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In less than 10 minutes, we'll get you up to speed on all the news you missed overnight. Throughout the morning, Marketplace's David Brancaccio will bring you the latest business and economic stories you need to know to start your day. And before U.S. markets open, you'll get a global markets update from the BBC World Service in London.
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We just had a partial government shutdown, and now we're edging closer to another. It would involve just one federal agency — the Department of Homeland Security. DHS will run out of money this Saturday if Congress doesn’t reach a compromise over ICE and pass a funding bill, but other agencies would be affected. Also on the show: the jobs report, buyers of U.S. debt, and Russian strikes on Ukrainian heating systems.
Twice now, figure skaters at the Winter Olympics were told the music they wanted to skate to — and had been practicing to — could not be used. Spain's Tomàs-Llorenç Guarino Sabaté, who wanted to skate to songs and sounds from "Minions," has since secured the rights. Today, we look into the complicated world of sports, music, and copyright. Also on the program: stocks soar in Japan and what warming waters mean for Maine's fishing industry.
From the BBC World Service: Japanese stocks jumped to record levels after Prime Minister Sanae Takaichi’s landslide win in a snap general election as investors bet on her vision of a “strong and prosperous” nation. The Nikkei 225 benchmark rose as much as 5.7% on Monday, hitting a record high. We also have a report from Ukraine, where Russian drone attacks on energy infrastructure have left much of the city's population in the freezing cold throughout the country's long winter.
The Trump administration has launched the new TrumpRx website, where people can shop for prescription drugs at discounted rates. The site, a hub that points cash-paying customers to five participating manufacturers' websites, went live yesterday. We dig in. Then, it's been a bumpy week for markets. What should we make of it? Plus, we speak with a Minneapolis restaurant owner who says sales are down 50% due to ICE's crackdown in the city.
Software companies are in trouble. Or at least their stocks are. Salesforce is down 25%, and Intuit is down 31%, after startup Anthropic released a new tool sparking fear among investors that software companies are in danger of becoming obsolete. We'll learn more. Then, all kinds of cryptocurrencies are cratering in value, and we'll hear what it's like to be a small business in an anemic job market.
From the BBC World Service: Japanese voters will give their verdict on the government of Sanae Takaichi this weekend after Japan's first female prime minister called a snap election just months into her first term. How is the economy there shaping the election? Plus, Cuban President Miguel Díaz-Canel says his government is trying to solve an energy crisis exacerbated by U.S. sanctions. And we check in with a company on a tiny Scottish island that produces an essential piece of Winter Olympics equipment.
Treasury Secretary Scott Bessent will be on Capitol Hill again today for another grilling. He’s scheduled to appear before the Senate Banking Committee. Yesterday, Bessent appeared before the House Financial Services Committee to talk about oversight of the U.S. financial system, where he sparred with Democrats. And later in the program, wages are making up a shrinking share of overall income. Also: discussions of Fed independence, inflation, and more.
News Corp — the parent company of The Wall Street Journal, Barron's, MarketWatch, and Fox News — announces quarterly profits today. Meanwhile, The Washington Post laid off a third of its staff yesterday. Today, we'll delve into the state of the media industry and why it's such a struggle to find a business model that works. Then, Amazon Fresh and Amazon Go is closing up shop. What went wrong with Amazon’s foray into physical stores?
From the BBC World Service: Little luxuries can become routine during tougher economic times. The newest iteration of the “lipstick effect,” the phenomenon is called "little treat culture" on TikTok, where videos using the hashtag have grown by 75% globally over the past year. This morning, we'll delve into the business model of treat-onomics. But first, TSMC confirms plans to make AI semiconductors in southern Japan, and gig workers in India are planning a nationwide strike.
The Small Business Administration will no longer allow green card holders to apply for SBA loans. The new policy was announced on Monday and takes effect next month. This program doesn’t lend money directly to businesses; it provides loan guarantees to lenders, and the loans are usually cheaper than traditional borrowing. We learn more. Then, for older people, financial strain may be a warning sign of dementia — before doctors or families start noticing symptoms.
Is a degree in economics, long considered a path to stable employment, even worth it in the age of AI? Recent research suggests entry-level economics and business jobs may be especially exposed to automation. That could leave college students wondering if their degree will be outdated by the time they hit the job market. Today, we'll hear how students and schools are adapting. Plus, work requirement changes to SNAP benefits could impact millions of recipients.
From the BBC World Service: Shares in the Danish pharmaceutical giant Novo Nordisk tumbled 17% on Wednesday after the weight-loss drug pioneer warned of a decline in sales this year amid increasing competition and pressure on prices. Then, the United States renewed an agreement that gives 32 African countries duty-free access to the U.S. market. And later, the prime minister of Spain says he intends to ban social media for children under 16.
Of course, we mean "What would Kevin do?" — Kevin Warsh, that is, President Donald Trump's nominee for Federal Reserve chair. And it's a question plenty of investors are asking as they try to feel out his views on inflation and Fed independence. We'll unpack. Plus, we'll head to Venezuela, where acting President Delcy Rodríguez signed a law last week opening the oil industry there to private ownership after two decades.
Layoff announcements have been coming fast and furious: 16,000 at Amazon; up to 30,000 at UPS; more at Dow Chemical, Pinterest, T-Mobile, and more. These latest workforce reductions won’t show up in the January jobs report, but they do suggest a labor market under increasing stress. This morning, we'll dig in. But first, tech companies like Google are considering putting power-hungry data centers used to fuel AI into space. What would that look like?
From the BBC World Service: President Donald Trump announced tariff cuts on goods imported from India and said that, in return, India promised not to buy any more Russian oil. But when Prime Minister Narendra Modi announced the tariff reduction, he didn’t mention anything about Russia or its oil. What gives? Then, following the U.S. military action in January, a bill currently before Venezuela's National Assembly aims open its state-dominated oil industry to foreign investment.
The precious metals market has been on a tear, but experienced a severe correction last week. Part of it has to do with the nomination of Kevin Warsh as Fed chair. We'll discuss it, plus preview this week's big hiring and unemployment reports. Plus, from our partners at the BBC, one out of every five people over 65 in Japan is living with dementia or has early symptoms. How are businesses responding?
In January, five states enacted laws restricting people who receive food aid from buying sugary beverages and snacks. About a dozen more will follow suit later this year. This morning, we'll learn about how that affects SNAP recipients and grocery stores. Plus, last week, gold and silver had their worst declines in decades. Then, as part of Marketplace's "AI and You" coverage, we'll look back at when the dot-com boom led to a rapid expansion of internet infrastructure — similar to what we're seeing today with AI.
From the BBC World Service: After a historic rally, gold has seen its biggest drop in more than a decade. Silver is also down after sharp swings in Asian trading. The rapid decline comes after President Donald Trump announced Kevin Warsh as his nomination for Federal Reserve chair, a pick many hope can continue to preserve Fed independence. Then, we head to Japan, where local tech firms are helping seniors living with dementia.
This morning, President Donald Trump revealed his choice to lead the Federal Reserve: It's Kevin Warsh, a former Fed governor and more recent Fed critic. If confirmed by the Senate, Warsh would replace Jerome Powell, whose term expires in May. Warsh had called for "regime change" at the Fed. On today's show, we'll dig into Warsh's background and perspective. Plus, from "Marketplace Tech," we'll hear how a Nevada startup is taking used electric vehicle batteries to help power a data center.
An increasing number of states in the U.S. not only require high schools to teach financial literacy but also require them to incorporate the fundamentals of free-market capitalism into their lesson plans. We head back to the classroom to hear how these lessons are changing as a growing number of students voice skepticism about capitalism. (Need to head back to Econ 101? Take our quiz to find out.) Plus, following last week's economic blackout in Minneapolis, we examine the history of general strikes in the U.S.
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4:30 The House won't take this up since Speaker Johnson pushed through something earlier this year that prohibits the house from taking up the discussion for 2 years from when it was passed. The entire possibility for the House's oversight was taken away by themselves (ie Trump\MAGA).It's not just that they won't take it up, they can't because they aren't holding session and even if they were they're explicitly prohibited from it.
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Tariffs will make business move into USA and this will make us less dependent on countries that could disrupt our imports of building materials , food, and medicine, as what happened to Britain in WWII. We supported Britain, but who would support us?
Get Fauci away from those chickens !!
Elite did a Maui on Pacific Palisades.
lack of imported labor raises labor costs, read opening the border and cheap labor pours in, the lower end workers make less money. How does that help the poor? Cesar Chavez was against the inflow border crossing cheap labor because it lowers the incomes of all but the corporations. Ask your Democrat politician why Biden hates labor. While you are at it, ask Nancy Polosi why she too hates having to pay the higher amount for local labor and insists on open labor borders.
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We don't need a Gavin Newsom to crash the United States of America like he is crashing California.
Have all the women kill simutaneously all the Talban men. Then go to university.
Being a Democrat is self harm.
Just have the most successful money launderer help with the cover-up, call Biden.
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Humanitarian aid to Gaza so they can repeat?
If I spent , borrowed, then dumped that borrowed money into the market, as much as the Federal government does, the inflation would grow exponentially. The key is that the inflation is based on the difference between taxes income and money spent. If government borrowing covers the over spending each borrowed dollar lowers the value of each dollar already in the market, since the tax income doesn't change. Ergo inflation. Consumer spending increases the market value by the exchanging of dollars.
Why not improve public schools rather than drag Private Schools down.
Using Biden style overseeing. See no Evil, Hear no Evil, Say nothing about the Evil, such as Biden's control over the FBI and the CIA. Nancy Pelosi must be proud of the use of child labour as she promoted border crossing of all the children to do various kinds of work. Can you list all the things children can do? I knew you could. Such a good neighbor.
Nothing like semi- slavery to save on labor costs. Elites develope vaccines to have low wage autistic laborers for duties that would have cost more for non-autistic labor. You missed a table.
Take the money and run, sounds like a Leftist. I didn't know Biden was an artist.
Hitler thought a war and Holocaust was worth getting art.
Downtowns anywhere in California are exposed to the security that is not provided by the Democrat political powers in California and the fear of Downtown attacks prevents wise businesses from operating in downtown areas.