Week of October 8th, 2018

Three big banks posted their quarterly results Friday. And they were good. When you hear that profits at a bank like JPMorgan Chase were up almost 25 percent, you have to wonder: Why? Well, one reason is banks are making a lot more from you and me. Click the audio player above to hear the […]

It's "really about returning excess profits," a Kaiser Family Foundation executive says.

In the early 1980s, the Fed combated inflation by hiking interest rates to over 18 percent.

Anxious importers are flooding the phone lines of trade advisers; one has seen a 20 percent jump in business.

(Markets Edition) The volatile nature of the markets, especially this week, can take a mental toll on anyone paying attention. It hasn’t been this active since February, so we talked to market pro Barry Ritholtz, founder of Ritholtz Wealth Management, about it. Then, despite all the news of trade tensions between China and the U.S., China actually has a trade surplus with the U.S. Nancy Marshall Genzer has more. Also, we check in on Cadillac, which is making the move back to Detroit as it works to attract luxury buyers. Today’s show is sponsored by GAIN Capital Group, (gaincapital.com), LinkedIn (linkedin.com) and Selligent (selligent.com). (10/12/2018)

Allegations of misconduct coincide with new fall season for some groups.

(U.S. Edition) The Dow’s roughly 1400-point drop this week seemed to have a ripple effect across the global markets as well, but now things appear to have settled down as of Friday morning. We talk to Barry Ritholtz of Ritholtz Wealth Management on how to deal with this kind of activity day-to-day. Then we check in with columnist and ProPublica editor Allan Sloan about the role of interest rates in the ongoing tale of President Trump and his blaming of the Federal Reserve for the market issues this week. Today’s show is sponsored by GAIN Capital Group, (gaincapital.com), LinkedIn (linkedin.com) and Selligent (selligent.com). (10/12/2018)

(Global Edition) From the BBC World Service … Businesses are turning away from Saudi Arabia after reports a dissident journalist was killed by the country’s security forces. Then, we hear from Paul Romer, who won this year’s Nobel Memorial Prize in economic sciences for his research into how innovation can be used to protect the environment. Afterwards, Netflix and Amazon are battling in India to increase viewers. But competition from Indian production houses is complicating efforts. We’ll take you to a film set in Mumbai and hear from filmmakers there competing for eyeballs online. Today’s show is sponsored by GAIN Capital Group, (gaincapital.com), LinkedIn (linkedin.com) and Selligent (selligent.com). (10/12/2018)

In just the last week, Facebook and Google have both announced new smart speakers with video screens. And Amazon is heck-bent on putting Alexa in everything. On the one hand, people seem to want these doohickeys. Research firm Canalys says global smart speaker sales grew 187 percent in the second quarter of this year. On the other hand, an always-on, always-connected listening device in the home really freaks some folks out. Let’s dig into this in Quality Assurance, the segment where we take a deeper look at a big tech story. Molly talks with Tom Merritt, host of the podcast Daily Tech News Show. He says, before you decide whether to worry about smart speakers, you should know what you’re worried about. (10/12/18)

No, they're not recording your every word.

An estimated 67 million Americans receiving the benefits will see a 2.8 percent cost-of-living boost to their checks.

The AARP estimates more than 10 million people 50 and older are at risk of going hungry every day in the United States. In Florida, where many baby boomers retire, this food insecurity is compounded by a lack of public transportation. Some food banks are holding food drops to bring food and other health-related events […]

…and everything else you've ever wondered about gas stations.

“I’m amazed that no one’s kicked me out of the pool yet.”

The price of these stamps will increase from 50 cents to 55 cents.

Management fees race to the bottom as investors embrace passive index funds.

If the Oakland measure is approved, it would be the state's first such tax.

(Markets Edition) We take a look at inflation numbers in light of the Consumer Price Index’s rise by a tenth of a percent last month. Then we talk about pollution from a seemingly unlikely source: meat. Large meat processors have released more pollution than acceptable in streams and rivers according to a new study. Also, Oakland is seeing a rise in homelessness possibly due to climbing rents, so a tax on vacant properties is being discussed. Today’s show is sponsored by GAIN Capital Group, (gaincapital.com), Michigan Economic Development Corporation (planetm.com) and PayPal (paypal.com). (10/11/2018)

The Consumer Price Index tracks the average price change over time for a “basket”  of goods and services. The CPI takes into account things like food, transportation and health care. If the CPI goes up, that’s considered an indication that the inflation rate is rising. But when the Federal Reserve calculates the inflation rate, it […]

The gig economy is shrinking. Wait, what exactly is the gig economy?

(U.S. Edition) Wednesday was a rough day for Wall Street, with markets dropping across the board. To shed some light on what’s happening is Michael Hewson, market analyst with CMC Markets. Also, earnings season is coming up, and big banks are expected to report their earnings on Friday. Marketplace’s Justin Ho shares more. Then, we look into the issue affecting people 50 years of age and older: hunger. With millions in that age range at risk of going hungry, food providers are holding events in communities where seniors live. Today’s show is sponsored by GAIN Capital Group, (gaincapital.com), Michigan Economic Development Corporation (planetm.com) and PayPal (paypal.com). (10/11/2018)  

(Global Edition) From the BBC World Service … Stock markets around the world are in retreat as a selloff ricochets from the U.S. Is it the latest buy-the-dip opportunity or are there more serious risks at play? Then, a conference on the illegal trade in wildlife opens Thursday in London – it’s worth $22 billion a year, making it the fourth-biggest transnational organized crime. Afterwards, prepare for takeoff: The world’s longest non-stop flight, from Singapore to New York, clocks in at 19 hours and launches Thursday. But it comes at a time of rising global oil prices and targets premium-cabin consumers. So, how viable is its longevity? And we’ll share what our listeners have been saying about how they survive long flights. Today’s show is sponsored by GAIN Capital Group, (gaincapital.com), Michigan Economic Development Corporation (planetm.com) and PayPal (paypal.com). (10/11/2018)

The whole multitrillion dollar promise of 5G and its millions of jobs and new businesses is just a pipe dream without infrastructure. Unlike 4G, which can be delivered through a relatively small number of tall towers, 5G wireless service relies on lots and lots of small receivers placed fairly close together. And installing all those little 5G cells is turning into a big fight. (10/11/18)

Turns out, building a new wireless network doesn't happen without a tussle.

This campaign season, millions of dollars are being spent to convince young voters to register and vote in the midterm elections.

The company is more than $5.6 billion in debt.

Hip-hop/R&B is America's most popular genre, according to Nielsen, but rock concerts still rake in revenue.

One U.S. dollar today is worth about 9.92 Chinese yuan. That’s down nearly 10 percent from where it was last spring. That drop has the attention of Treasury Secretary Steven Mnuchin, who said Wednesday he wants to make sure China is not doing “competitive devaluations.” That’s when a country seeks an advantage by making its […]

Companies that have been big winners, including tech firms, suffered steep declines.

How willing are the justices to overturn prior decisions?

Case in point: The Consumer Financial Protection Bureau is now the Bureau of Consumer Financial Protection.

(Markets Edition) With the Chinese yuan falling, U.S. Treasury Secretary Steven Mnuchin attempted to warn China of taking part in “competitive devaluation” of the currency. Then, we check on the markets with Jeffery Cleveland, chief economist with Payden & Rygel in Los Angeles. Finally, we look into networking. Before, connections could be made over a round of golf. But in Silicon Valley, ultimate frisbee has become the gateway to opportunities. Today’s show is sponsored by Alliance for Lifetime Income (retireyourrisk.org), GAIN Capital Group (gaincapital.com) and Selligent (selligent.com). (10/10/2018)

The unemployment rate is just 2.4 percent in Japan; the country is filling the job gaps with a controversial program for foreign interns.

Costs are often indirect, such as not being able to work.

(U.S. Edition) We check in on the decline of the yuan, the national currency of China. Shaun Rein, the managing director of the China Market Research Group, told us more. A global summit on mental health concludes Wednesday in a bid to secure money and treatment comparable to other health issues. Worldwide, mental disorders cost governments almost $2.5M per year. Reid Hoffman, the co-founder of LinkedIn, stopped by to talk about the concept of “blitzscaling” detailed in his new book. Today’s show is sponsored by Alliance for Lifetime Income (retireyourrisk.org), GAIN Capital Group (gaincapital.com) and Selligent (selligent.com). (10/10/2018)

Reid Hoffman discusses the unconventional advice he gives entrepreneurs that want to get big fast in his new book.

(Global Edition) From the BBC World Service … A day after it downgraded its forecast for global growth next year, the International Monetary Fund is out with a new warning Wednesday about what it calls “dangerous undercurrents” threatening the world economy. Then, more than half a million people have been urged to evacuate their homes in the southeastern part of the U.S. as Hurricane Michael prepares to make landfall. That’s just weeks after storms ravaged Indonesia and the Carolinas. Now, the United Nations is out with a new report showing economic losses from extreme weather events rose 251 percent in the last 20 years. And we’ll hear from business owners in Palu who are trying to get back to normal life in the weeks following the natural disasters. Today’s show is sponsored by Alliance for Lifetime Income (retireyourrisk.org), GAIN Capital Group (gaincapital.com) and Selligent (selligent.com). (10/10/2018)

The next generation of wireless technology, 5G, could be a huge deal. The speed and the number of devices that can be connected could spawn new businesses we haven’t even thought of yet. Last year chipmaker Qualcomm and tech research firm IHS Technology put out a report that said 5G could enable $12 trillion in economic output across the world by 2035 and add some 22 million jobs. The report compared 5G to electricity. Compare that to 4G, which, just in the U.S., contributed about half a trillion dollars to the economy in 2016. And even a whiff  of that potential is why there’s a race to get to 5G first between companies and even countries. Molly talks with Scott Tong, Marketplace reporter and former China correspondent. He says the U.S. won the race to 4G, and China doesn’t want that to happen again. (10/10/18)

The U.S. won the race to 4G. Can it do the same with 5G?

The company's big challenge is keeping pace with technology.

Two hosts. Thirty minutes. We’re answering as many of your questions as we can.

The average rate is just over 17 percent, and it's expected to keep going up.

Coin-operated gumball machines aren’t as common as they used to be. With sales slowly dwindling over the years and high domestic sugar prices, America’s sole remaining gumball maker has been branching out to stay afloat.   Click the audio player above to hear the full story. 

(Markets Edition) New numbers show the benefits of aggressively helping young people finish school and find jobs. A study followed two groups, both ages 16 to 24, on their journeys. Then we dive into the markets, where the latter half of this week signals the beginning of a new season of sorts for market participants. Also, we check in on the last American gumball company standing, Ford Gum and Machine Company, which has been around for more than a century. Today’s show is sponsored by Alliance for Lifetime Income (retireyourrisk.org), GAIN Capital Group (gaincapital.com) and PayPal (paypal.com). (10/09/2018)

A software glitch left private data of more than 496,000 users of the social media network open to potential misuse.

Getting through Thanksgiving dinner is hard enough, do we have to dodge politics in the 9-to-5 now too?

(U.S. Edition) A new report details how the private information of almost half a million Google users was exposed to hackers until Google sealed up the leak in the spring. The apparent weak link was Google Plus, so we take a look at the data vulnerabilities that can occur when a platform fades into oblivion. Then, we check the global economic pulse with new data from the International Monetary Fund. Also, we discuss what to do when political discussion forces its way into the workplace in the newest installment of  “Ask A Manager.” Today’s show is sponsored by Alliance for Lifetime Income (retireyourrisk.org), GAIN Capital Group (gaincapital.com) and PayPal (paypal.com). (10/09/2018). 

(Global Edition) From the BBC World Service … The IMF has downgraded its view of global growth due in part to ongoing trade tensions. We’ll hear from the organization’s chief economist. Then, after a month of speculation, Pakistan put rumors to rest and said it will seek a bailout from the International Monetary Fund to tackle its mounting balance of payments crisis. We’ll hear from our reporter on the ground in Islamabad.  Afterwards, Korean pop band BTS has stepped in to fill the boy-band vacuum, igniting a wave of excitement around the globe with its “Love Yourself” world tour. The group’s popularity has grown so much that it has sold out two nights at the O2 in London, with tickets on the re-sale market going for thousands of dollars each. Today’s show is sponsored by Alliance for Lifetime Income (retireyourrisk.org), GAIN Capital Group (gaincapital.com) and PayPal (paypal.com). (10/09/2018)

A report last week from Bloomberg Businessweek suggested that Chinese spies had embedded tiny microchips on motherboards that control computers in order to steal information from nearly 30 U.S. companies, including Apple and Amazon. Both of those companies, and Super Micro, the electronics maker that was allegedly infiltrated, and the Chinese government have categorically denied the report. But the story is lingering, in part because it brings up a very scary reality that lots of cybersecurity experts keep talking about. Molly Wood talks about it with cybersecurity expert Bruce Schneier. (10/08/18)

Why it's so hard to lock down the supply chain that makes our electronics.

Economists comment on what makes Romer’s views unique.

There’s a new report out on climate change science and it’s bleak. The Intergovernmental Panel on Climate Change, made up of thousands of scientists, finds the earth’s temperature has risen 1 degree Celsius — or 1.8 degrees Fahrenheit — since pre-industrial times. And if we don’t keep warming under 2 degrees? Well, the oceans could rise an […]

Low oil prices hit the state's mostly small producers hard. As a barrel of oil goes up, the industry is hopeful profits will start flowing again.

The work of William Nordhaus focused on climate change, while Paul Romer examined tech factors in calculating economic growth.

With big chains like Sephora and Ulta on the move, department stores are playing catch up.

"We are confident we'll be able to weather it, but it definitely has us making some tough decisions," said Deepa Gandhi, co-founder and COO of Dagne Dover, a handbag and accessories company.

(Markets Edition) Has the world gotten complacent about the price of oil? According to the Wall Street Journal, bets on oil surpassing $100 per barrel have doubled in the last month. Julia Coronado at Macropolicy Perspectives has more. Then, we examine the growing trade deficit as seen through goods and services … specifically services. Also, across two hemispheres, officials are cutting back on how much financial cushion banks set aside for emergencies. We look at how this can factor into economic stimulus and financial market risk with Nancy Marshall-Genzer. Today’s show is sponsored by Michigan Economic Development Corporation (planetm.com), Navy Federal Credit Union (navyfederal.org) and PayPal (paypal.com). (10/08/2018)

Some Canadians worry NAFTA replacement will flood markets with lower-cost U.S. milk and cheese.

An annual festival for Elvis impersonators is a moneymaker for Porthcawl, Wales.

(U.S. Edition) Scientists with the International Panel on Climate Change have gathered in South Korea and released a report Monday outlining the steps that need to be taken to stop global temperatures from rising by more than 1.5 degrees Celsius. It also says that We also examine how goods and services indicate a growing trade deficit, but services alone offer different insights. Then, we talk to Karen Petrou, a familiar voice on the show, and one that now wants to call attention to a financial innovation designed to draw big money to help fight blindness. Today’s show is sponsored by Michigan Economic Development Corporation (planetm.com), Navy Federal Credit Union (navyfederal.org) and PayPal (paypal.com). (10/08/2018)

(Global Edition) From the BBC World Service …  A new report on climate change says 2.5 percent of global GDP needs to be spent each year for two decades to stop global warming. We hear from the co-chair of the International Panel on Climate Change. Then, Brazil’s voters handed a previously fringe candidate nearly half the vote in Sunday’s election, but he’ll face a runoff election  at the end of the month after failing to secure a majority. What does that mean for a country facing continued economic hardship? After, we’ll take you to Sulewesi in Indonesia where schoolchildren are heading back to the classroom after a catastrophic tsunami and earthquake killed at least 1,900 people. Today’s show is sponsored by Michigan Economic Development Corporation (planetm.com), Navy Federal Credit Union (navyfederal.org) and PayPal (paypal.com). (10/08/2018)

Almost 40 percent of rural America, or about 23 million people, don’t have access to broadband internet or reliable mobile service. Long term, this digital divide is a huge economic problem. Companies need high-skilled workers, and people without decent internet access can’t find those jobs or get the training they might need to do them. Now the Fed is trying convince businesses that the digital divide is their problem, too, Jeremy Hegle told us. He’s a senior community development adviser for the Federal Reserve Bank of Kansas City. Its territory includes Kansas, Nebraska, Wyoming, Colorado, parts of Missouri and northern New Mexico. (10/08/18)

Almost 40 percent of rural America doesn't have access to broadband internet or reliable mobile service.