Every weekday on Marketplace, Kai Ryssdal hosts a lively and unexpected exploration of the day’s business and economic news from Wall Street to your wallet.
Iran's foreign minister and Secretary of State John Kerry plan to meet at the U.N. General Assembly. The U.S. has imposed sanctions on the country for decades, and confiscated payments to the country for years. How much money is out there? And can Iran ever get it back? Also, Facebook unveiled a payment service that it hopes will encourage buyers to purchase things without having to enter long, complicated account information. There is a business strategy behind "frictionless payments." And finally, a housing report out today indicates that real estate continues to recover. So why are the banks laying off mortgage professionals?
The owner of BlackBerry has agreed to go private in a $4.7 billion deal. Canadian investment firm Fairfax Financial would buy the struggling smartphone maker for $9 per share. Also, New York state has reached a settlement with some prominent firms in the fake online review business. The industry has moved way beyond having your friends write raves for you. Plus, in the past, a mass shooting would mean a dip in the stocks of makers of guns. But the shooting at the Washington Navy Yard was different -- no drop.
The EPA announced emission rules that will require new coal-burning plants to cut carbon-dioxide pollution by 40 percent. The industry says no can do, but in fact utilities are way ahead of the EPA in cutting coal emissions in general, by closing old plants and not building new ones. We’re about to hear a lot about the debt ceiling and the threat of a government shutdown. Krissy Clark is our guide as we head back down the budget war road. And finally, Nielsen, the counter of all things media, will start counting TV viewership on tablets and smartphones in fall 2014.
The London Whale fiasco has led to a $920 million fine for the bank JPMorgan Chase. An alphabet soup of regulators get a share, but who else takes a cut? Also, California is likely to become the first state to regulate -- and therefore recognize -- ride-sharing made possible by apps Uber and Lyft. And finally, 'tis the season for retailers to tighten generous return policies. REI no longer lets customers return products after years of use, and Bloomingdale’s is trying to halt clothing returns after just a single use.
The Federal Reserve announces no changes to its bond-buying stimulus program. Also, the drug store chain Walgreens says it will become one of the largest employers to revamp its employer health programs. Under the new system, Walgreen workers will have a choice of plans and coverage. But choice can sometimes be overwhelming. Starbucks CEO Howard Schultz urged customers not to bring guns into his coffee chain's stores, but with ads set to run in many of the nation's largest newspapers some wonder if the decision is driven, in part, by marketing.
The secret of Gap success as the best-performing public apparel company this year; why Janet Yellen wasn't first choice for Fed Chair; and a popular backlash as Super Bowl ticket prices reach nosebleed heights.