Week of March 27th, 2023

‘Tis the season!

Dated Brent, used to set the price of most of the world’s oil, will include supplies from Texas for the first time.

The bill’s vague language is making drag queens, businesses and festivals apprehensive about future performances.

Banks try to avoid the Fed’s discount window, an emergency lending program. We explain why. Plus, a small business rides out economic and climate changes.

In the laid-back beach town of Santa Cruz, a local retailer adds wildfires and epic rain storms to the list of things to plan for.

Some offer patient assistance programs, where people can access drugs for free, or cheaper than they would normally pay.

There’s a stigma attached to the emergency lending program.

But they plan to pull back on discretionary spending.

The announcement of criminal charges against Donald Trump by the Manhattan district attorney’s office last night may not have come as a shock to markets, which were notably muted on the news going into Friday. We chat with Christopher Low, chief economist at FHN Financial, about what the reaction has been so far and what could happen going forward. Plus, we look at projections about a key consumer sentiment gauge before data is released this morning. And, the BBC reports on the Japanese government’s move to stop high-tech microchip exports to China.

The Inflation Reduction Act has set out a slew of funding opportunities for government agencies and private companies looking to usher in the green transition. But as of right now, many industries crucial to that effort are facing an acute labor shortage, including trade jobs like electricians. Plus, a look with University of Michigan Professor Erik Gordon at how former president Trump’s indictment could affect markets. Also, the White House has outlined a plan to beef up regulation and oversight of mid-sized banks. And, Amtrak is seeking record funding this year on the heels of the Bipartisan Infrastructure Act.

It’s asking for 50% more funding than it received for the current fiscal year.

From the BBC World Service: Japan is planning to impose export restrictions on equipment used to manufacture semiconductors. The trade controls align with an American push to limit China’s ability to make advanced chips. Plus, the outgoing head of the World Bank, David Malpass, tells us he’s concerned about some of the loan conditions China has been giving to low income countries. And, we talk to the man behind one of the most successful ever cell phone games — the Candy Crush Saga.

Teen Vogue’s Fortesa Latifi discusses the situation of kids whose lives are made into social media content. It’s provoked a growing backlash, stirring questions about their personal and financial rights.

We’ll discuss Trump’s indictment and what may come next.

Census data shows fewer people are moving out of coastal urban centers, but Sun Belt states remain popular.

One barrier to “electrifying America”? A nationwide shortage of electricians. Plus, a split in home price trends.

Public libraries have to pay more for e-books than physical copies, while academic libraries say that journal subscription prices are rising.

Prices are cooling in the West, but the market in the East is still hot. We check in with a real estate pro in the center of the divide.

Staffing shortages and high turnover have dogged the early education and child care field for years. The pandemic has made them acute issues.

It may be hard to tell from some data out Friday, which is for February. But we may still get a read on whether consumer sentiment is changing.

The Inflation Reduction Act funds a huge green infrastructure buildout. But projects will need to attract and train more electricians.

The chairman of the Federal Deposit Insurance Corporation said yesterday in remarks to the House Financial Services Committee that the agency’s board would vote in June on a new bank assessment fee to make up for the money spent in the rescues of Silicon Valley Bank and Signature Bank. We look at the details. Plus, China has issued warnings to the U.S. over its brief hosting of Taiwanese President Tsai Ing-wen. And, we talk to Sophie Pedder, The Economist’s Paris bureau chief, about what’s been going on in France amid unrest over the government’s pension reforms. 

More than a million people have taken to the streets across France since President Emmanuel Macron forced through legislation raising the retirement age from 62 to 64.

In the last few months, mortgage applications have risen as rates have ticked down.

One change: Pitchers will have 20 seconds or less to throw the ball. But is that enough time to capture the mood?

Tax season is upon us, and that means an age-old debate is resurfacing amongst accounting nerds far and wide — why do Americans still have to file tax returns? Another simpler, and arguably better, system called return-free filing is used across the world. Chris Farrell walks us through the potential benefits of adopting such a system in the U.S. Plus, why plateauing mortgage rates are leading to more applications from would-be homebuyers. And, a look at some of the rule changes coming to Major League Baseball as teams start playing regular season games today.  

The idea has been thrown around for a while now, but new IRS funding may help it become a reality.

From the BBC World Service: When President Biden unveiled the Inflation Reduction Act last summer, the subsidies on offer turned heads around the world. Today the UK is unveiling its plans for a net-zero economy, and the European Union already has its Net Zero Industry Act. But do the policies cut the mustard with business? Plus, The Guardian newspaper has faced up to the slavery links of its founder. It now plans to invest around $12 million over the next decade in a program of restorative justice.

Women executives are often cast as the “adults” who keep things in order, but not the “people with the big vision,” says Bloomberg columnist Beth Kowitt.

No, it’s not a real window.

Could an uptick in pending home sales signal a thawing housing market? Plus, small business is doing well, but owners’ confidence is down.

At least 12 states now have laws allowing families to use public funds for homeschooling expenses.

The agency wants to help more school districts cover the costs of universal free meals.

A February rise in pending home sales likely reflects a short dip in rates earlier.

How welfare laws can force a cookie-cutter bureaucracy on the poor.

The latest small business index is an example of the disconnect between people’s experience of the economy and their perceptions of it.

In “Moving the Needle: What Tight Labor Markets Do for the Poor,” authors Newman and Jacobs advocate letting tight labor markets stay that way.

A secondary lead smelter near Los Angeles is planning to expand, distressing residents concerned about potential illness.

Lawmakers on Senate Banking Committee yesterday grilled bank supervisors and other government financial regulators over alleged failures in oversight leading up to the recent bank collapses. Karen Petrou, managing partner at Federal Financial Analytics, walks us through what’s been said so far — and what could be in store for today’s hearing. Plus, housing prices remain all too high for many people, but recent data suggest a tapering in the rate of rent inflation. And, a look at the economic and environmental effects of having a lead smelting plant in the Los Angeles area, one of the few remaining in the country. 

A recent survey found people expect rents will rise faster than home prices. But recent data have shown the opposite trend.

As the trend of fully-remote work ebbs and employers push to bring workers back into offices, there’s been an increasing focus on what makes a positive and productive workplace — or a company’s “culture”. We check in with consultant Keith Ferrazi, who argues that in an increasingly hybrid work world, companies can do a lot more to connect with employees, starting by fostering empathy and personal connection in their teams. Plus, a look into why Chinese e-commerce giant Alibaba has split into six different entities. And, a new California law is aiming to stem supposed price gouging by fossil fuel producers in the state. 

From the BBC World Service: The European Union has approved a landmark law that ends the sale of carbon-emitting cars by 2035. The new law was expected to make it impossible to sell internal combustion engine cars, but Germany won an exemption for those running on ‘e-fuels’. We explore what they are, and why German industry pushed for their inclusion. Plus, officials in the Dutch capital Amsterdam have launched a digital campaign to reduce the influx of British tourists coming in search of drugs, sex and limitless alcohol. And, we examine how the collapse of Silicon Valley Bank affected startups in Africa.

The chatbot’s potential to impact public institutions is “just enormous,” says Aviv Ovadya of Harvard University.

What’s still holding us back from equal pay?

The job market remains tight, yet consumer sentiment remains low. The Washington Post’s Catherine Rampell explains the disconnect. Plus, lessons learned on a long walk.

The law aims for transparency in a state known for high gasoline prices.

Smaller and regional banks are major lenders not only for office construction, but also building projects like hospitals, educational institutions and ports.

Neil King Jr. reflects on his history-rich journey from Washington, D.C., to New York City.

Have you got a bunch of subscription services that need to be canceled but are dissuaded by the onerous process? A new proposal by the Federal Trade Commission aims to streamline cancellations by requiring companies to make opting out as easy as opting in. Plus, we chat with Dr. David Kelly, Chief Global Strategist at JPMorgan Asset Management, about the macroeconomic environment as top banking regulators testify in front of Congress. And, how some American streaming giants like Netflix are winning the hearts and minds of people in France. 

The agency has proposed new rules that would require companies to make unsubscribing less onerous.

With growth tapering in the U.S., American streaming giants are tapping into growing European markets in countries like France.

Officials from numerous government agencies that oversee the banking industry will testify in front of the Senate Banking Committee today. We look at what they’re expected to tell lawmakers about the collapse of Silicon Valley Bank and related financial jitters in recent weeks. Plus, protests are continuing in France over president Emmanual Macron’s unpopular pension reforms. And, SVB’s downfall has brought new uncertainty for a variety of businesses, including some winemakers in California. 

More than 400 California wineries borrowed from Silicon Valley Bank. In the aftermath of its collapse, many are wondering what comes next.

From the BBC World Service: Vice President Kamala Harris has announced a $100m conflict prevention package for West Africa at the start of a week-long visit to the continent. We look at how Washington is seeking to counter the growing influence of China and Russia in Africa. Plus, Chinese billionaire Jack Ma is perhaps the most high profile name in a long list of businessmen to have recently disappeared from public life in China. It’s all linked to President Xi’s crackdown on big tech companies. So why did he reappear at a Chinese school? And, we take a look at the $300bn ‘modest fashion’ industry.

Data brokers are selling sensitive personal information about people who use mental health apps, according to Duke University researchers.

It’s a sans smile episode.

Shanghai’s 2022 lockdown, which lasted two months, left economic and psychological scars on the metropolis.

Analysts say there’s no reason to panic, but the sinking values of commercial properties could make those banks’ balance sheets look pretty bad.

Certificates of Deposit help banks bring in cash that they can use to make money by lending it at higher rates. Depositors may be looking to CDs as interest rates rise.

Besides testifying in hearings, regulators need to get a few messages across, including that the system worked, a PR executive says.

Bank regulators face the tall order of reassuring markets and the public that everything is going to be OK. Plus, has lockdown altered Shanghai’s role as a global financial hub?

Kevin Czinger, of Czinger Vehicles and Divergent Technologies, envisions flexible, local factories that are fixtures in their communities.

The city of Camden was supposed to bring jobs from some of America’s biggest companies. So far, that’s mostly gone unfulfilled.

A new survey from the National Association of Business Economics indicates that economists believe the U.S. economy will have to endure high inflation along with a potential recession this year. Julia Coronado, president of the organization, talks through the data. Plus, Chinese factories are struggling to get back to their pre-lockdown production levels even after restrictions were lifted. And, we talk with WNYC senior reporter Nancy Solomon about how tax breaks intended on bringing jobs to the city of Camden, NJ mostly didn’t boost local employment. 

Some have been moving money to “too big to fail” banks. Others are sticking with community institutions.

It depends on why the recall was issued and how essential the item is.

The recent turmoil in the banking sector has spooked a number of consumers into moving their deposits from smaller financial institutions to larger ones. We look at what’s driving that shift, as well as what it could mean if the trend continues. First Citizens Bancshares, which is based in North Carolina, will acquire a large chunk of the assets of the collapsed Silicon Valley Bank. And, a recent recall of eyedrops issued by a couple of companies raises the question of how a recall affects consumers and businesses. 

From the BBC World Service: It’s Monday, which means there’s another deal in the banking sector. First Citizens BancShares has bought all the loans and deposits of Silicon Valley Bank. Its collapse a few weeks ago triggered a crisis of confidence in the industry, but we’ve seen European banking shares trading higher today. Plus, a strike by two of Germany’s largest unions has brought public transport there to a near standstill. And, it’s 50 years since women were first allowed to work on the trading floors of the London Stock Exchange. We hear from some of the pioneers.

Mozilla has launched a startup with the goal of developing more transparent and accountable AI tools. Executive Imo Udom explains it.