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Pharmaceutical companies spend a lot of money to develop new blockbuster drugs — for research, and then getting the meds through clinical trials. And of course, they try to maximize profits once those drugs are on the market with programs to encourage doctors to prescribe them, and patients to stay on them. There are pretty strict laws barring the companies from outright paying off doctors by giving them lavish trips or valuable swag to get them to write more prescriptions.

One leather goods maker on tariffs: "It's not a war, it's just business"

Sep 21, 2018

Tariffs on nearly 5,000 Chinese imports will go into effect on Monday. Called Section 301 tariffs, they target $200 billion worth of finished products, including clothing, accessories, yarn, electronics and more. Hundreds of people from businesses and trade groups have testified before the United States Trade Representative's office. While most voiced their concerns about imposing these tariffs on Chinese imports, Michael Korchmar testified in favor of the Trump administration's decision. He runs the Leather Specialty Co. in Naples, Florida, which makes leather briefcases and bags.

The electric scooter company Bird turned one this week and the company got a nice present from the state of California. Gov. Jerry Brown signed a law saying adults don’t have to wear helmets when they ride. It’s a big win for all e-scooter companies, but not so great for others.

“For some people, they’re blight,” said Scott Cummings, a law professor at UCLA. “They’re strewn around, they’re everywhere. They’re in walkways.”

Cummings said it’s easy to see why some cities have banned them while others have been more welcoming.

How ticket prices affect scalping

Sep 21, 2018

Ticketmaster has allegedly been working with scalpers to increase its profits, according to an investigation by CBC News and the Toronto Star.

The outlets sent undercover journalists to an industry convention in Las Vegas, where they learned about Ticketmaster's TradeDesk system. It allows scalpers to buy tickets from Ticketmaster's site in bulk and then list them again for resale, with profits from both sales going to Ticketmaster.

Trump wants OPEC to keep oil prices down

Sep 21, 2018

The countries that make up OPEC as well as Russia and other oil-producing allies will meet this weekend in Algeria. On the agenda: Upping supply. On Thursday, President Donald Trump tweeted, "We protect the countries of the Middle East, they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices! We will remember. The OPEC monopoly must get prices down now!"

Steve Lorch is a surgical nurse by profession. His other job is running a tea farm.

When you think of the world’s great tea-growing regions, you might think of parts of India, Sri Lanka, China or Kenya. Odds are, though, you don’t think of Lorch’s adopted hometown of Pickens, South Carolina — a small, economically depressed place in Appalachia. But Lorch is on a mission to change that.

(Markets Edition) Under the cloud of a trade war and trouble in emerging markets, many people are cutting down the risk in their portfolios by buying more stocks. Stocks are actually seen as riskier, not safer, yet EPFR Global notes that $15B more went into the U.S. stock market last week alone. Then, we talk more with Chris Dodd and Barney Frank, the two Democratic lawmakers who pushed the epic financial reform law through Congress during the financial crisis. But what if the next financial crisis is triggered by something different?

Dodd-Frank: After the crisis, what's next?

Sep 21, 2018

(U.S. Edition) OPEC countries along with Russia and other oil producers are going to be meeting in Algeria this weekend, and one of the items on the agenda is increasing supply. Then, we discuss more with Chris Dodd and Barney Frank, the two Democratic lawmakers who pushed the epic financial reform law through Congress during the Great Recession. We talked about what worries they have when it comes to the next frontiers in regulation, among other things.

At the China International Industry Fair in Shanghai this week, thousands of booths were displaying their shiny industrial robots.

The United States has announced that it will implement a 10 percent tariff on $200 billion worth of Chinese goods starting Sept. 24. Despite this, the mood among many manufacturers at the fair remained upbeat.

For some, it may be because they have alternate markets.

At the China International Industry Fair in Shanghai this week, thousands of booths were displaying their shiny industrial robots.

The United States has announced that it will implement a 10 percent tariff on $200 billion worth of Chinese goods starting Sept. 24. Despite this, the mood among many manufacturers at the fair remained upbeat.

For some, it may be because they have alternate markets.

A media group based in Washington, DC, launched an ad campaign this week in New York City that targets an exclusive audience: World leaders in town for the 73rd United Nations General Assembly. The goal? An end to the war in Yemen.

When did you realize we were in a financial crisis?

Sep 20, 2018

2018 marks ten years since the financial crisis and Marketplace is exploring how the shift in the economy then continues to shape our lives today.

Through our series Divided Decade, people from all over the country have shared their stories from the Great Recession.

The group Pure Detroit gives tours of the city’s gleaming landmarks. And its skeletons. That includes the former Packard factory — 43 abandoned buildings on Detroit’s east side, sprawling shells of concrete with graffiti and rubble. Think: Mad Max or a bombed-out city.

“That's why so many movies are filmed here, because it has that sort of post-apocalyptic look,” said Jacob Jones, who regularly gives tours with the company Pure Detroit. 

(Markets Edition) The Dow and S&P experienced record highs Friday, which might come as a surprise given the nature of the trade relations between the United States and China. We talk to economist Diane Swonk to make more sense of it. Then, we have a lot more with former senator Chris Dodd and former congressman Barney Frank, the duo who pushed through the huge financial reform law that bears their name.

It was a promise made in January of 2017 during a meeting with newly elected President Donald Trump. Jack Ma, the founder of Chinese online retail giant Alibaba, pledged his company would bring a million jobs to the United States by 2022. Now Ma is dialing that back.

At a two-day event bringing together Alibaba's investors, Ma told the Chinese news website Xinhua that the promise "was made on the premise of friendly U.S-China partnership and rational trade relations. That premise no longer exists today, so our promise cannot be fulfilled."

Billions of people all over the globe are already feeling the impacts of climate change — from the deserts of Somaliland to the peat bogs of northern Canada. Here are some stories from the front lines of climate change that we gathered at the Global Climate Action Summit in San Francisco in mid-September (listen to each person talk by clicking the audio players below the images).

Related: California emerges as a leader at climate summit

(U.S. Edition) Jack Ma, the founder of online retail powerhouse Alibaba, once promised President Trump that his company would bring a million jobs to the U.S. by 2022. That promise is now being dialed back as the trade feud between the U.S. and China has escalated. Also, we have more with former senator Chris Dodd and former congressman Barney Frank, the duo who pushed through the huge financial reform law that bears their name.

(Global Edition) From the BBC World Service … One of China’s biggest technology startups – dubbed the country’s Amazon for services – jumped more than 7 percent in its trading debut on the Hong Kong stock exchange after raising more than $4 billion dollars in its initial public offering. Then, global growth is forecast to plateau at just under 4 percent this year and next. We’ll talk to the OECD’s chief economist in Paris who says the biggest concern is trade.

Bonus: the Dodd-Frank interview, part 1

Sep 20, 2018

We'll be back with your regularly scheduled Morning Report soon, but right now we're bringing you part one of our interview with Barney Frank and Chris Dodd, the former lawmakers behind one of the country’s largest financial reform bills. In a rare joint interview we're calling "The Politics of Crisis," they talk about their biggest regrets, why there won’t be any more bailouts and why they’re not worried about major rollbacks to Dodd-Frank.

Check back here for part two tomorrow. 

(09/20/18)

When an economy needs refugees

Sep 19, 2018

The White House said this week it will cut the number of refugees allowed into the country to 30,000 next year from the 45,000-person limit for 2018. That's a record low for the United States, which worries many local economies that depend on immigrant and refugee labor. Erie, Pennsylvania, is one of those places. The city strategically welcomed and resettled refugees when the population was shrinking and jobs were disappearing.

There was some big news this week in the auto and tech industries, which are increasingly overlapping. The world's largest automotive partnership, the Renault-Nissan-Mitsubishi Alliance, which sold more than 10 million cars around the world last year, is going to start embedding Google's Android operating system in its cars starting in 2021.  The promise for consumers?  Infotainment systems that do more and are less, shall we say, buggy. 

Click the audio player above to hear the full story. 

The bill that gives a nod to federal aviation spending over the next five years passed the U.S. House but has yet to take flight in the Senate. The Federal Aviation Administration reauthorization bill includes changes to airline ticket fees, and safety upgrades. But critics say the bill falls short in one area: improving the nation's air traffic control system, which they say is under strain as the industry expands to accommodate more and more passengers. Commercial air carriers have been pushing to move the nation's air traffic control system from radar to GPS.

When it comes to tariffs, consider today T minus five. In five days, more than 5,000 types of goods from China will be added to a list of tariffs imposed by the United States. That likely means higher prices for leather handbags. Fruit juice. Rain jackets. We may be surprised by what's on the list. But here's the thing: Lots of American factories will be surprised, too. Because in a world of supercomplex global supply chains, manufacturers don't always know what's in their own products.

Click the audio player above to hear the full story. 

One year ago, on the afternoon of Sept. 19, Wesley Bocxe was at home with his wife, Elizabeth Esguerra, in their eighth-floor apartment in the trendy Mexico City neighborhood of Condesa. Elizabeth was in the kitchen preparing lunch. Wesley was in bed with a fever. Their young daughter, Amara, was at school.

Rosa Elena Mastache Dominguez, 54, comes from a family of fishermen. Some four generations back, her ancestors claimed a little piece of shoreline on the north-central coast of Puerto Rico. They built a house on the black-speckled sand, looking out onto palms and blue-green water.  

“My grandparents grew up here, my grandparents raised my parents here, my parents raised us [here],” she said.  

After the dust settled on the Great Recession, financial institutions ended up paying over $200 billion in settlements to the U.S. government and people affected by the crisis. Some settlement deals broke records. But where'd that money go, and was it enough? As part of our ongoing coverage of the 10 years since the crisis, Divided Decade, we'll try to find out. Then: The federal government announced it will cap refugees entering this country at 30,000 next year, a record low. We'll look at Erie, Pennsylvania, one economy that relies on refugees to stay afloat.

Two years ago, Hamissi Mamba was living in Burundi. He came to Detroit as a refugee and joined his wife and young twin daughters who were already living in the US — moving to a new country, navigating a new culture, mastering a new language.

“I think that was a big challenge for me because I didn't even take a class. I’ve been watching cartoons with my girls,” Mamba says.  

Quickly, he’s gone from cartoon watcher to English-proficient budding restaurant owner in Detroit.

Canada is in no rush to join a new NAFTA deal

Sep 19, 2018

Canadian Foreign Minister Chrystia Freeland meets with U.S. Trade Representative Robert Lighthizer in the latest round of North American Free Trade Agreement negotiations on Wednesday. This comes a month after the United States and Mexico stuck a preliminary deal. But there are still some sticking points that need ironing out before Canada is ready to sign on to new agreement. 

Click the audio player above to hear the full story. 

NerdWallet wants to help you with finance

Sep 19, 2018

It started with a simple Google search to compare credit cards, but when nothing helpful turned up, an idea was born. Tim Chen is the founder and CEO of NerdWallet, a financial advice website with more than 100 million yearly users. While struggling to compare credit cards online, he got the idea for a website with all types of financial advice and products. He told Kai Ryssdal that the idea resonated with millennials because “millennials are just used to comparing things. Even college professors.”

(Markets Edition) Early Wednesday trading witnessed a 126-point rise for the Dow, along with a boost for one of the benchmarks of U.S. interest rates. We check in with a market analyst for more. Then, we talk to the two people responsible for spearheading the big financial reform law in Congress, 10 years after the collapse of Lehman Brothers and the following financial crisis: Former Congressman Barney Frank and former Sen. Chris Dodd.

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