European regulators announced today that Meta, Facebook’s parent company, would have to pay a $1.3 billion fine for violating EU rules around internet users’ data privacy. We delve into what went into the decision, as well as what it means for the company going forward. Plus, we check in with Julia Coronado, president of the National Association of Business Economics, about what the group’s latest survey of economists says about the likelihood of a recession on the horizon. And, there’s a move toward “green steel” that’s seeking to de-carbonize the heavily-polluting steelmaking industry. 

The scramble to raise the nation’s debt ceiling has featured prominent calls by Republicans to impose stricter work requirements for recipients of welfare. But today’s debate on Capitol Hill stems from a much older fight over how the poor qualify for benefits. We spoke with Krissy Clark, host of Marketplace’s investigative podcast The Uncertain Hour, about how racial bias played into the formation and early implementation of the rules we know today. And, this summer travel season may be record-setting, according to experts, as the pandemic emergency officially comes to an end worldwide. 

From the BBC World Service: Microchips power everything from cars to smartphones, and they’re now at the center of a global power struggle. The U.S. has been restricting China’s access to high-end chips in recent months, all in the name of national security. Now China has hit back, banning some of the chips made by U.S. firm Micron. We look at the method behind the move. Plus, there’s been an election in Greece where the economy was a key issue. So how is the country faring years after the debt crisis? And, we hear from pop star Jason Derulo on the investments he’s made away from music.

There’s optimism from congressional leaders and the White House that we could see a vote on some sort of legislation to raise or suspend the debt limit as early as next week. But the clock is still ticking. We’re getting closer to June 1, the date that the Treasury Department has said could be when the U.S. runs out of money to pay its bills. Ian Bremmer, president of the risk consultancy Eurasia Group, breaks down the political standoff. And, the repercussions of a Supreme Court ruling yesterday that pop artist Andy Warhol violated copyright law in his creation of a silkscreen portrait of the musician Prince. Will it stifle creativity for artists going forward?

That’s because internet platforms are hanging on to a key legal shield that protects them from being liable for what users post. That shield is called Section 230, and the Supreme Court sidestepped directly addressing it in a pair of rulings that came out Thursday. We have more on the two cases that sought to make social media sites liable for terrorist content. Also, congressional leaders and the White House say there’s at least some progress on negotiations to raise or suspend the debt limit. And, the latest stop on Taylor Swift’s tour, which is selling out venues across the country. The tour’s economic impact is one few other artists can replicate.

From the BBC World Service: Russian diamonds are being added to the latest round of sanctions as the leaders of the G-7 nations meet in Hiroshima, Japan. The BBC’s Nick Marsh reports from there. Plus, the cost of the floods in northwest Italy will be in the billions of dollars. We hear from two people affected. And, finally, what’s the environmental cost of surfing? The BBC’s Clare Marshall has been finding out.

The labor market is still tight, don’t get us wrong. Many employers are still looking for workers. And the economy is so resilient that the Fed has reason to be worried about sticky inflation. But all that said, jobless claims are ticking up. We’re keeping an eye on that with Diane Swonk, chief economist at KPMG. Plus, Russia has agreed to extend a deal allowing Ukrainian grain exports to safely travel out of the Black Sea. This helps both Ukraine and the lower-income countries that could use some relief from high food prices. And, why the unemployment rate for younger workers is so high in China.

New data from the American Gaming Association show that revenues for the legal gambling industry totaled almost $17 billion in just the first three months of the year. Plus, a major opioid crisis settlement between the city of San Francisco and Walgreens. The city’s attorney says it’s the biggest award to a municipality in a case involving opioids. And, public spending on preschool has stagnated for two decades when you adjust for inflation, according to a new report. A big part of increasing public support for early education is finding more teachers.

From the BBC World Service: An agreement allowing Ukraine to export millions of metric tons of grain through the Black Sea, despite Russia’s ongoing war, has been extended. The deal will allay concerns over global food supplies, but it only lasts 60 days. And, the British telecoms group BT plans to shed 40% of its staff in the coming years as part of a major shake-up. Plus, as end-of-year college exams loom, we look at the impact of apps like ChatGPT on the world of education.