Marketplace All-in-One

The Federal Trade Commission recently reached a settlement with WW International, the company formerly known as Weight Watchers. The FTC and Department of Justice accused WW of illegally collecting data from children as young as 8 without their parents’ permission through a weight loss app called Kurbo. That data included details such as what the kids ate and their exercise habits. In addition to fining WW $1.5 million, the FTC ordered the company to “destroy any algorithms derived from the data.” Kate Kaye is a staff writer covering artificial intelligence and data for the website Protocol. She explained what it actually means to “destroy” an algorithm.

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Commerce Secretary Gina Raimondo says the Biden administration is “prepared for the worst” when it comes to inflation and supply chain issues as global events continue to bring economic upheaval. We’ll also look at an eye-opening graphic that gives context to just how much the U.S. federal judiciary has been dominated by white men (we know we’re a podcast, but trust us, it’s worth your eyes). And we’ll talk about a harrowing story of Ukrainian journalists escaping the country as Russian forces closed in. That’s a lot of heavy news, but we’ll end with some Make Me Smiles.

Here’s everything we talked about on the show today:

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Hundreds of businesses have pulled out of Russia following its invasion of Ukraine, but the decision is more complicated for pharmaceutical companies. Today, we dig into the ethical and economic considerations they’re facing. Plus: We talk with a former Ukrainian finance minister, track the nickel market’s wild ride and take stock of the tough job ahead for the Federal Reserve.

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The war between Russia and Ukraine has put the nickel market in flux. A lot of metal nickel comes from Russia, and nickel is an essential part of stainless steel … which is an essential part of many tools of the food and restaurant industry. Imagine what most kitchen tools are made of, or what a brewery has to think about with its stainless steel kegs. Julia Coronado joins us to discuss the markets’ inflationary environment. The SEC is holding a big meeting today to discuss climate-change risks.

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In advance of President Biden’s trip to Europe, foreign ministers are meeting today to begin discussion of something many would rather avoid – an embargo of Russian oil. It’s a tricky proposition, as Europe is much more reliant on Russian oil than the United States. The BBC reports on a Boeing plane crash in China as well as the Russian stock exchange reopening. We look into how the removal of medical collection debt from credit reports could affect consumers.

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From the BBC World Service: The Boeing 737 was being flown by China Eastern, one of the biggest state-owned carriers and one of the largest airlines in Asia. The last large-scale fatal air crash in China was in 2010. Plus, Hong Kong will begin easing some of the world’s tightest COVID-19 restrictions, including flight bans, starting next month. And, the U.K. is planning for a greener, more diverse energy mix by blending hydrogen into its gas network.

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Lately, we’ve been exploring cryptocurrency mining, the energy-intensive — and potentially quite lucrative – computing process that produces currencies like bitcoin. Up until last summer, China led the world in crypto mining — thanks in part to its hydroelectric infrastructure. Then the Chinese government cracked down on crypto and many mining companies moved to wherever they could find cheap power, like Kazakhstan, Iran, and … Texas. The U.S. now leads the world in crypto mining. Marketplace’s Kimberly Adams speaks with reporter colleague Andy Uhler, who recently visited the small town of Rockdale, Texas, which attracted the attention of Chinese crypto miners, even before the ban.

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Today we’ll preview a story we think we’ll be talking about more soon, including on next week’s evening broadcast at “Marketplace.” There’s been increasing tumult in multiple commodity markets since Russia’s invasion of Ukraine. The markets for wheat, oil and various metals are being stretched to their limits as officials try to navigate both the war and prolonged supply chain issues. For Economics on Tap, our hosts discuss why getting things under control won’t be an easy fix. Then, the government is running out of the funding it uses to cover COVID costs, including tests, vaccines and treatments — the tools we need to bring life back to normal. And we’ll highlight another example of our totally skewed housing market and its implications. It’s a heavy news day, but we’ll finish things off with a round of Half Full/Half Empty!

Here’s everything we talked about on the show today:

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On a two-hour call with Chinese President Xi Jinping today, President Joe Biden warned of “consequences” if China helps Russia avoid the effects of Western sanctions. Today, we’ll look at how China could backfill the hollowed-out Russian economy. Plus: Government money for COVID boosters is running out, and a Texas town is going all in on crypto. We’ll kick off the show with our panel of experts, breaking down the what and the why behind the Federal Reserve’s interest rate hike.

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