China devalues the renminbi by 2 percent
That’s how much China’s central bank devalued its currency against the dollar on Tuesday. It’s the largest devaluation of the renminbi since 1994, when the current system was put into place. As the New York Times reports, the abrupt move will be a difficult one for the Obama administration; Congress has raised concerns that China’s general undervaluing of its currency has been aimed at bolstering industry at the expense of jobs in the U.S.
Speaking of China, that’s how many songs — mostly rap, hip-hop and rhythm and blues — have been banned by the Chinese government. The Ministry of Culture sent a note late Monday night asking streaming music services to remove these songs. But as Quartz writes, the labeling of the material as obscene may only have piqued interest.
That’s how long it took Circle Foods Store, a family owned grocery store in the Seventh Ward of New Orleans, to reopen in the aftermath of Hurricane Katrina. Brooke Boudreaux, director of marketing at Circle Food and daughter of owner Dwayne Boudreaux, says the building is over 100 years old and problems kept popping up as they assessed the damage. But reopen it did. Now Boudreaux says they have to contend with changing tastes from customers.
That’s the size of the new, three-year bailout deal for Greece. Our partners at the BBC report that the European Commission said a technical agreement had been reached with Greece, which now requires political approval.
We’re here to help you navigate this changed world and economy.
Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.
In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.
Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.