Week of November 5th, 2018

Wholesale prices made their biggest jump in six years in October.

It’s been a long week. Let’s take five minutes just to recap. We’ll talk midterms, the Federal Reserve and more with the Wall Street Journal’s Kate Davidson and Politico Managing Editor Sudeep Reddy for the Weekly Wrap. Then, we’ll get into tariffs, or more specifically, how to be exempt from paying tariffs. Since last March, the Commerce Department has been inundated with nearly 50,000 applications from steel and aluminum companies asking to be excluded from the tariffs — 10 times the amount it initially expected. So how does the Commerce Department choose who gets exempted? We dig into it. Plus, with tariffs there’s always a catch, and the lobster industry is feeling it. We talk to Bloomberg’s Shawn Donnan about how Maine lobsters got caught in the trade war crossfire. 

Congressional Democrats and President Trump agree on one thing, and maybe only one thing: lowering prescription drug prices. With control of Congress split, what are the chances of a bipartisan solution? We’ll look into it. But first: the cost of doing business just got higher. We’ll look at the forces at play (namely, inflation) and when those hire prices might be passed on to you, the consumer. Plus: As we look for more sources of alternative energy to combat climate change, where does nuclear fit in? Today’s show is sponsored by Forex, American Express and Paypal.

The midterm elections could have a big impact on the tech industry. That’s because the backlash against Big Tech is one of the only issues out there that is pretty bipartisan. And on top of that, a couple of newly elected legislators have specifically made tech part of their agenda, be it net neutrality, privacy regulations, or even whether platforms are suppressing political voices. We dig into this in Quality Assurance, the segment where we take a deeper look at a big tech story. Issie Lapowsky, a senior writer for Wired covering politics and national affairs, tells Marketplace Tech’s Molly Wood that both sides of the aisle have been considering ways to regulate Big Tech in recent years. (11/09/18)

A federal judge in Montana has blocked the Keystone XL Pipeline, a controversial project that would deliver oil from Canada to the Gulf Coast. Then: China holds a massive trade fair to open up to the world. And the E.U. balks at Italy’s definition of debt. Today’s show is sponsored by Forex, American Express and Paypal.

(Global Edition) From the BBC World Service… U.S. crude oil prices have fallen 20 percent from their recent high, and the global benchmark isn’t far behind. So, what’s weighing on global prices? Then: Greece’s merchant shipping fleet, one of the world’s biggest by tonnage, is likely to feel the pain of sanctions on Iran’s oil. Plus, just more than half of the world’s population is estimated to be without Internet access, and the so-called digital divide is at the top of the agenda at a global web summit in Portugal. Today’s show is sponsored by Forex and American Express.(11/09/2018)

Some things might change with the American economy because of the midterms, but we can always count on the good ol’ Federal Reserve. The Fed has been meeting this week to discuss interest rates and the state of the economy. While interest rates held steady this month, an increase is anticipated in December. But what about housing interest rates? The average rate on a 30-year mortgage hit 4.94 percent this week, a near seven-year high. Now, the housing market is cooling off — new data is showing a further decline in mortgage applications. We talk to experts about what that means for the economy. Also, the deficit hawks are about to get louder. Talk of the federal deficit was rather quiet during the midterm elections, but with Democrats as the majority of the House, we’re going to hear a lot more about it. Plus: a check-in on Big Scooter. Yes, we said it. Big Scooter. It’s a multibillion-dollar industry. 

(U.S. edition) Arkansas and Missouri passed minimum wage hikes on Tuesday, but when it comes to a federal minimum wage hike, some experts told us not to hold our breath. And eight years after some elected officials railed against Medicaid expansion under the Affordable Care Act, those same people are embracing the program. Plus, how ATM makers are adapting as payments go digital. Today’s show is sponsored by Forex, The Michigan Economic Development Corporation and Paypal.

Think of a music video you love to watch over and over on YouTube, or the hilarious meme you shared last. Proposed digital copyright laws in Europe and other countries kind of want to make those a little less common, and they have their roots in a 20-year-old American copyright law called the Digital Millennium Copyright Act. Cory Doctorow is a writer and activist with the Electronic Frontier Foundation. He and the EFF have been talking about and litigating over the unintended consequences of the DMCA for almost 20 years now. We explore what some of those unintended consequences are.

(Markets edition) When you’re listing a house or shopping for one, there are a few key figures to know: The square footage, number of bathrooms… but what about “Instagramable moments”? In hot real estate markets, marketing professionals are commanding big fees for making properties stand out on social media. We’ll talk with one. Then: The Fed’s efforts and opening up, and what you need to know about a new Trump administration rule letting some employers opt out of covering birth control. Today’s show is sponsored by Forex, The Michigan Economic Development Corporation and Paypal.

(Global Edition) From the BBC World Service… Electric car maker Tesla has named an Australian businesswoman as its new chair, replacing Elon Musk. We’ll find out who she is and why she’s been chosen for the role. In Britain, the push for cleaner energy has taken a knock as Japanese conglomerate, Toshiba, pulls out of plans to build a nuclear plant in the country. And how do we know how much oil Iran is exporting under sanctions? We speak to the founder of a company that tracks oil tankers. This show is sponsored by Forex. Correction (Nov. 8, 2018): A previous audio version of this newscast incorrectly described sexual orientation and gender identity. We apologize for the error.  The audio has been corrected.  

On today’s show we’ll look at the big-picture economic affects of the election results. New House, same deficit, so what can Democrats change? We talk to senior reporter Kimberly Adams about how the budget deficit will play out with the new Democratic majority. Voters in Idaho, Utah and Nebraska approved Medicaid expansion, meaning nearly 300,000 Americans could get coverage. A look at the future of Medicaid funding in these traditionally red states. And, in nonelection news, Puerto Rico has been approved for a $4 billion deal to assist its debt crisis. Plus, the latest installment of Corner Office. This time, we talk to Kaiser Permanente CEO Bernard Tyson about the challenges of the health care industry.

Democrats won the House. Republicans secured their hold on the Senate. And there was another winner in Tuesday’s elections: Medicaid. States had the choice under the Affordable Care Act to expand it. Some did, but some conservative states chose not to. Voters in Idaho, Nebraska and Utah elected to expand Medicaid. Voters also elected Medicaid […]

Email can be a vulnerable way to communicate, especially if you’re sending around valuable information because you’re a politician or a journalist or an activist. High-profile email users are targets for hackers, trying to get them to click the wrong link and give up their passwords. Google offers a version of Gmail with extra security — you need a physical USB key to log in. Anyone can use it, but Google markets it to high-profile users. Mark Risher, head of Google’s Account Security team and a creator of its Advanced Protection Program, talked to Molly Wood about it. 

(Markets edition) With the Democrats gaining control of the House of Representatives, the next two years promise to be even more contentious than usual. What does the prospect of further political gridlock mean for U.S. economic policy? We’ll also talk about the future of the Affordable Care Act under a split Congress and how businesses might fare with these big changes. Today’s show is sponsored by Forex, Navy Federal Credit Union and Paypal.

(U.S. edition) Yesterday’s midterm elections saw a record turnout, but the healthy economy and ongoing trade war largely took a backseat. We’ll talk about what drove voters to the polls, then look ahead to fiscal policy in the short term under a divided congress (hint: gridlock, lots of gridlock). Plus: World Wide Web inventor Tim Berners-Lee’s new project. Today’s show is sponsored by Forex and Navy Federal Credit Union.

(Global Edition) From the BBC World Service… With the book closed on US midterm elections, we’ll run through the latest numbers and take you to Madagascar where voters are heading to the polls today in one of the world’s most expensive presidential elections per voter.  Then, to India where the Hindu festival of Diwali starts today. But celebrations are dampened somewhat after the country’s supreme court passed its first ever national restriction on fireworks that have caused air pollution levels to spike. We’ll take you there and hear how revellers and business owners are dealing with the changes. (11/07/2018)

The sale is part of the conglomerate's efforts to trim its portfolio.

Verizon has announced some major internal shuffling: It will create three new operating groups, one each for consumers, business customers and media offerings. The restructure reflects a race between internet providers to offer faster speeds.

Chinese tech company Foxconn planned to bring a lot of new manufacturing jobs to the people of Wisconsin, until those plans changed. Turns out there aren’t a lot of engineers for hire in Wisconsin. Now Foxconn is asking engineers in China to raise their hands and come on over to Wisconsin. We talk to the Wall Street Journal’s Shayndi Raice about Foxconn’s labor troubles. Also on today’s show: Americans spend billions of dollars on their pets every year, with a large portion of that spent on food, and companies are taking note. Plus, in our latest installment of #HowWeChanged, we hear the story of a Wells Fargo loan officer who became a whistleblower in a case alleging the bank unfairly targeted African-Americans with subprime loans. 

(U.S. edition) Farmers in the southeast were riding out tough times even before hurricane season: Prices are down, labor costs are up. That’s making some family farms in North Carolina wonder if the whole industry is worth the trouble. Plus, we’re expecting the latest numbers on job openings and hiring this morning, and they’re expected to show the same momentum as last month’s stellar employment data. But not all job postings are what they seem. Then: How Verizon is reconfiguring itself for the race to 5G. Today’s show is sponsored by Forex.

(Markets edition) The company hasn’t said anything official, but the Wall Street Journal is reporting that Amazon will split its much-hyped HQ2 between the greater New York and DC areas. So what was the point of that whole competition again? We’ll talk about it. Plus: Why America’s airports are adding more local flavor. Today’s show is sponsored by Forex and PayPal.

Once upon a time, when something you owned broke, you fixed it. We never even considered whether we were allowed to fix our products until the year 2000, when the Digital Millennium Copyright Act went into effect, making it illegal to circumvent any tech that locked up devices without authorization. So John Deere started telling farmers it was a copyright violation to fix their tractors. And Apple said it was a copyright violation to fix our iPhones or even open a repair shop. Just last month, the U.S. copyright office finally decided that you do have the right to fix your smartphone and lots of other electronics. Kyle Wiens, CEO of iFixit, a company that creates repair guides for electronics and sells tools and replacement parts, told Molly Wood we may have the right to repair, but repairing things isn’t as easy as it used to be. (11/06/18)  

(Global Edition) We’ve now heard from two top Chinese leaders in as many days about the country’s interest in ending the trade war. So what’s the path forward for the U.S.? Then, Tencent’s new approach to curbing addictive online gaming. Plus: The view from the ground in the Philippines, where food prices are up by double digits. Today’s show is sponsored by Forex.

The world's top exporter aims to trim its trade surplus, but the U.S. and companies want faster liberalization.

How does the Commerce Department decide which companies are exempt from tariffs and which ones aren’t?  We obtained some documents that offer a glimpse behind the curtain. And speaking of tariffs, amidst trade tensions, China is hoping to rebrand itself as a top import country. But can the world’s leading exporter easily change tack? Plus, a look at how some of the largest American companies are trying to get people to the polls tomorrow, and how training, the new tax law and outdated tech are leaving IRS workers feeling behind the curve … as tax season approaches.

(Markets edition) U.S. sanctions against Iran go back into effect today, with some new ones to boot, hitting oil, shipping and banks. But several countries are getting waivers to continue importing Iranian oil. We’ll tell you what you need to know, along with your update on markets and tomorrow’s midterm elections. Then: Credit card companies like Discover and Capital One are starting to scale back lending, and we should all be paying attention. Today’s show is sponsored by Forex and U.S. Bank. 

The Federal Communications Commission estimates that Americans get 4 billion unwanted automated calls every month. And they work. We get scammed out of $9.5 billion every year. But if we can filter out most of the spam in our email, why haven’t we solved robocalling? Because it’s a deceptively complicated problem to solve. (11/05/18)

(U.S. Edition) We’re on the eve of the most expensive midterm election ever, with $5 billion spent on national races. But most of that money isn’t flowing to the most competitive races. We’ll look at why. Then the view from China’s import-export expo, where President Xi Jinping talked about the trade war and Chinese trade policy. Plus: once you capture carbon, what do you do with it? Today’s show is sponsored by Forex and U.S. Bank. 

(Global Edition) New U.S. sanctions against Iran went into effect overnight, hitting the oil and banking sectors the hardest. But there is one area where other nations can still do business with the Middle Eastern country. Then, European finance chiefs are meeting today in Brussels to discuss Italy’s controversial budget. The country’s deputy finance minister has said his country’s plans should be a model for other European countries…but how feasible is that? Afterwards, we’ll explain how banks in some parts of the world are issuing new guidelines on how to deal with customers whose finances might be manipulated by an abusive partner. Today’s show is sponsored by Forex and U.S. Bank. (11/05/2018)