Marketplace Morning Report
Start your day with an up-to-the-minute report on the world of business and finance with host David Brancaccio.
An issue with India has been papered over—It had been holding up a massive global trade deal that supporters say could add a trillion dollars to the world economy and add 18 million jobs, especially in poor countries. The World Trade Organization has been working on this package of trade liberalization for years, but the U.S. refused to agree because it was thought that a relatively new food security system in India would cause global distortions in trade. More on that. And a new statistics on student loans shows the cost of getting a bachelors degree is still rising. The numbers also show that the average debt for undergraduates sits at $28,400, up 2-percent from last year. And as we find out, the people with the really big debt loads are not the only ones to worry about. Plus, if you've found yourself on a flight recently, knees jammed to your nostrils, consider this: an airline based in the United Arab Emirates is offering what amounts to an apartment ... on an airplane.
Financial regulators from the U.S., Britain and Switzerland today imposed penalties on five banks for letting their traders work to manipulate foreign exchange markets, pounds to dollars, euros to pounds, and so forth. We take a look at what regulators suggest is price-fixing in action. One big bank not named in that foreign exchange scandal is Goldman Sachs. Every two years Goldman names its newest partners. Today is that day. And as we find out, the title comes with perks. Plus, the International Energy Agency has a new report today that warns the current boom in American shale oil hides other threats to the world supplies of oil. The agency is worried about global demand outstripping supply in the next 25 years, and an over-reliance on fewer producers. The shale oil boom has other by-products and not just making the fossil fuel outlook seem rosier than it may be. Hydraulic fracturing or fracking uses fluid pumped into rock to liberate oil and gas. But what do you do with the used fluid?
You know those door-buster sales after Thanksgiving? They're nothing compared to the online buying that happened in China today. More on the record-breaking shopping extravaganza known as "Singles Day." Plus, U.S. military veterans who served since September 11th have a harder time finding work than the general population. 7.2 percent are officially unemployed, compared to 5.8 percent for non-veterans. On this Veteran's Day, we take a look at just one program that tries to help veterans with not just jobs but good, career positions.
Twitter is collaborating with WAM! (Women Action and Media), which will report harassment of women on Twitter. They fill out a form, send it to Twitter, then monitor Twitter’s reaction. Why isn't Twitter doing more itself. Plus, cold weather will sweep down from the arctic this weekend and freeze the northern states of the US. The losers? People whose fuel bills will go through the roof. The winners? Weather websites, which are seeing fierce amounts of traffic by polar vortex-obsessed Americans.
The president leaves for a trip to Asia on Sunday, with stops in China, Burma and an economic summit in Australia. We preview the economic objectives of the trip, and ask to what degree it signals a shift to international priorities. Plus, New York Comptroller Scott Stringer is teaming up with institutional investors to lobby 75 companies to allow shareholders to nominate directors for election to their boards. This is a bold move to make boards more accountable, and it’s supported by some heavyweight investors.
Hackers are attacking iPhone and iPad users in China. They've been able to break into Apple's closed system with a new piece of "malicious software," or malware. We'll talk about the spread of the bug on today's show. Plus, with Republican gains in the Senate and some gubernatorial races, many are wondering whether attempts will be made to repeal the Affordable Care Act. Even if this is not done, there are other moves that can be taken to reduce the Act’s scope. And there's an exhibit at the Museum of Modern Art in New York of Henri Matisse's cutouts. Matisse made many of these pieces when he was in his 80s, and that got Chris Farrell, Marketplace's economics guy, thinking about aging and creativity. More on that.