The largest fast-food company in the world -- with about 24,000 stores -- was once known for its rapid expansion mindset. Now, Subway is closing stores faster than ever and pushing out franchise owners in the process. In a recent report by the New York Times, franchisees across the country said that seemingly tiny violations, like cucumbers cut too thick and smudges on glass doors, have cost them their businesses. And when they try appeal to Subway's corporate leadership? They rarely get a response. This week on Money Talking, guest host Ilya Marritz talks to Tiffany Hsu, a business reporter at the New York Times who co-reported the piece, about how Subway's efforts to scale back have impacted franchisees.
Next week marks fifty years since Neil Armstrong took “one small step” on the moon’s surface. The Apollo 11 mission was an historic voyage, fulfilling President John F. Kennedy’s goal of reaching the moon by the end of the 1960s. More than half a billion people watched the astronauts live on television. But in the years that followed, America’s interest and commitment to space exploration largely disappeared. Yet the country’s ambitions in space are far from over. In March of this year, Vice President Mike Pence expressed a renewed sense of urgency. “Make no mistake about it — we're in a space race today, just as we were in the 1960s, and the stakes are even higher,” he told attendees at a meeting of the National Space Council in Alabama. At the same meeting, Pence presented a new timeline for landing humans on the moon again: Within the next five years, four years sooner than the administration's initial timeline of 2028, leaving some to wonder if a new space race could be on the horizon. This week on Money Talking, Charlie Herman talks to Tim Fernholz, a reporter at Quartz covering space and author of Rocket Billionaires: Elon Musk, Jeff Bezos and the New Psace Race, about the latest chapter of space exploration.
This weekend marks the 50th anniversary of the Stonewall Riots and the birth of the modern gay rights movement in this country. Over the intervening years as attitudes towards LGBTQ people have changed, corporate America has taken note. Whether it's McDonald's selling special-edition “Pride Fries” or Walmart’s (online) Pride Shop, companies have very publicly been displaying support for the community over the last few years. It’s a dramatic shift from the days of Anita Bryant and Florida orange juice or companies like Wendy’s pulling their advertisements after Ellen came out on her sitcom. The greater acceptance of the LGBTQ community has presented an opportunity for businesses. While some take issue with companies commercializing this weekend's pride events, it’s hard to ignore how much mainstream businesses have embraced LGBTQ culture and consumers. This week on Money Talking, Charlie Herman talks to Jim Ellis, assistant managing editor at Bloomberg Businessweek, about the business of pride past, present, and future.
Corporate influence is no stranger to politics, but many businesses have found more support for their priorities in the Trump administration. Up until now, one influential group has flown under the radar, the Trump Leadership Council. A recent report from Rolling Stone names members of the group. The Council dates back to the summer before the 2016 election. Though it went unnoticed at the time, the group's members consist of powerful business leaders from many of the nation's biggest industries who have pushed for policies such as a tougher trade stance with China and a rollback of environmental protections at the EPA. This week on Money Talking, Charlie Herman talks to Andy Kroll, DC bureau chief for Rolling Stone, about his story "The Shadow Cabinet: How a Group of Powerful Business Leaders Drove Trump’s Agenda."
The Plaza Hotel is a New York City icon. The eighteen-story white marble building is the home of Eloise, the mischievous six-year-old who lived in the "room on the tippy-top floor" in the classic children's book series. Both the Beatles and the taxicab made their statewide debuts outside the Plaza. And it’s had a featured role in more movies and television shows than some actors in Hollywood, from Home Alone 2 to The Sopranos. Since it opened in 1907, the story of the Plaza has been the story of New York. Its history is littered with colorful guests, financial uncertainty, and a controversial transformation from hotel to a multimillion-dollar condominium. This week on Money Talking, Charlie Herman talks to journalist Julie Satow about the past and present of the Plaza Hotel. In her new book, The Plaza: The Secret Life of America's Most Famous Hotel, Satow shares never-before-told stories about the iconic hotel from its murderous origins to its bankruptcy under Donald Trump.
The New York State legislative session is wrapping up this month. With just a few days left, lawmakers are feeling the pressure to tie up several loose ends, including rent regulation — an issue that affects millions of residents across the state. The state’s rent control and stabilization laws expire on June 15th, and legislators are racing to renew them before that deadline. For months, they focused on other issues like bail reform and congestion pricing. Now, it’s down to the wire to figure out everything from ending the deregulation of vacant apartments to limiting landlords ability to raise rents through renovations to a building or an apartment. This week on Money Talking, Charlie Herman talks to Liz Kim, senior editor with Gothamist, and Jarrett Murphy, executive editor at City Limits, about the debate over rent regulations in the state legislature.
As the trade fight between the United States and China intensifies, one company has found itself in the center: Huawei. Despite its humble origins, the Chinese tech giant has become the second largest cellphone maker and largest provider of telecom equipment in the world. Only Samsung sells more smartphones than Huawei. But the company’s close ties to the Chinese government have concerned U.S. intelligence officials for years. This month, President Trump issued an executive order effectively banning U.S. companies from doing business with Huawei, citing potential threats to national security. This week on Money Talking, Charlie Herman talks with David Sanger, national security correspondent for The New York Times, about what the administration's actions against Huawei could mean for the U.S, from trade to our relationship with our allies to the future of 5G cellular technology. As the Chinese firm becomes a possible bargaining chip in the ongoing trade fight between the U.S. and China, Sanger says the big question is, “Is the end state some kind of American victory as President Trump frequently refers to, or is that we’ve divided the internet into an authoritarian side run by China and Chinese companies, and a free chaotic, sometimes abusive side, run by western companies?”
A three-foot tall, shiny, stainless steel rabbit has set the art world buzzing after it sold for $91.1 million at Christie's this month. "Rabbit" by Jeff Koons now holds the record for the highest price paid at auction for a living artist. (While the buyer was art dealer, former Goldman Sachs executive, and father of the current Treasury Secretary, Robert Mnuchin, it's since been reported that he purchased it on behalf of hedge fund billionaire Steve Cohen. Cohen is well-known for his art collection and for his previous firm S.A.C pleading guilty to insider trading.) Spending that much money on a big, metal bunny might sound like a risky investment. Is it worth it? And what does the record sales price tell us about what's going on in the economy and how it affects the rest of us? This week on Money Talking, economist and journalist Allison Schrager talks with Charlie Herman about what she learned writing her book, "An Economist Walks Into a Brothel” about the intersection of risk and economics. “Art reflects our culture” said Schrager. “What we’re getting now is this superstar effect.”
President Donald Trump has stymied hopes of a trade deal by raising tariffs on Chinese goods. In retaliation, China put additional tariffs on U.S. goods, causing the stock market to plunge that day. The Trump administration responded to that by taking steps to implement tariffs on even more Chinese products. So, who’s winning the trade war? Trump’s approach could signal a historic shift in U.S. policy which has largely encouraged free trade around the globe. The casualties of this fight could include American farmers, the Chinese companies, and the U.S. economy and consumers. But it might also lead to changes in how U.S. companies conduct business in China. This week on Money Talking, POLITICO Chief Economic Correspondent Ben White talks to host Charlie Herman about how much these escalating tensions should concern us.
Recent financial reports filed by the 2020 presidential candidates show vastly different amounts of money raised in varying amounts from many different sources. Some candidates are focusing on small donors, others are turning to high-dollar bundlers and some are dipping into their own bank accounts. For example, Senator Elizabeth Warren raised raised $6 million in three months for her campaign, while Joe Biden and Beto O’Rourke each raised that much in just a day. Yet with more than a year to go until the 2020 election, how much will the money they raise today matter in the long run? This week on WNYC’s Money Talking, host Charlie Herman talks to CNN national political writer Fredreka Schouten and The Washington Post national political reporter Michelle Lee about the candidates’ funds so far and their chances in the long run.
After months and months of speculation, former Vice President Joe Biden announced he’d be running for president in 2020. Already an early frontrunner, Biden joins a crowded field of potential Democratic nominees. There are now more than 20 candidates running, from policy wonk Elizabeth Warren to newcomer Pete Buttigieg to 2016 veteran Bernie Sanders. The Iowa caucuses are nine months away and if everyone stays in the race, it could challenging for voters to keep track of where the candidates stand on critical policy issues like healthcare, taxes, and climate change. This week on Money Talking, WNYC's Charlie Herman talks to Rick Newman, senior columnist for Yahoo Finance, about some of the fiscal policies being put forth by the Democratic contenders — and what they might mean for your pocketbook.
"Avengers: Endgame" is officially opened at movie theaters across the country. It’s the most highly-anticipated movie event of the year and is expected to set a new box office record. Iron Man, Captain America, Black Widow, and the whole Avengers crew are back to do battle with super villain Thanos after he wiped away half of the universe’s population with a single snap of his fingers in last year’s "Avengers: Infinity War." The movie is the culmination of a groundbreaking superhero movie franchise that’s pushed out 22 films in 11 years, starting with the blockbuster "Iron Man" in 2008. With this movie, the so-called Marvel Cinematic Universe is expected to easily bring in more than $20 billion in global box office earnings. Love it or hate it, this franchise has become one of the most ambitious commercial endeavors in the history of Hollywood. This week on Money Talking, Charlie Herman talks to Adam B. Vary, senior film reporter at BuzzFeed News, and Hunter Harris, associate editor at New York Magazine’s Vulture, about how the Marvel universe has changed the movie business.
Uber has taken its first steps to becoming a publicly traded company, following rival Lyft’s debut on the stock market last month. The initial filing from Uber reveals even more extensive details about the company's revenue, ridership and potential roadblocks. The good? Ridership is up and Uber is expanding its food delivery service. The bad? The rid-hailing company is losing huge sums of money and faces steep competition. This week on WNYC’s Money Talking, Charlie Herman talks to Aaron Elstein, Senior Reporter for Finance at Crain's New York Business and Maureen Farrell, IPO and markets reporter for the Wall Street Journal, about the latest information about Uber and what is says about the future of tech and driving.
Much of the way influential consulting firm McKinsey & Co. operates is shrouded in secrecy. But recent reporting by the New York Times has revealed some of the company’s secrets, including its involvement with controversial companies like Purdue Pharma, the maker of OxyContin, as well as foreign leaders and governments in Saudi Arabia and South Africa. Additional stories have focused on the firm’s hedge fund MIO and alleged failures to make required financial disclosures. McKinsey has defended its work around the world. In a statement, the firm told the Times that “since 1926, McKinsey has sought to make a positive difference to the businesses and communities in which our people live and work.” This week on Money Talking, Charlie Herman talks with New York Times investigative editor Walt Bogdanich and investigative reporter Mike Forsythe about their reporting on the often hidden world of McKinsey and why it matters.
New York City just became the first city in the country to implement congestion pricing. As part of the effort to ease traffic and raise money to fix public transportation, drivers entering Manhattan below 60th Street could pay between $10 and $15 per day for cars and possibly double for trucks. But how the system will work technologically, who might be exempted from paying the fees and how much they will actually raise are details that have yet to be decided. Cities like London and Stockholm have already implemented congestion pricing, but with mixed results. This week on Money Talking, Charlie Hermanand WNYC transportation reporter Stephen Nessen talk about the ways congestion pricing will cost you, and how it might pay off.
Advertising has become a big business for Big Tech—and it keeps getting bigger. Google now controls a whopping 91 percent of the search advertising market. The tech giant’s monopoly means it’s almost impossible for businesses not to advertise with Google. That’s especially true if you’re a company that exists entirely online, like the ride-sharing app Lyft, or mattress brand Tuft & Needle. Lyft, for example, spent 92 million dollars on ads placed with Google last year. As a recent article in Bloomberg notes, that’s about 10 percent of Lyft’s 2018 net loss. And if a business decides not to advertise on Google, a competing brand might buy its keywords and place an ad against them. It’s an advertising Catch-22. This week on Money Talking, Ilya Marritz speaks with Jake Swearingen, a contributor for New York Magazine’s Intelligencer, about how Google came to dominate search advertising—and what it means for businesses and consumers alike.
It’s been nearly three years since a majority of people in the United Kingdom voted to leave the European Union. One of the arguments made by many Brexit supporters was to “take back control.” Lately, however, the opposite has been true as the process spirals out of control. Britain was on track to leave the E.U. one week from today, but a last minute reprieve has given British Prime Minister Theresa May a new deadline of April 12, to come up with deal. No matter when or exactly how Brexit occurs, analysts expect there will be financial and economic consequences for the country. Already, the uncertainty has hurt businesses and overall economic growth. This week on Money Talking, WNYC's Charlie Herman speaks with Eshe Nelson, economics and markets reporter at Quartz about the effects of Brexit on that nation's economy and its people.
Hudson Yards is officially open to the public. What was once the site of warehouses, tenements, and rail yards is now home to the largest development in New York City since Rockefeller Center. From the initial idea to the opening this week, it’s taken nearly 20 years— and $25 billion — to create the sprawling 28-acre megaproject on the west side of Manhattan. The new neighborhood features supertall glass towers, luxury apartments, a high-end retail and restaurant hub, and a climbable honeycomb-like structure called the Vessel. And this is just phase one. Debuting in April, a new arts center called The Shed will be home to art galleries, concerts, and theater performances. There are also plans to build more public space, housing, and and even a new school. It’s a carefully-curated new neighborhood built from scratch. This week on WNYC's Money Talking, Charlie Herman talks to Greg David, columnist at Crain’s New York Business, about the long road to the new Hudson Yards.
It’s been about eight months since President Trump launched a trade war with China, and it looks like we might be approaching an agreement between the two nations. Trump says that trade relationship with China has been unfair to the U.S. To force a change, he’s put in place punishing tariffs on Chinese goods to gain leverage. But that’s also punishing some in the U.S., like farmers, automakers manufacturers and even some consumers. If the deal is made, the big question will be, was it all worth it? On this episode of Money Talking, Charlie Herman talks with Rick Newman, senior columnist for Yahoo Finance, about how the impact of the trade war and what, if anything, the deal will change.
If you're depending on a tax refund this year to pay loans, make a down payment on a car or take a vacation, you might be out of luck. According to the IRS, average refunds have been lower compared last year. If the trend continues, many Americans will end up with a smaller refund or worse — they may owe the government. Residents in high-tax states, like New York and New Jersey could see a bigger swing because President Trump's tax code overhaul capped deductions for state and local taxes. But it doesn't mean people paid more taxes overall. The amount the IRS withheld from each paycheck was lower, so many people had a little more money each time they got paid. But it's a big change for those Americans who've become accustomed to pocketing some extra cash during tax season. On this episode of Money Talking, Charlie Herman talks to Heather Long, economics correspondent for The Washington Post, about why this is happening and the political consequences it might have.
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