In less than 10 minutes, we’ll get you up to speed on all the news you missed overnight. Throughout the morning, Marketplace’s David Brancaccio will bring you the latest business and economic stories you need to know to start your day. And before U.S. markets open, you’ll get a global markets update from the BBC World Service in London.
Seventy-seven percent of Americans prefer to buy holiday gifts that are made in America. But prices tend to speak louder than words, or labels. Foreign manufacturers and popular Chinese brands like SHEIN and Temu are expected to still play a major role in holiday shopping this year. But first, Wall Street has high expectations for Nvidia. While the chipmaker projects continued double-digit growth in the year ahead, it remains hampered by production bottlenecks. Then, we find out what business owners in Mexico think of Trump’s proposed tariffs.
Nvidia is the most valuable company on the S&P 500 index, and Wednesday’s earnings report would be the envy of most companies. The chipmaker saw its sales double compared to a year ago, reporting $19 billion in profit. But its stock price dipped after the earnings report came out. Also on today’s show, U.S. federal prosecutors charge one of the world’s richest men with fraud, and Spirit Airlines joins a long list of carriers that have filed for bankruptcy over the years.
From the BBC World Service: Gautam Adani is accused of orchestrating a $250 million bribery scheme and concealing it to raise money in the U.S. The Adani Group has denied the allegations, which relate to renewable energy contracts. A BBC investigation has found that thousands of dollars worth of British Raspberry Pi mini computers have been shipped to companies in Russia sanctioned for their links to the military. Plus, the U.S. and Mexico have a strong trading relationship, but that could all change when Donald Trump becomes president; we hear from businesses on the Mexican side of the border.
Nvidia, the company that produces chips used in AI, will report its earnings Wednesday after markets close. Susan Schmidt, portfolio manager at Exchange Capital Resources, explains why investors are paying such close attention. Also on the show today: a slightly weaker labor market for college graduates and a closer look at whether long-haul trucking is really facing a driver shortage.
President-elect Donald Trump has picked Howard Lutnick to head up the Commerce Department. Lutnick is the CEO of investment bank Cantor Fitzgerald, co-chair of Trump’s transition team and has been instrumental in raising funds for Trump’s campaign. Plus, we speak with author Keith Ferrazzi about his new book, “Never Lead Alone, 10 Shifts from Leadership to Teamship,” and how organizations can and should adjust their mindset in this new era of post-pandemic work.
From the BBC World Service: More than 1,900 people in the UK are taking legal action against the manufacturer of Johnson’s baby powder, claiming repeated use caused their cancers. Saudi Arabia’s multi-billion dollar Public Investment Fund — which is behind big projects in real estate, soccer and golf — is under fire for being used to bankroll vanity projects linked to human rights abuses. And a Russian software company has invited a seven-year-old coding prodigy to join its management team, when he’s old enough to take up paid employment.
Nippon Steel is racing to finalize its deal to purchase U.S. Steel before President-elect Donald Trump takes office. But the Biden administration just threw a wrench in that plan, imposing higher tariffs on the Japanese company, despite Nippon’s promise not to import foreign-made steel into the U.S. Also: we discuss market reactions to rising Ukraine-Russia tensions and speak with Rosina Samadani, CEO of Oculogica, a medical device company that has developed a new method of diagnosing concussions.
The U.S. government has been fighting with Google for years, accusing it of holding an illegal monopoly. And in one of those antitrust cases, the government wants a harsh fix: a break up of the tech giant’s search business, more specifically, to split off its Chrome browser into a separate company. Plus, how international students play a key role in the finances of U.S. colleges and universities, and why loan applicants are facing a tougher approval process this year.
From the BBC World Service: The G20 group of nations has struck a new agreement to tax the ultra-rich in order to fund sustainable development projects. Plus, UK farmers are protesting in London over plans for a new estate tax on agricultural land worth more than $1.2 million. And how is the Egyptian economy faring with the Suez Canal still not back to full capacity following Houthi attacks?
There’s news today Spirit Airlines has filed for protection from its creditors, after years of losses and a failed merger. But the airline promises tickets are still good and schedules remain unchanged. Also on the program, we continue our discussion of angel investors with Loretta McCarthy, co-CEO and managing partner of Golden Seeds Venture Fund, a network that connects investors with startups founded by women.
A new report finds women now make up nearly half of angel investors, a field once dominated by men. These investors fund early-stage startups in return for partial ownership. Today, we speak with Deb Kemper, managing partner at Golden Seeds Venture Fund, and a seasoned pro in this risky business of getting promising new ventures off the ground. But first, we’ll look at what’s driving consumer spending as the holiday season kicks off.
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