Week of September 10th, 2018

The storm was the fifth costliest in U.S. history, damaging orange trees in Lake Placid, Florida.

Viewers of The Weather Channel may have noticed a lot of campaign ads this week as the midterm elections approach and more people tuned in to track Hurricane Florence. According to NCC Media, the number of political advertisers on the channel grew from 59 last week to 83 this week. “It’s a smart media strategy,” […]

A forensic accountant gave key testimony in the first trial of Paul Manafort, President Trump's former campaign chairman.

Seasonal hiring likely to be so strong, employers will vie to fill jobs.

Global debt is on track to hit new highs this year.

(Markets Edition) Hurricane Florence has arrived at the coast of North Carolina, brining with it 90-mile-per-hour winds and the potential to unload 20 to 40 inches of rain in some parts. We talks to a coastal economics specialist for more. Also, we talk to economist Diane Swonk, who shares some diary memories from the weekend Lehman Brothers collapsed 10 years ago, igniting the financial crisis. Then, we look at how retailed are looking ahead to the holiday shopping season by preparing to hire a lot of workers. Today’s show is sponsored by Indeed (indeed.com/marketplace) and the U.S. Bank Altitude Reserve Visa Infinite Card (usbank.com/altitude).(09/14/2018)

We spoke with Grant Thornton economist Diane Swonk about the diary she kept throughout the financial crisis in 2008.

(U.S. Edition) There are only 14 weeks to go until Christmas. Perhaps it’s a little too early to think about holiday shopping, unless you’re a retailer. With a mere few months to go before holiday shopping season, companies are gearing up to hire a lot of workers. Also, 10 years ago, Lehman Brothers was on the verge of filing for bankruptcy. It eventually became the largest bankruptcy in history. On Friday, we spoke with Tom Russo, who was the general counsel of Lehman Brothers at the time, as part of our Divided Decade series examining the 2008 financial crisis. Today’s show is sponsored by Indeed (indeed.com/marketplace) and the U.S. Bank Altitude Reserve Visa Infinite Card (usbank.com/altitude).(09/14/2018)

Tom Russo, former general counsel at Lehman Brothers and AIG, talked to us about how the fall of Lehman Brothers could have been stopped.

(Global Edition) From the BBC World Service … Bank of England Governor Mark Carney has reportedly warned about a chaotic economic scenario under a no-deal Brexit scenario. We break down what the bank is forecasting and what impact it could have on households. Then, before Apple and its iPhone dethroned it, Blackberry was once a king in the smartphone space. Now, it focuses on cybersecurity. We’ll hear from CEO John Chen about what he thinks of the security of self-driving cars and company systems. Afterwards, in the 10 years after the financial crisis, global debt has soared to a new high of 225 percent of world GDP. We don’t know where the next crisis will come from, but there is real debate about how global debt will affect us. Today’s show is sponsored by Indeed (indeed.com/marketplace) and the U.S. Bank Altitude Reserve Visa Infinite Card (usbank.com/altitude).(09/14/2018)  

New digital copyright laws pushed forward by the European Parliament this week would make platforms like Google, Facebook and YouTube share more of their profits with creators, news organizations, musicians and artists. The laws would make them be more aggressive about filtering copyrighted material. But critics, including YouTubers, say the law is so broad that it could lead to widespread censorship and even kill off internet memes. Host Molly Wood talks through the issues with Joanna Plucinska, a tech reporter for Politico Europe. (09/14/18)

Could this be the beginning of the end of internet memes?

Public-sector unions can't collect fees from nonunion members anymore. Now anti-union groups are campaigning to get union members to quit.

Hurricane Florence, currently tearing along the Southeast coast of the U.S. could bring wind gusts of 80 mph. The governor of North Carolina said that “tens of thousands of structures are expected to be flooded.” The post-storm costs could be high as communities buy up the drywall, lumber, and steel to rebuild. The price of […]

Updates to the Apple Watch could mark the tech company’s entry into the growing business for personal emergency devices.

Unemployment in the United States currently stands at the low, low 3.9 percent. What’s not to like? A new paper from the Federal Reserve Bank of Boston argues that, historically, a low unemployment rate can signal trouble for the economy. It seems there is some danger in too much employment. Click the audio player above […]

“Every time we made contact with a community, we kept going back, and we kept going back, every day without missing a beat,” José Andrés says.

A government-backed study says the country's internet users are worried about missing out on online knowledge and are willing to pay for educational podcasts.

How declaring a state of emergency allows states to prepare for natural disasters.

(Markets Edition) Household incomes grew last year for the third year in a row, according to data from the U.S. Census. But a closer look reveals that men are seeing a larger earnings boost while the numbers for women barely moved. Speaking of growth, Consumer Price Index numbers indicate that prices rose year over year just under 3 percent. Also, we look at how the White House is having a harder time finding people who want to work there. Today’s show is sponsored by Battelle (Battelle.org/QI), GAIN Capital Group (gaincapital.com) and Indeed (indeed.com/marketplace). (09/13/2018)

(U.S. Edition) With Hurricane Florence at a Category 2 and still threatening, we look at what actually declaring a state of emergency entails when it comes to unlocking funds. Then, Apple’s new iPhones come equipped with faster processors and superior water resistance. However, Apple appears to be overhauling more than the phones. Also, we head back to the tariff saga between the U.S. and China. Have the tariffs actually brought the Trump administration closer to its goals in that country? Today’s show is sponsored by Battelle (Battelle.org/QI), GAIN Capital Group (gaincapital.com) and Indeed (indeed.com/marketplace). (09/13/2018)  

Hurricane Florence is expected to make landfall later this week.

Hulu releases "The First" tomorrow, a series set in the 2030s about the first human mission to Mars.

(Global Edition) From the BBC World Service … China on Thursday said an escalation in trade conflict with the United States is not in the interest of either side. So, is a deal between the dueling trade partners likely to come before an announcement of more tariffs on Chinese imports to America? Then, economists expect Turkey’s central bank to raise rates to 20 percent on Thursday, but the country’s president just hours before called for a rate cut. We’ll explore what’s at stake. Afterwards, all this week we’ve been looking at the impact of the financial crisis a decade later. Thursday, we examine how the collapse changed housing fortunes for many, particularly for a group of young adults dubbed “Generation Rent.” Today’s show is sponsored by Battelle (Battelle.org/QI), GAIN Capital Group (gaincapital.com) and Indeed (indeed.com/marketplace). (09/13/2018)

We are still at least 15 years away from the first human mission to Mars — that’s at the earliest. But that hasn’t stopped Hollywood from skipping ahead to the future. Hulu, the online streaming service, is out with a new series Friday called “The First.” It’s set in the 2030s, and as the name implies, it imagines what that first mission might be like. In addition to getting the astrophysics right, the show producers had to get the future right. And for that they called a futurist. Amy Webb, founder of the Future Today Institute, usually helps businesses with strategy. But from time to time, she consults on films or shows set in the future. One of the questions she had to answer on “The First”: Will smartphones still be around in 15 years? She talks about it with Molly Wood. (09/13/18)

Property developers around the world are capitalizing on "Generation Rent."

They warn the usage of e-cigarettes by teens has reached an epidemic proportion.

A new book looks at the "conundrum of privilege" in a Midwest suburb.

A few GOP lawmakers are bucking the party line by backing a tax on CO2 emissions.

A coalition of elected officials and business leaders sees progress toward Paris climate agreement targets.

More than 400,000 people without cars are in the path of Hurricane Florence, many of them low-income.

The port of Vancouver handles the West Coast's second-largest volume of imported steel, now subject to a 25 percent duty.

(Markets Edition) Do tariffs “hurt the heartland?” That’s the message of a new campaign from the Americans for Free Trade coalition, which consists of some of the nation’s biggest farming, manufacturing, tech and retail companies. Also, a key number that measures inflation — the Producer Price Index — posted its first drop in more than a year. Then, it’s back to tariffs, where businesses in the state of Washington are particularly concerned, since its economy is so dependent on trade. Today’s show is sponsored by Avast (avast.com), Indeed (indeed.com/marketplace) and Michigan Economic Development Corporation (planetm.com). (09/12/2018)

Author of "Saudi America," Bethany McLean tells us about why the key ingredient in fracking is capital, not chemicals.

(U.S. Edition) The Congressional Budget Office has new numbers about the federal deficit, and they say it’s only getting bigger. Billions bigger. Also, Apple is expected to announce a trio of new iPhones along with updates to some other products, but this time with the specter of the trade conflict with China hanging over it. Then, we look at oil and how the U.S. is on pace to be the third largest oil producer in the world, thanks to the process of fracking. But an author told us that the U.S. is still a long way from energy independence. Today’s episode is sponsored by Indeed (indeed.com/marketplace) and Michigan Economic Development Corporation (planetm.com). (09/12/2018)

(Global Edition) From the BBC World Service … The European Parliament on Wednesday votes on a controversial copyright law that would impact some of the world’s biggest tech companies, like Google’s YouTube. Then, Britain’s central bank governor, Mark Carney, on Wednesday told the BBC that while regulators have done a lot to fix the global financial system, risks still remain for both the global economy and the U.K. He said China is at the “top of the list.” Afterwards, this week, we’re taking a look at how the global economy has changed in the decade since the financial crisis. We examine Iceland, a country that jailed bankers deemed to be responsible for excessive risk taking there. But, has holding people responsible worked to change public perception about the financial community? Today’s episode is sponsored by Indeed (indeed.com/marketplace) and Michigan Economic Development Corporation (planetm.com). (09/12/2018)

Apple unveils a new iPhone. What really makes it special? The computer chips inside.

Most people are looking at the new iPhones and thinking about the camera performance, the size of the screen, the notch situation. But we nerds here at Marketplace Tech will be thinking about the semiconductor. Many people will probably ignore the part in Apple’s new gadgets announcement Wednesday about the A12 processor and what a big difference it’s going to make for speed, performance and battery life. But these guts are actually what set Apple apart — and ahead — of other smartphone makers, because Apple designs its own semiconductors for all its mobile devices. Anshel Sag is a semiconductor analyst at Moor Insights and Strategy. Molly Wood asks him what the benefits are of making your own chips. (09/12/18)

The vote comes as U.S. Steel and ArcelorMittal are in union contract negotiations.

Hurricane Florence is expected to hit several states along the Eastern Seaboard, including North and South Carolina, and Virginia, on Thursday. More than a million people have been ordered to evacuate. Federal agencies are scrambling to coordinate the relief supplies that are probably needed in the days ahead. This will be the Federal Emergency Management […]

The Trump administration said tax breaks would help American companies expand their operations. Instead, they bought back a lot of their own stock.

The term has re-entered politics in America, but it means different things to different people.

There was a time when most banks were small. They liked it that way. Today, just six banks manage more than half the assets in the entire U.S. banking industry.

Trump administration wants to eliminate broadcasts of U.S. "master clock."

(Markets Edition) It’s been 10 years since the financial crisis, and the longest bull market in history is still going. That’s a far cry from where the markets were a decade ago, and one reason is the resurgence of the retail sector. Then, we look at how the confidence from small business owners in the economy is the highest it’s been in more than 30 years, according to data from the National Federation of Independent Businesses. August’s numbers showed large gains. Also, we examine how low-cost transit options like bike, scooter and ride-sharing programs can help low-income workers change their job prospects … perhaps even help them out of homelessness. Today’s show is sponsored by Indeed (indeed.com/marketplace) and Navy Federal Credit Union (navyfederal,org/flagship). (09/11/2018)

It's called Simple Loan, and it could hint at a change in American borrowing.

(U.S. Edition) Hurricane Florence has forced the mandatory evacuation of more than a million people along the coasts of North Carolina, South Carolina and Virginia. The possible flooding from the rain could flood areas where many people didn’t think flood insurance was needed. Then, U.S. Bank unveiled Simple Loan, a low-interest, short term loan backed by the bank that might signal a change in how Americans borrow. Also, we discuss the concept of “social infrastructure,” which an author told us could have significant impact on the economy while also having life-saving power. Today’s show is sponsored by Indeed (indeed.com/marketplace) and Navy Federal Credit Union (navyfederal,org/flagship). (09/11/2018)

(Global Edition) From the BBC World Service … France is heading to the European Court of Justice today to establish whether tech giants like Google can be forced to delete data on individuals if they make a formal request for the right to be forgotten online. Then, Tuesday, Venezuela will begin selling gold certificates to help protect people’s savings from sky-high inflation as the country continues to battle an economic crisis. But who really benefits from actions like this? Afterwards, this week we’ll be talking about how the global economy has changed in the wake of the global financial crisis, but first, a review about why we’re still talking about Lehman Brothers’ collapse 10 years later. Today’s show was sponsored by Indeed (indeed.com/marketplace) and Navy Federal Credit Union (navyfederal,org/flagship). (09/11/2018)

An author told us how spaces like parks and libraries can end up being a driving force in the economy and a saving factor in a crisis.

Insurance is, as the tech industry likes to say, ripe for disruption. It’s old, inefficient, and not consumer-friendly. But can a startup with no experience really be a better option? Lemonade Insurance Company lets you buy renter’s or homeowner’s insurance through an app. An automated bot named Maya guides you through the process. And when you’ve got a claim,  you take it to Maya, too. It’s billed as insurance for millennials and urban dwellers. There are a lot of companies like Lemonade, trying to make insurance more efficient, or even likable. There’s even a name for it: Insurtech. Molly Wood talks to Daniel Schreiber, co-founder and CEO of Lemonade. (09/11/18)  

Insurance startups, like Lemonade, aim for more efficiency and transparency in the industry.

Disgraced former CBS head Leslie Moonves will contribute millions of his severance to the #MeToo movement after multiple allegations of sexual harassment and assault. Small nonprofits on the receiving end could find themselves scrambling to manage the donations. Click the audio player above to hear the full story. 

The investment bank's failure triggered nearly 80 bankruptcy proceedings involving hundreds of its subsidiaries.

President Donald Trump’s tariffs — and talk of more — are driving global automakers to make some big decisions. Volvo, which has a Chinese parent company and makes a couple vehicles on the mainland there, canceled a planned initial public offering of its stock, citing the dark cloud of tariffs. Ford, which makes a version of […]

Teresa Danks is known as the "panhandling teacher."

Lehman's collapse is, to this day, the largest bankruptcy filing in U.S. history.

On Monday, America’s top trade official is in Brussels, talking tariffs with the European Union. A couple months ago the two sides agreed to a trade war truce. But with the Trump administration constantly reviewing trade policy, it’s hard to predict how things will go. Click the audio player above to hear the full story. 

After months of waiting, Charles Rettig could be confirmed this week as Internal Revenue Service commissioner. It’s been nearly a year since the Trump administration passed the sweeping tax overhaul. If Rettig is confirmed, he will have his work cut out for him. The agency is underfunded, undermanned and overburdened. And the countdown clock to April […]

(Markets Edition) The trade war could be reshaping the grid of where companies get the items they need to assemble their products. One example is how the stock in Foxxconn, which makes a variety of things that go into iPhones, fell more than 3 percent on Monday. Then, the IRS could be getting a new commissioner this week if Charles Rettig is confirmed. Retting would be taking over an agency facing a variety of problems. Also, we take a break and talk with William Shatner, the famed “Star Trek” captain who is also boldly going into the world of entrepreneurship. Today’s show is sponsored by Avast (avast.com), Indeed (indeed.com/marketplace) and Michigan Economic Development Corporation (planetm.com). (09/10/2018)

The actor talks about his projects, along with exploring frontiers — final or otherwise — of business.

The U.S. just underwent its most significant tax overhaul in a generation. Which means it's time to check on your paycheck — and whether your company is withholding enough in taxes.

(U.S. Edition) CBS chairman and CEO Les Moonves is leaving following new allegations of sexual misconduct. The network said there’s no severance package worked out for him. His departure will also impact an ownership feud over the corporate structure at the network. Then, we look at the overhauled U.S. tax code and how many people could still owe the government money despite getting a tax cut. Then, the chairman of China e-commerce giant Alibaba is stepping down to focus more on things like education and philanthropy. We take a look at his story. Today’s show is sponsored by Avast (avast.com), Indeed (indeed.com/marketplace) and Michigan Economic Development Corporation (planetm.com). (09/10/2018)

(Global Edition) From the BBC World Service … A fractured mandate in Sweden after weekend elections left two main parties nearly tied. Then, while the world watches for more potential developments on the trade dispute between the U.S. and China, a meeting was set for Monday between America and the European Union to try and reduce ongoing tensions. What could it signal for future trade relations between the two economies? Afterwards, technological innovations have in many ways made life easier and helped to speed up productivity. But it hasn’t allowed the average worker to actually be in the office or on the job site fewer hours. But Britain’s biggest federation of unions Monday is arguing a four-day work week will be possible as AI could provide a more than $200-billion boost to the U.K. economy.  Today’s show is sponsored by Avast (avast.com), Indeed (indeed.com/marketplace) and Michigan Economic Development Corporation (planetm.com).(09/10/2018)

Karina Garcia has attracted over 8.4 million YouTube subscribers by making DIY slime.

For lots of popular YouTubers, merchandise is the key to making real money. And 24-year-old Karina Garcia is like the fairy-tale merch story. She was a waitress who dropped out of college and then made her first crafty DIY YouTube video in 2015. Now she’s got more than 7 million subscribers, and if your kids are begging you to make slime at home, she’s why. Garcia launched the slime phenomenon in 2016 with fun variations like bubble wrap slime and glitter. She told CNBC that her business makes about $2 million a year. Now she’s got a line of at-home craft kits under the Craft City brand at Target. As part of Marketplace Tech’s coverage of the growing “creator economy” of online and social media stars, Molly Wood talks with Garcia about making the move from the screen to the store. (09/10/18)