Marketplace on WVTF, RADIO IQ & RADIO IQ w/BBC News
Marketplace with host Kai Ryssdal produced and distributed by American Public Media focuses on the latest business news both nationally and internationally, the global economy, and wider events linked to the financial markets.
The only national daily business news program originating from the West Coast, Marketplace is noted for its timely, relevant and accessible coverage of business, economics and personal finance.
Friday, July 3, 2015 7:27pm
Most people aren't paying for things with their phones just yet. If you are, maybe you're just getting used to using your fingerprint to authorize a transaction.
MasterCard is blazing right ahead with an app that will let you pay for items with your face.
Technically, you pay using your MasterCard, obviously. But to authorize your mobile payment, you look at your camera's selfie cam and blink once to prove you're a human.
This story has everything America loves: buying stuff, cell phones and selfies.
Happy Fourth of July, everyone!
Friday, July 3, 2015 5:24pm
The Federal Communications Commission has now been in the business of enforcing net neutrality for a little less than a month and it's been busy. The FCC promptly fined AT&T $100 million for throttling some users unlimited data access. Sprint said it would stop doing the same thing now that the new rules are in effect.
One formal net neutrality complaint has already been filed, and businesses and the government are trying to figure out what the Internet service game looks like now.
FCC Chair Tom Wheeler explains how the government agency suddenly has a lot more going on:
“Let’s face it, the Internet is redefining all of our lives. It’s an incredibly personal experience for all of us. When you put rules in place that say that there’ll be no blocking, there’ll be no throttling and there will be no paying for some kind of special priority treatment, we’ve established the rules for the road. We’re not going to tell the players how to play the game. We’re not going to get in there and micromanage like old time regulation used to, but we’re going to be on the field ready to throw a flag if there’s a foul.”
Friday, July 3, 2015 5:16pm
It’s a holiday weekend, but there's still news to unpack before the Fourth of July barbecues can get started. Catherine Rampell from the Washington Post and Sudeep Reddy from the Wall Street Journal join Molly for this installment of the Weekly Wrap.
In the headlines:
The University of Washington lowers its tuition.
Whole Foods is sorry for overcharging (some of its) customers.
Uber is getting a lot of funding … but not turning much of a profit.
Friday, July 3, 2015 4:31pm
Greeks head to the polls on Sunday for a referendum that could have major repercussions for Greece and for the rest of the eurozone.
The Greeks will vote on whether their heavily indebted country should accept the latest proposed deal put forward by its creditors. Since that would mean more austerity and reform in return for more loans , but with no debt relief, the government in Athens is urging the country to vote no.
For such an apparently critical poll, you would expect a fairly stark and straightforward question in the referendum:
Should the plan of agreement be accepted, which was submitted by the European Commission, the European Central Bank, and the International Monetary Fund in the Eurogroup of the 25th of June and comprises of two parts, which constitute their unified proposal?
The first document is entitled "Reforms For The Completion Of the Current Program and Beyond." And the second "Preliminary Debt Sustainability Analysis."
YES? or NO?
Not exactly snappy, is it?
This ponderous, dull and baffling paragraph has nevertheless galvanized Greece into two clearly defined camps: YES and NO, or in Greek: NE and OXI .
According to the opinion polls, each side commands roughly the same level of public support; the referendum is too close to call.
Thousands attend a pro-NO rally in front of the Greek parliament in Athens on Friday.LOUISA GOULIAMAKI/AFP/Getty Images
"I'm going to vote yes," says telecom engineer Efrosyni Pavlakoudi. "A no vote would be saying 'no' to any further help from our European partners. Our banks – which are closed and running out of cash – would collapse. It's a matter of life and death for us and our country."
Pavlakoudi also believes that after a "no" vote, Greece would be forced out of the eurozone, which would be "disastrous."
But the word "no" or "oxi" has a special resonance in Greece, and does not have as negative of a connotation as elsewhere. It carries powerful overtones of national pride and defiance. There is even Oxi Day, which commemorates the resounding answer that Greece delivered to an ultimatum from the Italian dictator Mussolini in 1940. Greece's radical Prime Minister Alexis Tsipras has even tried to appeal to the same spirit of wartime resistance.
"No" voters, like Elena Christidi, a psychologist, believe that the referendum is about national survival and the cohesion of Greek society. Christidi regards austerity as a dangerously corrosive force that must be combated— and by voting "no," she says Greece can strengthen the government's hand in the negotiations with the creditors, get a better deal and uphold Greek social values.
"We cannot just forget our values and the human factor," she says. "I'm voting no because I want to tell the rest of Europe that we reject austerity and the unemployment, the poverty and the misery it brings. We cannot go on cutting our social payments. We cannot go on thinking only about numbers."
But in the end, it's numbers that will determine Greece's fate. The country's shuttered banks are reported to be down to their last half billion euro. If there's a "yes" vote on Sunday, they could get the cash injection they need. If it's a "no," the banks could run dry, Greece may be forced to launch its own currency and the country could face a very perilous future.
Friday, July 3, 2015 3:33pm
Nike founder Phil Knight announced this week that he'll be stepping down from his position as chairman of the company's board. Knight, 77, says he would like current CEO Mark Parker to take his place.
Knight founded the company in 1964 with Bill Bowerman, his running coach from the University of Oregon. Each man put in $500; Nike recently reported that its annual revenue rose 10 percent to $30.6 billion.
Over the past half-century, Nike has outrun many formerly globe-dominating sportswear companies like Adidas. Paul Swangard at the Warsaw Center for Sports Marketing at the University of Oregon says Phil Knight has baked his personal business ethos into the company he's passing on: "the idea of always pursuing innovation, and always pursuing that extra edge that would provide an athlete the ability to perform at his or her best."
Nike's sophisticated global supply chain helps — with high-priced designers and marketing types working primarily in the U.S., and low-cost contract-shoe-making workers overseas, mostly in Asia.
Sports-business professor Patrick Rishe at Washington University says he doesn't believe Nike has outpaced its main rivals, companies like Adidas and Reebok, in innovation and technology. Rather, the company has kept ahead with its marketing.
"Look at the Michael Jordan and Tiger Woods effects," Rishe says. "That makes it very difficult for other competitors. Nike has that first-mover advantage."
Rishe says the company has kept up that advantage by continuing to sign top athletes, like LeBron James and Rory McIlroy.
Women's marketing expert Mary Lou Quinlan says Nike's competitors are being smart, too.
"Under Armour is the one I'd be worried about if I were Nike," Quinlan says, "because they seem to have struck that strong-woman place with their unique choice of celebrities, like Misty Copeland, the new principal dancer of the American Ballet Theatre."
On the other hand, Quinlan says Nike still remains at the forefront of marketing athletic styles to women.
"Even if we're wearing it to run to the office, yoga pants are pants, and sneakers are fashion."