Korea’s acting president has ordered a safety inspection of the country’s entire airline system after 179 people were killed in a plane crash on Sunday.
With threats of sharply higher import duties under a second administration of Donald Trump, companies are rushing to insulate themselves from the higher cost of doing business that could follow. More businesses are opting to stockpile inventory and look for manufacturers or suppliers outside of China. Also on the program: a giant of corporate America has died, and more younger people are looking to bet on sports.
In recent decades, technology like automation and software advances has upended jobs, from taxi drivers to factory workers and more. But by historic standards, occupational churn has actually been pretty low. Artificial intelligence could change that, however. We’ll learn more. But first, our gift to you is this reminder: 40% of you have an unused gift card sitting there, plump with money you may have forgotten you had.
From the BBC World Service: South Korea has voted to impeach acting President Han Duck-soo, two weeks after parliament voted to impeach President Yoon Suk Yeol following his failed attempt to impose martial law. All that turmoil is having a negative impact on the economy. Then, with less than a month to go until Donald Trump is back in the White House, many companies are rushing to protect themselves from planned tariffs.
The National Retail Federation expects 2024 to be one of the biggest years ever for merchandise returns, totaling $890 billion. And retailers are increasingly more likely to charge return shipping or restocking fees. We’ll unpack expectations for post-holiday returns (then repack them and see if we remember where we put the gift receipt). Plus, Trump’s threats of tariffs on Mexican goods stresses the relationship with a key U.S. trade partner.
The Federal Reserve guides interest rates and is one of several regulators of the nation’s banks. Now, the banking industry is suing over the way the Fed conducts its annual stress tests, which are designed to measure banks’ resilience in case of a bad financial shock. We’ll hear more. Plus, Yelp celebrates its 20th year, and the passion of soccer fans provides a lesson in behavioral economics.
From the BBC World Service: With less than a month until President-elect Donald Trump assumes office, tariffs are top of the economic agenda, and protectionism is the name of the game. How likely is it that the tariffs Trump has threatened to impose on Mexico will come into force? And what impact would they have? Also: an examination of the European Union’s tariffs on Chinese EV imports.
The current star in technology is, of course, artificial intelligence. But quantum computing is also making gains. It could help solve some of the world’s most difficult problems by, for instance, accelerating drug development or innovating solutions to the climate crisis. We’ll learn more about recent advances and outlook for the tech. Also: a look back at some the top global economic stories from the year.
President-elect Donald Trump has promised mass deportations and new restrictions on immigration once in office. Today, we’ll hear how U.S. consumers and employers could lose out as a result and see which industries could stand to see gains. Plus, the New Year means a new slew of music, films, books and art lose their copyright protection and enter the pubic domain. We’ll learn more about the public domain economy.
From the BBC World Service: “Marketplace Morning Report” host Leanna Byrne and producer James Graham look back at some of the year’s biggest business stories. First, this year has tested the dominance of Germany’s economy in Europe, and the transition to electric has tested German automakers. Then earlier in the year, a Crowdstrike outage shook air travel. And Byrne and Graham reflect on the role of women and work in Ireland.
The Consumer Financial Protection Bureau is accusing Walmart and the fintech firm Branch Messenger of cheating some Walmart gig workers — the drivers who take packages the “last mile” from Walmart stores to customers’ homes. The CFPB sued the two companies yesterday. Also on today’s show: We’ll hear the latest updates on an elite college antitrust suit and what it reveals about the advantage of wealth.
Should Japanese firm Nippon Steel be allowed to acquire U.S Steel? Is that a national security risk? Those are the questions a government review board was supposed to answer but did not — it deadlocked. So the decision now rests with President Joe Biden. We’ll hear more. Plus, Nordstrom is set to go private. And the GOP will likely use the budget reconciliation process to pass legislative priorities. We’ll provide a refresher on what that means.
From the BBC World Service: Brazilian authorities have halted the construction of a factory for Chinese electric vehicle giant BYD, saying workers lived in conditions comparable to “slavery.” BYD said it had cut ties with the firm involved. Then, El Salvador overturned a ban on the mining of gold and other metals. And we visit Finnish Lapland, a tourist destination known as the official home of Santa Claus.
Retail sales went up 3.7% in the year through November, suggesting shopping is running strong this holiday season. But a Gallup survey finds that middle-class families are spending less. We’ll take the pulse of shopping for this year’s holiday season. Also, we’ll hear a brief bio of Stephen Miran, Trump’s pick for chair of the president’s Council of Economic Advisers, and head to Zagreb, Croatia to learn about one doozy of an Advent celebration.
When health insurer Anthem decided to limit the length of anesthesia during surgery that it would cover, it became a scandal at a time when resentment toward health insurers was already particularly visible. Anthem quickly canceled that policy. But behind all this is an ongoing conflict between insurers and doctors. Also: a look how debt is impacting holiday spending and what risks come with leaving our home-viewing choices to streamers.
From the BBC World Service: The incoming U.S. president claimed his country is paying excessive fees to use the waterway, which has been under Panama’s control for decades, and said that he wouldn’t let it fall into the “wrong hands.” Then, Japanese carmakers Honda and Nissan have confirmed that they’re discussing a merger; they’re including another Japanese company, Mitsubishi, in those talks. And we’ll also hear about Croatia’s multi-award-winning Christmas markets.
New research shows that not only are back-to-the-office mandates unpopular with employees, they lead to more turnover and chase away the employees with the most skills. We’ll delve into the findings. Plus: when a job is quite literally a balancing act. As part of our ongoing “What’s That Like?” series exploring odd jobs, we hear from a Cirque du Soleil high wire performer.
Here in the United States, a partial government shutdown looms after the House of Representatives voted down a Trump-backed temporary spending package. We’ll parse some of the practical implications. Then, we’ll hear about some of the economic headwinds Germany is facing after Chancellor Olaf Scholz lost a vote of confidence and the German government collapsed. Also on the show: A strike at a number of Amazon locations is entering day two.
From the BBC World Service: An investigation has exposed how Vietnamese migrants in the United Kingdom are working illegally in nail bars to avoid detection. The U.K. government says it’s ramped up raids since July, with fines for employers reaching $75,000 for repeat offenses. But that’s not stopping everyone. Plus, nearly 80 million Christmas trees are sold each year in Europe. We’ll take a look at what goes in to growing them all.
Stock and bond markets took unnerving tumbles yesterday when the Federal Reserve Chair suggested there won’t be as many interest rate cuts next year. The S&P fell 3% and the Dow fell more than 1,100 points. We could also get a partial federal government shutdown by the end of the week. We’ll discuss the latest economic headlines. Plus, some Amazon workers go on strike today, and we’ll hear more about the merch economy.
From the BBC World Service: A new report from the European Central Bank and the European Union’s insurance regulator calls for a big shake-up in Europe’s climate insurance system. It’s planning for a new EU-wide insurance plan that would help protect businesses and homeowners from extreme weather and uses reinsurance, which pools risks, to make sure people are actually covered. Also: Concert merch, once a reliable profit source for performers, is becoming squeezed.
A deal to keep the government funded through the holidays and into the new administration has run into opposition. President-elect Donald Trump and advisor Elon Musk are urging Republicans in Congress to vote down a government funding extension. We’ll hear more. Plus, stock futures are pointing to a small rebound after stock prices dropped sharply on warnings that higher interest rates could linger. And later: What’s it like to work at the circus?
Something a tad nontraditional on the wishlist of more children this year? Skin care products. This $180 billion industry has caught the attention of young people born 2010 onward (even if they already have a naturally youthful look). Now, dermatologists are warning families that some of these products can cause long-term damage if used too young. But first, a droopy stock index is getting attention this morning.
Even though inflation has come down from its pandemic highs, some of it is still sticking. Yet average pay has been keeping up with — and even outpacing — rising prices. Turns out, low- and middle-income workers have been making up some ground. We dig in. Plus: a closer look at AI’s growing role in processing health insurance claims and talks of a potentially tectonic shift in the global auto industry.
From the BBC World Service: A potential merger of two of Japan’s largest carmakers could be in the cards; Nissan and Honda have said they’re “exploring various possibilities for future collaboration.” Also on the show: The global skincare market is worth billions of dollars, but it’s not just adults who are spending big — kids are also making more purchases than ever, and dermatologists are warning unsuitable products could damage their skin.
President-elect Donald Trump confirmed at a news conference on Monday that he is “looking at” the idea of privatizing the U.S. Postal Service. That comes as the USPS ended its last fiscal year with a net loss of $9.5 billion. On this morning’s program, we’ll unpack the finances of the postal service. Also: the fine print of November retail sales and the resurgence of the supper club.
Most people like their health insurance. That may come as a surprise after jokes and vitriol over the American health care system flooded social media in the wake of the UnitedHealthcare CEO’s killing. But those who don’t like their insurance are often the ones forced to use it most. We’ll dig into what the research says. Plus, the Senate is expected to take up the Social Security Fairness Act this week.
From the BBC World Service: The rebels running Syria are assuring the country’s business community that they will embrace a free market economy and push to reconnect with global markets. A judge in Brazil has ordered Adele’s record labels to stop distributing the song “Million Years Ago” because of similarities to a Brazilian song by Martinho da Vila. And, we hear how Valencia, Spain is starting to rebuild after October’s disastrous floods.
A fresh poll of academic economists finds more think interest rates will stay higher for longer, given the resilient job market and some of the policies promised by president-elect Donald Trump. Economist Julia Coronado’s team at Macropolicy Perspectives has also been asking experts similar questions. We’re joined by Coronado to discuss what she’s been hearing. We also hear about the challenges of decarbonizing Sweden’s economy.
New data from the real estate firm CBRE shows that the average monthly mortgage payment for those buying a home today is about 75% higher than in 2019. Nationally, new monthly mortgage payments are now about 35% more than renting. We’ll hear more. But first: A clash is shaping up over whether California can set strict vehicle emissions and efficiency standards. Plus, who’s ahead in the AI arms race — Microsoft? Google? Meta?
From the BBC World Service: The $4.5 billion takeover of the 500-year-old British institution by Daniel Kretinsky’s EP Group has been given the go-ahead. We dig in to the latest. Plus, German Chancellor Olaf Scholz faces a crucial vote of confidence today; the collapse of his coalition government has left policymaking in Europe’s largest economy at a standstill. And there’s a crisis at one of Sweden’s most successful green tech start-ups.
Following last week’s killing of the CEO of UnitedHealthcare, UnitedHealth Group’s insurance arm, the head of UnitedHealth Group has written an opinion piece acknowledging the flaws of — and need to fix — present American health care. We’ll unpack the details of the op-ed. We’ll also discuss the Federal Reserve’s thinking as its Board of Governors gathers next week and hear a history lesson that informs challenges for today’s auto industry.
This week, another 1,000 Amazon workers decided to join the International Brotherhood of Teamsters at an air freight operation in San Bernardino, California. But Amazon does not readily come to the bargaining table and works hard to resist collective bargaining. We hear the latest. Also on this morning’s show: why there suddenly seems to be fewer shopping baskets at supermarkets and how teens are spending their time online these days.
We call ourselves “Marketplace,” so part of our job is exploring how marketplaces work, in all their forms. Come with me as we visit five markets, all in the near-orbit of this program’s world headquarters in Los Angeles. None are financial markets in a formal sense, but all markets are financial markets in a way, right? My goal was to learn from the experts the right and the wrong moves in places where humans buy and sell face to face.
This is “Tricks of the Trade,” a Marketplace special. What we can learn from the pros at five marketplaces.
Stock, dollar and cryptocurrency buyers may have calmed down from their initial excitement over Donald Trump’s re-election. But bankers are still in a party mood, says JPMorgan Chase CEO Jamie Dimon. He made that comment yesterday at a global forum in Peru, where leaders of major economies have gathered. Also on the program: U.S. jobless claims hit a six-month low, and South Korea’s TV and film industry faces significant challenges.
At Marketplace, it’s our job to explain how marketplaces work. This week, we’re turning from traditional stock and financial markets to the in-person kind. For the final installment of our new “Tricks of the Trade” series, we learn how to hunt for the best fruit and vegetables at the Santa Monica farmers market. But first, how South Korean auto giant Hyundai is preparing for the Trump administration.
From the BBC World Service: The European Parliament has voted to delay and water down a proposed ban on importing commodities like cocoa and soy linked to deforestation. But chocolate companies aren’t happy. Also: “Squid Game” Season 2 is on the way. But as fans await its release, Korea’s film and TV producers say their industry is facing a “serious crisis.” We visit the set to find out what’s at stake.
Republicans will lead the House of Representatives, the Senate and the executive branch, giving President-elect Donald Trump considerable leeway to push through his tax, immigration and trade agendas. It also means the biggest U.S. trading partners need to adjust. “Marketplace Morning Report” host David Brancaccio spoke with The Economist’s editor-in-chief, Zanny Minton Beddoes, about what’s to come. Also on today’s program, an FBI raid on the home of Polymarket’s CEO and a new congestion pricing plan for New York City.
At Marketplace, it’s our job to explain how marketplaces work. This week, we’re turning from traditional stock and financial markets to the in-person kind. For the fourth installment of our new “Tricks of the Trade” series, we wake up in the wee small hours to see what’s fresh at San Pedro Harbor’s fish markets. Plus, we’ll look at why the cost of driving is going up.
From the BBC World Service: The ribbon-cutting is taking place today at the Port of Chancay — a Chinese-built megaport on Peru’s Pacific coast, that could transform regional trade. But will those investments come with any geopolitical risks? Plus, we hear from the first recipients of climate change compensation.
According to the latest CPI numbers out on Wednesday, prices rose 0.2% in October and were 2.6% higher than they were a year ago. But wage growth continues to outpace inflation. As Americans are seeing a rise in disposable income, we’ll look at how it’s helping drive a significant improvement in consumer confidence and spending. Also on the show, we’ll explain the role federal income tax has traditionally played in the federal budget.
There are few details yet of the structure of a new entity the incoming Trump administration is calling the Department of Government Efficiency, or DOGE. But we do know Elon Musk and Vivek Ramaswamy will help run it. Plus, for the third installment of our “Tricks of the Trade” series, we head over to the LA jewelry and gemstone district.
From the BBC World Service: This year is on track to be the warmest on record according to the UN’s World Meteorological Organization and extreme weather is having a significant impact on the grapes grown for wine production. Plus, the electric vehicle maker Rivian has linked up with Germany’s Volkswagen. And can Bitcoin’s value continue to soar?
According to new research from Zillow, nearly 90% of would-be homebuyers say it’s important to find a house with at least one “climate-resilient feature,” like a flood barrier, seismic retrofitting or a water catchment system. More listings are starting to highlight those features, too. But first: what a stronger dollar means for the U.S. economy and where bitcoin prices stand after the election.
At Marketplace, it’s our job to explain how marketplaces work. This week, we’re turning from traditional stock and financial markets to the in-person kind. For the next installment of our new “Tricks of the Trade” series, we visit The Original Los Angeles Flower Market to learn from experts about the do’s and dont’s in the floral business. Plus, we hear about a consequential climate case from The Netherlands.
From the BBC World Service: Oil giant Shell has won a landmark case in the Dutch courts, overturning an earlier ruling requiring it to cut its carbon emissions by 45%. Plus, China shows off its latest military hardware at a major aviation show. And, were some Spanish businesses slow to realize the dangers of the country’s recent devastating floods?
Veterans own about 5.4% of businesses in this country, generating more than $900 billion in revenue. Those who have served are pretty good at starting and running businesses, thanks to the skills they learned in the military. We’ll hear more. Plus, how U.S. fiscal policy will fare under a second Trump term and what a GOP-controlled Congress would mean for tax policy.
At Marketplace, it’s our job to explain how marketplaces work. This week, we’re turning from traditional stock and financial markets to the in-person kind. As part of our new “Tricks of the Trade” series, we’re heading to five different markets in LA. Today, we’re taught how to navigate The Rose Bowl Flea Market by a pro. But first, we’ll look at how president-elect Donald Trump’s fiscal policies could impact government finances.
From the BBC World Service: China’s annual shopping bonanza offers attractive discounts to tempt shoppers to spend big, but will the price cutting work? Then, the latest COP international climate conference is getting underway and comes as projections suggest this year will be the hottest ever recorded. And later, facing population decline, Croatia’s government is trying to encourage people who’ve left the country to return home.
Gen Z has come of age in a pandemic, lived through its first spike in inflation and was raised in the shadow of the Great Recession. Gen Zers also have 86% less purchasing power than than baby boomers did at their age. And the issue of affordability was on their minds when they headed to the polls. Also on today’s program, we’ll delve into immigration and the future of inflation.
The Federal Reserve cut its short-term interest rate by a quarter of a percentage point yesterday. At his briefing, Fed Chair Jerome Powell stayed away from politics, despite the freshness of the news of Donald Trump’s decisive victory. But many of Trump’s proposals could affect the central bank’s interest rate policy. We dig in. Plus, a look at Trump appointments and a view on how European investors are moving money.
From the BBC World Service: China has unveiled measures worth $1.4 trillion to tackle a mountain of local government debt, as Beijing steps up plans to support its slowing economy. Then, an increasing number of people in France are opting for a mixed lifestyle — part city job and part farming. Plus, the COP29 climate conference in Azerbaijan gets underway on Monday but has been overshadowed by a scandal over fossil fuel deals.
This was a breakout moment for companies taking bets on the election’s outcome. Betting markets got attention for their early predictions of a victory by former President Donald Trump, while traditional polls were showing a tossup. We’ll hear more. Plus, why the U.S. dollar may grow stronger, how Trump’s immigration policies could impact the labor market, and why a Fed rate cut today may not bring mortgage rate relief.
Among the many promises President-elect Donald Trump laid out on the campaign trail: clawing back unspent money from the Inflation Reduction Act, which has poured billions into the clean energy sector. But much of those funds is destined for red states and red counties, and the politics of stopping the money will be tough. Also on the program: a look at how the economy factored into voting decisions with Karen Petrou.
From the BBC World Service: Germany’s coalition government is falling apart after the chancellor unexpectedly sacked his finance minister yesterday. Elections are now expected early next year. Plus, some of Germany’s corporate giants are planning layoffs as profit margins are falling off. And this seems to be more of a longer-term economic slide rather than just a recession. Where does this uncertainty leave Europe’s largest economy?
The Federal Reserve meets today and tomorrow to determine the future path of interest rates. The central bank is designed to do its work insulated from politicians, and its independence from political pressures is a cornerstone of monetary policy. But a second presidency of Donald Trump could bring that independence into question. We’ll hear more. We’ll also discuss the connections between Trump, interest rates and the deficit.
Donald Trump has won the race for the White House. What does that mean for financial markets? With Ben Kumar, head of equity strategy at Seven Investment Management, we’ll delve into stock movements, the market volatility and the potential impact of tariffs. We’ll also unpack the economic ripple effects of a Republican-controlled Senate and learn about the backgrounds of two potential economic leaders under Trump: investor John Paulson and billionaire Elon Musk.
From the BBC World Service: The diabetes drug giant Novo Nordisk is reassuring investors with big sales numbers for its popular weight loss drug, Wegovy. But there are concerns over the production of unofficial copies of its drugs, which have been linked to hospitalizations and deaths. And in Nigeria, millions have been without electricity for more than a week following technical problems with the country’s power grid. We hear about the impact from businesses.
Investors don’t have a hotline to our political future and are stuck in wait-and-see purgatory, just like the rest of us on this Election Day. We’ll try to parse some signals financial markets are giving. Plus, some striking Boeing employees will start returning to work as early as tomorrow. They voted to ratify a new contract and have ended the pickets. And later, holiday shopping supply chains are working like they’re supposed to this year.
Stocks index futures are pointing to modestly higher markets this Election Day morning. The 10-year interest rate is steady today but is the highest it’s been since late July. We’ll be keeping an eye on currency markets, too. Then, new companies are coming to the Dow Jones Industrial Average. And later, some of Hollywood’s biggest stars are coming to Broadway for limited runs. But how long does a show have to stay open to make money?
From the BBC World Service: The European Union has launched a formal investigation into the Chinese e-commerce site Temu over concerns it may be allowing the sale of illegal goods. But first, British Columbia’s port employers have locked out workers there in response to strike action. That could potentially halt $575 million in daily trade. Plus, we’ll unpack the ripple effects of a car finance court ruling in the U.K.
On today’s show, economist Julia Coronado, president of MacroPolicy Perspectives, explains which metrics she’s using to guide her thinking about the election: individual campaign contributions. Right now, it’s favoring Democrats. We’ll hear more. Plus, we’ll draw a line between the election and this morning’s bond market. And later: a tax jackpot for savers ages 60 to 63 and an estimate of the costs for damages caused by flooding in Spain.
From the BBC World Service: More than 200 people were killed in the floods in Valencia, Spain — the worst in the country for decades. Now, authorities are facing the massive task of reconstructing key roads and tunnels that have been left in ruins. We’ll hear some of the “incalculable” economic impacts. Then, added sugars in packaged baby foods in the Philippines are raising flags for nutritional health experts.
Yes, tomorrow is Election Day, the outcomes of which have the potential to move markets. But don’t forget: We have a Federal Reserve meeting this week too. On Thursday, the central bank will announce a decision on interest rates. We’ll preview what to expect. Then, is it just us or are Black Friday deals starting earlier this year? And we’ll also head to rural Wyoming to hear about the tangible impact of news consolidation.
Today’s jobs report featured a shockingly small number of new hires with just around 12,000 jobs added. However, as FHN Financial’s Christopher Low explains, these dismal figures have more to do with recent extreme weather events and the ongoing strike at Boeing. Plus, we look at why a tax provision expanding the amount of money very rich people are allowed to pass on after death is expiring — and why most people shouldn’t be concerned about it. And, the BBC’s Mariko Oi highlights the global success of Hello Kitty on the beloved character’s 50th anniversary.
It hasn’t been a normal housing market for years now, but it’s been especially uncertain in the past few months. We delve into how interest rate cuts, mortgage rate fluctuations, and the election are all making conditions for buying a home a bit hard to read for most people. Plus, a preview of today’s highly anticipated jobs report which might reflect recent headlines more than it does the overall health of the economy. And, why prices at the pump are poised to dip below $3 on average nationwide despite global trends that would suggest otherwise.
From the BBC World Service: A ban on Google’s flagship Pixel smartphone in Indonesia comes because the company failed to meet requirements for certain smartphones sold domestically to contain at least 40% of parts manufactured locally. Plus, Hello Kitty turns 50, and the landmark birthday also marks an uptick in the fortunes of Sanrio, the company behind the character.
This morning, the central bank’s preferred measure of inflation — the personal consumption expenditures price index, or PCE — came out and clocked in at 2.1% annually in September. With fuel and energy prices stripped out, the index was up 2.7%. What should we make of these figures? Then, if former President Donald Trump is re-elected, he’s promising steep tariffs on goods entering the U.S. We’ll explore the knock-on effects.
For some, spooky season means buying truckloads of candy or dusting off that 12-foot plastic skeleton in the basement. For others though, it’s time to get to work. This Halloween, we’ll check in with Star Romano, a stage production manager at the Queen Mary’s Dark Harbor in Long Beach, California, to hear more about the scare economy. Take a listen … if you dare. Also: unpacking Big Tech’s earnings and spending on AI.
From the BBC World Service: In the United Kingdom, the government has unveiled its first budget since the Labour Party got back in power, its first in 14 years. The measures amount to a $50 billion tax hike to fund public services, with a big focus on taxing businesses and high earners. We’ll hear more. Plus, Donald Trump is proposing tariffs of up to 20% for all goods entering the U.S. What sort of impact would that have?
The private payroll company ADP reported that a lot more people than expected were added to its payrolls this month. True, the more closely watched data on hiring and unemployment is not due from the government until Friday. But this is new evidence that the American jobs machine is still putting people to work. We dig in. Plus, a look at Google’s strong earnings and the continually daunting car market.
Philadelphia’s district attorney sued billionaire Elon Musk earlier this week over a controversial $1 million-a-day giveaway to registered voters, alleging that it is an “unlawful lottery.” Musk is conducting this through his pro-Donald Trump political action committee, called America PAC. On today’s program: a look at where Elon Musk and his super PAC’s “sweepstakes” fit into campaign finance rules. But first, what are experts anticipating from September’s PCE inflation report?
From the BBC World Service: First, it’s the “worst of times” camp. While Germany’s economy grew unexpectedly, German-based car company Volkswagen announced major layoffs and plant closures. We’ll discuss some of the reasons and the fallout. Then, it’s the “best of times” for Spain’s economy, which exceeded expectations with 0.8% growth. We’ll walk through the reasons why, and hear why these macroeconomic gains might not be felt by everyday Spaniards.
The online trading platform Robinhood has started allowing its customers to bet on who will the the election. While its not the first to do so, it is among the first in the U.S. to jump into a new kind of financial instrument called “event contracts.” But it’s not without controversy. We’ll explain. Plus, home price increases appear to be slowing, and companies aim to make some green off of matcha’s popularity.
The New York Stock Exchange has announced plans to extend after-hours trading. Pending regulators’ approval, its electronic platform could be accessible 22 hours a day Monday through Friday, as it looks to compete with online trading platforms like Robinhood. Then: some profanity-laden remarks from JPMorgan Chase CEO Jamie Dimon over federal regulation. Plus, data shows the U.S. economy is king of the hill, top of the heap, a No. 1. Why doesn’t it always feel that way?
From the BBC World Service: In the Eastern European country of Georgia, thousands of people have been protesting outside of parliament in Tbilisi, saying the ruling Georgian Dream party stole the country’s election over the weekend. Now, there will be a partial recount. We’ll also unpack some major restructuring at HSBC. Plus, as mega-corporations cash in on matcha’s popularity, are some green tea sellers putting quantity before quality?
With election day just about a week away, the economy and its overall health are on the ballot in all but name. We check in with Julia Coronado, founder of MacroPolicy Perspectives, about how the labor market is looking amid shocks like hurricanes that have wracked the South. Plus, a glimpse at why childcare costs are so high across the country. And, the BBC’s Lisa Louis reports on a massive project that promises to link the Baltic countries of Lithuania, Latvia, and Estonia by rail.
Movie studies have always been associated with Hollywood and sunny Southern California, but high costs have driven many companies eastward to states like New York and Georgia in recent years in search of lower costs for filming. A look at the Golden State’s recent moves, including a tax credit just passed in an attempt to revive the state’s marquee industry. Plus, why Texas’s abortion restrictions risk causing a marked decrease in OB-GYNs willing to work in the state. And, we chat with Sara Taylor, president of the consulting firm deepSee, about incivility in the workplace in a time of tense election-year politics.
From the BBC World Service: The Japanese yen sunk to a three-month low as investors reacted to the loss of a parliamentary majority for Japan’s ruling coalition in weekend elections. A look at how investors are thinking of the shock results, including speculation that the political uncertainty would slow interest rate rises. New research by the World Meteorological Organisation says concentrations of greenhouse gases in the atmosphere are accumulating faster than at any time in human history. The Baltic countries of Estonia, Latvia, and Lithuania are building what they call the project of a century: Rail Baltica, which will aim to connect the region by high-speed rail.
Bettors think they’ve already figured out the presidential election winner, with many odds sites predicting a slim victory for former President Trump less than two weeks away from Voting Day. But according to FHN Financial’s Christopher Low, there are plenty of reasons to be skeptical of any predictions in such a tight election, including betting markets’ own recent track record. Plus, we take a trip to a factory in Texas that’s giving a second life to batteries used in EVs. And, one Scottish manufacturer is reusing onion skins in their packaging to reduce plastic waste.
Employees are overwhelmingly in favor of upskilling in areas we call “human skills,” which include things like leadership, communication, and adaptability, according to a recent survey. However, more than one in three workers say their jobs offer little to no opportunity to improve these skill sets. We look at what’s behind the gap. Plus, airline customers may find themselves bracing for higher ticket prices as companies report high demand for seats and less supply. And, we hear from one of the winners of this year’s Nobel Prize in Economics about why China’s economic model has succeeded thus far — and why it might face challenges in the future.
From the BBC World Service: Japan’s snap election takes place on Sunday, just a month after Shigeru Ishiba took over as Prime Minister. A look at why it could bring more uncertainty. Plus, Venice has announced it will extend the city’s tourist tax as it attempts to deal with the rising number of visitors. And, we hear from a small firm in the north of Scotland that is developing eco-friendly packaging — made from onion peel.
For entrepreneurs and aspiring CEOs, one of the ultimate tests of mettle is appearing on the hit show Shark Tank, which pits high-rolling investors against contestants looking for a deal to help take their businesses to the next level of development. We catch up with Megan Klein, founder of Little Saints, a company that has been at the forefront of the non-alcoholic cocktail industry, who recently appeared on the show and made her pitch to the sharks. And, we chat with University of Michigan Professor Erik Gordon about consumer confidence ahead of the election and which candidate voters trust more on the economy.
Americans nowadays don’t agree on much, but most have one thing in common: disappointment in their government and the direction of the country. According to University of Chicago Professor James Robinson, who jointly won the Nobel Prize in Economics this year, a lot of this discontentment can be tied back to economic inequality and a perception that economic gains of the past few decades haven’t substantially improved normal people’s lives. Plus, an update on Boeing as striking machinists reject the company’s latest offer in ongoing labor negotiations.
From the BBC World Service: In an exclusive BBC interview, IMF Deputy Director Gita Gopinath said tit-for-tat tariffs cause global losses in growth equivalent in size to the economies of France and Germany. And, Canada is one of America’s largest trading partners, so how do its residents feel about the upcoming election?
Today’s quarterly earnings report painted a gloomy picture for the embattled aviation giant — the company reportedly lost $6 billion in the three months ending in September. A look at what this means in the context of the numerous crises the plane-maker has been facing in recent years. Plus, what a recent outbreak of E. coli linked to McDonald’s hamburgers could mean for the fast food giant. And, how a diversity program is looking to bring country music artists belonging to traditionally underrepresented groups into the music industry.
The U.S.-Mexico-Canada free trade agreement will come up for renewal in the second year of a Trump or Harris presidency, which comes at a time of tension in the U.S. trade relationship with China and Chinese businesses increasingly building facilities in Mexico. Marketplace’s David Brancaccio speaks with the Wall Street Journal’s Santiago Pere about potential disruptions in the two countries’ trade relationship. Plus, a look at the IRS’s new inflation-adjusted tax brackets for the upcoming tax year and what that means for taxpayers.
From the BBC World Service: Indian Prime Minster Modi and Chinese President Xi Jinping are set to meet on the sidelines of the BRICS summit in Russia in what President Putin is framing as a propaganda victory amid the war in Ukraine. Then, a communications satellite designed and built by the troubled aerospace giant Boeing has broken up in orbit. And, as the new NBA season gets underway, we hear about Africa’s continuing influence on the league.
The way you bank and apply for credit could fundamentally change in the next couple of years. The Consumer Financial Protection Bureau issued new rules this morning to give consumers more control over their financial data, and spur competition in financial services. Then, it appears to be a quiet period for business ahead of the election. And later, how can companies tackle worker loneliness and isolation without forced fun?
Dating apps boomed during the pandemic, when online dating was pretty much the only way to meet romantic connections. And while the honeymoon period seems to be waning between big-name dating apps and users, smaller apps are having a moment. Today, we’ll take the pulse of the industry with Robyn Exton, CEO and founder of the sapphic dating and community app HER. Also: a potential major lithium discovery in southwestern Arkansas.
From the BBC World Service: Hyundai Motor India shares have made their trading debut after a $3.3 billion initial public offering, but the price has already slipped. We’ll discuss. Then, Russia is hosting the BRICS summit of emerging economies. Plus, Spain has seen a record number of migrant arrivals this year, raising questions over what role migrants should play in the Spanish economy.
Leaders of finance from around the world gather starting today in Washington, D.C., for the annual meetings of the International Monetary Fund and the World Bank. The meetings come at a fraught time for the global economy and with U.S. elections looming in the background. We’ll hear more, including how markets are bracing for the upcoming election. Also: the frozen potato biz and a potential end to the Boeing strike.
From the BBC World Service: The European Union has given the green light to big tariffs on electric vehicles made in China, but not all member states or European car manufacturers are happy with the decision.
Will the ongoing port strike lead to food shortages? It depends on both businesses and shoppers. Plus, retailers bet on big consumer spending this holiday season, OpenAI’s massive new valuation, and a “temperature check” on U.S.-China economic relations.
As we enter day three of port strikes along the East and Gulf Coasts, ports on the West Coast are fielding record high amounts of diverted cargo. Plus, reassessing the legality of election betting, and the knock-on effects of stricter new SNAP requirements for older adults.
The Japanese stock market gains followed Prime Minister Shigeru Ishiba saying the time wasn’t right for further increases in borrowing costs. Elsewhere, a court in Singapore has sentenced former transport minister S. Iswaran to 12 months in prison for corruption and obstruction of justice; he’s the first former or sitting cabinet minister in the city-state to be jailed. And in order to combat droughts which disrupt the workings of the Panama Canal, the Canal Authority is planning to build a new reservoir — but opponents say it’ll displace thousands of people.
How businesses strategically funnel cash toward political causes, what they hope to gain, and what they might be risking. Plus, the trucking industry braces for the impact of the dockworkers strike, and an antitrust case against Amazon moves forward.
Dockworkers from East and Gulf Coast ports enter the second day of a strike, with tensions centered around wages and automation. Plus, crude oil prices rise slightly amid escalating violence in the Middle East, and new car sales stall in response to high prices and interest rates.
The San José is being hailed as the most valuable shipwreck in the world — it’s a Spanish galleon which sank in the Caribbean more than 300 years ago. Now there’s a legal battle over who has a claim to the treasure, which is valued at £18 billion. Plus, global oil prices rise amid increasing tension in the Middle East.
Legendary filmmaker Francis Ford Coppola’s latest work flopped at the box office over the weekend. Coppola self-funded the film, “Megalopolis,” to the tune of $120 million. Yet it made just $4 million in its opening weekend. It’s the latest original film — one that’s not a sequel or remake — to struggle to attract audiences to the theater. Then, remittances to India top $100 billion a year.
The strike is impacting shipments of things like fresh food, cars and machinery. Workers reportedly want a 77% raise over six years and want to keep their jobs of loading and unloading ships from being automated. We’ll discuss the major economic ripple effects the strike could have. Then, CVS is considering splitting itself up. And later: a voice from “the room where it happens” on U.S.-China trade.
From the BBC World Service: Police have clashed with protesting garment workers in Bangladesh, who are demanding higher wages and better working conditions. We’ll examine the impact the protests could have on global fashion supply chains. Plus, India is the only country to have received $100 billion in a single year from citizens working abroad and sending remittances back home. What does that mean for those workers and the Indian economy?
Gavin Newsom vetoed a landmark artificial intelligence safety bill yesterday, siding with skeptical tech giants who that it would stifle innovation. The bill would have established a state-wide entity to oversee AI breakthroughs. We’ll hear more. Then, economists’ biggest economic concern right now is not the upcoming presidential election but the moves of the Fed. Plus, how can humans be more human at work? AI may be able to help.
As part of our ongoing Office Politics series, we’re taking a look at businesses what happens when businesses lean on their employees to vote for the candidates and polices that are in the company’s best interest. It’s a practice that’s legal, and companies point out labor unions do it too. Yet it’s not without risk for the companies. Also, inflation cooled in August, yet housing inflation remains sticky. Why is that?
From the BBC World Service: Thailand has launched the first phase of its flagship $14 billion stimulus handout plan, which will eventually see an estimated 45 million people receive about $300 each to encourage spending. Plus, devastating floods have hit central Europe. What are the economic impacts? We’ll also hear from the chairman of coffee chain Lavazza on global expansion and record-high coffee prices.
In the run-up to the election, we’re looking at political polarization in America — specifically, the role companies play in intensifying or easing political divides — in our Office Politics series. This time, we’re tackling the touchy subject of talking politics at work, which has become increasingly tense in recent years. We chat with Alison Taylor, executive director of the think tank Ethical Systems, about the interaction between our work and civic lives. And, the “Low-down” on this morning’s inflation numbers with FHN Financial’s Christopher Low.
President Biden just signed a bill to fund the government for the next three months, but extra money for the federal government’s disaster management agency, FEMA, was not in the legislation. A look at why the agency was asking for more funds and how fewer resources can impact communities recovering from disasters. The labor dispute between some of the largest U.S. ports and dockworkers escalated Friday, with employers calling for federal intervention to force a restart in negotiations. And, Southwest Airlines announced that it will scrap one of the features that set it apart in a crowded airline market: no pre-assigned seating.
From the BBC World Service: Japan’s ruling party has elected Shigeru Ishiba as its new leader, positioning the political veteran as the next prime minister of Japan. A look at what his ascent could mean for the country’s economic policy. Ticketing websites have been overwhelmed after millions of people in India tried to book to see Coldplay’s concerts next year; as well as technical problems and long digital queues, there’s concern over alleged price gouging. And, scientists in China have discovered the world’s oldest known cheese – from 3500 years ago.
We’re now just days from a potential strike by dockworkers that would stretch from the Gulf of Mexico on up the East Coast. Oct. 1 is the deadline for an agreement between ports and the union representing about 45,000 dockworkers. What sort of ripple effects might such a strike have? Plus, Congress has approved a temporary spending bill to keep the government open — for another few months.
Last week, refinance applications were up 20% from a week earlier. The number of people who could benefit from refinancing — especially those who took out mortgages with interest rates in the high 6% to 7% range — has been growing over the last few weeks, but not everyone is making the jump. Plus, OpenAI looks to switch from a nonprofit to for-profit entity, and buy now, pay later is expected to surge this year.
From the BBC World Service: This week, Chinas has really been trying to get its economy back on track. Today, China’s leaders has rolled out additional measures to shore up its struggling economy, including reforms to banking, business and property, as well as more help for the poor. We’ll hear more. Plus, Pakistan has agreed to a $7 billion funding deal with the International Monetary Fund.
Once upon a time, there was department store chain called Kmart. Now, the bargain retailer is closing its last full-scale store in the lower 48. Kmart has struggled for years in the shadow of its two biggest imitators: Target and Walmart. Also on the show: OpenAI is looking to expand its artificial intelligence data centers. Plus, is this especially tense presidential campaign eating away at the economy?
That is the question facing many companies, especially as we lead up to the contentious 2024 election. Today, we’ll hear how about some companies responded — from opting to ban political talk in the workplace and ones that emailed customers with telling them how to vote — as well as their thorny results. First, we’ll learn what we can glean from key economic speeches from former President Donald Trump and Vice President Kamala Harris.
From the BBC World Service: Prisons in Britain are grappling with overcrowding, staff shortages and funding cuts — all of which are making a bad situation worse. The government has started to release prisoners early to reduce pressure on the system. Meanwhile, talks are kicking off today between trade unions and Volkswagen on proposed cuts to its workforce in Germany. And, there are calls for more private business investment in India.
Those who have been waiting patiently for the housing market to cool down may have to wait even longer for lower prices. Data released today indicates that there’s been no reprieve for prospective homebuyers, as prices have stayed stubbornly high despite a recent rate cut by the Fed. Dr. David Kelly of JPMorgan Global Funds walks us through the report. China’s economy is looking to receive a boost after policymakers passed the largest economic stimulus package since the pandemic to buoy stagnating growth. Retailers are preparing for the holiday season by beginning to hire thousands of seasonal workers. And, why some parents are turning to a Barbie-theme “dumb” phone as a potential first device for their kids.
The art market is in somewhat of a funk right now. Auction houses are reporting that demand for new pieces of art has dipped recently, partly due to external conditions like higher interest rates. While the downturn upends years of strong sales, art critic Blake Gopnik argues that a correction may ultimately benefit the long-run fortunes of artists. And, a look inside the Justice Department’s reported case against Visa over monopoly claims in the debit card market.
From the BBC World Service: Shein, a Chinese fashion giant, has come under fire over claims the company is dodging UK taxes. A look at why some want the government to step in. The Chinese government is stepping up efforts to revive its slowing economy. Everton Football Club, one of England’s top football teams, is set for a takeover by an American investment group. And a new – and very pink – Barbie-branded phone is hitting the U.S. market.
Kamala Harris is promising to release new details this week about economic policies she would pursue if elected president. But behind closed doors, she’s facing pressure to loosen the Biden administration’s crackdown on corporate consolidation. The foot soldier in that effort has been Federal Trade Commission Chair Lina Khan, and some big-money Democratic donors have called for her replacement. Also: CFO gloom, and housing inventory’s impact on home prices.
Would it surprise you to learn that a quarter of Americans say that they’ve avoided a work colleague due to differing political views? Today, as part of our Office Politics series, we’re joined by Sean Westwood, director of Dartmouth’s Polarization Research Lab, to do the numbers on polarization’s impact on the workplace. Then, Congressional negotiators reached a bipartisan deal over the weekend to avoid a government shutdown in a week.
From the BBC World Service: Anura Kumara Dissanayake has been sworn into office in Sri Lanka, promising “clean” politics as the country recovers from one of its worst-ever economic crises. We hear more. Then, as cross-border clashes continue in the Hezbollah-Israel conflict, we ask how businesses in the affected regions of Lebanon are grappling. Also on the program: a Tamagotchi store in the U.K. and a WTO challenge to China’s EU dairy product investigation.
This September marks 40 years since the birth of the generic drug industry in the United States. They saved Americans nearly $450 billion last year alone. But all is not well in the industry — big players are leaving, and drug shortages are common. Will we still be able to depend on affordable, high-quality generics in the future? Also: new rules on bank mergers, and a disagreement between the stock market and bond market.
We’re digging into Office Politics, our series in which we talk to companies that use their brands to push policies and candidates, as well as organizations that try to dial down the political temperature. Today: When a business shows support or opposition to a particular side of a partisan issue, what does it mean for the consumers who don’t agree? But first: unpacking a credit card interest rate cap proposed by Donald Trump.
From the BBC World Service: The killing of a Japanese schoolboy in the Chinese city of Shenzhen has sparked anxiety among Japanese expats living in China, with top firms warning their workers to be vigilant. Plus, mass tourism in parts of Europe has sparked protests this summer, but one small Mediterranean country is enthusiastically embracing those on vacation. And heavy rock band Iron Maiden announce a 50th anniversary world tour.
Earlier this week we explored the offshore financial system, where foreign companies and wealthy individuals can stash their wealth under especially favorable financial conditions. Today, we’re hearing about ways to discourage the ultra wealthy from hiding their cash offshore. Turns out good ol’ shame may hold some answers. But first, we examine how rate cuts might affect the housing market. Plus, who’s going to foot the bill for the Francis Scott Key Bridge?
Now that the Federal Reserve has started to cut interest rates, are we headed back to a world of cheap money? This morning, we’ll unpack what yesterday’s rate cut means for car loans, personal loans, credit cards, mortgages and more. Plus, there’s a huge difference that just half a penny can make. We’ll examine a change coming to stock trades. Also on the show: How do you define a supermarket?
From the BBC World Service: As questions are being asked about how walkie talkies and pagers were detonated in Lebanon, an action which killed at least 30 people and injured thousands, two manufacturers — Japan’s Icom and Taiwan’s Gold Apollo — have denied any link to the deadly blasts. We’ll dig in. Also: Why has a Chinese milk tea company been forced to apologize over a social media video?
We learned this week that retail sales rose in August. A big part of that was thanks to online shopping, which was up almost 8% from last year. And retailers think e-commerce has even more room to grow. Plus, it’s a big day for the direction of the economy. And later, we’ll hear about corporate executives’ thoughts on the economy, artificial intelligence and the return-to-the-office push.
Today, the Federal Reserve will announce what it will do with the interest rates that steer the economy. It’ll cut them — that’s almost certain, but the question is how aggressively. The Fed is independent. Fed Chairs generally refuse to get dragged into politics, though their decisions can be politicized. We’ll look at the politics of rate decisions. Then, we’ll examine why Patagonia encourages its employees to get political.
From the BBC World Service: Norway’s electric vehicle policies appear to be paying off. There, nine out of 10 new cars sold is electric. The Nordic nation wants to be the first country to stop selling gas and diesel-engine vehicles. Also on the show: Sri Lankans head to the polls this weekend, two years on from the economic crisis that left the country in turmoil.
Every year, the Bill and Melinda Gates Foundation updates progress on the United Nations’ Sustainable Development Goals — how the world is doing on lifting people from poverty, ensuring gender equality, and improving health, sanitation and more. Today, we’re joined by Bill Gates to hear about stalling progress on public health initiatives, as well as opportunities for greater investment. Plus, what we can expect from the Federal Reserve tomorrow?
Later this morning, we’ll to get an update on how much inventory businesses built up in July, courtesy of the Census Bureau. Meanwhile, the Logistics Managers’ Index found that inventory levels picked up in August after contracting throughout the summer, ahead of this year’s holiday shopping season. It appears to be a return to just-in-time inventory for companies. And later: the secretive and scandalous world of offshore finance.
From the BBC World Service: A comprehensive study has found goods imports and exports between the United Kingdom and European Union have slumped since Brexit, with red tape continuing to tie up British businesses. The value of U.K. goods exported to the EU fell by 27%. We dig in. Also on the program: Farmers in Malawi are looking for ways to use harvests damaged by extreme weather, such as turning bananas into wine.
Retail sales data out Tuesday morning will offer a peek into how consumers are doing right now. As we inch closer to the holiday shopping season, a new forecast from consulting firm Deloitte predicts that holiday spending is likely to grow this year — but not quite as much as in the recent past. We’ll discuss. Also: backlash to digital nomads, and interest rate decisions this week in the U.S., U.K, and Japan.
Later today, TikTok and U.S. government lawyers will face off at the U.S. Court of Appeals in D.C. It’s a crucial hearing that will help determine the fate of the video-sharing app in the United States, which could potentially be banned over national security concerns. Then, to kick off our “Office Politics” series examining how companies are responding to polarization, we’ll hear from Sticker Mule’s CEO about endorsing Trump and denouncing political divisiveness.
From the BBC World Service: A hearing looking into the English club Manchester City’s alleged breaking of the Premier League’s financial rules is underway. The outcome could have enormous ramifications for the Premier League as a whole. Plus, Shanghai — China’s financial hub — has been hit by its worst typhoon in 70 years. And it’s becoming increasingly popular to travel while working remotely, but in some cities, there’s been a backlash against so-called “digital nomads.”
China’s top legislature has approved a plan to raise the retirement age as the country faces an aging workforce. It’s the first adjustment in decades, one that many economists say is long overdue — but it’s not universally popular. Plus, the current economic snapshot as the Fed prepares for a crucial interest rate decision. And later, is canned spaghetti carbonara a delicious innovation from Heinz or, as some critics call it, an abomination?
Some 14 million people in the South have been under flood watches from Francine, which made landfall in Louisiana as a Category 2 hurricane on Wednesday. The slow-moving storm is dumping huge amounts of rain, posing major flooding risks. Yet only 6% of homeowners nationwide have flood insurance. Plus, more than 30,000 Boeing workers have walked off the job, and roughly 43 million Americans lived in poverty last year.
From the BBC World Service: Boeing factory workers have voted to go on strike, a move which may threaten the delivery of some aircrafts and delay the production of some planes for the aerospace company. Then, the United Kingdom government is moving to ban junk food ads on television before 9 p.m. Also in the U.K.: Heinz launches spaghetti carbonara in a can, much to the horror of many Italians.
Boeing and the union representing 33,000 of its workers reached a tentative labor deal over the weekend. Now, the rank and file appear ready to reject that deal, with a vote today. Many workers have been expressing frustration this week over the contract’s terms and could vote to go on strike at midnight. Also on the program: A look at women’s long-fought battle to carve out a seat for themselves on Wall Street.
According to settlement tracking group Peace Now, the Israeli government has seized more Palestinian land for settlements in the West Bank this year than at any time in the last three decades. Now, some synagogues in the U.S. and Canada are being criticized — and picketed — for hosting real-estate fairs that pitch property for sale in Israel and the Occupied Territories to North American Jews. We’ll learn more. But first, we’ll look at why the gender pay gap is widening.
From the BBC World Service: A European consumer rights group has lodged a formal complaint accusing game developers behind popular titles like Fortnite and Minecraft of tricking players into spending more cash than they might realize. Then, we travel to Italy, where the shipyards of Monfalcone have attracted workers from Bangladesh. But there are tensions with locals. Earlier this year, the town’s mayor even banned cricket, an extremely popular sport popular in Bangladesh.
The first — and potentially only — presidential debate between Vice President Kamala Harris and former President Donald Trump is officially in the books. Economic issues took up plenty of air time. We’ll unpack how markets appear to be digesting both candidates’ performances and policies. Plus, fresh Labor Department data shows that annual inflation cooled in August to 2.5% — the lowest rate since February 2021. How might Fed officials respond?
Over the last decade, nearly 50 million have been on an ACA plan at some point — that’s one in seven Americans. Plus, New York Fashion Week comes to a close today. It featured a pop-up shop from none other than Walmart and is part of the superstore’s attempt to lean into fashion. But first, the economy played a starring role in last night’s presidential debate. We’ll discuss.
From the BBC World Service: Like the U.S., the European Union recently slapped import duties on Chinese electric vehicles. It says it’s protecting European automakers from unfair competition, but not everyone — such as Spain’s prime minister and Belgian firm Umicore — agrees. Then, Kenya’s main airport is facing major disruption after workers staged a go-slow protest over a proposed 30-year lease deal with the Indian conglomerate, the Adani Group.
Yesterday, we talked about surveys of farmers, which showed a growing economic pessimism in that sector. Today, survey data from the National Federation of Independent Business show a decline in optimism among small businesses generally in August. So what exactly is behind the souring mood among investors, consumers and others? We’ll discuss. Also this morning’s program: a closer look at the business of manifesting.
The restaurant industry has been through a lot in recent years — hemorrhaging workers during the pandemic and struggling to bring them back; grappling with inflation that’s up and foot traffic that’s down. Then, there’s the transformation of tipping. We’ll check in on some of the latest trends impacting restaurants. Then, U.S. tech giants owe billions in taxes and fines to Europe, and we’ll examine misinformation about illegal voting by non-citizens.
From the BBC World Service: Two long-running legal cases concluded in Europe today — a $14 billion tax dispute for Apple and a $2.6 billion antitrust fine for Google. Both companies lost out. We’ll hear about the latest developments Plus, do you believe you can get what you want through positive thinking? If so, you may be part of the increasingly valuable manifesting movement.
Purdue’s Farmer Sentiment Index hit an 8-year low in August, and half of agricultural economists surveyed by the University of Missouri last month say the farm economy is in a recession. Input and borrowing costs are still high, while prices for commodities have been trending down. We’ll unpack, but first will mull how likely a government shutdown is before the election. And, will it be another rough week for markets?
After a rough year, Boeing was facing a possible strike to add to its list of problems. But no longer. The aerospace company has reached a tentative deal with its largest labor union, with the hopes of averting a strike. We’ll hear more. Plus, Vice President Kamala Harris and former President Donald Trump are set to square off in their first debate tomorrow evening. We’ll do some math on their fiscal proposals.
From the BBC World Service: Afghanistan is facing a food crisis. Some 3.2 million children under the age of 5 are malnourished, and health services do not have the resources to cope. Plus, South Korea is removing pictures of soldiers from the armed forces communications network amid concerns over sexually explicit deepfake manipulation. Then, some runners are willing to pay others to notch up an impressive time on the fitness app, Strava.
Former President Donald Trump says he’ll establish a government efficiency commission if re-elected in November, and it would be headed by Elon Musk. Musk’s various ventures are regulated by federal agencies, which are currently investigating several of his companies. We’ll hear more. Plus, the NFL goes global, and traders lean toward a half-point rate cut this month.
Federal Reserve independence has come into the spotlight recently, with former President Donald Trump indicating he thinks the president should have some influence in the Fed’s actions. Today, we wind the clock back to when exactly that happened: In 1971, President Richard Nixon devised a scheme to sway then-Federal Reserve Chair Arthur Burns — and the direction of the U.S. economy — in the run-up to reelection. But first: Hiring was weaker than expected in August.
From the BBC World Service: It’s the world’s largest convenience chain, with 85,000 stores — and Seven & i Holdings said the $40 billion takeover bid for 7-Eleven from rival Alimentation Couche-Tard “grossly undervalues” the business. We’ll hear the latest on why the deal seems to be falling apart. Also on this morning’s show: How do you put a value on Banksy’s street art to local neighborhoods?
Private payroll company ADP reports that 99,000 jobs were added to the economy in August, less than in July. This continual cooling in demand for workers can be considered a good thing — as long as we don’t go through the ice. But first, Nordstrom’s department stores could go private. Plus: what we know about how former President Donald Trump and Vice President Kamala Harris want to change our tax bills.
As divisive as politics can be, especially this election season, you can actually find some small areas of common ground. That currently includes some limited bipartisan focus on policies that aim to support families raising children. Today, we’ll look at some of the latest research regarding support for care proposals. Also on the show: the economy as an Impressionist painting and trends in the subscription economy.
From the BBC World Service: China’s President Xi Jinping has announced almost $51 billion in new funding for the continent — in projects including infrastructure and clean energy, with a promise to create a million jobs. But there are warnings about the debt burden facing some countries. Also: An inquiry into an apartment block fire in the United Kingdom is heavily critical of cladding manufacturers, successive governments and regulators.
A new Washington Post investigation examines a program in which workers with disabilities are employed for much less than minimum wage — sometimes less than a dollar an hour. It’s legally sanctioned and aimed at training people with disabilities to work and eventually go on to higher-paying jobs. But it doesn’t always work out that way. Plus, entrepreneurs are getting their turn in the political spotlight, and markets respond to a weak manufacturing report.
AI chipmaking company Nvidia lost $279 billion in market value yesterday, and its shares kept falling in after-hours trading overnight. Despite reports of an escalating Department of Justice antitrust probe, the stock’s decline centers more on questions around the future of artificial intelligence. We hear more. We also explore the shifting geography of U.S. oil production and learn how gaps in USDA food programs are being filled by tribal governments.
There are fundamental challenges facing global supply chains today: the rise of protectionism, competition with China and more. Like a crystal ball, we can look to the shipping industry to understand how these are unfolding. Germany-based DHL Group is one of the world’s largest logistics and shipping businesses, and the company’s CEO recently spoke in an exclusive interview to our Marketplace colleague, the BBC’s Leanna Byrne. Also: a lookahead at this week’s economic data.
Lots of folks had Labor Day barbecues this past weekend, but plenty spent it moving too. It was a big move-in weekend for renters. And while rent prices have been moderating, they’re still way higher than they were a few years ago. We’ll hear more. But first: why so many hotel workers are going on strike and how the FAA is looking to curb a shortage of air traffic controllers.
From the BBC World Service: The trial of the former chief executive of Volkswagen, Martin Winterkorn, is getting under way in Germany over his role in a major diesel emissions scandal. We’ll rehash the controversy and hear the latest. And in an exclusive interview, the chief executive of logistics group DHL warns about the challenges facing global trade and the German economy, which is the largest in Europe.
From the BBC World Service: Activists are blocking roads across Israel during a general strike called to demand the government agree to a ceasefire deal in Gaza to secure the release of the remaining hostages. Plus, a look at a global scam tricking foreign students in Britain into paying tens of thousands of dollars for worthless work visa documents. And, there is a new way of making the world’s favorite indulgence — chocolate.
Labor Day weekend is usually a hectic travel weekend, but this year is set to break records as people travel across the country to celebrate the holiday. We look at the economic drivers of what’s projected to be a very busy few days at airports, highways, and train stations nationwide. Plus, a look at a new chocolate production technique promising to boost the fortunes of producers and consumers of the much-loved treat.
Since the beginning of labor unions and collective action in the workplace, songs have served as a way to build camaraderie and communicate complaints between workers. As part of our “Econ Extra Credit” series, we delve into the storied history of the humble work hymn and how songs continue to shape organized labor efforts today. Plus, a look at how monetary policymakers at the Fed might analyze upcoming jobs numbers as they consider a potential rate cut.
Interest rates in America are guided by a key inflation reading released today, and it came in line with expectations, showing year-over-year inflation was pretty tame. We chat with FHN Financial Chief Economist Christopher Low about how to unpack recent inflation data and what it says about a potential Fed rate cut. Also on the show: the potential economic boon provided by a reunion of the British band Oasis.
The Paralympic Games are now underway in Paris, and a record number of broadcasters around the world will be covering this year’s events, including para swimming, wheelchair rugby and tennis. NBC — the games’ U.S. broadcast partner — reported that Paralympic ad sales are up 60% over the Tokyo games in 2021. Also on the show: the presidential candidates on economic policy and a big moving day in Boston.
From the BBC World Service: A dispute over local laws in Brazil could mean that the X platform is blocked in the country. And with the announcement that the British band Oasis is reforming, we look at the figures behind the hype.
Members of Congress are calling on the Agriculture Department to fix supply chain problems. Several groups of lawmakers are saying some tribes and food banks that rely on supplies from USDA distribution programs are reporting empty shelves because promised food deliveries never came. Also, a growing minority of Americans worry curbing climate change will hurt the economy, and Singapore’s government is pushing older workers to keep working.
Latinas’ contribution to the U.S. economy grew more than 50% between 2010 and 2021. In 2021, it totaled $1.3 trillion, new data shows. But despite their economic rise, Latina workers are still overrepresented in certain low-wage jobs. We’ll hear more. But first, Nvidia reported superb results, but that still disappointed some on Wall Street. And we’ll learn the latest developments in the arrest of Telegram’s Pavel Durov.
From the BBC World Service: In Argentina, police have clashed with demonstrating senior citizens in the capital, Buenos Aires. The protesters are angry that President Javier Milei is to veto a pension increase as part of his austerity drive. Plus, the founder and boss of Telegram has been banned from leaving France . And in Singapore, we look at how an aging population is affecting the workforce.
This morning, the U.S. surgeon general issued a public health advisory regarding the mental health of parents. Vivek Murthy says parents are dealing with significant stresses that prior generations didn’t have to deal with, and they need more support from the government and their employers. Plus, dude, we’re getting the band back together! A look at at the economics behind why Oasis is going on a reunion tour.
The stock for semiconductor chipmaker Nvidia has skyrocketed with the growth of generative artificial intelligence like ChatGPT. But investors have noticed that the actual profits from AI have tended to lag the hype. Today, Nvidia will release its profits and we’ll learn how much of this underlying hardware AI companies are still buying. And later: how Aug. 28 keeps showing up at turning points in the Civil Rights Movement.
From the BBC World Service: Sir Keir Starmer is meeting with German Chancellor Olaf Scholz. It’s the start of a landmark post-Brexit visit to Berlin, where the aim is to reset the United Kingdom’s relationship with Germany and the broader European Union. Also on the show: halted Toyota production in Japan, an oil leak in the Red Sea and a U.K.-based company that sees value in bringing onboard older workers.
A federal judge in Oregon will continue hearing arguments about whether to pause efforts to merge the grocery chains Albertsons and Kroger in a nearly $25 billion deal. The Federal Trade Commission believes prices would go up and consumers would lose. We’ll hear more. Plus, Canada announces sweeping tariffs on Chinese EVs, San Fransisco Fed President Mary Daly chats about rate cuts, and businesses cater to India’s growing elderly population.
You may have heard the phrase “be cool, stay in school” before. That’s a bit hard when it’s this hot out though. More than 10,000 schools nationwide lack air conditioning, according to the Center for Climate Integrity. Installing ACs is costly — but so is heat’s impact on student learning. Also on the program: We’ll look at the growing push to erase medical debt, a burden impacting millions of Americans.
From the BBC World Service: Following the lead of the U.S. and the European Union, Canada says it will impose a 100% tariff on imports of Chinese electric vehicles and a 25% tariff on imported steel and aluminum from China. Plus, it’s estimated that there will be 350 million adults over 60 in India by 2050; so it’s no surprise that companies are increasingly looking to cash in on the silver economy’s substantial spending power.
Over the weekend, French authorities arrested the 39-year-old founder of the messaging app Telegram. This reportedly has to do with a wide-ranging investigation into illegal activity on the app. But some are decrying the arrest as a free speech violation – saying it threatens the very essence of what makes Telegram useful. We dig in. Plus, an eco-friendly concert and a look at how bond markets are responding to signals of interest rate cuts.
Last week’s jobless numbers revealed that more than 1.8 million people were drawing unemployment. Among the irks for would-be workers? A frustrating uptick in the number of “ghost jobs,” or postings that stay up on jobs sites for months on end without a hire. Also on the show: a moment of clarity on the future of interest rates and the sunsetting of a free COVID-19 vaccine program for uninsured adults.
From the BBC World Service: Pavel Durov, the founder and CEO of messaging platform Telegram, was arrested in France for allowing a wide range of crimes to take place on the platform due to insufficient moderation. Then, a “right to disconnect” law comes into force in Australia. We’ll hear how employees are feeling about the change. Plus, English band Massive Attack performed in Bristol — without the use of diesel generators.
Cryptocurrency companies have been pumping lots of money into 2024 federal elections — more than $119 million so far, or almost half of corporate money given during elections this year, according to consumer advocacy group Public Citizen. Also on the show: The Democratic National Convention wraps up with an emphasis on the middle class, and Copenhagen’s underground tunnel network aims to help the city deal with the worst of the climate crisis.
Vice President Kamala Harris closed the Democratic National Convention last night with an acceptance speech that broadly laid out her priorities. On the dollars and cents side of things, she highlighted protecting Social Security and Medicare, addressing the housing shortage in this country and a tax cut for middle-income households. Plus, arbitration agreements have become increasingly more common buried in the terms and conditions for various apps and services.
From the BBC World Service: The visit comes not long after Prime Minister Narendra Modi met the Russian President Vladimir Putin in Moscow, which didn’t go over well with some European leaders. Then, Canada’s government has ordered employers and rail unions involved in a huge dispute to take part in arbitration. And the Danish capital Copenhagen is trying to prepare the city for the future dangers of extreme weather.
The economy and the higher cost of living due to inflation are important factors shaping this election. Tonight, when Vice President Kamala Harris delivers her primetime acceptance speech at the Democratic National Convention, many viewers will be listening for what she plans to do to lessen the strain on their pocketbooks. We’ll hear more. Then, we’ll talk with a content creator attending the DNC and hear some positive news on productivity.
The U.S. economy added 800,000 fewer jobs than originally thought between the first quarter of last year and this year, according to updated data from the Labor Department. It’s no crisis, but it does mean the labor market has been cooling faster than expected. It’s yet another reason people will be dissecting every signal they can from the Federal Reserve on when it might cut interest rates. Also, startups are increasingly a target for spies.
From the BBC World Service: British tech entrepreneur Mike Lynch’s body has been recovered after a luxury yacht sank off the coast of Sicily on Monday morning. Then, Canada’s rail freight transport network is coming to a halt over a job contracts. And Australia is in the grip of a housing crisis due to soaring rents and property prices. It’s estimated that more than 120,000 people are now homeless.
A lot of Chicagoland restaurants were hoping for a shot in the arm courtesy of the Democratic National Convention this week. But so far, that hasn’t seemed to be the case for some businesses. We hear more. Then: a look at why Fed Chair Jerome Powell’s word choice in Jackson Hole will be so closely scrutinized. And later, older workers with disabilities have made gains thanks to remote work.
Noncompete agreements, where your employer has you sign a contract promising you won’t work for a competitor in the future, were originally used to protect intellectual property but now are so widespread that they can apply to fast food workers. The Federal Trade Commission wanted to ban noncompetes but a federal judge in Texas has blocked the ban. Also: Chicago’s economic landscape during the DNC and greater access to work permits for undocumented immigrants.
From the BBC World Service: First on the program, Shein is suing Temu for copyright infringement. The court case comes as Shein itself fends off similar allegations from a host of brands and independent artists. Then, Australia has just approved plans for the world’s largest solar plant. And later, the search for six people missing after a luxury yacht sank off the coast of Sicily is now in its third day.
Former President Barack Obama is set to speak tonight at the Democratic National Convention in Chicago. The theme today: “A Bold Vision for America’s Future.” Part of that vision? The U.S. economy. President Joe Biden spoke at the convention last night, highlighting his administration’s economic policies. Former President Donald Trump was also talking about the economy on the campaign trail. We’ll discuss. Then, the Department of Transportation wants the nation’s infrastructure to get a tech upgrade.
President Joe Biden’s victory lap at the Democratic National Convention last night included a lot of mentions of how far the economy has come from the depths of pandemic lockdowns. While there’s a lot to celebrate, the nation’s mayors have a message for convention-goers: Do more to address housing affordability. Plus, consumers are waiting for a rate cut to make big financial decisions, and AI is changing how we predict the weather.
From the BBC World Service: Morgan Stanley International bank chairman Jonathan Bloomer and British tech entrepreneur Mike Lynch are among the six still missing after a yacht sunk in bad weather in Sicily on Monday. One body has been recovered. We’re hear the latest on the incident and learn more about those missing. And later, a Scottish horror film has finally been released — 17 years after filming first got under way.
Picture this: Lush greenery, the picturesque Tetons and Federal Reserve Chairman Jerome Powell in a cowboy hat. (Maybe.) This week, roughly 120 academics, Fed policy makers and journalists are descending on Wyoming for the annual Jackson Hole Symposium. We’ll hear more about the event combining mountain hikes and monetary policy. But first, inflation remains a raw nerve as Vice President Kamala Harris begins to outline her economic policy goals.
The Democratic National Convention kicks off in Chicago today. While Democrats will be touting the Biden administration’s accomplishments, Kamala Harris has to articulate a clear and distinguishable economic message to help sway voters — one that says the next four years will be better for their pocketbooks than the last. Plus, California Gov. Gavin Newsom is cracking down on homeless encampments. Where are all those people going to go?
From the BBC World Service: The owner of convenience store giant 7-Eleven has received a takeover offer from Canadian rival Alimentation Couche-Tard, which runs the Circle K chain. Then, long COVID has cost Australia’s economy over an estimated $6 billion, with 100 million working hours lost in 2022 alone. Then, Indonesia has inaugurated its new — and partially built — capital city of Nusantara, as part of an ambitious $30 billion plan.
A landmark federal staffing mandate has prompted fierce disagreement between resident advocates and the nursing home industry. Nursing home owners describe the minimums as extreme, warning they could force some facilities out of business. Though advocates welcomed the new mandate, they say it’s more lenient than ideal. We hear about this fierce — and personal — debate. Plus: a major Social Security number data breach and parsing more retail sales data.
Some big changes to the real estate market are on the way this weekend. Under a settlement reached earlier this year, the National Association of Realtors is changing rules that determine how real estate agents make their money. Buyers and sellers, this matters to you. Then, a new McKinsey Global Institute report finds it’ll take sweeping transformation to reach net-zero greenhouse gas emissions by 2050.
From the BBC World Service: Bavarian Nordic — the manufacturer of the only mpox vaccine — wants to extend the shot’s license in Europe to include those ages 12 to 17, as a more deadly version of the virus spreads largely through young children in Africa. Also on the program: Protests in response to the violent rape and murder of a female doctor in Kolkata has reignited talks of women’s workplace safety.
Shoppers were shopping more energetically than expected in July, with retail sales up 1%. This is boosting stocks but making players in the bond market fret that they might not get as many interest rate cuts this year with the U.S. economy still showing such strength. We’ll discuss at the top of show. Also on the program: a look at banned fake reviews and what happens when a Chinese EV-maker comes to Turkey.
This week, the Justice Department is reportedly considering asking for a break up of Google after the company was deemed an illegal monopoly. We’ll describe how that may pan out and how it could potentially help smaller search engines. But first, the Biden administration is expected to unveil the results of Medicare’s first price negotiations with drug companies today. And later: What do vet clinics and Skittles have in common?
From the BBC World Service: China’s biggest electric carmaker, BYD, is planning a $1 billion factory in Turkey, which will allow it to avoid new tariffs imposed by Europe on Chinese exporters. We hear from the where the factory will be built. Then, Germany issues an arrest warrant linked to explosions that hit the subsea pipeline carrying Russian gas to Europe. Plus, North Korea is partially reopening to foreign tourists.
Starbucks has hired Brian Niccol to become its new CEO following a slump in the company’s sales in Q3. Niccol took over Chipotle in 2018, and Chipotle’s stock price has shot up 700% under his tenure. Before that, Niccol led a brand revamp at Taco Bell. We’ll hear more. Then, consumer inflation is easing toward the Federal Reserve’s target, and Montreal makes a bet on nightlife by permitting all-night drinking.
Employers, recruiters and job candidates are increasingly turning to generative AI to help with the often tedious hiring process. This has led to an influx of applications for many job postings. It’s a trend that’s added efficiency — and another layer of complexity — to the jobs marketplace. Also: a look at sales of PCs with integrated AI. And the Consumer Financial Protection Bureau is cracking down on contract for deed home sales.
From the BBC World Service: Chinese electric vehicle maker Zeekr says it’s come up with the world’s fastest-charging battery, which can be replenished in 10 minutes. Plus, there’s further backlash against over-tourism in Spain, where one city is planning to cut water supplies to illegal short term rentals. And is Montreal about to join the ranks of cities that never sleep? It’s planning special 24-hour zones to help boost its economy.
Elon Musk made news yesterday during his conversation with former President Donald Trump, which live-streamed on X. In it, Musk advocated for reducing federal government spending and reducing deficits as a way of fighting inflation, and he angled for a role in the administration if Trump wins. Plus, what would it take to see an emergency interest rate cut? Then, A generally strong job market has led to economic improvements for people without higher levels of education.
An analysis from The Economist looks at people who feel “left behind” in America — those who got the short end of globalization and deindustrialization, people who took the biggest hits in recent decades from not having advanced education — and shows that that group has been seeing economic improvement under the Trump and Biden administrations. Plus, Harris and Trump look to nix federal taxes on tips, and consumers expect inflation to become less of a problem.
From the BBC World Service: One person has died and thousands of homes and businesses have been evacuated due to the fires close to Athens, all during the country’s peak tourist season. The fire started some 20 miles away from the capital. We’ll hear about the latest developments.. Also, Western airlines are dropping routes to China. Why?
A recent survey shows a slightly larger percentage of Americans trust Vice President Kamala Harris to handle the economy over former President Donald Trump. It’s the first time the poll has found the Democratic nominee leading Trump on economic issues this year. We’ll dig in. Then, what are forecasters expecting from this week’s inflation readings? And we’ll also hear about temp gigs and the youth unemployment rate.
This week, Nusantara is set to become Indonesia’s new planned capital, with a price tag of $33 billion. Egypt is also relocating its capital, with an estimated cost of $59 billion. While other governments have moved their seats of government, is all the expense worth it? Also: a preview of where consumers think inflation is headed and a look at how the presidential campaigns are diverging on Federal Reserve independence.
From the BBC World Service: Billionaire media tycoon Jimmy Lai has lost his bid at Hong Kong’s highest court to overturn his conviction on charges relating to unauthorized pro-democracy protests in 2019. We’ll discuss the fallout of his rejected appeal. Plus, global youth unemployment is at a low, though some regions are still feeling the impact of COVID-19. And how did South Africa turn around its electricity grid to stop rolling blackouts?
Marketplace’s Nancy Marshall-Genzer has been gathering perspectives on the economy from Kent County, Michigan — a swing county in a swing state. More than that, the county is divided. And how people vote is playing an increasingly large role in how well they view the economy. Also: how consumers in China are feeling the pinch of rising prices, and what a rate cut by the Federal Reserve would mean for consumer debt and savings.
As president, Donald Trump was highly critical of the Federal Reserve and Chairman Jerome Powell. Now, Trump is signaling that he would want to have more say on interest rate decisions should he win the election in November — even though the Fed’s relative independence is seen as a key pillar of U.S. economic strength. Also on the program: how a summer camp is marrying mariachi music with exposure to careers in STEM.
From the BBC World Service: There’s been a lot of talk about the Olympics’ boost to Paris’ economy, but what about the athletes themselves? The all-encompassing influence of social media looks set to create some surprising winners. And breaking — better known as breakdancing — makes its Olympics debut, yet it’s not in the line-up for the LA games in 2028. Now could be the chance to grab the spotlight and secure some funding.
Scoop litter from canals. Volunteer on an urban farm. Use a bike to get around. As a perk for climate-friendly actions, visitors to Copenhagen are being offered rewards like free ice cream, a glass of wine and museum discounts. Could programs like this make tourism more sustainable? Also, we’ll hear more about the mixed signals the economy is giving and Delta passengers’ class-action lawsuit over compensation for last month’s CrowdStrike travel fiasco.
The average 30-year fixed rate mortgage peaked at just under 8% in October 2023. Rates have hovered around 7% for a good part of this year but have dipped further thanks to the prospect of a rate cut by the Federal Reserve come September. We’ll also travel once again to Kent County, Michigan — a swing county in a swing state — to hear how the economy is influencing voters there. Plus: quarterly results from two big media companies.
From the BBC World Service: Following weeks of protests in Bangladesh, a new interim prime minister is being sworn in and the economy is reopening, including the crucial garments industry. Then, three Taylor Swift concerts have been canceled in Vienna, because of security concerns. It’s a big disappointment for local businesses expecting to benefit from Swiftanomics. And would you volunteer to pick up trash while on vacation? Copenhagen is incentivizing visitors to do so.
We now know who the Veep wants as Veep: Vice President Kamala Harris announced on Tuesday that Minnesota Gov. Tim Walz will be her running mate in this year’s presidential election. But what does he bring to the table economically? We’ll dig in. Plus, total household debt in the U.S. is creeping up, and a new nonprofit aims to measure whether companies’ carbon removal plans actually work.
A measure of stock market volatility called the VIX has been swinging up and down wildly since Monday’s investor sell-off. Thing is, the month of August has a reputation for volatility — and this week has certainly been living up to that rep. We’ll also hear more on the challenges facing Boeing and travel back to Kent County, Michigan — a swing county in a swing state — to hear how businesspeople there view the economy.
From the BBC World Service: Novo Nordisk, the company behind popular weight-loss and diabetes drugs like Ozempic and Wegovy, didn’t sell as many of those medications as expected in the second quarter. A lot has to do with supply issues and competition. Then, a Nobel Prize winner has been chosen as Bangladesh’s interim leader. And Spain’s tourism industry is hitting new records, but not everyone is thrilled with the surge in visitors.
In the midst of recent market volatility, many investors are seeking safe havens for their money. Cue the handy-dandy certificate of deposit, which is currently giving guaranteed returns of 4% or 5% at many financial institutions — but that may change when the Federal Reserve cuts interest rates. Also: a look at Japan’s market rebound, cash prizes that come with Olympic medals and the Justice Department’s antitrust case against Google.
After the surge downward in stock prices yesterday, U.S. stock index futures have stabilized for now. The kindling for the Monday fire sale was Friday’s weaker-than-expected jobs report. We’ll hear more and learn from an expert how best to deal with anxiety and your investment portfolio. And we’ll also head to Kent County, Michigan — a swing county in a swing state — to hear how consumers there view the economy.
From the BBC World Service: After a dramatic 12% drop yesterday, Japanese stocks have rebounded — with the Nikkei 225 finishing more than 10% higher at the close of trading. Then, following weeks of unrest in Bangladesh and the resignation of its prime minster, the IMF says it’s committed to the country’s economic stability. And we’ll hear about a scam targeting Chinese people around the world, in which criminals pretend to be Chinese police.
In early trading this Monday, the Dow Jones Industrial Average and the Nasdaq Composite Index both fell more than 1,000 points, but recovered some. A weaker jobs report on Friday suggests to some that the Federal Reserve was too slow to lower interest rates raising the possibility of a recession in the U.S. We’ll hear the latest. And later, what happens when K-Pop meets AI?
U.S. stock index futures are pointing to one amid worries that elevated interest rates from the U.S. Federal Reserve might lead to a recession rather than a soft landing. We’ll check in on global markets. And later in the program, grocery prices are elevated. Now, the Federal Trade Commission is launching an investigation to assess if companies are juicing profits by raising prices.
From the BBC World Service: The fall was most dramatic in Japan where, the Nikkei suffered its biggest one-day points drop ever. Then, the prime minister of Bangladesh has resigned and left the country following a protest that started over job shortages. And in in South Korea, AI is causing a split in the K-pop world, with some fans annoyed that K-pop stars are using AI to make music videos and experiment with song writing.
The economy added 114,000 jobs in July. Analysts were expecting a slowdown, but not that much of one. Unemployment rose more than expected too. Markets are tumbling on the news amid worries that the Federal Reserve may have waited too long to cut interest rates. We’ll discuss. Plus, a housing crunch means pain for furniture retailers, and a grassroots program in the U.K. is making the sport of fencing more accessible.
We’re in the middle of another heat wave, which can make cooler parts of the country seem more attractive. And a new analysis shows that some Americans are reversing migration patterns. Typically, people are leaving colder states for warmer ones. Now, more Americans are staying put, while others are moving from warmer places to cooler ones. But first: Markets tumble as investors blink before The Fed does.
From the BBC World Service: Fencing is currently having its moment on the Olympic stage in Paris and has been around since the very first modern, organized Olympics. And in the United Kingdom, one grassroots group is making fencing more accessible, investing in growing its popularity and helping Muslim women and girls access more organized sport. Also on today’s show Japan’s stocks tumble on concerns over the U.S. economy.
Federal Reserve Chairman Jerome Powell has set the stage for the central bank’s first rate cut in four years — but we’ll still likely have to wait a few weeks. Anticipation of a rate cut has already had ripple effects across markets, including for mortgage rates. Then, there’s a shortage of poll workers. What’s being done to boost hiring? Plus, the Biden administration takes another crack at student loan relief.
It’s been about two years since President Joe Biden signed the CHIPS and Science law. A week after that anniversary marks two years since the signing of the the Inflation Reduction Act. Today, we’re joined by Heather Boushey, a member of the White House’s Council of Economic Advisers, to discuss what the arrival of federal investments is beginning to look like. But first, we’ll break down Fed Chair Jerome Powell’s remarks at yesterday’s press conference.
From the BBC World Service: The world’s first comprehensive set of rules governing artificial intelligence has come into force across the European Union, but it’ll take two years for the law to be fully implemented. Plus, tensions between Israel and the militant group Hezbollah are making a dire economic situation even worse for people in Lebanon. And later, young people in Nigeria are taking to the streets over economic hardship.
Restaurants are having a tough year, with high prices keeping customers away. Cue some innovation. Today, we’ll visit Wonder on New York City’s Upper West Side, which looks like a typical fast-food place from the outside but is actually a startup serving dishes from multiple restaurant brands. We’ll also learn more about Boeing’s space travel business, corporate investments in AI and Microsoft’s calls for laws on deepfake fraud.
Central bankers can adjust something called the Fed Funds interest rate in a way that makes borrowing more or less expensive in their campaign to bring inflation down to a healthy rate. But it’s like a lot of things in life: Timing is everything. We’ll discuss what to expect. Also on the show: Home purchase deals fell apart in June, and Roblox, the online game platform for kids, is grappling with a predator problem.
From the BBC World Service: Dozens of employees at ByteDance, the company behind TikTok, have been hospitalized after what seems to be a food poisoning outbreak. Then, heavy rains have caused deadly landslides In the Indian state of Kerala, known for its tea plantations. And South Africa is the latest country to welcome remote workers known as digital nomads, but in Cape Town, locals are unhappy.
A federal appeals court has temporarily blocked new regulation that would have required airlines to disclose all their fees upfront so customers can better comparison-shop. The rule was scheduled to take effect in late fall. Now, its fate is up in the air. Then, we’ll hear how young Nigerians are responding to a cost of living crisis and what it costs to keep the International Space Station running.
Donald Trump’s social media company is trading at around $30 — down early 40% since it launched on the stock exchange this spring. So far for the former president, the wealth there is locked up on paper. But something called a “Standby Equity Purchase Agreement” could mean cold, hard cash in former president’s hands. Also, the Senate is poised to approve legislation aimed at protecting children online. We’ll hear the latest.
From the BBC World Service: Security forces have fired tear gas and rubber bullets at protesters in Venezuela, who demonstrating against Sunday’s disputed election result. President Nicolás Maduro, who was declared the winner, alleges that his opponents are trying to stage a coup. Later in this mornings’s program, we’ll examine the increasing numbers of young people leaving Nigeria.
What are the chances of an interest rate cut from the Federal Reserve this week? And how much will the central bank be paying attention to the unemployment report? We’ll discuss that and more as the guardians of rates gather for a meeting tomorrow and Wednesday. Then, we’ll unpack what Venezuela’s presidential election results mean for the country’s economy and hear why electric vehicle demand has been slowing.
A new survey from the Pew Research Center finds that money is a major factor in the kids-or-no-kids decision. Among adults under 50 who say they’re unlikely to have children, 36% say they can’t afford them. Also on the show: We’ll examine an $80 million settlement involving banks and price-fixing of bonds, and hear about pollution-reducing projects in 30 states that will use $4.3 billion in EPA grants.
From the BBC World Service: Venezuelan President Nicolás Maduro has been declared the winner of the county’s election — but the result has sparked accusations of fraud from the opposition, who claim their candidate actually won. Then, Japanese airports are cracking down on a novel and potentially hazardous way of traveling through endless airport corridors: electric passenger-carrying suitcases. And later, we look at why Australia’s minimum wage increase hasn’t got everyone’s support.
The opening ceremony of the Summer Olympics are slated to get underway today in Paris. And while artificial intelligence isn’t competing (yet), it is playing a role in scoring, crowd control and security, and even finding talent. Also on the show: Inflation inches closer toward the Federal Reserve’s target in June, and California’s Supreme Court deals a blow to efforts by gig workers to be classified as employees with certain benefits.
A new study from researchers at Harvard’s Opportunity Insights and the Census Bureau finds that children have a better chance at moving up the economic ladder if most of the adults they interact with are employed — not just in the household but beyond. We’ll delve in. Plus, the Biden White House still has lots on its economic plate before a new president comes to power in six months.
From the BBC World Service: Just as the Olympics are getting underway in Paris, the French train network has been hit by arson attacks, causing major delays and disruption. The incident will put even more focus on security at the games, which is already extremely tight. Then, we’ll look at how AI is being used to help make athletes’ lives easier and scoring more accurate at this year’s Games.
You’ve probably heard of dynamic pricing, like on ride-sharing apps. Now, the Federal Trade Commission is looking into surveillance pricing, which is when companies charge you a different price than someone else for the same product or service based on data they have on where you are and clues about your interests and lifestyle. We’ll unpack. Plus, GDP was higher than anticipated in the second quarter — but it wasn’t driven by consumers.
Wall Street indexes are droopy this morning after a surge downward yesterday. The S&P 500 fell 2.3% and the Nasdaq had its deepest drop in two years. Some are calling it “rebalancing” as investors pull back from some of their tech darlings. And, as a follow-up to yesterday’s episode, we check in with Juan Carlos Cisneros Suarez, who has been waiting for a visa and has skills in computer programming.
From the BBC World Service: The stock market sell-off is spreading from the U.S. to Asia and Europe. There have been declines across the board, but companies specializing in AI and semiconductor chips have been hit especially hard. Part of it has to do with expectations of additional trade restrictions from the U.S. on chip trade with China. Then, smaller brands are competing against fashion giants to deck out this year’s Olympic athletes.
“We started breaking down crying, because I didn’t think I would get out for my mother’s funeral.” “I’m about $10,000 out of pocket right now for just lodging, food and transportation.” These are just a few of the pained frustrations passengers at Atlanta’s airport, Delta’s primary hub, shared after flight delays and cancellations following the recent CrowdStrike outage. Also: sluggish home sales, the ban on noncompete agreements and politicization of the Federal Reserve.
Working for cash off the books is illegal. But there are routes to work for immigrants who don’t have permission to in the U.S. as an independent contractor or by establishing a Limited Liability Company, or LLC. Today, we’ll hear from one young man who’s seeking a visa that would allow him to work — but he’s looking to start an LLC in the meantime. But first: Tesla is losing ground overseas.
From the BBC World Service: Some of the world’s biggest civilian and defense aviation businesses are gathered at this year’s Farnborough Airshow, a trade expo in the south of England. But with deals on the table, it’s clear that plane makers are struggling to keep up with demand. Also: a look at the the realities of Venezuela’s struggling economy as citizens head to the polls on Sunday.
Despite threats of legal challenges from the right, Vice President Kamala Harris’ camp appears poised to inherit around $100 million from what was the Biden-Harris campaign — and that’s after an additional $100 million was raised in the 24 hours after Sunday’s shake-up. So how will a new name at the top of the Democratic ticket change how campaign dollars are spent? Plus, little stocks are starting to get bigger attention.
The Crowsdstrike software update — which knocked out an estimated 8.5 million Windows computers and impacted airlines, government operations and 9-1-1 emergency calls, is continuing to wreak havoc, and outage costs are estimated to be several billion dollars. We’ll discuss the latest and hear what to do if you’re one of the many, many passengers who’s been affected. And later: Why is everyone talking about “The Magnificent Seven” tech stocks?
From the BBC World Service: In India’s recent election, Prime Minister Narendra Modi’s party won a third term but lost its ruling majority. Now, the coalition released its first budget, focusing on stability and boosting the economy. Then, the founder of South Korea’s popular KakaoTalk app has been arrested on allegations of manipulating stock prices. And there are growing calls to add an African country to the highly lucrative Formula One series of races.
Economic markets take a beat to adjust to Biden’s announcement that he won’t seek re-election; what the entire cybersecurity industry can learn from Friday’s CrowdStrike outage; and a new law makes it easier to pull emergency cash from a retirement account.
On the heels of the President’s announcement that he won’t seek re-election, assessing how history will remember the Biden economy. Plus, continued fallout from Friday’s CrowdStrike outage and global tech meltdown
From the BBC World Service: After Joe Biden announced he’s dropping out of the presidential race, Kamala Harris has secured the backing of some of the Democrats’ biggest donors; so what are investors thinking? Students in Bangladesh continue their protests a day after the Supreme Court eliminated most of the government job quotas they were fighting against. In Spain, concerns about tourism’s impact on locals has sparked protests on the island of Mallorca, with hundreds of people taking to the streets.
New data out this week on retail sales, shipping rates and more offer a snapshot of the economy’s overall health. Plus, the knock-on economic effects of tariffs, and Shanghai becomes a hyper-competitive hub for cafes.
Donald Trump promised sweeping changes to tax policy and interest rates, but would he really have the power to carry those out? Plus, why Silicon Valley billionaires are suddenly flocking to the GOP, and a widespread tech outage has disrupted businesses around the globe, including major airlines.
From the BBC World Service: A raft of businesses and organizations running Microsoft’s Windows apps have been affected by a major global IT outage. Students in Bangladesh are continuing their blockade of roads across the country, in protest of a quota system on government jobs. You may think of Rome or Paris when asked about the café capital of the world – but China’s financial capital is becoming a new contender. At least that’s what Shanghai’s local government claims.
First, semiconductor manufacturer TSMC has seen a surge in sales, yet its stock took a hit yesterday. That followed news the U.S. might further curb exports to China and comments by former President Donald Trump that TSMC’s home base of Taiwan would need to start paying for its own defense. Then, as the U.S.-China economic relationship becomes more contentious, where does that leave Europe? We dig in. And later: why women’s health is so far behind the curve.
At the start of this week’s Republican National Convention, Republicans adopted a new platform that promises to preserve Social Security and Medicare with no cuts, while also pledging to cut taxes for working Americans. Can those two objectives be squared? We’ll also hear more about the economics of J.D. Vance and learn how Gaza’s farmers are faring amid war. Plus, from today’s “Marketplace Tech,” how can we limit the fallout from misinformation after political violence?
From the BBC World Service: Despite big profits for chipmakers, the prospect of further curbs on exports of semiconductor technology to China has prompted a major sell-off by investors. Plus, a court in South Korea has ruled same-sex couples should be eligible for the same health insurance benefits as their heterosexual counterparts. And we hear how conflict in Gaza is affecting those who earn a living from the land.
The GOP wants to be clear that it’s pro-cryptocurrency. The official Republican platform adopted earlier this week says the party will “defend the right to mine bitcoin.” We’ll hear more about the intersection of digital assets and politics. Plus, dinners in Spain tend to start pretty darn late — after 9 p.m. on average. One reason is that the working day runs deep into the evening. But could things be changing?
According to Milwaukee’s visitors bureau, hosting the Republican National Convention this week comes with $200 million in additional economic activity. But that figure doesn’t include business lost when locals try to avoid the crowds. Plus, stock prices wake up with a hangover. And later, it’s day 2 of Amazon Prime Day. Today, we check in on Amazon’s pledge to spend $1.2 billion to provide free job training to about 300,000 employees.
From the BBC World Service: Workers at an Amazon warehouse in the United Kingdom have failed to gain union recognition by the slimmest of margins. A majority of support was needed but just under 50% voted in favor. Then, in Bangladesh, thousands of students have been protesting over a lack of jobs. And in Spain, some are questioning the culture of working well into the evening.
If the Trump/Vance ticket emerges the winner in November, what might a Vice President J.D. Vance’s perspective on the government’s role in business and trade look like? Hint, Vance sees a big role for government. Then, Fed Chair Jerome Powell has given investors tantalizing hints on when rate cuts may occur. Plus, industrialized countries are getting older. What might immigration mean for economies as populations age?
Yesterday, former President Donald Trump announced that Ohio Senator, author and venture capitalist J.D. Vance would be his running mate. But as a populist conservative, Vance’s economic views buck those of the traditional, Republican establishment. We’ll hear more. Also, we’ll hear about the Secret Service’s additional responsibilities besides protecting presidents and unpack how political turmoil and violence might affect the United States’ position in the global business community.
From the BBC World Service: The United Kingdom’s 500-year-old postal service is up for sale. The Royal Mail, with its iconic red mailboxes, operates similarly to the United States Postal Service, but is publicly listed. Now, a $6.5 billion offer has been accepted from Daniel Křetínský, who explains why the nationally important company should be entrusted to him. Also: a look at the self-storage boom in Canada and beyond.
As people process news of the attempted assassination of former President Donald Trump, some of that processing may occur at work. And the workplace — like the rest of America — is a polarized place. Today, we’re joined by Johnny C. Taylor, Jr., president and CEO of the Society for Human Resource Management, to hear how managers can guide healthy conversations over differing political viewpoints. Plus: a pulse check on China’s economy.
Stocks are set to open higher two days after the assassination attempt on former President Donald Trump. And this week, Republicans begin their convention in Milwaukee to formally nominate Trump as their presidential candidate. We’ll take a closer look at how investors are responding. Then, we’ll hear about reports of toxic metals in tampons and examine how World War I shaped labor participation for women.
From the BBC World Service: China’s leaders meet to talk about its economy as official figures show growth is slowing again, clocking the country’s economic growth rate at 4.7% over the second quarter. How might the government respond? And later in the program, music marketing is changing. We take a look at how music reviewers on TikTok are influencing the industry as a whole.
Feelings about the economy have been sort of middling, with consumers optimistic about jobs but pessimistic about prices. But there’s another aspect of consumer surveys that doesn’t often get reported — sentiment can skew heavily partisan. Today: how consumers see the world through Republican or Democrat lenses. Plus, we’ll do the numbers on wholesale prices, hear about a Marathon Oil pollution settlement and learn about a downturn in TV and film production.
Australia is sometimes called a “migration nation,” as a third of its population was born abroad. That said, people with disabilities are often not welcome. Many foreigners with disabilities or serious medical conditions are routinely denied an Australian visa. But there’s pressure for policy change. Also on the show: A three-judge panel has concluded that many U.S. college athletes are likely employees and may be protected under federal minimum wage laws.
From the BBC World Service: Colombia’s president says a lot of the country’s problems would be solved and the country’s armed conflict could end within a day if the United Nations declared cocaine legal across the world. We’ll discuss. Then, China is constructing twice as many solar and wind plants as the rest of the world combined, and many foreigners with disabilities in Australia are denied visas.
A Senate committee is set to hold a hearing later this month on a new bill that would ban stock trading by members of Congress and their families. The legislation was unveiled yesterday. Some lawmakers are outperforming the market — and that’s spurred copycat funds ordinary investors can jump into. But first, inflation this morning came in lower than expected. And later: why the FTC is taking a closer look at pharmacy benefit managers.
The closely-watched consumer price index is slated to be released later this morning. Despite agita over continued rising prices, incomes have continued to outpace inflation. But consumer sentiment and spending can be fickle things. We’ll hear more. Plus, does Citibank have a problem with its safety systems? Regulators seem to think so. Also: Be wary of that unsolicited job offer. If it seems too good to be true, it probably is.
From the BBC World Service: Indigenous leaders in Brazil are asking the United Nations to pressure President Luiz Inácio Lula da Silva to stop illegal mining on their Amazon lands. We’ll hear the latest. Then, a potential rival group may soon rival the Economic Community of West African States. And later, Greece imposes regulations to limit the areas on beaches that bars and restaurants can use after complaints by locals.
A major regional bank has agreed to resolve claims that it harmed thousands of customers by opening fake accounts, and charging for unnecessary insurance tied to car and truck loans. Fifth Third Bank will pay millions of dollars and is labeling these “legacy issues.” We’ll unpack. Then, we’ll also do some bond and stock markets Powell-parsing, and visit a Danish town where Novo Nordisk is racing to boost weight-loss drug production.
Would you work weekends? Make a longer commute? Even take a pay cut? While unemployment isn’t high by historic standards, it is higher than it was last summer. A new survey outlines the sacrifices some workers are willing to make to avoid getting the axe. Plus, a new platform elevates Black country artists, and Fed Chair Jerome Powell hinted that the central bank may be getting closer to cutting rates.
From the BBC World Service: A union representing workers at South Korean technology giant Samsung Electronics has called on its 30,000 members to go on strike indefinitely as part of its campaign for better pay and benefits. Plus, NATO members are holding a three-day summit to mark the organization’s 75th birthday — and the focus is on Ukraine. Then, we visit the Danish town where Novo Nordisk, maker of weight-loss drug Ozempic, is based.
After last month’s Supreme Court ruling, a judge weighs whether to allow new lawsuits against the Sackler family. Plus, waiting on word from Jerome Powell and the Fed, and what happens when an online DNA test kicks up complicated history.
Military spending and aid for Ukraine are high on the agenda at this week’s NATO summit; Americans added more than $11 billion to consumer debt in May; and a practical look at newly-implemented guidelines from the Pregnant Workers Fairness Act.
From the BBC World Service: India’s prime minister, Narendra Modi, is in Russia to “deepen ties” between the two countries on Mr. Modi’s first trip to Russia since the beginning of its war Ukraine. China’s biggest electric carmaker — and Tesla’s big rival — BYD has reached a deal to build a $1 billion manufacturing plant in Turkey. And Sweden marks 50 years of paid parental leave for couples to share.
You may have gotten the unsolicited texts, LinkedIn messages or other offers from scammers posing as recruiters. The may even have a legitimate-looking listing on a job hiring site. You have a virtual interview, then the recruiter starts asking for personal information like your Social Security number to fill out “employment paperwork” — but actually they’re stealing your identity. Plus, examining the Sahm Rule and use of the U.S. dollar in Lebanon.
Paramount Global, which owns Paramount Studios, CBS and more, has agreed to merge with Skydance Media, the source of some of Paramount’s biggest films. The deal will cost Skydance and its founder David Ellison $8 billion and would cement Ellison’s position as a Hollywood mogul. We’ll unpack. Plus, more Americans are traveling abroad thanks to a strong U.S. dollar. And there’s more people looking for work, but it’s taking them longer to find jobs.
From the BBC World Service: France is facing political gridlock after a left-wing alliance emerged as the surprise winner of France’s snap election. The coalition secured the most seats but no outright majority. Also on the program: Trust in Lebanon’s financial system is at an all-time low, after a banking collapse and hyperinflation. Plus, Samsung is experiencing its first-ever strike in South Korea the over pay and holidays.
The U.S. economy added 206,000 jobs in June, according to the labor department. But job growth in previous months was revised down significantly. What can we make of this data? And what does it mean for next steps for the Federal Reserve? Workers also saw the slowest pace of wage growth in two years. And later: views on France’s election and economy from a farmers market in the French city of Lille.
While the Labour Party saw a historic win in Thursday’s general election in the U.K., the new prime minister, Sir Keir Starmer, is without a raft of money to implement sweeping reforms. So how will the new government differ economically from the one seen under Conservative rule? And later, it’s hard to prepare a meal with a newborn in your hands. That inspired one couple to open a restaurant in Atlanta.
From the BBC World Service: The Labour Party, led by Sir Keir Starmer, won a sweeping victory in the U.K.’s general election held Thursday. We’ll hear from voters about what they hope for in the new government and interrogate just how much change the new administration can realistically deliver. Plus, French voters are also going to the polls on Sunday, and the cost of living is weighing heavy on voters’ minds.
As part of our “Golden Promises” series, we’re exploring the battle over slavery reparations in California. Today, Marketplace special correspondent Lee Hawkins speaks with Lotte Lieb Dula, founder of Reparations 4 Slavery, about the discovery of her family’s connection to slavery and how she’s working to repair and make things right. Also on the show: Mexican President-elect Claudia Sheinbaum’s next steps on energy could make waves in the U.S., especially in Texas.
The national debt is tremendous and growing. And as lawmakers talk about ways to address it, Social Security spending — which totals roughly $1.5 trillion a year — is often brought up as playing a big role. But by law, Social Security cannot contribute to the national debt. Today, we’ll parse exactly how the Social Security Administration invests money and pays out. Then, heat insurance in India has helped thousands of female workers.
From the BBC World Service: Hurricane Beryl has hit Jamaica after leaving an “Armageddon-like” trail in Grenada, but the Jamaican prime minster says the worst is yet to come. We’ll hear more. Then, in India, women in the western state of Gujarat are being offered compensation that allows them to stay home during periods of extremely hot weather. And Japan’s digital minister has declared victory in his war against floppy disks.
Tractor Supply Company — a farm, lawn and home improvement chain mainly in rural areas — recently announced it would abandon most of its diversity and climate advocacy goals. Now, the head of the National Black Farmers Association is calling for the resignation of Tractor Supply’s CEO. But first, we’ll unpack how markets are responding to “the Trump trade.” And later: job cuts at John Deere, the first Esports World Cup and traction for indie game studios.
Artificial intelligence requires an enormous amount of electricity. Google, with AI now added, says it increased its carbon emissions last year, despite a pledge to reach net-zero by 2030. So what are Google and other companies doing to address efficiency issues? We’ll discuss. Then, tomorrow is the United Kingdom’s general election, and the harsh realities of economic stagnation are on the minds of many voters there.
From the BBC World Service: The United Kingdom goes to the polls in the general election tomorrow — and polling suggests the economy is the No. 1 issue with voters. We hear the key economic anxieties voters are voicing. Then, the Esports World Cup kicks off today in Saudi Arabia, and there are calls in China for greater restrictions on the sale of hyper-realistic silicone face masks.
More than 60 million Americans are facing a potentially record-breaking heat wave across the South and Western U.S. this week. Still, people will be showing up to work on farms, construction sites and other workplaces where extreme heat exposure is a threat. Now, the Labor Department is proposing new safety standards. Also: a conversation with James LeBrecht, co-director of the film “Crip Camp” about accessibility in the film industry.
Standard economic indicators like the unemployment and inflation rates are backward-looking. Now, a new tool, the Zeta Economic Indicator, analyzes the economy in real time and utilizes artificial intelligence. We’ll hear more. Plus, regulators in France are set to level antitrust charges against chipmaker Nvidia, and the EU says a Meta subscription service violates Europe’s Digital Markets Act. Then, is paying farmers to conserve Colorado River water worth the cost?
From the BBC World Service: Sri Lanka’s President Ranil Wickremesinghe is presenting lawmakers with a deal made by creditors after the country’s 2022 financial crisis, but the government is facing criticism over the agreement. Also: Samsung workers in South Korea are planning a strike. Then, David Ricks, CEO of Eli Lilly — the maker of popular weight-loss drugs Mounjaro and Zepbound — says more needs to be done on global drug counterfeiting.
This morning, we’re talking economics and global politics. First, the far-right saw major wins in the first round of France’s elections. Then, high housing costs are weighing on the minds of voters in the United Kingdom, who head to the polls on Thursday. Plus, there are reports that Boeing will be offered a Justice Department arrangement that would allow the company to avoid a trial in connection with two 737 MAX crashes.
Or does it hinder free speech? That’s the thorny issue the Supreme Court is expected to decide in just a few hours, as it releases its final rulings in what’s been another highly consequential term. We’ll hear more on a case challenging how social media companies deal with content on their platforms. Plus, a look at Major League Soccer’s surging popularity and how the Dawes Act cratered Indigenous wealth.
From the BBC World Service: Marine Le Pen’s far-right National Rally party has pulled off a victory in the first round of elections in France and could turn French politics on its head. Then, with only three days to go before the United Kingdom’s general election, one of the big issues is housing costs. But are any of the political parties’ pledges giving people hope that they can solve Britain’s housing crunch?
Last night, President Joe Biden and former President Donald Trump sparred off. Today, we’ll recap some of economic issues spotlighted in the presidential debate. Inflation was one of the hot topics, and the latest release of the Federal Reserve’s preferred measure of inflation shows inflation cooling — but how you experience rising prices can be splintered along partisan lines. We discuss. Also, Amazon plans on launching a “discount” section with goods shipped direct from China.
A rule of thumb is that market players don’t like uncertainty. The question this morning is whether there’s more or less of it in the wake of President Joe Biden’s rough showing against former President Donald Trump during last night’s debate. We’ll track how the debate is affecting the movement of money. Plus, Social Security cuts are inevitable by 2035 unless lawmakers act. Can a similar crunch from the ’80s offer guidance?
From the BBC World Service: Ukraine’s President Volodymyr Zelenskyy has signed a security pact with the European Union during a visit to Brussels. We’ll delve in. Then, following weeks of protests in Argentina over proposed austerity reforms, the country’s parliament has approved controversial measures put forward by President Javier Millei. And later, prolonged heatwaves in India have boosted sales of air conditioning units.
As cities look to grow and innovate in the recovery from the pandemic, some are pushing for new sports stadiums. The idea is that fresh ballparks attract visitors and create jobs, but these projects are almost always funded by public dollars. We’ll do the numbers on the investment and payoff. Also on the show: A ransomware attack could put a sizable dent in auto sales this month, and marketing around Pride is down this year.
In a 6-3 ruling, Supreme Court justices have narrowed the scope of federal corruption law, as it pertains to state and local officials. Justices ruled that a former mayor in Indiana did not commit a crime when he took $13,000 as a purported consulting fee after — not before — awarding city contracts to a trucking company. We’ll also have an honest conversation about Social Security funding. Plus, is Nike a dinosaur brand?
From the BBC World Service: The Japanese Yen has fallen to its weakest level against the U.S. dollar for nearly 40 years. It’s causing jitters in the markets, and analysts warn about potential government intervention. Then, protests are continuing in Kenya over the unpopular new finance bill. And as Barcelona becomes the latest city to crack down on short-term rentals, we hear from an unhappy property owner.
A federal judge has rejected an antitrust settlement that would have lowered the fees Visa and Mastercard charge every time you use your credit card to pay for a purchase. The judge ruled the settlement did not go far enough, agreeing with retailers who want to chip away at the power held by credit card companies. We’ll hear more. Then, hundreds of thousands of home sitting empty in Japanese cities. Expatriates are noticing.
Volkswagen says it’s putting $5 billion into U.S. electric truck company Rivian. The cash infusion comes at a crucial time for Rivian, as it watches other EV startups go under. But VW also needs something out of this. We unpack. Plus, why it’s so difficult to maintain America’s aging bridge infrastructure and how the market for online comics is doing as Webtoon Entertainment looks to go public.
From the BBC World Service: At least 13 people have been killed and many more injured after police fired into crowds protesting Kenya’s controversial finance bill in Nairobi. An angry crowd stormed the parliament before setting parts of it on fire. Protests have taken place for several days. How did Kenya get here? Also: a look at the expats buying and renovating some of the 9 million empty homes in Japan.
When it comes to reality TV, don’t give too much credit to the “reality” part. Yet despite its heavy editing and construction, reality TV has sometimes shaped the wider culture. In this episode, we talk about the economic calculus that led to a genre so many people love to watch, love to hate or both. But first: Nvidia shares enter correction territory.
From the BBC World Service: After 14 months of a civil war, a severe humanitarian and economic crisis is unfolding in Sudan. Grain shipments from Ukraine have ceased, humanitarian aid faces significant blockades and the country faces the largest displacement of children worldwide. We’ll hear more about the conflict and its impact. We’ll also learn more about the role of tax policy in the upcoming U.K. election and a land dispute involving Catholic nuns in Spain.
Job creation has been robust coming out of the worst of COVID, yet threats to workers remain: international competition, the Green Transition, artificial intelligence. How can workers respond? Today, we explore wage insurance as an option that could help. Also: What’s behind this election year stock rally? But first, Apple’s App Store has run afoul of European regulators. We’ll unpack.
The deadline for students and parents to get their federal financial aid form into colleges and universities is this Sunday. With all that data you input on income and savings, there’s still something big missing: overall household wealth. Some education policy researchers say the financial aid system should be taking a closer look at big assets, like homes. Also: federal prosecutors are recommending criminal charges against Boeing and visas for nurses are running out again.
From the BBC World Service: Brussels has accused Apple of violating EU competition rules with its App Store. It’s the first time EU regulators have enforced the new Digital Markets Act against a major tech firm. Then, Indian students are furious following the last-minute cancellation of a crucial entrance test for post-graduate medical courses. And rental scams are on the rise in the U.K., with some criminals targeting illegal cannabis farms.
In a flurry of recent U.S. Supreme Court decisions, the Justices’ lack of action on one case is a major victory for the tribal gaming industry. The court left in place an agreement between the Seminole Tribe of Florida and the state of Florida, and left the door open for tribal nations to expand into online gaming. We’ll delve into the impact. And we’ll also examine how immigration policy has shaped the U.S. economy.
TikTok’s Chinese parent company, ByteDance, has six months to divest or the U.S. plans to ban the app for national security reasons. But in a new court filing, ByteDance calls the U.S. government’s demands unconstitutional and says government officials have refused to seriously negotiate for two years. Also, AI comes for banking jobs. And later, what if your deepfake was circulating halfway across the world in China?
From the BBC World Service: Kenya’s government has been forced to drop some of its plans for new taxes, but widespread protests are continuing over its controversial finance bill. We’ll hear about the government’s intent behind the proposed new taxes, as well as which policies have now been scrapped. Also, what does a British court judgement on the climate impact of oil projects mean for future developments?
In the U.S., the Federal Reserve has decided to keep rates elevated for a year now. The Fed’s goal is to hit a 2% inflation target, but that last mile has been difficult. And part of it has to do with how we are able to lock in debt at times of lower rates in the U.S. We’ll discuss. We’ll also hear about RV sales, then the Europe and China’s tit-for-tat trade battle.
Cannabis is now legal — for medical or recreational use — in 38 states, plus D.C. But marijuana remains illegal at the federal level, meaning there are stringent rules governing the transportation of cannabis. That can leave some parts of the industry stranded, sometimes on literal islands. Today, we travel to Martha’s Vineyard to hear how those hurdles have impacted one dispensary. Plus, a look at fossil fuel use and the effort to reopen a criminal case against Boeing.
From the BBC World Service: Chinese carmakers are urging Beijing to slap import taxes of up to 25% on some European cars, following the European Union’s confirmation that it will place tariffs of up to 38% on electric vehicle imports from China. Then, global fossil fuel use and carbon emissions hit record highs last year, despite growing energy production from wind and solar. And charities are worried about the impact of some G7 governments’ slashing foreign aid budgets.
One effort in trying to narrow the racial wealth gap is by supporting Black-owned businesses. That effort grew in 2020 amid racial justice protests after the murder of George Floyd, but where do things stand now? We check in. Plus, Brooklyn’s Long Time Tattoo is a queer Asian American Pacific Islander run tattoo collective that’s helping create an inclusive space for clients, other tattoo artists and the wider community.
Part of the of the racial wealth gap is a gap in business ownership. Today, we’re joined by Kezia Williams, CEO of the Black upStart, a national initiative and curriculum for Black entrepreneurs, for a conversation about some of the hurdles Black business owners face and efforts to close the gap. Also on the program: A new study finds that expanding early childhood education could be well worth the investment.
From the BBC World Service: Amazon could be forced to recognize a trade union for the first time in the United Kingdom, as staff at its warehouse in Coventry, England, begin consulting with the GMB general trade union union ahead of a July vote. Also: An Afrobeats track has become the first of the genre to break one billion streams. We’ll explore the genre’s rapid growth.
Yet another Boeing whistleblower is set to testify at a Senate hearing this afternoon, citing a failure to properly track defective parts in the company’s factories. Plus, the tragedy of errors and shortcuts that led to last year’s Titan submersible implosion.
The Treasury and IRS announced a new initiative Monday to close a tax loophole for wealthy people that could raise more than $50 billion in revenue over the next decade. Plus, the evolving economics of “gayborhoods” in U.S. cities.
From the BBC World Service: Russia’s Vladimir Putin is visiting North Korea and its leader Kim Jong Un for the first time in 24 years, as the pair look to deepen their relationship in the face of international isolation. And: Wildfires forced tens of thousands of people to evacuate the Greek island of Rhodes last year – now there’s a focus on how to make tourism more sustainable.
Wall Street investors bet on extra rate cuts this year, in spite of Fed predictions that there will be just one. Plus, Megabus parent company Coach USA has filed for bankruptcy after ridership dropped during the pandemic and failed to recover. And for Baltimore firms, work on the Francis Scott Key Bridge reconstruction is personal.
Surgeon General Dr. Vivek Murthy has called for cigarette-style warning labels aimed at young users of social media platforms, citing social media’s significant contributions to the mental health crisis among adolescents. Plus, a surge in secondhand shopping among consumers, and a look inside the world of gender-affirming vocal coaching.
From the BBC World Service: Emmanuel Macron has kicked off a fortnight of frenetic election campaigning as he gambles everything to stave off a big challenge from the far right. German sportswear giant Adidas is investigating what it calls ‘potential compliance violations in China’ after reports that senior managers at the Chinese branch allegedly received bribes from suppliers. The European Soccer Championship has kicked off and it offers significant branding opportunities — this year, Nike is outspending its rivals, securing 37.5% of the visibility with nine team deals.
Four years ago, the pandemic sent the world economy into disarray. Panic buying led to widespread backlogs, with shipping gridlocks so bad you could see them in satellite images. It all revealed a troubling reality: Our global supply chain is incredibly fragile. Where did things go wrong? We discuss. Also, Tesla shareholders voted to restore CEO Elon Musk’s pay package valued at $44.9 billion, so let’s talk about how CEO pay gets determined.
Israel is withholding $35 million in tax revenues from the Palestinian Authority, which provides limited self-governance for the Palestinian people in the West Bank. The move threatens to worsen an already dire financial situation there, even as a war devastates Gaza, the other Palestinian enclave. Plus, big questions linger following the end of a strike at University of California campuses. And Wells Fargo fired some employees for “fake working.”
From the BBC World Service: Every year, more than a million Muslims from around the globe make a pilgrimage in Mecca. But there’s a lucrative trade in fake permits, and the number of scams has caused raised concerns for Saudi authorities. Then, Thailand scraps a planned $8 tourism fee for visitors arriving by air. And Virgin Australia is set to allow dogs and cats to fly in the main cabin of its planes.
Federal campaigns get much of the spotlight, but state and local races can be as consequential for residents’ lives. Funders know that. Today, we’ll trace some of this year’s campaign spending behind state elections, local elections and ballot initiatives. We’ll also hear about a G7 plan to use seized Russian assets to help Ukraine. Plus, inflation for wholesalers was negative last month. What’s a central bank to do with that?
Gay bars are often a fixture of queer nightlife and can help foster a sense of community. Yet across the country, gay bars have shuttered at an alarming pace, down around 45% between 2002 and 2023. But queer nightlife isn’t disappearing — it may just be evolving. We’ll hear more. But first: Interest rates are staying where they are, so where do we go from here?
From the BBC World Service: Demonstrators argued that the measures, which include cutting state spending and watering down workers’ rights, will hurt millions of working Argentinians. Meanwhile, leaders of the G7 are meeting in Italy to discuss increasing economic pressure on Russia in response to its war against Ukraine. And around the world, hundreds of thousands of tons of nuclear waste are piling up in temporary storage, but Finland thinks it has a solution.
The general public doesn’t always see eye-to-eye with economists on why inflation happens or on how to fight it, a new survey finds. We’ll unpack. Plus, a resilient U.S. economy lifts global economic outlook. And later: The Federal Reserve is expected to leave interest rates unchanged today. But let’s revisit the ’70s and ’80s, when the Fed was battling double-digit inflation and didn’t have the luxury of patiently holding interest rates steady.
It’s been called the largest economic development project in Georgia’s history. And it’s massive — six times the size of Disneyland. When Hyundai’s Metaplant comes online, it will pump out up to 300,000 electric vehicles per year, plus batteries. Jobs at the plant will pay more than the area average, and job training will be free of charge. We’ll hear more. Also on the program: banishing medical debt from credit reports.
From the BBC World Service: The European Commission will add tariffs to electric vehicles coming into the European Union from China, and China’s not too happy about it. Then, the World Health Organization (WHO) has blamed major industries — tobacco, ultra-processed foods, fossil fuels and alcohol — for 2.7 million deaths a year in Europe. Also: news on bread in Egypt and spicy ramen noodles in Denmark.
We’re heading into another summer with the specter of serious supply chain disruptions. The union representing dockworkers at ports on the East and Gulf Coasts has called off negotiations with shipping companies, because the union says those companies are trying to replace workers with automation. Also: a look at how failing to meet kids’ basic needs hurts their educational outcomes and how bankruptcy has become an “escape hatch” for big corporations.
Today, we’re heading to the Georgia-South Carolina border to hear about a program that pays as they train. It’s at the Savannah River Site, overseen by the Department of Energy, where workers do everything from from dimming down highly toxic plutonium into something no longer weapons-grade to processing spent fuel rods pulled from nuclear reactors. Also on the show: a lawsuit over forever chemicals in the nation’s drinking water.
From the BBC World Service: Singapore Airlines has offered $10,000 compensation payments to passengers who suffered minor injuries during a flight that hit sudden, extreme turbulence last month. Then, European soccer championships kick off on Friday, and a thriving market has popped up to sell counterfeit replica kits. And later: Nollywood, Nigeria’s movie industry, could be worth as much as $15 billion by 2025, but questions are being raised over safety.
The Federal Reserve’s Open Market Committee meets tomorrow and Wednesday for its fourth interest rate-setting meeting of the year. We can say with almost total certainty that the Fed will do nothing to those interest rates, and recent news on the job market isn’t likely to change the Fed’s thinking. Then, Reddit is pushing deeper into advertising. And later: how the Tribeca Festival came to be such a moneymaker for New York City.
You know the Georgia peach logo at the end of shows like “WandaVision” or “The Walking Dead?” The peach means a production was filmed in Georgia, where major tax credits are helping the state grow its film industry. Today, we head to Atlanta to hear about the pipeline for show business gigs there. Plus, Americans are paying down their credit card balances thanks to a strong labor market.
From the BBC World Service: France’s President Emmanuel Macron has called snap parliamentary elections in the wake of a big victory for rival Marine Le Pen’s National Rally in the European Parliament vote. We’ll unpack. Then, Malaysia is ending its blanket subsidy for diesel, which means prices will go up by 50%. And Honda is the latest Japanese carmaker to be inspected for safety certification issues.
We learned this morning that the U.S. economy added 272,000 new jobs in May. That’s a lot more than many economists predicted. On the other hand, the unemployment rate did tick up to 4%. We’ll put those numbers into context. Then, two federal agencies are launching two separate antitrust probes into the giants of the artificial intelligence race. And later: a look at candy maker Bazooka’s recent injection of investment money from major athletes.
How many people got hired and how many people were unemployed last month? We’ll find that out later this morning when the government releases U.S. jobs numbers. Economists are predicting hiring remained steady compared to the month before. We’ll hear why the figures are important to the Federal Reserve, as well as what they hint about AI’s impact on the workforce. Plus, how can cities get out of “a real estate doom loop?”
From the BBC World Service: Workers belonging to the largest union at tech giant Samsung have gone on strike for the first time ever over a pay dispute. Then, McDonald’s no longer has the exclusive right to market chicken Big Mac. Also, and nearly 2 million more teenagers will be eligible to vote in EU elections, and a woman who says she inspired “Baby Reindeer” is suing Netflix for defamation and damages.
A new report out of investment advisor Vanguard finds that more than 40% of employer matches go to the richest 20% of workers — and it’s not just because they have the highest salaries. We’ll discuss the problems with the 401(k) model and hear a potential fix. Plus, St. Louis is grappling with a “real estate doom loop.” How did it get there and how might it get out?
It’s been one week since former President Donald Trump was found guilty of 34 felony charges of falsifying business records to influence the 2016 election. So what’s to become of the publicly traded company he heads, Trump Media and Technology Group? Can a convicted felon legally be a principal of a publicly traded company? We discuss. Also on the show; Nvidia stock, congestion pricing and wage growth.
From the BBC World Service: Vladimir Putin is hosting the International Economic Forum. There’s a bit of a contradiction there: Despite being the most sanctioned country in the world, Russia’s economy is set to grow faster than all advanced economies this year. Also, Gen Z is posing a challenge for alcohol companies. And later, tourism officials in Henan, China, admitted the famous Yuntai Falls use hidden water pipes to boost the flow.
When we do the numbers, we tell you what’s happening on the New York Stock Exchange and the Nasdaq. Now, a couple of Wall Street financial firms are backing an upstart in Texas that wants to challenge the dominance of the two big players in New York. Then, China’s generative AI business has gotten its first infusion of cash from a foreign investor. Plus, does Boston regret not hosting the 2024 Summer Olympics?
At the height of pandemic lockdowns, folks stayed in yet also desperately wanted to get out. Enter the open streets movement, which advocates for roads being temporarily closed off to cars and expanded for pedestrians and public space. Now, advocates in Brooklyn are pushing to make some of those changes more permanent. Plus, manufacturing and construction appear to lose steam, and the Amazon Labor Union will link up with Teamsters.
From the BBC World Service: Following India’s national elections, it might be harder for Modi to push his economic policies through, as his party didn’t win enough seats to have a parliamentary majority. Then, China is looking to compete in generative AI and Saudi Arabia is investing in one of its biggest start-ups. And Poland is voting in European Union elections this weekend, and a major point of contention is Europe’s support for Ukraine.
A federal appeals court panel has suspended a competition to award grants to businesses that are majority-owned by Black women. The panel ruled the program, run by Atlanta-based venture capital firm Fearless Fund, is likely discriminatory. We’ll parse the details. Then, Shein is looking to go public in London rather than New York. Why is that? And the price of Forever stamps are about to go up yet again.
From the BBC World Service: In India’s elections, early signs are pointing to a majority for a right-wing alliance of parties, led by India’s prime minister, Narendra Modi. It won’t be a landslide win, however. What does that mean for policy and the markets? And later in the program: Nigeria’s government says it’s made a new offer to try to bring the country’s general strike to a close.
At its recent meeting, the oil cartel OPEC+ agreed to keep its lower production limits in place to try to prop up fuel prices. To the concern of producers and the delight of consumers, crude has been going for less than $80 a barrel since the beginning of May. And that’s being reflected at the pump. Plus, what’s behind GM’s move from the landmark Renaissance Center in Detroit?
As you’ve likely heard by now, Claudia Sheinbaum won Mexico’s presidential election in a landslide victory and is slated to become the nation’s first female president. But Mexico is facing a major budget deficit, exacerbated by spending on infrastructure and social programs. We’ll discuss what Sheinbaum’s win means for the economy. Plus, we’ll examine the latest in the meme stock craze after the value of GameStop shares soared in premarket trading.
This week, we’re examining the ways cities are adapting to the future of how we live and work. Some of these changes were sped up by the pandemic, but some are a long-time coming — like evolving tech in the auto industry. In Detroit, an abandoned train station has been brought back to life by the Ford Motor Company as a center for tech innovation. Will the investment pay off? But first: automakers and deep sea mining.
From the BBC World Service: Mexico is set to elect its first female president, and South Africa’s African National Congress party has lost its majority after 30 years. So what will that look like for the economies of both countries? Then, a BBC investigation finds evidence about the fate of Ruja Ignatova — the woman on the FBI’s 10 most-wanted list for her alleged participation in a fake crypto scheme worth $4.5 billion.
Earlier this week, we took a look at the economies of Gaza and the West Bank before and during the current conflict. On today’s show, we’ll examine how Israel’s economy was doing before Oct. 7. (To hear how Israel’s economy has been altered by war, check out this episode.) Plus, inflation is stuck at a rate higher than the Federal Reserve would like to see.
Starting next year, more people will be able to file their taxes directly and electronically with the IRS without a middleman. This past tax season, the IRS ran a small trial run in a few states and says it went well, so the agency’s making its free direct file program permanent. It’s expanding eligibility for the program too. Also: the Israeli economy and how it’s changed as a result of war.
From the BBC World Service: The U.S. needs to stop interfering in the affairs of Taiwan — that was the verdict of China’s defense minister, Admiral Dong Jun, who made the comments during a meeting with U.S. Secretary of Defense Lloyd Austin at a security conference in Singapore. Then, parts of India are experiencing an extreme heat wave, and Mexico’s citizens go to the polls on Sunday in a historic election.
Thursday marks the end of the 90-day period the FAA gave Boeing to come up with a plan to improve its safety and quality-control practices, something prompted by a fuselage panel blowout on an Alaska Airlines flight in January. Boeing has already announced a number of changes since then. What more do we expect to learn today? Also on the program: the number of wholesale goods sitting on shelves a dramatic decline in foreclosures.
In the months since the outbreak of the war in Gaza, Palestine’s economy has been radically altered. Today, we hear about the conflict’s impact on the West Bank, Palestinian tax revenue and what recovery from such destruction and devastation in Gaza could potentially look like. Plus, the rise in artificial intelligence requires lots of data computing centers to power that AI. And all those data centers use lots of electricity.
From the BBC World Service: Iceland is once again witnessing the raw power of nature as a volcano erupts about 30 miles southwest of Reykjavik, impacting trade.Then, more than two years into the war with Russia, Ukraine is auctioning off the Hotel Ukraina. The proceeds will go toward the war effort. Also: a conversation with one of Latin America’s only female leaders, Laura Chinchilla, the president of Costa Rica.
When you buy a stock, your brokerage has to go out and buy it for you. It sometimes doesn’t happen immediately and can take up to two days. As part of a push to reduce risk in the stock market, a new Securities and Exchange Commission rule says it needs to happen faster. Plus, why consumers are feeling better than expected and how pricey child care is holding back women in the workforce.
Despite cooling inflation, many Americans still say higher prices make it difficult to make ends meet. That’s especially the case for parents. The cost of child care has far outpaced overall inflation for the past few decades, to the point that it’s affecting the labor force. We discuss. But first: Tensions between Exxon-Mobil and some of its shareholders may well boil over this morning when the company holds its annual shareholder meeting.
From the BBC World Service: Australian mining giant BHP wants to buy rival Anglo American, but it’s had two bids turned down and was recently denied an extension for takeover talks. Then, the union representing Samsung Electronics in South Korea has threatened to go on strike over demands for higher wages. And South Africa heads to the polls and the leading ANC party may lose its parliamentary majority.
Hurricane season officially begins this week, and forecasters are predicting a record number of storms to barrel through the Atlantic Ocean this year. While that means potential destruction to homes, businesses and infrastructure, one industry is particularly at risk: oil and natural gas. We’ll unpack. Plus, “there is no economic solution for a political problem”: Trinity College professor of economics Ibrahim Shikaki reflects on Gaza’s economy at time of war.
Beneath the tremendous human suffering wrought by war in Gaza is a harsh economic reality. Today, we’re examining the state of the Palestinian economy before, during and potentially after the war, and will hear more about Palestine’s entrenched dependency on Israel’s economy. But first: The White House is introducing a set of carbon credit standards to help figure out if carbon offsets are achieving what they purport to.
From the BBC World Service: Soccer superstar David Beckham has signed a deal to be a global ambassador for AliExpress, an online retail platform owned by Chinese technology giant Alibaba. The announcement comes as the Euros soccer tournament is due to kick off in Germany next month. Plus, billions of dollars are being poured into AI despite lack of uptake, and the FBI is investigating the sale of stolen British Museum goods.
Higher fares, crowded airports, cancellations and delays have done little to dampen the appetite for air travel going into the summer months. Airlines say they’ve done a lot to ramp up for the strong demand but are being hampered by a shortage of air traffic controllers. Plus, a pulse check on Houston’s clothing resale market and a new device in Australia to help farmers save livestock during drought.
In this election cycle, campaigns are looking to get your votes — and political contributions — any way they can. The Donald Trump campaign recently announced it will accept campaign contributions in cryptocurrencies, joining independent candidate Robert F. Kennedy, Jr. But there are nuances and transparency issues that come with such donations. Also on the show: a preview of the economic data-heavy week ahead and an investment in hurricane forecasting.
From the BBC World Service: Paula Vennells was CEO of the government-owned Post Office business from 2012 to 2019, when forensic accountants looked into claims that sub-postmasters had been wrongly prosecuted for errors caused by software. We hear some takeaways from her testimony. Then, the leaders of China, South Korea and Japan have vowed to speed up negotiations to reach a free trade deal. Also: What would persuade more of us to take up electric vehicles?
The Justice Department is suing Live Nation, the parent company of Ticketmaster, saying that it violated antitrust law. Live Nation controls at least 80% of box office sales at major concert venues, and owns or controls more than 60% of large amphitheaters in the U.S. Yet we may not know the upshot of the lawsuit for consumers for quite some time. Also: a look inside the wide world of indie video games.
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The NCAA, the governing body for college sports, and the five biggest athletic conferences have agreed to a landmark $2.8 billion settlement of a class-action suit. If approved by a judge, it’ll means that schools would be allowed to share revenues with student athletes going forward. Then, we’ll have a conversation about capitalism and activism in college athletics. And later: Will you be “quiet vacationing” this holiday weekend?
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From the BBC World Service: Google is expanding its network infrastructure, with an aim of enhancing internet connectivity and competing in the cloud computing market. Then, days after President Biden imposed higher tariffs on EVs from China, Elon Musk says he doesn’t support them — contradicting a warning he made back in January that Chinese carmakers would “demolish” global competitors if there were no trade barriers.
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A recent poll conducted for the Guardian newspaper asked people how they felt about the economy. It finds nearly three in five Americans (wrongly) believe the U.S. is in a recession. About half think the stock market is down for the year. (It’s not.) What’s behind the disconnect? Plus, tariffs designed to create higher-paying jobs stateside may fail to do that. And we’ll hear the history behind the Ticketmaster antitrust lawsuit.
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Writer Andrew Lipstein embarked on a quest to freak himself out about passive investments: Things like buying index funds, for instance all the companies in the S&P 500, setting it and forgetting it. Lipstein spent time with a professional investor who argues index funds play a dangerous role in the market that may not end well. We hear that story. But first, chipmaker Nvidia reports a seven-fold increase in profits.
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From the BBC World Service: British Prime Minister Rishi Sunak and opposition leader Keir Starmer are on the campaign trail after Sunak called a surprise summer election. We set the backdrop for this upcoming election, including an interrogation of the freshest economic figures and a look at the economic mood among British consumers. Also on the show: What do changing music tastes mean for guitar companies?
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The high tech industry has been grappling with a downturn in recent years. But a new report shows that the picture for the tech sector in Texas is a bit sunnier than in other parts of the country. Why is that? Then, Lowe’s and Target feel the effects of a pinched consumer, and sugar production — once Cuba’s most important and profitable trade — is nearing collapse.
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Inflation may be cooling, but it certainly isn’t cold. Americans are still getting burned by rising prices. That’s one conclusion from a new Federal Reserve survey, which notes that parents in particular are struggling. Then, one report shows homes just how many homes are overvalued, especially in the South. Plus, we’ll hear how the Accion Digital Transformation Fund is trying to help people with no bank accounts get one.
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From the BBC World Service: Amid worsening inflation, a scarcity of basic goods and a decadeslong U.S. economic embargo, Cubans are enduring some of their bleakest economic times since the Cold War. We hear from the country’s sugar plantations, where production has hit an all-time low. Plus, a look at why a medical strike in Mozambique is having a deadly impact and how extreme heat is affecting India’s workers.
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On Wednesday, we get glimpses of two very different ends of the economy: Both retailer Target and AI chipmaker Nvidia report earnings. One lives in the world of consumers facing high interest rates, while the other occupies the sphere of cutting edge technology. What can we anticipate? Then, caregiving is a major factor behind the rise of multigenerational households in the U.S. We’ll hear from one family who came to live together.
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Houston residents are once again rebuilding after a severe windstorm delivered damage to cars, businesses and homes last week. Insurers are just beginning to assess the extent of the damage — at a time when insurance is getting pricier and harder to find. Then, the FDIC’s chair says he will step down once a successor is confirmed following investigations into toxic culture at the agency. Plus, can legislation save local news?
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From the BBC World Service: Artificial intelligence has been argued to be the tech of our time, and lawmakers have been grappling with how to regulate it. Today, the European Union approved what it says is the first AI law of its kind in the world. Plus, we hear how Japanese authorities are clamping down on tiresome tourists. And why has the U.S. takeover of a Premier League soccer club run into overtime?
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The popular Red Lobster restaurant seafood chain has officially filed for bankruptcy protection. The eatery has struggled with high labor costs, expensive leases and a popular promotion that ate into profits. Today, we’ll trace back Red Lobster’s struggles. Then, the final results of major New York auction house sales show the art world is struggling to overcome a recession. And later: What’s it like living in a multigenerational residential community?
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The Chinese government is putting sanctions on three U.S. defense companies. The move came as Taiwan swore in its new president, who called on China to stop trying to intimidate the country, and includes the latest economic restrictions between the U.S. and China as both countries move to protect domestic industries. Plus, health care providers continue to reel from a February cyberattack, and analysts worry about the adverse effects of Google’s AI-powered search results.
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From the BBC World Service: Taiwan’s new leader, William Lai, has called for China to stop threatening the island, with tensions between the two keenly watched from abroad. But the economy remains a major issue for Taiwan residents. We’ll hear more. Also on the program: Brazil counts the costs of major, devastating flooding activity. Then, people in the Italian city of Latina talk about the impact of inflation and immigration.
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This week, media giants have been gathering in New York City for the upfronts, where networks and streaming platforms try to court ad buyers by previewing shows for the seasons ahead. We’ll take the pulse of ad spending as streaming continues to outshine traditional broadcast television. And we’ll also hear about China’s property sector prop-up and priorities for the Consumer Financial Protection Bureau now that its future is no longer in jeopardy.
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Pro-Palestinian protests have disrupted campus life at colleges and universities in the United States in response to Israel’s intense bombardments on Gaza following the Oct. 7 Hamas attack. Similar demonstrations have taken place in Europe too, where protesters are demanding their schools divest from Israeli-linked companies. Plus, Americans are going into debt to pay for groceries, and results from an United Auto Workers’ union vote at an Alabama plant are expected today.
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From the BBC World Service: The Chinese government says it will buy up millions of unsold homes across the country in a major intervention in the property market. The move come as the sector’s continuing slump threatens the whole economy. Also on today’s program: Students across Europe are demanding their universities cut financial and institutional ties with Israel, and Sir Paul McCartney becomes the first billionaire British musician.
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Since the Paris Climate Agreement, banks together have funneled trillion into fossil fuel companies, according to the 15th Banking on Climate Chaos report. Last year, JPMorgan Chase was the No. 1 fossil fuel financier in the world. Some of the other top investors? Citibank, Wells Fargo and Bank of America. We’ll discuss. Then, the Federal Trade Commission is trying to crack down on fabricated reviews. Problem is, fake reviews are a global industry.
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Stock traders on Wall Street were feeling bullish on Wednesday. All three major stock indexes in the U.S. rose to record highs on the back of yesterday’s inflation report. The consumer price index report, which showed inflation cooling, made traders optimistic about the prospect of an interest rate cut. Then, we’ll delve into the staggering costs of inequities in mental health care and hear how Americans are feeling about tariffs on Chinese goods.
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From the BBC World Service: China’s leader Xi Jinping rolled out the red carpet for Russian President Vladimir Putin. With both countries facing trading restrictions, more business is being done between the two. We’ll discuss. Also on the program: Can you really trust online consumer reviews? Regulators want to bring in new rules to tackle fakes.
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The consumer price index is up 3.4% in a year, and — setting aside volatile food and fuels costs — the CPI increase over 12 months was the lowest in three years. For people fervently hoping interest rates will go down sooner rather than later, this is good news. But can there be too much slowing? We dig in. Plus, we’ll hear how the economy of Necoclí, Colombia, has shifted to serve migrants stopping there.
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The consumer price index comes out later this morning. It’s designed to measure inflation but ignores one of the biggest categories of price increases hitting consumers: the cost of borrowing money. We’ll unpack why that’s the case. Also, a bipartisan group of Senators wants the federal government to spend $30 billion to address artificial intelligence development. Then, school districts face tough choices as pandemic funding ends
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From the BBC World Service: Roughly 500,000 migrants traveled through dense jungles on the Colombia-Panama border last year, according to the United Nations. We’ll hear how businesses in a beach town have shifted their focus to cater to the new arrivals. Plus, China vowed to retaliate against President Biden’s significant tariffs on some Chinese imports. Meanwhile, Russia’s President Putin spoke of his country’s close ties to China ahead of a visit to Beijing.
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Shares of video game retailer GameStop skyrocketed nearly 75% yesterday and are poised to shoot even higher today. That comes after the trader who championed the last run-up in GameStop’s share value posted on social media for the first time since 2021. We’ll hear the latest. Also on the program: regulator concerns over election bets and a dip in medical student residency applications in states with abortion bans.
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At Rochester Regional Health in New York, aggressive collection activities on medical debts are barred. Patients are not sued, their wages are not garnished, and unpaid bills won’t sink their credit scores. We’ll hear about the health system’s shift to the uncommon model and learn more about its impact. But first, the Biden administration is announcing increased tariffs on imports from China. And later, how can the WNBA sustain its surging popularity?
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From the BBC World Service: Today, we examine the controversial law proposed by the Eastern European nation of Georgia, where organizations receiving more than 20% of their funding from overseas would be classified as ‘”foreign agents.” This is seen as a fork in the road for the country: Does its future lie with Europe or Russia? Then, rapid growth in the Indian tech hub of Bengaluru has put pressure on crucial water resources.
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This year, the Dow and S&P have repeatedly hit record highs. But even as the value of the stock market grows, the number of firms traded on the market is shrinking, and has been since the mid-1990s. And when fewer companies are public, it limits our understanding of what’s happening in the economy. Plus, a preview of wholesale inflation and retail sales, and a closer look at the impact of RTO mandates.
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Following a big union win last month at a VW plant in Tennessee, the United Auto Workers face a new test in the South: Workers at a Mercedes-Benz assembly-and-battery complex in Alabama begin voting on whether to join the UAW this week. Can the labor organizing momentum be sustained? Also: why a cap on credit card late fees is getting delayed and how to go into debt without anyone noticing.
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From the BBC World Service: With global demand high for the most advanced tech chips, the South Korean government plans to boost its sector with more than $7 billion investment. We’ll discuss where the funding is likely to be funneled and paint a picture of the U.S.-China tensions over chips that it butts up against. Also, the Russian army is hiring Cuban nationals for its war efforts against Ukraine.
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To get between Dallas and Houston, it’s an bogged down 240-mile roadtrip that can sometimes take five hours. Amtrak wants a bullet train to get the job done in 90 minutes and says it could be built within a decade — if federal funding comes through. Plus, Transportation Secretary Pete Buttigieg on who will pay to rebuild after the Baltimore bridge collapse and a preview of next week’s retail sales figures.
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If you save up your miles or credit card points for vacations, you may be treating them a bit like savings. But unlike money in your savings account, a company can change the value of those points. Today, Transportation Secretary Pete Buttigieg joins Marketplace’s David Brancaccio to make the case for greater transparency in airline and credit card rewards programs. Also: the San Francisco Fed President on the future of interest rates.
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From the BBC World Service: Shares in major Chinese electric carmakers have fallen following reports that the U.S. is preparing to bring additional tariffs against Chinese companies, specifically aimed at EVs and other sectors. Then, rat remains have been found in sliced bread in Japan, triggering recalls. And the Eurovision Song Contest, watched by 200,000,000 people worldwide, has faced controversy over Israel’s inclusion in the show.
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A new class of weight loss drugs known as GLP-1s, like Wegovy and Zepbound, helped grow the weight loss industry to nearly $90 billion last year. Now, weight loss companies, apps and fitness companies are adapting their to programs include the drugs, as well. Also, allegations of serious fraud threaten a big U.S.-U.K. soccer deal, and China’s latest trade data showed a return to growth in April.
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A recent TransUnion report shows borrowers aged 22 to 24 are carrying an average of roughly $2,800 in credit card debt — adjusted for inflation, that’s more than millennials in the same age range a decade ago. Then, an ad for Apple’s latest iPad has gone viral … for the wrong reasons. And what might America’s next economy look like? We discuss what achieving an economic framework that works for everyone might entail.
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From the BBC World Service: The European Union plans to use profits from frozen Russian assets to fund arms to Ukraine, which could be worth around $3 billion a year. Plus, the head of public relations at China’s biggest search engine, Baidu, apologized after glorifying a work-till-you-drop culture. And as China’s President Xi Jinping concludes his European tour in Hungary, we look at the country’s growing EV battery industry.
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A new report from an independent law firm says that big changes are needed at the Federal Deposit Insurance Corporation to address widespread allegations of sexual harassment and discrimination and that FDIC’s management’s response has been “insufficient.” We’ll discuss. Plus, there was a big slowdown of consumer credit growth in March. And can the “Las Vegas of the East” move away from gambling revenue to entertainment?
Anheuser-Busch, maker of Bud Light, reported earnings this morning. The company has been slowly recovering since last year, when Bud Light became the target of a conservative boycott over a 45-second promotional video posted by a transgender influencer. We’ll delve into the backlash and get a taste of the light beer market. Also on the show: FTX investors might get their money back, and the Biden administration overhauls requirements for retirement planners.
From the BBC World Service: Chinese president Xi Jinping is in Serbia aiming to deepen political and economic ties. China has invested heavily in the Eastern European country as part of its Belt and Road Initiative. Then, we take a closer look at how devastating rains have hit Kenya, where thousands have been displaced and crops ruined. We also head to Macau, where Chinese authorities want to see the territory diversify away from gambling.
How “joint fundraising committees” bring in hefty political donations without technically running afoul of contribution limits; plus, checking in on the Biden administration’s multi-billion-dollar plan to remove lead pipes — and improve drinking water safety — across the country.
In the absence of federal paid sick leave, some states work to fill the gap. Plus, a new report on the looming Social Security and Medicare budget shortfalls, and what to expect from Reddit’s first earnings report since its March IPO.
From the BBC World Service: Argentina’s president has cut public sector jobs, reduced energy and transport subsidies and devalued the country’s currency in the five months since he became leader — but Javier Milei denies ordinary Argentines are paying for the stringent measures. Also: What does a butter-free croissant say about France’s changing food and agriculture industries?
The Biden administration announces new initiatives to ease the transition to EVs — particularly in swing states like Michigan. Plus, Sweden sees growing economic inequality, and markets guess at the timeline for interest rate cuts.
A growing number of Americans are worried they won’t have enough money to live on once they reach retirement. Plus, a $79 million fine for selling “phantom flights” at Qantas, succession plans at Berkshire Hathaway, new health care access for DACA recipients, and Boeing preps for a spacecraft launch.
From the BBC World Service: China’s President Xi Jinping visits Europe for the first time in five years, and trade tensions look likely to be high on the agenda. Has Sweden become a paradise for the superrich? It’s had a reputation for championing social equality, but there’s been a rapid boom in the number of Swedish multimillionaires and billionaires in recent years. The actor Will Ferrell is the latest Hollywood megastar to invest in English soccer club Leeds United — following in the footsteps of Russell Crowe.
The bond market is surging after news that 175,000 people were in payrolls in April versus March. That’s less than expected and 44% lower than a month earlier. And it’s the sort of result that those anxious about elevated interest rates want to see. We’ll discuss. Also on the program: Nonprofit hospitals say legislative efforts requiring them to provide more free care could actually hurt the people they’re intended to help.
It’s been just over a month since Trump Media & Technology Group — ticker symbol DJT — started trading on the Nasdaq. The initial public offering has come with lawsuits, wild swings in the share price and potential windfalls for former President Donald Trump. We unpack it all. Plus, Apple reported lackluster results on Thursday, and we’ll take the pulse of the comic book sector ahead of Free Comic Book Day.
From the BBC World Service: Turkey says trade with Israel — worth around $7 billion a year — will halt until a permanent ceasefire is secured in Gaza and sufficient humanitarian aid is allowed in. Plus, the Japanese government appears to have spent $35 billion propping up the yen this week, according to data released by the Bank of Japan. However, the weak yen is boosting tourism, and some people aren’t happy about that.
A new report from FBI’s Internet Crime Complaint Center shows people 60 and older lost $3.4 billion to fraudsters and scammers last year. That’s up 11% in a year, with an average loss of $34,000 per victim. On today’s show, we’ll hear the latest in elder financial exploitation. We’ll also learn more about Tesla’s surprising move to scrap its EV charging team. Plus, a rate hike could still be on the table.
The Biden administration has issued guidelines for a tax credit aimed at promoting greener aviation fuel. Currently, sustainable aviation fuel accounts for a fraction of all jet fuel and costs more than twice as much as fossil fuels. Will the tax subsidy work as intended? Plus, interest rates are a good news, bad news story. And we’ll take a closer look at the changing economics of sports broadcasting.Federal subsidies aim to provide a boost to sustainable jet fuel
From the BBC World Service: The European Union is looking into how Meta handles political content. Now, one of Britain’s top computer scientists has warned that it’s too late to prevent artificial intelligence from being misused to influence voters. Plus, cocoa prices have plunged in the last few weeks. And the electric vehicle industry is struggling right now, but the mood’s been optimistic at this week’s Beijing Auto Show.
Hampered by insufficient infrastructure, famous musicians would often leave India out of their world tours. But the country’s massive, young population makes it a potentially lucrative market, and more musicians are opting to stop and perform there. Thanks to increased investment, it seems India’s live music industry is primed to take off. Also on the program: betting on skee ball and a look at fresh payroll data.
A new Alabama law that restricts diversity, equity and inclusion curriculum in public institutions goes into effect Oct. 1. In response, Birmingham Mayor Randall Woodfin is calling on Black athletes to boycott playing sports at Alabama colleges and universities in hopes that the potential economic loss will lead to the law’s repeal. We’ll examine. Plus, the Federal Trade Commission is challenging patents on 20 brand-name drugs.
From the BBC World Service: The European Commission is investigating how Meta handles political content, including a suspected Russian influence campaign. That issue is particularly important with so many elections coming up around the world. Also, WhatsApp is banned in some countries, yet WhatsApp’s boss says millions are using workarounds to access it. Then, what has stopped many international music artists from touring in India, and why are things changing?
Corporations play a major role in emitting climate-altering greenhouse gases, and businesses need to be fully on board if the world is going to avoid the worst of the climate crisis. But lessons on climate change’s effects on business aren’t always taught in MBA programs. Now, a group of educators is trying to change that. Plus: a major FCC fine for cell companies and a preview of the Federal Reserve’s meeting this week.
Students nationwide are pushing colleges and universities to sell off investments in companies they say profit from the war in Gaza. We’ll chart the history of calls for divestment, including student protests more than 30 years ago demanding colleges cut ties with any company that did business in apartheid South Africa. Also, new federal regulation is expected to save hundreds of lives each year, and inflation indexes aren’t one size fits all.
From the BBC World Service: Tesla’s China-based rival BYD became the world’s best-selling electric vehicle maker in January, but has since seen profits drop as slower demand and more competition take a bite. We’ll hear more. Also on this morning’s program: How will England’s Premier League soccer competition — home to giants like Manchester United, Liverpool and Chelsea — change if it adopts a proposed squad spending cap?
This week, we’re getting important insights on how the U.S. economy is doing. We’ll receive reports on consumer confidence, the unemployment rate and how many jobs are out there. And in the middle of it all, the Federal Reserve is meeting to discuss what to do with interest rates. We’ll sort through it all. Plus, musicians love the sounds of nature. Now, those sounds can help support environmental causes.
A copper mining company recently turned down a $39 billion takeover bid because it was too low. Right now, the price of copper is near a 2-year high and headed higher. And the metal is critical in many clean energy technologies. Plus, the Federal Reserve is expected to hold interest rates steady at its latest policy meetings. When might that change? We also examine the fallout of a strong U.S. dollar.
From the BBC World Service: Tesla CEO Elon Musk paid a visit to China, where he’s been trying to clear regulatory hurdles that have hindered the company’s self-driving technology roll-out there. Then, Sweden’s police have been inundated with reports from people who have been swindled out of their gold belongings. And later, musicians who sample nature can now split their profits with environmental causes through a new United Nations-backed project.
The Federal Communications Commission has repealed a Trump-era ruling that ended net neutrality — basically the idea that internet providers can’t favor some sites or apps over others. We dig into why it’s such a hot topic and how the new decision might affect your internet access. Plus, the inflation outlook with Chris Low from FHN Financial.
Consumer sentiment reports reflect a universal truth: Lower income households feel the punch of inflation worse than wealthy households. But affordable housing — and lack thereof — is one issue that brings Americans together, across the wealth divide. Plus, Christopher Bass tells us what it’s like to be a high school basketball coach with a massive social media following. At just 5 years old, he’s got big hoop dreams.
From the BBC World Service: U.S. Secretary of State Antony Blinken met with Chinese President Xi Jinping on Friday — we’ll get into what they spoke about. Plus, Chinese tech company ByteDance says it has no intention of selling TikTok to comply with a new U.S. law. And back in January, Japan Airlines announced its first female president and chief executive. We’ll hear from a former flight attendant who says Japan has a ways to go when it comes to workplace gender equality.
The U.S. economy grew by just 1.6% last quarter — falling very short of expectations. At the same time, inflation was up, according to the latest PCE. What’s the Federal Reserve’s next move? Plus, small businesses could see big productivity gains by collaborating with other firms, a McKinsey report shows.
New emissions standards for fossil fuel power plants would require them to eliminate 90% of the carbon dioxide they emit, or close. But the Supreme Court could strike down the regulations before they go into effect. Plus, New Jersey announces an incentive for residents to sue New York and Congress weighs a new path for funding medical research.
From the BBC World Service: Venice, Italy, has become the first city in the world to charge day trippers. But is $5.30 enough to keep a lid on tourist numbers? And, we’ll take a look at the $300 billion ‘modest fashion’ industry as thousands of models, designers and buyers arrive in Istanbul for Modest Fashion Week.
Call it a manufacturing resurrection: Orders for durable goods — big-ticket items from washing machines to airplanes — rose 2.6% in March. It’s a sign that manufacturing is coming back online and the economy is getting get back to where the Fed wants it to be. Plus, it’s earnings season. How are companies doing so far? Then, we head to the Spanish city of Algeciras, where one out of four people is unemployed.
The Joe Biden administration has announced a pair of new measures to strengthen worker protections. It’s widening eligibility for overtime, bringing in millions of more employees, and is looking to largely ban on noncompete agreements, which bar workers from joining competing companies. We’ll hear more. We’ll also hear more about what all is included in the $95 billion foreign aid package and how internet providers have been lobbying against lower broadband prices.
From the BBC World Service: U.S. Secretary of State Antony Blinken has arrived in China with a long list of global issues on his agenda: There’s conflict in the Middle East, America’s support for Taiwan and the way China supplies crucial technology to Russia’s war effort in Ukraine. Also: key issues for women voting in India’s general election and southern Spain’s struggle with the highest unemployment rate in Europe.
EV maker Tesla will release quarterly results after markets close on Tuesday, but the company has been struggling so far this year. Beset by stiff global competition, Tesla has been cutting prices and laying off workers. We’ll set the stage for the big financial release. Plus, high mortgage rates bring about a real estate quandary. And as part of this month’s Econ Extra Credit, we examine how baseball’s Negro Leagues navigated the Great Depression.
The Supreme Court is scheduled to hear oral arguments today on whether the National Labor Relations Board has to meet a higher burden of proof when intervening on behalf of workers trying to unionize. Starbucks is challenging some of the agency’s powers. We’ll hear more about the case in question. Plus, El Salvador’s unsafe reputation is transforming, but the country is heavily in debt. What are the economic realities. everyday Salvadorans?
From the BBC World Service: The British government’s policy of sending migrants to the African nation of Rwanda is set to become law, but the United Nations and Europe’s highest court have urged the U.K. to drop the proposals. Then, two years since a state of emergency was introduced in El Salvador to try to reduce crime, the Central American country is safer but its economy is still struggling.
On Monday, the Supreme Court is set to hear oral arguments in a case that could determine whether cities can fine or arrest people in homeless encampments. The case comes at a time when higher interest rates and rising insurance costs are making it more expensive to build low-income housing — especially in California. Also: the macroeconomic vibe for the week ahead and Ireland’s big bet on high-tech media production.
For the first time, autoworkers at a foreign-owned plant in a Southern state have voted to unionize. The United Auto Workers union recently saw a landslide victory at a Volkswagen plant in Chattanooga, Tennessee — a win that comes years of failed unionization efforts in the South. We’ll discuss what comes next. Then, we’ll hear the role janitors from El Salvador have played in local labor movements in Houston.
From the BBC World Service: We hear from Ukrainians after a military aid package gets approval in the U.S. House of Representatives. Then, Ecuadorians vote to tighten security in its fight against gang violence, as the government fears that recent violence could damage the country’s tourism. Plus, the hit TV series “Game of Thrones” was filmed in Northern Ireland. We’ll explore the big bet on film, TV and gaming there.
The message from several officials at the Federal Reserve this week? Don’t expect an interest rate cut anytime soon. And we’ll discuss why there’s a chance that “higher for longer” may not be the end of it. Plus, hospitality businesses in New York City say they’re struggling to fill open jobs. New migrants arriving in the city could help solve that problem — if they get authorized to work.
Bitcoin is trading well above where it did in 2023. Friday or Saturday, something called the “bitcoin halving” is supposed to happen — an event that occurs roughly every four years where the number of new bitcoins that come into circulation drops in half. And it’s a big deal for the whole philosophical premise of bitcoin. We’ll unpack. Also on the show: explaining a big filing day for PACs and understanding China’s “Great Firewall.”
From the BBC World Service: Hospitality businesses in New York City have said quicker work permits for arriving migrants could be key to filling vacancies in the sector – but city authorities are struggling to cope with the number of people arriving. Also: Palau was praised for its marine sanctuary that banned commercial fishing. Now, the government wants to allow more maritime industry to boost the economy.
This week, the Equal Employment Opportunity Commission finalized regulations to ensure that most employees around the country are entitled to unpaid time off and other accommodations for a range of pregnancy-related medical needs, from nausea and gestational diabetes to abortion care. We’ll learn more. Also on today’s show: a drumbeat of “higher for longer” from Fed officials, the Biden administration’s show of support for American steel, and gaming furniture that’s all grown up.
When the Francis Scott Key Bridge in Baltimore was built in the ’70s, it was a chance for workers to prove themselves on a massive construction project. Following its collapse, those workers look back on what many considered to be a monument to their work — and what happens when that monument is gone. Also: foreign aid could be bundled with a forced sale of TikTok, and European Union leaders agree to tighten sanctions on Iran.
From the BBC World Service: The European Commission has given TikTok 24 hours to provide more information on its new app, which pays users to watch videos, as officials raise concerns about potential harms. Then, we’ll hear more about the European Union’s efforts to sanction Iran following its attack on Israel. And later on the show: Why is the Pacific Island of Palau’s tourism sector struggling to recover from the pandemic?
The United Auto Workers union is trying to organize foreign vehicle factories in the South, and today, workers at a Volkswagen factory in Chattanooga, Tennessee, begin voting on whether to join the UAW. We’ll hear what’s at stake. Then, we’ll take a look at why TGI Friday’s is faltering while Texas Roadhouse thrives. Plus, a look at how a Detroit deconstruction company provides jobs and promotes sustainability.
For this month’s Econ Extra Credit, we’re watching “The League,” which chronicles the history of baseball’s Negro Leagues, established several decades before the sport was integrated. The Leagues gave rise to many Black businesses and entrepreneurs. Today, we have a conversation with Larry Lester, co-founder of the Negro Leagues Baseball Museum in Kansas City, Missouri. Also on the program: Aircraft-maker Boeing faces scrutiny over safety practices during two Senate hearings.
From the BBC World Service: Despite extensive sanctions, the International Monetary Fund has forecast Russia’s economy will grow more than any other rich nation this year. Also: The small Pacific Island nation of Palau has warned delays to U.S. funding could open the door to China’s influence in the region.
The European Union’s Digital Services Act requires big internet platforms to create searchable public libraries of their ads, allowing researchers to see who an ad is targeting and reaching and what it’s urging its audience to do. But a new assessment finds that those libraries are lacking. We dig in. Plus, China’s economy grew faster than expected, but Chinese consumers are still struggling. We’ll also hear how to find reasonably high interest rates on savings.
Big corporate landlords provide the company RealPage with data you can’t just see on Zillow, like the rent a tenant actually pays versus what’s advertised publicly. In return, the company recommends a rent price to set. Now, lawsuits are alleging that RealPage uses the data for wide scale rent-fixing. Also: the latest news on shares of Trump Media and a frank conversation about the shame that comes with debt.
From the BBC World Service: Economic growth in China, the world’s second biggest economy, beat expectations in the first quarter. Official data shows it’s being led by the manufacturing sector, but domestic demand is still weak. Plus, the Panama Canal will permit more ships from next month, easing congestion. And Colombia has become a top destination for so-called digital nomad; we take a look at how this is affecting the economy.
On today’s program, we’re taking a closer look at immigration and entrepreneurship. Immigrants are more likely to start a new company than U.S.-born citizens, studies show. And those new businesses need to make hires — turns out, immigrant entrepreneurs are associated with a net gain in jobs. We’ll discuss. Also, a boost in the Internal Revenue Service budget seems to be making a difference, and investors respond to rising tensions in the Middle East.
Today is Tax Day. While payers in 12 states have the opportunity to use a pilot IRS system to directly file their taxes online, tax software companies like Intuit and H&R Block have introduced generative artificial intelligence assistants to be more competitive. But do they work? Then, Samsung beats out Apple for title of the world’s biggest smartphone maker, and we examine how residents of “news deserts” access their local news.
From the BBC World Service: Tensions continue to run high in the Middle East after Iran’s recent drone and missile attacks against Israel. We’ll delve into how this weekend’s events could make a bad situation worse for Iran’s heavily sanctioned economy and the people living there. Plus, we’ll hear how the ongoing war in Ukraine could provide another big hit to energy prices, and we’ll preview the outlook for Zimbabwe’s new gold-backed currency.
The unemployment gap between Black and white workers has consistently been around 2 to 1 ever since the government started disaggregating the data more than five decades ago. While the Black unemployment rate is relatively low historically, the gap remains. We’ll discuss the institutional reasons why and how best to tackle the issue. Also on today’s program: the return of standardized testing and a preview of Senate hearings centered on Boeing’s manufacturing and safety practices.
Next month, the Bureau of Labor Statistics will tell us how much of the income generated by workers’ toil actually went to them in Q1. That stat is called labor share of national income — and it’s shrinking. Plus, a government committee that scrutinizes deals between foreign companies and American firms may be getting more power. And 14 states are opting out of a summer EBT program that would help families buy groceries.
Wanna learn more about labor share of income and see Marketplace reporter Nancy Marshall Genzer get a pie in the face? Check out the Marketplace TikTok feed.
From the BBC World Service: Thousands of victims of a huge investment scam believe police in London have nearly $4 billion worth of bitcoin that belongs to them and want the British government to give it back. Then, The European Central bank held interest rates steady but gave strong hints about future rate cuts. Plus, we hear about padel, one of the world’s fastest growing sports, and its Olympic ambitions
On Wednesday, Republicans, Democrats and college officials took to Capitol Hill to vent about the Education Department’s botched rollout of a newer, simplified FAFSA form. That’s the form high school students fill out and send to colleges to determine financial aid offers — and it’s affected millions of students. We’ll also discuss fresh wholesale inflation figures and get a sneak peak at the latest season of Marketplace’s “Million Bazillion” podcast, which tackles kids’ biggest money questions.
Meta’s latest answer to protecting kids on Instagram is automatically blurring images that may contain nudity. The company says it will test this on the platform’s direct messaging feature. We’ll parse the details. Plus, the FCC is requiring large internet providers to post “broadband nutrition labels” that provide a snapshot of charges and performance data. Will they impact consumers’ internet diet? And a recent survey finds that CEOs are feeling pretty optimistic.
From the BBC World Service: A Vietnamese court sentenced property developer Truong My Lan to death after she was convicted of taking $44 billion from one of Vietnam’s largest banks. Also, South Korea’s liberal opposition party won in a landslide majority in the country’s general election. And paralympian Stef Reid is asking sportswear companies who use amputee athletes in their marketing why it’s not possible to buy single shoes.
That’s the conclusion of many investors this morning, following the release of the consumer price index. Consumer inflation clocked in at 3.5% annually, while central bankers are looking for a figure closer to 2%. We’ll talk through the data. Plus, a European court ruled that two Russian oligarchs were wrongly sanctioned following Russia’a invasion of Ukraine. And the Congressional Budget Office found that immigration means gains for U.S. economy.
The value of a typical home has reached $1 million or more in 550 U.S. cities, according to Zillow. That’s a record high, and those not-so-affordable homes are proliferating well beyond the usual high-cost metro areas like New York, San Francisco and LA. Also on the program: what to expect from today’s consumer price index report and how a cocktail with roots in wartime propaganda manages to stay relevant.
From the BBC World Service: Rising food prices, strikes and paying for an aging population were familiar themes as South Koreans voted today. Then, Spain has become the latest country to scrap so-called “golden visas,” where foreign nationals are granted residency rights in exchange for investments. And later, we hear about the aviation industry’s race against time to produce enough sustainable aviation fuel to meet the industry’s growing demands.
Walmart has opted to settle a $45 million class-action lawsuit over allegedly inflating prices for certain products sold by weight, such as produce and meat products. That means if you purchased “weighted goods” from Walmart, you could be eligible for a payout of up to $500. Plus, investors are braced for the release of March’s consumer price index tomorrow, and we examine how funding from the CHIPS Act is being doled out.
“What we’re living through is a historic, tectonic change in how news is produced, consumed and paid for,” says Tim Franklin at Northwestern University’s Local News Initiative. And he’s feeling encouraged. Today, we’ll discuss some of the economic models that could help bolster the sustainability of local news. But first, Tesla recently settled a case challenging how the company marketed its driver-assistance technology. We’ll hear more.
From the BBC World Service: After U.S. Treasury Secretary Janet Yellen warned about cheap Chinese green imports, business leaders in Europe are sharing their concerns about Beijing’s impact on the sector. Then, the money-laundering of 27 people connected to the Panama Papers gets underway. And later: Politicians have long utilized social media to reach voters. But whether (semi-embarassing) short dance videos are in store, is utilizing TikTok the right move for politicians?
You may want to shield your eyes. No, we’re not talking about the solar eclipse — though please do wear the appropriate glasses. Today, we’re talking about eye-popping college costs. One such example? At Vanderbilt University, some students could see a sticker price of nearly $100,000 for the upcoming school year. Also on the show: President Joe Biden’s latest student loan forgiveness plan and Treasury Secretary Janet Yellen’s “difficult conversations” in China.
According to a Deloitte study, employed women pay $15 billion more each year for out-of-pocket health care than men do. We’ll unpack the reasons why and the toll these extravagant costs can take. In other health news, federal officials are taking a closer look at the role of private equity in health care. Also, two lawmakers on Capitol Hill have proposed national standards on data privacy. We’ll discuss.
From the BBC World Service: A Supreme Court judge in Brazil has launched an investigation into Elon Musk after he said he’ll defy a court order to block certain accounts on X, formerly known as Twitter. Also on the program: A chip giant looks to build a factory in Arizona, we take a closer look at seller fees on eBay, and small business owners react to TikTok’s uncertain future in the U.S.
A survey of corporate executives in the U.S. and elsewhere finds that nearly half expect to employ fewer people because of new artificial intelligence tools — and they expect that change to happen in the next five years. We’ll hear more. Plus, hiring was stronger than expected last month, continuing the Fed’s predicament. And later on the show, an immigrant family in Waterloo, Iowa, reflects on multigenerational living.
More than a week after the collapse of the Francis Scott Key Bridge, the crews of eight large cargo ships are stuck in Baltimore’s port indefinitely. Today, we tag along with a port chaplain who’s helping care for the crew members, offering a lifeline of comfort and connection. We’ll also preview March’s jobs numbers and hear about “green bank” government grants to aid the clean energy transition.
From the BBC World Service: McDonald’s is buying back all its stores in Israel following global boycotts over the Israel-Hamas War. We discuss the franchisee business model and what customers could make of the move. Then, Argentina is expected to face its worse-ever dengue season yet, and there’s a shortage of insect repellent. Plus, Saudi Arabia has struck a lucrative deal to host the Women’s Tennis Association Finals for three years.
Sometimes, annual corporate shareholder meetings are mundane. That was not the case this year at Disney, where there was an unusually bitter and public battle for say in how the company is run. We’ll take a closer examination of the proxy battle and its outcome. Also on the program: expectations of March job gains, the Fed’s no-win situation, Treasury Secretary Janet Yellen’s trip to China and airline responses to Boeing’s production delays.
Thursday marks 56 years since Dr. Martin Luther King, Jr. was assassinated in Memphis, Tennessee. On today’s program, we hear how Dr. King’s family is fighting to maintain access to the civiil rights leader’s words, continuing to safeguard his intellectual property, and promoting a legacy of nonviolent social change and racial unity. We’ll also learn more about a decline in the number of women in c-suite positions last year.
Waterville, Maine used to be home to a factory and mill. But when jobs left, the economy suffered. Now, Waterville’s Colby College is spending millions to transform the town into a haven for performing and visual arts. Will their investment pay off? Plus, gas prices spiked August inflation calculations, but that doesn’t spell bad news for the overall economy.
Consumers spent $1.8 billion last year on decongestants, but next year might look different. Phenylephrine, a key ingredient found in most oral decongestants, was recently found to have zero efficacy. Basically, when it comes to un-stuffing your nose, it’s just as good as a sugar pill. Plus, video game developers in China are experimenting with AI and two states’ pension funds are suing Fox.
From the BBC World Service: American interest in the top level of English soccer continues. Miami investment firm 777 Partners is in talks to buy Everton, based in the city of Liverpool. If the deal goes through half of the clubs in England’s Premier League will have U.S.-based owners. Plus, Bernard Looney, chief executive of oil major BP, has resigned abruptly amid a review of his personal relationships with colleagues. And, why French regulators are worried about radiation levels from the iPhone 12.
Only a third of teachers think their salary is adequate, according to a recent survey. Could raises be key to keeping teachers from quitting? Plus, the New York Fed says pessimism about credit, income, and the odds of getting laid off or fired is up. We’ll discuss why that gloomy outlook doesn’t match official reports of strong employment and cooling inflation.
In 2010, “Marketplace Morning Report” host David Brancaccio featured his hometown in a documentary about better ideas for the economy. It opened the film as an example of a place sorely needing solutions. A dozen years later, Waterville, Maine is experiencing the benefits of reinvestment. We’ll talk about how. Plus, Google’s antitrust trial begins today.
From the BBC World Service: U.K.-based Arm Holdings is set to launch on the Nasdaq this week. BBC’s Simon Jack explains why they’re probably the biggest company you’ve never heard of. Plus, caterers are facing increasing pressure to host extravagant weddings due to social media, as BBC’s Elizabeth Hotson reports.
Adjustments to SNAP — part of debt ceiling negotiations earlier this year — will start phasing in soon. Among them is a higher age cutoff for work requirements, which will go from 49 to 54 by 2024. Hundreds of thousands may lose SNAP benefits. Plus, UPS and FedEx rate hikes signal a back-to-normal supply chain, and we’ll recap Biden’s visit to Vietnam.
Did you know that Google pays other tech companies billions to remain the default search engine? The Justice Department says that’s abuse of monopoly power, but Google maintains it’s normal practice in the tech industry. Tomorrow, the antitrust trial begins. Plus, the UAW is just days away from a possible strike.
From the BBC World Service: As the death toll mounts following the earthquake in Morocco, businesses in Marrakesh are asking tourists not to turn their backs on them. The BBC’s Anna Holligan reports from Marrakesh. Also, with President Biden visiting, Vietnam has ordered $8 billion worth of jets from Boeing. Finally, Vivienne Nunis reports from Manchester, England, where the world’s best florists have congregated for the World Cup of Flowers.
Federal Reserve officials are keeping a low profile ahead of its upcoming meeting on interest rates. But some economists are playing detective — following the crumbs central bankers have left and trying to deduce whether rates will go up again. Plus, while U.S. office spaces remain empty, things look different Singapore. We’ll visit a business district during the lunch rush.
China’s president Xi Jinping won’t be at this weekend’s G20 summit in India. Could his absence be due to geopolitical tensions or economic troubles at home? We’ll check in with Marketplace’s China correspondent Jennifer Pak. Plus, Apple feels the fallout from further iPhone bans for Chinese government employees and the services sector has a sunny economic outlook.
From the BBC World Service: Workers are striking at Chevron Australia Liquid Natural Gas projects. The action could disrupt output from facilities that account for over 5% of global supply. Indian authorities have come in for criticism over efforts to spruce up the capital Delhi ahead of the G20 meeting this weekend. Unlike in the U.S., workers in Singapore have been returning to the office en-masse and city centers are booming. In London, 140,000 people have visited Sotheby’s auction house to view items that belonged to the late Queen singer, Freddie Mercury; his piano and handwritten lyrics have sold for millions.
China has barred government officials from using foreign-branded devices, according to the multiple published reports. Is the move because China’s own smartphone company is catching up to U.S.-designed ones, or is it a result of still-icy U.S.-China trade relations, especially when it comes to tech? Plus, as part of this week’s global look at real estate, we’ll visit Mumbai.
Wage theft — employers paying less than the minimum for time worked — is believed to be extremely common across the U.S. Often, rules against it are hard to enforce. We’ll visit one county that’s tackling the issue by putting food permits on the line for restaurant owners who won’t pay up. Plus, Google has new political advertising AI rules and 74 million Americans will gamble on NFL games this season.
From the BBC World Service: French streaming platform Deezer and Taylor Swift’s label Universal Music have agreed a new plan for the way artists receive royalties. It’s based on the idea of prioritizing professional musicians over amateurs, and streams of ambient sound and white noise. As Deezer puts it: Harry Styles deserves a bigger reward than the sound of a washing machine. But will it shake-up the market? We speak to Deezer’s chief operating officer Gitte Bendzulla. Plus, earlier this week we looked at how working from home had changed an office district in London. Today we’re off to India where the software company Zoho is trialling what you might call ‘working from the village’. The idea is to help employees enjoy a more affordable lifestyle whilst also boosting rural communities.
A new study from the Mozilla Foundation is looking at what types of data carmakers collect, and how they use it. It’s one thing if your car can guess what music you like, but its another for it to have medical information. How much is too much? Plus, a look at how empty office spaces are being repurposed in New York City.
Recession concerns, the war in Ukraine and more have prevented companies from going public for a while. Those risks, while not gone, are now old news. Could it be the perfect time for chip company Arm to launch its initial public offering? It could shock the IPO market out of a sluggish period. Plus, JCPenney is getting a billion dollar remodel. We’ll hear from its CEO.
From the BBC World Service: Services run by the world’s biggest tech companies are a part of everyone’s daily lives, but governments have been playing catch up when it comes to regulating their power. Today the European Union will publish a list of companies, known as gatekeepers, that will be subject to new rules aimed at encouraging competition and stopping big players from crushing smaller rivals. Plus, are you a fan of K-pop? It’s now estimated the industry earns South Korea around $10 billion a year. But it’s not just famous bands like BTS that are turning K-pop into a valuable export. Choreographers behind the dances are quickly gaining a following well beyond South Korea’s borders.
While a recession isn’t completely out of the question, the odds are certainly shrinking. We’ll do the economic forecast with Julia Coronado, president and founder of MacroPolicy Perspectives. Plus, a visit to London where remote work is changing the landscape of a district that used to be bustling with bankers.
In recent years, ESG funds — that’s environmental, social, government funds — have become popular for investors who are concerned about the impact of their portfolio beyond the bottom line. But could investing in green tech or net zero initiatives really help the fight against climate change? We’ll also look at women’s workforce participation and Spectrum’s clash with Disney.
From the BBC World Service: Russian President Vladimir Putin has said that the landmark Black Sea grain deal with Ukraine will not be restored until the West meets Moscow’s demands on its agricultural exports. BBC’s Victoria Craig joins us from Ankara in Turkey to discuss the latest developments. Also, Sarah Dalton, Head of the Doctors’ Union in New Zealand, explains why thousands of her members are going on strike for the first time ever. Finally, the BBC’s Leanna Byrne explores the impact of post-pandemic home working.
From the BBC World Service: Google was founded 25 years ago today. We hear from Elizabeth Linder, who started her career at Google and later became an executive at Facebook. Also, BBC’s senior Africa correspondent, Anne Soy, reports from Kenya, where African heads of state are gathering to discuss the continent’s approach to climate change. And finally, BBC’s Leanna Byrne reports on long queues for Italian cabs after the taxi drivers’ unions resist reforms aimed at increasing licenses.
In the spring, “Marketplace Morning Report” host David Brancaccio visited Gameheads, a video game developing and mentorship program in the Bay Area. We’ll travel back for their end of summer celebration and hear what students have been working on, including projects that explore gentrification, LGBTQ relationships and emotional wellbeing. Plus, support for labor unions is up in the U.S.
This Labor Day, we’re looking at a new report from the Treasury department about the impact of labor unions on wages. The report found union membership boosts pay 10-15%, and gains can be even more significant for underrepresented groups. After that, we’ll do the odds of an economic soft landing, and travel to Italy, where getting a cab is becoming impossible.
Video games are bigger than movies and music combined. What can the games — and the vast industry that surrounds them — teach us about economics, business, money and careers? We set out to answer this question by talking to folks inside the industry, as well as those trying to break into it. We visited the nonprofit mentoring program in Oakland, California, called Gameheads where, starting in high school, people go from playing video games to making them. Follow along with our podcast here, and then go check out our “Skin in the Game” immersive video series on YouTube. That goes behind the scenes to look more closely at how young people can crack into this industry. You can see the games we’ve been discussing, along with the game developers that built them.
New hiring data out today shows an increase in unemployment, but more Americans heading into the work force. Plus, a judge blocks an Arkansas law that would require proof of age for social media accounts, and an AI pop star raises copyright concerns.
Fans have flocked to fast fashion retailers for their one-and-done summer tour outfits, but there’s a growing eco-friendly movement to shop secondhand. Plus, climate change drives up construction costs, and the launch of our new “Skin in the Game” podcast following the multi-billion-dollar video game industry.
From the BBC World Service: A ban on electric scooters for hire has come into force in Paris. It follows a referendum in April in which residents of the French capital voted to remove them. If nothing is done to redress Africa’s huge debt burden, the consequences will be felt far outside the continent, according to a report from NGO, the ONE campaign. A major music label has signed a digital pop star, Noonoouri, whose voice has been made with the help of artificial intelligence; so what are the implications for the music industry?
The Fed uses the PCE index as its preferred measure of inflation. July’s just came out and, unfortunately, inflation seems here to stay for a bit. Plus, Switzerland is trying to shake its reputation as a place for shady money practices, and Best Buy swears electronics demand will be on the upswing soon, despite experiencing a year of low sales.
You probably know about the CPI, which reports of changes in average prices for different goods. But the Fed is more interested in the PCE index — personal consumption expenditure — which tracks consumer spending plus money spent on behalf of consumers. For example, what you spend on healthcare plus what your insurance company spends. That comes out today. Plus, Biden wants to make more workers eligible for overtime pay.
From the BBC World Service: Think back to the spring — the collapse of Silicon Valley Bank sent shockwaves through the sector, eventually rippling out to Europe and contributing to the end of Credit Suisse. Its rival UBS swooped in, acquiring it through a $3 billion government-backed bailout. UBS has now reported the biggest ever quarterly profit for a bank — a $29 billion gain linked to the takeover. But it’s still pressing ahead with some major cutbacks. Plus, we take a look at the latest gloomy data on the state of China’s economy. And, how are tourist businesses on the Greek island of Rhodes faring after last month’s wildfires?
Evictions are up, which can cause all sorts of health, job and education-related problems. But some renters don’t even get to have their day in court, thanks to landlords who illegally pressure tenants to move. Plus, Commerce Secretary Raimondo wraps up her “productive” visit to China, and Hurricane Idalia forced offshore oil platforms to evacuate.
For the first time, Medicare will get to decide the “fair” price for certain medications, and then can negotiate with pharmaceutical companies to bring drug prices down. The first ten drugs under review were just announced. But could lower prices get in the way of medical innovation? Plus, the FDIC wants major regional banks to take on more long term debt.
From the BBC World Service: The BBC joins the Tunisian Coast Guard as the route from the north African country to Italy becomes the busiest route for migrants into Europe. Meanwhile, army officers have declared control over the oil-rich country Gabon. The BBC’s Africa Editor Will Ross explains what impact this could have. Finally, house sales in the U.K. fall by 20 percent in a month. We hear why from Aneisha Beveridge from Hamptons, a U.K.-based estate agency.
Biden’s Inflation Reduction Act allocated a big lump of money for expanding renewable energy sources. But it doesn’t guarantee that the U.S. has enough people willing and able to actually manufacture and implement clean energy infrastructure. Plus, the FDIC will consider new bank stability rules, and American exports could benefit from stronger U.S.-China relations.
College-bound students (and their parents) know how complicated it is to complete the FAFSA. But with college costs rising, students need Pell Grants and financial aid now more than ever. Good news for them: A more streamlined FAFSA will be available in December. Plus, why startups are pivoting to a new fundraising avenue.
From the BBC World Service: London has today expanded its ultra-low emission zone (ULEZ), which is designed to clean up air quality in the British capital. The BBC’s Olie D’Albertanson explains the financial knock-on effect for those living and working there. We also hear from Frank Levin, a former U.S. under-secretary of commerce for international trade, on the efforts being made to restore relationships with China. Lastly, the BBC’s João da Silva reports on concerns over gas price rises, with workers at two large liquefied natural gas plants in Australia going on strike in a week.
Julia Coronado, president and founder of MacroPolicy Perspectives, says relief and uncertainty were in the air at last week’s Jackson Hole Economic Symposium. While signs point to positive progress when it comes to inflation and resilience, economists are still cautious. Plus, an oversupply of salmon in Alaskan fisheries has been bad for business.
United Auto Workers voted to authorize a strike on Friday if the big three Detroit automakers don’t meet their demands. Those include wage bumps, pension benefits and transitioning to a four-day work week without taking a pay cut. But how’s that related to the rise of EVs? Plus, Commerce Secretary Gina Raimondo aims to strengthen economic ties with China, and wine sales boom in Lebanon.
From the BBC World Service: China Evergrande Group’s shares resumed trading on Monday after a lengthy suspension, and investors in the real estate organisation took the chance to withdraw their money — the BBC’s Asia correspondent Mickey Bristow explains why. Plus, Lebanon is in the midst of a huge economic crisis: Inflation is in triple figures and the banking system has collapsed, but the wine industry is booming.
For years, companies have tried to invent tech that would make carbon capture viable. We’ll hear from Vijay Vaitheeswaran, global energy and climate innovation editor at The Economist, about the latest innovations in the field. Plus, Powell is set to kick off the Jackson Hole symposium, and the EU’s Digital Services Act goes into effect today.
The United Steelworkers Union says they get to veto any buyer of U.S. Steel, and have a clear favorite contender. U.S. Steel says the union doesn’t have that power. We’ll get into the nitty-gritty of what might happen, including a strike. Plus, Subway got purchased by a private equity firm and and an ESPN live streaming deal that doesn’t require cable is in the works.
From the BBC World Service: The European Union’s Digital Services Act is coming into force today and some of the world’s tech giants will be directly affected. The world’s largest computer and video games festival, Games Com is wrapping up this weekend and a lot of the talk’s been about nostalgic titles and the possible take over of Activision Blizzard by Microsoft. The international leg of Taylor Swift’s Eras tour has kicked off in Mexico City. She’s on track to make one billion dollars from the tour, which would make it the highest-grossing series of concerts in history.
Inside New York City’s looming Airbnb crackdown. Plus, NVIDIA’s gangbusters earnings report, Japan’s controversial discharge of radioactive waste water, and a check-in with struggling Chinese job seekers.
Following a troubling report on near-miss airplane accidents, the FAA is spending $120 million to help reduce the risk of collisions on airport runways. Plus, the bidding war for Yellow’s former trucking terminals, how businesses can better prepare for climate change, and New York’s coming crackdown on Airbnb rentals.
From the BBC World Service… Japan has started to release radioactive water from its stricken Fukushima nuclear plant into the Pacific Ocean, sparking protests domestically and internationally. India’s moon rover has taken its first steps on the lunar surface a day after the country made history by becoming the first to land near the south pole. How much trouble is China’s economy in? Prices have begun falling, exports are down and youth unemployment has risen above 21%.
The AI boom has driven up tech stocks this summer, meaning analysts are optimistic for chip maker NVIDIA’s earnings report earnings later today. But how much higher can tech stock get? Plus, a recent poll says one in three Israelis are considering emigration. We’ll hear from our partners at the BBC about potential economic consequences.
The Writer’s Guild of America is over 100 days in to a strike for updated wages, AI contract stipulations, higher streaming residuals and more. Still, a deal with the AMPTP doesn’t seem close. Plus, China’s troubled property sector has caused an economic slowdown and tremendous amounts of debt for local governments.
From the BBC World Service: India, the world’s largest onion exporter, has imposed a 40% export duty on onions. It’s an attempt to improve domestic availability and rein in soaring food price inflation. Israel’s political lurch to the right and its controversial plans to overhaul the justice system could be starting to have a direct impact on its population, with one in three Israelis now thinking of emigrating. India could make history if its third lunar mission successfully touches down near the moon’s south pole.
News just came that chip firm Arm will go public, with a focus on using its products to assist the AI boom. But with all this money being thrown at relatively new tech, should investors worry it’s too much, too fast? Plus, a lesser-known economic indicator: How much money does it take for people to change jobs?We’ll also hear from the BBC how the Microsoft Activision acquisition is going across the pond.
Some companies have preferred and common stock options — sorta like the difference between cushy reserve-ahead recliners and run-of-the-mill seating at a movie theater. AMC has both types, but just worked out a deal to consolidate them all to the regular kind. We’ll dive into why. Plus, chip companies want to integrate AI and China thwarts U.S. semiconductor ambitions.
From the BBC World Service: Microsoft has filed changes to its proposed takeover video game maker, Activision Blizzard, in an attempt to win over the U.K. competition regulator, which previously blocked the $69 billion deal. The BRICS group of developing economies — Brazil, Russia, India, China, and South Africa — are meeting in Johannesburg for their annual summit. Expanding membership and de-dollarization are both high on the agenda. Jakarta is the world’s most polluted city; the air quality is so bad, that from today, thousands of civil servants will work from home for the next two months.
Increasingly, companies are offering unlimited paid time off. Some say it makes them more competitive in the hiring market, but labor experts think the practice has pitfalls. Plus, Brazil, Russia, India, China and South Africa — “BRICS” — are holding their first in-person summit since the pandemic began, and the credit quality of the banking industry is down.
Despite being a hub for forward-thinking tech companies, San Francisco has struggled with pandemic recovery. Now, the World Economic Forum, Salesforce and Deloitte are teaming up to generate sustainable project ideas that might improve the city’s economic situation. Plus, we’ll hear about global wealth inequality and the state of women’s soccer, post-Spain’s World Cup 2023 win.
From the BBC World Service: China’s economy hasn’t bounced back from the pandemic and now its central bank is stepping in, cutting one of its key interest rates for the second time in three months. Protests over economic hardship in Syria’s southern province of Sweida are continuing and there are calls for President Bashar al-Assad to step down. As the most successful Women’s World Cup finishes, the infrastructure and facilities for the women’s game lags behind the enthusiasm.
A worker shortage in Croatia has employers scrambling. It’s the busy season for tourism, which is the country’s biggest industry, so many places that used to hire seasonal workers from adjacent countries are now recruiting from Asia. Plus, Evergrande files for U.S. bankruptcy protection and mortgage rates are high.
Two-thirds of the teams competing in the 2023 women’s World Cup have at least one player that trained at a U.S. college. We’ll talk about why the college system is crucial for supporting women’s soccer at an international level. Plus, a Chinese real estate giant files for U.S. bankruptcy protection, and 30-year mortgage rates are at a 20-year high.
From the BBC World Service: Chinese property giant Evergrande has filed for bankruptcy protection in the U.S. This allows the company, which is swimming in debt, to safeguard its assets in the U.S. The Women’s World Cup soccer tournament has been the most watched in history, giving a huge boost to hospitality spending. Tourism is Croatia’s largest industry and increasingly tourists are being served by workers who’ve travelled thousands of miles themselves, as businesses turn to Asia to solve staff shortages.
The yield on the 10-year Treasury note — that’s the return you get from investing in one — has hit a high not seen since 2007. We’ll talk about what this could be predicting about the future of interest rates and the economy in general. Plus, the minutes from last month’s Fed meeting, and a rise in the popularity of all-inclusive resorts.
Accuweather has predicted the economic toll of the wildfires that ripped through Maui last week could be as high as $16 billion. That’s a combination of home and job losses, structural damage, the mental and physical effects on residents and more. Before that: Why new home construction could slow, and what Fed chair Jerome Powell might say at the upcoming Jackson Hole Symposium.
From the BBC World Service: Burger King has scrapped tomatoes from wraps and burgers in Indian outlets after prices more than quadrupled. McDonalds and Subway in India have also taken tomatoes off the menu due to soaring costs. The Panama Canal has extended restrictions on vessels as it battles an on-going drought; maritime firms say this adds delays and extra fees, inflating shipping costs. All inclusive holidays are growing in popularity, with Marriott and Hyatt expanding their offerings.
Millions of people visit Barcelona every year, but residents are less than enthusiastic about living among tourists and some are being pushed out of their homes. Our partners at the BBC take us to Spain to hear about this economic dilemma. Plus, consumer spending from a few angles, and an explanation of why the Fed could cut interest rates sometime soon.
While inflation and interest rates stay high in the U.S., China is suffering from the opposite problem: deflation. We’ll hear from Marketplace’s China correspondent Jennifer Pak about the problems that come with steeply falling prices, including layoffs and decreased consumer spending. Plus, the UAW could vote to authorize a strike next week, and Novo Nordisk can’t produce enough of their buzzy weight loss drugs.
From the BBC World Service: Canada’s corporate ethics watchdog is investigating the local unit of the fashion retailer, Ralph Lauren, over accusations it used forced labour from China’s Uyghur minority in its supply chain. A year ago, President Biden signed the Inflation Reduction Act into U.S. law; but America’s first serious attempt to tackle the climate crisis has ruffled European feathers. And we look at why Barcelona is a victim of its own success, with the sheer volume of tourists creating problems.
A group of young climate activists sued their home state of Montana over the right to a clean environment, as promised in state’s constitution. Yesterday, they won. Plus, China has stopped reporting its youth employment rate, retail sales were up higher than expected in July, and we board a cruise to hear about the industry’s bounce back from pandemic lows.
In efforts to revitalize downtown areas during the era of remote work, some cities are refocusing from work to play. We’ll visit San Francisco, where the transition has been difficult. Plus, new bank regulations are coming in response to the banking crisis earlier this year and some young people got into investing during the pandemic.
From the BBC World Service: The United Nations has warned that a huge shortfall in funding could lead to the collapse of the Afghanistan’s health system and widespread hunger. The cruise industry is making a post-covid comeback with American passengers accounting for 50% of global revenue. The CFO of Novo Nordisk explains why it’s limiting the global roll out of its weight loss drug Wegovy.
August 15th is this year’s Mothers’ Equal Pay Day, which marks how far into 2023 moms had to work to catch up to what dads made in 2022. Black, Latina and Native women would have to work even longer. What could close the gap? But before that, we’ll look at stablecoin regulation and the Afghani women’s national soccer team.
From the BBC World Service: Ukraine has accused Russia of piracy in the Black Sea, alleging that a Russian warship fired on a cargo vessel near Turkey’s coast. The U.S.-based Miss Universe organization, which hosts beauty pageants around the world, has cut ties with Miss Universe Indonesia after local organizers were accused of sexual assault. We’ll also hear from some of the players on the Afghan national women’s soccer team who escaped to Australia following the Taliban takeover two years ago.
In the aftermath of pandemic shutdowns, some cities are recovering better than others. One study put Fresno — a place that doesn’t tend to get the best PR — high on the most improved list. We’ll visit the California city to figure out what they’re doing right. Plus, U.S. Steel rejected a buyout bid from Ohio-based Cleveland-Cliffs.
Hip-hop is a multi-billion dollar industry, but it wasn’t always that way. For the 50th anniversary of the genre, we’re looking at early entrepreneurs in the business — from a taxi company to a streetwear line. Plus, food prices are up more than inflation, and the IRS lost millions of tax records stored on microfilm.
Thanks to upticks in extreme heat, wildfires, hurricanes and more, travelers are being extra choosy about where and when they vacation. Some are even planning travel to places that will soon be near-impossible to get to, thanks to climate change. Plus, an update on a Purdue Pharma settlement that would protect the Sackler family from civil suits, and a look at real estate troubles in China.
From the BBC World Service: Rice prices have surged to their highest levels in almost 12 years, according to the United Nations’ food agency. India’s rice export ban and adverse weather conditions are the main culprits. Hip-hop is 50 years old; it all started in the Bronx and is now a multi-billion dollar global phenomenon. Saudi Arabia’s soccer Pro League is kicking off today; but is it going to be an expensive flash in the pan?
ESPN just made $2 billion in a deal with a casino company to put its name on their sports betting website and app. ESPN may be adding gambling to their portfolio because traditional revenue streams don’t cut it anymore. Plus, worker productivity is up — how come? We’ll also look at WeWork’s fizzle into likely closure, and what the July CPI means for rate hikes.
Is it about hoping to making a ton of money someday, or the satisfaction of having a full set? Collectibles expert Harry Rinker, also known as the Beanie Meanie, talks us through why so many people spent big on Beanie Babies and the risks of the collecting economy. Plus, airlines step in to fly people out of Maui during catastrophic wildfires.
From the BBC World Service: We look at the impact of a new U.S. policy that will seek to restrict American investment in Chinese tech, especially in sensitive technologies like computer chips. The aim is to ensure that U.S. cash does not support China’s military modernisation. Plus, as West African leaders meet again to discuss the coup in Niger we hear how it’s affecting life on the ground for people in the country. And, Cher has been selling her own ice cream around Los Angeles, the Cherlato. We speak to the New Zealand ice cream maker behind the brand, Giapo Grazioli.
Federal regulators are cracking down on Wall Street traders using side-channels like text messaging and Signal to make deals and trades. Nearly a dozen firms will pay $549 million in fines. Plus, young people in China are looking for affordable housing solutions, and a new “biodiversity credit” could help heal ecosystems.
For the first time, credit card debt in the U.S. has hit $1 trillion. The record was hit thanks to a combination of inflation, high interest rates and Gen Z confidence. Plus, the Biden administration is expected to restrict U.S. firms from investing in certain kinds of China-based tech. We’ll also discuss diversity at a major upcoming economic conference.
From the BBC World Service: China’s economy is facing a new challenge: deflation — which is a sustained decrease in prices. This could have a negative impact on economic growth and consumer spending. Stephen McDonnell, the BBC’s China Correspondent, explains what is going on and why it matters. Plus, leaders of eight South American countries have signed a joint declaration at a summit in the Brazilian city of Belém, aimed at cutting deforestation, but does it go far enough? The BBC’s Katy Watson reports from the meeting.
Campbell Soup Company recently acquired Rao’s, a high-end jarred sauce brand that has roots in an impossible-to-get-into New York restaurant. We’ll talk to their CEO about why the purchase was made. Plus, we visit Mexico City, home to an increasing number of remote workers, and Italy, where banks were just hit with a 40% windfall tax.
Yellow might have declared bankruptcy on Sunday, but some say the writing was on the wall for a decade. We’ll talk to a bankruptcy expert about why the nearly 100-year-old trucking company shut down, and what it could mean for supply chains. Before that, who bought Simon & Schuster, and what’s the deal with PayPal’s new digital currency?
From the BBC World Service: China’s imports and exports fell more sharply than expected last month as weaker global demand threatened the recovery prospects of the world’s second-largest economy. Official figures show that exports fell by 14.5% in July compared with a year earlier — the worst performance since the start of the pandemic. Plus, Secretary of State Antony Blinken tells the BBC that Russia’s involvement in the Black Sea grain deal is crucial to food security in Africa. And, a summit is underway in the Amazon which hopes to drastically reduce environmental harm.
Palladium — the precious metal catalytic converters are stolen for — is seeing a price drop. And it’s not the only precious metal that is losing value. But before that, trucking company Yellow files for bankruptcy and back to school shopping is on the horizon.
Low oil prices have been great for consumers trying to stay afloat in an economy where everything else feels more expensive. But they aren’t so great for oil companies themselves. With OPEC cutting production, the pendulum could soon swing the other way. Then, why amped up international travel is rough for low-cost domestic airlines, and how American-made films are performing in Chinese movie theaters.
From the BBC World Service: Six months on from the earthquakes that devastated parts of Turkey and Syria, has the rebuild stalled? Victoria Craig reports from Hatay province in Turkey where 23,000 people lost their lives, and hundreds of thousands were left homeless. BBC’s Catherine Byaruhanga also reports on Niger, where a coup has led to the country’s airspace being closed. And finally, Cedella Marley, Jamaican singer and daughter of Bob Marley, tells us how she became a global ambassador for the Jamaica women’s football team.
“Marketplace Morning Report” has been exploring the multiple forces — especially economic forces — shaping immigration. With reporting from Mexico, Argentina, Colombia and more, we cover the role of technology in immigration, how the pandemic has affected the economies of Latin America, and how U.S. asylum rules shape the lives of those waiting at the border. Here’s one episode surveying our coverage, about a half-hour of your time.
Chelsea was once New York City’s art hub. When rents shot up, many galleries migrated to TriBeCa. Now, the cycle continues, and some gallerists are once again looking for a new, more affordable neighborhood. But first, we’ll get an update on the markets from FHN Financial’s chief economist Chris Low.
A is for Apple, Amazon and Airbnb. Two reported pretty solid earnings yesterday, and one faltered a bit. Plus, we’re visiting Istanbul, where it’s nearly impossible to get a taxi, thanks to politics, a ballooning population and terrible traffic. We’ll also take a look at why home equity is up.
From the BBC World Service: Niger’s elected president, Mohamed Bazoum, has warned that following the coup in his country, the entire Sahel region in Africa could fall under Russian influence — with devastating consequences. Following Fitch’s downgrade of US government debt, the picture for investors is becoming clearer. The World Bank has given nearly $5 billion of funding for projects to boost economies across Latin America and the Caribbean. So just how much difference has that made?
Oil refineries aren’t designed to operate in high heat, but U.S. facilities are in Texas and Louisiana — where average temperatures have been at least 95 degrees. Dialing back production plus extreme weather brought on by a hot summer could bump up gas prices. And that’s on top of OPEC+ curbing output. After that, July job report expectations and how inflation is triggering emigration out of Argentina.
Leaving job sites empty-handed isn’t an unusual experience for immigrants, especially undocumented ones. A new online tool, ¡Reclamo!, is streamlining the process for filing official complaints and helping workers get the money they are owed. Plus, we’ll look at the economic cost of being stuck at the border while waiting for asylum.
From the BBC World Service: Tom Brady is the latest American star to invest in U.K. soccer. The NFL legend has taken a minority stake in Birmingham City, a club which plays in the second tier of English soccer. What’s the attraction? And, can his star power take them to the top? Meanwhile, in Argentina inflation is running at over 100% — we look at how economic pressures are forcing some people to consider new lives in the United States. And, do you still watch live television? The U.K.’s broadcasting watchdog, Ofcom, says older viewers are increasingly switching off in favor of streaming services.
Ankle monitors and clunky apps make it hard for immigrants awaiting a hearing to start a life in the U.S. Although advocates argue that there are less intrusive methods, whole businesses exist to electronically surveil migrants. That old saying — people versus profit. Then, we’ll visit Chile, which is historically a destination for South American migrants but has recently tightened its border policies.
While it doesn’t work exactly like personal credit scores, the U.S. gets a credit rating too. And it just dropped below the top tier. We’ll talk about what the repercussions could be. Then, why working for a do-gooder company might mean lower pay, and we’ll hear from a Homeland Security Investigations agent about smugglers recruiting young people to drive migrants beyond the U.S./Mexico border.
From the BBC World Service: Talks are taking place in the African state of Niger to re-instate democratic rule, but European nations have already suspended financial support to the country and foreign citizens are being evacuated. For years Chile has been a destination for migrants in South America but now the government wants to restrict the numbers coming into the country, pushing more people north, to the US. And, China’s internet watchdog has introduced stricter regulations aimed at controlling how much kids use smartphones and other devices.
First, we’ll hear from William Maloney, chief economist for Latin America and the Caribbean at the World Bank, about how pumping up Latin America’s economy can help slow migration to the U.S. Then, a dispatch from Colombia about how the country is handling inflation and an influx of migrants from Venezuela.
WhatsApp is free, encrypted and anonymous — perfect for helping migrants get across borders and into the U.S. We’ll dive into how the app is used to support the human smuggling business, and who profits from these difficult, increasingly expensive journeys. Plus, tech manufacturing is giving non-commercial construction a boost, and some stock market indicators point to avoiding a recession altogether.
From the BBC World Service: One of the primary ways to try and tackle rising inflation is for central banks to raise interest rates, but are savers getting a fair deal? Mohamed El Erian, chief economic advisor at the financial firm Allianz gives us his view after Europe’s biggest lender, HSBC doubled its profits. Plus the BBC’s Catherine Ellis reports on Colombia’s battle with inflation and an influx of immigrants from Venezuela. And finally, we hear from Frank Strang who bought a disused Royal Airforce radar station with his wife 15 years ago and turned it into a spaceport.
The Panama Canal is a main throughway for goods headed to the U.S. But a recipe of drought plus El Niño weather patterns might soon make it hard to use the waterway at all. Plus, what we know so far about quarterly hiring and layoffs ahead of the upcoming jobs report, and a look at the economic factors that drive emigration from Latin America.
A group of prominent Republicans are embracing ideas from American Compass. It’s an organization that, while socially conservative, leans liberal when it comes to fiscal policy. One of those out-of-character economic takes? Student loan debt should be discharged during bankruptcy. Plus, China and India are still using a ton of coal, and U.S. trucking company Yellow is going out of business, which will mean 30,000 lost jobs.
From the BBC World Service: Immigration will be one of the areas the 2024 Presidential election will be fought over, and figures show the number of Latin Americans migrants coming to the U.S. is hitting fresh highs. As of June, there were 1.7 million encounters with migrants on the southwest land border with Mexico. That is up a little on the same period last year, and already at the levels of 2021. Will Grant, the BBC’s Mexico, Central America and Cuba correspondent, has been taking a look at this as part of a week-long series.
India has halted export of non-basmati rice, causing some U.S. shoppers and restauranteurs to stock up in case of a shortage. In this episode, the economics of scarcity fears, and how it can turn small problems into big ones. Plus, a new law that will allow companies to match student loan payments with retirement contributions.
Earlier this year, GM announced it was pulling the plug on their affordable EV with a troubled past. But now, the Chevrolet Bolt is selling super well at dealerships, and an updated model is coming soon. We’ll talk about what changed. Plus, we’ll hear from an economist who has a proposal for improving the health care model in the U.S.: Start thinking about coverage the way we think about public school.
From the BBC World Service: The U.N. has warned that it’s no longer enough to refer to global warming — we are now in an era of global boiling. The warning comes as Europe and swathes of the U.S. are experiencing prolonged periods of extreme heat. France recently became the first country in the world to ban some short-haul internal flights between cities which take less than two and a half hours to travel between by train. But the jury’s still on how effective the ban is.
Some states, like Iowa, are lowering or trying to lower the age requirement for serving alcohol. Critics caution that allowing young people to serve alcohol could make them more vulnerable to harassment, but others say it would give teens job opportunities — and help out the already struggling restaurant industry. Plus, automakers are working together to build out a network of EV chargers that could make long-distance travel more realistic.
Did you know that if you’re over 50, you can contribute extra to your 401(k)? Legislation is about to go into effect that will sweeten the deal even more: For 401(k) participants earning $145,000 or more, that catch-up amount will be taxed upfront, rather than when it’s withdrawn for retirement. In this episode, we’ll talk the nitty-gritty of retirement savings, a new company looking to operate short-haul flights only, and whether the Fed will raise rates again in September.
From the BBC World Service: A raft of big European corporations have been reporting half-year figures. We drill into some of the numbers and find out why shares in some big banks are falling despite rising profits, how lower oil prices are affecting Shell, and the role cat food has played in Nestle’s profits. Also on the program, Russia’s ambitions for Africa as President Putin hosts leaders for a summit. And, the battle to save a ship carrying 3,000 vehicles from sinking off the Dutch coast.
In her new book, M.T. Connolly explores the cost of getting older, from family members that do caregiving for free to nursing homes that lack sufficient funding. “Marketplace Morning Report” host David Brancaccio sits down with Connolly to discuss what we can do better to plan for aging. Plus, what the all-but-imminent rate hike later today means for inflation, and a bank in the UK closed a politician’s account partially due to his politics.
The Teamsters union reached an agreement with UPS yesterday, narrowly avoiding a strike. The contract updates include a pay raise for part-time workers and $30 billion in wage gains over five years. That could set a precedent for other companies deciding whether to deliver pay increases to their employees. Plus, the ad market is seeing less revenue and the infrastructure of the care economy is shaky at best.
From the BBC World Service: The Taliban has fulfilled its threat to shut down hair and beauty salons across Afghanistan, leaving tens of thousands of women without work. The BBC’s Caroline Davies explains. The CEO of NatWest, one of the UK’s biggest banks, has resigned after the bank closed the account of a former politician due to his conservative right-wing views. Alison Rose had said Nigel Farage’s account was shut down due to a lack of funds. In Germany, the government is suggesting that a siesta could help workers cope with uncharacteristic summer heat, and, finally, David Gressly, UN humanitarian coordinator for Yemen, gives an update on an operation to remove one million barrels of oil from a derelict tanker.
Since 2008, insurers in the U.S. have been required to provide the same level of coverage for physical and mental heath care. But insurance companies found loopholes. A new rule proposed by the Biden administration is looking to close the gap. Plus, meet the tech workers who quit their jobs and moved back to rural China to operate a local peach farm.
UPS workers have won air conditioning in delivery trucks, elimination of a two-tiered pay structure and more in recent contract negotiations. But if agreement on a final issue — part-time employee pay — isn’t reached at the end of the month, the Teamsters say they’ll go on strike. And the end of the month is fast approaching. Plus, we’ll hear from families who are suing after federally-built reservoirs overflowed into their homes during Hurricane Harvey.
From the BBC World Service: A general strike has been threatened in Israel over judicial changes that will restrict the Supreme Court’s powers to challenge the government. Today doctors take industrial action. We hear from the protestors and one of the country’s big business groups. Plus, an eye-opening story — why is the founder of ChatGPT scanning eyeballs? And will one of the world’s top soccer stars, Kylian Mbappé, head to Saudi Arabia for more than $300 million?
Biden’s new expression for the current strong labor market and wage growth — “Bidenomics” — is meant to make voters feel good about the country’s financial situation. But, in reality, two-thirds of voters disapprove of the current economy. We’ll discuss the disconnect between the feel-good big picture and everyday Americans’ lived experience. Plus, are borrowers financially ready to start repaying their student loans?
Video games are about more than just defeating evil and conquering land — they can also be about accumulating wealth and resources. Economists are looking to video games as a microcosm to learn about spending habits, market trajectories and more. Plus, a breakdown of the Barbie/Oppenheimer box office numbers.
From the BBC World Service: Spain’s muddled election results mean more confusion for businesses as it remains unclear whether a government can be formed; the BBC’s Guy Hedgecoe explains what it means from Madrid. Plus we hear from British tourists caught up in the devastating wildfires that have hit the Greek island of Rhodes. And finally, with Barbie making a huge impact at the box office, Elizabeth Hotson reports on businesses betting big on going pink.
Two major films — Oppenheimer and Barbie — hit theaters this week. But with SAG-AFTRA on strike, actors won’t be doing any promoting of any movies, at all. What will that mean for ticket revenue? We’ll discuss. Plus, the Fed launches its own Zelle-type service but most banks don’t seem to be buying in, and the argument for more investment in women’s sports.
Turkey’s central bank didn’t raise interest rates when, well, the rest of the world did in the wake of the pandemic. But now that the country’s got newly appointed financial leaders, that is changing. Plus, the House passed a bill that could alleviate some air travel headaches and we hear from the folks at “Marketplace Tech” about their series on AI in the workplace.
From the BBC World Service: There are weather warnings across Italy and the heatwave in Spain is set to intensify, with temperatures predicted to reach 112 degrees near Seville, and there’s no let-up in sight. Amsterdam’s city’s council has banned cruise ships from the city center — the aim is to limit visitor numbers and curb pollution. Despite the huge popularity of the women’s soccer, as the World Cup gets underway, there’s controversy over the pay disparity between the men’s and women’s games.
Several top colleges, including Wesleyan University and Carnegie Mellon University, just got rid of legacy status as an admission leg-up, in response to the overturning of race-based affirmative action. But kids of alumni at other colleges might still get lucky — largely for financial reasons. Plus, widows fight for better workers compensation laws and we take a look at the U.S. economy’s resilience.
Several big banks say they are bracing for high credit losses in the second quarter — with tons of companies trying to offload their vacant commercial real estate, there could be a rise in loan defaults. But will this lead to widespread stress on the financial system? Plus, FEMA’s budget is stretched thin and Netflix’s stock is down even though subscriptions are up.
From the BBC World Service: Wheat prices have spiked after Russian attacks on grain stores in Ukraine, and a declaration that ships heading to Ukrainian ports will be considered military targets. Plus, current and former staff at McDonald’s in the UK continue to come forward alleging bullying or harassment following a BBC investigation. On Wednesday McDonald’s asked anyone who has experienced or witnessed inappropriate behavior to contact its new confidential and independent reporting line. And, as the women’s World Cup kicks off in Australia and New Zealand we hear from a top agent about the changing commercial landscape.
When the U.S. women’s soccer team won the last world cup in 2019, players on teams in the National Women’s Soccer League were only given four weeks of paid maternity leave. That changed in January 2021 … when soccer’s governing body FIFA brought in a minimum requirement of 14 weeks of paid maternity leave. Players are also entitled to medical and physical support on their return to work. The BBC’s Alex Scott, who played on England’s national team, visited a former teammate who’s benefited from the improvements.
In a flurry of announcements, the White House rolled out new measures calling for transparency on so-called “junk fees” for renters, as well as new proposed guidelines for corporate mergers. Plus, why electric vehicles are getting cheaper, why homebuilders are feeling a flush of confidence, and the WTO urges countries not to restrict food exports in the wake of Russia’s withdrawal from the Black Sea grain deal.
From the BBC World Service: The UK’s inflation figures remain high today at 7.9%, although this is down from 8.7%. Why is it so high when compared to the USA (3%) and the Eurozone (5.5%)? Mohamed El-Erian, Chief economic adviser at German financial services group Allianz, explains. Plus, we hear from the Director General of the World Trade Organization, who has urged countries not to restrict food exports in the wake of Russia’s withdrawal from the Black Sea grain deal.
San Francisco will host an upcoming business convention that will bring leaders from around the globe. Stakes are high — the reputation of the city as a good place to start a tech company is on the line. Mayor London Breed says repurposing empty office space and building more housing are some of the ways she plans to attract new firms and their employees. Plus, what it means that retail sales for June were lower than expected.
San Francisco is lagging behind other major U.S. cities’ rebounding tourism rates. Between a homelessness crisis and difficulty retaining retailers downtown, city leaders have work to do to attract visitors like they did pre-pandemic. Mayor London Breed says her solution involves putting more resources into hiring police and clearing homeless encampments. Plus, we’ll talk the odds of a recession actually happening.
From the BBC World Service: Ukrainian farmer Kees Huizinga joins Marketplace to discuss the impact of Russia withdrawing from the Black Sea grain deal. What next for the Commonwealth Games after Melbourne pulls out of hosting it in 2026? And finally, we hear from Lucy Ward on what it’s like for a woman to commentate on men’s soccer.
The most successful women’s soccer team ever — the U.S. women’s national team — won a lawsuit for equal pay last year. But the prize pot for the upcoming women’s World Cup is three times smaller than the men’s. We’ll run the numbers on what it’ll take to close the pay gap. Plus, grain prices might be headed up thanks to Russia, and China’s economy isn’t doing too hot.
Silicon Valley has got a diversity problem. A mentoring program in the Bay Area might have solutions. Based in Oakland, Gameheads gives students avenues into the industry that’s taken over the place they call home, through a medium they already know and love: video games. Plus, San Francisco’s mayor London Breed talks repurposing commercial real estate.
From the BBC World Service: Russia has announced it is withdrawing from the Black Sea grain deal with immediate effect. The BBC’s Paul Moss explains what the knock-on effects could be. Plus, former International Monetary Fund economist David Woo explains why China’s economy is struggling as they register a youth unemployment rate of 25 percent. And finally, with the Women’s World Cup starting this week, the BBC’s Leanna Byrne looks into the issue of equal pay in women’s soccer.
A group of lawyers gathered at the debut COVID Litigation Conference earlier this year, attending sessions on how to sue organizations’ and states’ over pandemic policies and healthcare mandates. Officials worry such litigation could spread disinformation and destabilize public health efforts. Plus, why regulation for AI might happen soon, and a check-in on quarterly bank results.
As artificial intelligence gets more advanced, scam calls have gotten increasingly believable. We’ll hear from an expert on AI-assisted fraud on how these scams work, as well as “Marketplace Morning Report” host David Brancaccio himself — as an AI-generated voice. Plus, Biden’s funding initiative for communities to become more climate resilient includes a “green bank.”
From the BBC World Service: It’s the biggest industry walk-out in 60 years. The Screen Actors Guild wants streaming giants to agree to a fairer profit split and better working conditions; it also wants to protect actors from being usurped by digital replicas. After the 2011 tsunami in Japan, more than 1,000,000 tonnes of radioactive waste water built up in tanks on the Fukushima nuclear site, which Japan now has permission to release into the Pacific Ocean. The French government is encouraging people to ignore fashion trends by repairing existing clothes.
Going into the office five days a week is likely a thing of the past. To cope, companies are downsizing their physical offerings, renegotiating leases, or bailing on in-person spaces altogether. Might a drastic shift in the commercial real estate landscape have broader financial effects? We’ll talk to a researcher from McKinsey who’s trying to answer that question. Plus, Chinese-based hackers have gotten in to U.S. Commerce Department emails.
Actors are likely to join TV and film writers on the picket line today, as their previous labor agreement expired at midnight. This would be the first time both SAG-AFTRA and the WGA have been on strike simultaneously since 1960. Demands are related to streaming service compensation and industry use of AI. Plus, the country’s first craft brewery is set to close after 127 years, and worker habits are changing the landscape of commercial real estate.
From the BBC World Service: The International Monetary Fund has approved the release of funds over nine months to support Pakistan’s economic stabilization program. It’s a year since former Sri Lankan President, Gotabaya Rajapaksa, fled Sri Lanka amidst a huge economic crisis; and although things have improved, high prices are leaving many people struggling to cope. Tennis fans have been glued to coverage of Wimbledon and whilst broadcasters provide gripping commentary for big matches, many of the other games aren’t covered. That’s all about to change, thanks to artificial intelligence.
KPMG just announced they will be partnering with Microsoft to integrate generative AI into their workflows. We’ll talk with U.S. Chair and CEO Paul Knopp about how he hopes AI will help accountants do their jobs. Plus, an update on the PGA Tour Senate hearing — where PGA’s COO said the organization had little choice but to merge with LIV — and a check-in on how year-over-year inflation numbers might affect rake hikes.
That’s a lot of acronyms. First, director of the Consumer Financial Protection Bureau Rohit Chopra will break down why he’s slapped penalties on the Bank of America. Then, why the Federal Trade Commission didn’t want Microsoft, which makes video game consoles, to purchase Activision Blizzard, which makes video games. They’re doing it anyway. We’ll also take a look at Biden’s funding plan for those suffering from extreme heat in the Southwest.
From the BBC World Service: Canada’s ethics watchdog has launched investigations into allegations that Nike Canada and a gold mining company benefitted from Uyghur forced labor in their China operations. The UN is warning that Sudan is on the verge of an all-out civil war. Thousands have fled to Egypt where cash payments are part of the humanitarian aid. And FC Barcelona is trying to raise money by making diamonds out of the grass from the pitch in the famous Nou Camp stadium.
Prime Day starts today and some consumers will be clearing out their cart, thanks to big deals. We’ll discuss the reasoning behind savings events, and what retailers hope these sales will do for, well, sales. Plus, the PGA Tour is before a Senate committee today to defend their merger with LIV and economists await the June CPI.
Many regional theaters around the country are in a financial crisis, and pandemic funding is running out. We’ll take a look at why it’s been so hard to get audiences back in seats, and the big changes some regional companies are making to stay afloat. Then, the Fed gives some advice on how much money banks should have available, and a big-deal tech deal falls through in India.
From the BBC World Service: Apple supplier Foxconn has pulled out of a $19.5bn deal with Indian mining giant Vedanta to build a chip making plant. Less than a year ago, the companies announced plans to set up the facility in Prime Minister Narendra Modi’s home state of Gujarat. Plus, how the state of Spain’s economy is dominating the forthcoming general election. And, we take a peek inside Charlie Watts’ treasure trove. The late Rolling Stones drummer amassed a horde of collectibles, from first editions to jazz memorabilia, which will be sold off at auction later in the year.
Gas shortages in Cuba recently reached fever pitch, and private Russian firms may step in to help, short-term. Stateside, OPEC has tried to cut distribution to bolster gas prices, but robust U.S. oil production is getting in the way. Plus, a sneak-peek into Kai Ryssdal’s sit-down with Treasury Secretary Janet Yellen in China.
In the Bay Area, showing off your car with stunts and “hyphy” movement is part of a sideshow culture that’s been around for decades. A group of students at Gameheads, a mentorship program in Oakland, are bringing the shows (and associated music and dance moves) to the virtual world. Plus, what could happen if UPS workers go on strike at the end of the month.
From the BBC World Service: Cuba is in the grip of a crippling fuel crisis. People are having to queue for days for gas as well as endure widespread blackouts. Now the Cuban leadership has turned to an old ally for help: Russia. Plus, President Biden arrived in London today. The war in Ukraine is likely to be the main focus but they are expected to cram a lot in, particularly around the trade of minerals key to the green energy transition. And, South Korean pop sensation BTS has launched an eagerly-awaited book to mark their tenth anniversary.
During a period of extreme heat, new research shows the U.S. is experiencing a utility disconnection crisis. Three million customers had their electricity shut off last year and the fees for disconnection and reconnection, researchers say, can add up to a never-ending cycle. Plus, unemployment dropped a bit, so we’ll check on what that means for inflation and rate hikes. And young adults look for a holistic approach to financial advice.
Marketplace’s Kai Ryssdal is in China, traveling with Treasury Secretary Janet Yellen’s press pool. He joins David Brancaccio from Beijing to give updates on Yellen’s visit so far, and what she’s trying to achieve — hint: not decoupling from China. Plus, Biden proposes new rules for short-term health insurance, which can leave consumers under-insured with high medical bills, and about 765,000 workers will get a minimum wage raise this summer.
From the BBC World Service: It’s Janet Yellen’s first trip to China as US Treasury chief. The visit comes as tensions between the two countries are running high and China’s economy is struggling to mount a post-pandemic recovery. The Afghan Chamber of Commerce and Industry says more than 60,000 women will lose their jobs after the Taliban’s decision to shut all female beauty salons in the country. Could robots be the answer to our social care problem and a way of combating loneliness in older people?
A quarter of video gamers in the U.S. are 50 and older — accounting for $5 billion a year in spending — and their tastes are more sophisticated than when video games first came out over 50 years ago. Nowadays, the market lacks options for older players. We’ll talk with some folks who are focusing on filling that gap. Plus, Meta’s Threads app launches across the world, but is notably missing from app stores in the EU, which has strict privacy laws.
In 2024, medical costs overall are predicted to increase by 7%, according to a recent PwC report. Who bears the brunt of that might depend on how employers and insurance companies choose to handle the hike, but lower-income, uninsured and under-insured people are most likely to feel the pinch. Plus, Janet Yellen visits China and Toyota says they’re working on a cheaper, more efficient EV battery.
From the BBC World Service: There’s currently a major emphasis on the green transition, but the boss of oil giant Shell tells us cutting oil production is ‘dangerous’ while there’s not enough renewable energy to replace it. Treasury Secretary Janet Yellen heads to China — will she be able to ease tensions between the world’s economic superpowers? And Last week’s riots have exposed deep divisions in French society. We hear from Marseille where people living in one of the city’s most deprived and violent neighbourhoods say they feel abandoned by politicians.
A federal judge has barred federal agencies like the FBI from communicating with social media companies about content that might be deemed misinformation or part of foreign influence campaigns. But constitutional scholars say the decision isn’t likely to be upheld, as it could violate the first amendment. Plus: No fireworks this Fourth of July? You might have the rising cost of insurance to blame.
A report by ProPublica found executives and investors made suspiciously well-timed trades in healthcare stocks — with companies they have ties to, and with rival firms. We’ll talk with reporter Robert Faturechi about whether these traders got lucky, or were acting on privileged information. Plus, a check-in on the ongoing airline pilot shortage that might have affected your holiday weekend travel plans.
From the BBC World Service: It was the first free health service in the world, but is the UK’s National Health Service still fit for purpose as it reaches its 75th anniversary? We ask an American doctor working for the NHS. Plus, Victoria Craig reports from Turkey where new finance minister Mehmet Simsek has promised to tackle the country’s deep economic problems.
For the last 15 years, power rationing has been common in South Africa, with businesses and households losing electricity for hours at a time. Now, South Africa’s government says daily power cuts could be over by the end of the year. But for many businesses, the damage is done. Plus, a joint effort between the federal government and Oneida and Menominee Nations to produce and purchase traditional foods for their communities.
In places with increasingly frequent, destructive and costly natural disasters, insurance costs are going up. Major providers are pulling out of dicey markets, and remaining coverage options are getting more expensive. How do insurance companies put a price tag on the rising risks of climate change? We’ll also take a look at how small businesses decide whether to raise their prices, ahead of the latest Personal Consumption Expenditures index.
From the BBC World Service: Facebook’s owner Meta has announced it will launch Threads, a new social media app, on Thursday. Technology reporter Io Dodds told us what this means for Twitter. Also, the killing of a French-Algerian teenager in Paris has triggered days of rioting. The BBC’s Paul Moss reports on two funds that have been set up, one for the victim and the other for the policeman who shot him. And finally, the BBC’s Andrew Harding investigates who’s to blame as South Africa faces a winter of discontent over power shortages.
With some states issuing stimulus checks this year — in addition to federal ones during the height of the pandemic — we take a look at what people spent the extra cash on. A lot of folks used it to pay down debt, securing a more stable financial future for themselves and their families. Plus, the fallout from SCOTUS’s decision to nix Biden’s student loan forgiveness program.
What happens when gentrification changes your neighborhood? How does it alter the experience at your local corner store? At Gameheads, a mentoring program where students learn how to make video games, some young people are demonstrating the effects of gentrification through their own virtual world. Plus, with student loan repayments restarting in October, the Biden administration looks for ways to ease the transition.
From the BBC World Service: Treasury Secretary Janet Yellen is set to visit Beijing this week as the US and China try to patch up a broken relationship. BBC China Media Analyst Kerry Allen gives the lowdown on how her trip could be received. Plus, an environmental campaign group claims the Anglo-Dutch energy giant, Shell, continues to trade Russian gas, more than a year after promising to pull out of the country. And Warren Bull reports on the hot topic of a shortage of Sriracha sauce.
The Supreme Court rules unanimously in a case concerning religious exemption yesterday. Employers will now have to accommodate their employees’ religious observances, unless they can prove doing so imposes a substantial burden on their business operations. Plus, the Commonwealth weighs the price of King Charles the III (and British monarchy as a whole), and the hot topic at today’s meeting of EU leaders: China.
The Supreme Court overturned race-based affirmative action for college admissions yesterday. Some elite colleges may look to socio-economic status instead as a way to diversify their student bodies. Plus, the court should make a call on Biden’s student loan forgiveness plan today, and a new law went into effect this week to protect the rights of pregnant and postpartum workers.
From the BBC World Service: After months of negotiating, the International Monetary Fund has reached a financing deal with Pakistan to avoid a default. The British are coming… for your airport stores; many of the shops you see in airports in the US are run by a British company, WHSmith, and they’re planning even more. A new airline, K9, is giving pets seats on private jets for routes including London to New York, New Jersey and Dubai.
Earlier this year, the commerce department estimated the U.S.’s GDP grew in the first quarter by the equivalent of 1.1% per year. But recently, they did a recount with more data. That estimate? Nearly double — the equivalent of 2% per year. We’ll talk about why the estimate increased, and what this could mean for inflation. Then, a check-in on state unemployment insurance agencies, which still don’t seem ready for a recession.
Every year, the Fed tests the nation’s biggest banks to make sure they can withstand a major economic shock. We take a look at how they did this year, whether the stress tests are useful, and why they’re of particular concern following the series of regional bank failures a few months ago. Plus, the economic case for LGBTQ equality.
From the BBC World Service: Sri Lanka has begun a five-day bank holiday to allow the crisis-hit nation breathing space to restructure $42 billion in domestic debt. China is set to double its capacity to generate renewable energy by 2025, hitting government targets five years ahead of schedule. Virgin Galactic is launching its first commercial rocket plane spaceflight. The mission is scientific — with plans to collect biometric data and conduct tests.
The NASDAQ and S&P, which have been way up for the first half of the year, say the stock market is thriving. But a closer examination of the numbers reveals those positive trends can be attributed to a few big, booming companies. Susan Schmidt with the State of Wisconsin Investment Board takes a look under the hood. Then, a new responsibility for online retailers to scrutinize possible scammers and a pup-friendly real estate gimmick in North Carolina.
The Inform Act, which took effect today, requires online marketplaces like Amazon and eBay to verify the identities of high-volume vendors in an effort to stop crime rings from stealing from brick-and-mortar stores and reselling their loot. The act also requires online marketplaces to provide consumers with mechanisms to report suspicious listings. After that, a consumer confidence-consumer spending mismatch, and still-high housing prices and mortgage rates mean a still-tight housing market.
From the BBC World Service: The Organisation for Economic Co-operation and Development says that whilst there are threats from Artificial Intelligence, Governments around the world are acting fast. Plus, BBC’s Luke Wilson reports on drinks giant Diageo’s split with Sean Coombes – aka Diddy. And finally, is the cost of travelling stopping some Muslims travel to Mecca? We hear from the BBC correspondent in Cairo, Sally Nabil.
China’s premier Li Qiang criticized western countries’ attempts to extricate themselves from trade with China at yesterday’s World Economic Forum gathering dubbed “Summer Davos”. Li argued even if there’s a push to move factories to southeast Asia, parts and raw materials will still be sourced from Chinese suppliers. Plus, electric vehicle startup Lordstown Motors files for bankruptcy after talks aimed at partnering with Foxconn broke down, and a nonprofit in California teaches incarcerated women how to code.
The Biden Administration just announced how much individual states will get of the $42 billion allocated to increase affordable broadband internet. Priority was given to states with higher need in hopes funding can strategically reach the nearly quarter of Americans who lack high-speed internet. Plus, Meta has new VR offerings and Dream Exchange hopes to be the first minority-owned stock exchange.
From the BBC World Service: In the push for green energy, Norway has just proposed the exploration of its waters as the sea bed has material worth trillions of dollars. Andreas Bjelland Eriksen is Norway’s minister for energy and petroleum. Elettra Neysmith talks about the death of John Goodenough, the creator of the lithium-ion battery. And finally, BBC Reporter Emir Nader reports on Captagon, a highly addictive drug ravaging the Middle East with links to leading members of the Syrian regime.
In Houston, job and earnings growth are above state and national levels at the same time that more residents are struggling to afford basic necessities. A look at how inflation, especially the rising cost of housing, is squeezing the city’s working class. Then, which parts of pandemic-era dining might be here to stay.
Lionel Messi is set to sign with MLS club Inter Miami any day now, in a deal that reportedly includes money from Apple. Why is the tech giant investing in a legendary soccer star joining a U.S.-based team, and does it have anything to do with Apple TV’s Ted Lasso? Plus, how turmoil in Russia is affecting the markets, and why cultivated meat will be available in high-end restaurants before you’ll see it in grocery stores.
From the BBC World Service: Following the failed mutiny in Russia, how have the markets reacted? Jake Cordell, a former economic journalist at the Moscow Times, gives us his thoughts. Plus, Marketplace’s Jo Critcher explains why global consulting group PwC is selling part of its business in Australia for less than a dollar. Also, 3 million Muslims are expected in Mecca for their Hajj pilgrimage, and the government wants to ensure its tourism industry will benefit, as BBC’s Sebastian Usher reports.
What a rural snowmobile company can teach the rest of the economy about navigating a tight labor market, and with an increase in housing starts, the perennially pinched residential real estate market breaths a (small) sigh of relief.
A NASCAR-style Camaro ran in the famed 24-hour car race in France. It’s another example of globalization in the sports world. Plus, the plan by the Federal Reserve and other agencies to raise capital requirements could bolster banks’ resilience, but the timing of such measures is important.
Developing nations that owe too much money to creditors are left ill-equipped to address climate change and pandemic fallout, or advance their economies. A summit that began today in Paris is tackling this global problem, and we’ll take a look at what Janet Yellen thinks could help. Then, how businesses in small-town Minnesota are using increased automation to compensate for a limited labor market.
With home sales still sluggish, real estate agents are seeing buyers compromise on dream homes, going in on a purchase with family, or buying rental properties to build equity. Also in this episode: GOP members have second thoughts on the free market, and a look at why some regions of the U.S. are having an especially hard time finding workers.
From the BBC World Service: The boss of Netflix is in South Korea – a country that’s produced some of its biggest shows. But is Netflix’s multibillion dollar investment in the country supporting, or hindering, the local media landscape? Plus, lower-income nations have long argued they deserve help because they face the greatest risks from climate change – can they strike a financing deal at a major international meeting in Paris this week? And, how an “anti-bleeding” fabric coated with an extract taken from shrimps is being used to treat injuries in Ukrainian war zones.
ProPublica just reported Justice Samuel Alito took a luxury fishing trip paid for by a billionaire hedge fund manager and didn’t recuse himself from related cases. Could this revelation bolster efforts in Congress to pass stricter ethical guidelines for the Supreme Court? Plus, businesses in Lebanon demand a switch to the dollar.
Companies in rural areas like northern Minnesota have been dealing with small labor pools for years. Could they have insight into how management and workers can handle the post-pandemic tight labor market? Plus, as the U.S. continues the will-they-or-won’t-they recession game, some countries are already there.
From the BBC World Services: What will constitute a successful trip to Washington for India’s Prime Minister Narendra Modi? The BBC’s Nikhil Inamdar explains. Plus, Saadia Zahidi, Managing Director of the World Economic Forum, explains how AI could negatively impact gender equality. And finally, Hannah McCarthy reports from Lebanon where businesses are increasingly demanding to be paid in dollars.
What we’re talking about here is using the structure of something like a central bank to govern artificial intelligence. In other words, when a financial crisis hits, central banks all over the world see things similarly and act accordingly based on shared expertise. Is that type of structure one way we could start to regulate artificial intelligence to avoid the bad and keep the good that might come with the technology? Plus, word today that Hyundai of South Korea is making a big investment in electric vehicles. It plans to increase EV production at its factories in the U.S. and develop new batteries.
A survey of workers in 46 countries finds about 25% of them plan to change jobs within a year, and nearly half plan to ask for an increase in pay. The survey, from accounting and consulting firm PwC, finds the number of people planning to quit has risen compared to last year. Plus, the Chinese tech giant Alibaba is reshuffling leadership. And, how a decline in support for the Black Lives Matter movement is showing up in corporate America.
From the BBC World Service: Some U.S. companies have moved parts of their organization to Mexico due to Russia’s war on Ukraine and tensions with China. Now, Europe is following suit as it witnesses an increase in so-called near-shoring. We hear from Tim Creighton, who is head of logistics and industrial at Cushman and Wakefield. Also, the BBC’s Beth Timmins tells us that the U.K. government is trying to ensure that money gathered from Russian sanctions will be used to help rebuild Ukraine. And finally, the BBC’s Nasser Hanif reports on Pakistan’s government, which is waiting to see if its new budget will convince the International Monetary Fund to give it a desperately needed loan.
Relations between Beijing and the West are in focus this morning with U.S. Secretary of State Antony Blinken meeting China’s leader Xi Jinping, who said there was progress in mending strained relations. And Europe is watching all of this. After reports of multiple Chinese crackdowns on Western businesses, some European firms are rethinking their operations in China. Also on the show today: Garrison Hayes, author of “A Kids Book About Juneteenth.” Hayes tells us more about why he decided to write this book.
Juneteenth became a federal holiday two years ago. But about half the states in the country have yet to adopt it as an official state holiday. Efforts to change that are ongoing. Plus, the latest from U.S. Secretary of State Antony Blinken’s trip to China. He’s meeting with China’s leader Xi Jinping. And, in Argentina, workers have been on strike for weeks, demanding higher wages to keep up with soaring inflation, which is running at more than 100%.
From the BBC World Service: Italy is the latest country to try to limit the influence of China in its businesses. The government is restricting the Chinese state-owned company Sinochem from taking control of the tire-maker Pirelli, as the BBC’s Mariko Oi explains. Plus, BBC business correspondent Theo Leggett joins us from Paris at the world’s biggest air show. And, the BBC’s Valley Fontaine reports on strikes in Argentina, where inflation is out of control.
The U.S. Secretary of State Antony Blinken will arrive in China to try to strengthen diplomatic ties between Washington and Beijing. Meanwhile, a private sector dignitary has just met with China’s leader Xi Jinping: Microsoft co-founder Bill Gates. We have more on what was discussed. Plus, the Federal Reserve’s thinking seems to point to an economy still humming along. So why didn’t the central bank raise interest rates again this week to try to slow the economy a bit? Well, you have to read between the lines, says Christopher Low, chief economist at FHN Financial. This has to do with concerns about the banking sector still lingering. And, it’s now more than three dozen states that have legalized cannabis products for medical use. But it’s not an affordable option for all patients.
Some see them in the $45 per night “destination fee” on the hotel bill. Or maybe the $25 charge for not booking a plane ticket on the internet. The Biden Administration is pressuring companies to stop with surprise or undisclosed charges, and to be sure people know in advance the cost of a product or service. Which leads us to two major ticketing companies saying they’ll end hidden fees so at least buyers using Ticketmaster and SeatGeek will have more transparency about the full price of a ticket up front. Also, Google parent company Alphabet warns its employees about using artificial intelligence chatbots. And, some economic implications of the 7-2 U.S. Supreme Court decision to let stand the Indian Child Welfare Act.
From the BBC World Service: Young Liu, the chairman of Taiwan-based iPhone maker Foxconn, says the company is redrawing some of its supply chains as it navigates a new era of icy Washington-Beijing relations. Plus, Singapore will “progressively deploy” more patrol robots across the city-state after more than five years of small-scale trials. And, a multimillion dollar deal between audio streaming giant Spotify and the media group run by Prince Harry and Meghan Markle has been canceled.
The standards for determining this have changed yet again. And the latest ruling by the National Labor Relations Board brings back a method that could classify more people as employees. That’s making companies like Uber and Lyft pay close attention. Also, after the Federal Reserve skipped an interest rate hike yesterday, we’re already anticipating that they’ll increase rates at the next policy meeting. It’s part of the tightrope the Fed is trying to walk on inflation. And, what we pay for coffee beans reflects supply and demand on commodities markets … but not much else. Some in the coffee supply chain think the market needs restructuring to better reflect everything that goes into coffee, from labor to land to changing climate.
Along with a decision to hold interest rates steady, we got information about jobs, economic growth, inflation and, of course, the cost of borrowing from Federal Reserve Chair Jerome Powell yesterday. Some of the takeaways: As of now it’s likely we get two more interest rate hikes this year to try to keep inflation down, and there’s very little chance interest rates are going to get cut at all in 2023. Marketplace Washington correspondent Nancy Marshall-Genzer was at the Fed press conference yesterday and has more. Plus, the world’s first comprehensive regulations governing artificial intelligence are taking shape across the Atlantic. European Union lawmakers have voted on new limits and safeguards for AI. And, the struggle to get community college credits to count toward bachelor’s degrees.
From the BBC World Service: It’s arguably the most secretive and isolated country on Earth. North Korea has cut itself off from the outside world, and its borders have been sealed for three years in response to the COVID pandemic. Some of those living in North Korea have risked their lives to tell the BBC about how they’re struggling to survive. Plus, Japan’s main stock market index, the Nikkei 225, has been enjoying a rally, hitting 33-year highs. We find out why. And, is there such a thing as Beyoncé-nomics? She’s being blamed for higher-than-expected inflation in Sweden.
Today, the Fed is all but certain to leave interest rates unchanged at the conclusion of its June policy meeting. That outcome is even more likely based on more data this week that shows inflation cooling. This would be the first time in more than a year that rates don’t go up at a Fed meeting. But the real story will be what Federal Reserve Chair Jerome Powell says about the path forward on fighting inflation. Plus, Japan’s plan to deal with its falling birth rate, which poses an existential threat to the world’s third largest economy. And, a lesson from rural Minnesota about how to hire and keep workers. With the overall U.S. job market still running strong, worker shortages are common. But this is something that remote parts of the country have dealt with for a while. And they have solutions.
Well, they’re beginning to. School buses are going electric. And there’s a company in Georgia at the vanguard of this part of the energy transition. Plus, digging into inflation numbers for the U.S. economy, and deciphering whether rent prices are staying hot or cooling. Also, who holds the title of No. 1 beer in America? The landscape has shifted. And it comes after some consumers took issue with a Bud Light collaboration that featured a transgender influencer.
From the BBC World Service: Today, lawmakers in the European Parliament are taking on the twin challenge of regulating artificial intelligence and promoting its responsible use across the bloc. The European Union’s lead on technology and digital strategy, Margrethe Vestager, talks to the BBC’s Zoe Kleinman. Additionally, we hear what Japan is doing to address its falling birth rate. And, finally, Pakistan’s first female architect is awarded for her work empowering women.
So, how ’bout that inflation? Today’s Consumer Price Index data looks good on the surface, but there are more troubling signs deeper down. Economist Jeffrey Cleveland helps us break down the report and what it means for the Fed ahead of its meeting later this week. Plus, an app for asylum seekers at the U.S.-Mexico border offers a way to access necessary immigration services, but migrants have been reporting a slew of problems including discrimination.
As Philadelphia deals with the collapse of a section of Interstate 95, there’s been a rush to assess the cost of rebuilding the highway and the burden the city might feel in the coming months. We look into how residents and commuters will be affected, as well as what a construction timeline could look like. Plus, we chat with the founder and CEO of the “Disparity Trap” board game which aims to educate people about systemic racism in a more lighthearted way.
From the BBC World Service: The Ukrainian government estimates an area the size of almost 2,000 football fields is currently under water because of the Kakhovka dam burst, much of it some of the most fertile agricultural land on the planet. The UN’s aid chief, Martin Griffiths, warns it will have a huge impact on global food security and prices. Plus, the BBC’s Olie D’Albertanson asks why nearly half of the soccer teams in the English premier league are now American-owned. And finally, Sir Paul McCartney reveals a new Beatles song will be released, thanks to AI.
There are two big events that economists will be tracking closely this week: the release of Consumer Price Index inflation data and the Fed’s rate decision shortly thereafter. We delve into the details with Julia Coronado, founder and president of MacroPolicy Perspectives. Plus, moderators across the social media platform Reddit will shut down select forums to protest the company’s move to charge developers using the website’s code. And finally, we talk with The Uncertain Hour host Krissy Clark about the new welfare work requirements passed in the debt ceiling deal.
If you get a meal from a fast food franchise nowadays, there’s an increasing chance that it’s been prepared by an underaged worker who’s been working too many hours. We look at new Department of Labor data that delves into the surprising rise in child labor law violations in some states, and why it’s been pronounced in the fast food industry. Plus, the failed Credit Suisse has been fully taken over by rival UBS after a Swiss government deal earlier this year. And finally, the BBC’s Leanna Byrne looks into how there’s been a growing wave of food fraud as production costs rise.
From the BBC World Service: Thousands of forums on the social media platform Reddit are being made inaccessible globally for 48 hours, as unpaid moderators around the world are protesting over planned changes; the BBC’s Zoe Kleinman explains. Plus, the BBC’s Paul Adams reports on the death of former Italian Prime Minister Silvio Berlusconi. And finally, the BBC’s Leanna Byrne hears why high food prices mean food fraud is on the rise.
It’s official: the S&P 500 is officially in “bull market” territory. We get this week’s Low-down on the recent market optimism with Christopher Low, chief economist at FHN Financial. Plus, there are real economic consequences to poor air quality, including higher spending on medical treatment and lower spending on other industries. And finally, Turkey’s recently re-elected president has put together an economic team that looks capable of handling the county’s inflation problem.
The U.S. labor market has looked really good in the past year even as inflation bites in the wider economy. But an old theory that’s recently regained ground says that there are actually two job markets that differ substantially in pay, stability, and social mobility. Plus, the recent indictment of Donald Trump on federal charges over classified documents has turned into a fundraising call for the former president — and his Democratic rivals. And finally, Texas is looking to meet this summer’s projected record-breaking demand for energy with the help of renewable energy.
From the BBC World Service: As Canada battles hundreds of wildfires, fire departments are struggling to recruit enough volunteers to quickly respond to calls; while cities employ career firefighters, small towns and villages rely on volunteers. Plus, Pride Month is well underway and amidst the parties and celebrations, it can also be a time for self-reflection. We chat with an openly gay UK banking chief who is keen to talk about his own experiences in a traditionally conservative industry.
Google has become the latest high-profile company to step up its efforts to get employees back into the office. We look at the measures the company is taking to prod people away from remote work, including penalizing workers who refuse to comply with back-to-office mandates. Plus, a look at British Prime Minister Rishi Sunak’s effort to convene the world’s first international forum on AI regulation. And finally, Afghan refugees in the U.S. are facing numerous challenges with immigration processing, which affects their job searches.
As New York and other cities continue to deal with worsened air quality due to Canadian wildfires, people have been finding ways to adapt with a little help from technology. We look at some ways innovation is meeting necessity as wildfires become a growing problem because of climate change. Plus, President Biden vetoed a bill that would have curbed student loan forgiveness. And finally, a chat with the Peterson Institute for International Economics’ Chad Bown about how the U.S. is placating allies who say recent electric vehicle subsidies are protectionist and unfair.
From the BBC World Service: Britain is hosting the world’s first global summit on the regulation of artificial intelligence this fall. The UK’s Prime Minister Rishi Sunak is expected to discuss the event when he meets President Joe Biden at the White House today. Plus, can the cruise ship industry reduce its emissions? We hear from one player, MSC, which is using biogas to power its first net-zero emission voyage. And finally, Messi’s next big move — sports journalist Joe Lowry explains the finances behind the Argentine soccer legend’s decision to join Inter Miami.
Some of the world’s best race car drivers will compete this weekend at the renowned “24 Hours of Le Mans” race in France. This year, there’s an additional entrant — a souped-up Chevrolet Camaro engineered by NASCAR that represents the body’s hopes to win more international fans. We chat with auto journalist Jamie Kitman about the race and NASCAR’s Garage 56 project. Plus, an initiative to recruit more women into the construction industry is running into headwinds as potential apprentices struggle to find child care.
Whelp, so much for that projected stock downturn. The S&P 500 Index is a hair’s breadth away from turning into “bull market” territory — a 20% rise in stocks — since a low hit last October. We look at why the market has been high on the economy this year despite earlier pessimism. Plus, a deeper look into yesterday’s announcement that the PGA Tour would merge with its Saudi-backed rival, LIV Golf. And finally, a look at how Prince reshaped the music industry by changing his name to the famous “Love Symbol” in the 1990s.
From the BBC World Service: Golf’s breakaway LIV Golf Series, backed by the Public Investment Fund of Saudi Arabia, has struck a deal that will see it merge with the established PGA Tour. The BBC’s Olie D’Albertanson reports. Plus, Emily Nicolle from Bloomberg News explains why the U.S. Securities and Exchange Commission has temporarily frozen Binance’s assets. And finally, the BBC’s Monica Miller reports on a former TikTok executive saying that members of the Chinese Communist Party gained access to its data in Hong Kong in 2018.
As Hollywood studios deal with the strike amongst film and television writers, actors could soon join the picket lines if a new contract isn’t drawn up by the end of the month. We look at the potential impact on an industry already dealing with huge labor upheaval. Plus, Saudi Arabia is cutting oil production to burnish energy prices, but other producers may be reluctant to follow. And finally, Ray Dalio, founder of the world’s largest hedge fund, says that it’s not likely that interest rates will return to the ultra-low levels seen in years past.
It’s seemingly déjà vu in the cryptocurrency world. Binance, the world’s largest digital currency trading platform, has been sued by U.S. Securities and Exchange Commission over alleged violations that include lying to regulators and mishandling funds. We look at what that means for a crypto industry that’s been licking its wounds since the collapse of FTX last year. Plus, a chat with Steve Isakowitz, President and CEO of The Aerospace Corporation, about the space industry’s push to diversify its workforce by 2030.
From the BBC World Service: Doctors in the UK are calling for disposable vapes to be banned. Phil Mercer reports from Sydney where they’re only available on prescription. Plus, a cyber hack has seen tens of thousands of employees’ personal details being leaked across organizations including British Airways and the BBC. And finally, in a major energy breakthrough, a test satellite has transmitted and received wireless power in space for the first time.
New York City’s new law against formalized body discrimination, signed into law last month, makes it the biggest city so far to pass such protections. We look into what’s behind the move to prohibit the practice amongst employers and what it means for employees. Plus, Saudi Arabia’s announcement that it will cut oil production may have moved markets this morning, but economist Julia Coronado says this year has been a story of surprisingly low energy prices.
The debt ceiling issue officially wrapped this weekend as President Biden signed a compromise deal into law, but the saga has raised unanswered questions about how…and on whom…the government spends money. We talk with Ray Dalio, founder of the world’s largest hedge fund, about what the latest spat says about inequality in America. Plus, Allstate announced it would stop its home insurance programs in California in response to increased risk from wildfires and high building costs. And finally, construction is on the downswing as building new housing units becomes more expensive.
From the BBC World Service: Oil prices rise after OPEC+, the organization enabling the cooperation of leading oil-producing countries in order to collectively influence the global market and maximize profit, cut production by a further million barrels a day. Oil analyst Cornelia Meyer explains why they’ve done it. Plus the BBC’s Archana Shukla reports from India on the train crash that’s cost at least 275 lives. And finally, China aims for the moon as it invests in the new space race.
Today’s jobs report is in the books, and it showed something that economists didn’t expect: a rise in unemployment combined with a huge boost in the number of jobs added. FHN Financial Chief Economist Christopher Low explains what the data could mean, including that the quality of job openings could be falling. Plus, what’s inside the debt deal that passed the Senate last night? And finally, economist Monica de Bolle helps break down what’s gone so wrong in Argentina’s economy.
President Biden overcame the final legislative hurdle to raising the nation’s debt ceiling last night as the Senate voted 63-36 in favor of the compromise agreement struck with House Speaker Kevin McCarthy last weekend. We look at what’s in the final agreement as it goes to the White House for the final sign-off. And finally, Argentina’s economy is in tatters as people deal with inflation over 100% — the BBC’s Leanna Byrne explains how that’s been affecting people on the ground.
From the BBC World Service: Sudanese companies and individuals have been hit with new economic restrictions as an intense power struggle continues to cause devastation in the country. Dr. Mehrzad Boroujerdi, a U.S.-based policy analyst, believes it will take more than just sanctions to end the conflict. iPhone maker Foxconn has followed through on a plan to expand production into India by the end of the year. And find out why the pandemic has changed how we eat lunch at work.
How did homelessness become such a defining and intractable economic issue in America? What are the root causes of the recent rise in homelessness, and more importantly, how do we fix it? In this special report, we delve into six different facets of the fight against homelessness to get a better sense of what people have been going through — and what that can tell us about how to tackle the issue that’s been vexing mayors and legislators across the nation for decades.
Part of the advice normally prescribed as a “cure” to homelessness is getting a job. But what happens when the work people do still isn’t enough to afford a place to live? A new study from the Economic Roundtable nonprofit delves into the surprisingly-high rate of homelessness amongst California fast food workers. Plus, businesses in some resort towns are offering subsidies for landlords to rent to local workers.
After a bipartisan vote on the debt deal in the House of Representatives last night, the compromise legislation looks to be on its way to becoming law. We look at what the spending cuts in the bill, totaling about $1.5 trillion, could mean for the economy. Plus, organizations that provide services to people experiencing homelessness are finding it hard to staff enough workers. And finally, Amazon has agreed to pay $31 million to settle allegations that it improperly handled the data of children collected by its Alexa voice assistant.
From the BBC World Service: The United Arab Emirates, for many years a zero-tax economy, has introduced new corporate tax rates for businesses. That comes as the country’s government seeks to move away from reliance on oil revenues. Plus, the BBC’s Nkechi Ogbonna reports from Nigeria, where a planned end to oil subsidies has led to a rush in people stocking up at fuel depots.
It’s not just Hollywood writers who have been lobbying for better working conditions — TV and film choreographers are also working toward establishing a fully-fledged union. We look at what workers want and what that could mean for the entertainment industry. Plus, we delve into the deep connection between two chronic and often-intertwined problems in America: mental health and homelessness.
There are moves afoot in numerous states and cities to criminalize elements of homelessness, including living in encampments. As part of our ongoing “Finding Your Place” series exploring the issue, we talk to Ann Oliva, CEO of the nonpartisan National Alliance to End Homelessness, about these moves and what they say about the debate over how to handle the unhoused crisis. Plus, a group of players in the AI space has issued a stark warning that calls for greater regulation of the technology. And finally, the Sackler family, owners of Purdue Pharma, has reached a $6 billion opioid settlement that also shields those individuals from civil liability.
From the BBC World Service: Tech industry leaders have repeated calls for controls on artificial intelligence to protect humanity. But Greg Jackson, CEO of Octopus Energy in the UK, says it’s transforming work for the better. And in Ukraine, the BBC’s Joe Tidy reports how demand for drones is skyrocketing as a new front emerges in its conflict with Russia.
China’s nascent civilian plane-making industry notched a recent win when the Comac C919, the country’s first domestically-produced passenger jet, carried a cabin full of passengers for the first time. We look at what that could mean for the established aviation duopoly of Boeing and Airbus. Plus, this week should be no short of economic news, according to Julia Coronado, president of MacroPolicy Perspectives. And, a look at how initiatives to address homelessness are being slowed by a lack of government funding.
If there’s been a defining trend in American cities thus far in the 21st century, it’s been the rise of housing prices to astronomical levels. That’s also meant a huge increase in the number of people who aren’t able to afford a place to live, according to Gregg Colburn, a professor at the University of Washington who co-authored the book “Homelessness Is a Housing Problem: How Structural Factors Explain U.S. Patterns.” We spoke with him as part of our new “Finding Your Place” series exploring the reality of homelessness in America. And finally, the debt ceiling deal struck over the weekend faces a legislative test in Congress.
From the BBC World Service: Ahead of the launch of a new iPhone model, Apple supplier Foxconn is ramping up efforts to recruit more workers for the world’s largest iPhone factory. Delegates from 175 countries are meeting in Paris for a major conference on ending plastic pollution. In Portugal, the housing crisis is getting worse, despite new government measures to try to control it; in Lisbon, the average rent is now three times the minimum wage.
President Biden and House Speaker Kevin McCarthy announced this weekend that they had struck an agreement on raising the nation’s debt ceiling in exchange for spending cuts over the next two years. We look at what’s in the joint proposal, and why its passage in Congress may involve wrangling the votes of holdout legislators. Plus, one factor that’s contributing to rising rents and house prices are demographic trends, including more people living alone. And, a look at how Disney’s “The Little Mermaid” film is boosting businesses that make “real” mermaid tails.
It’s Memorial Day, which means lots and lots of people across the country are on the move in their cars and campers. But even as the holiday travel season is expected to break records, sales of new RVs are not following suit. Plus, Turkish President Erdogan has won a second term in office following a runoff election on Sunday. And finally, we talk with the BBC’s Will Bain about what the CEO of Binance, one of the major crypto trading firms, had to say about the future of regulation in the digital currency space.
From the BBC World Service: Turkey’s Recep Tayyip Erdogan has secured another five years in power. We look at what went on during Sunday’s election. It’s the 70th anniversary of the first successful ascent of Mount Everest, but you’ll need a lot of cash to follow in the footsteps of Sir Edmund Hillary and Tenzing Norgay. Despite Lebanon’s economy being in disarray, the club scene in its capital, Beirut is still going strong.
The Fed’s interest rate fight just got more complicated — the central bank’s preferred gauge of inflation indicated that prices rose 0.4% last month, a speed-up from the previous month that saw a 0.1% increase. We talk to Christopher Low, chief economist at FHN Financial, about what that could mean for interest rates. And finally, a look at how drag show businesses in Nashville are doing amid the state’s attempted crackdown.
The deadline for Congress to raise the debt ceiling is fast approaching, but if signals from top Congressional Republicans and the Biden administration are to be believed, a deal may be imminent. We look at the latest developments in the saga. Plus, schools are on the frontline of what the Surgeon General called social media’s harmful effects on young people. And finally, there’s a whole industry around mock-up mermaid tails that’s getting a boost from Disney’s The Little Mermaid film releasing today.
From the BBC World Service: Voters in Turkey head to the polls on Sunday for a runoff second-round presidential election. We look at the likelihood of a win for incumbent President Erdogan. Plus, pasta prices in Italy have soared over the past year due to high energy costs, bad weather and supply chain disruption; but there may be some good news on the horizon.
The conventional wisdom of old said that more often than not, buying a place to live is cheaper than renting. That’s no longer the case except for four major U.S. cities — Detroit, Philadelphia, Cleveland and Houston. We look at how housing prices have gotten so high and why they’re likely to stay elevated. Plus, the AI boom is driving up demand for microchips, but there are still barriers the industry faces like geopolitical tensions and supply chains. And finally, the BBC reports on a proposal in Spain to subsidize bars in rural towns, which often serve as community social hubs in the countryside.
Microsoft and intelligence agencies are warning that a hacking group sponsored by the Chinese government has infiltrated critical infrastructure in the U.S. We look at the evolving situation and what’s been said so far. Plus, Germany’s economy has fallen into a technical recession after two straight quarters of negative growth driven by low consumer spending. And, voters in Turkey go to the polls again this weekend to vote in the presidential runoff election — older people are considering how high inflation could affect their economic wellbeing.
From the BBC World Service: A recession is commonly defined as the economy shrinking in two successive quarters — that’s just what’s happened to Germany, mainly because higher energy prices have hit household budgets and that’s put the brakes on spending. It’s Europe’s biggest economy, so what’s the wider impact? Plus, the International Monetary Fund has approved a multi-billion dollar loan for Ivory Coast. And, we hear from rural Spain where a plan is being considered to help subsidize bars in depopulated areas which have become vital community hubs in a country where 90% of the population lives in urban areas.
It’s finally happening. After a slew of setbacks, Netflix has finally released details on its password-sharing crackdown, including an $8 per month fee for people wanting to share account details outside of their respective households. We look into how slowing subscriber growth has played into the company’s decision. Plus, the BBC reports on France’s new law prohibiting short-haul flights between destinations that also have a train connection that would take under 2.5 hours. And, we talk with Yeshiva University professor Abraham Ravid about the origins of the Hollywood writers’ strike.
A new report from the Fed paints an alarming picture for many people’s personal finances — a growing number of Americans are deciding to forgo healthcare coverage because of the cost. We look at what that means for people’s well-being and what it says about the economy. Plus, enrollment at community colleges is up this year, especially in programs that focus on the culinary arts. And finally, a chat with Steven Durlauf, professor at the University of Chicago’s Harris School of Public Policy, about new research that delves into how generational wealth is created.
From the BBC World Service: A few years ago, France came up with an idea to cut carbon emissions — reduce some short domestic flights and that’s now been signed into law. It affects flights where there’s an option to take a train in less than two-and-a-half hours instead. But how comprehensive and impactful will it really be? And, another industry under scrutiny is steelmaking which is responsible for 8% of global carbon emissions. We hear from a project in northern Sweden where they’re trying to do away with old carbon-intensive coal-fired blast furnaces.
As negotiators try to avert a U.S. government debt default, there are questions about what spending would be first on the chopping block in a doomsday scenario. We look at how a potential debt limit breach could play out, starting with benefit checks and public sector salaries. Plus, a check-in with Dr. David Kelly, Chief Global Strategist at JPMorgan Funds, about how investors think the Fed should act at its next interest-rate-setting meeting. And finally, This is Uncomfortable host Reema Khrais tells us about the podcast’s most recent season delving into the business of women selling their eggs.
TikTok has filed the first legal challenge against Montana’s statewide ban on the social media platform since the law was enacted earlier this month. We look at what both sides are likely to argue in the upcoming court battle. Plus, electric-vehicle makers are looking to shore up their supplies of lithium, a key ingredient in batteries, as competition for the resource intensifies. And finally, work requirements for social benefit programs like SNAP — formerly known as food stamps — are on the table as the White House and Congress race toward a deal to raise the debt ceiling.
From the BBC World Service: China is now the world’s biggest exporter of cars, helped by a massive growth in electric vehicle production. We look at how it caught up to more established brands. Plus, Thailand’s radical decriminalization of cannabis last year has led to a boom in marijuana-related businesses. But a recent election could lead to a U-turn in the way the country treats the drug.
European regulators announced today that Meta, Facebook’s parent company, would have to pay a $1.3 billion fine for violating EU rules around internet users’ data privacy. We delve into what went into the decision, as well as what it means for the company going forward. Plus, we check in with Julia Coronado, president of the National Association for Business Economics, about what the group’s latest survey of economists says about the likelihood of a recession on the horizon. And, there’s a move toward “green steel” that’s seeking to de-carbonize the heavily-polluting steelmaking industry.
The scramble to raise the nation’s debt ceiling has featured prominent calls by Republicans to impose stricter work requirements for recipients of welfare. But today’s debate on Capitol Hill stems from a much older fight over how the poor qualify for benefits. We spoke with Krissy Clark, host of Marketplace’s investigative podcast The Uncertain Hour, about how racial bias played into the formation and early implementation of the rules we know today. And, this summer travel season may be record-setting, according to experts, as the pandemic emergency officially comes to an end worldwide.
From the BBC World Service: Microchips power everything from cars to smartphones, and they’re now at the center of a global power struggle. The U.S. has been restricting China’s access to high-end chips in recent months, all in the name of national security. Now China has hit back, banning some of the chips made by U.S. firm Micron. We look at the method behind the move. Plus, there’s been an election in Greece where the economy was a key issue. So how is the country faring years after the debt crisis? And, we hear from pop star Jason Derulo on the investments he’s made away from music.
There’s optimism from congressional leaders and the White House that we could see a vote on some sort of legislation to raise or suspend the debt limit as early as next week. But the clock is still ticking. We’re getting closer to June 1, the date that the Treasury Department has said could be when the U.S. runs out of money to pay its bills. Ian Bremmer, president of the risk consultancy Eurasia Group, breaks down the political standoff. And, the repercussions of a Supreme Court ruling yesterday that pop artist Andy Warhol violated copyright law in his creation of a silkscreen portrait of the musician Prince. Will it stifle creativity for artists going forward?
That’s because internet platforms are hanging on to a key legal shield that protects them from being liable for what users post. That shield is called Section 230, and the Supreme Court sidestepped directly addressing it in a pair of rulings that came out Thursday. We have more on the two cases that sought to make social media sites liable for terrorist content. Also, congressional leaders and the White House say there’s at least some progress on negotiations to raise or suspend the debt limit. And, the latest stop on Taylor Swift’s tour, which is selling out venues across the country. The tour’s economic impact is one few other artists can replicate.
From the BBC World Service: Russian diamonds are being added to the latest round of sanctions as the leaders of the G-7 nations meet in Hiroshima, Japan. The BBC’s Nick Marsh reports from there. Plus, the cost of the floods in northwest Italy will be in the billions of dollars. We hear from two people affected. And, finally, what’s the environmental cost of surfing? The BBC’s Clare Marshall has been finding out.
The labor market is still tight, don’t get us wrong. Many employers are still looking for workers. And the economy is so resilient that the Fed has reason to be worried about sticky inflation. But all that said, jobless claims are ticking up. We’re keeping an eye on that with Diane Swonk, chief economist at KPMG. Plus, Russia has agreed to extend a deal allowing Ukrainian grain exports to safely travel out of the Black Sea. This helps both Ukraine and the lower-income countries that could use some relief from high food prices. And, why the unemployment rate for younger workers is so high in China.
New data from the American Gaming Association show that revenues for the legal gambling industry totaled almost $17 billion in just the first three months of the year. Plus, a major opioid crisis settlement between the city of San Francisco and Walgreens. The city’s attorney says it’s the biggest award to a municipality in a case involving opioids. And, public spending on preschool has stagnated for two decades when you adjust for inflation, according to a new report. A big part of increasing public support for early education is finding more teachers.
From the BBC World Service: An agreement allowing Ukraine to export millions of metric tons of grain through the Black Sea, despite Russia’s ongoing war, has been extended. The deal will allay concerns over global food supplies, but it only lasts 60 days. And, the British telecoms group BT plans to shed 40% of its staff in the coming years as part of a major shake-up. Plus, as end-of-year college exams loom, we look at the impact of apps like ChatGPT on the world of education.
That’s according to a new report this week from the consulting group GEP. And it’s partly because companies have been able to get rid of their mountains of unsold stuff. Plus, more data on consumer behavior in this economy. Big-box retailers are seeing sales stagnate some, but there are some bright spots in housing construction data. And, the rise of Wrexham. The economics behind a small Welsh soccer team’s ascension, thanks to some Hollywood investment.
Economic coercion is essentially economic bullying. And later this week at the Group of Seven summit in Japan, the U.S. and its allies are expected to tackle this problem. There are many examples of this form of economic retaliation, and recently China’s economic policies are under scrutiny. We speak with someone whose jobs it is to address these international economic issues, U.S. Trade Representative Katherine Tai. Plus, we look at the Biden administration’s latest challenge to a big corporate merger, this time in the pharmaceutical industry.
From the BBC World Service: As the ChatGPT creator warns of the dangers of artificial intelligence, we hear from a European lawmaker involved in drawing up the world’s first comprehensive AI legislation. He thinks the U.S. will follow suit. And, we look at how Welsh soccer club Wrexham has fared under the ownership of American actors Ryan Reynolds and Rob McElhenney. They’ve helped turn the club’s fortunes around and have become the poster boys for U.S. investment in European soccer.
There are multiple congressional hearings underway today to take a look back at what happened with the failures of Silicon Valley Bank and Signature Bank earlier this year. In the Senate, we’re hearing from former executives of those banks. In the House of Representatives, the Federal Reserve’s top banking watchdog and other regulators are speaking. Also today: we have the latest data on retail sales. Consumers appear to be holding up pretty strong. And lastly, why you might be paying more for flood insurance.
Generative artificial intelligence has gripped the world’s imagination with its potential to disrupt our economy and way of life. The Senate is tackling that today in a hearing which includes the chief executive of OpenAI. Plus, add up everything all of us consumers in this country owe and you will get … a bill of more than $17 trillion. What can this household debt number tell us about where the economy’s headed? And, a change to Medicare that Congress is considering which could save the federal government as much as $150 billion over a decade.
From the BBC World Service: The European Union has given the green light to Microsoft’s $68 billion acquisition of Call of Duty-maker Activision Blizzard. Meanwhile, the U.K. antitrust regulator is standing firm on its view the transaction will be bad for consumers, and it’s still being challenged in the U.S. Plus, telecommunications giant Vodafone is cutting 10% of its workforce after missing targets. And, the Sudanese film industry has reached a major milestone: a movie from the country has made the official selection at the Cannes Film Festival for the first time.
Or maybe we should be asking how it’s continuing to play a role in voters’ decisions. The presidential election in Turkey is, after all, headed to a runoff after no candidate was able to secure at least half the vote. We check in with reporter Victoria Craig in Ankara for the latest, including how the candidates are approaching the economic situation in Turkey. Plus, a new Marketplace podcast looks to break down the basics about money and financial literacy, lessons we should all get when we’re younger but often don’t. The show is called “Financially Inclined.”
They’re not exactly household names, but ONEOK and Magellan Midstream Partners are coming together in a deal valued at nearly $20 billion to create a behemoth in the energy industry. The deal will give ONEOK, which transports natural gas, a new role in the oil business. Plus, we use the news of a big Peloton recall to look at where the company is headed next. And, China’s government says it is open to foreign investors and businesses now that it has declared victory over COVID. But foreign businesses aren’t quite so sure they’re really welcomed.
From the BBC World Service: Turkey’s President Recep Tayyip Erdoğan is leading the presidential election, but he’s just shy of winning a key 50% of the vote. That means a runoff with opposition candidate Kemal Kılıçdaroğlu is expected in a few weeks. Victoria Craig joins us from Ankara for more. Plus, the BBC’s Leonardo Rocha reports on Argentina as it raises interest rates to 97%. And, China announces a raft of measures aimed at encouraging couples to have children.
The civil conflict between rival military factions in Sudan has carried a big human cost thus far — over 600 people have died so far, according to the UN. Some knock-on effects of the conflict are also appearing in the global economy. We chat with the BBC’s Will Bain about how the global supply of gum arabic, a raw material used in a bevy of consumer products, is at risk. And, we check in with Christopher Low, chief economist at FHN Financial, on how people in financial circles are reacting to the debt ceiling fight in Washington.
One of the highlights from this week’s Consumer Price Index inflation report: prices for “food at home” fell for a second month. We look at how egg prices have tumbled from their highs earlier this year. Plus, today’s planned debt ceiling negotiations between President Biden and Congressional leaders have been scrapped, but both sides are saying it’s not a sign of a wider breakdown in talks. And, the BBC’s Victoria Craig reports from Turkey on how the war in Ukraine has affected housing prices in some Turkish cities.
From the BBC World Service: Polls are tight in Turkey ahead of this Sunday’s crucial presidential election, where the faltering economy is in the spotlight. We look at what both candidates are saying as voters head to the polls. Plus, the UK economy is doing better than expected, according to the latest GDP figures, which are up 0.1%. And, Liverpool in the UK is expecting an economic boost as it prepares to host the Eurovision Song Contest on Saturday.
Google is pushing in its chips to compete with OpenAI and other big tech companies in the race to develop increasingly complex artificial intelligence. We look at what the company’s CEO, Sundar Pichai, had to say about the ongoing AI arms race going on in Silicon Valley and how Google is planning to compete. Plus, the Bank of England has hiked interest rates, which comes at a time of economic stagnation in addition to eye-watering inflation. And, we chat with Bob Brown of The CPA Solution about the biggest municipal fraud scheme in U.S. history.
With about three weeks left before the U.S. government runs out of money to pay its dues, Treasury Secretary Janet Yellen is saying at a meeting of G7 finance ministers that the wider global economy is at risk if the White House and Congressional Republicans fail to reach a deal. Plus, Title 42, a key pandemic-era border rule, expires today. We look at how the post-pandemic recovery led to an influx in border crossings. And, new guidelines on mammograms could help women screen out breast cancer earlier, but it also comes with extra costs.
From the BBC World Service: With rapid gains being made in the world of AI, regulators are now scrambling to catch up. Lawmakers in Europe are today considering new rules to manage the industry. We hear from one of those who’s been involved in drawing up the legislation. Plus, markets are poised for another rate rise from the Bank of England. And, how Cairo could become a center for fashion as it hosts its first Fashion Week this weekend.
Today’s Consumer Price Index data on inflation is out, and it showed something that will buoy the spirits of monetary policymakers everywhere — inflation again tapered, the tenth-straight month of decline. Susan Schmidt, Head of Public Equities at the State of Wisconsin Investment Board, helps us break down the latest report. Plus, the BBC spoke with an executive at the German carmaker BMW about the Inflation Reduction Act. And, the rising cost of food in Turkey, which is part of the country’s broader economic problems, is affecting voters’ opinions ahead of upcoming elections.
Airbnb reported its first-quarter earnings yesterday, and it was a thoroughly mixed bag for investors. On one hand, last quarter looked pretty good — on the other, the gig-work hospitality company is projecting fewer bookings even as the summer travel season kicks off. We take a closer look at what the report says. Plus, states in the Mountain West are experiencing inflation at higher rates than other regions, partly due to high prices at the pump. And, the United Nations is turning to GoFundMe to raise money to avert an ecological disaster in war-torn Yemen.
From the BBC World Service: BMW Chief Financial Officer Nicolas Peter tells us that President Biden’s Inflation Reduction Act confirms they’re heading in the right direction as an organization, but it’s infrastructure, not subsidies, that the industry needs. Plus, ex-NFL star JJ Watt explains why he’s investing in an English Soccer team. And finally, BBC’s Sydney reporter Phil Mercer reports from Australia the government has brought 10 days of paid leave to help those suffering domestic abuse.
The Fed’s closely-watched Financial Stability Report was released yesterday, and monetary policymakers pointed to some areas of concern like commercial real estate loans. But there were also signs of resilience in the banking sector. Plus, Apple co-founder Steve Wozniak spoke with the BBC about the dangers of rapid artificial intelligence development. And, a recent survey conducted by the National Federation of Independent Business says that small business owners are increasingly gloomy about the short-term future of the economy.
The debt ceiling fight between President Biden and House Republicans is getting closer and closer to the 11th hour as both sides make scant progress toward a compromise. Marketplace’s Nova Safo explains what’s on tap today for the latest round of negotiations, and why the talks are unlikely to bear any fruit. Plus, airlines are bracing for a potentially record-setting travel season this summer. And, the BBC’s Samira Hussain looks at the growing prevalence of “nearshoring” as tensions between the U.S. and China damage trade relations.
From the BBC World Service: Steve Wozniak, the co-founder of Apple, tells the BBC that AI needs to be properly regulated as he warns of the potential for scams. Plus, Dan Harris, a lawyer working with foreign companies in China, says many foreign businesses are thinking of leaving after yet another U.S. company is subjected to a search. And finally, BBC’s Samira Hussain reports from Monterrey, Mexico where business is booming as American companies relocate closer to the U.S.
Berkshire Hathaway shareholders converged on Omaha, Nebraska this weekend for the conglomerate’s annual “festival”, where Warren Buffett and Co. gave their takes on the economy. We look at what key players said about the road ahead. Plus, the Fed releases a report today about what bank loan officers have been up to, which comes on the heels of the collapse of First Republic Bank. And, what public holidays in the UK, dubbed “bank holidays”, mean businesses in that country.
The blockbuster jobs report released last week had particularly good news for one group of job-seekers: young people who have recently graduated college. According to the data, the job market is a lot stronger than in previous years because employers are still desperate to hire. Plus, the Biden administration is slated to beef up protections for airline consumers dealing with flight cancellations and other delays. And, amid an ongoing teacher shortage, some schools that offer bilingual education are looking for teachers outside the country.
From the BBC World Service: Oil analyst Viktor Katona explains why the EU and G7 sanctions have had the desired impact as the Kremlin increases taxes on domestic oil production. Plus, the BBC’s Catherine Byaruhanga reports from the South Sudan town of Renk as efforts to broker a peace deal in neighboring Sudan get underway. And, who are the business winners and losers of public holidays? The BBC’s Elizabeth Hotson reports from the UK, which has three such holidays this month.
Today’s jobs report came in stronger than expected, another sign that the labor market is staying tight despite the Federal Reserve’s best efforts. We talk to Christopher Low, chief economist at FHN Financial, about how that affects the central bank’s calculus going forward. Plus, CEOs from some of the biggest tech companies convened at the White House yesterday to discuss the future of artificial intelligence. And, a look at how the upcoming coronation of King Charles III comes against a completely different economic backdrop than his mother’s more than 70 years ago.
The AI revolution is underway, and as with basically every new technology, businesses are finding ways to leverage it to boost worker productivity. We chat with Marketplace senior economics contributor Chris Farrell about the implications of a recent study that showed a marked increase in productivity among call center workers who used chatbots to interact with customers. And, some mid-sized banks in California and Arizona are seeing stock price jitters following the collapse of First Republic Bank — we look into what’s likely behind the volatility.
From the BBC World Service: TikTok has admitted that two employees in China and two in the U.S. viewed Financial Times journalist Cristina Criddle’s user data from her personal account without knowledge or consent. The BBC spoke with Criddle about her experience. Plus, the first images have been released from a $5 billion project to upgrade weather forecasting supercomputers aimed at improving warnings of violent storms. And, as the Coronation of King Charles III approaches, new coins have started to circulate with his head on them.
The Federal Reserve rose rates yesterday, but could that have been the last we’ve seen of hikes for a while if the market is to be believed. We consult Diane Swonk, chief economist at KPMG, about what the future could hold based on what Fed Chair Jerome Powell said yesterday. Plus, tourism in China is looking to be back in full swing as the summer starts and the country’s economy continues to rebound from COVID lockdowns. And, the BBC’s Jonny Tickle reports on how an off-brand KFC in Russia compares to its American counterpart, which exited the country amid the war in Ukraine.
Apple’s recent forray into financial services got even more extensive earlier this month when the tech giant announced it would offer high-yield savings accounts in partnership with Goldman Sachs. So far, it’s looked like a winning prospect for the iPhone maker, with reports from Forbes saying that the company saw over $1 billion in deposits in the first four days after launch. Plus, Fed policymakers are changing their tone on future rate hikes after yesterday’s quarter-point increase. And, how a lawmakers in California are looking to encourage more diversity in the entertainment industry.
From the BBC World Service: Will the European Central Bank follow the Fed and raise interest rates for the EU? We ask Lena Komileva, from G+ Economics. Plus, the BBC’s Shingai Nyoka reports from Zimbabwe on former president Robert Mugabe’s family fortune after it was revealed in his daughter’s divorce papers. And, does Russia’s KFC copycat pass the taste test? BBC Moscow reporter Jonny Tickle has been to find out.
The Fed is expected to announce later today that it will continue its recent interest-rate-hiking trend, which comes amid a strong jobs report from the private payroll company ADP. We turn to Susan Schmidt, head of public equity at the State of Wisconsin Investment Fund, to break down what Jerome Powell and Co. could decide. Plus, the Fed’s inflation fight has hinged on raising rates to slow a tight labor market, and some signs like high-profile layoffs are pointing in that direction. And, we speak with Duke law professor Jennifer Jenkins about the court case playing out between Ed Sheeran and Marvin Gaye for alleged copyright infringement.
Screenwriters for TV and film went on strike yesterday after studios and the writers guild failed to come to a new contract deal. We look at how the work stoppage is affecting the industry further afield from Hollywood, particularly in the Atlanta metro area. Plus, bank stocks took a tumble yesterday after the announcement by federal regulators that First Republic Bank had failed and been acquired by JPMorgan Chase. Also, the collapse is likely to bring more regulation — and consolidation — to the banking industry. And, how the education field will change signficantly as generative AI explodes onto the scene.
From the BBC World Service: The Chief Executive of the UK’s Financial Conduct Authority regulator has told the BBC the body will relax rules around Initial Public Offerings in Britain after a 40% decline on the London Stock Exchange in 15 years. Also, we hear from a professor of business after educational stocks take a hit with the advancement of AI. And, BBC Sport Correspondent Alex Capstick explains why the Women’s Soccer World Cup is at risk of not being shown across Europe.
A proposed merger between two of the largest grocery chains in the country, Kroger and Albertsons, is under review by the Federal Trade Commission for antitrust violations. If it goes through, rural communities fear that the union could mean store closures and layoffs. We examine how past mergers play into fears today. Plus, a look ahead to tomorrow’s Federal Reserve interest-rate-setting announcement with Michael Pugliese, senior economist at Wells Fargo Corporate & Investment Banking. And, the nominee to assume the World Bank presidency is looking to retool the Bank’s programs to further emphasize the fight against climate change.
The pressure is now on for the White House and House Republicans to strike a deal to raise the nation’s debt ceiling by the end of the month. Yesterday, Treasury Secretary Janet Yellen announced that the U.S. could run out of money to pay its bills as soon as June 1. We look at what the deadline means for negotiators in Washington. Plus, JPMorgan Chase’s deal to acquire the failed First Republic Bank means that the megabank will bring in a bevy of assets and new customers, but also a load of debt and restructuring headaches. And, the BBC’s Elizabeth Hotson reports on how confectioners are dealing with higher prices for producing candy.
From the BBC World Service: Geoffrey Hinton, one of the pioneers of Artificial Intelligence, quit his job at Google and has issued a stark warning to the BBC about the technology he helped create. Additionally, HSBC’s profits tripled in Q1 after acquiring Silicon Valley Bank UK. And Marketplace’s Leanna Byrne visits companies in the UK that are gearing up for the King’s coronation this weekend.
The failure and subsequent sale of First Republic Bank is the latest episode in the continuing fallout from the Silicon Valley Bank collapse in March. Yet there may be cause for cautious optimism this could be one of the final dominos to fall in the banking crisis. Julia Coronado, president of MacroPolicy Perspectives, tells us more about what could lay ahead. Plus, a deeper look into what exactly happened when financial regulators sprung into action overnight Monday. And, how Homeboy Industries, an LA-based nonprofit that rehabilitates formerly incarcerated and gang-affiliated people, is taking on the challenge of recycling clothing.
The embattled First Republic Bank, one of the institutions caught in the wake of Silicon Valley Bank’s collapse, was acquired overnight by federal regulators and sold to JPMorgan Chase. It’s a massive, multi-billion dollar deal that makes America’s largest bank even larger. Erik Gordon, professor at the University of Michigan, explains what the collapse says about the financial industry. Plus, we look at how the construction industry is dealing with an ever-present shortage of workers.
From the BBC World Service: Overnight, First Republic Bank was taken under the stewardship of regulators, who then immediately sold it on to JPMorgan Chase, making it the second biggest bank in American history to fail. Banking analyst Francis Coppola talks us through the ramifications. Plus the BBC Business Editor in India, Arunoday Mukharji, reports on India becoming the world’s most populous country.
The latest measure of the Federal Reserve’s preferred gauge of inflation is out today, and it showed a considerable tapering in rising prices. But according to FHN Financial Chief Economist Christopher Low, the economic tea leaves are still saying that America’s central bank will likely hike rates again when its top interest rate-setting committee meets next month. Plus, we chat with Zanny Minton Beddoes, editor-in-chief of The Economist, about the news magazine’s recent edition highlighting the U.S. economy’s surprising long-term overperformance. And, what the latest rounds of layoffs at Gap Inc. say about the retail sector.
Talking about the economy nowadays is a miserable affair — inflation, inequality, and other topics dominate an increasingly negative discussion. But over the longer term, the U.S. economy has actually outperformed when compared to nearly every other advanced economy, a recent issue of The Economist magazine finds. Zanny Minton Beddoes, editor-in-chief of The Economist, lays out the case for looking at the bigger picture. And, we spoke to E.J. Schultz, editor at the publication Ad Age, about the ongoing turmoil at beer maker Bud Lite about the recent sacking of two executives after the company’s campaign with a transgender influencer.
From the BBC World Service: With a desperate need to stop relying on Russian energy, there are plans to make the North Sea ‘Europe’s biggest green power plant’. We speak with Maurice Berns, head of the Boston Consulting Group Center for Energy Impact, about the idea. Plus, Brazil will continue to farm according to its own regulations, despite European Union laws banning the import of products linked to deforestation. And, rising sugar and cocoa prices are bringing a sour note to the confectionery industry.
Monetary policymakers’ fight against inflation has centered around hiking interest rates to cool off the economy, and today’s economic data shows just that — GDP growth slowed considerably last quarter. But core inflation, a measure of price rises among goods that aren’t as volatile, rose at the same time. We ask KPMG chief economist Diane Swonk what that means for the Fed’s inflation fight going forward. Plus, new studies show that popular melatonin gummies contained amounts of the hormone that differed significantly from what had been advertised. And, a look at Texas’s recent push to eliminate sales tax period products like tampons and pads.
Big banks across the financial sector — including giants like JPMorgan Chase, Citigroup, and Bank of America — have made green pledges to reduce their contributions to climate change. But as a pair of new reports point out, the firms’ progress toward those goals has been slow even amid a period of high profitability. We look at why that’s been the case. Plus, the embattled First Republic Bank, one of the mid-sized financial institutions caught in the backblast of the collapse of Silicon Valley Bank, is in fresh trouble after its stock tanked this week. And, oil tankers are becoming more and more expensive for companies to hire because of Russia’s war in Ukraine.
From the BBC World Service: Microsoft’s president Brad Smith has been left fuming after the UK’s anti-trust regulator blocked the planned $70 billion merger with gaming giant Activision Blizzard. He told the BBC he’s disappointed with the UK approach and now sees the European Union as a better place for business investment. Britain’s Competition and Markets Authority is one of three key regulators considering the deal along with those in the U.S. and the EU. Plus, Deutsche Bank has allayed concerns over its health with a set of strong results, but First Republic has hit new lows. And, how the humble homemade sandwich is not immune to inflation.
Google’s parent company, Alphabet, reported higher-than-expected profits yesterday, leading to a big stock buyback being authorized by CEO Sundar Pichai. However, that’s a seemingly contradictory move to the extreme cost-cutting measures the company announced this year in response to a slowdown in ad revenue, including layoffs of over 12,000 employees. Plus, a look at how the airline industry is doing amid widespread delays and flight cancellations. And, why fire insurance is increasingly hard to come by for companies that conduct controlled burns to prevent wildfires.
The chaos at Fox News in recent weeks amid the sacking of Tucker Carlson and the Dominion legal settlement has cast a spotlight on the network, which would normally be unwanted. But the chaos may actually end up bringing advertisers who had previously fled when Tucker took over primetime. And, we talk about the musings of the U.S. dollar’s decline with Council on Foreign Relations expert Zongyuan Zoe Liu.
From the BBC World Service: The head of carmaker Volvo joins the Marketplace Morning Report and tells us Europe needs to work harder to implement green subsidies to counter the impact of the Biden administration’s Inflation Reduction Act. Plus, British American Tobacco has been handed a $635 million fine for selling cigarette materials to North Korea. And, we finish by heading to Portugal, which has become the unlikely European capital for bicycle manufacturing.
The embattled First Republic Bank, which was nearly a casualty of the banking crisis that saw the collapse of three banks in early March, released earnings yesterday that showed the institution lost $100 billion in deposits due to panic among consumers. We look at what that says about First Republic and the wider banking sector. Plus, how the housing market is looking as home price increases continue to slow. And, we talked to Jean Twenge, professor of psychology at San Diego State University, about her new book “Generations,” which explores the differences between people of different age groups.
Airlines aren’t doing the hottest at the moment — just look at the headlines about Southwest’s latest spate of flight cancelations. According to Samuel Engel, senior vice president at the consultancy ICF, that’s been due to higher labor costs and a slowdown in highly-profitable business travel. Plus, tech sector results from some of the industry’s biggest companies are out soon, which will shed light on how the AI race is playing out. And, what a weakening U.S. dollar means for companies at home and abroad.
From the BBC World Service: Hoping to capitalize on the huge success of Squid Game, streaming service Netflix has announced that it is doubling its investment in Korean films and TV shows to $2.5 billion. Plus, is a fresh privatization drive coming to Russia as the head of a state-owned bank calls for extra investment? Russian economic analyst Alexandra Prokopenko gives us the details. And, the BBC’s Bernadette Kehoe looks at China’s plans to use 3D printing technology to construct buildings on the moon.
A new survey out from the National Association for Business Economics that polled over 50 economists shows a collective “maybe” on whether respondents thought a recession will appear later this year. We chat with NABE president Julia Coronado about what the survey can tell us about the wider economy. Plus, we look at new power plant emissions guidelines to be proposed by the Environmental Protection Agency. And, senior economics contributor Chris Farrell talks about the health insurance inequality trends between people with and without college degrees.
Prices for new and used cars are finally falling, but prospective buyers may have another hurdle to overcome: rising rates on loans. We look at what that could mean for people who are looking to make their next big auto purchase. Plus, this year looks to be a hot one with the prospect of an “El Niño” weather event, which could affect the economy. And, how some people are using cryptocurrency to track criminals through the blockchain.
From the BBC World Service: New results from Credit Suisse have given an insight into its demise — nearly $70 billion was withdrawn in the first three months of the year, leading to its eventual forced sale to Swiss rival UBS. Also, Australia is the latest country to ramp up its military spending after a review found its armed forces need to be radically overhauled. Plus it’s been a decade since the Rana Plaza building collapse in Bangladesh; has the industry learned the lessons of the disaster? And, how Ryan Reynolds’ and Rob McElhenney’s soccer adventure paid off.
Just about one week into companies reporting results for the first quarter, we take stock of what we’ve learned from banks sharing their numbers. For the most part, they seem to have done pretty well, considering the past three months included the sudden failures of Silicon Valley Bank and Signature Bank. But there are signs that the sector is bracing for a possible economic downturn in the months ahead. Also, the Muslim holy month of Ramadan has just ended and billions of people around the world are now celebrating Eid. A big aspect of the holy month, and the Muslim faith in general, is zakat or charitable giving. During the pandemic, charitable donations increased across the U.S. generally, and so did zakat. Then, inflation entered the mix.
As in undersea internet cables. The competition between the U.S. and China is about national security and economic security, and these cables that connect our global economy touch both. Reuters published an extensive report on how the U.S. and China are facing off over who should build these cables and where they should connect to land. We take a closer look. Plus, home sales usually surge in the spring. But so far that’s not been the case. We take a look at why and what’s happening with prices for housing.
From the BBC World Service: Canadian police are investigating a $15 million gold heist at Toronto Pearson International Airport. We’ll hear from the person who broke the story, Brian Lilley, a columnist for the Toronto Sun newspaper. Plus, how would you feel about floating through the stratosphere with the finest selection of French food and wine? That’s the aim of one company as the BBC’s Chantal Hartle explains. And the increased cost of celebrating Eid in Egypt this weekend. We hear from the BBC’s Yolande Knell.
Media giant Fox, as you’ve likely heard, has agreed to settle with Dominion Voting Systems over defamation allegations against Fox News. The $787.5 million settlement could be the largest ever for a defamation case. How does Fox pay all that money? Plus, the Federal Reserve’s Beige Book is out. No, it’s not a New York Times bestseller. Yes, it does have some interesting things to say about where the economy’s heading and how different regions of the country were affected by that banking mess. We check in with Diane Swonk, chief economist at KPMG.
4/20 is the day lots of Americans celebrate, or at least give a wink to, pot. While it’s a business worth tens of billions of dollars with its own holiday, cannabis remains illegal at the federal level in the U.S. That’s posing problems for entrepreneurs trying to get insurance in the 20 or so states where you can buy and sell it. Plus, the increasingly crowded electric vehicle industry and what that mean’s for Tesla’s profits. And, how COVID, politics and stigma are preventing the federal government from achieving its goals to end the HIV epidemic in the U.S., despite hundreds of millions of dollars of funding.
From the BBC World Service: Turkey flips the switch on the Sakarya natural gas field in the Black Sea today. President Recep Tayyip Erdoğan is promising consumers lower natural gas bills ahead of next month’s election, and these new resources will make the import-dependent country more resilient. It’s also hoped the supplies will eventually help Europe switch away from its dependence on Russia. Plus, what’s day-to-day life like for those stuck in the Sudanese capital Khartoum as fighting continues? And, women in Spain will soon be able to take sick leave for serious menstrual pain. But some fear it could lead to more workplace discrimination.
Do you still own a DVD player? If so, and you’re relying on Netflix to watch those DVDs, it might be time to think of a new plan. Netflix is finally shutting down that part of its business. But why now? Plus, the European Union’s answers to the United States’ CHIPS Act. And, Indiana is one of 10 states that specifically prohibits undocumented college students from paying in-state tuition. That means an undocumented student in that state could pay nearly $17,000 more per year in tuition than their peers.
Starting a business was a trend during peak pandemic, and it looks to be continuing. That’s even though the country has opened back up and unemployment has gone way down. Last month, business applications increased again. Plus, with summer not too far away, many companies are getting ready to welcome new interns aboard. Employers expect to increase summer intern numbers by almost 10% this time around. That might have something to do with the tight labor market we’re still seeing in certain sectors. And, a deep dive into the private, for-profit industry that has grown up around enforcing work requirements for welfare. That’s the topic of the current season of the Marketplace podcast “The Uncertain Hour.”
From the BBC World Service: The rate of price rises slowed in the eurozone last month to about 7%, but inflation in the U.K. is still more than 10%. That’s despite continued expectations it will fall. We examine the U.K’s “sticky” price problem. Meanwhile, the European Union is boosting its semiconductor industry. And, why South Korea is cracking down on nepotism in the workplace.
Hollywood film and TV writers have voted almost unanimously to give their union the authority to call a strike. This would happen if negotiators fail to reach a new contract by May 1. We take a look at the sticking points. Plus, it’s worth taking stock on how far we’ve come in the fight against inflation. Believe it or not things are looking up. But wages still lag behind and it’s going to take some time before price rises slow to a more “normal” rate. And, many so-called affordable cities are not so affordable anymore. Take Houston, for example. It’s getting harder and harder for residents there to make ends meet.
Going out to eat is in right now. Spending at restaurants and bars was up 13% in March, compared to a year ago, according to the Census Department. That’s even as prices for meals outside the home kept rising and groceries got cheaper. Plus, there’s optimism that things are starting to turn in the housing market. We might see more buyers in the market going forward, but maybe not first-time buyers. And, the number of people in the U.S. choosing cremation over a casket burial is on the rise. How funeral homes are adapting.
From the BBC World Service: China’s economy rebounded by more than expected in the first three months of the year after the country dropped its strict COVID restrictions. What’s been driving the growth? And what does a recovery mean for the rest of the world? Plus, Apple opens its first retail store in India in a move which reflects its growing presence in the country. And, what would you pay for a T. rex skeleton? One’s up at auction in Switzerland for at least $5 million.
We got results from some of the bigger banks on Friday last week. This week we’ll hear from more banks like Bank of America and Morgan Stanley. This will give us a better picture of how interest rate increases are hitting bottom lines, but also the abilities of consumers and businesses to repay loans. Also today on the show: how government subsidies for more manufacturing production in the U.S. can backfire. We hear from one economist who says there are better ways to build resilient supply chains, decrease inequality and prepare for the clean energy transition.
Today House Speaker Kevin McCarthy will give a speech at the New York Stock Exchange outlining his case for cutting spending in return for raising the debt limit. Plus, negotiations in Europe over Poland’s ban on imports of grain and other agriculture products. It’s yet another economic consequence of Russia’s war on Ukraine. And, the case for keeping a more globalized economy intact from Adam Posen of the Peterson Institute for International Economics. He says that shoring up supply chains, addressing concerns about China and fighting inequality are all worthy causes, but that more protectionist economic policy is not the answer.
From the BBC World Service: China has written off or renegotiated $76 billion worth of borrowing in the last 18 months that had been issued as part of its huge infrastructure project. Louise Loo, senior economist at Oxford Economics, tell us what this means for China moving forward. Plus, the BBC’s Adam Easton explains why Poland has placed a temporary ban on Ukrainian grain exports. And, can you buy happiness? One gaming giant hopes so as they launch a takeover for the company that makes Angry Birds.
It’s been a weird week for economy watchers. Amid seemingly contradictory signals, including a recession prediction from the Fed that came amid positive inflation data, we consult Christopher Low, chief economist at FHN Financial, about what to make of the bevy of economic information we got in the last few days. And, the BBC’s Leanna Byrne reports from Northern Ireland about the area’s economic ties with the United States in the wake of President Biden’s visit there.
The AI chatbot takeover incentivized people to ask many questions normally reserved for human experts, and financial advice is no exception. But according to professionals working in the industry, there are clear limits on what AI can do — and what consumers should expect. Plus, recently-released data on bank profits showed a significant outflow of money from bank deposits into more “secure” locations. And, why sticker prices for new cars are finally coming down after an easing of supply chain troubles.
From the BBC World Service: President Biden, who visited Northern Ireland this week, said U.S. firms are willing to pump ‘billions of dollars’ of cash into the Northern Ireland economy if there’s more political stability there. And, silver prices are at a year-long high — so what’s going on?
Well, that’s a bummer: the Fed’s minutes released yesterday indicate that central bankers believe there will be a mild recession by the end of the year. While it’s not particularly surprising, it does dampen recent optimism surrounding lower-than-expected inflation data released this week. KPMG Chief Economist Diane Swonk helps us dissect what’s in the minutes. Plus, Walmart announced it is closing half of its stores in Chicago due to low profitability — we look at how big box retailers tend to struggle in cities. And, Texas is looking to retool its power grid to add safeguards against power outages as seen during recent extreme weather events.
More than 50 years ago, a nationwide housing scandal involving predatory real-estate speculators and the Federal Housing Administration hastened the decline of many urban centers like Detroit, Philadelphia, and New York City. Sunset Park, a neighborhood of Brooklyn, was among those hit particularly hard. We traveled to there with Majora Carter, a Bronx-based urban revitalization specialist, to explore the scandal and its enduring legacy. And, a federal appeals court has maintained access to an abortion drug previously blocked by a Texas lower court judge.
From the BBC World Service: One of the world’s largest grocery stores, Tesco, has announced that its pre-tax profits halved last year to $1.25 billion. We look at what’s driven the decline. Plus, Kenya is struggling to pay government workers due to its huge national debt, but the government won’t borrow to fix the problem. And, an Instagram post promoting eyeshadow by the French fashion company Dior has prompted an angry backlash from people in China.
The latest Consumer Price Index data is out this morning, and it showed a slowdown in inflation that may tempt hope in policymakers the world over. We talk with Susan Schmidt, Head of Public Equity at the State of Wisconsin Investment Fund, who helps us unpack what’s behind the 5% inflation number and what that portends for the Fed in the months ahead. And, hear what Elon Musk had to say about Twitter’s recent headline-making problems in an exclusive interview with the BBC.
The announcement of the shuttering of a small college in Milwaukee later this year — one of more than half a dozen in the last year — is a sign of troubling times for higher education. We look at how a hot job market is incentivizing some would-be students to work instead of study, and what that could mean for the future workforce. Also, the Fed is due to release its much-watch meeting minutes later today. Plus, a snippet from the BBC’s exclusive interview with Elon Musk. And, how some “drone whisperers” in Ukraine are taking apart the machines to stop critical components from reaching Russia.
From the BBC World Service: Six months into his ownership of Twitter, Elon Musk sits down for an exclusive interview with the BBC’s James Clayton in San Francisco and tells him Twitter is ‘roughly break even’. It follows the cutting of nearly 75% of the company’s workforce since he bought the social media company. Plus, Pierre-Olivier Gourinchas, chief economist of the International Monetary Fund, tells us most economies will avoid going into recession this year.
The Biden administration announced late yesterday that it wants to study what rules may need to be implemented to make sure so-called generative AI doesn’t threaten society. We look at what the government has said thus far, and how it could move forward on potential AI regulation. Plus, Alibaba, the Chinese e-commerce giant, has released its own rival to Microsoft’s ChatGPT and Google’s Bard AI chatbots. And, how some museums in the UK, including the famous British Museum, are dealing with requests from other countries to return artifacts that they claim were taken under duress or stolen.
Tupperware’s stock tumbled yesterday after the company revealed it would need an infusion of investment money to keep afloat. We look at what the saga reveals about so-called “Tupperware parties” and the broader direct-selling model that some brands rely on. Plus, as the tax deadline rapidly approaches, an analysis of how immigrant workers and their families form a crucial revenue stream for all levels of government. And, how the recent spate of labor organizing has led to more workers filing complaints against their bosses — and how an understaffed NLRB is responding.
From the BBC World Service: President Biden is set to begin his visit to Northern Ireland, marking the 25th anniversary of the Good Friday Agreement. We look at the American leader’s visit and what it could mean for trade. Plus, it’s the first day of a doctors’ strike in the UK as junior doctors demand a 35% pay increase. And, how the cost of living crisis has put the squeeze on Ramadan celebrations in Tanzania.
The Environmental Protection Agency is reportedly set to adopt rules on new vehicle emissions that could significantly boost the number of electric vehicles on the roads in less than a decade. We look into what happens going forward, and how the standards may affect what cars are on America’s roads by 2032. Plus, economist Julia Coronado walks us through the economic week and how inflation is continuing to remain “sticky.” And, the BBC reports on the economic and business legacy of the Good Friday Agreement that ended The Troubles in Northern Ireland.
The World Bank and the International Monetary Fund, the titans of international finance, start their joint spring meetings in Washington, D.C. this week. We talk with World Bank chief David Malpass about what he’s looking to discuss at the meeting, including the precarious debt positions of developing nations and rising interest rates in advanced economies. And, a look into how workers are dealing with lower wage increases as inflation remains stubbornly high.
From the BBC World Service: Tesla announced that it will open an additional battery production factory in Shanghai that will complement the company’s existing facilities in the city. The electric car maker’s new factory will be capable of producing 10,000 battery megapacks a year. The UN warns that more than twenty African countries are at risk of not being able to repay some of their debts. On the 25th anniversary of the Good Friday Agreement, is Northern Ireland still reaping the economic benefits?
The government’s official jobs numbers dropped this morning, and it showed a slowdown in the number of workers being hired with an unemployment rate of 3.5%. That signals progress toward the Fed’s goal of cooling off the labor market, says FHN Financial chief economist Christopher Low, but it may not be enough to satisfy Jerome Powell and Co. Plus, we look at why Native Americans are often under-represented in government data and what can mean when big datasets like the jobs report come out. And, why Wyoming is still trying to solicit crypto investors amid the industry’s recent high-profile scandals.
Samsung, the South Korean electronics giant, reported that profits declined by a whopping 96% in Q1 of this year due to slowing demand for microchips and other electronics. We look at the company’s decision to cut production of microchips as a result of the news, and what that says about the wider economy. Plus, lumber prices may be coming down from sky-high pandemic rates, but that will likely do little to alleviate the housing crunch. And, a story of how a Native American group negotiated for the removal of a dam in North Carolina in order to restore the tribe’s land.
From the BBC World Service: 25 years ago this weekend, the Good Friday Agreement brought an end to 30 years of conflict in Northern Ireland. Plus, an Australian mayor may sue the company behind ChatGPT after it falsely claimed he’d been jailed for bribery. And, in the UK, printing is underway of new banknotes featuring King Charles III.
The tax filing deadline is approaching for most Americans, and a significant number will benefit from new green credits set out in the Inflation Reduction Act. We look at what these new tax credits are, as well as how they could benefit people who installed heat pumps, switched to solar panels or bought electric cars last year. Plus, new data shows that the number of people seeing unemployment benefits ticked down but remained higher than expected — KPMG Chief Economist Diane Swonk tells us what that could say about the labor market. And, why some people who were laid off are not seeking unemployment benefits.
Meta, the parent company of Facebook, is looking to follow tech giants Microsoft and Alphabet into the world of computational artificial intelligence — albeit a bit belatedly. We look into what the company is dubbing “SAM”, which is in development to complement AI systems like ChatGPT. And, amid news of charges against a startup CEO who allegedly defrauded JPMorgan of $175 million, we talk with DePaul accounting professor Kelly Richmond Pope about her new book on the complexity of modern financial fraud.
From the BBC World Service: France is facing another day of strikes and protests after talks between trade unions and prime minister Elisabeth Borne failed to make progress. Unions say she refused to discuss rolling back on legislation raising the retirement age from 62 to 64. We hear from a train driver involved in the protests. Plus, thousands of people have taken to the streets in Argentina over spending cuts imposed as part of a $44 billion debt repayment deal with the International Monetary Fund. And, a copy of the first Shakespeare folio — a collection of some of his most famous plays — has gone on sale with a price tag of $7.5 million.
The indictment, arraignment and upcoming trial of former president Donald Trump in New York captured headlines yesterday, but it’s 200 miles away in Washington D.C. where the economic effects of the spectacle could be felt. We talk with the Eurasia Group’s Jon Lieber about what Trump’s legal imperilment could mean for polarization and policymaking on Capitol Hill. Plus, we chat with Lindsey Piegza, Chief Economist at Stifel Financial, about the latest trends in interest rates and today’s ADP jobs report. Also, Johnson and Johnson is looking to settle lawsuits over its talcum powder for around $9 billion. And, how Zimbabwean mining companies are being impacted by rolling blackouts across the country.
There are signs that the job market cooldown, which has been slow to materialize, is starting to accelerate. Fresh data from the Labor Department released yesterday saw a marked decrease in job openings — while that may spell good news for the Fed’s fight against inflation, openings are still way above pre-pandemic levels. And, we speak with the University of Rochester’s Ranga Dias, who tells us about a potentially revolutionary breakthrough that researchers made looking into room-temperature superconductors.
From the BBC World Service: French President Emmanuel Macron and Ursula von der Leyen, the Head of the European Commission, are in Beijing. Will any deals be made on trade, and can they convince China to taper its support for Russia? The BBC’s Mariko Oi explains. Plus, BBC Correspondent Anna Holligan reports on a court’s decision to overrule a 10% reduction in flights from Netherland’s main airport.
Florida, the nation’s fastest-growing state, is in need of a lot more nurses to accommodate its growing population. One way it’s looking to fight the shortage is by routing more government funding to nursing schools to attract more students. Today, we get data on the number of job openings — we speak with analyst Guy LeBas about what could be in the release. And, there’s a new analysis out that shows the hottest jobs markets in the country are in states along the so-called “Sun Belt,” which includes cities like Austin and Nashville.
Virgin Orbit, the arm of billionaire Richard Branson’s larger company that sought to break into the space industry by launching satellites from airplanes, has filed for Chapter 11 bankruptcy protection. We look at what that means for the Virgin Group, and how it could affect the larger commercial space industry. Plus, we talk to Lee Hawkins, host of American Public Media’s upcoming podcast on the family of Dr. Martin Luther King Jr. and how their health has been impacted by the struggle for civil rights.
From the BBC World Service: $2.5 billion — that’s how much the French beauty giant L’Oreal is buying Australian skincare brand Aesop for. It’s L’Oreal’s largest takeover in decades, but why did they want Aesop so much? BBC’s Phil Mercer in Sydney gives us the details. Plus, BBC’s Jane Chambers finds out why there’s an increase in the number of urban cowboys in Uruguay.
One of the main jobs of central banks such as the Federal Reserve is to set interest rate targets, which can have wide-ranging effects on the economy. These days, amid shakiness in the banking industry and persistent inflation, that calculation has gotten harder. We speak with Susan M. Collins, president of the Boston Fed, about how she thinks about the tradeoffs and other considerations that go into rate decisions. And, economist Julia Coronado gives us a taste of what economic stories could move markets this week, including oil anxiety and Friday’s jobs report.
There’s been much talk of monetary policy in the wake of recent bank failures, especially as the Federal Reserve continues its fight against inflation. We have one such important conversation with Susan M. Collins, President of the Federal Reserve Bank of Boston, about body’s role in everything from setting interest rates to safeguarding the financial system. And, a look at the implications of OPEC+’s recent announcement that member countries will significantly cut oil production.
From the BBC World Service: With some of the biggest oil producing nations in the Middle East voluntarily cutting output by over one million barrels of oil a day, what will the impact be? The BBC Middle East Business Correspondent Sameer Hashmi is in Dubai finding out. Plus, it’s one of Senegal’s most visited tourist attractions, but the Pink Lake is no longer so pleasing on the eye, the BBC’s Soraya Ali reports from Dakar.
The announcement of criminal charges against Donald Trump by the Manhattan district attorney’s office last night may not have come as a shock to markets, which were notably muted on the news going into Friday. We chat with Christopher Low, chief economist at FHN Financial, about what the reaction has been so far and what could happen going forward. Plus, we look at projections about a key consumer sentiment gauge before data is released this morning. And, the BBC reports on the Japanese government’s move to stop high-tech microchip exports to China.
The Inflation Reduction Act has set out a slew of funding opportunities for government agencies and private companies looking to usher in the green transition. But as of right now, many industries crucial to that effort are facing an acute labor shortage, including trade jobs like electricians. Plus, a look with University of Michigan Professor Erik Gordon at how former president Trump’s indictment could affect markets. Also, the White House has outlined a plan to beef up regulation and oversight of mid-sized banks. And, Amtrak is seeking record funding this year on the heels of the Bipartisan Infrastructure Act.
From the BBC World Service: Japan is planning to impose export restrictions on equipment used to manufacture semiconductors. The trade controls align with an American push to limit China’s ability to make advanced chips. Plus, the outgoing head of the World Bank, David Malpass, tells us he’s concerned about some of the loan conditions China has been giving to low income countries. And, we talk to the man behind one of the most successful ever cell phone games — the Candy Crush Saga.
The chairman of the Federal Deposit Insurance Corporation said yesterday in remarks to the House Financial Services Committee that the agency’s board would vote in June on a new bank assessment fee to make up for the money spent in the rescues of Silicon Valley Bank and Signature Bank. We look at the details. Plus, China has issued warnings to the U.S. over its brief hosting of Taiwanese President Tsai Ing-wen. And, we talk to Sophie Pedder, The Economist’s Paris bureau chief, about what’s been going on in France amid unrest over the government’s pension reforms.
Tax season is upon us, and that means an age-old debate is resurfacing amongst accounting nerds far and wide — why do Americans still have to file tax returns? Another simpler, and arguably better, system called return-free filing is used across the world. Chris Farrell walks us through the potential benefits of adopting such a system in the U.S. Plus, why plateauing mortgage rates are leading to more applications from would-be homebuyers. And, a look at some of the rule changes coming to Major League Baseball as teams start playing regular season games today.
From the BBC World Service: When President Biden unveiled the Inflation Reduction Act last summer, the subsidies on offer turned heads around the world. Today the UK is unveiling its plans for a net-zero economy, and the European Union already has its Net Zero Industry Act. But do the policies cut the mustard with business? Plus, The Guardian newspaper has faced up to the slavery links of its founder. It now plans to invest around $12 million over the next decade in a program of restorative justice.
Lawmakers on Senate Banking Committee yesterday grilled bank supervisors and other government financial regulators over alleged failures in oversight leading up to the recent bank collapses. Karen Petrou, managing partner at Federal Financial Analytics, walks us through what’s been said so far — and what could be in store for today’s hearing. Plus, housing prices remain all too high for many people, but recent data suggest a tapering in the rate of rent inflation. And, a look at the economic and environmental effects of having a lead smelting plant in the Los Angeles area, one of the few remaining in the country.
As the trend of fully-remote work ebbs and employers push to bring workers back into offices, there’s been an increasing focus on what makes a positive and productive workplace — or a company’s “culture”. We check in with consultant Keith Ferrazzi, who argues that in an increasingly hybrid work world, companies can do a lot more to connect with employees, starting by fostering empathy and personal connection in their teams. Plus, a look into why Chinese e-commerce giant Alibaba has split into six different entities. And, a new California law is aiming to stem supposed price gouging by fossil fuel producers in the state.
From the BBC World Service: The European Union has approved a landmark law that ends the sale of carbon-emitting cars by 2035. The new law was expected to make it impossible to sell internal combustion engine cars, but Germany won an exemption for those running on ‘e-fuels’. We explore what they are, and why German industry pushed for their inclusion. Plus, officials in the Dutch capital Amsterdam have launched a digital campaign to reduce the influx of British tourists coming in search of drugs, sex and limitless alcohol. And, we examine how the collapse of Silicon Valley Bank affected startups in Africa.
Have you got a bunch of subscription services that need to be canceled but are dissuaded by the onerous process? A new proposal by the Federal Trade Commission aims to streamline cancellations by requiring companies to make opting out as easy as opting in. Plus, we chat with Dr. David Kelly, Chief Global Strategist at JPMorgan Asset Management, about the macroeconomic environment as top banking regulators testify in front of Congress. And, how some American streaming giants like Netflix are winning the hearts and minds of people in France.
Officials from numerous government agencies that oversee the banking industry will testify in front of the Senate Banking Committee today. We look at what they’re expected to tell lawmakers about the collapse of Silicon Valley Bank and related financial jitters in recent weeks. Plus, protests are continuing in France over president Emmanual Macron’s unpopular pension reforms. And, SVB’s downfall has brought new uncertainty for a variety of businesses, including some winemakers in California.
From the BBC World Service: Vice President Kamala Harris has announced a $100 million conflict prevention package for West Africa at the start of a week-long visit to the continent. We look at how Washington is seeking to counter the growing influence of China and Russia in Africa. Plus, Chinese billionaire Jack Ma is perhaps the most high-profile name in a long list of businessmen to have recently disappeared from public life in China. It’s all linked to President Xi’s crackdown on big tech companies. So why did he reappear at a Chinese school? And, we take a look at the $300 billion ‘modest fashion’ industry.
A new survey from the National Association of Business Economics indicates that economists believe the U.S. economy will have to endure high inflation along with a potential recession this year. Julia Coronado, president of the organization, talks through the data. Plus, Chinese factories are struggling to get back to their pre-lockdown production levels even after restrictions were lifted. And, we talk with WNYC senior reporter Nancy Solomon about how tax breaks intended on bringing jobs to the city of Camden, NJ mostly didn’t boost local employment.
The recent turmoil in the banking sector has spooked a number of consumers into moving their deposits from smaller financial institutions to larger ones. We look at what’s driving that shift, as well as what it could mean if the trend continues. First Citizens Bancshares, which is based in North Carolina, will acquire a large chunk of the assets of the collapsed Silicon Valley Bank. And, a recent recall of eyedrops issued by a couple of companies raises the question of how a recall affects consumers and businesses.
From the BBC World Service: It’s Monday, which means there’s another deal in the banking sector. First Citizens BancShares has bought all the loans and deposits of Silicon Valley Bank. Its collapse a few weeks ago triggered a crisis of confidence in the industry, but we’ve seen European banking shares trading higher today. Plus, a strike by two of Germany’s largest unions has brought public transport there to a near standstill. And, it’s 50 years since women were first allowed to work on the trading floors of the London Stock Exchange. We hear from some of the pioneers.
No, right now, central banks around the world have moved to a second level of coordination. All of the economic jitters have more people around the world turning to U.S. dollars for investment security. That rapid flow of dollars can upset the balance, and so the Federal Reserve has had to step in and manage things more carefully. Meanwhile, there is more banking concern today, this time from Germany with Deutsche Bank. Also, protests in France over pension overhauls reach a fever pitch. And, how long until lab-grown meat hits the grocery store shelves?
But at least this week they borrowed less than they did last week. That’s a good sign. We look at why the U.S. central bank is making it easier for banks to borrow more money. And, earlier this month, after 10 years of negotiating, countries at the United Nations hammered out a new treaty that has the potential to significantly change how the world’s oceans are governed. The treaty also sets some rules and regulations around trade on the high seas and the use of natural resources.
From the BBC World Service: For the first time since 2019, China is hosting its three-day development forum to show the world that it’s back in business. However, the U.S. guest list is pretty short due to growing tensions between the two countries. Plus, the South Korean businessman, Do Kwon, has been charged by U.S. prosecutors with fraud, over a failed cryptocurrency scheme. Plus, a Tyrannosaurus rex skeleton is going on sale for the first time ever in Europe, valued at around $6 million. But there are concerns it could be locked away from public view by a private buyer.
In the wake of turmoil in the banking system, some in Congress argue the solution is more regulation. Republican Sen. Rick Scott and Democratic Sen. Elizabeth Warren have unveiled legislation that would add a new watchdog to oversee the Federal Reserve itself. That’s just one part of the conversation happening in Washington about tightening regulation. Plus, will banking system jitters do the Federal Reserve’s job for it? Also, keeping an eye on the housing market, which is starting to show some traces of stabilization after new home sales rose unexpectedly in February. And, how China hopes to boost its population and, by extension, its economy.
The Federal Reserve, after much hand-wringing amongst market watchers, ended up raising interest rates by 0.25% yesterday, signaling the central bank’s emphasis on fighting inflation despite recent instability in the financial sector. We look into what went into Chair Jerome Powell’s calculus on the rate decision. Meanwhile, Treasury Secretary Janet Yellen sought to assuage monetary hawks yesterday, saying that the government would not implement a blanket policy of fully insuring bank deposits. And, China’s population is changing as many workers age, but some say the demographic shift isn’t as big of a deal as it’s made out to be.
From the BBC World Service: After the Federal Reserve, it’s the turn of the Bank of England to make a decision on interest rates. Central banks are juggling two major concerns — inflation and stability in the banking sector. Since SVB collapsed, we’ve seen how higher rates affect the value of assets like bond portfolios held by banks. But in the UK, that decision may be clearer because inflation remains stubbornly high — markets are certainly expecting another rise. Meanwhile, there’s a tussle in the European Union over the date to phase out gas-powered and diesel cars. And, what’s it like doing business in Iraq 20 years after the U.S.-led invasion?
Educators, teachers and other employees at the Los Angeles Unified School District are continuing their strike for higher pay. We look into how broader labor trends are helping demonstrators on the ground make their case. And, we talk with Boston College Law School professor Patricia McCoy about how the government’s recent actions to calm anxiety in the financial sector are adding to the so-called “moral hazard”.
Eight states thus far have passed laws to boost pay transparency in job listings, aiming to grant applicants more information in a competitive job market. We look at the experience of New York City after implementing its own rule. Chris Farrell explains how to make the most of federal deposit insurance — and how someone can get more than $250,000 in the bank insured. And, Google yesterday released Bard, its competitor to Microsoft’s AI chatbot, ChatGPT.
From the BBC World Service: As the Islamic holy month of Ramadan gets underway, we look at the significance of dates and the multi-billion dollar business of supplying those breaking their fasts. Plus, Ukraine gets a $15bn boost from the International Monetary Fund, and we hear about the class action launched in Indonesia by parents whose children died or were injured by contaminated cough syrup.
The latest data on U.S. home sales showed a huge rebound of 14.5% in February, reversing a trend of decline that lasted more than a year. That said, the market is still fraught with uncertainty, especially amid the recent jitters in the global financial sector. We talk to Guy LeBas of Janney Montgomery Scott about Treasury Secretary Janet Yellen’s recent announcement that the government would insure the balance of deposits at smaller banks. And, prior to the collapse of Silicon Valley Bank and Signature Bank, both institutions received favorable credit ratings from firms like Moody’s, prompting questions about what ratings are actually useful for.
Amid the continued fallout from the failure of two mid-sized U.S. banks and the acquisition of Credit Suisse, financial institutions are likely to start applying greater scrutiny to the loans they give out. We look at what could move banks’ calculus in that direction…and who would be most affected. Another consequence of the recent turmoil in the financial sector has been lower oil prices, which have seen one of their biggest slumps in recent years. And, a fact-check of claims — often made by prominent Republicans — that so-called “woke investing” caused the collapse of Silicon Valley Bank with Washington Post reporter Julian Mark.
From the BBC World Service: Sri Lanka has been battling economic breakdown for nearly a year. A foreign reserve crisis toppled the country’s president and led to shortages and soaring inflation. Now a $3 billion rescue package has been agreed upon with the International Monetary Fund. We ask if it’s enough and find out what reforms the nation will have to implement to keep the cash flowing. Plus, investors holding Credit Suisse debt lost everything in the rescue deal with UBS. We hear from one of them on how it’s affected confidence in the market. And, with another warning on climate collapse from the UN, we ask what Lego — one of the biggest toymakers in the world — is doing to cut emissions.
The Federal Reserve’s top committee that sets interest rate targets is due to meet in the middle of this week, where it suddenly has a lot more to consider amid global unease about the banking system. Economist Julia Coronado explains what Jerome Powell and co. may be thinking. Meanwhile over the weekend, the Fed announced it’s coordinating with other world central banks to make sure there are enough dollars in the financial system. In Europe, stock markets took a hammering after the acquisition of Credit Suisse. And, a look at how holders of federal housing vouchers in Texas are facing difficulties finding a place to live.
It’s been a tough couple of weeks for the global banking sector — the embattled lender Credit Suisse was purchased by fellow Swiss rival UBS for a motley sum of around $3 billion. University of Michigan professor Erik Gordon explains what that means amid the wider unease about the financial sector. Meanwhile, the Fed was one a group of the world’s central banks that came up with system to ensure banks have cash if they need it. And, a look into what’s happened to Signature Bank since it was acquired by federal regulators little over a week ago.
From the BBC World Service: Just another manic Monday in the banking sector after UBS agrees a $3 billion deal to buy beleaguered Credit Suisse. But who loses out, and has it restored confidence in banks? Chinese President Xi Jinping is due to visit Russia this week, which may impact the latter’s fortunes in Ukraine. Plus, on the 20th anniversary of the invasion of Iraq, we travel to Baghdad’s central market and speak to traders about the country’s dollar crisis.
It’s St. Patrick’s Day, meaning people around the world will be wearing green and celebrating Irish culture — even those who don’t have roots there. But according to the BBC’s Leanna Byrne, it’s also a big day for Irish diplomacy and business, as the country uses its widely-recognized national day to foster economic ties around the world. And, we spoke with Yale’s Steven Kelly about the limits of comparing the now-defunct Silicon Valley Bank with the rest of the financial system.
This past week, banks have been ramping up their cash borrowing at record rates to shore up reserves in the wake of recent bank failures. We look at who’s been lending smaller institutions money, including the Federal Reserve and larger banks, and why it matters. New academic research on America’s banking sector has found that the real value of the industry is less than it looks on paper because of rising interest rates. And, a trip to Louisiana, where residents of a former “Black Wall Street” community are raising questions about how the construction of a highway has damaged the area’s economic welfare.
From the BBC World Service: There have been protests inside and outside the French parliament as President Emmanuel Macron invoked special constitutional powers to pass his contentious pensions bill, which he said is needed to ensure the system does not go bust. BBC Paris Correspondent Hugh Schofield was watching proceedings unfold in the French capital. Plus, today is St Patrick’s Day, so how does Ireland make the most of this opportunity when it comes to trade? Marketplace’s Leanna Bryne’s been finding out.
The Biden administration has called for a boost in funding for the Environmental Protection Agency in the wake of the derailment of a Norfolk Southern train in Ohio. The ask came in form of the president’s budget request to Congress, where it faces long odds in the divided legislature. Credit Suisse, the megabank that received a lifeline of over $50 billion this morning from the Swiss central bank, has been a risky institution for a long time, explains 7IM’s Ben Kumar. And, a look at how the latest economic data may influence the Fed’s upcoming rate decision.
Part of the government’s rescue actions amid the collapse of Silicon Valley Bank and Signature Bank was the establishment of a new Fed emergency lending program for banks in crisis. According to analyst Joseph Wang, the program could incentivize riskier behavior at banks. Credit Suisse, one of the world’s largest banks, has been extended a lifeline by the Swiss central bank. And, Biden administration has proposed stricter standards to regulate so-called “forever chemicals” in drinking water.
From the BBC World Service: Credit Suisse shares have bounced back after a $54bn vote of confidence from Switzerland’s central bank. But how will volatility in the banking sector affect an interest rate decision due today from the European Central Bank? Plus, in the Netherlands a farmers’ protest party has emerged as the big winner in provincial elections. They’ve been campaigning against government plans to buy livestock farms with the aim of cutting ammonia and nitrogen oxide emissions.
One of the many questions around the two recent U.S. bank failures is why depositors became so spooked even when their bank held supposedly safe assets like Treasury bonds. The answer, says Susan Schmidt, is largely because of those bonds’ decreased value because of higher interest rates. Credit Suisse, one of the world’s largest financial institutions, saw its stock nosedive this morning after it revealed it had been audited for shoddy accounting practices. And, a look at why sustainable versions of popular products are finding a growing niche in the market.
Ajay Banga, the former CEO of Mastercard and U.S. nominee for the World Bank presidency, is on a global “listening tour” to garner support for his bid. While speaking with global business and government leaders, one thing he underscored was the importance of the fight against climate change in the upcoming years. Mortgage rates have been down in recent days amid unease about the financial sector following the collapse of two U.S. banks. And, a look at how hip-hop was shaped by economic pain in 1970s New York City.
From the BBC World Service: The European Union’s banking regulator says it doesn’t see “any threat to financial stability of European Banks”, following the collapse of SVB. We ask an economics professor at a French business school why European banks are less likely to fail. We spoke to him before Credit Suisse’s shares collapsed after a major shareholder said it would not continue to invest. Also, the UK Government will be hoping for less turmoil as it prepares to announce its budget; the last one led to the pound reaching record lows and cost the then Prime Minister her job. Plus, we report from Beirut where the Lebanese currency is in freefall.
The SVB banking mess complicates the Federal Reserve’s path forward on interest rates — there are concerns about higher rates putting stress on the financial system, but the latest Consumer Price Index shows that inflation is still too high. Jeffrey Cleveland of Payden & Rygel has more. The banking crisis has prompted questions around whether regulators failed to detect — or act upon — red flags in either of the failed banks, explains Wharton professor Peter Conti-Brown. And, last week’s jobs report showed that women are becoming increasingly involved in the labor force after a pandemic-era dip.
Since the government takeover of the failed Silicon Valley and Signature banks, questions have been swirling about where the money is coming from to ensure depositors’ money. We look at the agencies involved and how costs may eventually be passed on to consumers, despite officials’ assurances to the contrary. Amid the SVB crisis, there’s also been a reckoning about the rules and oversight that govern small and medium-sized financial institutions. And, schools in parts of Maine are seeing an unexpected drop in funding because of higher property values in surrounding communities.
From the BBC World Service: With global markets still reeling from the failure of Silicon Valley bank, we hear from the CEO of HSBC who bought the UK arm for £1 on Monday. BBC Beijing correspondent Stephen McDonnell reports from China where the doors to foreign visitors will open from next week. Plus, is there hidden Nazi gold in a Dutch town? The BBC’s Anna Holligan has been to find out.
President Biden, in remarks delivered Monday morning, said that the U.S. banking system is “safe” and that depositors at the failed Silicon Valley and Signature banks would have full access to their deposits. The president’s messaging comes amid a wider campaign by federal officials to tame potential panic over this weekend’s banking debacle, according to Marketplace’s Sabri Ben-Achour. And, we got in touch with economist Julia Coronado to discuss how higher interest rates — which have come after a sustained period of near-zero rates — could have contributed to the crisis.
Since the collapse — and subsequent government takeover — of Silicon Valley Bank on Friday, the fallout on the wider financial system has led to a new federal lending program and the shutdown of Signature Bank. We talk with Karen Petrou, managing partner at Federal Financial Analytics, about what steps regulators have taken in the wake of the debacle — and what they may have missed in the leadup to the chaos. And, a word from the UK’s top financial official on HSBC’s acquisition of SVB’s operations in that country.
From the BBC World Service: After late night discussions SVB’s UK operation has been snapped up by HSBC for one pound. Francis Coppola, an independent banking analyst, explains what impact the failure of SVB has had in the UK. Plus, with Oscars handed out we look at the growth of the movie industry in Nigeria, which now produces more films than Hollywood.
The much-anticipated February jobs report is out, and it’s a harder one to dissect than last month’s — job gains exceeded expectations, but the unemployment rate ticked up. Christopher Low, chief economist at FHN Financial, gives us some insight. President Biden released his budget request yesterday, which could serve as a policy preview for a potential 2024 reelection campaign. And, we take a look at what big players in the energy industry are talking about at a big conference going on in Houston right now.
The image of a person jumping between railcars and transient living may evoke images of old 20th-century films like “The Outsiders,” but a subculture of modern rail riding is going strong today. We spoke with Danelle Morton, host of the new podcast “City of the Rails,” which delves into this unseen world. A look at why some bad news in the banking sector caused a stock selloff in Silicon Valley. And, a preview of today’s much-anticipated jobs report.
From the BBC World Service: Could the UK/France summit signal future post-Brexit cooperation on issues like immigration and trade? We talked to two business owners — one British and one French — about what they thought about the talks. The United Nations is trying to avert an environmental disaster off the coast of Yemen. And, the Banshees of Inisherin could win some Oscars this weekend — but who’s behind the stunning knitwear?
The mythical retirement scheme that’s known as a pension — most of which went away in the last half-century — could be on its way back in, thanks to acute labor shortages in the economy. Chris Farrell, Marketplace’s senior economics contributor, takes us through how competition might inspire employers to resurrect pensions. As we wait for the big jobs report that’s due out tomorrow, we check in with Diane Swonk about what the markets are expecting. And, a look at consumer debt at a time when inflation and high spending are driving up borrowing all over the place.
JPMorgan has opened a lawsuit against Jes Staley, a former top executive who was head of private banking at the company. We look into what’s behind the lawsuit, and how it revolves around Staley’s alleged ties to the late sexual predator Jeffrey Epstein. And, we speak to the owner of a Latin music-focused record shop in Los Angeles about his story and the broader vinyl revival, which has accelerated in recent years as new demographic groups hop on the trend.
From the BBC World Service: Amid Pakistan’s ongoing economic turmoil, Honda’s subsidiary in the country says it will shut down until the end of the month because it can’t source the parts it needs. Plus, the chip wars continue as the Netherlands — home to high-tech supplier ASML — says it will impose new export controls on the grounds of national and international security. And, in Japan police are cracking down on a series of pranks that have caused shares at Japanese restaurants to plummet. It’s known as sushi terrorism — where pranksters tamper with food on conveyor belts found in sushi restaurants.
The Department of Justice has filed suit to halt the merger between JetBlue and budget carrier Spirit Airlines, which allegedly violates antitrust rules. The University of Michigan’s Erik Gordon joins us to break down the cases that will likely be argued by either side. Federal Reserve Chair Jerome Powell is back on Capitol Hill today to testify about the state of the economy, this time to the House of Representatives. And, a look at the latest jobs report from payroll processor ADP with Susan Schmidt, Head of Public Equity at the State of Wisconsin Investment Fund.
Workers throughout the economy have seen a rise in bargaining power driven by labor shortages. But according to a new paper, it’s lower-income workers who’ve seen their wages rise the most, which translates into lower overall inequality. Fed Chair Jerome Powell spoke in front of the Senate Banking Committee yesterday, saying that the strength of the economy means rate hikes are likely to last longer to fight inflation. And, in honor of International Women’s Day, we spoke to Bridget Bodnar, co-host of Marketplace’s kids podcast Million Bazillion, about how her team approached teaching children about the gender wage gap.
From the BBC World Service: Adidas is counting the cost of terminating its partnership with Kanye West, announcing the company could be forced to write off $500 million worth of inventory of his famous brand of Yeezy sneakers. They parted ways with the musician last year due to anti-Semitic comments West made on social media — we speak to analyst Russ Mould speaks to us about the impact on the German sportswear giant. Plus we’re in the Philippines as the government looks to ban their most polluting form of public transport – the Jeepney. And, we celebrate International Women’s Day with some extraordinary achievers.
The labor market in today’s economy, at first glance, seemingly defies logical explanation — the number of people seeking unemployment benefits has fallen as companies lay off lots of staff. We look into why the data looks how it does. A bipartisan bill in Congress is looking to lay the groundwork to ban TikTok in the U.S. The rules governing the classification of Community Development Financial Institutions are about to go under a revamp by the Treasury Department. And, the BBC reports on South Africa’s new electricity minister, whose appointment comes as the country’s main utility provider Eskom undergoes a severe crisis.
Generative AI programs like Microsoft’s ChatGPT have taken the world by storm this year. We talked to Marketplace Tech host Meghan McCarty Carino about the nature of these platforms and how that has opened up a debate over who’s legally liable for the content AI systems produce. There’s a bipartisan push in Congress to restrict TikTok in the United States that goes further than the current ban prohibiting the app on government devices. And, a look at the findings in the first report from the U.S. Department of Agriculture’s Equity Commission.
From the BBC World Service: China’s leader Xi Jinping has rebuked the US, blaming it for trying to “contain, “encircle” and “suppress” his country. Richard McGregor, a Senior Fellow for East Asia at the Lowy Institute in Sydney speaks to us about the latest developments. Plus, France endures its biggest day of strikes over the retirement age. And, we hear about the laws the British government is trying to pass to stem the flow of migrants crossing the English channel.
It’s set to be a big week for watchers of the larger U.S. economy — Fed Chair Jerome Powell will testify to Congress on Tuesday and Wednesday, while the February jobs report comes out Friday. We spoke with economist Julia Coronado about what we should expect in the week ahead. Vehicles, a good that enjoyed high demand and high prices during the peak of the pandemic, are now in lower demand partly because of elevated interest rates and inflation-weary consumers. And, a look at why some big cities in France are banning electronic billboards.
Resort towns across the Western U.S. are seeing record-breaking prices for housing amid a wave of buying by ultra-rich people. The trend is fueling a housing crisis for local workers, who often find themselves being priced out of homes. New legislation in the Senate is looking to restrict senior members of the executive branch from trading stocks. And, retailers are saying that inflation-wary consumers are prioritizing value over luxury…and stores are shifting gears to accommodate.
From the BBC World Service: BBC’s China Correspondent Stephen McDonnell reports from Beijing as China says it will increase military spending by more than 7% this year, while warning of “escalating” threats. South Korea tries to build bridges with Japan by picking up the cost of World War II reparations, plus it’s one month to the day since the earthquakes devastated parts of Turkey and Syria, we hear from the BBC’s Correspondent Anna Foster on the ground.
Earlier this week, the Biden administration announced that companies could begin applying for funding under the CHIPS and Science Act, but only if they met certain conditions including limiting stock buybacks, providing childcare to workers, and profit sharing with the government. According to Felicia Wong, CEO of the liberal-leaning Roosevelt Institute think tank, this could herald a new embrace of industrial policy by Biden to push forward his agenda. And, a look into a new report that details the growing extent of the racial disparity in home ownership in America.
Legislatures in various Republican-controlled states have passed or are mulling restricting banks from ESG investing, which considers environmental, social, and governance factors. We look at what’s behind the backlash to ESG and why some are assailing it as “woke investing.” The Biden Administration released its new Cybersecurity Strategy yesterday, which includes a call to companies to play a greater role in securing their own products. And, excerpts from Marketplace host Kai Ryssdal’s interview with Treasury Secretary Janet Yellen, where they discussed the economics of the war in Ukraine.
From the BBC World Service: The fallout from Tuesday’s deadly train crash has brought attention to the era of privatization that followed Greece’s financial crisis in 2015. We look at what role that could have played in the leadup to the disaster. A new report says Chinese scientists are leading their American counterparts in dozens of fields of technological research. And, could South Korean reality TV be the next big streaming sensation?
The disparity between how much wealth — on average — people of different racial groups hold has been well-documented through research. Yet according to one study, the size of that gap is frequently underappreciated. We talk to Ivy Oyeandor, a professor at Northwestern University and co-author of the study, about that misperception as part of our Econ Extra Credit series. And, KPMG Chief Economist Diane Swonk dissects the latest economic data, which indicates economic strength because of infrastructure spending but risks prolonging inflation.
Pharmaceutical giant Eli Lilly announced it would cut the prices of some of its most-used insulin products by 70%, as well as cap out-of-pocket costs for consumers at $35. We look at what that could mean for patients, most of whom have been paying sky-high prices for the drug. Congress yesterday passed a bill to prohibit ESG — Economic, Social, and Governance — retirement investing, a measure likely to be vetoed by President Biden. And, as part of American Public Media’s “Call to Mind” campaign around mental health, we look at the effects of social media on loneliness.
From the BBC World Service: A new report by the International Energy Agency says global carbon dioxide emissions rose to a record high last year, but new technology — including sea-floating solar panels in Portugal — have helped slow it; BBC reporter Paul Carter has been to see them up close. Plus with a new president-elect in place, BBC’s Bisi Adebayo reports on the brain drain of young talent leaving Nigeria.
Amazon’s recent acquisition of a chain of health care clinics from One Medical is raising questions of Big Tech’s growing role in the sector. We talk to University of Michigan professor Erik Gordon about the potential antitrust implications, and what the Amazon example could mean for the sector going forward. Congress’ newest committee, which focuses on competition with China, held its first hearing yesterday, at a time of increased tensions with the People’s Republic. And, we talk to Susan Schmidt, Head of Public Equity at the State of Wisconsin Investment Fund, about the increasingly tenuous economic picture.
Loneliness can have major effects on employees and employers alike in the workplace — in addition to the mental health effects, one study found it can cost businesses up to $154 billion annually. As part of American Public Media’s “Call to Mind” mental health initiative, we look into the effects of loneliness and how employers can mitigate it. Expanded SNAP benefits, formerly known as food stamps, are due to expire today after receiving a pandemic-era boost. And, Hong Kong is dropping its masking requirement amid a broader push from the government to revive the island’s slumping economy.
From the BBC World Service: Bola Tinubu, who ran for the ruling All Progress Congress, has been declared the winner of Nigeria’s presidential election. BBC’s Peter Okwoche reports for us from the capital Abuja with the harsh economic reality and high unemployment high on his to-do list. In Sri Lanka hospitals, banks and ports close as people go on strike in defiance of a government ban; plus Leanna Byrne reports from Germany, as from today the city of Berlin is paying for young people to go out in the evening.
Government funding from the CHIPS and Science Act, signed into law by President Biden last year, will come with a number of conditions for companies that receive a portion of the money. We look at some of the stipulations, such as employer-provided childcare and potential profit sharing with the government. Manufacturers spent more money on computers and other equipment, a sign that demand is growing as companies try to deal with persistent labor shortages. And, a look at a project in Georgia that’s using genetically-modified trees to pull carbon dioxide from the atmosphere.
The Supreme Court will hear arguments today in a case challenging the Biden administration’s landmark student debt forgiveness program, which was initially announced mid-last year. We look into what could happen at the high court, and who could potentially be affected whichever way the justices rule. And, a conversation with Bruce Schneier, the author of a new book called “A Hacker’s Mind: How the Rich and Powerful the Bend Society’s Rules, and How to Bend Them Back.”
From the BBC World Service: The United Kingdom and European Union have renegotiated part of the Brexit deal that had been causing huge problems in Northern Ireland; new policies have been drawn up covering goods travelling into the country from England, Scotland and Wales. The BBC Northern Ireland Business and Economics Editor John Campbell runs us through the small print. Plus, with blackouts regularly affecting huge parts of South Africa, BBC correspondent Vumani Mkhize reports on the impact on the country’s wine industry.
Worker productivity has been on the downswing for the better part of the last decade and a half, a new report from the McKinsey Global Institute finds. The good news for the economy, according to McKinsey Director Olivia White, is that there are ways that trend can be reversed. With the economic storm clouds seemingly being pushed back for now, we check in with Julia Coronado, president of the National Association of Business Economics, about what the organization’s recent survey of economists says about attitudes toward the economy. And, federal regulators have warned banks about the risks of investing in crypto.
The Biden administration announced last week that it would lower rates on mortgage insurance for federally-backed mortgage loans. We look into how that could save some cash for new and lower-income prospective homebuyers. That value of retirement savings accounts decreased by over 20% in 2022, according to a new report from Fidelity. China, in response to increasing energy demand, opened a significant number of new coal plants last year and extended the life of existing facilities. And, the BBC reports on talks between the leaders of the EU and UK on averting a potential trade dispute over Northern Ireland.
From the BBC World Service: The world’s largest economies have been meeting over the weekend. High up on the agenda, and supported by the IMF and the US, was the regulation of crypto assets. The BBC’s Will Bain has been speaking to industry insiders about what is needed. Plus, a deal between the UK and EU over the controversial Northern Ireland protocol also seems to be on the cards as UK Prime Minister Rishi Sunak and EU Commissioner Ursula von der Leyen are set meet near London on Monday. And, the BBC’s Jonathan Head reports on Thailand’s struggling elephant tourism sector.
The war in Ukraine and the accompanying energy crunch was great news for oil companies, many of which posted profits that neared or broke records. That may sound bad for the climate, but as the Economist’s Vijay Vaitheeswaran argues, it could actually lead to an acceleration in the transition to greener energy. The U.S. and allies announced they would impose new sanctions on Russia today, the one-year anniversary of the invasion. And, a look at how Russia’s economy is faring under the existing sanctions regime.
As technology becomes an increasingly large share of the U.S. economy, tech firms are setting up shop in cities outside of the traditional confines of Silicon Valley. We look at the burgeoning sector in New York City with Julie Samuels, president and director of Tech:NYC, a trade group. The Biden administration has announced new sanctions on Russia in concert with European allies — the additional U.S. restrictions are designed to hit Russian imports and individuals. And, a look into why GDP estimates are almost always changed after they’re released.
From the BBC World Service: 12 months on since the invasion what has been the cost to both Ukraine and Russia? We find out how the Russian economy has been able to withstand western sanctions, what brands remain, plus we hear how Ukraine could look to rebuild after the conflict.
The number of strikes and other forms of labor organization — such as forming unions — increased sharply in 2022 from 2021. We look into how the strong job market could have contributed to the momentum behind workers. The stock market has been turbulent as of late, reflecting broader unease over the question of “how is the economy doing?” We check in with KPMG Chief Economist Diane Swonk, who says it’s likely a mix of good and bad. And, a look at a program at the University of Michigan’s School of Business to transform students’ interest in management into a real passion.
Nearly a year on from Russia’s invasion of Ukraine, the sanctions regime imposed on Vladimir Putin’s regime by the West and its allies looks to be less effective than initially hoped. According to Brooke Harrington, a professor at Dartmouth, that’s been due in part to the difficulty of sanctioning assets that are being held in the nebulous world of international offshore wealth management. And, a look at what the potential ramifications of a U.S. debt default could be if the federal government fails to raise the nation’s debt ceiling.
From the BBC World Service: With elections being held on Saturday, it’s the last day of campaigning in Nigeria; the largest economy in Africa. With the country going through economic turmoil, BBC presenter Alan Kasujja’s been speaking to business owners in the capital city Lagos. Plus a year in to the Ukraine war BBC’s Leanna Byrne investigates the impact of sanctions on the Russian economy.
Germany’s energy situation is much different than it was nearly a year ago when Russia invaded Ukraine — the country has effectively cut itself off from dependence on Russian natural gas. We look into the successful rapid transition. United Airlines announced the launch of a $100 million fund to back companies working on developing green jet fuel. Susan Schmidt, Head of Public Equity at the State of Wisconsin Investment Fund, walks us through yesterday’s market turmoil. And, the BBC reports on a Hong Kong scheme to give each resident a hefty stimulus payment.
One of the world’s largest airlines, United, said it will ease fees for parents wanting to sit with their children aged 12 and under. This, as the Biden administration pushes to crack down on “junk fees” in a variety of industries. A look into why markets are looking turbulent again, which has something to do with the threat of a recession on the horizon. And, a look at the Supreme Court cases that could redefine the internet in the coming months.
From the BBC World Service: Bad weather in North Africa means less fruit and vegetables are finding their way into supermarkets in the U.K. and Ireland. Social media is full of pictures of empty shelves in economies dependent on imports. But we hear how the situation has also been exacerbated by supermarkets’ hard-nosed approach to negotiating supply deals with farmers. Plus, why Hong Kong is handing citizens $600 each. And, as we continue our look at the wider impact of Russia’s invasion of Ukraine last year, we speak to businesses in Russia facing a skills shortages caused by conscription.
For incarcerated women, there are few options for where to send their children when serving their sentences — many lack family members who could take them in, and foster care carries the risk of losing custody. Hear how some groups in Minnesota are forming an alternative foster care system. We check in with Dr. David Kelley, Chief Market Strategist at JP Morgan Funds, about the markets picture underneath the good recent economic data. The Supreme Court is set to take up cases this term that could shape the tech landscape for the foreseeable future. And, in earthquake-torn Turkey and Syria, aid groups are disbursing U.S. dollar-denominated cash donations to victims.
The Supreme Court will hear a case today challenging a liability shield that’s helped protect tech companies from what users post on their platforms. Many argue this protection helped build the modern internet — and wonder what will happen if it’s struck down. The BBC looks at the results of one of the world’s largest four-day workweek experiments, which was conducted in the UK over a period of six months. And, some personal finance tips for people making big life changes from CBS News’ Jill Schlesinger.
From the BBC World Service: How would you like to get all your pay for working 80% of the time? We take a look at one of the world’s biggest pilots of the four-day work week. Nearly all the businesses that took part want to carry on. Plus, as President Putin makes a major address to mark the anniversary of Russia’s invasion of Ukraine, we take a look at the human toll. Millions of people fled to other countries and some of them have been setting up businesses. And finally, more heads are rolling in Spain after $250m was spent on trains too wide to fit through tunnels.
President Biden arrived in Kyiv this morning on a surprise visit to wartime Ukraine. Hear about what was on the agenda, including fresh arms deliveries and other forms of assistance. The BBC investigates alleged sexual assault on Kenyan tea farms that supply some of the world’s largest brands. And, a look at how abortion funds and clinics in the South are sending services across state lines into communities where the practice became illegal after the overturning of Roe v. Wade.
Please be advised content featured in this podcast includes a story about sexual abuse that listeners may find difficult to hear or inappropriate for younger audiences.
The American manufacturing sector is set to receive a huge deluge of funding in the coming years, thanks in large part to two major laws: the CHIPS Act and the Inflation Reduction Act. We spoke with Charlotte Howard, Executive Editor and New York Bureau Chief at The Economist, about what the laws could portend for the sector. President Biden is in Ukraine for a surprise visit, where he met with his counterpart Volodymyr Zelensky and announced new military aid. And, a view from Moldova, where Pro-Russian protests are causing instability for the country’s Western-aligned government.
From the BBC World Service: A BBC investigation has uncovered widespread sexual abuse on tea farms which supply some of the world’s biggest international tea brands. Plus, the brewer Brewdog is expanding into China in a tie-up with Budweiser. And, we take a look at the economic implications of war in Ukraine on the eve of the first anniversary.
A new report from the Federal Reserve Bank of New York says credit card debt reached all-time highs at the end of 2022, around $986 billion in total. A look into why that matters, and what it says about the economy. As Turkey recovers from a devastating set of earthquakes that rocked the country’s southern region this month, questions are arising about a so-called “earthquake tax” that’s been in place since 2004. And, while revenue from online ads shrinks for giants like Meta and Alphabet, small businesses are keeping up their advertising campaigns.
There have been some contradictory signs coming out of the job market in the past month — some big tech companies are announcing layoffs, but other places say they’re hiring lots of workers. We look into what to make of the wider labor market picture. It’s time for the renewal of the Farm Bill, the massive agricultural spending law, and Congressional Republicans are aiming to trim SNAP benefits, formerly known as food stamps. And, we talked to the head of a Pennsylvania department store that’s been open for 118 years.
From the BBC World Service: After the United Nations launched a $1bn appeal to help those affected by the earthquakes in Turkey and Syria we speak to our reporter to find how much it will cost to rebuild the affected areas. We hear about a major Chinese businessman who has been reported missing, and we ask Manchester United fans who they want to buy their club with a deadline looming.
Theatres were one set of businesses that were hit hardest by pandemic shutdowns, which forced many workers to be cut or furloughed. We check in with the Minneapolis-based Children’s Theatre Company to see how things are going. Today’s Producer Price Index data confirms what other recent inflation data is showing: rising prices aren’t slowing down nearly fast enough. And, a new report from the Congressional Budget Office says that the U.S. could default on its debt as soon as July should Congress fail to agree to raise the debt limit.
China announced this morning that defense giant Lockheed Martin and a unit of Raytheon would go on a blacklist, which follows similar American moves last week. It’s the latest incident in the Chinese balloon saga that has seen the U.S.-China relationship sour further. The White House’s new standards for electric vehicle chargers could bring about new business opportunities. And, we check in with an egg farmer about how the industry is doing amid its recovery from a severe avian flu outbreak.
From the BBC World Service: Nigeria allows the use of old notes to ease new problems – for now. A plan to replace notes has been beset by problems with a scarcity of cash leading to riots in some cities. Our reporter explains the backdrop and we hear from those affected in Lagos. Plus, one of the world’s biggest chip companies says its intellectual property has been stolen. And, why New Zealand is struggling with a shortage of eggs.
The latest number on consumer spending are out this morning, and they indicate that people are continuing to buy stuff despite economic anxiety and inflation. Susan Schmidt walks us through what that could mean for rising prices. Meanwhile, at the Fed, central bankers are signaling that further interest rate hikes are needed after yesterday’s less-than-great inflation data. The EU is looking into using seized Russian assets to fund the rebuilding of Ukraine. And, the economic point of view from Rockwell Automation, a company that specializes in being a sort of “manufacturer for manufacturers.”
There’s a new race to the moon underway between private firms offering cargo-carrying services. This is just the beginning of a new age of space commercialization, says The Economist’s Tom Standage. The Securities and Exchange Commission is issuing new rules that tighten the window companies have to execute stock trades, which comes in response to the 2021 GameStop trading fiasco. And, natural gas firms, flush with profits, cut back hedging last year.
From the BBC World Service: The European Union has formed a working group to look at the idea of using seized Russian assets – from central bank reserves to superyachts – to help rebuild Ukraine. Plus, the war in Ukraine contributed to soaring energy prices in Europe. Now a mechanism to limit natural gas prices on the continent has came into effect. We look at how it works and the impact it could have. And finally, why the British Royal Family has chosen not to include an infamous diamond in a coronation crown.
Today’s inflation report showed a slight tapering in rising prices — it was 6.4% compared to 6.5% in December. That’s a marginal improvement, but it’s still much too high for comfort for the Federal Reserve and market watchers who may have been expecting a sharper decrease. The Fed’s Vice Chair, Lael Brainard, has been tapped by President Biden to lead the U.S. Council of Economic Advisers. Some states are moving to expand Medicaid to food-related health services, which would represent a shift from previous programs. And, why colleges may soon begin implementing more programs designed for midcareer professionals.
This Valentine’s Day, lots of people are going to be out in search of love — in the case of online romance scammers, they’ll be looking for a big payday. We talked with Dina Temple-Raston, host of the cyber-focused podcast “Click Here” about the proliferation of online romance scams and what her conversation with a former scammer revealed. Ford announced it will be cutting its workforce in Europe by more than a tenth, which the company said will allow it to invest more into electric vehicle manufacturing in the U.S. And, online scammers are exploiting the earthquake in Turkey and Syria by creating fake donations accounts.
From the BBC World Service: Ford is cutting jobs to get over its next big hurdle: transitioning to electric vehicles. 3,800 jobs are going at the car maker, as part of a major restructuring programme in Europe. We find out why. Plus it’s all change at the Bank of Japan, as Kazuo Ueda is nominated to be its new head. And, we talk to an old-fashioned Irish matchmaker on Valentine’s Day.
As the new Congress gets underway, one priority for a bipartisan group of senators led by Massachusetts’ Ed Markey is getting rid of corporate “junk fees,” starting with ones airlines charge parents to sit with their young children. It’s a sentiment that’s been echoed by President Biden, who focused on extraneous fees in his recent State of the Union address. Recent economic data has been positively upbeat, but economist Julia Coronado warns that some of the good news could be overstated because of seasonal trends. And, a look inside the world of regenerative agriculture, a greener alternative to traditional farming.
The remote working trend that started during the pandemic may be tapering off as employers require employees to come back in the office, but it’s likely to stick around in some form. According to Chris Farrell, that’s because employers that offer remote work will now be able to distinguish themselves in the labor market. The U.S. government is imposing economic restrictions on the Chinese firms that manufacture balloons from U.S. technology. And, consumers in the coming year may be a bit more inclined to shop cautiously as the economy slows and pocketbooks tighten.
From the BBC World Service: There’s been no rest for industrial unrest in Europe as another week of strikes kick off across the continent. We hear from France, Portugal and Spain. Plus, the authorities in Turkey make arrests over suspected building violations in the wake of the deadly earthquake. And, many economies depend on remittances – money sent home from workers or families overseas – but tighter budgets around the world mean less money is being sent to Pakistan at a time when it’s struggling with a foreign currency crisis.
Egg prices are still up in supermarkets across the board, but there could be relief on the horizon for egg suppliers in the form of eggs from poultry farmers — if regulators give the go-ahead. People have fled en masse from their homes in disaster-affected Turkey to different parts of the country, reports Victoria Craig. Russia announced its production of oil substantially, leading to higher market prices for energy. And, advertisers for Sunday’s Super Bowl showdown are having to navigate their messaging around Americans’ unease about the state of the economy.
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This Super Bowl weekend, millions of eyes will be trained on TVs around the world to watch the big game — and the multi-million-dollar advertisements that come with it. We check in with Jeanine Poggi, editor of the publication Ad Age, to see what brands have up their sleeves this year. The NFL, meanwhile, is facing a lawsuit from a group of former players over the league’s handling of disability claims. And, a look at why video game prices are starting to deviate from the normal $60 for a new release.
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From the BBC World Service: The UN Secretary-General, Antonio Guterres, is appealing to the world to send emergency supplies and cash to earthquake victims in Turkey and Syria. Pakistan’s talks with IMF officials have ended with no deal agreed. Plus, the chaos in Nigeria continues as the deadline to replace old bank notes with new ones is extended.
A federal district court in New York has ruled in favor of Hermès, the maker of the Birkin brand of handbag, in a trademark case against the artist behind the “Metabirkin” NFT. Art critic Blake Gopnik, who worked with the team defending the artist, walks us through the verdict. KPMG Chief Economist Diane Swonk takes us through what the latest round of layoffs means for the economy. And, inside the CVS’s acquisition of a primary care provider.
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The fight playing out in Congress over the debt ceiling is being called different from previous spats about spending, but many arguments by Republicans today harken back to a longstanding unease with government overspending. We talk to Michael Boskin, a professor of economics at Stanford who headed the U.S. Council of Economic Advisors during George H.W. Bush’s presidency, about his views on the dispute playing out in Washington. And, Disney’s not-so-new CEO, Bob Iger, is running into a litany of challenges as he tries to boost the sagging entertainment giant.
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From the BBC World Service: The head of the World Trade Organisation Ngozi Okonjo-Iweala tells us richer countries have a moral obligation to help poorer ones through the cost of living crisis. Plus, what next for games developer Activision Blizzard and its $70 billion tie-up with Microsoft after the UK competition regulator said it would hurt consumers? And, can Credit Suisse rebuild? After a string of scandals, it has a new management team and a new plan but a massive annual loss – its worst since the 2008 financial crisis – shows the scale of the task ahead.
The most recent issue of the Logistics Managers Index, an industry gauge of retail inventories, showed that sellers expanded their stocks in January. That suggests that consumer demand is remaining strong and that supply chains are sorting themselves out, all good signs for the economy. We spoke with Dr. Julie Varughese, senior vice president of programs and chief medical officer at Americares, a disaster relief nonprofit, about the recent earthquakes in Turkey and Syria. And what’s behind Fed Chair Powell’s most recent words on inflation and rate hikes?
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Austerity, or government measures to cut spending in times of economic crisis, has a long history of being used to suppress the labor force, argues a new book called “The Capital Order.” We speak to the author, Clara Mattei, an economics professor at the New School for Social Research. And, President Biden’s State of the Union speech last night featured a heavy dose of economic policy, including a proposed billionaire tax.
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From the BBC World Service: Turkish President Erdogan heads to the epicenter of Monday’s earthquake as rescue efforts continue in freezing conditions. The death toll continues to grow and the damage to infrastructure is becoming clearer. Plus, McDonald’s has signed a legal agreement with the UK watchdog, the Equality and Human Rights Commission, in response to concerns about its handling of sexual harassment complaints by staff. And, the trains in Spain – questions are being asked after $250m was spent on 30 trains that can’t fit through some tunnels.
Google announced this week that it is developing Bard, the tech giant’s chatbot intended to rival ChatGPT. Microsoft, meanwhile, is trying to develop its own chatbot to work with the Bing search engine. The recent scandal in India involving the Adani Group, one of the country’s largest companies, is sending waves through the Indian economy. And, a look into why consumer debt is on the rise in the U.S. ahead of the Fed’s report on consumer credit.
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President Biden’s State of the Union Address tonight will likely tout recent economic victories, including a recent tempering of inflation and strong jobs numbers. But the president will likely have his work cut out for him bringing around a skeptical American public. Oil producer BP posted record profits, which is just the latest record result reported by oil giants. And, the Bank of England is considering introducing a digital version of the pound sterling.
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From the BBC World Service: BP has announced its profits in 2022 more than doubled to just shy of 28 billion dollars. But the oil giant scaled back its green targets – we ask why. Nissan’s chief operating officer tells us the company’s alliance with Renault is still going strong. Plus, the UK has started a consultation on whether to create a digital pound.
Lab-grown meat could be on its way onto grocery store shelves and restaurant pantries sooner rather than later. One California-based startup, UPSIDE Foods, is seeking USDA approval to distribute its cultivated chicken product by the end of this year. Disney and the state of Florida are continuing their spat over Disney World’s special status in the state. And, economist Julia Coronado gives some insight into why there’s optimism that the U.S. economy might be able to avoid a recession this year.
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Consumers in the U.S. would likely suffer economic pain if Congress fails to raise the debt ceiling, warned International Monetary Fund head Kristalina Georgieva. If it happens, she warned that people could be stuck paying higher interest rates on things like mortgages, car loans and credit cards. Amid Netflix customers’ ire at the coming crackdown on password sharing, new research shows that consumers are frustrated by the high number of different streaming services on offer. And, a trip to the Maryland Zoo, which is having to spend millions to update structures constructed in a different time with different sensibilities about animals.
From the BBC World Service: More than 1,000 people have been killed and over 5,000 wounded after one of the most powerful earthquakes to hit the region in decades. It has left aid organisations calling for financial aid and other forms assistance. Plus, it’s another week of strikes in the UK and today marks the biggest in the history of the health service as thousands of nurses and ambulance workers walk out over pay. We look at why no pay deals have been agreed after months of unrest. And, how strong is your coffee? New research has found caffeine levels vary widely among the big brands.
This morning’s jobs report is out, and the number was staggering — 517,000 jobs added relative to the 187,000 that economists expected. FHN Financial Chief Economist Christopher Low breaks down how to interpret the numbers. The tech sector is in rough shape, and this earnings season’s results are confirming how deep the malaise goes. And, the state of Tennessee is rejecting millions of dollars in federal HIV aid partly because it wants to deny funding to abortion providers like Planned Parenthood.
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U.S. Secretary of State Antony Blinken is visiting China this weekend amid multiple points of tension, including Taiwan and a Chinese spy balloon spotted over Montana this week. A look into how the trip could play out for businesses in both countries. The big U.S. job report is out today — we preview what’s expected from the numbers. And, the Consumer Financial Protection Bureau is looking at further limiting credit card late fees.
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From the BBC World Service: From Sunday the G7 group of leading economies will ban the import from Russia of refined oil products like diesel, and impose a price cap on exports elsewhere. It follows a similar move in December on crude oil shipments. But what will it do to supplies? And how will it affect prices at the pump? Plus, we hear from a shopkeeper in Hong Kong who has had to ditch all her CBD stock in response to new laws. And, why teenagers in the U.K. are clamouring for a new drink called Prime.
Meta released its quarterly earnings yesterday, posting dismal results that showed the company took in only half the profits earned last year. But investors are bullish for a number of reasons, including cost-cutting measures and good signs that Facebook is doing well. A new report shows that undergraduate college enrollment is stabilizing after prolonged declines, but not for majors that lead to careers in health care. And, a new agreement between the U.S., Netherlands, and Japan will further restrict the flow of advanced microchips to China.
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Any student studying introductory economics could tell you about traditional concepts like efficiency, production functions, and others. But there’s one essential concept that’s often glossed over: economic inequality. As part of our Marketplace Crash Course series, we spoke with Homa Zarghamee, professor of economics at Barnard College, about inequality and why it’s important to learn about. And, a look into why the Fed chose to raise rates by a quarter-percent yesterday.
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From the BBC World Service: The war in Ukraine and responses to it pushed oil and gas prices to record highs in 2022. It’s meant bumper profits for the world’s oil majors, and today was Shell’s turn with profits of $40bn. But what is it doing with the windfall? Plus, the Indian conglomerate Adani group continues to see its share price collapse after a highly critical report by the U.S. short-seller Hindenburg Research. The company’s boss Gautam Adani has lost the title of Asia’s richest man, but he’s fighting back insisting the business is “robust”.
The Federal Reserve has been one of the largest single sources of revenue in recent years for the federal government. But now, thanks to low returns on assets and high borrowing costs, the central bank is set to be much less profitable. We check in on markets ahead of today’s Fed rate decision with Susan Schmidt, Head of Public Equities at the State of Wisconsin Investment Fund. And, Western states sharing water resources from the Colorado River have again blown past a federal deadline to cut water usage after California held out on a deal.
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No longer facing the blistering demand for microchips seeing during the peak of the pandemic, chip-making giants like AMD and Intel are seeing their profits decrease. We look into what that says about the wider malaise seen in the tech sector. The BBC reports on one 22-year-old Princeton student’s tool to detect AI-generated text. And, an early farewell to the iconic Boeing 747, which formally stopped being produced this week.
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From the BBC World Service: We look at India’s finances as it tries to supercharge its manufacturing sector in a final budget before key elections. Plus, with the value of gold heading to new highs we hear from a mine in Scotland. And, why spending on players in England’s top soccer league continues to break records.
Young people have done it again — “it” being reviving an old piece of technology from the dead. This time, it’s old cameras that their parents likely used. We talked to David Little, head of the International Center of Photography, about the latest trend. Johnson & Johnson is seemingly deeper in legal trouble after a court rejected its bankruptcy filing amid lawsuits over its baby powder. And, on the third anniversary of Brexit, the BBC reports on the increasing pressure over the UK’s land border with Ireland, an EU member.
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Global growth is projected to be low in the coming year but beat previous expectations, a fresh report from the International Monetary Fund says. Optimism about inflation, loosening supply chain backlogs, and the re-opening of China are all contributing to rosier predictions. A check-in with the so-called “resolution economy,” which revolves primarily around people wanting to improve themselves in the new year. And, the French tech company Thales has launched a credit card that talks as an aid for people with visual impairments.
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From the BBC World Service: Three years on what has Brexit meant for businesses in the U.K. and the European Union? Britain’s official exit from the E.U. and its single market on January the 31st, 2019 marked the biggest shake-up of the economy for decades. How have businesses responded and what impact has it had? Plus, negotiations continue over the U.K.’s one land border with the E.U., between Northern Ireland and the Republic of Ireland. We hear about the complexities involved and the dual status enjoyed by businesses in Northern Ireland that can still operate within the E.U. single market.
Nissan and Renault, two of the world’s largest automakers, announced that they are renewing their alliance after months of talks. The relationship previously deteriorated after a financial scandal involving past CEO-turned-fugitive Carlos Ghosn. The Federal Reserve faces a tough decision on how much it should raise interest rates at the bank’s next meeting. And, Ukraine has arguably been fighting two wars simultaneously — one against Russian invaders, and another against corruption at home.
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Consumer sentiment is on the up-and-up relative to the lows it’s been sitting at. According to the University of Michigan’s most recent Consumer Sentiment Index, people surveyed are now expecting inflation to fall below 4 percent in the coming year. The Fed, meanwhile, is still deciding what to do in its next rate-hiking cycle, as some prominent voices disagree about the scale of a potential increase. And, a check-in on the manufacturing sector with Julie Schertell, CEO of Georgia-based manufacturer Mativ.
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Representatives of different Ukrainian political parties and movements stage a protest outside the constitutional court building in Kiev on October 30, 2020. – Activists protested against the ruling of Ukraine’s constitutional court that blocked a number of anti-corruption laws including on free public access to officials’ declarations, a significant rollback of Ukraine’s anti-corruption reforms. (Photo by Sergei SUPINSKY / AFP) (Photo by SERGEI SUPINSKY/AFP via Getty Images)
The Federal Reserve’s preferred measure of inflation, the Personal Consumption Expenditures price index, out this morning indicates that inflation tempered last month. FHN Financial Chief Economist Christopher Low helps us look behind the numbers. And, China’s holdings of developing countries’ debt is beginning to play into the wider U.S.-China relationship, says David Dollar of the Brookings Institution.
A new paper in the journal “Nature” finds that the rate of scientific innovation has been on a steady decline, despite living in the most technologically advanced age in the history of humanity. Co-author Russell Funk, a professor at the University of Minnesota, helps us understand what’s going on. This round of corporate layoffs could portend a larger slowdown in the labor market, which has remained hot. And, yesterday’s GDP numbers may be good on the surface, but there are some less-than-ideal signs deeper in the report.
From the BBC World Service: In a special programme from Dresden in east Germany, we hear from one European green tech company – Solarwatt – who are calling for the EU to give the industry similar tax breaks and financial incentives to those introduced by President Biden in the U.S.. We also talk to the semi-conductor manufacturer Global Foundries about how to keep the supply chain secure, amid concerns about China’s data collection.
Today’s GDP numbers likely lifted many an economist’s spirits — the economy grew at 2.9 percent in the fourth quarter last year, a solid showing despite inflation pressures and the threat of recession. KPMG Chief Economist Diane Swonk helps us dissect what’s in today’s report. Boeing is being sued for fraud over faults in its 737 MAX plane that caused two fatal crashes. And, a look at the effects of the increasing amount of private money flowing into drug rehabilitation programs.
The maker of the Taser, the weapon meant to be a non-lethal option for law enforcement, is toying with the idea of selling drones with Tasers attached. Among the potential clients: schools. We talked to Dina Temple-Raston, host of the “Click Here” podcast, about her reporting on the story. Southwest is facing a probe on whether the airline booked more flights than it could cancel at the time of its mass-cancellation debacle. And, there are storm clouds hanging over the housing market, but there are some signs they may be lifting a bit.
From the BBC World Service: A deal has finally been done to send American and German tanks to Ukraine. President Volodymyr Zelensky says they need to be delivered quickly, but just how realistic is that – and how costly? We hear from the former commander of the British Army’s tank regiment. Millions of Pakistanis were left without power this week after a major failure of the country’s energy grid. The system is back up and running but businesses tell us they fear more cuts, and the disruption they bring. And, how the Dutch have made more space for cyclists by building an underwater bike park.
The corporate earnings season has thus far been a downer. Yesterday, Microsoft announced its profits fell 12 percent last quarter, which comes after major banks reported similarly poor performances. We check in with Susan Schmidt, Head of Public Equity at the State of Wisconsin Investment Board, about what to expect as companies continue to report earnings. Mainline economic indicators fell again this month, raising the spectre of recession. Copper prices are surging worldwide, partly due to China’s re-emergence after lifting its Covid lockdown restrictions. And, a report from the BBC’s Sally Nabil from Egypt about the country’s worsening economic situation.
Tesla and Twitter CEO Elon Musk is once again defending himself against a lawsuit. This time, plaintiffs are suing Musk over a 2018 tweet saying he was considering taking Tesla private which caused investors to lose money. Erik Gordon, a professor at the University of Michigan, helps us break down the suit. And, the Department of Justice is suing Google’s parent company, Alphabet, over allegations that the company has monopolized the digital advertising business.
From the BBC World Service: We hear from the Amazon workers in the UK who are staging their first strike in a dispute over pay and conditions. Plus, a German union says Ford is planning thousands of job cuts in Europe. What’s driving the group’s future strategy? And, Egypt is struggling with rising prices, a weak currency and a cash-strapped government. What impact is that having on day-to-day lives?
The CEO of Live Nation, an entertainment company bought by Ticketmaster over a decade ago, is facing a grilling on Capitol Hill over last year’s online sales debacle with Taylor Swift concert tickets. This, as it reportedly faces a probe by the Department of Justice. There’s data today that orders from factories are down, which comes amid a spate of bad news for the manufacturing sector. And, as part of our Econ Extra Credit series, we delve into how social media and algorithms promote a certain body image…and how that can translate into harm for some people.
Amazon announced it will launch a new subscription drug service dubbed Amazon RxPass to complement its existing pharmaceutical products. The service, which will offer generic medications for $5 a month with Prime membership, will be the latest attempt by the online retail behemoth to make waves in the healthcare space. And, as part of our Econ Extra Credit series, we delve into the extreme fitness industry with Stephen Mayville, a Reno-based psychologist who studies muscle dysmorphia and steroid misuse.
From the BBC World Service: Twitter stands accused of skipping rent to King Charles III. The Crown Estate in the U.K., which manages property belonging to the reigning monarch, has filed court proceedings against the firm for arrears on its headquarters in London’s famous Piccadilly Circus.
Plus, questions are being raised over Ticketmaster and whether it has a monopoly. We look at what U.S. regulators could maybe learn from Europe. And we hear more on those plans for a common currency in South America.
With the latest inflation report indicating a moderation in rising prices, some CEOs and economists are changing their tune on forecasts of a potential recession this year. Julia Coronado explains what’s driving optimism that the near-term economic future may not be as bad as originally predicted. As Lunar New Year festivities kick off worldwide, China is having to balance celebrating one of the country’s most important holidays with a severe Covid situation. And, Chris Farrell talks about the potential benefits of the bigger Social Security checks that went out this month.
The holiday season may be over, but another “season” is now upon us — the one to pay your taxes. The IRS’s window to submit tax returns is open from now until around April 15 for most people, and the agency is promising better service than in recent years when it experienced crippling delays. Renters nowadays are having to spend higher and higher proportions of their income on housing, which takes away from spending in other areas. And, some of the Federal Reserve’s highest-profile figures are publicly disagreeing about how much to hike interest rates in the near future.
From the BBC World Service: We examine why Brazil and Argentina are exploring a common currency. Both countries have been wracked by economic demons – with Argentina in particular suffering one of the highest inflation rates in world. Plus, why Pakistan is facing power cuts. And we meet the Hongkongers celebrating Lunar New Year in the U.K.
A big swing in the housing market occurred over the last year: for the vast majority of people, it’s now cheaper to rent a place than to own it. According to a new report, that’s in big part due to rising mortgage rates, which have risen in tandem with the Fed’s rate hikes. Netflix’s CEO, Reed Hastings, is stepping down — he helped transform the company from a mail-order DVD service to a streaming behemoth. Christopher Low helps break down what’s behind the recent strength of bond yields. And, the Sundance Film Festival is back in person after two years of being virtual because of the pandemic.
Harvard Medical School, one of the top in the country, will stop submitting data to the U.S. News and World Report college ranking system. It’s another blow for the rankings, which has recently come under criticism from a number of high-profile schools for alleged flaws in the methodology. Alphabet, the parent company of Google, announced that it would lay off 12,000 workers, making it the latest tech giant to announce job cuts. And, the high-flying Davos summit wraps up today amid a mix of optimism and caution for coming year.
From the BBC World Service: The fight over a controversial coal mine in Germany isn’t over according to one of the country’s best-known climate activists Luisa Neubauer. She tells us how mining cannot be justified, even in the context of an energy crisis in Europe triggered by Russia’s war with Ukraine. Plus, the demise of British Volt, once the UK’s great hope for the future of the auto industry. And millions are on the move in Asia for the Lunar New Year.
There’s more bad news out this morning for the embattled housing sector. Housing starts, the metric used to measure the number of new homes being constructed in the U.S., fell for a fourth consecutive month. KPMG Chief Economist Diane Swonk helps us break down what the data means for the wider economy. And, Treasury Janet Yellen said that her department would take “extraordinary measures” to keep the U.S. government paying its debts as Congress mulls increasing the debt ceiling. And, a story about how a $30 million philanthropic donation to start an Illinois addiction treatment center played out when staffers had to actually run the place.
It’s estimated that the U.S. government will hit the Congressionally-mandated debt ceiling today, meaning it will have to find ways to shuffle funds around until Congress raises the limit. Lawmakers are gearing up for a protracted fight on Capitol Hill. Recent data from the Federal Reserve Bank of New York show that inflation is hitting low-income households, especially those that are Black and Latino, the hardest. And, amid unease following the collapse of FTX, crypto miners are being squeezed by high energy costs and lower prices for cryptocurrencies.
From the BBC World Service: France faces a day of national strikes as President Macron’s retirement reforms divide the country. The plans, which include pushing the country’s retirement age up to 64, are facing major pushback from unions. Also, how carbon can be captured from the atmosphere. And, Pakistan’s former president thinks he can solve the country’s economic crisis.
Consumers seemingly couldn’t buy enough cars during the peak of the pandemic, but recent data shows that the auto industry saw widespread declines in vehicle sales last year. We delve into what drove the decline and what car sellers are doing to adjust. Lower vehicle sales also contributed to an overall decline in retail sales in December — a good sign for investors, says Susan Schmidt. But that may not be the case for others — we checked in with a number of small businesses to see how they’re faring. And, the BBC’s Ruth Alexander reports on the global rise in egg prices.
A big change in the housing market is happening — young people aged 25 to 34 are making up a bigger and bigger proportion of homeowners. A new analysis from Harvard’s Joint Center for Housing Studies says millennials are making inroads as they age and start families. Global demand for oil will reach a new record this year, according to the International Energy Agency. And, the Bank of Japan again declined to raise interest rates, bucking expectations and continuing the country’s policy of ultra-loose monetary policy that has kept rates near zero for years.
From the BBC World Service: Global inflation seems to be easing – but there’s still no quick fix. The latest data from Europe suggests the worst of the inflation pain might be over for now. We hear from consumers and businesses in the UK where prices are still high, and we take a look at Japan’s unique approach to rising prices. Plus, Elon Musk changed Twitter’s blue tick system and now an unlikely party has been taking advantage – Afghanistan’s Taliban.
Fresh economic data from the Chinese government paints a picture of a rapidly slowing and aging economy. The world’s second-largest economy reported just 3 percent GDP growth in the fourth quarter, a number that’s the lowest in decades besides the first year of the pandemic. This, was all during the same week that the country reported its first population decline since the mid-20th century. And, this week’s World Economic Forum summit in Davos, Switzerland is underway and tackling global issues in an age of increasing fractiousness among world powers.
The annual meeting of the World Economic Forum kicked off this week in Davos, Switzerland, bringing together a collection of the world’s most powerful people to discuss a range of global issues. On the agenda for participants will be problems like climate change, geopolitical fragmentation, and even a question of the summit’s own relevance. Zanny Minton Beddoes, the Editor-in-chief of The Economist, gives her view on the ground in Davos. Electric vehicle sales accounted for 10 percent of all new global car sales in 2022, another indication of the EV industry’s meteoric rise. And, Walmart and Salesforce announced a partnership to improve deliveries and other logistical aspects of the retail giant’s business.
From the BBC World Service: Chinese officials say the country has entered an “era of negative population growth”. We examine what a decreasing workforce and a growing elderly population means for China’s economic future. Meanwhile India is guzzling Russian oil at a record rate. Plus, we ask why is the cost of a box of eggs soaring around the world?
It’s that time of the year again: earnings season. Publicly traded companies across the economy are reporting their fourth-quarter results, and they so far portray a mixed picture of the economy. Michael Hewson, Chief Market Analyst at the London-based CMC Markets, tells us what he’s looking at, including reports from banks and Netflix. Bank earnings that have come out so far have shown increased caution at those financial institutions, which boosted their rainy day reserves in anticipation of increased financial malaise. And, what the CEO of energy giant Equinor has to say about the future of household energy.
Wages aren’t keeping up with increasing prices, according to new data on wage growth. That’s meaning economic hardship across the board, especially in low-income households that have costs for essentials skyrocket. That disparity between wages and prices is also affecting workers of color more, due to lower savings rates and fewer liquid assets on average. And, Mexico has passed a new ban on smoking in all public places.
From the BBC World Service: The boss of one of the world’s biggest energy firms, Equinor, is warning households not to expect energy bills to return to pre-pandemic prices. Anders Opedal was speaking to the BBC as he headed to the World Economic Forum in Davos, which starts today. Meanwhile, Mexico has banned smoking in all public places, giving it some of the toughest rules in the world. Plus there are complaints about price rises in Croatia, just over two weeks after it adopted the Euro as currency.
Yesterday, the Department of Justice reached a settlement with the California-based City National Bank over accusations of mortgage “redlining” in Latino and Black neighborhoods in Los Angeles County. The settlement is the largest in U.S. history, clocking in at $31 million. The storm in California is helping the drought situation, but there’s now talk of improving the state’s stormwater storage system. And, the BBC’s Ben Chu reports on the dire economic and political situation in Sri Lanka.
A new study finds that Exxon, the multinational oil giant, conducted in-house research as early as the 1970s that accurately predicted climate change, only to publicly downplay the issue. This, as some states sue the company and other fossil fuel producers over allegedly misleading the public for decades. China’s government is looking to regulate some of its most successful tech firms by buying so-called “golden shares,” which allow shareholders more control over company decisions. And, states and communities are scrambling to meet the federal government’s deadline on new broadband internet funding.
From the BBC World Service: China is moving to take “golden shares” in local units of some of its biggest tech firms including Alibaba and Tencent. It comes as Beijing continues to seek greater control of companies that have boomed in recent years, and crucially the content they supply to millions of users. Plus, the Swedish mining company LKAB says it has found Europe’s largest known deposit of rare earth minerals in northern Lapland. But mining can be controversial in the region. We hear from a town in the Arctic north which is deeply divided over a British company’s plans for a new iron ore mine.
Inflation tapered off a bit at the end of December, according to the latest data from the Consumer Price Index released this morning. That was in line with predictions and spells good news for many economists, including policymakers at the Federal Reserve, but what was really behind the slowdown? Susan Schmidt helps break down this morning’s numbers. The World Bank released a report this week predicting a sharp global economic downturn in the next year, which would hit developing nations particularly hard. And, for our Econ Extra Credit series, we delve into the seminal “Pumping Iron” bodybuilding documentary with journalist Oliver Lee Bateman.
The U.S. labor market has been stalwart in adding strong numbers of jobs seemingly month after month for a while. One thing that’s driving those numbers, despite the Federal Reserve’s best efforts to tame inflation, is entrepreneurship. KPMG Chief Economist Diane Swonk tells us how dynamism in the economy among small businesses and entrepreneurs is adding more jobs. The owners of Subway, the widespread fast-food chain, are reportedly seeking to sell the company in a deal that could fetch billions of dollars. And, state government budgets are being helped by inflation.
From the BBC World Service: The International Monetary Fund says it’s increasingly concerned that many low-income countries are at risk of default, caught out by the rise in interest rates. We take a look at what has happened in two countries that have already defaulted – Lebanon and Sri Lanka. Plus, in France large-scale strikes by medical staff including family doctors have become a regular feature since Christmas. Funding reforms are now being introduced to break what President Macron called a “sense of endless crisis”.
The Biden administration unveiled this week a new proposal to extend relief to lower and middle-income student loan borrowers. This, as the administration’s original plan to cancel a certain amount of student debt remains in judicial limbo. Plus, Amazon is planning to launch its new “Buy with Prime” service, which would be implemented on e-commerce websites as a quicker payment option. And, Russian competitive gamers are fleeing the country amid the War in Ukraine and finding new prospects in Serbia, the BBC’s Guy De Launey reports.
The Port of Los Angeles, which frequently ranks as the busiest in the U.S. alongside its sister port in Long Beach, has lost traffic recently due to concerns among shippers about ongoing labor negotiations between dockworkers and their employers. We talk to the Port of LA’s Executive Director about how they’ve been affected by the labor situation. Plus, the South Korean company Hanwah Q CELLS announced it will invest around $2.5 billion into U.S. solar manufacturing, starting with a manufacturing plant in Georgia. And, Japanese clothing giant Uniqlo said it would raise wages in Japan by up to 40 percent, reports the BBC’s Mariko Oi.
From the BBC World Service: The global economy is “perilously close” to a recession, warns from the World Bank. Ayhan Kose, the bank’s acting vice president for Equitable Growth, Finance, and Institutions, tells us how earnings growth in almost every part of the world is likely to be slower than it was during the decade before Covid-19. Plus, wage rises are on the way for some workers in Japan after the clothing retailer Uniqlo promised a 40% lift. And, we find out how Serbia’s gaming industry is benefiting from Russian exiles.
The deluge in California is set to continue, with forecasts predicting further extreme weather in the coming days. The state has seen at least 14 deaths and a bevy of property damage resulting from flooding and mudslides. We look at the weather situation in the Golden State. Plus, Fed Chair Jerome Powell made comments today in Sweden suggesting further rate hikes to fight inflation, and that the Fed would not prioritize fighting climate change. Also, the House of Representatives voted today to strip funding from the IRS in a largely-symbolic measure. And, the BBC’s Will Bain takes a look at the economics of China’s reopening.
A new report out today details the US climate picture from 2022. On the good side, renewable energy output surpassed coal for the first time — on the bad side, carbon emissions ticked up slightly, just over 1 percent from the previous year. We break down the details. And, a chat with journalist Rob Walker about the merits of keeping all that old clutter around the house.
From the BBC World Service: At what age should you be able to retire? French President Emmanuel Macron is set for another showdown with trade unions as he tries to reform the state pension system. Plus, how smog is causing parts of India to grind to a halt. And, we hear from Seoul in South Korea where there are tight anti-Covid restrictions on travelers from China.
Over half a million workers were hired in the health sector last year, bringing the total number up near pre-pandemic levels. However, more personnel are needed as the population ages and backlogs remain from the peak of the pandemic. Also, a preview of tomorrow’s summit between President Biden and the leaders of Canada and Mexico. Then, economist Julia Coronado takes us through what’s been going on in Brazil’s economy. And, the view from China as it reopens its borders, including the one between Hong Kong and the mainland.
Immigration has been found to have a litany of benefits for the host country, but one that’s often underappreciated is the boost in innovation brought by new arrivals. We chat with Marketplace’s Chris Farrell about a study that goes into the details. Also, a look at Brazil’s economy amid a tenuous political situation. And, Chinese captain of industry Jack Ma is giving up control of Alibaba’s financial affiliate Ant Group.
From the BBC World Service: After more than 1,000 days, the world’s most populous nation and second-largest economy is open to the world again. On Sunday, China threw open its borders to foreign business travelers, students and tourists in a move seen as one of the last significant rollbacks of the country’s strict zero-COVID policies. We bring you the reaction from within country, the cautious welcome from nations around the world and we also explore what the economic prospects are for China.
This month’s jobs report is out, and it shows a continuation of a strong labor market with 223,000 jobs added. But on the inflation front, there’s some good news about wages in the report for December. Christopher Low, chief economist at FHN Financial, has more. Also, Bed Bath & Beyond is considering its financial options, including potentially filing for bankruptcy. And, a look at the economic and social costs of denying women education in Afghanistan.
The Federal Trade Commission announced a proposal this week to ban the use of non-compete clauses in employee contracts, which restrict the ability of workers to switch to competitors in the same industry. We break down what’s in the FTC’s proposed rule. Also, a preview of what today’s job numbers may tell us about the economy. And, American manufacturers are facing problems with lower demand, which is also driving down prices for some goods.
From the BBC World Service: The inflation rate of the EU countries in the Eurozone has fallen for the second month in a row – we discuss if it’s finally peaked. A Chinese firm has signed a contract with Afghanistan’s Taliban government to drill oil in the north of the country. Tobacco companies will now have to foot the bill to clean up cigarette butts in Spain. Plus we find out what life is like for four British women who have been chosen to run a post office in Antarctica.
Russia, China, artificial intelligence, and inflation are all global issues that will remain in the headlines in the coming year. They’re also some of the risks highlighted in an annual report by the Eurasia Group, a political risk consultancy. We talk with the organization’s founder, Ian Bremmer, about what’s on the horizon in 2023. And, new figures show that auto sales dipped significantly in 2022.
Salesforce announced yesterday that it would slash office space and lay off around 10 percent of its staff. The move comes after the cloud services company expanded rapidly during the pandemic. We look at what the moves say about how the firm may be growing up. Also, a look at the FDA’s order allowing pharmacies to stock abortion medication. And, we talk with Alex Heath with The Verge about this year’s upcoming CES tech show.
From the BBC World Service: Exactly one month ago the US, European Union and allies like the UK, Canada, Japan and Australia announced a price cap on Russian oil imports. On the same day, a European Union ban on all seaborne imports of Russian oil came into force too. We look at the impact so far, and what’s likely to happen after a similar move against refined exports like diesel in February. Plus, we hear from the Turkish grocery delivery business Getir on the prospects for the sector.
Now that the holidays are over, many people are going to be returning gifts and other items that didn’t quite fit the bill. But for many online retailers, accepting and processing returns is costly and undercut profits. We take a look at what makes the process so expensive. Plus, Twitter is reversing course on its policy of disallowing political advertising. And, we ask Chris Farrell what the pandemic may have taught employers about supporting workers’ mental health.
From the BBC World Service: Pakistan’s economy appears to be teetering on the brink. Inflation is at almost 25 per cent, its debts continue to spiral, and the country is running out of foreign currency. Now the government has taken drastic measures to try and save cash. Markets, shops, wedding halls and restaurants will have to close early every evening to conserve energy. We get the view from business. Plus, there’s been more disruption in Bolivia’s economic heartland. And, women’s cricket in India is coming of age with pay parity and lucrative commercial deals.
Southwest is trying to put this holiday’s flight cancellation disaster behind it, but it may be facing a new obstacle: legal trouble. A passenger is suing over the compensation provided by the airline — we delve into the lawsuit and what it could mean for the beleaguered carrier. And, a look at why Chinese companies listed on American stock exchanges are opening themselves to inspection by US regulators.
New reports from the Federal Reserve Bank of Atlanta found that employers are continuing to raise wages in a tight labor market. Inflation, however, is complicating matters. Also, a look at why the frequency of corporate dealmaking, which includes IPOs and mergers, slowed in 2022. And, we sat down with Dina Temple-Raston, host of the podcast “Click Here,” to talk about the rise of ransomware and malware attacks last year.
General Electric, one of the nation’s most recognizable industrial firms, is spinning off its health care business into a separate company. We delve into the latest move by the ailing conglomerate, which has spun off multiple businesses since the Great Recession. Also, we sat down with both the CEO and the president of Charge Enterprises, a company that’s one of the players in the growing electric vehicle charging industry.
From the BBC World Service: China reacts furiously as countries around the world impose testing for its travellers. Morocco has become the first country to impose a full ban on all those arriving from China, whatever their nationality. Meanwhile, we hear from a migrant rescue ship in the Mediterranean after Italy introduced new rules designed to cut the number of arrivals. Plus, the Irish Prime Minister says mistakes were made on all sides over the U.K.’s exit from the European Union.
Eh, not so fast. Sure, we got a couple months’ worth of positive inflation data at the end of 2022, some moderation in certain prices. But the Federal Reserve’s New Year’s resolution boils down to “keep fighting rising prices in 2023,” and there’s still uncertainty about our economic future. Julia Coronado of MacroPolicy Perspectives joins us to take stock of where things stand at the start of the year. Plus, why the value of the U.S. dollar has declined in recent months despite a strong rest of 2022. And, food banks struggle with increased need and fewer donations.
On Friday, we’ll get the government’s official jobs report for December. And on Wednesday, we’ll get the latest Job Openings and Labor Turnover survey. That report will tell us how many layoffs happened in November. Certain industries, like tech and finance, have been letting workers go. But that isn’t necessarily a sign that the broader economy is slowing down. Plus, we look at the latest from the International Monetary Fund, which believes 2023 is going to be a “tougher” year than 2022 was for the global economy. And, a look back at all things crypto last year.
From the BBC World Service: Brazil’s returning President Luiz Inácio Lula da Silva promises to lead the fight against inequality. But the wider economic backdrop is gloomy — the head of the International Monetary Fund Kristalina Georgieva thinks a third of the global economy will be in recession this year. Plus, India’s Supreme Court has upheld the legality of the government’s decision to abolish large denomination currency notes in 2016. And, we look at why Dubai has axed its alcohol tax.
We discuss what’s been a volatile year for investors as 2022 draws to a close. The BBC reports on the TikTok ban on government devices. We check in with Savannah Maher for her year-end roundup.
The question is, will it pick up? Also, we look at some federal moves that could alter retirement plans. China correspondent Jennifer Pak checks in for a year in review.
From the BBC World Service: Was 2022 Crypto’s financial crash moment? One boss thinks so. In the final part of our look at what 2023 might hold for the industry we catch up with Mark Hipperson of Ziglu which allows people to buy and sell crypto assets. He thinks the sector needs tighter regulation to move forward. Plus, following the death of legendary Brazilian soccer player Pelé, we catch up with Misha Sher of Mediacom who spent time managing the star’s commercial deals.
It’s been another day of cancellations for Southwest Airlines, which is now under federal investigation. We have some options for stranded travelers. Also, we talk about big banks and fossil fuels for our Economic Pulse series.
It wasn’t too long ago when vehicle shortages led to nearly barren lots at car dealerships struggling to keep pace with demand. Now, buying looks easier … but more expensive. The E.U. is deciding how to react to China’s relaxation of foreign travel restrictions. Sticking with Europe, our very own Stephen Beard joins us for an end-of-year discussion.
From the BBC World Service: At almost 1,000 feet long, Finland hopes a giant LNG ship will be one of the final pieces in its bid to exclude all Russian energy from its power supply. We hear from one of the key players behind the plan. Also, as China relaxes foreign travel for its citizens, European Union health officials are meeting to decide on a coordinated response. Many countries have already introduced mandatory COVID testing for arrivals from China. Plus, what’s the best way to regulate the crypto market?
Foreclosures have been up, but there isn’t any reason for concern yet. The BBC reports on Russia’s oil ban to countries that comply with the price cap on exports. We dive more into Congress’ move to help workers build up their emergency funds.
The airline is still canceling or delaying thousands of flights after other airlines have bounced back from the holiday rush. What’s going on? Elsewhere, federal money to help address COVID is running out. In France, another level has been reached for aviation fuel.
From the BBC World Service: In the second of our week-long crypto series, Alex Bornyakov, Ukraine’s deputy minister for digital transformation, tells us how Ukraine’s using crypto to boost supplies. In many parts of the developing world, cryptocurrencies are becoming a tool for people to move money more freely – we hear from a dedicated bitcoin education center in Ghana. Then, we look at a El Salvador, which has adopted bitcoin as legal tender and how it’s coping with such a volatile market.
China correspondent Jennifer Pak discusses the country’s pending reopening. Julia Coronado of MacroPolicy Perspectives checks in regarding the markets for the holidays, especially when it comes to consumers. There’s an increased demand for medication as COVID and other viruses emerge.
Flight cancellations and delays abound as the new year approaches, and it’s been especially rough for Southwest Airlines. Europe’s focus on green energy has had to take a temporary back seat to coal because of the war in Ukraine. A prison unit in Indiana aids incarcerated moms.
From the BBC World Service: China will effectively re-open on Jan. 8 after three years of closed borders – but the country’s economy has taken a battering, with nearly one in five young people out of work. The E.U. rolls out its “single charger” law, which means all electronics manufacturers will have to use a standard USB port charger. Plus, we begin our week-long series on cryptocurrencies, starting off by talking to the investors themselves.
That’s the message of a social science theory developed in the 1970s. It puts a different spin on networking, and has gotten a boost from new research. We look back at a summer piece from the BBC’s Victoria Craig, which educated us about royal warrants and took us on a shopping trip.
The price of eggs has spiked, and we get into some of the reasons why. Also, our very own Andy Uhler joins us for a year-end wrap on energy.
From the BBC World Service: Today we look back at some of the stories we’ve covered this year, from economic pressures in Greece and Turkey to the death of Queen Elizabeth II. It was a period in which war in Ukraine and post-COVID supply chain problems caused rising inflation around the world. Turkey was already grappling with higher prices, so we traveled to the country to get a sense of the impact on household budgets.
First, lawmakers are closing on the passage of a big government funding bill. In Europe, Airbnb has been ordered to offer up some information to tax authorities. Also, there’s a host of reasons why air travel is still a very difficult undertaking. Finally, the BBC explores the Christmas tradition of “pantomimes,” but they aren’t what you might be expecting.
Lawmakers are close to passing a $1.7 trillion government funding bill, and we follow where the money is going. Also, we speak with Marta Tellado, president and CEO of Consumer Reports, about the cloudy picture of consumer rights in the digital age.
From the BBC World Service: For decades, inflation in Japan has been strictly controlled by the central bank. But in the past year, the yen has fallen dramatically against the dollar, driving up the cost of imports, and as a result – prices. Plus, we hear from Sir Ian McKellen on the post-COVID return of pantomimes – a festive British tradition, and a crucial part of the theater industry’s year.
The FCC is proposing a fine of more than $300 million against an international operation that has made billions of robocalls. The FCC is saying that laws were broken. Diane Swonk of KPMG offers up market analysis amid news of revised economic growth. Also, holiday ads have gotten emotional in the face of inflation.
The former executives are Caroline Ellison, who headed Alameda Research, and Gary Wang, an FTX co-founder. Also, as part of our Econ Extra Credit series on “It’s a Wonderful Life,” we discuss community-centered banking.
From the BBC World Service: When the U.K. left the European Union, it stepped away from a free trade area. Negotiations for the new relationship were long and complex, concluding just before Christmas two years ago. Now, more than half of U.K. businesses who trade with Europe say they’ve faced problems with those new arrangements. We hear from some of them. Plus, one of the biggest manufacturers of electric trucks in the world says adoption of the new technology is being held back by the energy crisis. And, what are the latest trends in the global toy market?
The bank will pay billions in fines and damages, according to government regulators. We get into the details. Elon Musk is apparently looking for his replacement as Twitter boss. Elsewhere, a report examines the struggles of tribes and federal relief funding.
First, Twitter boss Elon Musk said he’ll abide by the results of a poll that showed a majority of users wanting him to step down. We check in on the Colorado River. Also, nostalgia among adults is boosting the toy industry.
From the BBC World Service: European car manufacturers are asking President Biden to make sure subsidies for U.S.-made electric vehicles don’t end up harming their sales. U.K. ambulance workers go on strike over pay, with people being warned their emergency calls may not be answered. Plus the Australian foreign minister, Penny Wong, is in China for talks after several years of diplomatic tension.
Epic Games will be paying more than $500 million to settle claims from the Federal Trade Commission that say the company violated the privacy protections of kids and fooled players into making in-game purchases. Michael Schumacher of Wells Fargo Securities talks rising interest rates and the bank of Japan. Also, female truckers have a bone to pick with Facebook.
First, a $1.7 trillion spending bill could help avoid a partial government shutdown. The movie “It’s a Wonderful Life” carries a little of bit of economic history, which we dive into.
From the BBC World Service: Russia has described the European Union’s cap on the price of gas as “an unacceptable market attack”. The limit was agreed in response to soaring energy bills caused by Russia’s war on Ukraine. Plus North Korea has criticized Japan’s decision to double its defense spending. And European traders at the Christmas markets in northern England tell us about how they’re coping with the challenges of soaring inflation and Brexit regulations.
Despite economists’ speculation about a recession and some signs of caution from consumers, Julia Coronado of MacroPolicy Perspectives notes that the broad data still looks solid. Elsewhere, the market for single-family homes looks to be slowing. The BBC offers up a tale about the role of the transistor radio in regions of the world that aren’t covered by the blanket of internet and smartphones.
This is according to a poll from the billionaire, who said he’d abide by the results. Will he? Also, we tell you what things to look for if you’re worried about a recession. The BBC reports on a biodiversity summit in Canada.
From the BBC World Service: Argentina are soccer’s new world champions, and their star forward Lionel Messi’s marketing power is about to go through the roof, according to one of the industry’s biggest figures. Also today, a first trade visit by Australia’s foreign minister to China in three years, and the BBC World Service celebrates its 90th birthday.
The future began 75 years ago with the invention of something small that’s now considered the most manufactured item in human history and the biggest thing since fire. This is a Marketplace special report on the birth of the transistor, which happened in New Jersey on Dec. 16, 1947 at Bell Telephone Laboratories. Bell Labs was at that time the research arm of the telephone monopoly AT&T. But what were the other ingredients needed for this place to become a hotspot for innovation? Why did it take years for the transistor to find a home inside the first commercial pocket radio? How did the transistor contribute to the rise of Silicon Valley? Transistors defined the last half of the 20th century and nearly the first quarter of the century we live in now. We spent some time exploring the ecosystems of innovation that created this world.
First, Christopher Low pores over the markets with us. A recent study displays how young adults are handling debt. Jennifer Pak discusses how the “Avatar” sequel could illustrate and possibly improve relations between China and the U.S.
First, Congress is making moves against TikTok. The final part of our series on the transistor chronicles how two men – one from Egypt, the other from Korea – became key figures in its development.
From the BBC World Service: Europe’s central bank boss Christine Lagarde has warned there’s a long way to go in the fight against inflation as interest rates continue to rise. Plus, a legal case in Kenya is alleging Facebook didn’t do enough to stop viral posts that encouraged the spread of hate and violence during Ethiopia’s civil war. And, the Brit Billion – a new way to recognize music streams.
We follow up with more on what’s next for the Fed after it raised interest rates again. Lawmakers are zeroing in on crypto regulation following the collapse of FTX. Could free transit in D.C. become reality?
First, we have more on the Federal Reserve, which raised interest rates Wednesday. Our next chapter in our series about the transistor details its impact on the place that would come to be known as Silicon Valley.
From the BBC World Service: New data from China sounds the economic alarm bells – it performed worse than expected last month, before the government abandoned its zero-COVID strategy. Plus, why Bosnia and Herzegovina is pinning its hopes on membership in the European Union. And, Nigeria’s issuing new banknotes, saying it wants to reduce the amount of cash in circulation. With elections due in February, the move might affect some politicians who hand out cash as part of their campaign.
The Fed is expected to raise interest rates again, but not by as much as before. Susan Schmidt explains what that could mean. Sticking with the Fed, we look into another tool it has that can affect your mortgage. The number of H-2B seasonal worker visas being offered has sharply increased.
First, lawmakers are closing in on a federal budget deal to avoid government shutdown. For the next chapter in our series on the transistor, we examine the device’s entry into mainstream culture.
From the BBC World Service: Hundreds of thousands of workers across swathes of the U.K.’s infrastructure have begun walkouts, which are set to stretch right through the Christmas period. It’s part of a wider picture – frontline workers feeling the cost-of-living squeeze who feel their pay needs to rise to meet those costs. Also, as part of our series on the invention of the transistor, we look at the significance of the transistor radio to Africa.
First, Jeffrey Cleveland of Payden & Rygel discusses some possible good news when it comes to inflation. A breakthrough in fusion energy is announced. We take a look at the birthplace of the transistor, Nokia Bell Labs, and where it stands today.
The charges come shortly after the former FTX chief was arrested in the Bahamas. Elsewhere, in the second installment of our series on the invention of the transistor, we take a look at Nokia Bell Labs and its innovative history.
From the BBC World Service: As cold weather puts European power networks under pressure, we look at the options available to keep the lights on. Plus, a further relaxation of COVID rules in Hong Kong. And, the first member of K-pop sensation BTS enrolls for mandatory military service.
Julia Coronado of MacroPolicy Perspectives talks with us about how crude oil prices and other things could offer some positive clues about the direction of inflation. Elsewhere, the costs of heating oil could be bad news for people in the Northeast. Finally, as Haiti deals with turmoil, its migrants are facing economic struggles in the U.S.
Today is the first installment of our series on the invention of the transistor, which in myriad ways is one of the cornerstones of modern innovation. It turns 75 this week. Also, Treasury Secretary Janet Yellen recently shared some optimism about the economy.
From the BBC World Service: The E.U. Parliament has been rocked by what’s being described as one of the most “serious and shocking” corruption scandals in its history. It involves a Gulf state – reportedly Qatar – bribing officials. We get all the details on that. Plus, businesses in Zimbabwe tell us how they’re struggling to cope with severe power cuts.
The Securities and Exchange Commission is asking publicly traded companies about any impacts from their exposure to cryptocurrency. We look into the possible impact of California’s Senate Bill 731, which expands the number of people who can have their criminal records sealed.
That’s right, the platform that’s popular among younger investors is exploring the world of retirement planning. Inflation has led to a boost for packaged foods. The BBC reports on the development of a next-generation fighter jet.
From the BBC World Service: The U.K. government has announced one of the biggest financial shake-ups in more than 30 years – we look at what it means for global banking. We have the latest on the trial of the collapsed payment company Wirecard, the biggest fraud case in German financial history. Plus, we find out who will be joining Japanese billionaire Yusaku Maezawa on his SpaceX flight to the moon.
The Chinese government has rolled back many of its toughest anti-COVID restrictions following protests and potential damage to the economy. What happens now? Jennifer Pak updates us from Shanghai. The BBC reports on new currency bearing the visage of King Charles III making the rounds. The BBC also has more on the E.U. attempt to tackle bias in a variety of algorithms.
Because of the pandemic, there’s going to be a shift as to the sources of those profits, according to the International Air Transport Association. Elsewhere, we check in on China, which is in the midst of easing its zero-COVID restrictions. Then, a report notes how coal could be replaced as the world’s top bringer of electricity.
From the BBC World Service: After the ousting of Peru’s president, we look at what change at the top means for the economy. Plus, why has the U.K. given the go-ahead to its first coal mine in 30 years? And, how significant will Harry and Meghan’s Netflix series be for the streaming service?
The e-cigarette maker hasn’t admitted to any wrongdoing, however. Karen Petrou of Federal Financial Analytics stops in to talk about the effects of the Georgia runoff results as well as economic inequality. We check in on the grim revenue projections for movie theaters.
The BBC reports on China’s relaxation of its ultra-strict COVID requirements. Then, we look into the many reasons behind the easing of the pain at the pump. Also, Congress has produced its first documentary.
From the BBC World Service: How significant is today’s visit by China’s president Xi Jinping to Saudi Arabia? We look at what’s on the agenda. Also, why Argentina’s vice president is facing a jail term for corruption. And, we find out how British restaurants are working around rising costs.
First, David Kelly of J.P. Morgan Asset Management joins us to talk about the slow cooling of inflation. Then, we dive further into the facets of the much-hyped and advertised Medicare Advantage as the end date for its open enrollment approaches.
In one of the biggest foreign investments in the U.S., Taiwan Semiconductor Manufacturing Company has pledged billions to make chips in Arizona, which has attracted the attention of President Biden, Apple CEO Tim Cook and others. Also, we look at where the money is moving in the Warnock-Walker Senate race in Georgia. Then, we talk mayo eggnog, much to the delight of some companies … they hope.
From the BBC World Service: Ukraine’s digital minister tells us how the country is doubling its use of Elon Musk’s Starlink network to overcome infrastructure damage. Plus, Canada sanctions three wealthy Haitian businessmen for links to criminal gangs. And, how do you clean the world’s oceans? We hear from The Ocean Cleanup’s founder Boyan Slat.
Solid wage and job growth showed up in the most recent jobs report, but some of that might be an illusion on the power of the labor market. For more insight, Julia Coronado of MacroPolicy Perspectives talks with us. Elsewhere, China appears to be easing up its zero-COVID restrictions. Then we learn more about the diffusion index, which could offer even more clues about the job market.
Restrictions designed to limit Russian oil exports take effect today, but there are questions as to how much actual effect they will have. Also, we look at what the wage rise reflected in Friday’s jobs report tells us. Chris Farrell talks to us about what separates Medicare and Medicare Advantage.
From the BBC World Service: Oil prices rise as an E.U. embargo on seaborne Russian oil comes into effect, along with a price cap. Estonian minister Riina Sikkut tells us it’s not low enough – but it’s a start. Elsewhere, China begins to relax its zero-COVID policy. And, we find out how Kenyan farmers are adapting to climate change.
Job numbers from the Labor Department came in strong, and to help us make more sense of them, we are joined by Chris Low of FHN Financial. Elsewhere, the saga over Biden’s student loan forgiveness plan has reached the halls of the Supreme Court. Then, we examine the Fed’s balancing act of taming inflation while also trying to keep people working.
We take a deeper dive into the policy, which has been the catalyst for a swelling of unrest and protests around the country. Elsewhere, the BBC reports on how BP is being urged to aid victims of the war in Ukraine.
From the BBC World Service: Not everyone is on board. Poland’s government is said to be seeking a cap that’s lower than the $60 broadly agreed to by European Union countries. And, some highlights from the last five years of our reporting from Turkey, Mozambique, India and the U.K.
Inflation actually cooled off, just a touch, according to a key measure. We talk to Michael Hewson of CMC Markets in London about what slowing interest rate hikes could mean for an economy. Also, the head of the European Council met up with China’s president.
Fed Chair Jerome Powell offered some clues about that this week. Also, Giving Tuesday numbers show a growing sense of generosity. Then, we look at the speculation looming over Germany’s leadership as it pertains to relations with China.
From the BBC World Service: An official visit by Charles Michel to Beijing comes amid persisting economic tensions between the two sides. Kenya’s president William Ruto has unveiled a new program to offer cheaper loans to entrepreneurs. It’s called the Hustler Fund – so named because on the campaign trail, Ruto said represented what he called the “hustler nation” of millions of young Kenyans struggling to make ends meet. UNESCO has added the French baguette to its “intangible cultural heritage” list.
A revised GDP report from the Commerce Department shows nearly 3% growth. Private sector jobs grew as well, but fell way short of expectations. We dive in further with Susan Schmidt. Also, frozen Russian assets might come in handy in helping Ukraine. Finally, we report on the death of Jiang Zemin, the former president of China.
The move was quietly made last week. Elsewhere, tens of thousands of striking academic workers appear to have a reached a deal with the University of California system. Then, we check in on Fight for $15 after 10 years.
From the BBC World Service: European commission president Ursula von der Leyen has proposed taking Russian assets that have been frozen in Europe and using them to compensate for wartime damages. Unrest has continued overnight in various Chinese cities as protesters call for an end to strict COVID measures. And if your flight is cancelled or severely delayed in the U.S., you’re entitled to compensation. In Australia, travelers no such guarantees, so consumer groups are pushing for better legal protections.
Today is the eve of Fed Chair Jerome Powell’s speech, where he’s expected to lay out the current economic landscape and offer hints as to what the Fed might do with it in a couple of weeks. For more, we talk with Karen Petrou of Federal Financial Analytics. The BBC examines China’s renewed focus on vaccines as it deals with uproar over its zero-COVID restrictions.
The House is considering legislation that would impose a compromise labor agreement this week. The BBC checks in with more from China. Facebook parent company Meta steps into more fines regarding how it handles data privacy.
From the BBC World Service: Beijing vowed today to boost the COVID vaccination rate for people 80 and older. Brazil’s president-elect has presented a new budget to Congress, which circumvents the nation’s strict budget ceiling rules. And this year marks the 25th anniversary of the opening of the Guggenheim Museum in the city of Bilbao, in northern Spain. Perhaps its biggest legacy is a phenomenon now known as the “Guggenheim effect” – when a single iconic building helps to drive urban regeneration.
We check in on some of the results from Black Friday as Cyber Monday gets underway. Julia Coronado of MacroPolicy Perspectives gives us her take on what the shopping could tell us about inflation. Then, we take a look at regenerative agriculture and how restaurants could be pitching in on it.
China correspondent Jennifer Pak checks in with the latest. Also, we speak to Los Angeles mayor Eric Garcetti about the Summer Olympics – with all the costs it can incur – coming to town in 2028.
From the BBC World Service: Stock markets in Shanghai, Hong Kong and other places in Asia have fallen as anti-government protests spread across China. Ukraine’s use of Turkish-made drones has made the world take notice. The BBC sits down with the brothers who run drone manufacturing at their Istanbul offices.
As holiday shopping kicks off today, we check in on what could await consumers and retailers alike. Most of the people responding to a University of Michigan survey think it’s a bad time to buy a house. There’s a new gold-oriented currency making its way around four states, but is it a worthy venture?
The week of Thanksgiving is typically the busiest in terms of travel, but remote work has found ways to take the pressure off. Then, we look into the importance of the final two months of the year when it comes to holiday retail. Also, we speak to a New York Times reporter about a special way countries are fighting both debt and climate change.
From the BBC World Service: South Korea’s capital, Seoul, is offering cash rewards of around $150/month to people who leave their cheap basement properties. The city is trying to phase out these out after four people drowned during severe flooding last summer. A new type of flu vaccine, which could offer protection against all known strains of flu, could soon begin human trials. And as Black Friday kicks off the holiday shopping season, retailers across Europe worry it could be the worst season in at least a decade.
First, the BBC checks in on China, which is facing more COVID-related challenges. More homeowners are getting thankful for HELOCs – we’ll explain. A avian flu epidemic is one reason your turkey may have cost more than usual, and the issue is even worse in other parts of the world.
The aviation industry argues that 5G cell phone network will mess with altimeters. The BBC reports from the Ukrainian capital of Kyiv, which is still mostly without power following Russian attacks. We speak with the CEO of an atypical food business about what it’s been like to navigate an unpredictable economy.
From the BBC World Service: The U.K. is experiencing a turkey shortage due to its biggest-ever outbreak of bird flu. That’s impacting U.S. expats this Thanksgiving, as well as many British families who would normally cook a turkey at Christmas. And the International Monetary Fund is calling on China to boost vaccinations and reconsider its zero-COVID strategy.
Attorneys representing the fallen crypto giant shared a tale of mismanagement and misplaced funds during a bankruptcy hearing. Susan Schmidt tells us investors won’t make any big market moves today. Chris Farrell joins us to discuss how an older workforce can still be a benefit to the economy.
The factory’s workers appear to be upset over restrictions, such as having to actually live at the workplace. Also, this year’s holiday shopping season could feel familiar. People in rural communities face unique challenges that can compromise their physical and economic health.
From the BBC World Service: Workers at the world’s largest iPhone factory in China have staged violent demonstrations to demand better conditions amid strict COVID regulations. Indonesia’s government has vowed to help with the cost to rebuild about 20,000 homes damaged by a devastating earthquake. The U.K.’s Supreme Court has ruled that the Scottish government does not have power to ask its voters whether the country should break away from the U.K.
Diane Swonk of KPMG joins us to talk about how holiday discounts could be even deeper this season. We try to determine which way the oil-producing cartel OPEC+ is leaning. Also, why are schools and students attractive hacker targets?
We have the latest on the growing potential for a strike, as another union votes against a contract deal. Plus, we talk with an expert on how a dimmer economic outlook has led to people holding back on spending big.
From the BBC World Service: Giorgia Meloni and her cabinet have approved a series of spending measures for next year. One of Ukraine’s largest energy companies has warned that rolling blackouts might last until the end of March. And the U.K.’s National Health Service is trialing a program to allow doctors to prescribe heating for some patients who can’t afford their energy bills.
Delegates at this year’s COP27 climate summit in Egypt agreed in principle last week to establish a fund to help compensate developing countries for damages caused by climate change. We take a look at what we know so far. Then, we talk to Julia Coronado about the risk China’s economic slowdown poses to the global economy. And, a look into this year’s open enrollment period under the Affordable Care Act.
Rising prices for various food items, including turkey, are hitting food banks this Thanksgiving. We look into how that’s some impacting charitable organizations and the vulnerable populations they serve. Then, an update on Disney’s recent announcement that CEO Bob Chapek is out and being replaced by former CEO Bob Iger. And, Hong Kong’s markets are down amid news that the city’s leader tested positive for COVID-19.
From the BBC World Service: Bob Iger is back in charge of Disney less than a year after he left the company. Markets in Shanghai and Hong Kong closed down after China reported its first covid-related deaths for six months in Beijing. And Germany is struggling with an energy crisis sparked by the war in Ukraine, but we visit one Bavarian town which is working to be self-sufficient in electricity by 2030.
This week, philanthropist MacKenzie Scott announced that she’d given just under $2 billion over the last seven months to hundreds of organizations, including a number of public school districts. We look into how some of the recipient schools are planning to spend the money. Then, we check in with Chris Low about how the Fed has been signaling its recent interest rate hikes. And, life under China’s new COVID rules, which for some people look a lot like the old ones.
The brand-new, state-of-the-art soccer complexes that make up the 2022 men’s World Cup in Qatar, which kicks off this weekend, would not be if it weren’t for the migrant workers from Asia and Africa who built them. And yet those workers endured poor living and working conditions, long hours and little pay. We look into the country’s “kafala” labor system, which has received renewed criticism in the leadup to the Cup. Also, a look at new Biden administration guidelines that make it easier for student loan borrowers in bankruptcy to dismiss their debt.
From the BBC World Service: As the U.N.’s COP27 climate conference concludes, there are still disagreements over a number of issues. The biggest is the question of compensation for the countries most affected by climate change. Plus, how Lebanon’s economic crisis is driving some young men into the arms of the Islamic State. And, Ukraine’s energy infrastructure is at a “crisis point” after continued Russian bombardment.
First, Diane Swonk of KPMG helps us decipher how consumer data potentially impacts the Fed. Then, we get into the bill that says nondisclosure agreements can’t be used to silence survivors of sexual assault in the workplace. Urban revitalization expert and MacArthur “Genius Grant” recipient Majora Carter discusses the power of the all-cash deal in the housing market.
What impact could falling mortgage rates have on homebuyers? Sticking with the housing market, we check in with urban revitalization specialist Majora Carter. Then, we look into the challenges that come with the spike in hiring for diversity and inclusion managers.
From the BBC World Service: After a period of political and economic turmoil, the U.K.’s new finance minister is unveiling a series of spending cuts and tax rises. What do small businesses want to hear? Plus, an Australian billionaire kicks off an infrastructure fund for post-war Ukraine. And, how the gaming industry is making big titles more accessible for people with disabilities.
Retail sales numbers came in higher than expected, and Scott Wren of the Wells Fargo Investment Institute helps us understand what that means for the economy. Also, thousands and thousands of UC graduate workers are striking. We look into the reason why. And, you can add Walmart to the list of companies having to settle up in the wake of an opioid lawsuit.
The increase in credit card debt is the biggest in decades, but let’s look beyond. For the Economic Pulse, we speak to the founder of a nonprofit that helps Black business owners get established in the Mississippi Delta.
From the BBC World Service: A key oil pipeline supplying European countries was taken offline after a missile landed near Poland’s border with Ukraine. How significant is the Druzhba pipeline for Europe’s energy infrastructure? Plus, Wednesday marks a “new age” for the European Union as landmark legislation called the Digital Services Act, or DSA, comes into effect.
The fines come following all the drama about flight delays and cancellations. Drew Matus of Metlife checks in with us regarding today’s market activity. The global pandemic ushered in another level of online shopping, which spelled doom for many malls across the nation – but one mall in Portland has adapted.
The tech giant has to pay millions to settle a lawsuit over how it has been collecting user data. The BBC reports on how frustration over COVID restrictions are starting to boil over in China. The Economist’s climate innovation editor checks in from the – where else – COP27 climate summit in Egypt.
From the BBC World Service: Nine rich countries have pledged at least $20 billion to enable coal-dependent Indonesia to reach carbon neutrality by 2050. Residents in the Chinese city of Guangzhou have escaped a coronavirus lockdown and clashed with police. And according to the U.N., the global population is expected to hit 8 billion today.
Now there’s news of a possible hack at the cryptocurrency exchange. Julia Coronado at MacroPolicy Perspectives discusses the yield on the 10-year Treasury and inflation. Then, we have the story of the unionization of the nation’s first Chipotle.
Biden and Chinese president Xi Jinping meet up in Bali. Target wants to make its stores bigger. Amy Scott discusses the latest on “How We Survive” with David.
From the BBC World Service: At the G20 summit in Indonesia, President Joe Biden and Chinese president Xi Jinping are sitting down for the first time since Biden became president. Mozambique has begun exporting liquefied natural gas for the first time ever. And Sri Lanka’s government has unveiled a new budget which raises taxes and cuts spending as the country continues to suffer from one of its worst ever economic crises.
Christopher Low of FHN Financial helps us look beyond the good feelings behind recent market activity. The BBC reports on how China will start to loosen some strict zero-COVID regulations. Also, we check in on the COP27 climate summit. Art critic Blake Gopnik discusses the billion-dollar auction of the collection of Paul Allen.
That surge is expected to continue into today. Arizona voters took a big step toward transparency in election financing. Also, we discuss what a U.S. government with divided power could economically mean for Democrats.
From the BBC World Service: Hong Kong’s tech-heavy Hang Seng surged nearly 8% on Friday, with market rallies in Shanghai and Tokyo. Plus, Singles Day in China – the biggest shopping day of the year – saw estimated sales nearly 5% lower than last year. Also, U.S. Treasury Secretary Yellen is in India to try to bolster trade ties. And, a film 90 years in the making is finally hitting the silver screen.
Is this a sign that the higher interest rates are working? We discuss with Diane Swonk of KPMG. Then, we have more on the aftermath of the fallen Binance-FTX deal. Also, slavery as a form of criminal punishment was a thing in several states until voters closed a legal loophole.
We take a peek into the fallout from the failed bailout pact between crypto exchanges Binance and FTX. Also, we delve more into the developing election results and their possible impact on economic policy.
From the BBC World Service: One of the world’s biggest cryptocurrency exchanges, FTX, is on the brink of collapse. A bailout deal it struck with archrival Binance on Wednesday has fallen through. Plus, a new survey says the influence of fossil-fuel lobbyists at climate talks has risen significantly in recent years. And, the costs of supporting migrants who are rescued at sea.
Political scientist Ian Bremmer helps us figure out economic takeaways from the aftermath of Election Day. David Kelly of J.P. Morgan talks about the impact of possible Republican control of the House. A drought has sapped the water levels of the Mississippi River, and farmers are struggling as a result.
We discuss some potential election outcomes and how they could affect the economy. Big spending on state ballot measures led to some mixed results. The waves of tech layoffs have actually endangered the ability of many people to stay in the U.S.
From the BBC World Service: Only two European Union countries tie mandatory pay raises for the public and private sector to consumer price inflation: Belgium and Luxembourg. But workers in Belgium say those increases aren’t enough, so they’re walking out and demanding more. Plus, Twitter has laid off most workers at its Africa office in Ghana. And, India says it will continue to buy Russian crude oil.
First, it’s Election Day, and we discuss the possible impact of a recession with Jeffery Cleveland of Payden & Rygel. More people are taking on second jobs for a variety of reasons, according to government data. The European Union is turning up the economic heat on Hungary.
At the COP27 climate change summit in Egypt, the White House has an idea to help developing countries with financing. There’s also debate about the role of natural gas. Elsewhere, the Indian Child Welfare Act faces a massive legal test before the Supreme Court.
From the BBC World Service: Poorer nations need more than $2 trillion dollars each year for the next eight years to tackle the impact of a changing climate, according to a U.N.-backed report. Plus, Britain is in the midst of its worst ever outbreak of bird flu, creating a nightmare before Christmas for poultry farmers and their customers.
With midterm elections approaching, Julia Coronado discusses how economic viewpoints could have an effect. Elsewhere, credit card debt appears to have returned to pre-pandemic levels. Then we talk about what could be in store for the people left behind after mass layoffs.
Another union has voted to ratify a new labor agreement with rail companies, but there are still sticking points for others. The BBC reports on the agenda for the COP27 climate change summit, which has started in Egypt. We discuss the economics behind grassroots ballot initiatives.
From the BBC World Service: As the COP27 world summit on climate change opens in Egypt, potential compensation for countries with developing economies from their developed neighbors is on the agenda. Plus, Apple says China’s zero COVID strategy will significantly impact iPhone production and shipping this holiday season. And, bus passengers in the U.K. face longer wait times due to a national worker shortage.
The Labor Department’s newest jobs report beat expectations, and Chris Low of FHN Financial is here with us to talk about what it could mean for the Fed. Then, we discuss mass layoffs at Twitter. One of our producers illustrates the grind of the New York City rental market.
We preview the coming October jobs report. Also, we look at what the Fed might want to keep its eye on regarding the job market. Then, it appears free returns for online purchases are proving a bit too costly for many companies.
From the BBC World Service: At a meeting in Beijing, President Xi Jinping called for greater cooperation between Germany and China during “times of change and turmoil”. The German Chancellor, Olaf Scholz, has faced criticism for not coordinating his trip with other European leaders. Plus, Russian attacks leave 4.5 million people across Ukraine without power. And, we hear why some Albanians are setting their sights on a life in Britain.
The Fed threw another big interest rate hike at inflation this week, and while it hints at the possibility of dialing back the pace … it hasn’t shown a ton of interest in doing that. Diane Swonk of KPMG discusses this further. The Biden administration wants to help with your energy bill. CBS and its former chief officer will pay millions following an investigation from the New York attorney general’s office.
First, we look at next steps for the Fed after it raised interest rates again on Wednesday. As the World Cup in Qatar approaches, we talk about the reasoning behind countries’ willingness to pay billions to host massive sporting events like it.
From the BBC World Service: With U.K. inflation running above 10%, the country’s central bank is poised to make its biggest rate increase in 30 years. Plus, Netflix rolls out cheaper subscriptions, which have adverts. And, authorities in Indonesia say contaminated medicine syrup was likely responsible for a spike in child deaths in the country.
The report from the Federal Housing Finance Agency also shows that the trend is growing. Also, car prices that shot up drastically during the pandemic are starting to come down … just a bit. Then, we check in on the “care economy” and discuss what can help it.
From the BBC World Service: Hong Kong’s reputation as a haven for stability and profitability has been undermined in recent years by the pandemic and a crackdown against anti-government protesters. So can U.S. banks be persuaded to invest in the territory? Plus, authorities have now locked down a wider area around the world’s largest iPhone factory in China. And, can synthetic hair be made in a more sustainable way?
We get a little into the size and scope of trying to enact a profits tax on oil companies. David Kelly of J.P. Morgan joins us for market discussion. The New York pay transparency law went into effect today, and we look at its potential impact on gender and wage gaps. A pair of propositions on sports betting will soon be facing California voters.
A federal judge has blocked Penguin Random House from buying up rival Simon & Schuster, which counts as a win in the Biden administration’s battle against industry consolidation. Also, Tower Records might not be a huge thing in the U.S. these days, but it’s emerged as a culture beacon in Japan.
From the BBC World Service: Unverified social media posts reportedly indicate a committee of some kind is being formed to discuss how to end the world’s strictest COVID-19 mitigation measures in China. That’s sent stocks in Hang Seng and Shanghai surging. Plus, truck drivers in Brazil who support outgoing President Jair Bolsonaro have been blocking major roadways to protest his defeat, prompting concerns for food supply chains and the economy. And, what hosting the soccer world cup could mean for Qatar’s economy.
Many economists believe the gathering of Fed policymakers is an omen of another interest rate hike. Over in Europe, inflation’s growth has led to greater cost-of-living problems, as the BBC reports. Then, we check in on some school districts in Texas that have shifted their schedules into a four-day work week.
Russia has suspended a deal allowing Ukrainian grain exports out of the Black Sea. The debate over sick days has jammed up negotiations between unions and the railroad industry. Federal aid will become accessible to homeless hurricane victims.
From the BBC World Service: While Russia pulled out of a deal allowing Ukrainian grain exports to safely leave the country, the U.N. says a dozen ships left Ukraine on Monday. So far, the grain deal has allowed almost 10 million tons to leave Ukraine since July. Plus, Brazil’s president-elect Lula da Silva pledges to tackle poverty, again. And, the English pumpkin farmer whose business is booming this Halloween.
One big question: Will it become a looser place for content? We talk with Lauren Hirsch of the New York Times about Musk’s potential next steps. Christopher Low of FHN Financial discusses consumer spending. Then, we dive into tax-related boycotts in a Texas county with reporter Andrew Schneider of Houston Public Media.
Apple and Amazon’s earnings reports show growth, but also some signs of slippage. Then, during our time in Texas, we have a chat with the new president of Rice University.
From the BBC World Service: The world’s richest man, Elon Musk, has tweeted suggesting he’s now officially Twitter’s owner. Plus, why interest rates aren’t rising in Japan, unlike in many other countries. And, how a political stalemate in Northern Ireland is putting pressure on businesses and households.
Numbers from the Commerce Department show growth and a healthy economy, but KPMG’s Diane Swonk helps us read a little more into the data. Since we’re in Texas this week, we check in with venerable Dallas business reporter/stockbroker David Johnson. Then, we have some takeaways from the Boeing earnings report.
The Biden administration is targeting what it calls “junk fees” that add to the cost of living. Then, we dive into company culture with Hewlett Packard Enterprise CEO Antonio Neri.
From the BBC World Service: The International Energy Agency says Russia’s war in Ukraine is continuing to cause unprecedented shock to the world’s energy markets. Plus, a shakeup at Samsung, the world’s biggest smartphone maker, will see another founding family member as the next chairman. And, poverty in Brazil has become a major election issue for voters.
First, we discuss mortgage rates with Susan Schmidt. For our Texas-focused coverage today, we examine the flow of political advertising money. The SEC is looking into updating the way it names things in order to aid frustrated investors.
Alphabet, Microsoft and Spotify are reporting declines in profit and ad sales growth. For our election-oriented coverage in Texas, we look at how redistricting affects the money dynamics for candidates. There’s a lower percentage of households with no checking or savings accounts with banks.
From the BBC World Service: Chinese shipping giant Cosco will take a 24.9% stake in Germany’s biggest seaport in Hamburg. Plus, closer links between Berlin and Beijing aren’t the only issue causing tension between France and Germany. And, Iraqi vacationers are boosting Lebanon’s tourism sector.
First, Drew Matus of MetLife Investment Management talks housing prices with us. Then, our election coverage has eyes on Texas, where the state is defending its redistricting maps. Oil and gas titans are reporting big profits.
Does the emergence of a Republican lawmaker in the Rio Grande Valley – typically a Democratic stronghold – signal a shift in that area? Then, we look at changes on the way for the mortgage industry. Also, polling data shows how people have a dimmer outlook of the American Dream.
From the BBC World Service: German chancellor Olaf Scholz says his country’s history showed it’s possible to rebuild after a devastating war. In 1948, the Marshall Plan helped West Germany get back on its feet after World War II. Plus, the Czech Republic is the latest European country to ban Russian citizens who want to visit for tourism, culture or sport. And, the world’s biggest flower show, the Floriade, fails to blossom in the Netherlands.
It’s Rishi Sunak, who will be the U.K.’s third leader in seven weeks. Julia Coronado of MacroPolicy Perspectives kicks off the week with a look into the markets. The BBC reports on the state of China’s GDP. Then, Erik Gordon of the University of Michigan discusses Pfizer’s plan to crank up the price of its COVID vaccine.
First, the IRS is allowing for bigger contributions to your retirement account. The U.S. might restrict China’s tech access even more. Given that many people are celebrating “Sober October,” we look into the resurgence of the non-alcoholic drink industry.
From the BBC World Service: Britain’s former finance minister, Rishi Sunak, is now the firm favorite to become leader of the U.K. after former prime minister Boris Johnson pulled out of the race. Plus, sharp declines in Chinese stocks after weaker economic data and changes in China’s political leadership. And, life in Ukraine under power restrictions.
First, the Biden student loan forgiveness plan passes a couple of legal tests. Then, Chris Low of FHN Financial offers up market insight. The BBC looks at how inflation has affected preparations for Diwali.
One of those wins involved the Supreme Court. Community college students returning to campus are encountering a host of transportation issues. Missing snow crabs near Alaska have local industries concerned.
From the BBC World Service: E.U. leaders have agreed to a “road map” aimed at putting in place measures within weeks to shield European consumers from soaring energy prices. But after hours of wrangling, there’s been no decision on whether to declare a cap on the price that the E.U. is prepared to pay for gas. Meanwhile, the U.K. looks ahead to the appointment of a new Prime Minister within days after the resignation of Liz Truss, but what’s the view from business? And, how is inflation affecting preparations for Diwali?
Liz Truss, the U.K. prime minister, announced her resignation today. The BBC checks in. Diane Swonk, who has stuck with us for much longer, discusses market activity. Then, in France, biogas plants are turning waste into energy.
A New Orleans appeals court panel takes issue with funding for the Consumer Financial Protection Bureau. We unpack the situation, starting with a reminder of what that bureau actually is. Also, we hear about the fun stuff people are doing now that they don’t have a time-consuming, soul-injuring commute to work every day. Then, we check beyond the numbers on the employment outlook for Latinos.
From the BBC World Service: After suffering a series of defeats on the battlefield, Moscow is now targeting electricity and water networks in Ukraine – President Zelensky says 30% of his country’s power stations have been destroyed so far. Citizens now face national energy restrictions for the first time since the invasion. Plus, Turkey’s unusual approach to interest rates at a time of soaring inflation. And, why the traditional South Korean dish of kimchi is under threat.
Because of the size of inflation these days, the IRS has had to make bigger adjustments than usual – which could be helpful. We talk bank runs with Philip Dybvig, one of the winners of the 2022 Nobel Prize in Economic Sciences.
Tesla’s entries into tribal lands also means entry into a different legal sphere as well. A reporter from The Markup helps shed some light on inequitable pricing on broadband internet around the country. We talk Miami real estate with Amy Scott as the second season of “How We Survive” debuts.
From the BBC World Service: Hong Kong’s new leader John Lee says he wants to rebuild the economy and attract potential new employees from around the globe. The economy has been undermined by an ongoing political crackdown following the national security law introduced in 2020 and coronavirus restrictions. Plus, while many countries have severed ties with Russia, India is pinning its defense export hopes on a joint venture. And, how can South Africa make its energy system more robust after years of blackouts?
The act, instituted in 1972, turns 50 today. We measure its impact thus far. Stifel Financial’s Lindsey Piegza helps dish out some market perspective. Then, we dive more into the difficult job landscape that awaits people who’ve been incarcerated.
First, the U.S. plans to sell more oil to help dial back gas prices. Then, a Miami-based realtor opens up about his struggles finding employment after doing time in prison.
From the BBC World Service: Natural gas prices have spiked since the Kremlin limited supplies to European Union countries. The European Commission is outlining measures to try and control high energy prices. Plus, China delays publishing key economic data during the Communist Party Congress. And, why a city in Uganda has banned women from sitting in the front cabin of trucks.
For those who asked for a six-month extension on filing 2021 tax returns, today’s the deadline. Julia Coronado discusses market activity with us. It’s costing more and more to stay in a hotel these days.
We break down some of the significance of the national congress of the Chinese Communist Party, which is underway. Our latest subject for Econ Extra Credit got us thinking about the concept of classic, bottom-to-the-top upward mobility in corporations.
From the BBC World Service: Days into his new job, the new U.K. finance minister Jeremy Hunt hopes to appease volatile markets, unsettled by his predecessors plan for tax cuts. Plus, the United Nations Children’s Agency says the war and rising inflation have pushed 4 million children into poverty across eastern Europe and central Asia. And, the female farmers in Sierra Leone who are transforming swamp land to grow rice.
This election cycle, “Marketplace Morning Report” traveled to Arizona, where, in less than a month, voters will decide whether some of the biggest campaign spenders should have to reveal their true identities. How this measure got on the ballot, what it hopes to achieve and what opponents say about it provide lessons about the so-called dark money that can sway elections near you. We look at the consequences of hidden political spending for everyday people, with a case study of higher electric bills for Arizonans. We also explore how a citizen-led ballot initiative could change the rules and the pushback from those who believe there’s a right to anonymity as part of the right to free speech. And, what it takes to get one of these ballot measures in front of voters and where else across the country we’re seeing an effort to curb this mystery money.
Also, the finance minister is out. It’s been a chaotic day there, and Victoria Craig from the BBC catches us up. We discuss more market chaos with Christopher Low of FHN Financial. Also, data shows that people remain unafraid to keep buying things in the face of inflation and other upsetting economic factors.
One factor to consider in all this grocery merger talk? The presence of Walmart. Elsewhere, Texas is the jumping-off point for a tale of how states are trying to “claw back” unemployment benefits – and how people are reacting to it.
From the BBC World Service: The Bank of England’s short-term rescue plan to stabilize the government debt market ends today, and it appears to have worked. But while bond yields have fallen, the political drama has continued with Prime Minister Liz Truss expected to backtrack on her plans for unfunded tax cuts. Plus, with China’s President Xi Xinping in line for an historic third term at the Communist Party Congress, we hear from an area in the north of the country said to have been lifted out of poverty.
We talk more inflation with Diane Swonk of KPMG following consumer price index numbers coming in today. The IMF has changed its outlook for global economic growth, and it’s not looking good for China. We look into how a Florida transit authority is dealing with a bus driver shortage.
The agency says the oil cartel’s move to cut production could push the world economy into recession. Other states have taken on the entity of dark money – and actually secured some wins. We learn about them in the fourth installment of our series.
From the BBC World Service: One in three gas stations in France is struggling for supplies, resulting in long queues. Ongoing talks between unions and workers have failed so far to yield agreement. Plus, the BBC has learned finance ministers from major world economies gathered at the International Monetary Fund in Washington are warning against some of the U.K.’s unfunded tax cuts. And, India’s e-commerce companies are seeing strong demand come back this festive season.
The markets are trying to recover from some losses in the past week, but what’s happening over in Britain isn’t helping. We have an instance where COLA will end up being good for people on Social Security. More HBCUs are cashing in on pitting their football teams against big-time programs.
It’s the third installment of our series on dark money in Arizona politics. This time, we get a view from the volunteers. Also, a freight rail strike might be back on the table.
From the BBC World Service: The Bank of England started short-term rescue efforts two weeks ago to stabilize a dramatic selloff in the U.K. bond or gilt market, that put U.K. pension funds at risk of collapse. Plus, oil workers at refineries and fuel depots in France voted to continue their strike, despite the government saying it will use mandatory powers to force them to go back to work. And, a BBC investigation revealed TikTok is keeping up to 70% of donations given through their app to hundreds of displaced families in Syria.
First, small business owners are feeling better about the economy, but inflation is still top of mind. Jeffrey Cleveland helps us read what the markets are doing. A carbon dioxide shortage is weighing down the U.K. food and drink industries.
It’s the second part of our series on dark money in Arizona: We learn about Proposition 211, which would require disclosing names of original campaign donors. The Supreme Court deals with a case about pork that could have repercussions for other state laws.
The news will say consumers were “resilient” in August, but Christopher Low tells us there’s more to it than that. Senior economics contributor Chris Farrell helps explain President Biden’s income-driven repayment plan for student loans.
Floridians face a web of insurance concerns in the wake of Hurricane Ian. We break down the government shutdown-eluding bill the House is set to vote on today. A California bill makes union voting less harrowing for farmworkers.
From the BBC World Service: After a chaotic week for the British pound, Liz Truss meets representatives from the Office of Budget Responsibility. The economic watchdog will want to discuss the effects on the U.K.’s economy of last week’s proposed tax cuts. Later this week, Brazilians will go to the polls to elect their president, and a bunch of James Bond stuff goes up for auction.
Diane Swonk discusses the economic impacts of the storm surges in Florida. House Democrats introduce a bill to halt stock trading by members of Congress. Monkeypox can also leave a financial mark on those infected.
First, we discuss what the damage figures from Ian, now a tropical storm, could entail. Salary ranges in job postings are giving candidates an edge. Walmart will begin offering fertility benefits.
From the BBC World Service: In her first media appearance since the British pound’s nosedive, the U.K. Prime Minister defended her plans despite widespread criticism and a rare intervention from the Bank of England. The Lebanese central bank revalued its official currency exchange rate, and in Germany, Porsche debuts on the Frankfurt stock exchange.
Heavy hitters on Wall Street admitted to record-keeping violations and now face billions in fines. Susan Schmidt of Exchange Capital Resources discusses the British bond market with us. We tackle the question of whether colleges should be responsible for parts of student debt.
We try to explain why some Medicare premiums are actually going down. Explosions on the Nord Stream pipeline have some suspecting sabotage. We check in on the state of the SNAP program as the White House talks hunger and nutrition today.
From the BBC World Service: In a move usually directed towards emerging and developing markets, the International Monetary Fund has openly criticized the British government’s tax strategy unveiled on Friday. Since then, sterling has plummeted and the cost of borrowing increased, but the Treasury insists on going ahead with the plan. And in Germany there’s been muffled reactions to what is now thought to be an act of sabotage on the Nord Stream pipelines in the Baltic Sea.
Today’s Case-Shiller national home price index shows a decline in home prices from June into July. Fed leaders get up front about their message about raising interest rates. After the British pound’s not-so-great day, we check in with the BBC’s Victoria Craig.
The Dow Jones Industrial Average dropped more than 1 percent, which puts it in bear territory with other big indexes. In the home buying world, more people appear to be backing out of deals. And in Georgia, embryos can be claimed as dependents.
From the BBC World Service: The Bank of England will face questions on its response to yesterday’s decline in the value of sterling. The pound came back slightly after reaching record lows on Monday. And Apple CEO Tim Cook speaks to the BBC’s Zoe Kleinman about the lack of women in the tech sector – he’s at a forum dedicated to getting more women into the industry.
Doubts about Britain’s fiscal policy hang over the fall of its currency, the pound. On the side of the U.S., markets experienced a bit of a turnaround after a rugged week. Then, we check in on how the world of social media is trying to catch up to TikTok.
The British government unveils a tax cut plan as its currency drops in value. We then look into what happens when you send hundreds of millions of dollars to the wrong people by accident.
From the BBC World Service: Sterling bottoms out at a low not seen since the U.S. dollar was created 230 years ago. The markets saw a continued sell off of the British currency after huge tax cuts were unveiled by the U.K. treasury last week. And in Italy, Giorgia Meloni seals victory for the far right after touting tax cuts, immigration restrictions and Euroskeptic economic reforms.
The Labor Department also notes what kind of fraud, and where. The SEC has charged Boeing with misleading investors after two deadly crashes. The worlds of commercial and residential construction carry differing experiences within the economy.
The SEC has charged Boeing and its ex-CEO for misleading investors in the wake of two deadly crashes. The Fed paints a harsher unemployment picture. Puerto Rico’s water system is reeling in the wake of Hurricane Fiona.
From the BBC World Service: After President Vladimir Putin announces mobilization of hundreds of thousands of reservists, Serbia experiences an influx of Russians hoping to avoid the war in Ukraine. U.K. Chancellor Kwasi Kwarteng slashes taxes for high earners in a “mini-budget” the government says will boost growth. And is Italy lurching to the right? The BBC’s Mark Lowen travels to Sicily ahead of elections on Sunday.
Executives from the nation’s largest banks are testifying before the Senate. We look at how the state of the housing market affects the home-flipping industry. The BBC checks out the effects of China’s zero-COVID approach on its economy.
We check in on the Federal Reserve following the interest rate rise. Melinda Gates tells us the world needs to check itself when it comes to some big goals.
From the BBC World Service: The Japanese government is snapping up its own currency for the first time in decades in a bid to stop the yen tumbling past 24-year lows. Elsewhere in Japan, Honda says it will continue to restrict production into a second month in October as it struggles with supply chain issues. And Beijing’s ongoing zero-COVID strategy comes up against local resistance in China.
The Fed announces its plan for interest rates today, and it’s widely expected to raise them. We discuss many things inflation with David Kelly of J.P. Morgan. Oil and gas prices spiked this morning on the heels of Vladimir Putin’s announcement to mobilize reservists for the war in Ukraine.
The Federal Reserve is set to announce its latest move on interest rates today. While inflation is a global problem, we look at how the Fed ends up determining how the world fights it. An attorney helps us dive into the machinations surrounding the Justice Department’s antitrust lawsuit against Google.
From the BBC World Service: Margrethe Vestager, one of the European Commissioner’s executive vice presidents and its competition commissioner, says funding alternative technologies is a crucial element in the transition away from Russian energy supplies. Plus, Germany reaches a deal to nationalize one of its gas giants. Uniper has been struggling after Russia significantly curtailed gas supplies to Europe in response to Western sanctions over its war in Ukraine.
How much is too much when it comes to fighting inflation? As central banks across the globe raise interest rates, there’s concern that all that raising could make things worse. The U.N. holds its first full in-person meeting of world leaders in years. We explore how supply chain issues have cooled off hot chicken businesses in Nashville.
From the BBC World Service: Gazprom, Russia’s state-owned energy company, is temporarily shutting down a pipeline to China. In Indonesia, a new digital privacy law could see huge fines and prison time for offenders. And, the European Commission’s competition watchdog, Margaret Vestager, talks to Marketplace about the future of Big Tech.
The housing market remains a rough place for both buyers and sellers under the cloud of inflation … and also rising interest rates. An expert helps explain how gerrymandering can actually impact credit.
The Fed will most likely raise interest rates during its two-day meeting, which begins tomorrow. Here to discuss that with us is Julia Coronado of MacroPolicy Perspectives. The BBC checks in with news from the Queen’s funeral in London. A hurricane has once again left much of Puerto Rico without power.
The Fed is about to begin its two-day meeting on interest rates. More scrutiny awaits the somewhat chaotic “buy now, pay later” landscape. What does it mean to have “anti-racist” layoffs?
From the BBC World Service: King Charles III has declared Monday a public holiday in the U.K. That means many businesses up and down the country have closed as a mark of respect to the late queen. But the decision wasn’t black and white … some flights have been cancelled at London Heathrow Airport and transport services are expecting large crowds. Plus, as thousands laid floral tributes, how have flower sellers managed the demand?
The global shipping giant has seen a drop-off in shipping volume, which could be an indicator of coming economic challenges. We also turn to Christopher Low of FHN Financial for additional insight. Then, we look into the logistical impasse that faces the concept of prescribed burns.
We speak to a New York Times reporter about stock trades and conflicts of interest in Congress. Signs from shipping giant FedEx are pointing to some economic challenges ahead.
From the BBC World Service: Consumer prices rose 9.1% last month from a year ago according to the E.U. statistics agency. To help consumers deal with the rising cost of living, Spain is now offering free rail travel for commuters. A strike by French air traffic controllers is causing hundreds of European flight cancellations. The British pound has plunged to a fresh 37 year low against the U.S. dollar.
First, there’s news that retail sales rose in August, which kicks off our conversation with Diane Swonk of KPMG. Elsewhere, it turns out high interest rates aren’t as bad for the markets as one may think. Then, we dive into the concept and some of the origin story of gerrymandering as part of our Econ Extra Credit series.
A rail strike that could have crunched the supply chain and damaged the economy has been averted mere hours before a deadline. The Biden administration plans to invest billions to battle greenhouse gas emissions. Sides are dueling on a plan to bury power lines in California.
From the BBC World Service: As President Putin suffers setbacks in his war in Ukraine, he heads to central Asia for an in-person meeting with China’s president, Xi Jinping. The UK is considering removing the cap on bankers’ bonuses. A Pakistan and United Nations appeal for funding to help flood victims has raised just a quarter of its $160m goal. People in Lebanon have been holding up banks to get access to their own cash.
First, Jeffery Cleveland joins us to discuss the recovering markets and inflation. We examine a snapshot of supplemental poverty data. Erik Gordon from the University of Michigan explains the significance of Twitter shareholders voting in favor of Elon Musk’s takeover bid.
The markets of the world recover from Tuesday’s inflation data. Gas prices are dropping, but prices for other things are high – we try to explain why. Lynn Malerba’s ascension to U.S. Treasurer carries special weight for Native communities.
From the BBC World Service: Delivering her annual state of the union address, Ursula von der Leyen said the Kremlin had put Russia on the path to oblivion. But the war in Ukraine has contributed to many economic challenges across Europe, with the European Commission president outlining proposals to deal with its impact on energy prices and supply. Plus, following the death of Queen Elizabeth II, Jamaica faces growing calls to remove the monarch as head of state.
The August consumer price index showed a drop in inflation … just not as much as many would have liked. Susan Schmidt joins us to discuss the general reaction to the data. Twitter’s former cybersecurity chief testifies before the Senate. China’s strict lockdowns are leading to local food shortages.
First, a report illustrates some of the struggles small businesses are still facing. As a rail strike looms, we look at the role the rail system plays in shipping. At least 500,000 people have had to leave the labor force because of struggles with long-haul COVID symptoms, according to a Stanford and MIT study.
From the BBC World Service: About 60 million people have been locked down across China since the beginning of August as the Beijing government continues its strict zero-COVID strategy. Plus, the European Commission prepares to announce measures to help its 27 member countries move away from using Russian energy sources. And, with worries the economic costs of supporting Ukraine might be too much for some NATO allies, Ukrainian President Zelenskyy calls for greater co-operation and more arms support.
There’s a sense among forecasters that inflated eased up last month, which should show in the upcoming consumer price index. Julia Coronado discusses that with us to open up the week. The Fed’s Beige Book offers a snapshot on demand for business loans. The BBC’s Victoria Craig helps us check in on the British economy in the wake of Queen Elizabeth II’s passing.
From the BBC World Service: Ukraine’s president, Volodymyr Zelensky, has accused Russia of attacking civilian infrastructure, resulting in widespread blackouts in the Kharkiv and Donetsk regions. There are concerns for how prepared the regions are for the upcoming winter. Plus, British economic growth slowed in July and another public holiday for the Queen’s funeral next week could dampen growth this month.
Many people lean on the U.S. News list of best colleges and universities to help make their school choice, but what goes into those rankings? Major credit card companies are going to start keeping track of gun store purchases. We check in on a Texas ruling that deals with employers, religious liberty, and HIV medication.
Russia has cut down its gas exports to Europe, leaving officials to figure out a solution as winter crawls closer. We get a less than promising update on the U.S. grain crop. Christopher Low of FHN Financial discusses why American consumers are borrowing more.
First, the BBC checks in as Britain and the world reflect on the life of Queen Elizabeth II. Then, we speak to an author about the rise of “quiet quitting” and its place in workplace culture.
From the BBC World Service: The United Kingdom and the world is remembering the life of Queen Elizabeth II, who has died. Her reign of 70 years was the longest in British history and she witnessed enormous political changes, including the development of the Commonwealth. In the U.K., a period of royal mourning will be observed until seven days after the Queen’s funeral and many sports events and businesses are also changing their plans for the coming days.
The European Central Bank and the Federal Reserve are fighting the same battle against inflation. Diane Swonk of KPMG helps us explore the link between the Fed and global economy. In the U.S., the West is generally holding up against an onslaught of heat, but we look into how power grids can generally hold up against the effects of climate change. Schools have money and a chance to catch students up on learning lost during the pandemic, but is it enough?
We take a quick look into the reasons companies like Walmart and McDonald’s have been issuing billions in bonds. A reporter from The New Yorker stops by to discuss her story about how a nursing home’s quality of care went downhill after a private equity firm purchased the place.
Jobs Day numbers are here, and so is Julia Coronado of MacroPolicy Perspectives to discuss them. We also talk about the variety of factors that have led to the homelessness situation in New York.
Union organizers at an Amazon warehouse in Staten Island have scored a legal victory. An aging water infrastructure is the culprit behind a troubling water shortage in the Mississippi capital of Jackson. The BBC checks in from Portugal, where new tech awaits the axe wielders who take part in the cork harvest.
From the BBC World Service: Record-breaking floods across Pakistan are estimated to have washed away 45% of the nation’s croplands and with resources on the ground in short supply, delivering aid is a mammoth task. Australia’s government is moving quickly to try to address a chronic worker shortage that’s left businesses scrambling across the country; it will raise its cap on permanent migration for the first time in a decade. And nations in the Western Balkans are meeting to discuss more regional economic co-operation.
First, Diane Swonk of KPMG joins us for today’s talk about what the markets are doing in the wake of new unemployment data. The Biden administration’s restrictions on computer chip sales to China and Russia have put a Silicon Valley chipmaker in a bind. The BBC reports on how the idea of speed limits on Germany’s Autobahn has accelerated debate among drivers.
But first, Oxfam America put together a list of the best (and worst) states for workers to live in, and there are a few things that link the worst states together. We talk to senior economics contributor Chris Farrell about the economic lessons one can take from the Rolling Stones.
From the BBC World Service: Australia’s government is holding a two-day summit in Canberra with business groups and trade unions to figure out what to do about a lack of workers for some jobs. Also, the International Monetary Fund approved a $1.2 billion loan for Sri Lanka to prevent an all-out economic collapse, after a week of talks with government officials. And, in Ethiopia, we hear about the early effects of losing out on a lucrative U.S. trade deal because of the unrest in the country.
Susan Schmidt checks in with us for our discussion about market activity as the ADP jobs report numbers emerge. Some states still plan on taxing canceled student loan debt. We look into where gig workers fit in with this constantly reshaping economy.
Today, ADP Research Institute and Stanford Economy Lab releases what they say is more detailed employment data. We talk about what it’s like to form a startup under the current economic conditions.
From the BBC World Service: Japan’s defense ministry has requested a record $40 billion for its next budget, even though the country can’t have an active military under its pacifist constitution after losing World War II. Plus, Russia has again cut off gas flows through the Nord Stream 1 pipeline to Germany. And, Germany considers a speed limit on its famed autobahn (freeways) as part of efforts to save fuel.
First, reports on consumer confidence and jobs emerged today, offering up a clearer picture on what’s been a weird economy thus far. We delve into the Jones Act and its role in heating oil shortages. The BBC reports on the arrival of a grain ship in time to aid drought-ridden east Africa. The spike in diesel fuel prices has left an impact on rural business.
The FTC has zeroed in on a company that sells geolocation data, adding more fuel to the discussion about data privacy. Speaking of being watched, some companies are using software to remotely track worker productivity.
From the BBC World Service: The MV Commander has docked in the Port of Djibouti and the wheat on board will be packaged and transported by road to neighboring Ethiopia, which is experiencing its worst drought in 40 years. Plus, Pakistan’s prime minister Shehbaz Sharif says a $1.1 billion IMF loan is a major step in efforts to put the country’s economy back on track. Separately, the government says early estimates suggest recent floods have caused at least $10 billion of damage. And, how drought is putting a squeeze on Spain’s olive oil production.
The Federal Reserve has spoken: It’s not backing down from a more aggressive interest-rate strategy to try to stamp out inflation. What kind of economic pain will that cause? And how long will it last? Plus, we look at how markets have been reacting to Fed Chair Jerome Powell’s speech from Friday at the Jackson Hole Economic Symposium. And, inflation is a global issue, but these lingering higher prices are caused by different things in different places. We break it all down.
The U.S. Department of Energy is warning that the supply of heating oil in New England is way below average, just as we head into the fall and winter. The Energy Department is telling states in the northeast to stockpile. Plus, this may not come as a surprise to many, but air travel complaints were up 35% in June compared to May, and they’re up almost 270% compared to pre-pandemic levels. And, why scooters, mopeds and motorcycles no longer get to park for free in Paris.
From the BBC World Service: That’s as countries across the European Union scramble to store enough energy for the winter, while the bloc cuts back on Russian supplies. Plus, Pakistan is launching a flash UN appeal for help as authorities struggle to cope with what’s being described as the worst flooding in the country’s history, with crops devastated. And, we hear how Brexit-related labor shortages are driving U.K. inflation.
It’s Day 2 of the Jackson Hole Economic Symposium hosted by the Federal Reserve. We check in with World Bank President David Malpass, who’s on the ground in Wyoming, about monetary policy around the world. Also, we delve into the latest downbeat earnings report from Peloton, the exercise equipment and fitness company that boomed during the peak of the pandemic but has since fallen back to Earth — hard.
T-Mobile and SpaceX are partnering to provide mobile service everywhere, using satellites to patch up coverage in areas where there are no cell towers. And, we take today’s “Economic Pulse” by speaking with Pedro, an immigrant day laborer who organizes other workers to prevent wage theft and poor working conditions.
From the BBC World Service: As Fed Chair Jay Powell takes to the stage at the Jackson Hole Economic Symposium, anticipation is building that he’ll double down on the U.S. central bank’s commitment to stamp out inflation. Rising prices are a problem all around the world. But economist Dr. Mohamed El-Erian explains the factors driving it are different region to region. Plus, Russia appears to be burning natural gas it could have sent to Europe. And, the French government says energy giant TotalEnergies has questions to answer about reports it’s been indirectly involved in supplying fuel to Russia’s airforce.
Officials in the Golden State are expected to approve a plan today that will ban the sale of new gasoline-powered cars by 2035. Auto regulations in California often influence other states to adopt similar rules. Also, we’ll preview the Federal Reserve’s big Jackson Hole Economic Symposium with economist Diane Swonk who will be in attendance. Plus, how China is aiming to boost the country’s economy with stimulus as it’s being hit by a strict zero-COVID policy, heat waves and more. Finally, a look at how your conduct matters when it comes to tort law and amusement parks. It’s some legal context for our “Econ Extra Credit” selection this month, “Class Action Park.”
The Biden administration has officially rolled out a plan to cancel some student debt for certain individual borrowers. But that doesn’t change the fact that the cost of college tuition is running at record-high levels. We look at why higher education is so expensive. Plus, get your Federal Reserve “bingo cards” ready for the Jackson Hole Economic Symposium, which kicks off today. If you want to know what to watch for in Fed Chair Jerome Powell’s speech planned for tomorrow, we have you covered. And, welcome news for consumers: A handful of retailers have recently announced they’ll be marking down products to try to get them out the door and clear excess inventory they’ve accumulated during the pandemic.
From the BBC World Service: Chinese officials are putting a total of $146 billion toward measures aimed at propping up an economy hit by severe drought, energy shortages and a strict zero-COVID strategy. Also, French President Macron is in Algeria for a trip aimed at repairing relations between the two nations. He will also likely focus on how the country can help Europe achieve energy security without Russia. And, the war in Ukraine hasn’t just disrupted daily life in that country. We hear how it’s wreaked havoc on the global food supply chain and those who work in it.
The whistleblower complaint from a former Twitter security chief alleges that the social media platform doesn’t know exactly how many fake accounts there are. That sounds a lot like one of Elon Musk’s reasons for pulling out of a $44 billion deal to buy the company. But Erik Gordon, a professor at the University of Michigan’s Ross School of Business, says that’s just the start of the potential legal trouble Twitter could face now. Plus, housing sales might be down, but prices aren’t there yet. What does that mean for the fight against inflation? We ask Susan Schmidt, head of U.S. equities at Exchange Capital Resources. Also, how extreme weather caused by climate change is yet another force contributing to inflation, especially in commodities like cotton. And, an update on fundraising money for aid in Ukraine.
Every August, Jackson Hole, Wyoming, becomes the center of the financial world for a few days as central bankers, academics and economists from around the world gather for a symposium. But how did this get to be such a big deal? A teachable moment and a history lesson for you today. Plus, the latest on reports that the Biden administration will make an announcement on federal student loan forgiveness. And, a plan in Washington, D.C., to help first-time homebuyers with low-interest loans at a time when inflation is making down payments more difficult.
From the BBC World Service: The U.S., which has already sent $10 billion to Ukraine, is expected to announce another $3 billion package, the largest so far. Charities of all shapes and sizes have been doing what they can on the ground, but recently giving has slowed. We caught up again with Ukrainian chef and cookbook author Olia Hercules in her London home to hear about her latest fundraising efforts. And, South Africans are taking to the streets to protest against soaring food and fuel prices, and ongoing power cuts.
Markets saw their worst day yesterday since June with traders worried about potentially more interest rate increases to come from the Federal Reserve. We’ll get a better idea of where the Fed is at when Chair Jerome Powell speaks Friday at the Jackson Hole Economic Symposium. Today, we spoke with Stifel chief economist Lindsey Piegza about what might be next in the Fed’s fight against inflation. Plus, the average minimum salary someone is willing to accept for a new job has risen since last year. We get the latest snapshot of the labor market. And, the demand for help from local abortion funds has risen as some states move to restrict or ban abortion.
There’s fresh data out on when and if the U.S. economy will see a recession — 72% of economists surveyed by the National Association of Business Economics believe we’ll be in a recession a little less than a year. But all this recession talk weighs on Americans and their mental health. We talked to one therapist and executive coach about why we may be feeling more anxious about the economy this time around. Plus, Ford announced yesterday that it would lay off 3,000 workers to cut costs as the automaker moves more toward electric vehicles. And, we hear about the economics of offshore wind farms in Scotland.
From the BBC World Service: Poland’s Grupa Azoty is one of Europe’s biggest fertilizer and chemical producers. It’s now suspended fertilizer production and cut back further on manufacturing of other chemicals due to the high natural gas prices. Plus, Scotland’s largest offshore wind farm is now generating electricity and will eventually generate enough power for 1 million homes. And, Japan’s supermarket on wheels is offering a lifeline to older consumers.
A federal relief program for farmers of color is facing changes with the passage of the Inflation Reduction Act. We delve into how the legislation strips out language referencing race, and what that means for farmers who have been waiting for the money. We talked to Julia Coronado, founder and president of MacroPolicy Perspectives, on the latest in the global economy and the buzz ahead of the Jackson Hole Economic Symposium hosted by the Federal Reserve. Also, we hear from Japan about the country’s struggle to combat work days that are so long they might be illegal.
The oil giant Chevron recently launched a news website geared toward the population of the Permian Basin in Texas, complete with local stories about puppies laid side by side with stories about the company. We talk to Molly Taft, who writes for Gizmodo, about what this site says about journalism in the digital age. Plus, there’s a new report out today from the Joint Economic Committee in Congress that delves into which people are most susceptible to being “unbanked” and “underbanked,” and what kinds of problems that causes. And, Cineworld, the owner of the Regal chain of movie theaters in the U.S., has filed for bankruptcy protection.
From the BBC World Service: A rare cargo of liquified natural gas is arriving in England, and some of it could be piped to mainland Europe. Many European countries are struggling to find a solution to an energy crisis after Russia cut gas flows through the Nord Stream 1 pipeline to just 20% of normal levels. Plus, more than 10,000 employers in Japan have been found to be forcing staff to work illegally long hours. And, as South Africa expands its vaccine production capacity, is more localized manufacturing still relevant?
Data this week seem to indicate that the white-hot housing market is finally cooling down. We dive into what could be causing the chilling effect, including rising interest rates and still-sky-high prices for homes. And, we speak to FHN Financial chief economist Christopher Low about the latest buzz with the Federal Reserve and meme stocks.
It’s been a hot summer in much of the country so far, and the number of extremely hot days is expected to rise because of climate change. We look into how heat affects worker productivity, especially for people who work outside. The Big Ten collegiate sports conference closed in on what’s being reported as the most lucrative sports media contract in college sports yesterday. We cover the details. And, hear from two enterprising youngsters in Wisconsin who got a chicken coop and started their own business selling eggs.
From the BBC World Service: After two years of regulatory crackdown, why has there been such a stark and sudden change in tone toward the Chinese tech sector? Plus, the sister of North Korean leader Kim Jong Un has rebuffed an aid plan from South Korea calling it “the height of absurdity.” And, how extra summer sun is great for Sweden’s light-time economy.
First, we check in with KPMG’s Diane Swonk about some signs that hiring is strong. A federal judge in Ohio has ordered CVS, Walgreens and Walmart to pay $650 million dollars in damages to two counties that sued over the dispensing of opioid painkillers in their communities. The BBC reports from Tanzania about farmers struggling with a lack of fertilizer due to chaos surrounding food prices and supplies, as well as the war in Ukraine.
But first, it appears meme stocks are back. We look into whether or not that actually helps companies. Then, we talk about fun and risk with a lawyer who has built a class around the chronicled perils of a defunct and notorious amusement park.
From the BBC World Service: Leaders from the United Nations, Turkey and Ukraine are meeting in Lviv to work out how to deal with a backlog of grain exports from Ukraine. Plus, Washington has announced its will begin talks with Taiwan on a new trade and investment deal, turning up the heat on simmering tensions with China. And, a global shortage of fertilizer and the high price of importing it is putting pressure on African farmers in Tanzania.
First, retail data for July has emerged from the Commerce Department. The downturn in new home construction offers a peek into the state of the housing market. The BBC reports on food prices and the pressure they bring to Peru and Nigeria.
Later this year, it’ll be possible to acquire hearing aids without a prescription. We attempt to read the tea leaves on retail data and consumer behavior. The BBC reports on how Cuba will allow foreign investment in local wholesale and retail trade for the first time since 1959.
From the BBC World Service: Residential areas in China’s southwestern Sichuan province have been told to limit the amount of electricity they’re using. Plus, Cuba will allow foreign investment in local wholesale and retail trade for the first time since the 1959 Communist revolution. And, what price pressures mean for families and businesses in Peru and Nigeria.
First, we take the economy’s pulse with the help of MetLife’s Drew Matus. States that rely on the Colorado River are struggling with the logistics of conservation as a government deadline has come and gone. China correspondent Jennifer Pak discusses the job environment for the nation’s young people.
The soon-to-be signed Inflation Reduction Act includes a variety of health care provisions, including allowing Medicare to negotiate over prescription drug prices. There appear to be questions on a vaccine plan against COVID variants. We check in with the BBC’s Victoria Craig regarding her chat with the former governor of the Afghan Central Bank.
From the BBC World Service: William Ruto wants to unite his country after a narrow election victory. More than half the election commission’s members have rejected the outcome and the result could be subject to a legal challenge. Plus, a year on from the Taliban takeover in Afghanistan, we hear from the former central bank governor Ajmal Ahmady about the status of $7 billion in central bank assets, which are frozen in the U.S.
Gas prices have dropped, but that hasn’t led to the big bump in consumer sentiment some might have expected. We check in on the minutes from the Fed’s July policy meeting. The BBC checks in on Afghanistan one year after the Taliban’s seizing of control. It appears colleges still have a long way to go when it comes to dealing with small businesses owned by people of color.
First, we peek ahead to some big retail data coming out this week. The People’s Bank of China makes a surprising move. Felicia Wong of the Roosevelt Institute discusses what could be next for the Democrats following a number of agenda victories.
From the BBC World Service: The People’s Bank of China cut its benchmark interest rate for the second time this year, in a surprise move after data showed slower than expected economic growth in July. Plus, South Korea promises aid to North Korea if the country stops developing nuclear weapons. And, a year after the Taliban seized power in Afghanistan, many women and girls are still excluded from work and formal education.
Christopher Low measures market activity with us. A wrinkle in the ongoing saga of gas prices: The price of crude is rising. The BBC looks in on how new COVID restrictions in the East have affected local lives as well as the global supply chain.
People are still leaving jobs to find new ones at record level, and data shows that it’s generally working out for them. Speaking of records, the demand for vinyl remains high, so we talk to someone at a record-pressing plant to get a sense of how the industry is adapting to new challenges.
From the BBC World Service: Lee Jae-yong was convicted of embezzlement and bribery, but the Seoul government says he’s needed back in charge of the country’s biggest company to help the post-pandemic economic recovery. Plus, an armed man took hostages at a bank in Lebanon and demanded access to his frozen savings. And, the Swedish firm that’s developing a less environmentally intensive kind of steel.
We talk cooling inflation and producer price index with Diane Swonk of KPMG, then we examine how the Nasdaq appears to have regained some of its footing and returned to a bull market. Grocery prices are rising faster than the cost of eating at a restaurant. The BBC reports on Gambia’s efforts to address the issue of people without addresses.
However, gas prices vary from one state to another … why is that? We try to explain. The BBC reports on basement apartments in South Korea in the wake of record rainfall and flooding. Art critic Blake Gopnik talks about a new exhibit that touches on industry and economics.
From the BBC World Service: Low water levels on the River Rhine mean vessels are having to limit the load they can carry. Following flooding in Seoul, South Korea, authorities are moving to ban basement apartments. Plus, we hear how disruption to China’s manufacturing hubs is impacting supply chains around the world.
Susan Schmidt, head of U.S. equities at Exchange Capital Resources, helps us look into fresh data that indicates a cooling economy. Former president Donald Trump is testifying in New York regarding the probe into his business practices. Plus, a closer look at the infrastructure for electric vehicles in Florida.
There could be a spoiler in the Inflation Reduction Act’s incentives to get electric vehicles. Disney Plus may have found a way to elude a Netflix-style post-lockdown subscriber scenario. We look into how the timing of review blackmailing scams is affecting targeted restaurants.
From the BBC World Service: Major electricity price hikes are adding pressure for people in Sri Lanka who are already struggling to afford the basics. The country has seen more anti-government protests amid an ongoing economic crisis. Plus, Germany plans to raise income tax thresholds and child benefits to try to help struggling households. And, how can you get deliveries if you don’t have a formal address? The Gambia in west Africa is rolling out a new digital system.
We try to explain, with some help from Jeffrey Cleveland of Payden & Rygel. The U.S. is sending another $1 billion dollars in military aid to Ukraine. A variety of factors are weakening Russia’s grip on the crypto mining industry.
Some of the provisions in the Inflation Reduction Act put a focus on how climate change can affect at-risk communities – specifically, environmental inequity. Also, while we might be done with supply chain problems, it appears those problems aren’t done with us.
From the BBC World Service: At least eight people died after torrential downpours in the South Korean capital, with some trapped in subterranean apartments, which are frequently occupied by lower-income households. Plus, fears are growing of a worsening energy crisis in Cuba after vital fuel-storage tanks were destroyed by a fire in the port city of Matanzas. And, fed-up homeowners in China have decided to move into their unfinished tower blocks after developers halted work.
Consumers are still spending money and taking out loans, normally good signs for the economy. The catch: They’re saving less, and banks are preparing to deal with more loan delinquency in the coming months as things get more expensive. We take a look at today’s increasingly “weird” economy with Julia Coronado, president and founder of MacroPolicy Perspectives. Chinese exports grew in the past months, according to new data, partly because things are coming back to normal after COVID lockdowns. And, Amazon bought iRobot, the company that makes the Roomba line of robotic vacuums, to boost its smart home offerings.
Democrats passed their marquee climate and spending package late yesterday, a victory for the Biden administration as it seeks to reinvigorate its domestic agenda. We look at what provisions didn’t make the final cut, including a proposal to close the so-called “carried-interest tax loophole.” A new study finds that children with friends of different income levels saw a notable reduction in poverty rates later in life. Also, new data on worker productivity is due out tomorrow, and it may show continued declines because of the pandemic.
From the BBC World Service: Whoever wins in Kenya will take on economic challenges including record inflation, drought and mounting national debt. Plus, Colombia’s new president, Gustavo Petro, pledges a raft of reforms and says he wants to reduce Colombia’s reliance on coal. It’s one of the largest exporters in the world. And, the stress, hunger and poverty facing people in Afghanistan, as foreign funds that once paid for its public health system have been frozen since the Taliban seized power.
The U.S. economy added 528,000 jobs in July, according to the latest jobs report, far outpacing expectations. We dig into what that means amid high inflation and whether this dampens fears of a recession. More on the reasons why the labor market will likely stay hot for the foreseeable future, including Baby Boomer retirements and declining immigration. Also, China has imposed sanctions on House Speaker Nancy Pelosi after her visit to Taiwan.
The CHIPS and Science Act puts aside tens of billions of dollars in funding for the National Science Foundation, the nation’s government research agency. We talked to the NSF’s director, Sethuraman Panchanathan, about what the money means and how it would contribute to American scientific advancement in coming years. Democratic Senator Kyrsten Sinema of Arizona, a key swing vote in the party, announced yesterday that she would support the party’s “Inflation Reduction Act” tax and climate bill. A class-action lawsuit has been filed against Equifax, which acknowledged that some users’ credit scores were miscalculated due to a “coding issue.”
From the BBC World Service: The Chinese Foreign Ministry described Speaker Pelosi’s visit to Taiwan as an “egregious provocation” and that it ignored China’s “serious concerns”. Plus, three more grain ships have sailed from Ukraine, bound for Turkey, Ireland and the U.K. Also, medical recruitment is a global challenge for hospitals.
The Bureau of Labor Statistics’ JOLTS report is out, and it indicates that the labor market may be in the early stages of cooling off. We talk about what the report means, and if businesses are feeling less hiring pressure. The Bank of England raised rates today in its biggest increase since 1995. And, horses are back working in French wine country, bucking their mechanical tractor counterparts.
Senate Democrats are working out the details of their latest spending bill, dubbed the “Inflation Reduction Act.” We go over what’s been going on with the bill, and some contentious corporate tax proposals. Tensions between Taiwan and China are starting to disrupt commerce and some flights. The Department of Transportation is beginning to take comments on a potential move to boost protections for airline passengers seeking refunds for tickets.
From the BBC World Service: We hear from the President of the American Chamber of Commerce in Taiwan, an organization with more than 500 member firms there. Plus, the Bank of England is expected to make its biggest interest rates rise in 27 years. And, with fears of gas shortages intensifying in Germany, businesses are preparing for what could be a tough winter ahead.
China correspondent Jennifer Pak joins us to discuss the economic implications of House Speaker Nancy Pelosi’s visit to Taiwan. The rate of people who don’t have health coverage in the U.S. has lowered. The surge of warehouse building raises concerns about the environment.
From the BBC World Service: Taiwan’s President Tsai highlighted a growing military threat from China, the economic reality of the highest-profile U.S. visit in 25 years. Plus, inspections on the first grain ship to leave Ukraine since the war broke out have been completed in waters off Istanbul. And, farmers say Dutch government proposals to reduce nitrogen emissions in the sector by 30% are unrealistic and unfair.
The bill especially helps Iraq and Afghanistan war veterans exposed to toxic burn pits. Questions are swirling around schools’ use of tracking software on student laptops. A study finds that low-income people suffer the most when it comes to the effects of wildfires.
Global shipping giant Maersk offers up a snapshot of the state of the supply chain. Larry Adam at Raymond James co-pilots today’s discussion about market activity. A study reveals that in the face of rising costs, there’s no place like home for younger people.
BP raked in $8.5 billion in profits in the three months ending in June, and you can add that figure to the mountain of profits from other Western oil and gas companies. The position of substitute teacher has grown in prominence. High-tech companies in the U.S. are investing in China, and that raises a lot of questions.
From the BBC World Service: China has already warned of “disastrous consequences” if the U.S. House Speaker visits the island. Even the possibility of the trip has sent geopolitical tensions soaring between the U.S. and China. And geopolitical tensions can quickly spill over into economic ones for Taiwan, which is home to one of the world’s main semiconductor chip makers. Plus, the people making a living from selling waste from a landfill in Argentina.
Julia Coronado joins us to discuss the markets, which reflected a short burst of positivity as July concluded. But, while corporations are feeling better about the economy’s future, lower-income consumers are not. Plus, the Biden administration has launched an online heat check in response to the summer’s extreme temperatures.
The trial over the proposed merger of two massive book publishing companies tells us something about how the Biden administration could enforce antitrust in the future. The head of the Pacific Institute clues us in about the role of business in the world’s water security situation.
From the BBC World Service: It’s hoped to be the first of many commercial sailings and is expected to arrive in Lebanon’s Tripoli Port in around six days. That’s because the Lebanese port of Beirut is largely not operating following a deadly explosion in 2020. Plus: China, South Korea, Taiwan and Japan have reported manufacturing slowdowns. And, previous success for Germany’s women’s soccer team hasn’t always translated into more support or money for the sport.
The Federal Reserve’s preferred gauge for inflation went up 6.8% in the year that ended in June, reaching yet another 40-year high. It’s difficult to say, then, that we’ve hit peak inflation, and that’s stretching consumers even thinner, says Christopher Low, chief economist at FHN Financial. A look at what’s in the CHIPS Act, the semiconductor-boosting bill that’s expected to be signed into law soon. And we talked to APM Reports about their recent investigation into allegations against a popular COVID testing company.
West Virginia Democratic Sen. Joe Manchin has announced his support for a sweeping $430 billion dollar package in the Senate that aims to address climate change and health care. We delve into what’s in the bill and what Manchin’s support means for its prospects in Congress. Plus, a look into Amazon’s latest company results and what they mean for the retail sector. And China is reportedly considering a relief fund for embattled property developers.
From the BBC World Service: Britain’s defense secretary, Ben Wallace, says a private Russian military company called the Wagner Group has likely been tapped to send troops to the frontlines in Ukraine. Also, the Eurozone reported stronger-than-expected economic growth. Plus, a ship carrying grain from Ukraine is expected to depart Odesa for the first time since the war began. And, you’ve probably heard the phrase “paperless office”, but what about the idea of de-printing and reusing the same paper again?
GDP declined 0.9% in the three months ending in June, and what that means is up for debate. The natural gas saga between the European Union and Russia has affected German chem company BASF. We talk more about finding purpose in your work with “Severance” as a backdrop.
The Fed has raised rates again, and we are about to get a first look at economic growth in the second quarter. As part of our examination of the Apple TV+ show “Severance,” we speak to a Wharton professor about the quest to find purpose in work.
From the BBC World Service: As Russia continues its war in Ukraine, we hear how an agreement struck last week means Turkey will play a vital role in ensuring safe passage for ships from Ukraine. Plus, French President Emmanuel Macron has been on a tour of western Africa as part of a trip to strengthen ties with the continent. And we hear about a new book from the “Time-Travelling” economist.
Some of the funds set aside from the pandemic relief law allow state and local governments to bolster affordable housing. David Kelly of J.P. Morgan reads the market tea leaves with us. The BBC reports on how chaotic heat is affecting wheat production in Europe.
Today, U.S. central bankers will send out the message that they’re making it more expensive to borrow money. In the face of mounting demand, Boeing is struggling with supply chain problems. Then, we talk robots in the workforce with senior economics contributor Chris Farrell.
From the BBC World Service: A German gas grid operator says the gas flow it’s receiving through the Nord Stream 1 pipeline is now about a fifth of its capacity. Moscow-controlled Gazprom says another turbine needs maintenance, but European officials say that excuse is a smokescreen. Plus, a reduction in gas supplies is a big problem for German industry. And, drought and heatwaves have damaged the wheat harvest in many places, except in Russia.
The bill would provide $52 billion in subsidies to chip manufacturing, but is that enough? The Port of Oakland is up and running following a contentious trucker blockade over independent contracting. The BBC reports on overtourism in India.
The country’s biggest retailer is expecting a drop in profits this year as people ease up on buying things. The BBC reports on Chinese e-commerce giant Alibaba getting a listing in Hong Kong as well as New York. Also, we discuss the post-crash future for crypto.
From the BBC World Service: EU energy ministers hold emergency talks in Brussels after Russia said it will further cut gas deliveries to Europe. Plus, how Chinese e-commerce giant Alibaba plans to have its primary share listing in Hong Kong as well as in New York. And, the ecological toll from a rush of tourists on India’s fragile hill and mountain retreats.
Julia Coronado of MacroPolicy Perspectives examines market activity with us. Treasury Secretary Janet Yellen tried to ward off recession talk over the weekend. More programs designed to help students with mental health issues adapt to college have emerged.
A survey shows that corporations are growing more concerned about a recession. A popular biscuit maker provides a picture of inflation and supply chain problems. Learn what it means to be a “chief heat officer.”
From the BBC World Service: Reports indicate a more than $40 billion Chinese state fund is due to be unveiled this week. Plus, the Philippines’ newly elected president, Ferdinand Marcos Junior, has vowed to revitalize his nation’s troubled economy. And, the scale of grain shipments waiting in Ukraine to be distributed.
We check in on the state of manufacturers, and it turns out they have some concerns. The Chinese ride-hailing app Didi just got hit with a billion-dollar fine over cybersecurity. After an economic crisis more than a decade ago forced people to leave Greece, there are signs people are coming back.
So far, earnings season has not been great to social media companies that depend on ad sales. We take a deeper look into the spike in jobless claims. Some school districts have had to get creative in finding teachers as the start of the school year approaches.
From the BBC World Service: Turkey has announced it has negotiated a plan between Russia and Ukraine to potentially allow vital exports to resume through the Black Sea. Sri Lanka’s new president announces that he’ll maintain his role as finance minister. And we hear from the people reversing the trend of brain drain in Greece.
We start off with Diane Swonk of KPMG for a snapshot of today’s market activity. The BBC’s Victoria Craig checks in from Greece regarding the European Central Bank’s interest rate hike. A survey finds troubling inequities in who gets paid time off. Major League Baseball has reached a pact with minor leaguers over pay.
The growing concerns about a recession are forcing many tech companies to re-evaluate staffing in a variety of ways. We speak to an epidemiologist about how the monkeypox outbreak is shining a light on still-existing health infrastructure issues.
From the BBC World Service: The European Central Bank will raise interest rates today for the first time in 11 years. What does that mean for heavily indebted southern European countries like Greece? Victoria Craig has this special edition of the program live from Athens.
Susan Schmidt discusses market activity with us as numbers show dropping home sales and mortgage applications. Also, the BBC provides an update on how Europe is handling the Russian gas conundrum. We speak with the BBC’s Victoria Craig about the interest rate decision from the European Central Bank.
The electric car giant is expected to roll out adapters for its Supercharger system, which can charge vehicles in minutes. Also, the European Central Bank is on the verge of following the Fed’s anti-inflation play of raising interest rates.
From the BBC World Service: Former Prime Minister Ranil Wickremesinghe has been elected Sri Lanka’s president by the parliament. The European Commission is expected to outline proposals for EU countries to reduce their gas consumption by up to 15%. And we catch up with Marketplace’s Victoria Craig, who’s in Greece ahead of tomorrow’s expected rate hike from the European Central Bank.
Banks are making less, courtesy of a slowdown in corporate dealmaking. But they are also reporting that consumer and business lending have grown in the past year. Paul Christopher of Wells Fargo joins us for today’s chat about market activity. With the European Union ready to stop importing Russian coal, some countries in Africa have stepped in to fill the energy void.
There’s progress in the Senate on a bill that could help spark the creation of more semiconductor chips. Homes are still hard to get, even though data shows that the housing market is slowing down. Netflix is trying a few things to adapt to its post-pandemic reality of falling subscriber numbers.
From the BBC World Service: Vladimir Putin will be in Iran today on only his second trip out of Russia since his invasion of Ukraine began. Chinese authorities say they are starting a ‘clean up’ of the internet. A heat wave continues to break records in the U.K. – and melt critical infrastructure.
Mounting costs of food have exacerbated food insecurity, according to food banks that have seen double the number of visitors in some cases. Michael Hewson helps us interpret today’s market activity. The BBC reports on the landscape of tech employment within the United Kingdom.
There’s some official buzz that oil production from the Middle East could be on the rise after President Biden’s visit to Saudi Arabia on Friday. The BBC reports on the heat wave in Europe, which has ignited wildfires that have caused evacuations in Spain, France and Portugal. Thanks to inflation, the real value of the federal minimum wage is the lowest it’s been in more than 60 years.
The story by Savannah Maher about the federal minimum wage in this episode contained an error that has been corrected. Please visit the story page.
From the BBC World Service: Amidst the second heatwave in a month, tens of thousands of people have been evacuated in Spain, France and Portugal. The U.K. is set to become home to the world’s largest automated drone superhighway. Protesters have been on the streets of Budapest for nearly a week demonstrating against proposed changes to Hungary’s tax system.
China’s strict COVID lockdowns have kept cases largely under control there. But at what cost? Today we got a snapshot from second-quarter GDP growth numbers. Plus, we break down the latest retail sales numbers with FHN Financial’s Christopher Low. Also, Sen. Joe Manchin of West Virginia appears to have spoiled the next part of the Biden administration’s economic agenda. And, a look back at how the housing shortage in the U.S. has gotten so dire.
Social events in the workplace can be great if you’re new or need a chance to network. And don’t get me wrong — you don’t want a completely bleak work environment with no play. But the “forced fun” can get old real quick. As part of our Econ Extra Credit project, this month we’re watching the Apple TV+ show “Severance,” which satirizes all that office merriment. Also on the show today: a progress report for U.S. oil producers who are trying to pump more crude to help bring fuel and energy prices down.
From the BBC World Service: Italian Prime Minister Mario Draghi has tendered his resignation after the populist member of his coalition government, 5-Star Movement, withdrew its support for a confidence vote. Also, China’s latest growth figures are a far cry from the country’s own target. And we look at how Lebanon’s reliance on remittances — money sent by citizens working abroad — is being hit by the global economic crisis.
Diane Swonk of Grant Thornton joins us on a day where stocks have opened lower and the producer price index is up. Treasury Secretary Janet Yellen is entertaining the idea of a price cap on Russian oil. The World Economic Forum once calculated that it would take a century to reach gender parity around the globe. Now … it says it’ll take even longer.
A big part of Wednesday’s hot inflation reading was the cost of gas, where retail price lags behind the wholesale price. That normally would lead to a boost in the use of mass transit, but that’s not the case. The BBC reports on how Ukraine, Russia, the U.N. and Turkey appear closer to a deal on resuming exports of Ukrainian grain from the Black Sea. We discuss how the waves of flight disruptions and cancellations during the pandemic have taken a toll on flight attendants.
From the BBC World Service: Sri Lankan President Gotabaya Rajapaksa, who still has not officially resigned, fled to the Maldives yesterday. Now he’s going to Singapore – we look at the reasons why. There’s been some progress in talks between Ukraine and Russia about getting Ukrainian grain out of the country and to hungry people around the world. A major new study suggests that people in the Arab world are losing faith in democracy’s ability to deliver economic stability.
Susan Schmidt of Aviva Investors joins us to discuss the markets shortly after the June consumer price index came in higher than expected. Contingencies are making a comeback in the housing market. A study shows that people left big cities in record numbers during the pandemic.
Inflation has affected everyone, but it’s been been especially damaging for low-income members of the U.S. military, as many of them are also struggling with access to food. In keeping track of the falling euro, we discuss how the weakened currency affects the U.S. companies that export goods to Europe.
From the BBC World Service: Thousands of Sri Lankans have tried to storm the offices of Prime Minister Ranil Wickremasinghe after he became interim president of the country. Russian and Ukrainian delegations are in Turkey to discuss ways to get millions of tons of grain exported from Ukraine. We hear how Nigeria is working to plant more coconuts in an effort to cut its reliance on imports.
The operator of the Texas power grid is asking people to not run their air conditioners as much in the face of blazing summer heat. Jeffrey Cleveland of Payden & Rygel joins us to discuss the state of the markets and where the Fed plans to take interest rates. Inflation and other factors haven’t stopped businesses popping up in rural parts of the country.
With our friends from “Million Bazillion,” we discuss why talking to kids about money should be a regular thing. We’ve entered the window of time for the reporting of second quarter earnings, but the specter of inflation has cast a shadow over companies’ expected profit numbers. Unpaid medical debts are about to stop weighing down credit reports.
From the BBC World Service: For the first time since 2002, the Euro and the dollar are flirting with parity. Russia has taken the Nord Stream 1 pipeline offline for routine maintenance, and today Norway is reducing the supply of natural gas sends to Europe because of an incident at one of its gas fields. The gas fields of the Netherlands are another option for Europe – though not one without problems.
The Department of Transportation has wrapped up 10 investigations into denied or delayed refunds for airline customers following waves of disrupted flights during the pandemic. Maintenance has begun on the Russia-to-Germany gas pipeline, but there are concerns that gas might not get turned back on. Fire season approaches for California, and we discuss the state’s readiness for it.
Twitter stock is down after Elon Musk has decided to pull out of his deal to acquire it, and we look into the potential saga surrounding the billion-dollar breakup fee. Employment in manufacturing has risen to pre-pandemic levels. The video game industry, which boomed during the pandemic, could see its growth start to slow down in the face of inflation and the fact that more people are heading outside.
From the BBC World Service: Sri Lanka’s president has fled the country and confirmed he’ll leave his post. Economists say any delay to its debt negotiations could plunge the country further into uncertainty. Ten days of annual summer maintenance work has begun on the Nord Stream 1 pipeline, which carries natural gas supplies from Russia to Germany. But there are fears that gas flows won’t return after the scheduled outage.
The Labor Department’s report this morning shows the U.S. added 370,000 jobs in June, which leads us into our discussion with Julia Coronado of MacroPolicy Perspectives. The Great Resignation is showing slight hints of slowing down. Even in the face of inflation, gig work still appears to be a solid option for a lot of people.
We preview this morning’s upcoming jobs report for June, where the data could be an indicator of how the Fed could handle another interest rate hike. Shinzo Abe, Japan’s former prime minister, has died after being shot during a campaign event. Author Kathryn Judge discusses the place of middlemen within the current economic climate.
From the BBC World Service: In a rare incident of gun violence in Japan, Shinzo Abe has been shot dead while giving an election speech. The G-20 gathering of foreign ministers in Bali is bringing together Moscow and its staunchest critics for the first time since the war in Ukraine began. This weekend, Muslims around the world will be celebrating Eid al-Adha. But the rising cost of living in England is forcing many families here to cut back on festivities.
We check in with the BBC’s Victoria Craig for the latest on the resignation of British Prime Minister Boris Johnson, who addressed media earlier today. What could be the potential economic effects? The payroll processing firm ADP is pausing its usual “jobs week” report for an upgrade on their methodology. We look into why people are viewing the economy in a negative light despite the evidence of a strong jobs market.
Foreign ministers of the Group of 20 countries – including the U.S., Russia and China – are converging in Bali today. Among the talking points: the Ukraine war and its effects on poverty, energy and food security. The BBC has the latest on British Prime Minister Boris Johnson’s impending resignation. Marketplace senior economics contributor Chris Farrell discusses how the flawed U.S. child care system adds to the burden of the economy.
From the BBC World Service: Days of political turmoil in London have culminated in an agreement today from U.K. Prime Minister Boris Johnson to step down. Foreign ministers from 20 of the world’s biggest economies are gathering in Bali to talk about disruptions to food and energy supplies. And we hear what like is like for businesses in Kyiv today.
There’s been a duel among brokers, exchanges, and the SEC over fees associated with up-to-the-second stock market data streams. The SEC tried to do something about the control exchanges have over those streams, but an appeals court struck down the agency’s proposed rule change. We dive into the world of socially responsible investing with Amy Domini, founder and chair of Domini Impact Investments.
We check in with the latest movement on the oil markets with Fernando Valle, senior energy analyst at Bloomberg Intelligence, after oil markets displayed some volatility earlier this week. Sticking with oil, we break down some of the dynamics behind why Iran and other countries have been forced to sell at lower prices. We also examine how long the spending trend of services over goods can hold up.
From the BBC World Service: Late yesterday, U.K. finance minister Rishi Sunak resigned, attacking Prime Minister Boris Johnson’s leadership and saying people wanted competence and integrity. Norway’s government has imposed a forced settlement on striking oil and gas workers. We look at the legacy of OPEC’s secretary general Mohammad Barkindo, who was instrumental in the expansion of the organization.
It’s time for a check-in on the trucking industry, which has been at the forefront of everything from supply chain issues to driver shortages. Now, inflation and high gas prices are looming. The Supreme Court has ruled that the Biden administration can do away with the Trump-era “remain in Mexico” policy, which required asylum seekers to stay in Mexico among dangerous conditions along the border while authorities dove into their court cases. Many eyes are on what the administration does to replace the policy.
In West Virginia, a federal judge has ruled in favor of three major drug distributors in a lawsuit over the opioid addiction epidemic. Two local governments had sued, arguing the distributors shared blame for the crisis, which has killed nearly half-a-million Americans. The re-emergence of coal in Europe – due to the saga over Russian gas – could mean setbacks when it comes to meeting global climate change goals.
From the BBC World Service: A strike of offshore workers in Norway is likely to cause a significant reduction in oil and gas destined for Europe. In neighboring Finland, a sand battery may hold the key to how we can use renewable energy when the weather doesn’t cooperate. And as President Biden is considering lifting some tariffs on China, U.S. Treasury Secretary Janet Yellen holds talks with the Chinese Vice Premier.
Those are the larger takes from the survey from the McCourtney Institute for Democracy. For more, we spoke with Eric Plutzer, a political science professor at Pennsylvania State University and director of polling at the McCourtney Institute. Fears of wildfires have ignited a run on “safe and sane” fireworks. The BBC reports on a conference dedicated to the rebuilding of Ukraine.
A Supreme Court ruling last week has caused confusion about states’ authority and non-Native businesses on tribal lands, with some saying the ruling ultimately threatens tribal sovereignty. The Bureau of Economic Analysis has data that shows a decline in consumer spending, thanks to inflation. The Brexit discussion has been rekindled due to cost-of-living struggles in the U.K.
The world’s central bankers continue their meeting in Portugal, with the main theme being a familiar one: inflation. Marketplace’s China correspondent Jennifer Pak gives us another check-in from Shanghai, where COVID quarantine restrictions have changed for travelers. The BBC reports on how the war in Ukraine and drama surrounding Russian gas has led to a return to coal, leading to South African producers struggling with a surge in demand.
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There’s been a surge in the sales of emergency contraception in the wake of the Supreme Court’s overturning of Roe v. Wade. The surge has led some major U.S. retailers to how much people can buy at once. The Federal Trade Commission is suing Walmart over its money transfer services, saying for years, Walmart did too little to combat fraudsters who used its services to receive payments in telemarketing scams. Marketplace Tech host Kimberly Adams joins us to discuss concerns about whether tech companies are sufficiently protecting data related to abortions and reproductive health.
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From the BBC World Service: Now that Turkey has dropped its opposition, Sweden and Finland look set to join NATO shortly. Finland’s president told the BBC what joining the alliance would mean for his country, especially given its proximity to Russia. A bee parasite has Australia’s honey industry on lockdown. And as many countries turn away from Russian coal, South Africa’s coal mines can barely keep up with the increased demand.
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Lina-Maria Murillo, an assistant professor of gender, women’s and sexuality studies at the University of Iowa, speaks with us about the changing landscape of abortion access and the consequences of those changes. David Kelly of J.P. Morgan joins us to discuss the markets. Corporate leadership is becoming less politically bipartisan, according to a recent research paper.
Facebook and Instagram have taken down posts that had been offering abortion pills. The posts sprang up in the days shortly after the Supreme Court’s overturning of Roe v. Wade. As Pride Month moves closer to conclusion, we take a look at how an LGBTQ-owned business has chosen to celebrate it.
From the BBC World Service: European Central Bank Chief Christine Lagarde has taken the podium this morning at an annual gathering of European policymakers in Portugal. Meanwhile in the Spanish capital Madrid, NATO leaders are trying to convince some member states to increase defense spending. And we remember Italian businessman Leonardo Del Vecchio, who helped make it cool to wear glasses.
Marketplace’s Meghan McCarty Carino discusses how companies are entering new territory with their offers to cover travel expenses for employees seeking abortion services. The BBC reports on Russia being on the verge of defaulting on its foreign debt for the first time in a century. Julia Coronado discuss the markets with us.
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Many U.S. companies are keeping quiet about the Supreme Court’s Roe v. Wade decision, but some have spoken up. We take stock of some of the mounting financial obstacles that await people trying to access abortion services. Wage gains for some workers could stop as a result of the Fed’s ongoing battle against inflation.
Reports say the G-7 summit of top industrialized nations is reportedly planning to make unprecedented commitments to Ukraine. Russia now appears to be in default on its international debt. And as Western countries turn their backs on Russia, Sri Lanka is desperately turning toward Moscow for help as an economic crisis there continues to worsen.
The ruling on Roe v. Wade could have a big effect on tech business located in states where abortion could become banned, especially when it comes to drawing tech talent to those states. We look into how gas prices could force a lot of drivers for ride-hailing services to re-evaluate the worth of having that side hustle. Christopher Low joins us to discuss the markets.
We speak with Dan Erickson, the creator, showrunner and head writer of the Apple TV+ show “Severance,” where a group of workers at a mysterious corporate monolith have elected to undergo a surgical procedure that splits their personalities in two: a work version and home version. The nation’s biggest banks have passed the Federal Reserve’s annual stress test, meant to ensure that banks can keep lending to consumers and businesses even during a severe recession.
From the BBC World Service: EU leaders gather for a summit in Brussels, as concerns grow over the bloc’s reserves of natural gas. Toyota is recalling 2,700 of its new all-electric cars because there’s a risk the wheels might fall off. And one hospital in South Africa is a hotbed of innovation, where surgical robots and AI diagnosis helps improve outcomes and lower costs.
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President Biden’s call for a suspension of the gas tax holiday probably sounds like an awesome way to ease the pain of high gas prices, but it might not be as productive as it sounds. In fact, it could make some things worse. The Food and Drug Administration is poised to ban Juul e-cigarettes from store shelves. Dr. Trevon Logan of The Ohio State University joins us to discuss some history behind the Fed’s interest rate raises.
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Fed Chair Jerome Powell told the Senate Banking Committee on Wednesday that recession is possible, and he’s expected to testify before the House Financial Services Committee today as part of his twice-a-year report to Congress on monetary policy. The Oscar-nominated documentary “Ascension” examines the concept of the Chinese dream through the lens of several people woven into its shifting economy. China correspondent Jennifer Pak discusses how Chinese society is actively manifesting that dream.
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From the BBC World Service: The Taliban government in Afghanistan is appealing for more international support as the country struggles to cope with yesterday’s devastating earthquake. The European Union is expected to approve Ukraine as a candidate for membership of the bloc. And French President Emmanuel Macron has lost his majority in parliament, so what next for his economic agenda?
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The agriculture industry is feeling the effects of a heat wave making its way across the country. China correspondent Jennifer Pak provides another update from Shanghai, which is shaking off the effects of a long COVID lockdown. Meta and the Department of Justice have reached a settlement regarding its housing-related advertising.
A recent report shows that tech companies – many who have been at the forefront of climate action – could actually be aiding the expansion of the fossil fuel industry through their significant bank deposits. Bill McKibben, a longtime environmental activist and founder of the new climate advocacy group Third Act, helps us dive into what this means. President Biden is officially supporting a three-month suspension of the federal fuel tax to ease the pain at the pump. A group of renewable energy developers is ready to buy $6 billion in solar panels … if they’re American made.
From the BBC World Service: As its economy falters, Turkey welcomes the Saudi Crown Prince Mohammed bin Salman for the first time since the 2018 murder of Saudi journalist Jamal Khashoggi in Istanbul. As the world gears up for the soccer World Cup in Qatar, a migrant worker who helped build its infrastructure speaks out about his treatment. And the Glastonbury Music Festival is back for the first time since the start of the pandemic.
The appointee is Marilynn Malerba, chief of the Mohegan Tribe of Connecticut. In her new role, Malerba will have the distinction of being the first Native American whose name will appear on U.S. currency. Lindsey Piegza of Stifel Financial joins us to discuss the markets. Homebuyers are still paying top dollar to live in high-tier school districts.
A new study from the Wharton School of the University of Pennsylvania finds that 47.7% of workers are not covered by a retirement plan at work. The data also shows disparities based on race, gender, and education. Senior economics contributor Chris Farrell helps break down some of the information. President Biden is considering the suspension of the federal gas tax. The BBC reports on a massive workers strike that has halted railways in the U.K.
From the BBC World Service: Russia summons the EU ambassador after Lithuania’s blocks goods travelling by rail to Kaliningrad – a Russian exclave on the Baltic Sea. British train schedules are thrown into chaos this morning by the biggest strike of railways workers in three decades. And Thailand has recently legalized cannabis, sparking a boom in related businesses.
Released plans from Fannie Mae and Freddie Mac – the mortgage corporations backed by the government – target housing barriers in underserved communities. Julia Coronado drops in how the notion that crypto is a hedge against inflation has taken a hit. In the Netherlands, we take a look at how structures are being built with organic materials.
Cryptocurrency has had a rough ride over the weekend. Bitcoin dropped below a benchmark level on Saturday, then bounced back Sunday. Other cryptocurrencies have dropped as well. Part of the selloff deals with recession fears, but we discuss what else could happen. The surge in interest seen in Black-owned bookstores since the uproar over George Floyd’s 2020 murder has started to dissipate. Diabetics are sharing medicine and other items with each other due to the high price of insulin.
From the BBC World Service: Gustavo Petro, a former rebel fighter and now the president-elect of Colombia, has promised real economic change after winning 55% of the vote in Sunday’s election. A team from the International Monetary Fund has arrived in Sri Lanka and will begin talks today on the country’s dire economic crisis. In central Africa, there are fears that uncontrolled development is endangering one of the world’s largest peatlands – boggy territory that captures billions of tons of carbon dioxide.
As supply chain issues linger, ports on the West Coast are in the middle of renegotiating labor contracts with the union that represents dock workers. One major talking point: automation. It’s part of a length history of dock workers being wary of tech innovations that could threaten jobs. We look at how renewable energy is becoming more available in Texas, but faces an infrastructure in need of an update.
The Russia-Ukraine conflict has caused billions in economic damage to Ukraine. Many Western leaders suggest that money from seized or frozen Russian assets should held rebuild the country, but as Matthieu Favas of The Economist tells us, that’s much easier said than done. A wave of flight cancellations has burdened airlines once again. The BBC checks in regarding the World Trade Organization holding its first conference of ministers in five years.
From the BBC World Service: Senior EU officials are expected to give their recommendation today to grant Ukraine candidate status for membership, but several economic hurdles still stand in the country’s way. The World Trade Organization has held its first ministers’ conference in five years, reaching agreements on patent waivers for COVID vaccines and fishing. And as French voters return to the polls this weekend for the second round of parliamentary elections, we visit a struggling farmer who has staved off bankruptcy by opening a cabaret show in his barn.
Fresh off the Fed’s interest rate hike, we look at how the federal funds rate – which affects consumer debt – could impact monthly payments on things like car loans and mortgages. Bear markets are a harrowing time for everyone, but especially nonprofits. Michael Schumacher of Wells Fargo discusses market activity with us.
Juneteenth is a powerful day in history that marks the end of slavery in this country. However, big companies have been criticized for commercializing the holiday. We speak with Jeanine Poggi of Ad Age on how companies have missed the mark and what they should consider going forward. The Fed’s interest rate hike of three quarters of a percentage point raises questions of what’s next, not only for the Fed, but for the economy.
France’s president, as well as leaders from Germany, Italy, and Romania, are in Kyiv to meet their Ukrainian counterpart. Volodymyr Zelenskyy is expected to push the EU leaders to speed up military aid. The plunge in Bitcoin’s value has so far done little to change monetary policy in El Salvador, where it’s accepted in everyday transactions. And as nearly half of Afghans go hungry, even scraps of stale bread are an important commodity to be bought and sold in Kabul markets.
The Senate bipartisan agreement for a framework on gun control includes increasing the ability of states to enact “red flag laws.” We examine what those are, and how they’re supposed to work. New York lawmakers have set their sights on slowing down crypto mining. The BBC’s Victoria Craig checks in regarding the emergency meeting of the European Central Bank.
It’s the day markets have been waiting for: The Federal Reserve policy-making committee wraps up two days of meetings. The central bank’s latest moves on interest rates are expected to be known in the afternoon. China correspondent Jennifer Pak details some of the struggles of Shanghai residents as the city emerges from its lengthy COVID lockdown. The landscape of school security continues to change following the mass shooting in Texas.
From the BBC World Service: Less than a week after its last policy decision, the European Central Bank’s governing council is meeting to discuss a selloff in the regional bond market. Egypt signs a provisional deal on natural gas exports with Israel and the European Union. And the news that K-pop superstars BTS are taking some time off has broken hearts around the world – and sent shares in their record label down as much as 28%.
Music industry veteran Merck Mercuriadis founded Hipgnosis Songs Fund, a company investing in music intellectual property, in 2018. It recently purchased the song catalog of Justin Timberlake and has a stable of other artists’ music. Mercuriadis explains the concept of treating songs as an asset class in today’s Economic Pulse discussion. The Fed has a full plate as it enters the first of two days of policy meetings.
Wall Street is looking to recover from heavy losses the last three days. On Monday, the benchmark S&P 500 index fell nearly 4% and entered what investors call a bear market. The BBC’s Victoria Craig checks in with the current status of the markets globally, while Marketplace’s Nova Safo helps us look into what teachable moments past bear markets could offer. We can now count tampons among the many items that are in short supply because of the issues gumming up the supply chain.
From the BBC World Service: Sri Lanka asks most state employees to take a long weekend for the next three months – and grow food in their spare time. Australia warns people to brace for an electricity shortage during an unusually cold winter. And The Gambia’s mostly female oyster harvesters are seeing their livelihood affected by a changing climate.
A bipartisan group of senators announced a framework for a gun control deal over the weekend. We take a quick look at how that deal could impact the buying of firearms. The markets are down today, and Julia Coronado is here to walk us through some of factors behind that. We check in with Williams College in Massachusetts, which is doing away with loans and work requirements for students on financial aid.
The markets appear to be in decline this morning as investors recover from last week’s surprising inflation numbers as well as concerns over new COVID lockdowns in China. Arkansas governor Asa Hutchinson spoke to us at length about a variety of topics, which range from inflation to gun control to the legislative duel between Florida and Disney.
From the BBC World Service: Stock benchmarks across Asia and Europe have fallen this morning; worries about inflation and the global central bank responses to it are spooking investors. Truck drivers in South Korea are entering the second week of striking, threatening global supply chains for everything from steel to semiconductors. And a new fast food chain has replaced the now-absent McDonald’s in Russia, called “Tasty, and that’s it.”
Metlife’s Drew Matus joins us to discuss the markets as Consumer Price Index data rolls in and shows us that inflation is still very much on the move up. New research is showing that tenants who have longer commutes to the courthouse are more likely to get evicted from their homes. There’s a coal boom going on right now, but what are the long-term implications as the world makes a push toward renewable energy?
With “Jurassic World: Dominion” opening this weekend and the success of “Top Gun: Maverick” reigniting box office numbers, we look into whether the season of the summer blockbuster has returned after years of pandemic-induced inconsistency. The BBC reports on Japan’s reopening to tourists. A recycling company in France is transforming discarded face masks into different kinds of items.
From the BBC World Service: Japan is open once again to foreign travelers for the first time since the COVID-19 pandemic began, with strict rules being maintained in order to mitigate potential risks. Plus, a look at the factors behind Russia’s central bank’s key decision on interest rates. And we hear from one of the U.K. companies taking part in the biggest ever trial of a four-day working week with no loss of pay.
The Government Accountability Office added unemployment insurance systems to its list of programs at high risk for fraud, waste, abuse and mismanagement. Though jobless claims have remained low, the office has said the pandemic exposed a variety of weaknesses in the system. China correspondent Jennifer Pak provides another update from Shanghai, where she has a little more freedom of movement. Hundreds of thousands of children have lost a parent or guardian to COVID-19, and that also comes with devastating financial consequences.
A landmark antitrust bill would change the way the largest Big Tech companies do business. More states are requiring their high schoolers to learn the ways of money. Across the pond, our friends at the BBC are paying the equivalent of $8.60 for a gallon of regular gas. The national average here in the U.S. is $4.95. It’s a little more than $10 in Norway. We try to break down why.
From the BBC World Service: The European Central Bank is holding a meeting in Amsterdam on Thursday, but is not expected to raise interest rates despite soaring inflation across the Eurozone. Plus, the United Nations Food and Agriculture Organization releases its first report into global food security since Russia’s invasion of Ukraine began, warning that the world’s poorest countries are now paying more money for less food. And, we look at the controversy surrounding the most lucrative golf tournament in world history, as the Saudi-backed extravaganza begins just outside London.
Companies around the world are showing their support for Pride Month, but the path to get there hasn’t been smooth. Instead of “rainbow washing,” people are pushing for more values-based practices. For more, we spoke to Andrew Isen, founder and president of WinMark Concepts, a marketing and communications agency focused on the LGBTQ community. In the NFL, heirs to the Walmart fortune have agreed to purchase the Denver Broncos. We look into how the SEC is tinkering with the “plumbing” of the stock market.
It could be a summer of change for the stock market, as the SEC is expected to announce several proposed alterations that emerged not long after the “meme stock” excitement of last year. We spoke to Erik Gordon, professor at the University of Michigan’s Ross School of Business, about some of the ideas in the works. The OECD warns that the war in Ukraine will cause higher inflation and lower growth. Wholesale inventories can offer up signs of where consumer demand is heading.
From the BBC World Service: The Organisation for Economic Co-operation and Development has issued a new report, warning that the war in Ukraine will cause higher inflation and lower growth for the next year at least. Meanwhile, Russia’s foreign minister Sergei Lavrov has been holding talks in Ankara with his Turkish counterpart Mevlut Cavusoglu, who says Turkey supports a United Nations plan to facilitate exports of Ukrainian grain by sea. And in Australia, state, territory and federal government ministers have met for crisis talks over the soaring cost of natural gas.
The Supreme Court ruled on a case Monday that could have an effect on how employers utilize forced arbitration. The ruling: Southwest Airlines couldn’t make a baggage handler resolve her complaint about unpaid overtime leave within the confines of private arbitration … she’s able to sue them in court. The Bureau of Land Management is attempting to address overstays and people living on public lands as a result of the housing crisis.
Say hello to Apple Pay Later, which will be the tech giant’s offering in the growing buy now, pay later space. It’ll be available with Apple’s next operating system in the fall, and it signifies the largest entry yet into the industry. We look at how teens are helping shore up shortages for plenty of business owners. JetBlue continues to sweeten its offer for Spirit Airlines, which is close to landing on a merger decision.
From the BBC World Service: Pascal Soriot, chief executive of the British-Swedish pharmaceutical giant, recently sat down with the BBC to talk about the decision to sell vaccines at-cost during the height of the pandemic, and the impact of COVID-19 on the business. Sri Lanka’s new prime minister says the country will need at least $5 billion over the next six months just to maintain basic functions. And British singer Kate Bush has made a global chart comeback, thanks to the Netflix show “Stranger Things.”
What a difference two years makes for people graduating from college. A survey by the National Association of Colleges and Employers found that employers plan to hire 32% more graduates from the class of 2022 than from the year before. We speak with one college president about what he’s seeing on his campus. And, China is reopening more after COVID-related lockdowns. That’s giving investors some optimism about inflation, with potential eases to the ongoing headache that is global supply chain frictions.
The good news is that a major baby formula manufacturing plant in Michigan is restarting production after being closed for months. That could help ease the shortage. But it’s going to take weeks for new product to hit the shelf. And the bad news is that the shortage has only gotten worse in recent weeks. Also, the U.S. considers lifting tariffs to flight inflation. And, half of NBA teams now have Black head coaches, including the Boston Celtics who are playing for a championship in the NBA Finals. But the league is still behind on equity when it comes to other hiring.
From the BBC World Service: In Singapore, Chinese tech giant Ant Group has launched a new digital wholesale bank called ANEXT. In Bangladesh, an explosion at a depot containing garments ready for export to Western retailers, has killed dozens of people. And, what’s thought to be the world’s biggest trial of a four-day work week starts today in the U.K.
The founder and co-chief investment officer of Bridgewater Associates unveiled a system for scoring the relative power of the world’s top economic superpowers at Davos last week. In our interview, Dalio touches upon the many dynamics and factors that went into his system, the Country Power Score Index. Christopher Low joins us for our markets discussion on Jobs Day, where we find that U.S. employers added 300,000 jobs in May.
Nearly two-thirds of Americans say they’re living paycheck to paycheck, including a third of people making $250,000 a year, according to a new survey out from Pymnts.com and LendingClub Corp. We take a peek behind some of the data. Ray Dalio, founder and co-chief investment officer of Bridgewater Associates, joined us to discuss how the U.S. is entering a period of “stagflation” in one part of an extensive interview. The massive fire in New Mexico actually started out as a series of prescribed burns. The loss of control could have ripple effects on the practice.
From the BBC World Service: The group of major oil producing nations, including the likes of Saudi Arabia, agreed to cautiously increase production. They didn’t, however, throw oil out of the group, and oil markets today seem little moved by the news. We ask why. Also, as Jubilee celebrations continue in Britain – we’ll take you out to the world of cake, bunting and fizz at the U.K.’s street parties.
The group of oil producing nations known as OPEC+ have reportedly agreed to supply more oil to the global market than previously expected. This would be to make up for at least some of the Russian oil embargoed by Western sanctions. There are hints that the record labor shortage could be starting to let up. We check in with the BBC’s Victoria Craig as Britain enters its four-day celebration of Queen Elizabeth II and her 70th year on the throne.
A quarter of Americans said they will need to delay retirement because of rising costs, according to a new survey from BMO Harris Bank and Ipsos. Also, in such a volatile market, people are saving much less. There’s been a surge in demand for robot assistance from businesses. For today’s Economic Pulse, we explore the concept of a central digital bank currency for the Fed, and why it might not be a good thing.
From the BBC World Service: Britain begins four days of celebrations to mark Queen Elizabeth II’s 70th year on the throne. Hospitality industry bodies believe $2.5 billion will be spent over the jubilee weekend, but we hear why that might not be quite be the economic boost you’d expect. And just what is a royal warrant – and why do companies big and small want one?
The 70% figure was a goal of the World Health Organization that was stated roughly a year ago. However, the world’s population isn’t even close to meeting that goal – some countries haven’t even cracked 10%. We look into why. Susan Schmidt joins us for today’s discussion on market activity. A lifeguard shortage will be keeping pools and beaches around the country closed. It’s also the first day of hurricane season, and we dive into what goes into disaster preparedness for some communities.
We spoke with Melissa Daimler, a former WeWork executive and the current chief learning officer at Udemy, who addresses the concept of company culture in her new book, “ReCulturing.” The Supreme Court has paused a Texas state law that would have challenged how social media companies police hate speech and misinformation. Jennifer Pak checks in from Shanghai, which is easing its COVID lockdown after more than 60 days.
From the BBC World Service: Relief could be coming to China’s financial hub Shanghai, as the city’s lockdown restrictions begin to ease, with hopes that could aid an economic recovery. Also, there are accusations of “greenwashing” at one of Germany’s biggest investors. New data sheds light on what the economic impact of sanctions has been on the Russian economy.
We feature a story out of the South, where Tia Freeman of Nashville’s experience illustrates how abortion bans could be a hazard to one’s economic opportunities as well as health. Larry Adam of Raymond James joins us for today’s discussion on the markets. Also, it appears the trend of remote work is actually driving up housing costs.
From the BBC World Service: EU leaders say they will block most Russian oil imports by the end of 2022 to punish Moscow for invading Ukraine, we’ll explain what the bloc has announced. Also, a historic trade deal between the UAE and Israel.
Workers at Raven Software, a subsidiary of Activision Blizzard (the makers of “Call of Duty”), have voted to unionize. This is the first union at a major gaming company, and it raises questions as to whether it is a sign of things to come as unionization efforts have sprung up at huge companies in other industries. President Biden is scheduled to meet with Fed chair Jerome Powell to discuss inflation, as well as economic conditions here and abroad. We look into why mortgage rates have been dropping.
The job market remains very active, with employers looking for workers in an economy that has seen hundreds of thousands of job gains every month. Companies are making a more conscientious effort to hire people who have criminal records, a group which has been long overlooked. Marketplace senior economics contributor Chris Farrell helps us break down the data behind “second-chance hiring.” We take a look at the possible effects of the euro, which is moving toward parity with the U.S. dollar. And, with holiday weekends come holiday travel – and flight cancellations.
As we digest the travel figures over the holiday weekend in the face of high gas prices, the idea of going electric could look better and better. However, taking a road trip in an electric vehicle comes with its share of challenges, one of them being the availability of charging stations. Sticking with clean energy, we speak to Rice University professor Daniel Cohan, who argues in his new book that any significant movement toward clean power requires a three-pronged approach.
From the BBC World Service: European leaders are struggling to find agreement on just what a ban on Russian oil might look like, as they try to ratchet up the pressure on Moscow. Also, far-left success in Colombia’s elections, and the struggles for young people in South Africa desperately searching for work.
Has inflation possibly started to peak? The Federal Reserve’s preferred inflation gauge slowed to a 0.2% increase last month, which is far less than in March. Helping us to decipher the meaning and discuss more markets-wise is Christopher Low of FHN Financial. The Memorial Day weekend traditionally kicks off the summer driving season, and high gas prices are not expected to slow drivers. We look into how a part of Biden’s infrastructure plan targets the replacement of lead pipes, which entered the national spotlight during the Flint, Michigan water crisis.
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President Biden signed an executive order addressing policing on Wednesday, the two-year anniversary of the murder of George Floyd by Minneapolis police. To help us dive into what the order means, we spoke with Marc Morial, president and CEO of the National Urban League, who said the order is a step in the right direction but that police reform legislation is still needed. In the wake of the tragic school shooting in Texas, we look into how some companies have dotted-line connections to the firearms industry, which could surprise some investors.
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From the BBC World Service: We look at the likelihood of Russia defaulting on billions of dollars of debt to foreign investors, and what the ramifications could be for Moscow if it’s not able to pay. Poland’s parliament has voted to scrap a contentious disciplinary body for judges which the European Union had said was undermining judicial independence, paving the way for the EU to release billions of dollars in COVID-19 recovery funding due to Warsaw. And we look at the allure of investing in cryptocurrencies for young people in Singapore, and what some of the potential risks involved are.
Following the tragic school shooting in Texas that left 19 children dead along with two adults, the debate about restrictions on guns has been rekindled. Over the past couple of decades, groups such as the NRA have amassed a big spending lead over their gun control advocate counterparts. However, groups in favor of new rules on firearms have other tools to use. Diane Swonk of Grant Thornton joins us in studio for our discussion about the day’s market activity. The BBC reports on news from Pfizer coming from Davos, which wraps up today. China correspondent Jennifer Pak checks in from Shanghai, which is in its eighth week of COVID lockdown.
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Hazel Henderson was perhaps best known as an environmental activist, her work in evolutionary economics and her iconoclastic views of several pillars of traditional economics, such as seeing GDP as a gauge of prosperity. She passed away this week at the age of 89. Her friend and colleague Ralph Nader spoke to us about her legacy. We look into how people are buying less stuff, but more services. Twitter has agreed to pay $150 million to settle allegations that it deceived users about what it did with some of their private data.
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From the BBC World Service: Russia says it’s open to allowing grain exports to leave Ukraine’s Black and Azov Sea ports on the condition that sanctions imposed on Moscow by western countries are removed. China’s foreign minister has begun a tour of Pacific island nations, hoping to sign them up to a security agreement, while Australia’s new prime minister says his country must guard against Beijing’s efforts to increase its influence in the region. And a special report from India, where extreme heat is forcing some farmers to tend to their crops in the middle of the night.
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This hasn’t been exactly a landmark season for investing in stocks. We dive into the market’s latest behavior with Susan Schmidt of Aviva Investors, who touches on the tech slide, Target, and how consumers appear to be spending their money. Amazon shareholders are confronting the company’s executives on topics ranging from the pay of the incoming CEO to how lower-level employees get treated. In Los Angeles, we look into what some of the possible solutions are for the homeless population.
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We look into a new tool to help gauge the decision-making ability of older adults regarding a range of risks, from financial exploitation to self-neglect. Dr. Mark Lachs, who co-created the interview for decisional abilities, tells us more. The mass shooting at a Texas elementary school Tuesday claimed the lives of 19 children and two adults. In the aftermath, President Biden called for congressional action to impose new limits on gun sales, adding that Congress should stand up to the gun lobby. We take a look at the financial power of that lobby, as well its political opponents who advocate for gun control.
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From the BBC World Service: One of England’s top soccer clubs, Chelsea, is now in American hands, after the U.K. government approved its sale to a consortium led by L.A. Dodgers co-owner Todd Boehly. Former heavyweight boxing champions Wladimir and Vitali Klitschko are at the World Economic Forum in Davos, encouraging European governments to maintain funding to Ukraine despite the economic blowback from sanctions imposed on Russia in the wake of the invasion. And Brexit may mean gene-edited crops soon appear on grocery store shelves in England, having been prohibited under European Union legislation.
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Snap Inc. – that’s the company behind Snapchat – is warning that it will miss its latest earnings forecast, which was issued just a month ago. Investors aren’t taking this news in stride – shares of Snap fell more than 30% at one point in pre-market trading. President Biden said he plans to meet with Treasure Secretary Janet Yellen to possibly find a way to reduce the tariffs on Chinese imports left behind by the Trump administration. We examine how Mexico s looking to undo years of reforms that opened the country’s oil and gas sector to foreign investment.
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There’s been an increased demand for adjustable-rate mortgages (ARMs) as skyrocketing interest rates have made homes a lot more pricey for possible buyers. While these kinds of home loans can lead to lower monthly payments, they carry some risk. The BBC reports on AirBnb’s exodus from China. For today’s Economic Pulse, we talk to the CEO of the Roosevelt Institute about the prospect of student debt being canceled.
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From the BBC World Service: The World Food Programme’s director bluntly lays out what could happen if food production and delivery continues to be hit by the war in Ukraine. AirBnb is leaving China, as tourism continues to be hit hard there by zero COVID policies. And commuters rejoice as the long-anticipated Elizabeth line opens in London.
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The Texas power grid and the organization that runs it made the news a couple of years ago when freezing weather led to deaths and people without power for days. The temperatures in the state now have people reaching for air conditioning and boosting the toll on the electric grid. This is leading to calls for energy conservation. Enter renewable energy, which is picking up the slack. Julia Coronado discusses lower equity prices, futures and the Fed in our talk about the markets. The global economic forum known to many as simply Davos has kicked off.
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The baby formula shortage has led many parents to consider breastfeeding. That comes with a variety of costs and barriers, especially in workplace culture. Zoom exploded during the pandemic and has become a fixture in the American workplace lexicon. But what’s Zoom to do with all that money? President Biden, on the final day of his Asia tour, launched a new economic alliance with 12 Indo-Pacific nations.
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From the BBC World Service: The meeting of the World Economic Forum in the Swiss mountain resort of Davos has kicked off with a warning from the head of the International Monetary Fund, Kristalina Georgieva. Meanwhile just 170 miles away in Northern Italy, people in the steel town of Brescia are feeling the squeeze of the rising cost of living. And Australia has a new prime minister; he had to be sworn in before all the votes were counted because he is already off to Tokyo for the Quad summit with the U.S., Japan, and India.
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Teachers and other education workers are up against pandemic burnout, understaffed schools and wages that aren’t keeping up with inflation. As a result, a recent study has revealed that job satisfaction among those in the profession is at its lowest levels, forcing already-burdened teachers to leave at record rates. U.S. Treasury Secretary Janet Yellen called on other nations to combat global hunger before the G-7 meeting. Christopher Low joins us to discuss the morning’s market behavior.
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President Biden is in South Korea today, the first of a five-day Asia tour. His first stop? A Samsung computer chip factory. A similar one is to be built in Texas. The president is using his visit to the Samsung plant to push lawmakers here in the U.S. to provide billions of dollars in funding for domestic chip manufacturing. Big retailers are reporting that their loads of surplus inventory are cutting into their profits. We dive into the story of a lawsuit from the descendants of Henrietta Lacks, a Black woman whose cancer cells were taken without her consent and used in the creation of vaccines and other materials that led to billions in profits for pharmaceutical companies. The case explores a variety of ethical questions.
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From the BBC World Service: Canada says it will ban two of China’s biggest telecoms equipment makers, Huawei and ZTE, from working on its 5G phone networks. Also, the BBC visits the Ukrainian port city of Odessa to hear how grain exports are being blocked by Russia, and the Bank of England’s efforts to improve financial literacy, one Beanie Baby at a time.
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How much impact will inflation have on profits? Will higher interest rates lead a recession? Investors are getting out of stocks at a rate that’s causing the markets to fall at concerning levels. To navigate through some of this, we consult with Barry Ritholtz, a veteran who has seen it all. Also, companies have been trying to get employees back into the office, at least a few days a week. But rising COVID infection rates are frustrating some of those efforts. We look into the return of tourism, which can be an economic driver for lots of places – but also a source of disruption.
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But first … we attempt to put yesterday’s down market numbers into context, even though the market doesn’t appear any better this morning. The Department of Education is offering guidance on how colleges can utilize government funding to address the mental health of students. Marketplace’s Stephanie Hughes just spoke with U.S. Secretary of Education Miguel Cardona about this, and we have some of the highlights of their discussion. Plus, China’s COVID lockdowns in its largest port cities triggered concerns about even more disruptions to the already-burdened global supply chain. But in our discussion with Gene Seroka, the executive director of the Port of Los Angeles, that hasn’t happened. We spoke to Seroka about the various challenges the port has been facing.
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From the BBC World Service: As Australians head to the polls this weekend, new data says unemployment is its lowest since the 1970s, but inflation and youth unemployment remain major focuses for voters. Also, Sri Lanka defaults on international debt and the BBC visits a “secret school” defying the Taliban to continue teaching Afghan girls.
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Ferdinand Marcos Jr., son of an ousted dictator and whose mother Imelda was known for her legendary collection of footwear, is poised to become the next president of the Philippines. To help us parse what this could mean for the rest of the world and how the Philippines got to this point, we spoke with the BBC’s Howard Johnson. Additionally, we have the latest on breaking news this morning that the U.S. Soccer Federation and its players have a landmark deal to guarantee equal pay for the men’s and women’s teams. Also, the latest on the effects of sanctions on Russia. Plus, we dig into the changing dynamics of the housing market. And, Susan Schmidt joins us for our discussion about market activity.
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The price of crude oil is down about 13% since hitting roughly $130 a barrel in early March, when Russia invaded Ukraine. At the same time, the price of gasoline at the pump keeps rising, reaching new records every day. What’s going on? To help explain, we spoke to Javier Blas, a Bloomberg Opinion columnist covering energy and commodities. Plus, the U.S. subsidiary of one of the world’s largest financial services and insurance companies has agreed to pay more than $6 billion in fines and restitution for a fraud scheme that led to the collapse of a group of investment funds. And, in Shanghai, COVID numbers are dropping, but restrictions on residents are still tight.
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From the BBC World Service: U.K. inflation jumped to 9% in the 12 months to April, up from 7% in March, as higher energy bills hit millions of households. Also, could Chevron get the green light to re-start work in Venezuela? And Spain’s government proposes new laws around abortion rights.
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Help is on the way for the baby formula shortage, but it’s going to take some time. Plans are underway to reopen a plant in Michigan that, when it was in operation, was the largest formula producer in the United States. However, the process of restarting the plant and producing enough formula to start filling empty spaces on store shelves will take weeks upon weeks. A program that helps people pay for heating now has to pivot to concerns on the other side – air conditioning. We look into some of the dynamics behind condo prices, which remain high.
If the world is going to find solutions to its toughest problems, it’s going to need a new infrastructure that fosters cooperation among nations. That’s the argument made by Ian Bremmer, president of political-risk consultancy Eurasia Group, in his new book “The Power of Crisis.” We look into the driving forces behind consumer spending in the face of inflation and economic uncertainty.
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From the BBC World Service: Sri Lanka is now a country with an empty tank, as the worst economic crisis in its independent history continues to spiral. Also, what the White House’s shift in approach to Cuba could mean for the island’s economy, and we hear memories of McDonald’s in Moscow as the golden arches get set to be packed up for good in Russia.
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The shortage of nurses in hospitals and other healthcare facilities is affecting care across the country, and providers have tried plugging the gaps. We spoke to Deborah Burger, president of National Nurses United, the largest nursing union in the country, about the issues that contribute to the current nursing environment. Online delivery could provide help to areas that don’t have easier access to groceries with fresh food, but there are still some obstacles to consider. The BBC checks in on China’s economy (the world’s second largest) as there are growing COVID-19 lockdowns and a rising jobless rate.
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The Department of Commerce is investigating whether solar panels imported from Southeast Asia are really coming from China, and if so, should be subject to tariffs. Trade groups say the investigation casts a shadow on the industry and is also slowing down progress on certain projects. The labor shortage has affected Walmart to the point where the retail giant has launched a program to find store managers, hoping to entice college grads with the chance at eventual six-figure salaries. This year’s Memorial Day sales could provide a glimpse into how both retailers and consumers view inflation.
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From the BBC World Service: China’s jobless rate rose to the highest level since the early part of the COVID-19 pandemic. It comes as widening lockdowns led to a sharp slowdown in activity for the world’s second largest economy. Also, Switzerland votes to force global streaming giants to pay towards making more Swiss content. And the impact India’s new ban on wheat exports could have on global prices.
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Tesla CEO Elon Musk tweeted that his purchase of Twitter is “temporarily on hold” as he works to acquire more information on spam and fake accounts on the platform. The claim has been met with some skepticism. We have the second part of our chat with Marketplace’s Kai Ryssdal about his discussion with Fed chair Jerome Powell. The U.S. and its allies are talking about ways to stabilize oil prices. One idea comes from Italy’s prime minister, who suggested banding together against oil producers. The gambling industry has recovered to the point where its putting up pre-pandemic numbers.
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A bank run. Panic selling. These are some of the not-so-enviable descriptions of what’s going on right now in cryptocurrencies. Bitcoin looks set for a record seventh week of losses, and so-called stablecoins have shown weakness. What’s going on? Also, we hear the first part of our discussion with Marketplace’s Kai Ryssdal about his sit-down interview with Fed chair Jerome Powell.
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From the BBC World Service: Ukraine’s former economy minister gives us a sense of the job losses the war has caused, and on the rebuilding plans already in progress. Also, the dollar shortage causing a crunch for Kenyan businesses.
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The Senate confirmed Philip Jefferson this week as just the fourth Black man to serve as a Federal Reserve governor in Washington. He joins Lisa Cook, the first Black woman to serve as a Fed governor. However, a new report shows that the pace of diversity has been slower at the 12 regional Fed banks. We speak with the BBC’s Victoria Craig about London vying for position at the top of the cryptocurrency world.
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Staffers in the House of Representatives are going be allowed to unionize for the first time, following a vote narrowly passed by Democrats. Long hours and low pay are at the crux of the unionization efforts, and there are hopes that unionization could slow down constant turnover. The House has also passed a bill that sets up new benefits for federal firefighters. We look into how the closing of a Piggly Wiggly store in Nashville illustrates the impact of local store closures in a community.
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From the BBC World Service: A bout of volatility in crypto assets has sparked renewed conversations about whether and how better regulations can be written for the industry. Plus, Softbank shares plunge after “eye watering” quarterly loss. And, Google adds 24 new languages to its Google Translate app.
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The latest consumer price index shows that prices rose 8.3% between April of this year and last year. While that’s high, it’s not has high as we’ve seen … so, does that mean inflation has peaked? Here to consult with us is Susan Schmidt, head of U.S. equities at Aviva Investors. Plus, Ukraine’s natural gas pipeline operator has stopped Russian shipments through a major hub, which is a problem for European nations that still rely on Russian gas. Also, the recent hit to the value of cryptocurrencies. And, why North Korea is likely to once again prioritize its weapons program over its economic well-being.
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The Senate has confirmed President Biden’s nominee Lisa Cook to serve on the Federal Reserve Board of Governors. The economist will be the first Black woman ever to serve on the board. Also, Marketplace’s China correspondent Jennifer Pak checks in from Shanghai, which is still in COVID lockdown and actually increasing restrictions. And, hear from a company that makes compact shelters for those experiencing homelessness in Washington state.
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From the BBC World Service: Ukraine has essentially turned off one of its taps transporting Russian natural gas supplies to Europe. Also on the program, we meet the entrepreneurs launching new airlines, despite the pandemic.
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We consult Lindsey Piegza of Stifel as the markets, especially the tech-filled Nasdaq, are reeling from a selloff that’s been going on for five weeks. What’s going on? Also, we look into why oil appears to be cheaper, but not the retail gasoline we’re buying at the pump. And, banks are keeping an eye out for signs of future loan defaults as consumer credit is on the rise.
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From the BBC World Service: Prince Charles is to read the Queen’s Speech on her behalf for the first time, after the 96-year-old monarch pulled out due to mobility problems. Plus, Sri Lanka’s prime minister resigns after months of sometimes violent protests over his handling of the country’s worst economic crisis in history.
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California is entering its third year of drought, and that has farmers in the state’s Central Valley concerned about an already burdened food system. The Central Valley produces about a quarter of the food in the United States. We spoke to a farmer about the obstacles he faces. How is Wall Street recovering after weeks of tech stocks taking a beating? On the heels of the Kentucky Derby, we look into the economics behind investing in racehorses.
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A sharp decline in immigration to the U.S. could be contributing to the country’s labor shortage. According to research from economists at the University of California, Davis, the country had 2 million fewer working-age immigrants at the end of 2021 than it would have had if pre-pandemic immigration trends had continued. We spoke to Marketplace senior economics contributor Chris Farrell about the consequences of the decline in immigration. Plus, we talk to Julia Coronado, founder of MacroPolicy Perspectives, about what’s driving the latest market volatility. And, how far does the U.S. economy have to go before it makes up all of the jobs that were lost to the pandemic?
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Abortion rights groups had already planned to ramp up spending ahead of the 2022 midterm elections. And that was before the leak of the draft Supreme Court opinion on abortion, which could now further change things. We spoke to Mary Ziegler, a visiting professor at Harvard Law School, about the future of these lobbying for abortion rights and anti-abortion groups. Plus, the White House unveiled a plan this morning to connect more Americans to high-speed internet as part of the bipartisan infrastructure law.
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From the BBC World Service: The annual event serves as a reminder of the 27 million Soviet citizens who died during World War II. President Putin took the opportunity to justify his invasion of Ukraine, which is squeezing the finances of ordinary Russians. Plus, China’s export growth is slowing. And, as people in the Philippines cast their votes, we hear about the economic challenges facing the country’s next President.
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The unemployment rate remained unchanged, though. Also, wages are still going up but not quite as fast as they have been, and not as fast as prices are rising. We talked to Christopher Low, chief economist at FHN Financial, about what to make of today’s numbers. Plus, Boeing announced it is moving its headquarters from Chicago to Arlington, Virginia. And, a painting of Marilyn Monroe by Andy Warhol could go for something like $200 million at auction next week. Art critic Blake Gopnik says the piece could very well be worth that much, but it’s misunderstood.
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Workers are continuing to flex their bargaining power in a tight labor market. Average hourly earnings were up 5.6% in March, compared to a year ago. Employers are giving raises and boosting starting salaries to retain and attract workers. Plus, Fidelity Investments’ plan to allow investors to invest in cryptocurrency as part of retirement accounts is facing questions from lawmakers, including Democratic Sen. Elizabeth Warren of Massachusetts. Businesses that provide medication abortions are facing new demand and challenges amid the leaked draft of the Supreme Court opinion that would overturn Roe v. Wade.
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From the BBC World Service: The Hungarian Prime Minister Viktor Orban vowed to veto current EU proposals to phase out imports of Russian oil, saying they would be devastating to Eastern European countries which rely heavily on the fuel. Plus, European Commission President Ursula von der Leyen says a sixth sanctions package against Russia will go ahead, even if it takes longer than expected. And, we visit a German oil refinery that’s still very reliant on Russian oil.
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The company behind TurboTax has agreed to pay restitution to millions of customers who used its tax preparation software. This is to settle allegations that Intuit used deceptive marketing tactics to charge people who should have been able to file their taxes for free. Marketplace’s Nova Safo has the latest details. Also, Diane Swonk, chief economist at the tax and advisory firm Grant Thornton, walks us through the state of the labor market and the implications of the Fed’s half point rate hike yesterday. Plus, what happens when a country’s central bank does not use higher interest rates to rein in inflation? We have an example from Turkey, where consumer prices are up nearly 70% in a year. And, hear how Allentown, Pennsylvania, at the heart of the Rust Belt has started attracting new manufacturing businesses.
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Yesterday, the Federal Reserve moved to hike interest rates by half of one percentage point. Chair Jerome Powell said the Fed is not actively considering raising rates by three-quarters of a point. We talked to Marketplace’s Nancy Marshall-Genzer, who was in person at the press conference following the announcement. Plus, the Department of Homeland Security will grant work permit extensions for many immigrants with expired and near-expired documents. And, there has been an uptick in donations to abortion funds following the leaked Supreme Court draft opinion that would overturn the landmark Roe v. Wade case.
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From the BBC World Service: Turkey’s annual rate of inflation is just shy of 70%. It’s 69.9% to be exact, according to data released Thursday. We hear what life is like for one family in Istanbul. Plus, as many European countries seek alternatives to Russia energy supplies, Lithuania officially opens a natural gas pipeline to Poland.
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The airline industry is attempting to soar over and through a minefield of obstacles, such as the pandemic, labor shortages and passengers being bad. In the middle of all this is Avelo Airlines, a new low-fare carrier that emerged during the pandemic – and is ready to expand. We sat down with Andrew Levy, founder, chairman and CEO of Avelo Airlines, about what it’s like to navigate the industry’s maze of challenges. The European Union has proposed a ban on Russian oil. Susan Schmidt joins us to discuss the market’s focus on the Fed.
The monthly jobs report has become something of an event, where the numbers about the labor market and unemployment are used as beacons to indicate the economy’s health. Beyond those numbers, however, is the relatively untold story of inequality among workers of color and across genders. For more on this, we spoke to to Dr. Alex Camardelle, Director of Workforce Policy at the Joint Center for Political and Economic Studies. Later this morning, the payroll firm ADP will release its monthly report of private sector job growth. Marketplace’s China correspondent Jennifer Pak checks in from Shanghai, which is still wading through a COVID lockdown period.
From the BBC World Service: The European Union is proposing to halt the import of Russian crude oil and refined fuels. And the Reserve Bank of India unexpectedly raised interest rates by 0.4 percentage points.
We have more about the leaked draft of a Supreme Court majority opinion that would allow states to outlaw abortion. Scholars and analysts have examined the possible economic effects of overturning the landmark Roe v. Wade decision. One of them is Caitlin Knowles Myers, economics professor at Middlebury College, who joined others in submitting a briefing to the court with this data. She spoke with us this morning. Workers at an Amazon warehouse in New York City voted not to unionize, which is a step back for the newly formed Amazon Labor Union.
Poverty in New York City grew during the pandemic, and many of the government programs that helped many families endure through that period are coming to an end. We spoke with Rich Buery, CEO of nonprofit Robin Hood, about a new report that shows that even as much of NYC heads back to work for business as usual, the presence of poverty and multifaceted insecurity is still very strong. We have more details on the leaked draft majority opinion regarding where the Supreme Court could stand on Roe v. Wade. As we prepare for more data on job turnover, we look at wage increases for low-income workers.
From the BBC World Service: Energy giant BP took a $25.5-billion one-time charge for ending its Rosneft relationship, but high energy prices led to the biggest quarterly profit in more than a decade. Plus: Australia raises interest rates for the first time in 11 years as the cost of living bites into household budgets. And, a look at progress and pitfalls of China’s controversial Belt and Road Initiative.
This week, the Federal Reserve is expected to raise interest rates to help tackle inflation. Thus far, mortgage rates have been responding to the Fed’s measures, which have risen to a decade-high level. We talk to Julia Coronado, founder and president of MacroPolicy Perspectives, for more on what this means for the economy and prospective homebuyers. Plus, workers at an Amazon warehouse in Staten Island, New York, voted to unionize last month, but Amazon has filed complaints in hopes over overturning the result. And, coin collecting is becoming a profitable venture thanks to social media.
More than half of Americans are facing financial hardship because of rising gas prices, according to a new Gallup survey. With the cost of other household goods like food also on the rise, some are saying spending more at the gas pump has become a huge source of stress. Also, the Federal Reserve meets this week to decide its next move in the fight against inflation, and it is expected to raise interest rates again. And, students of indigenous descent attending some public universities in California will soon be eligible for tuition assistance.
From the BBC World Service: EU energy ministers are this week discussing an embargo on Russian energy, but Germany’s economy minister says there’s not yet unanimity on a way forward. Meanwhile, India’s prime minister is on a diplomatic tour in Europe and the war in Ukraine is a central focus. Plus, how a $3 trillion cannabis industry left Jamaica’s smaller producers behind.
The NFL draft, full of spectacle and excitement as players were selected by their future teams, kicked off last night in Las Vegas. The event is expected to attract over 200,000 per day over the draft’s three days and seven rounds. For more, we talk to Marketplace’s Andy Uhler, who’s on the ground in Las Vegas. After more than two years of working at home, some parents brought their children into the office for Take Our Daughters and Sons to Work Day.
China is a big player in the global economy, importing and exporting several trillion dollars worth of goods and services each year. That means China’s trade decisions can affect the health of industries and economies across the globe, but right now it’s hard for the World Trade Organization to do anything about it. For more on this issue, we talk to Chad Bown at the Peterson Institute for International Economics. Households are becoming more nervous about personal finances due to inflation. A look at results from Apple and Amazon, which reported earnings and losses this week.
From the BBC World Service: School children in the Chinese capital are learning from home. Apartment blocks, shopping malls, cinemas and gyms are being sealed off in some areas. Behind the scenes, some business investors are expressing concern. Plus, the World Health Organization and UNICEF claim some baby milk producers are using unethical social media marketing practices. And, how Ukraine’s tattoo industry is getting an unexpected boost since Russia invaded the country.
The U.S. economy contracted in the first quarter, the Commerce Department reported today. So why is the Federal Reserve still focused on raising interest rates? Diane Swonk, chief economist at Grant Thornton, helps us unpack the latest numbers. Delta Air Lines will start paying flight attendants during the time passengers are boarding. The change comes as the airline’s flight attendants try to form a union. In the entertainment industry, self-recorded auditions have flourished during the pandemic, and it looks like they may be here to stay.
High commodity prices, driven by pandemic disruptions and the war in Ukraine, are roiling the global economy. Developing nations are particularly sensitive to these increases, especially in food prices. We speak to David Malpass, President of the World Bank, about the bank’s latest economic projections and what they say about where the world may be headed. Forecasters are talking ahead of morning’s forthcoming GDP numbers, which may show a slowdown amid high inflation.
From the BBC World Service: The BBC understands that if Mukesh Ambani, chairman of Reliance Industries, buys the drugstores, he plans to expand the U.K. brand into India, Southeast Asia and the Middle East. Plus, a Samsung smartwatch commercial faces criticism from women. And, the “urban miners” looking to profit from electronic waste.
Business owners are facing shrinking profit margins as they deal with higher costs for materials and rising wages. We take a look at what options businesses have, including raising prices. A look at why the stock market has been down in the past month. Businesses have been investing in new equipment, which can improve productivity at a time of labor shortages.
Rental rates are rising faster than they have in years. According to one expert, rents are going up by an average of 15% per year nationwide, compared to just 3% before the pandemic. We take a look into what’s driving the increase and what it means for consumers. Russia has cut off natural gas supplies to Poland and Bulgaria amid increasing tension over their support for Ukraine. A look into why markets have been down in the past month. House prices have been increasing rapidly over the pandemic, but the shortage has been building for years – even before COVID.
From the BBC World Service: As the European Union holds emergency gas talks to decide how to respond to Russia, what does turning off the gas taps mean for Poland and Bulgaria? Plus, a Chinese drone manufacturer has halted sales to Russia and Ukraine to try and stop its products being used in the war. And, the “vampire devices” which are driving up our home energy bills.
More people will soon have access to Pfizer’s Paxlovid COVID treatment. After initial supply limits, the Biden administration says the country now has plenty available and that it wants more locations to offer the drug. We talk to Marketplace’s Nova Safo about how the drug may soon become widely available in pharmacies. Blackstone, one of the country’s largest investors, will purchase a massive office complex called PS Business Parks, signaling a shift back toward office work after the pandemic drove people to work at home. The negligent homicide case involving a nurse is being closely monitored by medical professionals who worry it could set a precedent of criminalizing medical mistakes.
Few industries have been impacted by pandemic-driven disruptions quite like the construction business. Whether it’s a lack of building materials or a shortage of workers, construction companies have been wading through one challenge after another for years. For more on this, we take the “Economic Pulse” with Maurice Rahming, president of O’Neill Construction Group in Portland, Oregon. Elon Musk’s acquisition of Twitter has raised questions about what the tech billionaire is trying to accomplish — we speak to Erik Gordon, professor at the University of Michigan’s Ross School of Business, about the deal.
From the BBC World Service: What to do about the besieged city of Mariupol is expected to be top of the list of subjects the U.N.’s Antonio Guterres and Russia’s President Vladimir Putin are expected to focus on. Plus, is Beijing next for a citywide lockdown as China sticks to its zero COVID strategy? And, why U.K. drugstores are reporting shortages of hormone replacement therapy.
CNN reportedly spent tens of millions of dollars on developing CNN+ before canceling it last week. Warner Bros. Discovery’s shuttering of the service could affect other companies in the video news industry, which may be less willing to invest in that type of news streaming service going forward. Markets in Asia are reacting to rising COVID-19 cases in Beijing, which some may say could lead to a city-wide lockdown as seen in Shanghai. Girl Scouts added an online story to sell cookies to during the pandemic: online stores, but some parents are concerned it isn’t the same when it comes to developing crucial skills.
The war in Ukraine is worsening debt risk in developing countries. Rising commodity prices, higher borrowing rates, and other factors are making the economic situation harder for countries like Sri Lanka. For more, we spoke with William Jackson, chief emerging markets economist at Capital Economics. Elon Musk and Twitter are reportedly in talks for the social media platform to be acquired by the SpaceX and Tesla billionaire. The United Nations Permanent Forum on Indigenous Issues convenes in New York City for a week of discussion on issues like indigenous rights related to business and the economy.
From the BBC World Service: EU leaders breathed a sigh of relief as France’s centrist incumbent, Emmanuel Macron, warded off the challenge of far-right challenger Marine Le Pen to be re-elected as French president. Also today, panic-buying in Beijing over fears of a fresh lockdown, and English soccer is set to get a new regulator.
The vehicle that was supposed to usher CNN into the streaming era appears to have been stopped in its tracks. Less than a month after launch, CNN+ is being shut down. We discuss some of the factors that led to this point. Christopher Low talks mortgage rates during our markets discussion. Marketplace’s China correspondent Jennifer Pak clues us in on life in Shanghai, which has been in COVID lockdown for weeks. It’s National Parks Week, and many parks are still using early pandemic reservation systems. Is it going to stay that way?
President Biden recently announced an additional $800 million in assistance to Ukraine. However, there’s been a noticeable change in the kind of military aid the U.S. is sending, and that change could hint at the U.S. outlook on how the war is going. To help us break down the U.S. aid package, we spoke to Mark Cancian, a retired Marine colonel and senior adviser at the Center for Strategic and International Studies. Florida lawmakers have approved a bill to strip Disney of special tax privileges through self-government of its land in Orlando.
From the BBC World Service: China’s government introduces even tougher COVID lockdown restrictions, including alarms on people’s doors. France has issued an arrest warrant for Carlos Ghosn, the former boss of the Renault, Nissan and Mitsubishi car alliance. After being charged with financial wrongdoing in Japan in 2018, Ghosn fled to Lebanon and has been there ever since. And, we meet a 100-year-old man in Brazil who’s worked for the same company for 84 years.
There’s been a surge of multi-unit construction going on, and we look into the reasons for it. Among them – as people moved out of cities during the thick of the pandemic era, they headed to the suburbs. That triggered higher rents and the kind of motivation to build more apartments and condos. Diane Swonk stops by to offer insight on how the inflation-fighting tactics in the U.S. could have ripple effects throughout the rest of the world. Speaking of rising prices, another issue appears from above: avian flu, which is driving up the cost of eggs.
May 1 is National College Decision Day, but as that day approaches, there’s data that shows a drop in college enrollment during the pandemic. The freshman enrollment rate last fall was 9.2% lower than prior to the pandemic in the fall of 2019, according to the National Student Clearinghouse Research Center. This is causing many counselors to rethink how they approach broaching the subject of the future with students. For more, we spoke to Steve Schneider, a school counselor at Sheboygan South High School in Sheboygan, Wisconsin. The Justice Department is appealing a judge’s ruling that voided the nationwide transportation mask mandate.
Economists say inflation is being driven by a number of factors, from supply chain disruptions to higher wages. But what about competition? In the food industry, restaurants that face more industry competition aren’t able to raise prices as much as food-at-home services. We spoke to Trevon Logan, a professor of economics at Ohio State University who helps us break down how a lack of competition in some markets could be contributing to rising prices.
This week, Germany has begun the early part of an emergency plan that could lead to the rationing of natural gas. The Kremlin is demanding payment for gas in rubles from countries sanctioning Russia for its invasion of Ukraine, threatening to cut off supplies if its conditions aren’t met. We spoke to Stephan Richter, publisher and editor in chief of The Globalist and director of the Global Ideas Center, who is trying to conserve energy at home in Berlin. President Biden announced that the U.S. will release a lot more of its oil reserves over the next six months – could other countries follow suit?
A meeting between Russia and India’s foreign ministers has just wrapped up in New Delhi. The BBC’s Rajini Vaidyanathan in Delhi says that top of the agenda was how India, which has remained neutral in the Ukraine conflict, can continue to pay for the oil it gets from Russia without breaking sanctions. Hungarians will go to the polls this Sunday as Prime Minister Viktor Orban seeks a record fifth term in office. The BBC’s Nick Thorpe in Budapest explains how the war in Ukraine and Orban’s relationship with Vladimir Putin have shaped this election. And last night in the Sri Lankan capital Colombo, police say they arrested more than 50 people as protesters stormed the presidential palace. The country is facing its most acute economic crisis since independence in 1948.
The Russian president said he has signed a decree that will force foreign buyers of his country’s natural gas to pay in rubles. Starting Friday, Vladimir Putin says pay in rubles – or contracts will be halted. Diane Swonk helps us dig into the latest data that shows a key inflation measure the Fed watches reaching a 40-year high. The Securities and Exchange Commission is proposing new rules on the firms known as SPACs, or special-purpose acquisition companies. They raise money and buy out startups to take them public.
President Biden is ready to order the release of up to a million barrels a day of oil from the United States strategic petroleum reserve in an effort to battle rising gas costs. American workers are failing drug tests at the highest rate in decades, because the worker shortage has caused many companies to ease drug testing. A bill heading to the Senate would provide wider access to 401(k) benefits.
From the BBC World Service: Russia is saying it will require payments for energy exports in its own currency, the ruble, rather than via the current euro-denominated contracts. But the BBC’s Jenny Hill in Moscow says it’s not yet clear how that will work, or if European customers like Germany will comply. The United Nations is launching the largest fundraising appeal in its history, hoping to raise nearly $4.5 billion for Afghanistan. And in Pakistan, Prime Minister Imran Khan faces a vote of no-confidence in parliament. The BBC’s Farhat Javed in Islamabad explains that the opposition accuses him of economic mismanagement during his four years in office.
Susan Schmidt of Aviva Investors dives into the latest data from private payroll processing firm ADP with us. A report from the NAACP and the Kapor Center reveals a lack of diversity in several facets of the tech industry. Where can homeless people go after they have to stay at a hospital? Medical respite centers that are starting to emerge all over the country could provide the answer.
This week, the G7 nations rejected a demand from Russian President Vladimir Putin that they pay for Russian natural gas in the country’s own currency, which is the ruble. We look into what Putin’s reasoning could be, and what complications it could bring. The war in Ukraine is raising food prices, and the United Nations is warning that unless something changes, the world could be headed for the worst food crisis since World War II. The California committee on reparations for Black Americans is wading through the debate of who can actually get them.
From the BBC World Service: Germany is activating an emergency plan for a potential natural gas supply disruption from Russia. The BBC has learned Syrian mercenaries are being offered $7,000 per month by Russia to fight in Ukraine. British farmers are worried about surging inflation and warn the rising cost of food will be passed on to consumers.
More than 450 companies, from Exxon to Starbucks to H&M, have partially or fully withdrawn from Russia since the country’s invasion of Ukraine began, but many Western companies have yet to abandon their Russian operations, according to a now-viral corporate watchlist compiled by Yale management professor Jeffrey Sonnenfeld. We talked to Sonnenfeld to help us look further. Christopher Low explains a big move in the bond market. The House Oversight Committee wants to look into how Credit Suisse of Switzerland is handling sanctions against the Russian elite.
Hundreds of Western companies have cut ties with Russia since its invasion of Ukraine, marking a critical moment for business leaders who must decide whether to abandon their Russian operations or remain – and contend with the blowback of that decision. We spoke to Harvard business professor and author Ranjay Gulati about how companies’ refusal to exit the moral gray area could lead to serious repercussions. President Biden has proposed a “billionaire minimum income tax” — at least a 20% tax on the very richest households in the country.
From the BBC World Service: Turkey hosts the latest round of talks aimed at ending the Russia-Ukraine war as local businesses in besieged cities like Odessa try to carry on. Africa’s second largest country, the Democratic Republic of Congo, joins the East Africa Community (EAC) trading bloc. India’s national trade unions go on strike but fall short of achieving their aims.
The war in Ukraine has triggered a spike in the price of wheat, which means higher prices for bread. That may be a slight inconvenience for some countries, but for many others with populations who live in poverty, it could mean disaster. U.S. farmers have yet to reap any benefits of those higher wheat prices as well. Car companies are about to pay a lot more if they miss fuel efficiency targets, as federal regulators are more than doubling penalties.
Madeleine Albright, the first woman to serve as Secretary of State, died last week at the age of 84 and became a role model for women’s leadership in the workplace. We look into the legacy she left behind. The war in Ukraine has led to a spike in wheat prices, and farmers in the U.S. aren’t seeing any of the expected benefits of those prices. President Biden is set to announce his budget for the coming fiscal year.
From the BBC World Service: China’s financial capital goes into a two-phased lockdown as COVID-19 cases continue to rise. U.S. Secretary of State Anthony Blinken is in Israel for a landmark summit aimed at reviving the Iran nuclear deal. As Russia’s war in Ukraine continues, European businesses finding way to help the growing numbers of refugees.
The Internal Revenue Service is already facing a mountain of challenges, and this year’s next wave of tax returns (and taxpayers seeking answers) could bog the agency down even further. Christopher Low shares his take on mortgage rates for today’s markets talk. The Biden administration is trying to make a clearer path to federal loans for Native American farmers.
Earlier this week, the European Union unveiled sweeping antitrust legislation aimed at limiting the power of big tech companies. The long-awaited Digital Markets Act targets Big Tech’s “gatekeeper” companies, including Alphabet, Meta, Amazon, Apple and Microsoft. For more, we spoke to Jason Furman, a Harvard economist and senior fellow at the Peterson Institute for International Economics. And, Uber and taxis will be forming an unlikely but seemingly necessary alliance in New York City.
From the BBC World Service: Stronger cooperation on liquified natural gas has been announced between the U.S. and European Union. It’s a move the two sides say will bolster national security and move away from Russian energy dependence, but will not run counter to climate goals. While the environment remains a priority for wider U.S.-EU cooperation, in Poland the issue has been pushed to the back burner as that country works to reduce reliance on Moscow. Plus: Language has been finalized for new legislation aimed at reigning in global tech giants. And, we zero in on the nickel market, which has seen extreme volatility in the wake of Russia’s invasion of Ukraine.
A recent study looked at the effects of the expanded child tax credit on families. Marketplace’s senior economics contributor, Chris Farrell, spoke with us about the study’s findings. Diane Swonk joins us to measure today’s market activity. We look into the Biden administration’s plan to counter racial inequity when it comes to home appraisals. Airlines have asked the president to end COVID travel policies, such as masks on planes.
For this month’s Econ Extra Credit, we featured the 2020 documentary “The Donut King,” which helps illuminate the path that Cambodian-Americans have taken to doughnut-shop dominance in Los Angeles. One of the people featured in the film was Mayly Tao, who spoke to us about navigating the ties that bind immigrant children to their family business. President Biden is in Brussels today, holding talks with NATO and European leaders about how to reduce Europe’s dependence on Russian oil and gas exports.
From the BBC World Service: Russia’s stock market has reopened after a month-long closure implemented after intense volatility following President Vladimir Putin’s decision to invade Ukraine. But how open is “open”? Plus, people fleeing war in Ukraine to Poland are given registration numbers to access services and jobs. And, we discuss how inflation is fuelling widespread protests over gas prices in Spain.
The longer Russia’s invasion of Ukraine drags on, the higher the actual cost — in rubles and kopecks — of keeping the assault going. While it’s hard to pin down the cost of the conflict, experts say it has to be much more than what was expected. Susan Schmidt offers up her take on today’s market activity. Water levels are historically low at Lake Powell, the Colorado River reservoir that provides hydropower to seven western states via the Glen Canyon Dam. That could eventually lead to an energy crisis.
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The phenomenon known as the Great Resignation doesn’t appear to be slowing, leaving employers across industries faced with high employee turnover and understaffing. But this change also represents new opportunities, according to Keith Ferrazzi, chairman of the consulting firm Ferrazzi Greenlight. President Biden is heading to Brussels for a meeting with NATO, and is reportedly preparing a new set of Russia sanctions.
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From the BBC World Service: Britain’s finance minister, Rishi Sunak, is under pressure to offer more support for households as he prepares to outline the government’s spring spending plans. Plus, a last-minute change means teenage girls in Afghanistan won’t be allowed return to school for now, which could have longer-term implications for their future job prospects. And, at least 40 surrogate babies are stranded in Ukraine, which is home to one of the largest surrogacy agencies in the world.
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Millions of workers have left their jobs during the pandemic, and many of them are going into new fields. We check in from Boston, where a school workshop has become a hub of people switching from white-collar jobs to learning a trade. The Biden administration says there’s intelligence showing increased preparatory activity for a possible Russian cyberattack on American targets.
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The state of inflation is at the point where the Fed could raise interest rates at a faster-than-expected speed if that’s what’s needed, according to Jerome Powell, chairman of the Federal Reserve. The cruise industry, initially hit hard at the start of the pandemic, is starting to see the occasional wave of success as bans get lifted. The BBC reports on how electronic waste has become a new resource for the Royal Mint.
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From the BBC World Service: Global sanctions against Russia for its invasion of Ukraine have already made drastic changes to everyday life in the country. Multiple stores in Moscow have no sugar and are reporting shortages of other basics, like buckwheat. Plus, we examine what sanctions on some of Russia’s richest people mean for Chelsea, one of London’s richest, most-followed soccer clubs. And, the vacation-goers from Ukraine and Russia who are stranded far from home in Thailand.
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The war between Russia and Ukraine has put the nickel market in flux. A lot of metal nickel comes from Russia, and nickel is an essential part of stainless steel … which is an essential part of many tools of the food and restaurant industry. Imagine what most kitchen tools are made of, or what a brewery has to think about with its stainless steel kegs. Julia Coronado joins us to discuss the markets’ inflationary environment. The SEC is holding a big meeting today to discuss climate-change risks.
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In advance of President Biden’s trip to Europe, foreign ministers are meeting today to begin discussion of something many would rather avoid – an embargo of Russian oil. It’s a tricky proposition, as Europe is much more reliant on Russian oil than the United States. The BBC reports on a Boeing plane crash in China as well as the Russian stock exchange reopening. We look into how the removal of medical collection debt from credit reports could affect consumers.
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From the BBC World Service: The Boeing 737 was being flown by China Eastern, one of the biggest state-owned carriers and one of the largest airlines in Asia. The last large-scale fatal air crash in China was in 2010. Plus, Hong Kong will begin easing some of the world’s tightest COVID-19 restrictions, including flight bans, starting next month. And, the U.K. is planning for a greener, more diverse energy mix by blending hydrogen into its gas network.
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Moderna is asking the Food and Drug Administration for emergency authorization of a second COVID booster shot. Pfizer also asked for authorization of a second shot earlier this week, although it would be for a more narrow range of the population. Christopher Low is here to deliver insights on today’s market activity. We also take a snapshot of the existing homes market as mortgage rates climb.
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The daily ups and downs of financial markets tell us what bets market participants are placing on the future. But right now, markets are dealing with a lot of uncertainty caused by Russia’s invasion of Ukraine – and they are reacting accordingly. India is buying discounted Russian oil, and the U.S. and European countries have urged India to spurn Russia to no avail. The BBC reports on cryptocurrency fraud in Australia, and how Meta could be involved.
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From the BBC World Service: One of President Putin’s most reliable spokesmen, foreign minister Sergei Lavrov, has been speaking on Russian television today about efforts to keep the economy on track in spite of Western sanctions. The war in Ukraine is wreaking havoc on supply chains around the world. The BBC’s Monica Miller looks at how it is impacting businesses in Singapore. Australia launches legal action against Facebook’s parent company Meta, alleging it allowed scam ads to target users with fake celebrity endorsements for cryptocurrencies.
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Americans spent $1.7 trillion shopping online since the pandemic began, according to new data from Adobe. That’s a lot more than they spent in the two years before the pandemic. It looks like it’ll be even more in 2022. We speak to the BBC’s Victoria Craig about her chat with the Lithuanian president. Diane Swonk shares market insight following the Fed’s decision to raise interest rates.
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It’s time for March Madness, and whether it’s on a basketball court or investing, people can sometimes get on a roll, where it’s deemed they have the “hot hand.” There have actually been studies about this, and we decipher the history of the hot hand with senior economics contributor Chris Farrell. The Federal Reserve has raised interest rates for the first time since 2018, and more is coming. The BBC looks into what a ban on Russian energy would look like for Germany.
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From the BBC World Service: But with fears growing that the war in Ukraine could push Germany into economic recession and stoke soaring inflation, it might be difficult for Germany to meet the Ukranian president’s demands. Plus, nearly 2 million people have fled the war in Ukraine, seeking refuge. We hear from President Gitanas Nausėda of Lithuania, whose country is seeing an increasing number of people looking for safety and security.
Stock prices in China bounced back after a sudden collapse earlier in the week. Marketplace’s China correspondent Jennifer Pak drops in for more detail. As crude oil prices have dropped and the Russia-Ukraine conflict continues, the markets appear to be having a bit of a moment, as Susan Schmidt helps explain to us. The Federal Reserve nominee pool just got shorter as Sarah Bloom Raskin bows out of the running.
The moratorium on federal student debt is scheduled to end on May 1, concerning many people who had benefited from the financial reprieve. However, because of repeated extensions to the moratorium, there’s also uncertainty as to whether or not its expiration will actually happen on May 1. President Biden is expected to unveil an additional $800 million in aid for Ukraine after the Ukrainian president addresses Congress this morning. The BBC reports that Lithuania is ready to cut its ties to Russian oil and gas imports.
From the BBC World Service: The warning from President Gitanas Nauseda is the latest sign of how far European Union nations could go to penalize Moscow for its invasion of Ukraine. As a bloc, the EU has set a 2030 target for independence from Russian fossil fuels. The U.S. has already banned Russian oil imports, while the U.K. said it will phase them out by the end of the year. Plus, British prime minister Boris Johnson is visiting Gulf states to explore alternatives to Russian oil and gas.
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Lawmakers on Capitol Hill and in states across the country are considering temporary suspensions of various gas taxes. The idea is to drive prices down at the pump, and it has support from Republicans and some Democrats. Plus, why California gas prices always seem to be the highest in the U.S. Also, what the falling price of crude oil means for the global economy. And, Russia’s reliance on foreign technology is revealed after sanctions cut the country off from parts, repair and know-how sourced from around the world.
Forty percent of Europe’s natural gas comes from Russia. And last week, Moscow warned it could turn off the gas to Europe in response to sanctions and Germany nixing the Nord Stream 2 gas pipeline that circumvents Ukraine. But that threat is easier to make than it is to actually carry out. Natural gas production and delivery just doesn’t quite work that way. Plus, Russia’s President Vladimir Putin has signed a law allowing the country’s airlines to hang onto airliners leased from European companies, in violation of international sanctions. Hundreds of leased planes are in limbo.
From the BBC World Service: European stocks fell in early trading, following a sharp sell-off across Asian markets. Chinese investors are worried by the impact of further full-city COVID-19 lockdowns, a regulatory crackdown on tech companies and what approach Beijing takes to Russia’s invasion of Ukraine. Plus, fresh European Union sanctions against Russia target the luxury goods, energy and defense sectors. And, as Poland welcomes Ukrainian refugees, some border towns are calling for more resources.
Ukraine and Russia account for nearly a third of all global wheat exports. And as you might expect, wheat prices have been soaring thanks to Russia’s war in Ukraine. So what can be done to increase supplies and tamp down prices? From the BBC, China is dealing with some new threats on the COVID front, and its markets are acting accordingly. We also check in on Maine, where there’s concern that vast fields of solar panels are going to take up too much space for farmland.
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This week, we’ll hear from the Federal Reserve about its plans for interest rates. After a two-day meeting, Federal Reserve Chair Jerome Powell will have a press conference Wednesday. The Fed is expected to raise interest rates, and it’s a decision that affects everyone. As financial markets react to the Russia-Ukraine war, they also tell us things about economic and geopolitical risk. From the BBC, we hear about a Ukrainian-born, award-winning chef who has transformed her East London kitchen into an aid center to help family and friends in Ukraine.
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From the BBC World Service: Statistics suggest that the number of COVID-19 cases so far this year in China exceed the total number reported for 2021. But it’s not just the pandemic that’s worrying markets. Plus, America’s largest natural gas producer believes the U.S. can play a much bigger role in providing global energy security. And, for Ukrainians living abroad, fundraising and sending aid to their loved ones in a war zone isn’t easy.
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Interest rates are making headlines in Europe, as the European Central Bank announced this week that it’s going to keep rates steady for now – but is prepared to move them higher. In the U.S., the Federal Reserve is set to raise interest rates next week. Marketplace’s Nancy Marshall-Genzer and the BBC’s Victoria Craig team up for a discussion about the approaches of both central banks. The people overseeing fracking operations are running into shortages on all fronts.
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The Western sanctions on Russia’s wealthy elite have raised a variety of questions that range from who these people are to the effectiveness of the sanctions. We spoke to Dartmouth sociologist Brooke Harrington, who argues in a new piece for The Atlantic that the sanctions represent an existential threat for Russia’s elite — and, by proxy, the Kremlin itself. Consumer sentiment has dropped to lows not seen since the 70s and 80s, yet spending remains strong. What gives? The dating app Tinder has added a background check feature that allows users to see if a possible date has a criminal past.
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From the BBC World Service: One of Ukraine’s biggest food producers says that Russian advances could prevent Ukrainian farmers from planting this year’s wheat and grain seeds. On the two-year anniversary of COVID-19 being declared a pandemic, China locks down a city of 9 million and a new study suggests that the global death toll could be three times higher than official records indicate.
Earlier this week, President Biden signed an executive order on cryptocurrencies, directing federal agencies to focus regulatory attention on six areas, protecting U.S. consumers and mitigating the risk of illicit activity. It also called for “urgency” around research and development efforts into a possible central bank digital currency (CBDC). For more, we spoke to Ari Redbord, head of legal and government affairs at TRM Labs, a cryptocurrency compliance firm. Congress has overhauled the U.S. Postal Service, but what kind of effects can actual postal workers expect? Diane Swonk wades through market activity with us.
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Filling up your car with gas has not only become more painful for the average customer, but for small business owners as well. Businesses that rely on vehicles, such as caterers or equipment suppliers, are considering some big changes to their operations because of the pain at the pump. The House approved $1.5 trillion funding bill to keep the government running through the end of its fiscal year in September, and the bill now heads to the Senate. Native tribes are keeping watch on that situation, as short-term funding can cause issues for a key health program.
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From the BBC World Service: The European Central Bank will likely be factoring the economic impact of Russia’s invasion of Ukraine into its interest rate policy. Ukraine’s central bank governor has called for reparations to be taken from Russia’s frozen assets around the world. And we explore the likely economic impact of South Korea’s new president, Yoon Suk-yeol.
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The oil-producing cartel known as OPEC has been somewhat absent in the oil discussion as countries have imposed bans and sanctions on Russia over the former’s invasion of Ukraine. It makes the global oil picture a little murkier, but here to clear up some of it is Fernando Valle, senior energy analyst at Bloomberg. In terms of oil supply, help for the U.S. could come from a geopolitically surprising source: Venezuela. The BBC reports on the global food impact of the Russia-Ukraine war, as both produce a massive percentage of the world’s wheat.
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Congressional leaders have struck a deal on legislation that will fund the federal government this year, along with providing billions in aid to Ukraine. Both houses of Congress are expected to vote on it this week. After President Biden announced a ban on Russian oil imports Tuesday, crude prices shot up, and Russia is having problems finding buyers. A law that would bestow independent contractor status on ride-hailing service drivers in Washington state in under consideration.
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From the BBC World Service: More Western firms, including McDonald’s, are pulling out of Russia as Moscow brings in new restrictions to try and counteract sanctions previously imposed. Two U.S. executives have been released from Venezuelan custody as the Biden administration looks to improve U.S. relations with the country. Plus, we hear about the potential impact of Russia’s invasion of Ukraine on global food supplies.
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The U.S. will ban imports of Russian oil, according to the White House. Jeffery Cleveland discusses this news with us, and what it could mean for market activity going forward. From our BBC colleagues, we learn that the price of nickel, which is used in rechargeable batteries and stainless steel, spiked 250% in the past two days. That forced a shutdown of trading at the London Metal Exchange. We have a tale of entrepreneurship out of Maine, where a new avenue for Muslim fashion has emerged.
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Oil prices are at their highest point since 2008, with the national average of gas topping out at more than $4 per gallon. Historically, big spikes in oil prices have been the appetizer for a recession. We start in the 1970s for our look at the historic link between the two. President Biden will reportedly sign an executive order this week to direct federal agencies to figure out how to regulate cryptocurrencies. With Visa and MasterCard about to nullify operations in Russia, what are Russian banks and cardholders in and out of the country to do?
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From the BBC World Service: Following a 250% price surge over two days, trade was halted in nickel on the London Metal Exchange. We hear how the European Union plans to wean itself off Russian oil and gas. Plus the World Bank is making a package of emergency loans and grants available to Ukraine.
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Good news or bad news first? Cybersecurity watchers around the world have been on high alert as the war in Ukraine continues to escalate, and there’s plenty of concern about Russian cyberattacks as the conflict continues. The good news is that the U.S. added 250,000 cybersecurity jobs between 2020 and 2021. The bad news: There’s about 500,000 more open spots to fill. Julia Coronado helps us look through market activity that signals that the markets are indeed working, despite the war in Ukraine. Many companies are cutting or suspending ties with Russia over the invasion.
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From the BBC World Service: U.S. Secretary of State Antony Blinken has confirmed America and its allies are considering further sanctions against Russia, including a potential ban on the country’s crude-oil exports. Plus, one of the world’s biggest fertilizer makers warns the conflict could deliver a shock to food supplies. And we hear from a community center in western Ukraine where volunteers are working around the clock to distribute vital supplies.
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A year ago this week, a JPEG file containing a collage of digital illustrations by the artist known as Beeple sold for $69.3 million at an art auction. It was a record-setting sale, and it’s added fuel to the hype train surrounding NFTs. We spoke to art critic Blake Gopnik about what’s changed for artists and the art world – if anything – since the sale. Western countries are thinking about a Russian oil ban, something they hoped to avoid in the past.
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Dark money, or anonymous political donations funneled through corporations, nonprofit organizations and other groups, has become a dominant force in U.S. elections in the years since 2010. Marketplace’s Kimberly Adams talks to us about how dark money operates at the federal, state and local levels, and whether there are any signs the rules around it could change in the future. We hear from Ukraine’s finance minister as the world’s markets react to what’s happening there. Christopher Low adds more market insight.
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From the BBC World Service: As Russia seizes Ukraine’s largest nuclear power plant, we explore the likely impact of Western sanctions on the Russian economy. And we hear from Berlin, where families are making space for Ukrainian refugees arriving in Germany.
Update: After Friday’s live broadcast, the BBC’s Victoria Craig spoke with Ukrainian Finance Minister Sergii Marchenko, who called for harsher sanctions against Russia. This episode audio has been updated to include their conversation.
Russia’s control over natural gas in Europe has been one of the subplots to follow leading up to its invasion into Ukraine. Europe has long relied on Russian gas to help support its wind and solar power efforts, and it keeps many a home warm in the winter, especially Germany. For more on this, we spoke with Vijay Vaitheeswaran, global energy and climate innovation editor at The Economist. The Labor Department issues its February jobs report, and its expected to show more growth as the pandemic is showing signs of subsiding.
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Oil prices continue to climb this morning. Global benchmark Brent crude is at $116 a barrel, which is a near 20% increase just this week. The price may go higher as the United States imposes the first export controls connected to Russia’s energy sector. We discuss rate hikes coming in March and preview upcoming jobs numbers with Diane Swonk. Philadelphia Fed president Patrick Harker talks about the Russia-Ukraine conflict and its potential impact on what the Fed could do with interest rates.
Employers lowered the educational requirements for certain jobs during the pandemic, according to a new report from the Federal Reserve Bank of Philadelphia — potentially signaling new opportunities for workers without a bachelor’s degree. We spoke to Patrick Harker, the Philadelphia Fed’s president, about what the research can tell us about the economy. He also talked about whether Russia’s invasion of Ukraine and the resulting economic fallout could alter the Fed’s approach about raising interest rates in March. The war in Ukraine has led to high wheat prices, which impact certain parts of the world more than others. Fed chair Jerome Powell testifies today.
From the BBC World Service: A number of commodity prices have seen sharp price increases over the past week, as has the impact of Western sanctions and reluctance to do business with Russia. As the conflict continues, what will it take to cool price swings? Plus: As Ukrainian refugees continue to flee to neighboring EU nations, interior ministers meet to discuss a plan to grant temporary protection.
A new report from ProPublica dives into the role of private equity in the multifamily rental market. It reveals the growing proportion of private equity-owned apartment buildings as well as how tenants are being affected by changes in ownership. We spoke with ProPublica’s Heather Vogell, the reporter behind the investigation. Susan Schmidt offers insight into today’s market activity.
President Biden used Tuesday night’s State of the Union address to urge global unity against Russia’s invasion of Ukraine, but he also pushed forth pieces of his domestic agenda, specifically ways to control inflation. He called fighting inflation his top priority. We know how the invasion of Ukraine is disrupting the crude oil industry, but it’s also causing chaos in the industry of edible oils as well. Ukraine is leaning on its familiarity with cryptocurrency to gather funding for aid.
From the BBC World Service: Brent crude oil rose above $112 a barrel for the first time since 2014, and European natural gas prices hit a fresh record as Russia’s invasion of Ukraine continues. Plus, a look at whether cryptocurrency exchanges can be held legally responsible if users use digital currencies to flout sanctions against Russia.
That’s the concern of the United States and its European allies after cutting off Russia from the SWIFT banking system. China features an interbank system known as CIPS that could, in theory, provide Russia the avenues necessary to keep its financial wheels moving. Helping us explain CIPS is Marketplace’s China correspondent Jennifer Pak. David Kelly offers up some insight into today’s market activity as oil surpasses $100 a barrel. We also look into the pathways that humanitarian aid for Ukraine can take.
Russia’s war in Ukraine is expected to impact air travel and air cargo, because Europe banned Russian planes from its airspace and Russia did the same to Europe’s planes. Royal Dutch Shell has become the latest energy company to announce that it’s divesting from Russian oil and gas, a move some experts say signals a “sea change” in how energy companies in the West deal with Russia. We check in on the strength of American manufacturing as demand keeps growing.
From the BBC World Service: Shipping giants, including Maersk, are responding to the growing risks of doing business with Russia and working to comply with international sanctions and restrictions. Plus, while stock markets have suffered sharp declines due to Russia’s invasion of Ukraine, cryptocurrencies have surged. And, could a cyber attack which halted Toyota’s car production in Japan be related to the country’s sanction action against Russia?
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The importance and growing awareness of oral health has led to the possibilities of expanded dental benefits under Medicaid. However, many rural areas of the U.S. are short on dentists. The U.S. is tightening the sanction screws on Russia even more, cutting off Russia’s central bank from the financial system. Julia Coronado discusses the markets with us.
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From the BBC World Service: The Russian currency has plunged as Western sanctions take hold and fighting continues in Ukraine. The stock market in Moscow will remain closed Monday. Plus, long lines have formed at ATMs in the Russian capital as people worry about being able to access their cash.
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Russia’s currency – the ruble – hit a record low this morning. It’s now worth about 1 cent. The country’s central bank hiked interest rates to 20% percent to try to combat the depreciation. This comes after nations around the world hit Russia with new sanctions over the weekend to punish it for the ongoing invasion of its neighbor Ukraine. Among those sanctions is some Russian banks being cut off from the SWIFT interbank messaging system, a move that nullifies those banks’ abilities to execute transactions. We spoke to Emily Kilcrease, a senior fellow at the Center for a New American Security about the toll that will take on Russia as a whole.
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Western countries are imposing more sanctions on Russia, such as freezing assets of major Russian banks and limiting their ability to conduct international transactions. But there’s one powerful sanction the U.S and its allies in Europe have not been able to agree on: kicking Russia out of the SWIFT interbank messaging system. We look into what’s stopping them. Inflation jumped 6.1% in January, according to data from the Commerce Department. Amazon workers attempting to unionize have targeted the company’s use of “captive audience” anti-union presentations in a complaint.
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From the BBC World Service: Ukraine has called on Western governments to go much further with their sanctions, including cutting Russian banks access to the Swift global payments system. We’ll tell you more about the system, and why EU countries are reticent to make the move. Also today, we hear one businessman’s experience of trying to flee Ukraine as the capital Kyiv comes under fire.
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The Department of the Interior announced it will put $1.7 billion dollars towards fulfilling water rights settlements with 12 tribal nations in Arizona, New Mexico, Utah and Montana. It’s been long overdue, as tribal water rights on paper have been established for more than a century. Ukraine has suspended activity on its ports near the Black Sea region, which is a trade nexus for both Ukraine and Russia. The Fed could stick to its interest rate plans despite the conflict.
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Before Russian forces began pounding parts of Ukraine with artillery, they are believed to have inundated the country with an arsenal of cyberattacks that picked away at its infrastructure. With the invasion, what’s the rest of the world to expect on the cyber front? To help answer that question, we spoke to Adam Meyers, Senior Vice President of Intelligence at the cybersecurity firm CrowdStrike. Diane Swonk discusses the behavior of the markets with us. World leaders are planning a round of stronger sanctions against Russia.
In a statement last night, President Biden said new sanctions against Russia would be severe. He also promised that the U.S and allies will continue to provide support to Ukraine. The invasion has triggered chaos in world markets, and Michael Hewson of CMC Markets in London joins us to discuss the impact so far. The vaunted TV show “Law & Order” is set to make its return, and it faces a vastly different industry than the one it dominated during the 1990s.
From the BBC World Service: Russia’s military invasion has begun, with fighting in the east and south of Ukraine, and explosions have been heard close to the capital Kyiv. The moves have seen stocks around the world fall, and oil prices rocket to seven-year highs. We’ll also hear how the Russian economy has been preparing to insulate itself from new, tougher sanctions.
The number of sanctions from countries against Russia has multiplied. While these sanctions all have a variety of targets and effects, Russia has actually been preparing for them for a number of years. Here to discuss this further is Neil Shearing, group chief economist at Capital Economics. Susan Schmidt joins us to talk about the markets. President Biden tries to loosen the kinks in the supply chain with funds.
A number of nations have now imposed economic sanctions on Russia over its aggression toward Ukraine, but markets this morning are reacting with a bit of a shrug. That’s because the effects – at least from the initial round of sanctions – are expected to be minimal. The decision from Germany not to sign off on the Nord Stream 2 pipeline could fog up the energy picture for Europe. Learning pods were an innovative educational solution during the pandemic, but as kids return to school, some see pods as both a superior method as well as a business opportunity.
Google and Apple collaborated on exposure notification technology that individual states could use to build apps for contact tracing, but those apps have yet to establish themselves. There are a few reasons why it hasn’t happened. Jeffery Cleveland talks 10-year-yield, inflation and U.S. imports in our markets discussion. After President Biden met with German chancellor Olaf Scholtz, he said the U.S. could “bring an end” to the Nord Stream 2 natural gas pipeline.
Japanese conglomerate SoftBank has nixed the sale of British chip design firm Arm to U.S. chip manufacturer Nvidia. The deal would have been the largest in the semiconductor chip industry. The Biden administration is attempting to restore power to unions, which has been ebbing for several decades. Congress is looking into legislation that would alter how its members can trade stock.
From the BBC World Service: BP is the latest energy firm to report bumper profits, as it benefits from higher oil and natural gas prices, which have pushed up costs for households. Plus, the European Union unveils its “chips” plan, to spend billions boosting semiconductor manufacturing on the continent. And, India’s microblogging app Koo aims to go global.
Augmented reality tools have become more in demand, as evidenced by the exponential growth of Snapchat, which utilizes a lot of AR features. Could this be a sign that more of society is about to embrace AR in daily life? The Beijing Olympics are underway, but alleged human rights abuses in the country have cast a pall over the festivities. However, corporate sponsors for the games haven’t budged despite calls from groups to boycott. Julia Coronado talks with us about how the markets are interpreting the Fed’s messaging about rate hikes.
From the BBC World Service: President Biden is due to meet German Chancellor Olaf Scholz amid concerns over European access to natural gas from Russia. This happens as tens of thousands of Russian troops remain stationed along its border with Ukraine. Plus, leading figures behind the Oxford/AstraZeneca COVID-19 vaccine accuse politicians of damaging its reputation. And Canada’s capital, Ottawa, declares a state of emergency over ongoing trucker protests.
A new documentary, “Owned: A Tale of Two Americas,” traces a long history of of discriminatory housing policy that has systemically denied Black families from home ownership. We spoke to Giorgio Angelini, the documentary’s director. There’s more trade tension between the U.S. and China as the former is leaning on Beijing to honor commitments to purchase products from the U.S.
This morning’s labor market report is like going into a meeting with the boss expecting to be fired and getting a promotion instead. The Labor Department says the economy added nearly 470,000 jobs in January, far higher than expected. This is despite earlier surveys showing omicron was leaving businesses short staffed and impacting consumer spending. Following that, Jared Bernstein of the White House’s Council of Economic Advisers, as well as economist Christopher Low, join us to break down the latest data on hiring and unemployment. A winter storm is gripping much of the country, as are rising heating costs. Texas’ recent experience with harsh winter blackouts is still on the minds of many of its residents. The Beijing Olympics aren’t being expected to bring in lots of money.
From the BBC World Service: After all, China is the world’s biggest energy consumer. We examine the economic links between the two countries. Also, Beijing is being cautious about how much it supports Moscow, especially when it comes to the build-up of Russian troops at Russia’s border with Ukraine. And, scientists in South Africa say they’ve produced a version of Moderna’s COVID-19 vaccine.
Big Tech stocks appear poised for at least a partial comeback this morning after heavy losses Thursday. Meta stock lost $200 billion dollars in market value, the most of any American company. This morning, there are rosier tech company earnings reports to consider, along with this: Amazon is raising the price of its Prime membership. We look into what’s keeping people from returning to the workforce in the midst of an epic labor shortage. Scientists in South Africa say they’ve produced a COVID-19 vaccine similar to the Moderna version, which could eventually mean vaccine access in a part of the world that’s struggled to get it.
Many shift workers in the retail and restaurant industry are still generally uncertain about their schedules, which are perpetually in flux. This is happening in the face of labor shortages and low employment, according to a recent report from researchers at The Shift Project. The BBC’s Victoria Craig visits us to discuss some of the global confusion that comes with talk of raising interest rates. The tribal settlement with drugmakers over opioids is part of a long journey of tribal efforts to establish their legal power.
Big Tech stocks are down this morning in futures trading. Investors are startled by earnings reports from Facebook parent Meta, and to a lesser extent from Spotify. Both had surprisingly gloomy outlooks. Meta is down 20% in futures trading. Trending up, however, are the sales of electric vehicles, which doubled in 2021. And, while the costs for companies have risen, so too – somehow – have profits. One reason? People just really want some of the stuff businesses are selling, like cars.
From the BBC World Service: The European Central Bank will announce its latest interest rate decision today. Despite record Eurozone inflation we hear why it is unlikely that rates will actually rise. And as Turkey’s inflation rate hits 48%, we hear what role tourism can play in tackling some of the country’s bigger economic problems.
The count of jobs on private payrolls unexpectedly fell by 300,000 in January, as omicron’s disrupted businesses. The decline came after a banner December, when job growth totaled 776,000, according to the payroll firm ADP. Susan Schmidt helps us sort through this news during our discussion on the markets. The European Union set a goal of being climate neutral by 2050, but the criteria for what is “green” raises questions. With remote work becoming normalized, some developers plan on turning empty office buildings into apartments.
Native American tribes have reached a $590 million-dollar settlement with several drug companies over addictive opioid painkillers that inundated their communities. The tribes say they’ve been among the worst impacted by addictions and overdoses. COVID-19 vaccines for children under the age of five could soon become available. Facebook parent company Meta reports its earnings this morning, and we take another look as business possibilities that could exist within the “metaverse.”
From the BBC World Service: The European Union will allow gas and nuclear power to qualify for classification as climate friendly investment projects. But it’s a move that’s been met with controversy and protests in Brussels. Plus, what’s behind Sony’s unexpected soaring profits? And, the cost of South Africa’s crumbling rail infrastructure.
The New York Times has bought the online game Wordle. The daily word puzzle has become a viral sensation. And The Times says it paid millions for it, as it works to beef up its digital subscriptions. Metlife’s Drew Matus joins us and talks jobs for our markets discussion. The workplace is becoming more and more automated, especially during the pandemic. Does that mean the robots are coming for all of our jobs? We spoke to Charlotte Howard, the U.S. business editor and New York bureau chief for The Economist, about the implications of automated work.
From the BBC World Service: India unveils a sweeping new budget. But can it help the country recover from its COVID-induced economic losses? Plus: Myanmar marks a year since a military coup with silent protests across the country. And, legal protections are enacted in Belgium for workers who want to disconnect from work after hours.
Talent retention is a top concern for companies right now, in an era when people are quitting their jobs in droves. But it might also be an important development strategy for low-income neighborhoods, according to the new book “Reclaiming Your Community: You Don’t Have to Move Out of Your Neighborhood to Live in a Better One.” We spoke with Majora Carter, the book’s author and an urban revitalization strategist, real estate developer and MacArthur “genius grant” recipient who lives and works in the South Bronx. Also today, we take a look at how there are many more people renting these days, driving down vacancies and giving way to higher rent overall.
We speak to Marketplace senior economics contributor Chris Farrell about a recent working paper that examined into where money from the Paycheck Protection Program (PPP) landed for small business. Julia Coronado highlights consumer sentiment, raises and the specter of inflation during our markets discussion. Congress returns to session with a variety of economic items on the agenda.
From the BBC World Service: A snap election gives Portuguese Prime Minister Antonio Costa’s party a new public mandate to oversee the country’s post-pandemic economic recovery. Plus, how a Chinese crackdown on capital outflows is hitting the world’s biggest gambling hub.
Despite several recent high-profile union campaigns, union membership remains quite low across the country. Union membership declined in 2021, returning to the record-low rate of 10.3% first set in 2019. The rate for private-sector employees dipped to just 6.1% — more than five times lower than in the public sector. We spoke to Charlotte Howard, the U.S. business editor for The Economist, about the obstacles workers still face when it comes to actual unionization. Spotify says it’s working to add content advisories before podcast episodes which discuss COVID-19. The move comes after Neil Young had his music pulled from the service over Joe Rogan’s podcast, which has been criticized for spreading COVID misinformation.
The start of 2022 has not been a smooth one when it comes to the markets. Both the S&P 500 and Nasdaq indexes are down more than 10% from recent highs, stuff that can send people running to re-evaluate their investments. We talked to Jason Zweig, writer of “The Intelligent Investor” column for the Wall Street Journal, for a little guidance. Sticking with the markets, Christopher Low joins us for discussion about consumer spending and the cost of employment index.
Apple shares are up 3.5% this morning in pre-market trading. That’s despite the chip shortage, which has hobbled a lot of other big companies, including automakers. The latest poll from the Kaiser Family Foundation details concerns American have about omicron, vaccination, and the economy. Global food prices are at their highest point in 10 years, and the BBC reports on how Asia is handling the impact.
From the BBC World Service: Economists see potential light at the end of the pandemic tunnel, as growth figures for the end of 2021 for much of Europe looked positive. But there were warnings that supply chain issues and tensions in Ukraine would remain concerns this year. Also today, the row over illegal strawberry farms draining water from one of Spain’s best loved national parks.
That’s a real question that has emerged as more and more schools have either put college admissions tests on hold or have eliminated them altogether. Diane Swonk joins us for our markets discussion as data shows the economy bouncing back. The Consumer Financial Protection Bureau is going after the fees banks charge their customers, like overdraft fees for checking accounts and closing costs on mortgages.
Private insurers are required by the federal government to cover the cost of up to eight at-home rapid COVID tests per person per month, but the process of actually getting that reimbursement is a cumbersome one. The BBC reports on how the European Union is handling China’s strained business relationship with Lithuania. The Federal Reserve gave notice that rate hikes could be coming soon.
From the BBC World Service: The EU has accused China of “illegal” trade practices. The row was sparked when Lithuania allowed Taiwan to open a de facto embassy, angering Beijing, which sees Taiwan as part of its territory. Also, an Australia energy giant is the latest to quit Myanmar, and the troubling rise of food inflation in Asia.
The value for Bitcoin has been dropping and has reached a six-month low. Could the Fed have something to do with it? The pandemic has put nearly immeasurable stress on the mental health system, so more people have turned to alternate means for their help, such as online video and hotlines. The BBC reports on how fake snow for the 2022 Winter Olympics has become a telling sign of climate change’s possible impact on future versions of the event.
The cost of lithium has risen more than 400% in the past year, which adds to the kaleidoscope of other issues that electric carmakers are facing. Lithium is essential to the batteries that power these vehicles. The Commerce Department says some U.S. manufacturers have less than a five-day supply of computer chips. We also examine the possibility of Russia cutting off its gas supply to Europe, and if the U.S. and others can pick up the slack.
From the BBC World Service: Bankrupt Lebanon is trying to solve its power crisis, striking a deal for electricity from Jordan. But can it really fill the gap and who’s going to pay for it? Also, health care workers in the Czech Republic face growing number of physical attacks, and the U.K. foreign minister warns Russia all sanctions options are on the table.
As tensions grow between the U.S. and Russia over Ukraine, the U.S. is threatening to use a rule that would ban high-tech exports into Russia. The federal government has launched a new online tool to help parents get the remainder of their expanded child tax credit. David Kelly joins us for our discussion about the markets, which have been volatile lately.
Since 2008, federal law has required employers that offer group health plans with mental health and substance use disorder coverage to ensure those benefits are comparable to benefits for physical health care coverage. However, new data from the U.S. Department of Labor finds that many health insurers fail to comply with the law. Labor Secretary Marty Walsh spoke to us about those findings, and said the department will put renewed focus on enforcing the law and correcting those failures. For more detail about the report, we also chat with Marketplace’s Kimberly Adams.
From the BBC World Service: Why are global markets so volatile? We dig in to some of the issues after a frantic 24 hours of trading. Also today, how Australia’s government stepped in on a copyright row engulfing reusing the Aboriginal flag.
A parade of risks is clouding the economic outlook at the start of the week. They range from speculation about what the Fed could do after its policy meeting Wednesday to the possibility of a Russian invasion of Ukraine. Julia Coronado joins us to talk through it all. The White House is holding its second meeting of the Competition Council. A flight school named after one of the legendary Tuskegee airmen aims to give more people of color a chance to earn their wings.
One of the major obstacles to home construction has been the availability and cost of raw materials. This is especially true for lumber, which has risen greatly in price. The source for that spike can be traced to a variety of problems in Canada. The U.S. and China have engaged in a duel of flight cancellations. Today’s markets are mostly continuing a selloff as there’s plenty of uncertainty to go around.
From the BBC World Service: Italy begins today to decide who its new president will be, but there are fears that what is usually a largely ceremonial process could cause economic turbulence. Also, a warning of a global shortage of people entering nursing, and English workers head back to the office.
Netflix stock is down almost 20 percent in futures trading, and according to the streaming giant’s latest quarterly report, we know that subscriber growth slowed dramatically last year from the blockbuster numbers in 2020, when so many of us where staying home and leaned on Netflix for entertainment. Christopher Low discusses mortgage rates and the bond buying program in our markets talk. The Sundance Film Festival is going virtual again – how does that work when it comes to networking?
From the BBC World Service: Two of the world’s biggest energy companies, Total Energies and Chevron, are leaving Myanmar amid concerns about human rights abuses following last year’s military coup. Plus: Toyota is hit with production delays. And, can insects become a bigger go-to food staple globally?
Tensions between Russia and Ukraine have continued to rise. One sticking point is Russia’s crucial role in supplying natural gas to Europe through Ukraine and what a military conflict would mean for that gas. Another is the Nord Stream 2 pipeline, which was built to carry natural gas from Russia to Europe – and circumvent Ukraine. The pipeline, which is not yet online, could mean economic problems for Ukraine. Arkady Ostrovsky, The Economist’s Russia and eastern Europe editor, spoke to us about what’s at stake. Also today, we take a look into Amazon’s plans to open an actual brick-and-mortar clothing store in Los Angeles.
We’ve been chronicling the trend of younger people getting into stock trading via their phones, which has led to some interesting results, such as last year’s GameStop frenzy. Critics say the more trading stocks feels like a game, the bigger risks people take with their money. Diane Swonk talks the markets with us after data on jobless numbers reflect omicron’s damaging effects on the economy. President Biden said there’s a peacemeal path to move his Build Back Better plan forward.
The Senate Judiciary Committee takes up two bills today aimed at reining in the power of Big Tech companies such as Google and Apple. One bill would force tech giants to open up their app stores to more competition. The other would bar them from favoring their own apps and services. Rising prices haven’t stopped people from buying products from big companies such as Procter & Gamble, data shows. Community colleges will be getting a big financial boost from the Biden administration, so what can they do with it?
From the BBC World Service: Authorities in Peru say a tanker spill has caused an “ecological disaster” with hundreds of dead animals. Government officials have urged Repsol, the Spanish refinery operator, to do more to help cleanup efforts. Plus, a cyberattack on the International Red Cross exposes half a million vulnerable people. And, there are concerns the game-like nature of some stock trading apps encourages too much risk taking.
A lawsuit brought by the drugmaker Gilead alleges that a counterfeiting ring sold more than 80,000 bottles of fake and possibly unsafe HIV medications to pharmacies over the past two years, worth more than $250 million. Gilead said the bottles had falsified documentation and sometimes contained fake pills, and in some cases made patients sick. For more, we spoke with the Wall Street Journal’s Corrine Ramey, who broke this story Tuesday. Susan Schmidt discusses the potential rise of interest rates in our daily chat about the markets.
From the BBC World Service: Ukraine’s defense minister told the BBC he encourages Western governments to impose immediate sanctions on Moscow amid rising concerns of an invasion of his country. Plus: Shares of Sony plunge after Microsoft announces a big acquisition. And, how China’s Xinjiang region hopes to benefit from the winter Olympic games.
President Biden pledged to battle climate change when he took office more than a year ago, and bills like the Build Back Better Act reflected that pledge. However, that same bill appears to be in limbo and highlights the administration’s gains and losses on the energy policy and climate front. A Bankrate survey has found that many Americans don’t feel they have the resources to cover a $1,000 emergency expense. Homebuilders are staying optimistic in the face of a hurricane of issues that range from supply shortages to rising mortgage rates.
It’s not just “dry January” anymore. Sales of non-alcoholic beverages spiked 30% in the past year, according to Nielsen data. Leading the charge are younger people, who have not only become more health conscious at the start of the new year, but also more wary of cost. Julia Coronado discusses the markets with us today. The BBC reports on how geopolitics could be a factor in the rise in global oil prices.
From the BBC World Service: The crude oil price spike is tied to rising geopolitical risks, with concerns over a Russian invasion of Ukraine and supply disruptions in the United Arab Emirates after a deadly drone attack. Plus, at the virtual Davos summit, Chinese President Xi Jinping defended his common prosperity strategy. And, concerns over China’s influence at Sri Lanka’s new port city development.
The number of Americans filing paperwork to start businesses hit a record 5.4 million in 2021, up from the previous record of 4.4 million new business applications set in 2020. A study from LendingTree finds that a lot of those new entrepreneurs can be found in the South. We spoke with Matt Schulz, LendingTree’s chief credit analyst, about the study’s findings. Airlines are still wary of Verizon and AT&T’s launch of new 5G signals, as they offer fresh warnings about the signals’ effect on planes and equipment.
In a picture of inflation, a food vendor in Los Angeles tells a tale of how the rising cost of onions has had ripple effects on her business and others like it. The advanced child tax credit checks have stopped coming for now, leaving many families who relied on it in a bind. The BBC reports on the resignation of the chairman of Credit Suisse, who apparently broke COVID protocols.
The evictions moratorium in New York expired over the weekend after a nearly two-year run during the pandemic. We look at its impact, and what tenants can still do. China’s economy grew last year, but some sectors within it are still struggling when it comes to sales, such as education and tourism. A report from Oxfam sounds the alarm on how the pandemic has greatly exacerbated the wealth disparity between the world’s billionaires and everyone else.