Week of April 16th, 2018

Also, the president seems determined to stick with bilateral trade deals.

Developers have put up new rental units to attract tech workers. But many are sitting empty.

The acting director of the Consumer Financial Protection Bureau talks about the agency's decision to fine Wells Fargo.

Wells Fargo will pay the federal government a billion dollars to settle charges of misconduct in its car and home loans. That’s a lot, but only a small percentage of the banks’ recent profits. It’s also the biggest bank fine imposed by the Trump administration and the first by the Consumer Financial Protection Bureau under the direction of Mick Mulvaney. He’s no fan of the agency he’s now in charge of, and he’s still Trump’s budget guy, so we had him on today to talk about all of it. Then: We’ll talk over the interview with our friends on the Weekly Wrap and take a look at where all that money’s going. Plus: unpacking Trump’s tweets about OPEC.

The settlement also contains other requirements that would restrict Wells Fargo’s business.

(Markets Edition) When it comes to the market, traders look at three influential figures: the chair of the Fed, its vice chair, and the president of the New York Fed. We’ll talk to Chris Low, chief economist at FTN Financial, about why some were “disturbed” by what John Williams, the next NY Fed president, recently had to say at a press conference in Madrid. Afterwards, we’ll look at one major domestic appliance company that could come out ahead amid all this tariff talk. Whirlpool may have an advantage thanks to a protective tariff on foreign washing machines. 

Critics of President Donald Trump’s steel and aluminum tariffs say the policies hurt U.S. manufacturers that use a lot of those materials. And one industry likely to feel the pinch of higher production costs: home appliance manufacturers. Still, at least one major domestic appliance company, Whirlpool Corp., may come out ahead, thanks to another protective […]

(U.S. Edition) There are reports that Wells Fargo is close to a $1 billion settlement with federal regulators after charging customers for car insurance they didn’t need. On today’s show, we’ll recap the controversy. Afterwards, we’ll talk to Drake Sutton-Shearer, CEO of PROHBTD Media, about how quality cannabis brands could start emerging within the next decade, Wall Street’s valuation of the industry, and his push to change the “stoner” stereotypes surrounding the product. Plus: A look at the financial struggles General Electric is facing. 

There are more than 60,000 cannabis companies in North America alone.

(Global Edition) From the BBC World Service … The head of one of Australia’s largest financial institutions has resigned after revelations the company lied to regulators for a decade about customer charges. Then, a tiny Philippines’ tourist hot spot is facing a sudden six-month closure for infrastructure upgrades. But it’s not a popular decision among the island’s residents whose livelihoods depend on the $1 billion in tourism revenue they see each year.  Afterward, the more than 1 billion people who live in India use a lot of cash, but there hasn’t been much of it in recent years to go around. We head to New Delhi to chat with the country’s youngest billionaire who’s made a windfall trying to get mobile payments to catch on. 

This week, Facebook revealed more about the way it collects data on just about everyone. The company disclosed how much data it collects when users aren’t logged in to Facebook and are just surfing the web. The company even tracks people who don’t have a Facebook account. To put the deluge of privacy news into perspective, Marketplace Tech host Molly Wood spoke with Tom Merritt, host of the “Daily Tech News Show” podcast, about whether this is all just a Facebook problem.   

The island will close more than 200 schools following a sharp drop in enrollment.

Since 2001, rental price increases have outpaced median household income growth.

The city hopes to relocate 240 families.

Prince Harry weds Meghan Markle next month, but the merchandising is in full swing.

Sometimes you’ve got a plan for reporting out a story, then circumstances change your mind. That’s what happened to Marketplace Weekend host Lizzie O’Leary, who’s in Puerto Rico this week. She was in the middle of reporting an update on how the island is recovering after last year’s hurricanes, then the lights went out … everywhere. We got Lizzie on the phone today to talk about how things are going. But first, the latest on the AT&T-Time Warner trial — and reminder of what’s at stake. Plus: the business of a royal wedding.

(Markets Edition) The International Monetary Fund — which gets called to the rescue when economies melt down — meets in Washington. We’ll talk to Diane Swonk, chief economist at the firm Grant Thornton, about one especially big worry that’s looming: world debt. And the leader of that happens to be the U.S. Afterwards, we’ll look at why rivals Amazon and Best Buy are partnering to sell televisions, and then we’ll explore how a rise in trawlers off the coast of Senegal is causing local fishermen to lose their livelihoods.

(U.S. Edition) Central bankers and finance ministers from around the world are in Washington this week for the International Monetary Fund and World Bank’s annual spring meeting. We’ll look at some of the major concerns likely to be addressed, which include government debt. Afterwards, a conversation between Marketplace Weekend host Lizzie O’Leary and Puerto Rico’s governor, Ricardo Rossello, about why Puerto Rico underwent an island-wide power blackout this week. And then to cap off today’s show, we’ll discuss some of the reasons it’s becoming difficult for students to finish school and how the pathway to entry-level jobs is changing. 

West Africa loses $1.3 billion a year as a result of illegal fishing from foreign trawlers. Senegal, the country hardest hit, loses $300 million a year, or 2 percent of its GDP.

(Global Edition) From the BBC World Service … New leadership in Zimbabwe hasn’t brought a new economic reality. This week, thousands of nurses went on strike and they’re threatening legal action if they aren’t reinstated. Then, a changing of the guard in Cuba and the first time in decades a Castro won’t be at the nation’s helm. But what does it mean for the country’s citizens and economic well-being? 

Many Americans rely on a cable provider to connect them to broadband internet, and streaming and other tech trends are changing the way we watch television. Marketplace Tech host Molly Wood spoke with Amanda Lotz about her new book, “We Now Disrupt This Broadcast,” on the role of cable and the internet in transforming the way we are entertained.      

TV has changed a lot, but cable has managed to stick around one way or another.

The photo-sharing app relied on the social network for its success, but now Facebook may depend on Instagram for its longevity.

The company's defining ethic is summertime in Maine.

Two cousins write about the secret of their success: respect for Maine lobster.

American consumers can be a fickle bunch, and companies spend billions to make that fickleness break their way as best they can — especially in a crisis. Bloomberg calculated that Starbucks’ upcoming shutdown for racial bias training is gonna cost $17 million in lost sales. But what do Starbucks customers think of last weekend’s incident in Philadelphia, where two black men sat down without buying anything and left in handcuffs? That’s where we’re starting today. Then, another Trump tweet fact check: Are bilateral trade deals really better for the U.S. than big pacts like the Trans-Pacific Partnership? Plus: More on brand loyalty, and why disgruntled Facebook users are still relatively happy with its subsidiary, Instagram.

AMC's boss explains what to expect as Saudi Arabia opens its first cinema.

(Markets Edition) With the S&P up more than 2 percent this week, the markets aren’t doing too badly. According to expert Susan Schmidt, they are on the “positive side of neutral.” On today’s show, we’ll look at some of the factors helping keep volatility at bay. Afterwards, with the House Agriculture Committee considering the Farm Bill today, we’ll discuss how cutting crop insurance funding could be a problem if China makes good on its tariff threats. Plus: we talk with Mark Walsh, a veteran Supreme Court watcher and contributor to SCOTUSblog, on how things are looking for South Dakota v. Wayfair, Inc — a case about whether states can force out-of-state online retailers to pay local and state taxes.

Local governments in the Florida Keys have spent almost $150 million so far cleaning up after Hurricane Irma.

iProov, a London-based technology firm, is bringing its facial recognition technology to the Department of Homeland Security.

(U.S. Edition) Tax Day has changed thanks to some frozen software. After its website crashed, the IRS decided to give people a one-day extension on filing their tax returns. On today’s show, we’ll give some context surrounding the issue, which may have to do with the agency’s shrinking budget. Afterwards, we’ll look at what the selection of Cuba’s new president could mean for the country’s future, and then we’ll talk about how baby boomers are reshaping “senior living.” Think sophisticated sensors and restaurant-style dining. 

(Global Edition) From the BBC World Service…Facebook lays out how it will comply with strict European privacy regulations, but what does it mean for the future of advertising? Then, after a reportedly secret US visit to North Korea, are tensions between the two nations actually thawing? Afterwards, Saudi Arabia’s first cinema in four decades opens today with a screening of Black Panther. We talk to AMC’s boss about what to expect on opening night…and he reassures us there will be popcorn.  

The baby boomer generation is changing the way we think about senior living.

As Facebook faces a lawsuit over its facial recognition technology, a look at the rules around our biometric data.

We’re all being photographed, a lot — by each other, and by cameras in public and private spaces.  As our images become more widespread, there’s also more facial recognition technology that’s used to identify us. This week, a federal judge said Facebook must face a lawsuit over its use of facial recognition. Marketplace Tech host Molly Wood talks with Joseph Lorenzo Hall, chief technologist at the Center for Democracy and Technology about the value in this kind of technology, along with what kind of harm it can cause.

The former first lady is best known as matriarch of a political powerhouse.

The e-filing site was down much of the day Tuesday.

Journalist Marissa Conrad watched careful planning unravel at popular dinner spots.

“Adam Ruins Everything” host Adam Conover is making us all smarter with comedy.

Their protected status ends in 2019. If they have to leave the U.S., how might that affect Haiti’s economy?

(Markets Edition) Starting today, the Supreme Court will hear a case on whether out-of-state businesses should pay South Dakota state and local taxes if they ship a product to a state. We’ll take a brief look at the advantage online retailers have in not charging sales taxes, and why Amazon might actually be at a disadvantage here. Afterwards, we’ll look at a new report showing that we’re not building new homes fast enough to meet demand in 22 states. Plus, following the arrest of two black men at a Starbucks in Philadelphia, Starbucks CEO Kevin Johnson has called for its managers to undergo unconscious bias training. We’ll talk to customer service expert Jeanne Bliss about whether this type of training actually works. 

Last week, a manager from a Starbucks in Philadelphia called the police on two black men who had been waiting for a friend.

(U.S. Edition) President Trump is blocking economic sanctions on Russia proposed by U.N. ambassador Nikki Haley. We’ll recap what the sanctions included and the reason Haley wanted to impose them. Afterwards, as Japanese Prime Minister Shinzo Abe gets ready to meet Trump today, we’ll discuss what might be on the agenda. Possible topics: The Trans-Pacific Partnership and planned U.S. tariffs on aluminum and steel. Then to cap off today’s show, we’ll talk to filmmaker Delaney Ruston — director of the documentary “Screenagers” — about the tough choices parents and schools have to make when monitoring their kids’ cellphone usage. There’s now a campaign called “Away for the Day” aimed at getting middle schoolers off their cellphones while at school.

(Global Edition) From the BBC World Service … After years of debt binges, bail-outs and sluggish growth, the European economic recovery is gaining traction. Now, French President Emmanuel Macron has laid out his vision for the future of Europe in a major speech. Macron called on policymakers to defend democracy in the European Union and work harder to build up the eurozone’s defenses against another economic meltdown. But with political deadlock in Italy and populism on the rise, is Macron’s grand plan destined to fail? We also take a look at financial market reaction as China releases its latest growth figures. Plus, a London-based company is teaming up with America’s Department of Homeland Security to make long border queues a thing of the past. We find out how it works.

"Away for the Day" aims to combat our country's tech addiction.

A look at the on-demand workforce for accountants.

It’s Tax Day, and if you are one of the 50 million people who prepared their taxes online, you might have seen an option to talk to a real accountant through video chat. That’s because accountants are now part of the gig economy — and many certified public accountants are working gigs with TurboTax. On Marketplace Tech, we look at the need for accountants on demand and discuss how the gig economy is changing for highly educated workers. 

You might be unpleasantly surprised by how much information you find.

The artist used her two-hour set at the highest-grossing music festival in the country to celebrate black culture.

"Made in China 2025" aims to make China the technology leader in several sectors.

Early admission can give students an edge and colleges some welcome certainty.

It’s a bit of a musical episode today, from Beyoncé’s mammoth Coachella performance to… the new Fed appointments? We’ll explain. None of our trading partners were hit with a currency manipulator label in the latest report from the Treasury department last week, but decisions by the president’s own government often don’t dissuade him from tweeting what he believes, like “Russia and China are playing the Currency Devaluation game.” We’ll talk about it. Plus: We’re just past the point of maximum pressure for a lot of high school seniors. College admissions are a roll of the dice, but early-decision admissions are getting a closer look from the Justice Department, possibly for antitrust violations, and that’s not the only complaint people have with it.

(Markets Edition) 2017: spectacular year for global economic growth. 2018: not so much. We’ll talk to economist Julia Coronado from MacroPolicy Perspectives about whether our lackluster first quarter is just hitting a few bumps in the road, or whether the global economy has plateaued. Afterwards, we’ll chat with travel aficionado Mark Orlowski about the best ways to turn your credit card reward points into airline tickets.   

(U.S. Edition) Can states force online retailers to collect sales taxes? That question is at the heart of a case headed to the Supreme Court tomorrow. We’ll talk about the players involved and how much states and local governments are losing in tax dollars. Afterwards, we’ll find out why the new GOP tax bill is confusing small business owners. Plus, with public-private partnerships a key part of the Trump administration’s infrastructure plan, we’ll look at a $2.3 billion project in Central Florida that both state and private companies are working on.

President Donald Trump has talked about improving the nation’s infrastructure, using public-private partnerships to help pay for things like roads and bridges. Central Florida is an example of how this plan might work.

(Global edition) From the BBC World Service … The boss of WPP, the world’s biggest advertising firm, quit Saturday amid allegations of personal misconduct. What does his departure signal for the future of the ad business, and is there a chance he could return to the industry? Then, the U.S. is weighing a third round of sanctions against Russia today, targeting companies with links to chemical weapons use in Syria. But is Russia ready to flex its own retaliation muscles – and who will it hurt more? Plus, China’s microblogging site, Weibo, reversed a decision to remove all gay content after a backlash from users. 

Tomorrow, the Supreme Court will hear a case that will determine who collects sales tax for online purchases. Right now, many online merchants — such as Overstock and Newegg —don’t collect sales tax — which means lots of customers just don’t pay it. Next on Marketplace Tech, a look at the history of why online retailers haven’t collected sales tax — unless they have a physical presence in a state … and how likely that is to change. 

The Supreme Court will hear a case that could determine who collects online sales tax.