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The hidden fallout of Brexit

22 hours ago
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Andy Uhler

Wall Street's head is still spinning from the Brexit, but the fallout is short-term. We spoke with experts who said U.K.'s split from the European Union will have us talking about what this means for businesses and the global economy for the next decade.

Fiona Hill, director of the Center on the United States and Europe at the Brookings Institution

Currency traders take a wild ride during Brexit

Jun 24, 2016

Foreign currency traders spent the night glued to their screens as the results came in that U.K. decided to leave the European Union. Yra Harris is a Chicago-based veteran trader who shares his experience trading the pound during the Brexit vote.

Click the audio player to listen to his story.

Yes, the Brexit is about immigration

Jun 24, 2016
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Golda Arthur

Brexit was in large part driven by an anti-immigration backlash, but exactly what kind of immigration was in the firing line?

Not just the migrants who have been in our headlines for the last year, the flow of refugees moving out of Syria and the Middle East and crossing in boats and trucks to Europe.

The target for this hardened stance on immigration was Europe itself: in particular, Eastern Europeans from countries like Poland, who have been moving to Britain in large numbers over the past decade or so.

What does Brexit mean for you?

Jun 24, 2016
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Kim Adams

What happened?

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Kai Ryssdal

There's a context slice of the Brexit story that we need to get to before the day is done -- the place that Thursday's vote has in the global economy, and in history, really.

Former Treasury Secretary Larry Summers wrote a quick post last night for The Washington Post. We got him on his cell phone Friday to talk more about it:

The future of the Bank of England's governor

Jun 24, 2016

On today's show, we'll talk about a drop in the value of the British pound following the recent Brexit vote; David Cameron's decision to step down as prime minister; and whether the governor of the Bank of England, Mark Carney, will remain in his position. 

What U.S. leaders have to say about Brexit

Jun 24, 2016
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Greta Hallberg

The final votes were tallied early Friday morning and the U.K. voted to leave the European Union, rattling global markets. Here are the official statements about the news from major U.S. players:

The Federal Reserve:

What you should do when the markets go crazy

Jun 24, 2016
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Kim Adams

Prepare for a lot of red today. Global markets are down in response to the U.K. referendum to leave the European Union. Some traders are saying they haven’t seen volatility like this since 2008, which can be a lesson for individual investors.

When markets go crazy, investors seeing sharp declines in their retirement or other accounts might feel the urge to sell and cut their losses. Jennifer Myers, a financial planner and president of Sagevest Wealth Management in Virginia, warned that people shouldn’t panic.

A look at Brexit's impact on Asia

Jun 24, 2016
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Rob Schmitz

As it became clear overnight that Britain will be leaving the European Union, markets in Asia were the first to react. In Seoul, markets tumbled nearly 4 percent. The stock markets of Hong Kong and Shanghai were down. 

And in Japan, the Nikkei was down 8 percent. Stocks in the country suffered their worst day in five years.

At the start of the day, the yen was trading at 106 to the dollar — that dropped to 99 to the dollar as global investors sought a safe haven for their money, said Gavekal Dragonomics’ Arthur Kroeber.

Some still optimistic in the face of Brexit vote

Jun 24, 2016
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Marketplace staff

The U.K. has decided to leave the European Union, casting uncertainty over immigration, trade and the world's financial markets. "Leave" voters won 52 percent to 48 percent, according to our partners at the BBC. 

But despite the turmoil that global markets and "Remain" voters  are currently facing, some business leaders are still projecting enthusiasm about the region's future. 

Brexit vote rattles markets

Jun 24, 2016
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Kim Adams

Global markets are already reacting to the decision by U.K. voters to leave the European Union. The “Leave” voters won by a tiny margin in Thursday’s referendum, edging out those who wished to remain in the political and economic union by just a few percentage points.

That came as a surprise to many, according to Michael Hewson, chief market analyst at CMC Markets in London.

“The betting markets had really been banking on a 'remain' vote," he said. "Certainly the direction of travel for equity markets and the pound had pretty much been a one-way bet all of this week.”

What's the mood in London after the Brexit vote?

Jun 23, 2016
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Kai Ryssdal

Polls in the U.K. are now closed on the referendum vote that determines if the nation will exit the European Union. We won't know the results for a few more hours, but Marketplace's Stephen Beard checks in from London about how people are feeling now that the vote is over, the role weather has played and Wall Street's initial reaction.

Click on the audio player above to listen.

 

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Amy Scott

The Supreme Court ruled Thursday that the University of Texas can continue to consider an applicant’s race as one of many factors in its admissions decisions.  The 4-3 ruling came as a bit of a surprise. The majority opinion was written by Justice Anthony Kennedy, who had never before voted to support race-conscious admissions.

“The decision is a home run for the University of Texas and a grand slam for higher education,” said Terry Hartle with the American Council on Education.

Betting on Brexit results

Jun 23, 2016

On today's show, we'll talk about the impending Brexit voting result; look at the struggle of those wounded during the Orlando gay nightclub shooting to pay their medical bills; and interview Nobel laureate Paul Krugman about the concept of "peak trade." 

U.S. manufacturers worry about a Brexit

Jun 23, 2016
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Sabri Ben-Achour

The United Kingdom is about 4,000 miles away from the U.S., but its decision on whether to leave the European Union has the potential to affect U.S. suppliers with operations there. 

Jim James is CEO of Ideal Industries, which makes electrical supply equipment and hand tools, among other things. They do some manufacturing in the U.K. and sell into Europe. Ask him about Brexit and he has questions: "Will there be restrictive free trade? Will our employees be allowed to move around freely?"

Have we reached peak trade?

Jun 23, 2016
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David Brancaccio, Katie Long and Justin Ho

Panama opens its new, wider canal on Sunday. This week, we’ve been exploring not just this new and improved lifeline for global commerce, but also its timing, right as world trade is in the doldrums, to use a nautical term.

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Marketplace

On today's show, we'll talk about how a Brexit might affect U.S. manufacturers. Plus, as part of our series on the new Panama Canal and world commerce, we look at a decline in trade growth and interview Nobel laureate Paul Krugman about the issue. 

Carpool Karaoke takes McDonalds for a ride

Jun 22, 2016
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Ashley Milne-Tyte

Actor James Corden took over hosting the "Late Late Show" on CBS last year and he's endeared himself to his fans. One of the things that has fueled his success — his Carpool Karaoke sessions.

If you haven't seen them, Corden basically hops in a car, picks up his favorite musical celebrity, and the two go for a short drive together. They chat, they laugh, and then ... they sing along to that artist's greatest hits.

Inside the new One World Trade Center

Jun 22, 2016
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Kai Ryssdal

Author and architecture writer Judith Dupré says the new World Trade Center, “represents one of the most complex collaborations in human history.”

It's the tallest building in the Western Hemisphere. More than 25,000 workers — and over $15 billion – helped re-construct the site.

Dupré 's new book, "One World Trade Center: A Biography of the Building," recaps the 12 years the building was being developed. She had full access to the construction of One World Trade Center while writing the official biography of the building.

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Greta Hallberg

D.C. metro riders can’t catch a break. Thunderstorms and heavy rain flooded the Cleveland Park station Tuesday, temporarily shutting down access to the residential neighborhood.

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David Brancaccio

There's going to be a new fully fledged stock exchange after some nail-biting suspense and intense opposition from existing stock exchanges. The IEX exchange, which the Securities and Exchange Commission approved on Friday, is designed to prevent rapid-fire traders from having the upper hand. Co-founder Brad Katsuyama — protagonist of "Flash Boys," the bestselling book about high-frequency traders — is celebrating the long-fought regulatory approval. Katsuyama joined us to chat about his victory and what's in store for the IEX.

A Brexit could hit Japanese currency traders hard

Jun 22, 2016
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Andy Uhler

Hundreds of thousands of retail investors in Japan are women and they do it from home. Day trading became popular among Japanese housewives in the 1990s.

So, with Britain’s future up in the air, why are so many of these investors holding on to so much pound sterling?

Shihoko Goto, senior Northeast Asia associate at the Woodrow Wilson Center's Asia Program, said many Japanese were buying the pound because it's one of the few markets Japanese currency markets investors can readily access.

"The Japanese really don’t have a lot of places to park their money," she said.

What happens when shipping lines build for growth that never comes

Jun 22, 2016
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David Brancaccio, Katie Long and Justin Ho

This Sunday, that superhighway of global commerce, the Panama Canal, now widened for much bigger ships will open for business. The opening of the canal is a moment of crowning glory for Panama, but not a moment of crowning glory for globalization.

Marketplace Tech for Wednesday, June 22, 2016

Jun 22, 2016
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Marketplace

On today's show, we'll talk about new drone guidelines from the Federal Aviation Administration; look at the recent hack against digital currency Ethereum; and interview the band Son Lux, which just released a new EP called "Stranger Forms." 

 

Celebrities and sports stars weigh in on Brexit

Jun 21, 2016
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Kai Ryssdal

More input on possibly the most seismic decision in the global economy in a generation, perhaps.

Elizabeth Hurley, actress and model:

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Kai Ryssdal

Electronic Arts or EA is the company behind video games such as FIFA, Madden, and Battlefield. Its CEO, Andrew Wilson, talks to Marketplace host, Kai Ryssdal, about e-sports, the multi-screen nature of gaming, and using fans to test games before they're released.

 

 

Click the audio player above or subscribe to the Corner Office podcast to listen to the full interview.

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Kai Ryssdal

Earlier this month, video companies and gamers descended on Los Angeles for the annual Electronic Entertainment Expo or E3. That included Andrew Wilson, the CEO of EA — the company that makes FIFA, Madden, and Battlefield.

The company invited super fans to try out a handful of games not yet released to the general public. That included "Battlefield 1," the company's World War I game, set to be released in October.

Wilson on whether he thinks of EA as a social media company:

A Puma jersey disaster

Jun 21, 2016

On today's show, we'll talk about a jersey debacle in a European football match; CarMax's success, despite worse-than-expected earnings; and the ways money in politics can influence Americans' everyday lives .

CarMax Inc. still earning respect

Jun 21, 2016
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Sally Herships

CarMax failed to meet earnings expectations during the first quarter, but is still pulling stronger sales than many of its online competitors combined.  The company earned a net profit of $175.36 million during the first quarter, compared to $181.97 million during the same period last year.

Is money in politics making you fat?

Jun 21, 2016

Money in politics is getting top billing this election season. Some see it as a meta issue that flies above many big public policy matters like financial regulation or energy reform. But money and its influence can be hard to see in our everyday lives. 

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