Economy & Business

Business news

The business of building sandcastles

Aug 22, 2016
Andy Uhler

Sandcastles have been around a while. In the 1970's, a couple of guys even started an organization called Sand Sculptors International — sort of the de-facto source for sandcastle standards.

Marketplace for Monday, August 22, 2016

Aug 22, 2016
Caitlin Esch

A look at what welfare dollars are being spent on now and how life has changed for those on welfare, 20 years after welfare reform; European Union's deal with Turkey over migration could be in jeopardy in the aftermath of the country's recent attempted coup; why Donald Trump's supporter base of disaffected white male voters are angry and what it might mean for the election.

Saying it can't condone Ryan Lochte's behavior during Rio's Summer Olympics, swimwear company Speedo is ending its sponsorship deal with the decorated American swimmer.

The announcement comes after Lochte and three other swimmers were caught in an embarrassing episode in which Lochte claimed to have been robbed at gunpoint — a story that Rio de Janeiro police and U.S. officials found to be a fabrication.

Donna Tam

The sponsors of Olympian swimmer Ryan Lochte are distancing themselves from the athlete after his bizarre robbery scandal in Rio.

Speedo officially announce today that it is dropping its endorsement deal, choosing instead to donate a portion of Lochte’s $50,000 fee to a Brazilian children’s charity.

Turkey — EU tensions threaten refugee deal

Aug 22, 2016
Sam Beard

One of the casualties of last month’s failed coup in Turkey and its aftermath could be Ankara’s migration deal with the European Union. Turkish President Recep Teyyip Erdogan promise to cut the flow of hundreds thousands of refugees and migrants from Syria, Afghanistan, Iraq, Iran and other countries in the Middle East and Africa who were flooding across the Aegean Sea from Turkey to Greece.

In return,  the EU agreed to grant Turks visa-free travel throughout the 28 nation bloc but only if Turkey cleaned up its conduct on human rights. 

ChemChina one step closer to acquiring Syngenta

Aug 22, 2016
Andy Uhler

The U.S. Committee on Foreign Investment approved ChemChina's purchase of Syngenta – a Swiss agribusiness company. The deal, which was first announced in February, had some worried about the national security implications of the Chinese owning a seed company that sees a quarter of its revenue in the United States. 

Deciphering the future of interest rate hikes

Aug 22, 2016

On today's show, we'll talk about ChemChina's plans to buy the Swiss company Syngenta; the Federal Reserve's interest rate plans; an earlier FAFSA filing date; and how some well-known brands are helping out those displaced by the Louisiana floods. 

Donna Tam

Ramen noodles are now the currency of choice in prison, according to a year-long study of one state penitentiary.

Big Pharma's competition to buy new cancer drugs

Aug 22, 2016

Pfizer announced on Monday that it will pay $14 billion to acquire Medivation, the company behind the prostate cancer drug Xtandi. The purchase will help make Pfizer a stronger presence in the lucrative cancer drug business, with the possibility of expanding Xtandi to breast cancer treatment.

At Six Flags Magic Mountain in Valencia, Calif., the New Revolution Virtual Reality Coaster hurtles you up, down and around — while you're wearing VR goggles over your eyes.

Twenty years ago, welfare as Americans knew it ended.

President Bill Clinton signed a welfare overhaul bill that limited benefits and encouraged poor people to find jobs.

"We're going to make it all new again, and see if we can't create a system of incentives which reinforce work and family and independence," Clinton said at a White House bill signing ceremony.

The goals were admirable: help poor families get into the workforce so they'd no longer need government aid. They'd get job training and support, such as help with child care.

The legacy of welfare reform, 20 years later

Aug 22, 2016
Caitlin Esch

When Marketplace’s Wealth and Poverty team started reporting on welfare reform almost a year ago, our goal was to follow the money. We wanted to know how federal welfare dollars were spent and to what impact. 

The answers involved nine months of digging deep into Excel spreadsheets, government contracts and state budgets, and the result was season one of our new podcast The Uncertain Hour. We not only learned about where the money went, but the effect this reform, enacted in 1996, has had on our country.

Ruby Duncan: The Activist

Aug 22, 2016

Ed note: After President Bill Clinton signed a bill that “ended welfare as we know it” in 1996, major changes occurred in who could receive cash assistance and how states could spend their welfare money. We explore the uncertainties of welfare in the first season of  The Uncertain Hour podcast.  Along the way, we met a lot of people who changed, or were changed by, welfare.

In Japan, seniors are half of all welfare recipients

Aug 22, 2016
Adam Allington

Some experts say we have what amounts to a “retirement funding crisis” here in the United States. That, given longer lifespans, many retirees aren’t able to get by on savings and Social Security alone.

Well, seniors in Japan are also struggling, and in many cases the situation is much worse.

As of March, people 65 or older now account for more than half of all households living on welfare.

The situation is the result of several pieces of bad news, which economist Matthew Goodman at the Center for Strategic and International Studies describes as the “three Ds.”

On an ordinary day, you might miss this slip of a shop wedged between a veterinary clinic and a grocery store in Paris' popular Bastille neighborhood. But on an empty August afternoon, the Clinique du Rasoir Electrique — the Electric Razor Clinic — jumps right out at me.

Here, in a cluttered shop from a bygone era, 73-year-old Jacques Guillaume has been repairing electric razors since 1962. He says he's the last of a kind.