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Mortgage rates have fallen since early last fall, when they hit 8% for the first time since 2000. Now, buyers who were biding their time are finally making moves. And if rates continue to drop, demand is likely to rise. All this is good news to homebuilders. Plus, the latest on the Boeing debacle and an analysis of last quarter’s economic growth.
On Thursday, House lawmakers will unveil a bipartisan bill that will fund safe places to park for people who are living in their vehicles. New Beginnings, a California nonprofit that pioneered the program, says in addition to an influx of families with young children, senior citizens make up half of their safe parking enrollees. We’ll also hear about researchers using satellite radar data to assess the scale of damage done by Israeli forces in Gaza.
From the BBC World Service: Major shipping companies including Maersk and DP World are having to re-route vessels and are predicting extended delays in shipments ? the European market and the East Coast are worst affected. Plus, millions of people around the world will be celebrating the birthday today of one of Scotland?s most iconic cultural icons: the poet Robert Burns. This year, the Scottish government aims to use the celebrations to open up economic opportunities.
Japan’s Nikkei index has hit a 34-year high. Meanwhile, China’s markets have hit 5-year lows; the Hang Seng Index lost more than half its value since the end of 2020. Capital is moving in Asia, but what exactly is going on? Then, later in the program, we’ll hear how artificial intelligence is increasingly being used is to commit identity fraud.
The current farm bill, which funds everything from crop insurance to nutrition programs, was set to expire in September. Congress gave itself a yearlong extension to negotiate an update, but it could take longer than that. What issues are likely to get attention in the next bill? Plus, Boeing pauses one factory’s production for a day to focus on quality training, and rail workers in Germany begin a strike.
From the BBC World Service: It’s only been a month since Argentina’s president Javier Milei took office, but already big protests are set to take place over his plans to shake up the country’s economy. Then, as businesses turn to online verification tools, fraudsters are using artificial intelligence to create sophisticated disguises and hack into other people’s accounts. What can be done to stop it?
Just in time for tax season, the Federal Trade Commission has issued a final ruling against Intuit, the maker of TurboTax, over what it claims is deceptive marketing for TurboTax’s free online tax filing software. We’ll dig in to that decision. Then: a look at what’s expected to lose United Airlines money in Q1 and an examination of how luxury development is dividing the island of Barbuda.
After a natural disaster, getting individual aid from FEMA can be a notoriously slow and cumbersome process. But the Biden administration is looking to improve it. We’ll hear how new rules are meant to cut through all the red tape. Plus, some trace Boeing’s problems back to the ’90s. We’ll unpack more of the company’s history. Also on the program: What’s behind global stock rallies?
From the BBC World Service: The U.S. and U.K. conducted additional air strikes against the Houthi rebel group in Yemen, as the group continues to attack Red Sea cargo ships. Then, as Chinese electric vehicle giant BYD looks to expand its line-up with luxury models, we’ll hear why the company was right to start at the affordable end. We’ll also see why locals are concerned about plans to boost Barbuda’s tourism sector.
On Monday, we got the latest survey of business conditions from the National Association for Business Economics, and businesses are feeling pretty good these days. More businesses reported positive profit margins, and fewer are anticipating a recession in the coming year. We’ll discuss. Then, we’ll hear about Exxon’s lawsuit to block activist investors’ climate proposals and learn about some of the challenges facing Brazil nut producers in Bolivia.
Scrutiny of Boeing planes have grown beyond the 737 Max 9, the aircraft that was thrust into the spotlight following the Alaska Airlines accident earlier this month. The Federal Aviation Administration has urged airlines to inspect some older 737 model with the same door plug designs as the Max 9. We’ll explore what’s at stake. Plus, higher interest rates and the troubled commercial real estate are piling pressure onto regional banks.
Designed to attract foreign business, Australia’s visa scheme was cut in an immigration overhaul after the government found it was “delivering poor economic outcomes.” Also on the program: A month-long fishing ban comes into force off the French Atlantic coast today. Then we’ll head to Bolivia, the world’s biggest exporter of Brazil nuts. But nut producers there are grappling with volatile prices.
Today, the World Economic Forum is wrapping up in Davos, Switzerland. There, meetings have been held between company heads and global leaders. Key themes include artificial intelligence, increasingly complicated relationships between world powers and prospects of another potential Donald Trump administration. We’ll outline the results of some of these meetings. But first, how are consumers feeling? A lot of it has to do with how they’re doing relative to inflation.
With much of the country frozen right now, some EV owners are going through their first frigid winter and finding that their cars don’t like the cold either. Turns out, EVs tend to lose range and take longer to charge when it’s colder outside. We’ll examine. Plus, Congress approves their third stopgap funding measure in four months, and we look at the factors that could keep a lid on home prices.
From the BBC World Service: In northern India, thousands are lining up for jobs in Israel due to a labor shortage caused by the war with Hamas. Plus, Spanish streaming star David Cánovas, known as TheGrefg, is embroiled in a legal battle with an 80-year-old woman he is trying to evict. And then Mark Knopfler from Dire Straits who?s selling most of his collection at auction later this month.
Globally, the total value of mergers and acquisitions last year was the lowest since in a decade, held back by interest rates, a volatile stock market and a strict regulatory environment. The corporate dealmaking could rebound this year, though. We’ll also paint a picture of our economic moment with a slew of recent data. Plus, could passwords be a thing of the past?
Breakfast ? and its more formal cousin, brunch ? is “in” for 2024. Consumers like that they’re able to spend less money than they would on a dinner out while still feeling like they’re treating themselves. Meanwhile, restaurants love the profit margins. Also on this morning’s show: flipping through the pages of the Beige Book and analyzing the average workweek in China.
From the BBC World Service: Singapore?s transport minister has resigned after facing multiple charges of corruption; it’s alleged he took kickbacks worth hundreds of thousands of dollars, something he denies. Also, passwords could soon be a thing of the past as companies like Google introduce “passkeys” as a default login for online users. But with the rise of deepfake technology, is any method of verifying our identities completely secure?
A federal judge has blocked JetBlue’s efforts to purchase Spirit Airlines. The Justice Department had filed an antitrust lawsuit, saying the merger would eliminate a low-cost carrier that has been keeping airfares down. Also on the show: We all spent a lot in December, the market for super shoes is running hot, and China’s economic recovery looks shaky.
Many of the nation’s largest banks have reported mixed results recently. Banks often turn to fees ? including overdraft charges ? to help boost their bottom lines. But a Biden administration rule announced Wednesday would reduce those fees and save consumers billions a year. Then, Apple is making changes to its App Store but will still charge a hefty commission. And shipping rates have soared following continued Red Sea attacks.
From the BBC World Service: Data released on Wednesday showed that China had a population of 1.4 billion at the end of 2023 ? a 2.08 million decrease from 2022. The decline underscores concerns about the future growth of the world’s second largest economy. Then, the U.K.?s Post Office scandal rumbles on, and pricey, high-tech sneakers for runners becomes a big business.
Today is the deadline for comments on a proposed rule to increase capital requirements for large banks. It can be useful to think of the money a bank uses to fund its business as a pizza ? some slices are equity, others are debt, and others are unknowns. We’ll dish up that analogy. Sticking with the food theme: Mexican food is increasingly popular with young Americans, and one in 10 eateries serves it.
Today is the first full day of the World Economic Forum in Davos, Switzerland. Among the challenges to be discussed are artificial intelligence, the wars in Ukraine and Gaza, election integrity and the climate crisis. We’ll hear more about what to expect from the meeting of global leaders. Then, Lebanon is projected to slide back into recession as its tourism industry feels the economic shock of the Israel-Hamas war.
From the BBC World Service: Google Play Store has pulled some major crypto exchanges, including Binance and Kraken, in India. The move comes two weeks after India’s financial watchdog said the platforms were operating ?illegally? there. Also on the program: A U.S.-owned cargo ship survives a Houthi rebels missile attack, and Lebanon’s economy is hit hard by the war in Gaza
Roughly 1 million people volunteer to work at polls during presidential elections, but recruiting enough poll workers remains a perennial challenge. Those staff shortages can add to wait times at the polls, which, in turn, can depress voter turnout. Now, as many poll workers grow older and end their service, advocacy groups are pushing for young people to step up. Also: Who says college is just for the young?
In 1968, Martin Luther King Jr. was assassinated after speaking with striking sanitation workers in Memphis. Strikes have gotten more rare in the decades following King’s murder, but data from Cornell University shows that the number of strikes have been picking up over the last two years. What does that momentum mean for the year ahead? And later, the tide may be turning against noncompete agreements.
From the BBC World Service: The International Monetary Fund predicts that artificial intelligence is likely to cause disruptions for jobs across the globe ? but it won’t have an even effect on workers and global economies. Then, two British brothers are on trial in Switzerland for stealing Ming Dynasty porcelain worth nearly $3.7 million. And the soccer tournament, the Africa Cup of Nations, has kicked off in the Ivory Coast.
California, home of the fifth largest economy in the world, has a budget deficit of between $38 billion and $68 billion, depending on the estimate. But even with the economy doing pretty well across the country, other states have budget woes as well, many of which were papered over by federal pandemic aid. Also on the program: a look at falling wholesale prices and increased oversight of Boeing.
A new Summer EBT program that provides an extra $40 per month per kid per month will feed millions of children over summer vacation. But with grocery prices high and still rising, that money can only go so far. Also on the show: The shockwaves of war in the Middle East expand, and the economy remains on the minds of Taiwanese voters.
From the BBC World Service: Tesla is suspending manufacturing at its only European electric car factory as attacks in the Red Sea disrupt supplies. The company said longer delivery times created a gap in its supply chains as shipping companies avoid the route. And as Taiwan prepares to go the polls, its tense relationship with Beijing dominates campaigns ? yet for many residents, the economy is among the biggest issues.
Overall inflation ticked up to 3.4% year over year in December, which is higher than November’s inflation rate. But, if you take out food and energy prices (which are notoriously volatile), inflation actually slowed down slightly. We look at how to slice today’s inflation report. Then, wage growth has been slowing, an IRS watchdog report shows mixed grades, and the SEC approves a bitcoin ETF.
The fallout continues from the Alaska Airlines accident last week. More airlines are cancelling Boeing 737 Max 9 flights, but it’s also affecting the first responders involved: flight attendants. We speak with Sara Nelson, international president of the Association of Flight Attendants-CWA, about flight attendants’ main concerns and the pandemic-era strains on flight crews that still persist. Plus, OpenAI is in content licensing deal talks with major news organizations.
From the BBC World Service: It?s taken a TV series to move the United Kingdom’s government into action over a scandal at the state-owned Post Office. Hundreds of workers were wrongly convicted of theft and fraud, when the real problem was faulty software from a system known as Horizon. Also: Taiwan votes this weekend in a presidential election. The consequences for Asia’s eighth largest economy could be dramatic.
The annual electronics showcase event CES is underway in Las Vegas, and it features one of the world’s biggest car shows. While the three largest U.S. automakers do not have displays, Big Tech companies are looking to make their mark as up-and-coming auto suppliers. We’ll also examine the risks AI misinformation poses to the global economy and hear how Puerto Rico intends to its lower dependence on imported foods.
To hear more about the latest tech on display at CES, check out “Marketplace Tech.”
There are a lot of pressing risks around the globe this year. What poses the biggest risk? According to an annual report from political risk consultancy Eurasia Group, the U.S. presidential election ? expected to exacerbate political dysfunction ? tops the list. (But don’t worry, we hear an upbeat prediction too.) Plus, are you an independent contractor or an employee? Regulators have a new litmus test.
From the BBC World Service: Despite warnings of the possible environmental impact, Norway’s government has given the green light for companies to apply to extract precious minerals from the country’s seabed. Then, German railways have ground to a near halt in a three-day train drivers strike. And later: an examination of Puerto Rico’s food revolution.
Consumer credit jumped a whopping $23.7 billion in November, according to the Federal Reserve. That continues a trend of households struggling with high and rising prices, which is leading to a surge in debt and delinquencies. And it’s putting additional strain on families, especially lower-income ones. We’ll also preview what the December CPI might look like and hear why the song “Murder on the Dancefloor” is killing it right now.
From the BBC World Service: Farmers in Germany are blockading roads in protest of subsidy cuts, with more than 500 tractors and trucks parked by Berlin’s Brandenburg Gate. Then, funding England’s student loans system is expected to cost the U.K. government an extra $12.5 billion a year. And “Murder on the Dancefloor” is near the top of the charts for the first time in two decades thanks to the movie “Saltburn.”
Investigators are still looking into why a piece of a Boeing aircraft blew off an Alaska Airlines flight over the weekend. It’s the latest issue with 737 Max planes, including an aircraft grounding following two crashes several years ago. Thing is, plane orders take years and there are few manufacturing competitors ? meaning Boeing may not lose much businesses. And later: how Germany’s budget cuts helped spawn a major protest by farmers.
No, we’re not talking about three of Snow White’s seven dwarfs ? we’re talking about the mood of the American consumer. Despite low levels of unemployment, solid GDP growth and cooling inflation, Americans remain pretty darn sour on the economy. What gives? Plus, China is sanctioning five American defense contractors, and a massive new train line in Mexico is stirring controversy among environmentalists.
Many on Wall Street expect the Federal Reserve to start cutting interest rates in March, but a lot is riding on these first few months of the year. We’ll check in with Richmond Fed President Tom Barkin about potential risks to a soft landing. Also on the program: device-makers hope to attract consumer dollars at CES, and California expands state health care to include low-income undocumented immigrants.
From the BBC World Service: China has announced sanctions against five American arms manufacturers over weapons sales to Taiwan.The move comes just ahead of this weekend’s Taiwanese elections. Also, trains are starting to run on Mexico?s new multibillion-dollar train network, known as Tren Maya. It?s projected to bring 2 million more tourists a year to the impoverished Yucatan Peninsula, but critics say it?s an environmental catastrophe.
Turns out, businesses kept on hiring in spite of predictions. The Labor Department reports that 216,000 new jobs were added in December, and the unemployment rate held steady at 3.7%. We’ll look at longer-term trends and parse out which sectors saw hiring booms. Then, gadget-makers head to CES in Las Vegas. We’ll preview what to expect. And later, Texas is revamps how it funds community colleges.
Lawmakers in California are gearing up to debate reparations for slavery. But if reparations are politically unviable, what’s the next best thing? In part three of our Golden Promises series, we’ll unpack alternatives, including ones that could help address racial disparities in education, housing, health care and credit scores. Also on the show, the cost of borrowing for a home has gone down sharply.
From the BBC World Service: Grocery giant Carrefour will stop selling Pepsi products in France, citing “unacceptable price increases.” Then, ground staff at the Spanish airline Iberia are staging a four-day strike after the collapse of talks between unions and the company. And Elvis lives! At least an AI-powered hologram version does, as a new London show promises an immersive experience through the life of the music legend.
Private-sector hiring was stronger than expected in December, according to ADP, and we learned yesterday that there were slightly fewer job openings nationwide in November. But the official government jobs report for December doesn’t come out until tomorrow. What can we expect and what should we make of it all? Also on the show: More consumers opted for cars that are cheaper to buy and operate, and young people in China grapple with a high unemployment rate.
A bill in the California Legislature would create a first-of-its-kind agency in charge of administering economic reparations for slavery, which could be voted on this year. Recommendations start “with those folks who are clearly descendants of 250 years of wage theft in this country,” said Sen. Steven Bradford, who introduced the legislation. Also, some shipping rates have more than doubled for routes in the Red Sea.
From the BBC World Service: Argentina?s new president, Javier Milei, is trying to introduce a radical financial agenda but has been met with wide-scale protests. Now courts have blocked changes to labor laws. Then, a joint statement has warned Houthi rebels in Yemen against carrying out further attacks in the Red Sea. And millions of young people in China are struggling to find a job.
Economic forecasts for the coming year are decently optimistic, painting a picture of fairly low unemployment, gradually slowing inflation and continued economic growth. But there are still risks to this mostly sunny outlook ? some that are global and some coming from D.C. Plus, soft landing or not, the Richmond Fed president advises us to buckle up. Oh, and Happy Dry January!
After a California task force issued an 1,100-page report last summer, lawmakers there are starting to look at policy options to compensate Black residents descended from enslaved ancestors. Now, a state reparations bill could be voted on this year. As part of a three-part series, we’re chronicling the history, details and challenges of California’s reparations movement. But first, markets start 2024 with a course reversal.