Federal job cuts lead to a black market boom ... for ants
There's a black market trade for everything — including ants. (Yes, even ants.) And President Donald Trump has slashed the number of federal government employees, which included entomologists focused on pest control. Today, we'll look at what the illicit ant trade looks like and the sort of environmental and financial costs that can result from invasive species. But first, Trump has his first chance at reshaping the Federal Reserve through the nomination of Stephan Miran.
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India cuts taxes for shoppers to counter Trump’s trade war
From the BBC World Service: India's Finance Minister has announced massive tax cuts on hundreds of everyday consumer items. The move is aimed at boosting domestic demand amid 50% American tariffs on Indian exports. Then, a group of English-speaking hackers claims to be behind a massive cyberattack that's halted global production lines at Jaguar Land Rover. And Texas has become the latest U.S. state to impose restrictions on some foreign-born people and businesses buying or renting property.
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Expiring tax credits will increase health insurance costs for millions
The big budget bill that President Donald Trump signed into law in July allowed tax credits under the Affordable Care Act to expire. That means health insurance costs will increase significantly for millions, disproportionately hitting small business owners and self-employed people. We’ll learn about the impacts. Also this morning: Retailers have already shifted focus from back-to-school shopping to holiday sales. Thing is, the outlook doesn't look too rosy this year.
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Why is everyone breaking up right now?
We're talking about companies here, obviously. A decade after Kraft Heinz became one of the world’s biggest food companies, it’s reversing course and is splitting into two. It’s not the only corporation to go this route recently: There’s Warner Bros Discovery, which is separating into two media companies, and Honeywell, which is separating into three. What's behind all this restructuring? Also on the show: renewed interest in IPOs and promised safety improvements from OpenAI.
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Cyberattack stalls production at Jaguar Land Rover
From the BBC World Service: A cyberattack has caused major production problems at carmaker Jaguar Land Rover. Both of its main factories in the U.K. have been affected, and it comes at a peak sales period. Plus, long-term government borrowing costs continue to climb globally. Then, police in Singapore have ordered Facebook's parent company, Meta, to take measures to prevent scammers from impersonating government officials. And, a greenhouse gas emissions tax in Denmark will result in big changes to the Danish landscape.
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.
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