36 Burst results for "Scott Tong"

Trump administration to auction oil drilling rights in all federal lands of ANWR coastal plain

Marketplace with Kai Ryssdal

02:25 min | 4 months ago

Trump administration to auction oil drilling rights in all federal lands of ANWR coastal plain

"After decades of debate the trump administration next week is planning to auction off drilling rights in alaska. More specifically alaska's national wildlife refuge those against drilling say they want to protect the land which is home to some two hundred and fifty animal species including caribous and wolverines. But here's what you may find surprising. And this long-awaited bidding process turns out. There's not a lot of interest. Here's marketplace's scott tong. A lot of things were in fashion in the mid eighties. Big hair fanny packs and oil giants wanting to drill in alaska. National wildlife refuge an. I'll have mostly gone out of style. Tim brasher co publishes the alaska economic report. One thing that is really interesting. A lot of us in alaska who follow these things is how embitterment the major oil companies have been an war for years. That could be because they sense. The toxic politics decades of environmental opposition media risk of lawsuits against oil companies. Considering in war plus corporate reputational risk readdress and drilling in remote alaska is not cheap. Warns energy and lawyer. David hayes a former top official at the interior department. The price of oil is not high. The expense of drilling at alaska is high. Meanwhile there are many places in the world that are much cheaper to drill for oil than the alaskan arctic. So most if not all oil giants are expected to sit out the bidding which would mean lowest prices in measly royalties for the government. Now at exactly what. Congress predicted three years ago. When an authorized leasing assumed a billion dollars in royalties the bids that are put in are going to be nowhere near what congress said would occur. Low bids mean drilling rights could go for bargain. Prices though and radner at the alaska economic report predicts some interest perhaps among state and local players. The geology does look very good and even given all the bad pr and the politics. I just can't imagine that somebody maybe just individuals aren't going to submit bids perhaps anticipating lukewarm interest alaska state development commission. Just got the okay to itself to make a grab for potentially valuable land and eventually flip it or partner with oil. Companies deadline for bids came yesterday and wednesday. They'll be unsealed

Alaska Caribous Scott Tong Tim Brasher Wolverines Alaskan Arctic David Hayes Interior Department Giants Radner Congress Alaska State Development Commi
Fresh update on "scott tong" discussed on Marketplace

Marketplace

00:10 min | 4 hrs ago

Fresh update on "scott tong" discussed on Marketplace

"Codes for everything from checking experiences to communicate within a guest rooms are in obtaining menus, even using you are coach that will allow them to use their IPhone device as a remote control for the TV. By one estimate, the hotel industry is adoption of QR codes grew seven fold in the pandemic. Now these codes go back to the nineties, and until recently, many declared him dead, at least for consumer use. Yeah. Sporadic. E is with the mobile marketing firm ABS Flyer Cure codes for a while. We're seen as somewhat un Cool. I don't think anybody ever looked at a cure. Quote and thought. Oh, this is super Cool. Let's face it. They're literally square. A few years ago, You needed a special phone app to wreak your codes. But now I found an android cameras come with built in Q our readers and it's cheap and easy to make the codes which took off in the pandemic. All of the sudden, there was also a function. That was not just a gimmick. That's what their pandemic attitudes the move towards contact lists and also the questions around. How do I get information to the people in the restaurant, National pharmacy chains and Wal Mart offer cure codes at the checkout doctor's offices put him in emails to get patient information. Pretty much took 25 years for this technology to go big. That's not uncommon, says economist and historian Petra Moses. Right and why you? Process for making modern rubber, for instance, came in the 18 forties, when Charles Goodyear invented Balkanization. People just really didn't know what to do with it. All the things that we use Rebel for today. They were not invented yet. Like the automobile. The Model T came around seven decades later. Penicillin took 20 years after invention to get mass produced. So will the QR code have a long run at the hotel school it Cornell consumer psychologist Helen Shun, can think of future uses. You are dining at the hotel restaurant. There's this nice wine that you are enjoying, and they're secure code on the wine bottle and you scan it, and then you can book directly to visit this winery. Or a hotel. Can Taylor Rick your code to a specific customer and include information on how to get Hypo allergenic pillows or find the nearest vegetarian restaurant things that are highly relevant to guests. But at the corner of 15th and Chestnut relevance is the question. Are these gigantic your codes catching the eye of pedestrians? I waited an hour there and didn't see a single person scanning. Might have in the wrong our butt, Chin says. The key is any new digital thing can't just be a gimmick. It has to deliver something valuable. In Philadelphia. I'm Scott Tong for Marketplace. That's.

Charles Goodyear Helen Shun Wal Mart Petra Moses Scott Tong Philadelphia 25 Years Android 18 Forties Chin iPhone Model T Seven Decades Later Chestnut Abs Flyer Cornell Few Years Ago Single Person Taylor Rick 20 Years
There's not enough internet for remote learning to go around

Marketplace Tech with Molly Wood

02:44 min | 7 months ago

There's not enough internet for remote learning to go around

"This fall, we've been talking every Monday about education and technology during this pandemic including how access to high speed Internet and devices is just not cutting it across the country and there's new data on this in our latest marketplace Edison Research poll thirty percent of parents or guardians with kids. Online and making less than fifty thousand dollars say their Internet access is inadequate for online school marketplace's Scott Tong reports from Virginia on the broadband gap in central Virginia's Louisa County working mom Megan duck gets her two daughters online for school. By getting in the car they drive to a Wifi. Spot School district has set up in the Strip mall parking lot and here you can see a small jury rig flatbed trailer with solar panels powering electronics that send out an internet signal and from the car they log on the zoom. If we know like if their teachers say we have to do something we have to go to the Wifi spot because you couldn't even begin to logging on the website. Not. From home where they have just one choice for Internet service satellite, it's costly and it's not reliable doesn't work if it wind blows that doesn't work also at the hotspot. Today is fifth grader oriented Nestor Riding Shotgun next to her grandma in their suv, her online class. Let's her message the teacher for the box. It just POPs up on your computer win where at school it got good editor at their. At you need help you get acid they'll bested U. back. When your home. Do. You ever wish you could send a message yes I do. Her family has no broadband at home a reality for one third of rural Americans according to a recent

Spot School District Megan Duck Virginia Edison Research Scott Tong Strip Mall Louisa County Editor
Thousands of workers are literally stuck at sea

Marketplace with Kai Ryssdal

02:29 min | 8 months ago

Thousands of workers are literally stuck at sea

"The CEOS of some of the largest consumer products, companies, Unilever procter, and Gamble Johnson and Johnson are weighing in on what they say is a question of Human Rights on the high seas because of Corona virus measures some three, hundred thousand people who work on commercial vessels you know the kind that carry food and Health, and hygiene products among other things are stuck on their ships unable to leave governments around the world of closed ports, borders, and other travel facilities that allow crew changes and not being able to change crews on these ships is a problem for the health and safety of workers, as well as a pretty good way to clog up supply chains from Washington marketplace's Scott Tong, reports typically commercial ship workers signed contracts of six or ten or twelve months, and when that's up the ship swapped crews at the next port. But whenever they came near the boards, the poor is not allowing any Gano. Bronco Berlin is with the International Transport Workers Federation. He says some workers have been stuck on board for seventeen months in that some ports except products but not people in one case, several ports refuse to take the body of ship worker who died, and then we actually find the way that the body was taken in Singapore, and after fifteen days on board the ship, the issue over work crews is clogging up the supply chain. Tom. Dairy CEO of the Institute for Supply. Management says officials in places like Australia are now starting to ban improperly staff ships from sailing because we're seeing these ships were taken out of circulation as it were. We've seen rates for freight crossing the Pacific. Were than quadruple since June he says, delays are causing fridge and dishwasher shortages in the US and keeping goods moving is critical to the multinational firms that are now pressuring the UN to get involved. The group is the consumer goods forum. In Da Berge Array is director we call face the risk of global relations. Jing. Disrupted and all of this expense of Lucas wellbeing meantime the workers remain mostly invisible says Andrew. Kinsey is marine risk consultant at the user alliens when you go into a store and you look at items on the shelves, their way got to that shelf. Was via. As a consumer, we're blind to it but eighty percent of the goods in the world are delivered by see I'm Scott Tong for

Scott Tong Bronco Berlin International Transport Worker Gamble Johnson TOM Unilever Procter Gano Da Berge Array Institute For Supply Washington Marketplace Kinsey Singapore UN CEO United States Consultant Australia
"scott tong" Discussed on KCRW

KCRW

02:25 min | 8 months ago

"scott tong" Discussed on KCRW

"First the surgeon. The selling of tech stocks from last week does not appear to be over the NASDAQ is down at the moment, 2.6% the Dow is down 512 points 1.8%. The SNP is down nearly 2%. Once upon a time, at least through the middle of last week. Investors love their Tesla, the electric car company. But today, Tesla's stock is down. Nearly 16%. Tesla could have been added to the S and P 500 stock index last week, but it was not included. So no artificial boost there. Electricity has also been turned off in parts of Northern California this morning as a precaution. It's especially windy in some areas, including Knappen Cinema Wine country in front and center today is the utility Pacific Gas and Electric Marketplaces. Scott Tong joins us Here live, Why is PG and e turning off the power? Well, it's calling this high ignition risk. The last couple days have brought a historic heatwave triple digits in Northern and Southern California and wildfires and P Jeannie says new ones coming today and tomorrow could cause its power lines to spark more fires. Which is what happened three years ago. So in a preventive decision, the power companies turning off key electricity lines, mostly up north, and this is affecting up to 172,000 customers in 22 counties, according to PG and E. David. Because you say Scott Fiji has been blamed before. Yes. In 2017 state investigators found P Jeannie equipment responsible for 17 major fires and one of them. There were these 50 mile per hour winds that snapped a tree in Sonoma County, knocking an ageing power line into a dry grass field in that sparked the so called Nun's fire. PG and E got sued for many of these fires in 2017, making paid more than $25 billion to settle these lawsuits, and it just came out of bankruptcy in July. And I think I'd like to distinguish this from the rolling blackouts they have because of overloaded power grids, right. That's right today is about power lines that air fire risks. But separately, they're grid is overworked with the heat and people running a sea so rolling blackouts are possible. California's did see them last month in some experts questioned if P. Jeannie was prepared. Check them. All right, Scott tongue Thank you very much for many parents trying to keep their paychecks going. A crucial question on this day after Labor Day is.

Tesla P. Jeannie Southern California P Jeannie SNP PG Scott Tong Scott Fiji Northern California Scott Knappen Cinema Wine Sonoma County Pacific Gas E. David
Ransomware attacks against hospitals are on the rise

Marketplace Tech with Molly Wood

03:00 min | 1 year ago

Ransomware attacks against hospitals are on the rise

"The FBI and Homeland Security warned that Chinese hackers are trying to break into us. Companies and health organizations to steal research and intellectual property related to the new corona virus and international authorities have been warning for weeks that militias. Hackers are stepping up ransomware attacks against hospitals and healthcare providers that's when they break into networks and hold data hostage until the organizations pay. Let's dig into all of this and quality assurance the segment where we take a deeper look at big tech story. Marketplace's Scott Tong has been reporting on this from Washington. Inter poll the US government. Google Microsoft. All come out and said you know. There's a lot more attempts to get into hospitals healthcare networks drug companies working on a vaccine all of that. Take your data steal it or locked up so you can't get access to it so it certainly seems like. It is a heightened threat. There's more going on so about these warnings. Do we have a sense of what hackers are trying to get at? When they attacked these healthcare organizations the wordings have not been very specific as to what they're trying to get but what they say. Is You know. Be careful if you are a company working on a new technology a vaccine or testing technology. You should be worried so it kind of implies that's what the bad guys would naturally be after what are the attack methods. One of them is the software to get somebody in organization. Click the wrong thing as spoken to some cyber analysts. Say there's a website that looks really similar to that Johns Hopkins Global Map of the Corona virus that so many of us have clicked on if you click on the wrong thing share than the malware kind gets into your computer. There's also the fake emails and and some of them out there pretend to be from the boss of a company and then there's tools to candidate in just by hacking weak spots in a company network. And then there's another one to Kinda Rome inside the network to see what's there and another tool to lock up the data and then you can notify the people at the company the Organization to say well you know it. You don't have access to your data anymore at now you have to pay. Do we have any sense of of weather like these organizations are more or less secure? Are they in any way equipped to sort of hand deal with this at the same time that they're dealing with a massive public health crisis well people who have watched this and spoken to one person who actually negotiates on behalf of healthcare organizations and hospitals When they get hacked in this way and in what they described as many hospitals in general they don't have the latest version of software. A lot of hospitals and diagnostic machines are running on windows. Xp and they have a lot of people coming in and they're just crazy busy right now even though the authorities say well don't WanNa pay the ransom because you're rewarding bad behavior. Well if you have lives to save you might be a little bit more inclined to pay even if you're not supposed to

United States Johns Hopkins Global Map FBI Scott Tong Homeland Security Washington Google Microsoft
How a drop in oil prices today could fuel tomorrow's energy transition

Climate Cast

03:58 min | 1 year ago

How a drop in oil prices today could fuel tomorrow's energy transition

"Oil prices take a roller coaster. Ride I'm NPR. Chief meteorologist Paul Hotter here with climate. Castor oil prices fell below zero this week as much of the world shelters in place but the pandemic may also feel a six percent drop in greenhouse gas emissions. This year that's the biggest drop emissions since World War Two. So what does it mean for greenhouse gas emissions and energy as we rebuild the global economy marketplace correspondent Scott? Tong focuses on climate and Energy Scott. Welcome to climate cast. Paul needs to be with you so oil prices dipped into negative territory this week and then they spiked again. Put this into perspective. What's going on with the oil market so demand for the world's oil which until now had been kind of steady by one hundred million barrels of oil every day worldwide. That's fallen by thirty percent and now markets are Kinda flipping out trying to adjust to this whatever you call it. This pandemic normal were in now. Scott the lack of oil demand is also translating into a reduction in greenhouse gas emissions the world meteorological organization now predicts a greenhouse gas emissions will be down about six percent this year and the UN estimates global emissions must fall by around seven and a half percent every year from now until twenty thirty to stay within that one point five degrees Celsius goal on global temperature rise. How can we keep some of these emissions cuts and get the economy working again? I think there are opportunities in. There are also some challenges here. We've lost one in twenty million jobs you know. That's about one. Out of eight of us in the workforce so something has to change but the opportunity is to lock in some telecommute. You know we've learned that a lot of us can do most of our jobs Without having to commute to work there also might be an opportunity as far as our use of oil in the market right now. A lot of oil companies are in tough shape and so they're not investing in finding more oil. So what happens down? The road is if they don't find as much in demand comes back then. The kind of won't be enough in prices are GONNA go up. Then that makes it more affordable to find cheaper greener option. Say to buy electric vehicles and that kind of thing. I understand that if you shut off a well it's not easy to bring back on. Can that push markets in a cleaner greener direction right now in the oilfields of West Texas? They don't make money at the price where it is now. And so those wells are shutting down and a lot of other places that's happening to and for the older oil wells right. They need pressure from underground bringing oil. Backup and if you turn it off. In some cases it doesn't turn back on if oil. Some of that oil has to stay in the ground. Then we kind of have a scenario like Europe right where we're gasoline is just expensive by policy and in places where gasoline at tends to be more expensive greener options become much more affordable and we've seen renewable energy jobs booming. We know that climate solutions can produce jobs. Of course now. We see the oil sector jobs in kind of a bus cycle. So are we likely to see more job shocks and transitions going forward? As our energy balance changes we've seen a lot of oil jobs disappear already. I've done some reporting long distance reporting talking folks in the Permian Basin in West Texas where there had been a lot of energy jobs in those drying up pretty quickly so there are going to be winners and losers in every kind of transition for sure. The job search going to migrate to the industry's tomorrow. Marketplace correspondent Scott Tong. Thanks for sharing your perspective on climate cast today. Of Course Ball. Nice to be with you. That's climate cast. I'm NPR chief meteorologist Paul.

Scott Tong Paul Hotter Chief Meteorologist NPR West Texas Europe UN Permian Basin
"scott tong" Discussed on 90.3 KAZU

90.3 KAZU

02:09 min | 1 year ago

"scott tong" Discussed on 90.3 KAZU

"On that to I'm Scott Tong from one use of oil that hasn't gone away is the gas that's being used to get the stuff we need to where it needs to go even though a whole lot of this economy is shut down most of America's truckers are still hitting the roads every single day Steve fields is a driver with a big shipping company called why are sea freight he's also one of the ten people we are profiling in our series about the American labor force it's called the United States of work here is the road side perspective from one part of the essential work force once I get that truck you know I've I've wiped it down off of my shoulders and all that so that environment is pretty safe it's when you get out of the truck that's concerning you know I'm just more learn about door handles and you know you go on to the truck stop you can't really say I don't need anymore but in a bring your own you know I bring a gallon of water or something to drink that way I can restrict my my stops a little bit the changes the that I've that I've noticed is the the drivers all the drivers are workers talking about you know the traffic being down it's the for example there's you know there's a lot of road construction usually happens in the spring all across the country and with the less traffic the road construction is becoming kind of a non issue because I mean you have to slow down a little bit but you get right through it which is a it's a plus for everybody my personal life at home is has changed because we pretty much stay home I mean the we do things that need to be done around the house here you know there's always something to do if you if you live in a home or an apartment one of the cool things I've noticed I mean we've been doing a lot of yard work and stuff and the people just out walking taking a walk with her kids I think it's I think it's taught people a little bit to maybe slow down and enjoy live so that's if you have to put a positive spin on this that's probably a good thing tell us about your.

Scott Tong America Steve fields United States
"scott tong" Discussed on WNYC 93.9 FM

WNYC 93.9 FM

04:56 min | 1 year ago

"scott tong" Discussed on WNYC 93.9 FM

"All lose I'm Scott Tong for marketplace the biggest story in this economic crisis so far and look it's still early which I know sounds ridiculous to say but I would suggest the biggest story to date has been a very sudden and very big unemployment crisis more than twenty two million people have filed initial benefits claims in the past month or so and more than a million of those people are in the state of Texas where the unemployment program like everywhere else in the country is completely overwhelmed to get a feel for what it's like on the ground we've called and soon he is the executive director of the Texas workforce commission Mister Serra workmen programs thank you very much for having me tell me what you're what it's been like in the in the belly of the labor force bees these past three four weeks ago it it it it's been something incredible Daniel is the six state agency that I've worked at in Texas state government in about thirty four years nothing has been as challenging as nerve wracking as stressful as this the the staff here doing everything they can and it seems like wave after wave after wave keep coming in and when we just keep addressing it so it is completely different yeah I know you're adding staff and ending hours you're going you know twelve hours a day I think every day of the week how are your people holding up other holding up well they know that their what they're doing is providing a lifeline not just me money but a lifeline to we consider we are our neighbors our fellow Texans I should knock on wood but I haven't had any any resignations I haven't had any folks emailing me or calling to complain and my email is available to all all four thousand staff that we have over here so as you sit there and and you are inundated with calls and hits on the website what's the work flow I mean so many calls they get through and then and then how quickly can you help them if they get through on the telephone which is still a challenge and by the way not only if we added staff but we have brought on board three outside call centers and are bringing on board a fourth but when you when you get to go to one of the people that that answering those phones they'll take the application if there's an issue they'll work through the issue right then and there and then within a week or so you'll get a confirmation from us along with a but dated said call back in request payment on that day are you calling request payment and then within fourteen to twenty one days you'll either have a direct deposit or debit card it must kill you to know that for as many people as you lay on an as many extra call centers and computer servers as your start up there are still people who can't get their yes Sir it that bothers us the most interest rates as the most because we know we can help people once they get to us and then our frustration is the volume Justin just continues to to increase yesterday for example we received over two million calls we can answer all those calls obviously good at about sixty one calls a second but there were two million people calling us some of those were repeat calls because you know like you and I should say you but I know like me if I get frustrated I hang up I called back and hang up a call back but it is very frustrating to us in but we're gonna do whatever it takes to add resources to computers people anything else to it to get everybody you've been in Texas state government you said what like thirty some years right long time yes Sir close to thirty four years you've seen the hurricanes you seen all kinds of stuff you ever seen anything like this nothing at all the thing with this is we have plans in place that that address hurricanes and other disasters flooding but it was the intensity and the speed and the magnitude they just completely overwhelmed us immediately as an example we added four hundred lines telephone lines incoming telephone lines to what we already had which is about fifteen hundred and the day we added them they immediately got flooded you know just immediately inundated so it certainly is the executive director of the Texas workforce commission Mister Turner thanks for times are really appreciate it and best elected as you do this good work thank you very much I appreciate you give me the opportunity to visit with you coming up this filters membranes was developed in Massachusetts.

Scott Tong
How worried should we be about COVID-19 and the economy?

Marketplace with Kai Ryssdal

04:40 min | 1 year ago

How worried should we be about COVID-19 and the economy?

"You know. Much as stock markets have built circuit breakers to put a stop to panic selling and recalibrate the mood. Which by the way happened today. Not Long. After the open when the S. and P. Five hundred hit seven percent on the downside. So too will we use the program today to recalibrate the mood to explain. Why all of a sudden the economic realities of the corona virus seemed to have gotten so much more real to start us off economists making green from the Harvard Kennedy School Megan's to have you back on the program. Thanks for having me. Why as best you can figure out did. The bottom seemingly fallout today. What happened so I think it was a confluence of two things? Mainly one is northern northern Italy. Pretty much shut down so it just fed the idea that even if cases or slowing down within China they're actually accelerating outside of China. And that's a big deal and then the second issue actually isn't directly related to the corona virus. It's more related to the OPEC meeting on Friday where Saudi and Russia decided to flood the market with oil. And so I'M OIL. Prices of fallen pretty precipitously and that creates huge credit problems for a lot of companies related to the energy industry which are actually pretty highly leveraged inert generally rated just above junk level. And so if you start seeing defaults than they'll be downgraded and there will be four selling so that's also provided a lot of drama today highly leveraged lots of borrowing more on oil coming up from Scott Tong in a minute. Let me ask you about a word you use though Things are accelerating outside China. Speaking broadly are you surprised at the speed with which this whole thing has come to this moment. Sue Him nine just given how incredibly interconnected. The world is both in terms of global supply chains but also more importantly in this case in terms of people traveling around and I think that China really did great work in buying the rest of us time In that they had really draconian measures to try to keep people in their own towns in their own buildings. It's much more than most people realize. In addition to quarantining and social distancing. You know there's an APP that the government runs where you can see you as corona virus. So that enforces social distancing so China about us a lot of time and a lot of us could have completely squandered it most of all the US so our response to this crisis has been pretty embarrassing. I think for a developed country with a highly competent health system. How much of that American response contributes to what I perceived to be the changing nature of this crisis. It's going from a supply shock which we talked about when apple had its earnings warning to now people worried about demand shock and the credit markets. And all of that. So the demand shock. I think we're really worried about and rightly so but we don't actually have any data that suggesting it's happen. So the demand shock we know is coming out of China Rate. The second largest economy in the entire world was at a standstill for at least five weeks for for the. Us demand shock at home. It's just perceived at this point right it involves people not going out to dinner not going out and spending and we can certainly get there but at the moment I think it's just concern about. It's not we're not getting any data that suggesting that that's the case really It's just something that seems like it might be coming and I think it's absolutely reasonable for us to worry about this. And then that's feeding over into the financial markets of course is confidence is is been bled from them. And so you've seen these huge moves over the past couple days if and let stress that this is a big if but if we do turn into a recession in this economy given the underlying fundamentals as politicians like to say we're strong right. The labor market strong consumers are really confident. What might a recovery look like on the other end of this thing depends entirely on epidemiology and None of us really have answers there so it really depends on how far this virus spreads if the viruses eventually contained and we have inappropriate policy response with some fiscal stimulus. You know a year from now the we might remember this entire experience but know we'll have forgotten about the economic implications of it traits. So it could just be transitive. We saw that. With the SARS virus for example. There is a big drop off in demand and then you know it picked up pretty immediately once the virus was contained. So that could be the case here but if it actually is spread further and is more deadly than of course we might not get a v-shaped recovery. It might be much more gradual and require more policy intervention Megan Green and economist. Also a senior fellow at the Harvard Kennedy School. Thanks a lot of really. Appreciate your time and your

China Megan Green Harvard Kennedy School Scott Tong Italy Opec Senior Fellow United States Apple Russia
What's causing volatility in the stock market?

Marketplace with Kai Ryssdal

02:17 min | 1 year ago

What's causing volatility in the stock market?

"Here is what I would like you to do today as we get going unfocused your eyes if you would figuratively of course like you do when you drop something or your pattern rug and how that can help you find what you're looking for. Do the same for me now. With the admittedly nutty stock market gyrations the past couple of weeks ups and downs of three or four five percent or more focused not on the actual movements but on the underlying phenomenon the volatility marketplace's got tongue explains why it's happening and what it tells us by one. Measure stocks have not been this volatile since the financial crisis a decade ago. Surely it's the fear of Corona virus but for traders addicted data. There's not enough of it. How long will the outbreak last are the Chinese factories back? How was hit company? Earnings at Charles Schwab one of our underwriters. Strategist Liz end. Sandra says many companies have gone silence. They're just saying we're not even giving guidance because we have no idea what is going to happen so in terms of how Wall Street kind of prices stocks and markets analysts. You know have their hands in the air. Then there's election year uncertainty as the market swings based on which candidate is up the moment now when markets struggled to predict the future. Which is their job. They gyrate according to George Perks. Bespoke investment group. He says it can go like this. When investors sell and expect the worst a little ray of hope can change everything if every piece of news is bad for awhile. Expectations come down and so now that expectations are down. It doesn't take much good news for everything flip in reverse often. It's consumer stocks doing the Bungee up and down. That's because consumption is the big unknown now says Scott Wren at the Wells Fargo Investment Institute. What are it's apparel devices online? Entertainment streaming if consumers are more willing to spend money on that because they're less fearful of catching the virus Then those who tended to do better mud finding specific causes of volatility only gets a so far. The market's a big complicated place. Study suggests long periods of calm somehow lead to volatility in the markets bounce up and down the more. They get driven by emotion. I'm Scott Tong for

George Perks Wells Fargo Investment Institu Scott Tong Charles Schwab Scott Wren Liz End Sandra
Apple warns on revenue guidance due to production delays in China because of coronavirus

Marketplace with Kai Ryssdal

02:00 min | 1 year ago

Apple warns on revenue guidance due to production delays in China because of coronavirus

"Apple has let it be known. It's not going to make its earnings numbers. This quarter. Because it's mostly china-based supply chain has been slower to bounce back than the company had been guessing. Nintendo is worried as well. Nissan and Hyundai have closed down entire car plants. Because they can't get the parts they need from China. And the longer this goes the more these shortages become a big deal which gets us and marketplace's Scott Tong to the phrase that is on a whole lot of people's lips supply shock every day. Four million smartphones get sold somewhere in the world half a million. Tv's changed hands. So what happens if the supply of saw for for a long enough time economists? Carmen reinhart teaches at Harvard's Kennedy School of Government. The way supply shocks work is they have a negative effect on quantity and a positive effect on price. The most notorious of the supply shocks of course was the oil shock. Goes the seventies the oil embargo against the US quadruple? Desperate and fuelled hyper inflation now. Hardly anyone expects that kind of impact at least for now but cornell economist. Issoire things price tags could go up for certain products namely Electron IX cell phones and other wireless devices as well as TVs computers. Those sorts of things that are almost certainly going to be affected if the epidemic last into the spring there could be a longer term supply shock multinational firms could revamp their supply chains away from China which could raise costs and prices for all kinds of things. Agathe Demery forecaster at the economist. Intelligence unit is watching closely. We don't see any signs at the moment that Western companies are going to go out of China that being said if the outbreak is not contained by end March it will be much more difficult to address for global companies. Demery is monitoring ships leaving Chinese ports. Right now she says some are just ten percent full. I'm Scott Tong for

Scott Tong China Carmen Reinhart Agathe Demery Apple Nintendo Cornell Electron Ix Hyundai United States Nissan Kennedy School Of Government Forecaster Harvard
"scott tong" Discussed on 90.3 KAZU

90.3 KAZU

03:13 min | 1 year ago

"scott tong" Discussed on 90.3 KAZU

"Still rising I'm Scott Tong for market place of the many things in this digital economy that make you go no no surely up there on that list is somebody going into your home whether you're there or not and dropping off your groceries not just dropping off the putting away to but there is a market for everything of course and that is why last fall Walmart rolled out its in home grocery delivery service described as above in the never ending fight to stay ahead of Amazon and whole foods from W. E. essay in Pittsburgh Kathleen Davis road along on a delivery to see how it works Nick Burmester is hauling boxes full of groceries out of one of Walmart's branded in home cars he's dressed in the company's blue delivery uniform or outside a house in suburban Pittsburgh the customers are at home but their dog is right so this one says garage for your location garage and then there is passed that's why she picked the garage Burmester put surgical booties over his tennis shoes and turns on a small camera that's strapped to his chest the camera is sink to the garage door lock through Walmart's in home master has to turn it on before he can go inside it live streams him putting those groceries where they belong milk and fresh food in the fridge apple sauce and paper plates in bags nearby he turns the camera off when he's back outside one perfect right now at Walmart is offering in home delivery in just three cities Pittsburg Kansas city and vero beach Florida the company won't say how many customers are using the service so far but Whitney pegged them with the in home team it says the company is happy with the results so I think a lot of the things are seeing our really good teasers what's to come but also could shift pretty dramatically as we scale Walmart says it will expand the in home program but isn't sharing details about when or where that will be Natalie got lives in a Pittsburgh suburb and has been an in home customer since late last year she has two kids and recently started working again which doesn't leave a lot of time for grocery shopping she says at first she was hesitant to try a delivery service but the more we learn about it there's a lot of safeguards to and you know people into your home and they they live streaming video and people are background checked and so once I realized all those boxes retract the hesitation went away now she uses it once a week groceries cost the same as in store Walmart charges customers fifty dollars to install a smart lock on their doors and an in home membership is close to twenty dollars per month with the first month free got says the cost of the service is worth the convenience it has cut down a lot on the impulse buying so I'm if I'm shopping in the store like normal I would see something that's on sale or I'm hungry in something sounds good so I don't do that as much as I'm just shopping on my phone and I'm just following my last Walmart isn't the only company that delivers gross.

Scott Tong
Oil Prices Slide Into Bear Market on Coronavirus Concern

Marketplace with Kai Ryssdal

03:03 min | 1 year ago

Oil Prices Slide Into Bear Market on Coronavirus Concern

"Are chosen in point of entry to the global economy story of the day today. The spread of and the uncertainty about the corona virus comes to us from the commodities markets oil specifically specifically the global benchmark Brent North Sea. It's called fell another two and a half percent today down twenty two percent just since the beginning of the a year. The supply demand equation on that goes like this. China is the world's biggest oil importer and as the bad virus. News continued over the weekend. People began to realize the Chinese demand could be cratering which since oil is a global commodity means not great things globally. Perhaps even more telling though is this. There is buzz today about OPEC and Russia calling an emergency meeting to talk over a huge cut in oil supply to prevent a free fall in prices from Washington. Marketplace's Scott Tong. Its is going oil. Traders already knew that driving an air travel and China had fallen off. They knew that. Oil Shipments China. We're being resold elsewhere. Then head-spinning head-spinning Bloomberg News report on China's falling demand. Situation Says Ellen Wall that transversal consulting one of the things that hit the market this morning. Was this report that Chinese demand maybe down as much as three million barrels of oil per day if true that would be a huge and sudden drop off for China enough to tumble prices at that point were came that OPEC and Russia were considering an emergency meeting next week to cut supply up to one million barrels per day and bring supply lie closer to demand. Normally you'd hear news of million barrel-per-day cut and oil prices would go up. Didn't happen nervous. Traders are selling oil oil contracts. I and asking questions later says research director Michael Herbert at the National Bureau of Asian Research. He says official data on China won't come out for a month. Maybe three Chinese oil demand. Statistics are a little fuzzy much more opaque than say the US market European now where this viruses viruses evolving so quickly. We're all in a lot of ways in the dark when the numbers do come. Markets may come down a bit. But there's still a big unknown. Says is Roger De wine at IHS market and that's how long the Chinese slow-down will last and nothing is that part which is a right now. Fraying nerves in the market doc. We don't have some other week another four weeks six weeks which leaves a lot of time for potential panic. Some banks suggest a barrel of crude oil could fall to around forty eighty dollars and that translates into. US Gas prices going from an average two fifty a gallon. Two two dollars flat. I'm Scott Tong for marketplace. We'll get to American stock markets in a bid. But it's worth a note here coming out of Scott's piece that when Chinese stocks opening day for the first time since things got bad over there they promptly fell almost to what's known as Limit Down Circuit. Breakers that stop a runaway decline or run away on the upside to in different circumstances anyway. The main Shanghai index is down almost eight eight percent on the day to

China Scott Tong Opec Russia United States Brent North Sea Bloomberg National Bureau Of Asian Resea Washington Ellen Wall Michael Herbert Roger De Research Director
Is there a way to use facial recognition that isnt a dystopian nightmare?

Marketplace Tech with Molly Wood

03:08 min | 1 year ago

Is there a way to use facial recognition that isnt a dystopian nightmare?

"This week. We're talking with marketplace reporters about what tech topics. They're watching on their beats as we look ahead to twenty twenty one issue. We can expect to be in the news. A lot is facial recognition in two thousand nineteen San Francisco Band police and public agencies from using it over civil rights fears But it's become widespread in China where it's used for daily surveillance and to track and detain the minority Muslim population there known as the workers. Marketplace's marketplace's Scott. Tong was based in China for years. He's now in our Washington DC bureau. And he's been tracking facial recognition tech in China and here in the US. And I asked him if China I know represents a worst case example of how this can be misused. You know China can be a pretty opaque place but this is what we know about how this technology is being used in western China. The the province of Xinjiang were the most of the week. It's connected to a centralized database so it's used to trap people it's used as a digital dole tether so if you go say three hundred yards away from where you're going at the technology knows that this facial recognition technology knows that So it sure seems like this technology could be used in these camps right to make sure people don't go very far away from where they're supposed to be and that is you know as we said. That is the nightmare scenario. It's it's also a scenario that people a lot of people immediately go to San Francisco has already essentially said no way. Can you deploy this technology on the streets of an American city. But I mean clearly. There are uses for this. That don't involve US living in an Orwellian nightmare right. Like what are the most promising uses of the technology that don't involve a civil rights. Violation law enforcement says this can be used to find missing people missing children if you have them into database and people are walking in by it can find those people The police in the state of Maryland used this. There was a shooting at a newspaper. The Capital Gazette in Annapolis Maryland and the police use use the image from the security camera and compared it to millions and millions of photos of known offenders and then. FBI Database and the driver's license licensed database and they were able to identify the suspected shooter. There was a shooting at a mall in Nairobi several years ago attributed to this extremist group. And now this mall has this. This technology and proponents say that the incidence of crime have gone way down so yes public security and governments. I think are at the center of of this technology story but as proponents put it it surely can be used in a lot of ways that helps society to your knowledge. Is there regulation around the use use in the US other than San Francisco at a national level. I don't think there is because we do know that Microsoft and other companies have have come to Washington and

China San Francisco Tong United States Washington FBI Xinjiang Microsoft Capital Gazette Maryland Annapolis Maryland Nairobi
Exxon, New York prosecutors face off in climate change fraud trial

Morning Edition

02:26 min | 1 year ago

Exxon, New York prosecutors face off in climate change fraud trial

"I'm David Brancaccio in New York and Exxon Mobil trials at the start of New York today has to do with climate change but maybe not in the way that you might think the state of New York argues Exxon defrauded its investors misleading them about the value of the stock by telling them one thing and perhaps doing another from the market places than ability desk Scott Tong has this preview the accusation is Exxon Mobil use two sets of books on climate change and its risk the plaintiff the Attorney General of New York argues that the company told investors that it's all a future with lots of carbon regulations and cost to the company David Shapiro at the John Jay college of criminal justice says that sent a certain message to Exxon stockholders they would say Hey Exxon is accounting for what we anticipate is going to be a dramatic change in how governments approach climate risk in other words Exxon was clear eyed about taxes and regulations on fossil fuel use but in private the plaintiff says the company's actions were altogether different the internal reports effectively is safe well we don't anticipate much in the way of additional costs based on a climate risk regulation the problem with that as the argument goes is Exxon Mobil made oil and gas decisions that were too risky and hid it from investors but Exxon Mobil calls that a baseless theory and then it used to different cost assumptions because they're apples and oranges it makes sense to marched ocal CEO of Adam's funds which holds Exxon stock one you've got actual hard cost you can actually consider the second is a bunch of assumptions you have to make on demand many years down the road I'm not sure that's fraud he says analysts who follow Exxon aren't even talking about this case and if the company were to lose the amount would be negligible but litigation analyst Brandon Barnes of Bloomberg intelligence the state attorneys general and others bringing energy and climate lawsuits see today's case much differently I think it's part of a much broader effort to figure out a way to address climate change when there's a perception that the federal government is moving fast enough the Exxon Mobil trial could provide drama in the form of emails a pretrial investigation found that rex teller sin who was CEO for the period in this case used to email addresses at work one under his name one under an alias the company says the second email was created for quote secure communications I'm Scott Tong for

David Brancaccio New York Exxon Mobil Exxon Scott Tong David Shapiro John Jay College CEO Adam Fraud Brandon Barnes Federal Government Attorney Analyst Bloomberg
"scott tong" Discussed on KCRW

KCRW

02:04 min | 1 year ago

"scott tong" Discussed on KCRW

"Which B. Y. de sac con replies the wait is no ability to pull data off our bus remotely once our buses are delivered to our customers all the data that's on those buses are our customers data we have no access to it and he says the company's not very Chinese it's not state owned it's publicly traded and Warren Buffett's Berkshire Hathaway is a big investor no one has pointed to any evidence of any wrongdoing by people ID obviously there's bigger issues going on between China and the U. S. but you ideas come to this country and followed all the rules of the road we ran a cyber bus question by Stanford's Integrado here in cyber security for the Obama and the trump white houses he says public transport has been hacked before in Poland a fourteen year old techy once took remote control of a public tram if you've ever been on a train or a bus where it stops and starts and how jarring that could be when the legitimate driver's control match and how dangerous that could be if a malicious actor were to get a hold of it but he says any bus from any company not just a Chinese one is vulnerable really any bus coming off the assembly line these days he was gonna have cyber security risk associated with it that risk exists regardless of where in the world the bus was manufactured that may be true but this is a China moments official Washington has stated bipartisan suspicion of Chinese policies companies technologies and scientists this Chinese bus band has support from the Senate the White House and be why these competitors it's attached to a spending bill that passes every year. I'm Scott Tong the marketplace. final note on the way out today.

Berkshire Hathaway Obama China Warren Buffett White House Senate Scott Tong Stanford Poland B. Y. official Washington fourteen year
Oil Prices Close 15% Higher On Record Trading Day Due To Risk Premium

Marketplace with Kai Ryssdal

02:06 min | 1 year ago

Oil Prices Close 15% Higher On Record Trading Day Due To Risk Premium

"Will do oil. I I guess because because both the US benchmark West Texas intermediate it's called and the global indicator known as Brent crude ended the day up just shy of fifteen percent but here's the deal there is plenty of oil on the shelves as it were Saudi. Arabia has got some the US and other countries have their own reserves. There is supply to meet demand demand those higher prices then reflect something that maybe we ought to get used to talk about in global energy markets. Something called the risk premium from Washington marketplace's marketplace's. Scott Tong gets is going to some analysts oil buyers and sellers have been kind of asleep to energy risks in the Middle East in the past month tankers were attacked and pipelines pipelines were struck not much reaction until Saturday strike in Saudi Arabia says Halima Croft at RBC capital markets the market was very complacent place it about the degree of risk in this standoff involving Iran and the US allies and the RIM now. I almost cannot say how serious ethicist Saturday's apparently surgical strike on this essential artery creates one of the biggest disruptions ever to world supply jean-francois says neck at the Atlantic Council Council think tank says the attack warns oil markets that whoever targeted this fortified facility could hit it again the three different rings of defence and Al Qaeda never managed to past the first one I would imagine and that's the big surprises that they would be protected by Patriot missiles and they have not another risk is how long the Saudi facilities stays off line for the next three or four weeks. There's plenty in reserve but for a world that drinks one hundred million barrels of oil every day that cushion could go quickly says Jacques Rousseau at clearview energy partners. You know if this starts to drag into next year the world will have taken down their inventories. He's very substantially if world supply is still short then oil pump prices could double by some estimates and that's the new risk built into the higher price of oil what some call the Gulf premium on Scott Tong for

United States Saudi Arabia Rbc Capital Markets Scott Tong Jacques Rousseau Arabia Atlantic Council Council Halima Croft West Texas Brent Washington Middle East Iran RIM One Hundred Million Barrels
Oil prices fall on weak global economic data

Morning Edition

02:18 min | 1 year ago

Oil prices fall on weak global economic data

"Later this week the oil producers cartel OPEC issues a monthly assessment the price of oil today is down three point six percent on the bet that a slower world economy will use less oil market places Katong has more what a difference four months makes in the oil market back in April the world fear they didn't have enough oil could producer Venezuela was falling apart in Iran's exports were being sanctioned this sense at the end of April that OPEC might need to put more brought on the market the channels to Lima Crofton RBC capital markets then she says a tweet in may a president trump up the tariffs on China suggesting economic pain there China has been such a big buyer in the first half of the year and there was a real concern that if Chinese buying flows at the real killer that was holding up this oil market is going to collapse will has dropped from nearly ninety dollars a barrel last fall to fifty something today in OPEC is nervous already it is joined forces with Russia to cut supply in trying to boost price but the price hasn't cooperated so now everyone is watching OPEC's de facto leader Saudi Arabia says Fuhrman **** and S. and P. global plats there doesn't seem to be much appetite for deepening the amount of cuts so the question is with Saudi Arabia go it alone when they cut unilaterally that's what we really don't know if the Saudis drill less they would sell less so that hurts and there's no guarantee that the price of rice because U. S. shale oil from fracking could fill the gap in supply analysts Jamie Webster is with the Boston consulting group this is not just from U. S. shale this is from Norway this is from Brazil several other countries that are going to be bringing on additional supply my his numbers world supply will grow twice as fast as demand next year and he says low prices may be a longer term problem over the next decade companies are getting much faster it bringing on supply projects you see costs have come down you've got concerns about that long term demand growth it's a complicated oil market with new technology new sellers a lot of crude out there and for sellers like OPEC a question of whether there are enough buyers I'm Scott Tong for

Jamie Webster U. S. Boston Fuhrman President Trump Producer Scott Tong Brazil Norway Saudi Arabia Russia China Lima Crofton Rbc Capital Marke Opec Iran Venezuela Katong Ninety Dollars Four Months
Oil prices fall on weak global economic data

Morning Edition

02:37 min | 1 year ago

Oil prices fall on weak global economic data

"It is a down day for the oil market benchmark crude in New York down one point six percent fifty six twenty one a barrel is the contraction of the German economy just mention in concern about China's economy for both its own internal reasons and the US China trade war there was news today that unemployment in Chinese cities at the highest level since officials started tracking this data up later this week the oil producers cartel OPEC issues a monthly assessment market place's Scott Tom reports now on what is an energy source a commodity and economic indicator what a difference four months makes in the oil market back in April the world fear they didn't have enough oil could producer Venezuela was falling apart in Iran's exports were being sanctioned this sense at the end of April that OPEC might need to put more brought on the market the channels to Lima Crofton RBC capital markets then she says a tweet in may president trump up the tariffs on China suggesting economic pain there China has been such a big buyer in the first half of the year and there was a real concern that if Chinese buying flows at the real hell or that was holding up this oil market is going to collapse will has dropped from nearly ninety dollars a barrel last fall to fifty something today in OPEC is nervous already it is joined forces with Russia to cut supply in trying to boost price but the price hasn't cooperated so now everyone is watching OPEC's de facto leader Saudi Arabia says Fuhrman **** and S. and P. global plaques there doesn't seem to be much appetite for deepening the amount of cuts so the question is with Saudi Arabia go it alone when they cut unilaterally that's what we really don't know if the Saudis drill less they would sell less so that hurts and there's no guarantee that the price of rice because U. S. shale oil from fracking could fill the gap in supply analysts Jamie Webster is with the Boston consulting group this is not just from U. S. shale this is from Norway this is from Brazil several other countries that are going to be bringing on additional supply my his numbers world supply will grow twice as fast as demand next year and he says low prices may be a longer term problem over the next decade companies are getting much faster bringing on supply projects you see costs have come down you've got concerns about that long term demand growth it's a complicated oil market with new technology new sellers a lot of crude out there and for sellers like OPEC a question of whether there are enough buyers I'm Scott Tong for market

Saudi Arabia U. S. Boston Fuhrman President Trump Producer Scott Tong Brazil Norway Jamie Webster New York Russia Lima Crofton Rbc Capital Marke Opec Iran Venezuela Scott Tom China
"scott tong" Discussed on Marketplace with Kai Ryssdal

Marketplace with Kai Ryssdal

04:28 min | 1 year ago

"scott tong" Discussed on Marketplace with Kai Ryssdal

"In the money. I'm Scott Tong for marketplace mm-hmm blackjack players among you will know the term counting cards for those who don't play its way by literally counting the values of cards that are dealt that players can know when the odds are in their favor and thus when it's time to bet big blackjack is the world into which our podcast. This is uncomfortable Texas this week. Oh sorry McRae's has the story of Rose Travis who joined a card counting team and started seeing money in a whole new light roses first big break with card counting came unexpectedly it was early two thousands and she was a graduate student and she'd built up a bankroll of about ten thousand dollars to invest in blackjack when weekend she was on a four person team headed Torino when our main big player <hes> suddenly couldn't play. I don't know if there was a flyer out with his picture on it but he was kicked out immediately so she stepped up. This is my first time being the big player being the big player means waiting from signals from her teammates that the count is good and then coming in and laying down big bets the team rarely had women play this role. They just drew more scrutiny rose knew that she'd get a lot of questions like where are you from or where is your boyfriend is just not as common to see women betting thousands of dollars. The the blackjack tables came up with a plan she'd bet and her teammate cliff would pose as her boyfriend he'll be handing me money and I'd be playing and so maybe that would look a little bit less strain and so and so we came up with this kind of now is this kind of wild drunk like party girl <hes> and I had I had this cowboy hat. I was wearing rose and her team which was made up of people with regular jobs. You know attorneys accountants they'd they'd often come up with different personas card counting isn't illegal but if casinos catch you you can get kicked out so it was three in the morning and rose along with three teammates trickled into the casino ready to play. There's like tumbleweeds Guy Trust the casino. She sat down with her boyfriend and waited to get signals from other teammates once she did. She's started causing a scene chiding up other players laying down huge hands and when you annoy people it's great because then they leave the table and <hes> it's better for your odds when you have less people at the table so Robert so they go the goal is to annoy people I was you know taking off my hat and swinging it around asking you know who's going to be drinking with me you know do you WanNa get drinks. Drinks are on me. Even the drinks are free cliff was playing the role of the frustrated enabler. You know he kept kind of tapping me on the shoulder like let's leave now and that was the whole dynamic that we had come up with. Meanwhile rose only got more obnoxious purpose lifting up from her seat to downing tropical mock tails. You can't be drunk on the job and shouting for free stuff. We need a room with a hot tub and you know I need some a bottle of crystal. It seems crazy to me that they'd intentionally draw all this attention to themselves but Rosas. It's kind of like reverse psychology. They can be less conspicuous to be a hot mess than focus player roses playing big hands five hundred dollars two thousand dollars. It was just win after win after win. It was scary 'cause I hadn't I just hadn't dealt with like that much actual cash before in my hands counting cards had changed how she thought of money like she'd never in a million years by a thousand dollar dress but she'd easily about that much in a single hand you have to kind of distance yourself between the value of money and what you're doing with the money in the casino because if you if you look at it as well this is five thousand dollars like what can I do with this five thousand dollars in my life right and it sounds like you're treating like monopoly money yeah it has to be I mean in a way it is. It's like when it turns into chips. It's not money and mistress part of the game. It's part of the game yeah sitting at the table. Rose could also tune out her student loan debt her credit card bills what her bank account actually looked like money at the casino gave her an escape. Even if.

rose Scott Tong graduate student Rosas cliff Texas McRae Robert five thousand dollars five hundred dollars ten thousand dollars two thousand dollars thousand dollar million years
"scott tong" Discussed on 90.3 KAZU

90.3 KAZU

05:17 min | 1 year ago

"scott tong" Discussed on 90.3 KAZU

"Be in the money I'm Scott Tong for marketplace blackjack players among you will know the term counting cards for those who don't play it's a way by literally counting the values of cards that are dealt the players can know when the odds are in their favor and thus when it's time to bed big Black Jack is the world into which our podcast this is uncomfortable Texas this week because rumor Crace has the story of rose Travis who joined a card counting team and started seeing money in a whole new light rose's first big break with card counting came unexpectedly it was the early two thousands she was a graduate student and she built up a bankroll of about ten thousand dollars to invest in Black Jack one weekend she was on a four person team headed Torino when our main big player suddenly couldn't play I don't know if there was a flyer out with his picture on it but he was kicked out immediately so she stepped up this is my first time being the big player being the big player means waiting from signals from her teammates that the count is good and then coming in and laying down big bats the team rarely had women play this role they just drew more scrutiny rose knew that she'd get a lot of questions like where are you from or where is your boyfriend it's just not as common to see women betting thousands of dollars the Black Jack tables so rose came up with the plan she bat and her to make cliff would pose as her boyfriend he'll be handing me money and I'd be playing as a maybe that would look a little bit less strain but all those things and so and so we came up with this kind of that I was this kind of while drunk like party girl and I hate yeah and I had this cowboy hat that I was wearing rose and her team which was made up of people with regular jobs you know attorneys accountants they'd often come up with different personas card counting is an illegal but if casinos catch you you can get kicked out so it was three in the morning and rose along with three for teammates trickled into the casino ready to play there's like tumbleweeds the casino she sat down with her fake boyfriend and waited to get signals from other teammates once she did she started causing a scene chatting up other players laying down huge hands and when you annoy people it's great because then they leave the table and it's better for your odds when you have less people at the table so this is celebrate said they got the goal is to annoy people I was you know taking off my hat and swing it around asking you know who's going to be drinking with me you know do you want to bring drinks are on me even the drinks are free cliff was playing the role of the frustrated enabler you know you can't it's kind of tapping me on the shoulder like let's leave now and that was the whole dynamic that we had come up with meanwhile rose only got more obnoxious lifting up from her seat to Downing tropical mock tales you know can be drunk on the job and shouting for free stuff we need a room with a hot tub and you know what I need some a bottle of crystal it seems crazy to me that they'd intentionally draw all this attention to themselves but rose says it's kind of like reverse psychology they can be less conspicuous to be a hot mess than a focus player roses playing big hands five hundred dollars two thousand dollars in it was just a win after win after win it was scary because I hadn't I just hadn't dealt with like that much the actual cash before it in my hands counting cards had changed how she thought of money like she'd never in a million years by a thousand dollar dress but cheap easily back that much in a single hand you have to kind of distance yourself between the value of money and what you're doing with the money in the casino because if you if you look at it as well this is five thousand dollars like what can I do with this five thousand dollars in my life right and I found that you're treating it like monopoly money yeah it has to be I mean in a way it is it's like when it turns into chips it's not money and which is part of the game it's part of the game yeah sitting at the table rose could also tune out her student loan debt her credit card bills what her bank account actually looked like money at the casino gave her an escape even if it was only temporary I am a misplaced for marketplaces new podcast this is uncomfortable check out the new episode of this is uncomfortable to hear more of roses story in which case you know trip took a turn for the worst a final note on the way out in which Starbucks to abandons print newspapers the company said this week it's gonna stop selling hard copy papers in the eighty six hundred stores it owns and operates in the United States that would be the New York times Wall Street journal and USA today end of August is the cut off date if your hard copy coffee drinking kind of person.

Scott Tong five thousand dollars five hundred dollars ten thousand dollars two thousand dollars thousand dollar million years
"scott tong" Discussed on KCRW

KCRW

04:28 min | 1 year ago

"scott tong" Discussed on KCRW

"In the money I'm Scott Tong for marketplace blackjack players among you will know the term counting cards for those who don't play it's a way by literally counting the values of cards that are dealt that players can know when the odds are in their favor and thus when it's time to bet big Black Jack is the world into which our podcast this is uncomfortable Texas this week host rima craze has the story of rose Travis who joined a card counting team and started seeing money in a whole new light rose's first big break with card counting came unexpectedly it was the early two thousands she was a graduate student and she built up a bankroll of about ten thousand dollars to invest in Black Jack one weekend she was on a four person team headed Torino when our main big player suddenly couldn't play I don't know if there was a flyer out with his picture on it but he was kicked out immediately so she stepped up this is my first time being the big player being the big player means waiting from signals from her teammates that the count is good and then coming in and laying down big bats the team rarely had women play this role they just drew more scrutiny rose knew that should get a lot of questions like where are you from or where is your boyfriend it's just not as common to see women betting thousands of dollars the Black Jack tables so rose came up with a plan she backed and her to make cliff would pose as her boyfriend he'll be handing me money and ivy play and so maybe that would look a little bit less strain that's all those things yeah and so and so we came up with this kind of that I was this kind of while drunk like party girl and I hate yeah and I had this cowboy hat that I was wearing rose and her team which was made up of people with regular jobs you know attorneys accountants they'd often come up with different personas card counting is an illegal but if casinos catch you you can get kicked out so it was three in the morning and rose along with three for teammates trickled into the casino ready to play there's like tumbleweeds that's the casino she sat down with her fake boyfriend and waited to get signals from other teammates once she did she started causing a scene chatting up other players laying down huge hands and when you annoy people it's great because then they leave the table and it's better for your odds when you have less people at the table so this is celebrates a goal the goal is to annoy people I was you know taking off my hat and swing it around asking you know who's going to be drinking with me you know do you want to Frank drinks are on me even the drinks are free cliff was playing the role of the frustrated in a blur you know you can't it's kind of tapping me on the shoulder like let's leave now and that was the whole dynamic that we had come up with meanwhile rose only got more obnoxious lifting up from her seat to Downing tropical mock tales you know can be drunk on the job and shouting for free stuff we need a room with a hot tub and you know what I need some a bottle of crystal it seems crazy to me that they'd intentionally draw all this attention to themselves but rose says it's kind of like reverse psychology they can be less conspicuous to be a hot mess than a focus player roses playing big hands five hundred dollars two thousand dollars in it was just win after win after win it was scary because I hadn't I just hadn't dealt with like that much actual cash before it in my hands counting cards had changed how she thought of money like she'd never in a million years by a thousand dollar dress but she'd easily bat that much in a single hand you have to kind of distance yourself between the value of money and what you're doing with the money and the casino because if you if you look at it as well this is five thousand dollars like what can I do with this five thousand dollars in my life right and I found that you're treating it like monopoly money yeah it has to be I mean in a way it is it's like when it turns into chips it's not money and which is part of the game it's part of the game yeah sitting at the table rose could also tune out her student loan debt her credit card bills what her bank account actually looked like money at the casino gave her an escape even.

Scott Tong five thousand dollars five hundred dollars ten thousand dollars two thousand dollars thousand dollar million years
By blacklisting Huawei, the US could be shooting itself in the foot

Marketplace with Kai Ryssdal

07:53 min | 2 years ago

By blacklisting Huawei, the US could be shooting itself in the foot

"There's an interesting observation to be made here about the global economy, things that usually happened really, really slowly. Until they happen. Really, really fast. Oh, explain from American public media. This is marketplace. In Los Angeles. I'm KAI Ryssdal. It is Thursday. Today, the sixteenth of mega is always to have you along, everybody. We begin today with this ten days ago, Amir week and a half. Every indication was that the trade mad disagreements between the United States and China were all but solved couple more meetings, a quick Trump's, she phone call done and done. Now. It's tariffs as far as the I can see. And as of yesterday quite possibly a breakdown in the heavily, integrated and extremely globalized technology supply chain, we refer here, of course, to the Trump administration, effectively blacklisting, the Chinese technology, giant hallway, which will cut that company off from its American suppliers, chips, from Qualcomm and phone software from Google to name. Just a couple. You're all that in with bands on while way in other countries. And as marketplace's Scott Tong reports now from Washington, there does seem to be something of a digital iron curtain descending if the US shoe. Hallway, it also hits its own foot inside while we gadgets are innards from firms, like Intel, oracle and Western Digital but tech firms sensing the crossfire are trying to get out of the way and avoid partnering with companies subject to bands in retaliation says Linley Gwen app of the Linley group. I think that companies are trying to reduce their exposure to the band, and by fewer components from countries that could be affected the word decoupling is being whispered in the US and China that is each country may develop its own separate supply, chain, while we has long been on Washington's hitlist and is trying to make parts semiconductors in house. Business professor at ten Wong judge young university has a new book on wall way. He says the company can be self sufficient that can make it south. Maybe he's not as good as the US components, but it's not much worse. They still can't sell products so that prepare for these more than ten years, while ways, DIY project. Could accelerate Chinese innovation? And in areas like wireless, five G many see hallway as already ahead. So the US might not want to cut itself off says, political scientists Abraham Newman at Georgetown, France in the nineteen eighties tried to develop its own internet, and it was kind of ridiculous, and the risk is that we end up with a new version of that a lesser. They un-filed g network. He says the US is weaponising interdependence and could unravel a global tech supply chain that took a generation to come together. I'm Scott Tong for marketplace. You can argue till the cows come home about tariffs who wins who loses who pays wait. No, you can't consumers pay and nobody wins. But there is at least one agreed upon reality. When it comes to what tariffs due to an economy, the way things normally work don't work anymore. Marketplace's refinish your explains that one I don't know if you've ever grown plants in a terrarium they love it in there because they're protect. But when you take them, out and expose them to the outside world, they don't always do out there, not strong. It breeds a kind of laziness here Simon Lester is with the Cato Institute and he's not talking about terrariums. He's talking about tariffs tariffs that protect some US businesses from foreign competition. You don't have to compete with the best in the world, just sort of relax. You don't have to work that hard, you're not gonna face any competition. US steel companies, for example, don't face as much pressure to upgrade plants now they can in our raising prices without competition from foreign steel producers. Ultimately, I think if you want to sessile businesses, you want them competing in order to, you know me as a fishing has possible Chinese goods. Don't usually compete with US goods head on. We don't make a lot of the same stuff, but many goods that are made in America are made with Chinese parts tariffs. Make those parts more expensive Tim Keough teaches economics at the university of Minnesota gonna make things to the US shell the rest of the world. Be more expensive than we're gonna lose market share because of that. But the. Disadvantages go beyond that, take the tariffs on steel aluminum. The metal that would be going into the US now goes to global markets increasing supply and depressing prices outside the US Rufus York's is president of the national Foreign Trade Council. Many of my manufacturers say that this has a direct impact on their competitiveness. Not only because their costs go up, but actually their foreign competitors costs. Go down your says the morn industries protected the less productive, it's likely to become in New York. I'm Sabrina sure for marketplace. In higher education news on this Thursday, three much reviled letters. S A N, t the college board purveyor of the aforementioned exam is adding a new score to it math, reading, and writing the optional essay and now adversity as in the hurdles like neighborhood crime, and poverty, that students might have dealt with getting into college. It's yet another attempt by the college board to keep its core product, the SAT, relevant as the idea. Of who gets in wear gets more attention. Marketplace's Amy Scott has more on that when Scott vers, I'll was weighing student applications. This college admission season he had another tool to consider. He's dean of undergraduate admissions at the university of South Carolina, along with grades and essays and test scores and environmental context. Dashboard. Offer details like family and housing stability access to AP classes and neighborhood poverty, and crime. And that did help us find some students that we would probably would otherwise not considered the university was one of fifty testing out the dashboard. This year, the college board will roll it out to all schools next year, and it'll be free, but SAT critic Robert Shafer with fair test says it's a business move with selective colleges under pressure to admit more students of color and low income students. More of them are making standardized tests. Optional people have long known that head scores were a excellent. Mega of accumulated advantage. And now, the college board is going to admit it by thing. You can't use raw scores. You have to examine them in context. The college board has tried something like this, in the past in the late nineteen nineties, it's so-called strivers program aimed to take socioeconomic factors including race into account. But Shaffer says critics accused the college board of back door affirmative action, and the program was dropped Tiffany Jones directs higher, Ed policy at the education trust advocacy group. She says the dashboard doesn't include race without looking at race explicitly. It's very difficult to try to account for racial inequality. Students also won't know their scores adding another layer of mystery to the college admissions process. I'm Amy Scott for marketplace. There was a fairly brief, but all important announcement from Boeing today, a quick four paragraphs, the first sentence of which read Boeing has completed development of the updated software for the seven. Thirty seven max, which is big the company says it's working with the FAA to get the planes back in the air. Investors were reassured Boeing shares up two point three percent day. The broader markets up as well. Not as much though. We'll have the details when we do the numbers.

United States Scott Tong Amy Scott Kai Ryssdal Los Angeles Boeing China FAA Qualcomm Amir University Of Minnesota New York Google Cato Institute Abraham Newman Intel Linley Gwen America
Is the trade war the new normal?

Marketplace with Kai Ryssdal

02:13 min | 2 years ago

Is the trade war the new normal?

"Trump is downplaying trade tensions with China after Beijing announced higher tariffs on US imports and response to those just imposed by Washington on Chinese goods. Trump said today, he'll meet with Chinese president Xi Jingping next month and expects the talks to be very fruitful markets, though, not so sure China's currency fell to its lowest level since Christmas here in the US. Stocks were down. Remember markets. Do go down, but beyond the short term pain. There's now talk that a tense U S, China relationship could be the new normal or at least the emerging normal. Marketplace's Scott Tong has more when terrorist broke out last fall business professor Aroon soon garage in at NYU predicted. It would last at expected the effects of. This trade water gonna lost at least ten years. Wow. That's based on game theory away to test and understand human behavior. Now, according to game theory tariffs are the normal state of things they serve the self interest of people and nations, and when you're in a trade war. He said today, it gets harder and harder to de escalate it is more likely to happen. If there is a high level of trust between the two countries. And this is what makes me a little pessimistic. These days there's a broad lack of trust says, former U S, China trade negotiator, Claire read at Arnold and porter. There are spats over telecom investments spying, but at the center, she says is China's tech policy pours laughs of government resources into selected strategic industries and really has been quite consistent about keeping their market closed to protect any other growing, national champions. She says she doesn't expect China to change which makes the US China trade conflict, potentially. Intractable and for those longing for the quote, normal days of free trade think again says Harvard government professor Jeffrey freidan, globalization is fragile and it is not the normal and natural state of the world. It's something that is typically adopted by governments and it can be rolled back by governments very easily. If along trade wars ahead, it wouldn't be the first time. He says the US had high tariffs from the civil war all the way to the nineteen

China United States Donald Trump Professor Beijing Xi Jingping Arnold Washington Scott Tong NYU President Trump Harvard Jeffrey Freidan Claire Porter Ten Years
Trump's Latest Oil Market Gamble

Marketplace with Kai Ryssdal

02:21 min | 2 years ago

Trump's Latest Oil Market Gamble

"We begin today with commodities oil, specifically to note that crude oil rose three percent today on news. The White House is cracking down on Iranian oil sales for a year. Now, the Trump administration has slowly been squeezing off Tehran's access to the global oil market threatening sanctions on countries that by Iranian crude, even US allies effective nine days from now the White House is going to stop giving waivers even to those allies, and it turned out oil markets were not expecting an actual no tolerance policy from the Trump administration. Marketplace Scott Tong, it's going crude oil rose two bucks today to its highest level of the year, which is market speak for. Whoa. I think everybody has been surprised. Yes. And kind of shock that's Iran, Oil consultant, Sarah shui at s v energy international. Traders aren't just worried that cutting off Iranian oil will crimp world supply. She says they're also spooked by Tehran's response. Iran threatened that if their export britches two zero they're going to close straight of her moose. They might Trittin tankers with missiles or at threat of attack on the energy facilities in the neighboring countries. So the talk is tougher the State Department calls this maximum pressure on Ron six months after applying gentler kinder pressure, and allowing exports to eight countries, but today's zero tolerance may be hard to enforce analyst Stephen Schork thinks some Iranian oil will keep leaking out to China and India at a cut price Iran now becomes desperate seller. What does that mean that means that they're going to have to take whatever price China and India are willing to pay for the oil any Iran? Oil that leaves the market could get replaced by Saudi Arabia still that least precious spare oil in the market for surprise shocks in say, Libya or Venezuela and that nervousness means higher oil and gas prices says Tom closer at oil price information service. The game has changed for gasoline prices in the summer driving season, you're putting three dollars in play for places like Michigan, Pennsylvania for sure Wisconsin. In fact, pump prices are already approaching three bucks in those places. But that's a psychological line. For drivers in swing states close a says, and if it's crossed he expects the administration to go a little softer on Iranian oil. Once again,

Iran White House Tehran Trump Administration Scott Tong Trittin India United States China Saudi Arabia State Department Consultant Stephen Schork
Writers' Guild Agrees to Six-Day Delay for Tightened Agency Rules

Marketplace with Kai Ryssdal

02:05 min | 2 years ago

Writers' Guild Agrees to Six-Day Delay for Tightened Agency Rules

"And by extension, the entertainment consuming public that is all the rest of us have avoided at least for now a disruption to our nevarez content consumption habit. We're talking to you about writers and their agents. There had been a Saturday night deadline for the members of the writers guild of America to fire their agents, amass that has been pushed back a week to Friday midnight. But the core issue still hold writers pay and who the agents are actually working for and as marketplace's Scott Tong reports, the very business model of modern Hollywood might be hanging in the balance a long time ago Hollywood writer. Had it simple. They got an agent who got him a deal on a movie or a show in the agent took ten percent. Well, that's changed. These days the beginning take the writers producers and actors package them together and sell the whole bundle in the agents. Get big paydays. Jesse stern has written for TV shows like NCIS and bull scary to believe that your agency might be set up in a way where they have a conflict of interest where their agents are not capable of being directly devoted to your interests above all else. The fifteen thousand member writers guild has voted to fire agents who won't end packaging, and that could deliver a blow to the biggest talent houses like William Morris endeavor and see a show biz historian and writer, Alex, Ben block, there's four or five really large agencies who control by far the most important talent. If the agencies refused to give up the lucrative packaging. These members would go to other ages the. Agency's argue that packaging is writers and producers leverage, and for now these agencies are negotiating with the writers guilds, but should midnight Friday come with no deal. The industry could turn up side down says Dominic pattern. He senior editor for deadline. Hollywood clearly the nuclear option is now on the table, and there can be a process in which you will see scripted television on cable screaming and network stop. So he says be ready for even more reality TV, if the writers exit or some are calling it rigs it,

Writers Guild Of America Hollywood Writer Dominic Pattern Jesse Stern Scott Tong Senior Editor William Morris Ben Block Alex Ten Percent
"scott tong" Discussed on KQED Radio

KQED Radio

03:37 min | 2 years ago

"scott tong" Discussed on KQED Radio

"In Los Angeles. I'm KAI Rozelle Wednesday the thirtieth of January good as always to have your long everybody. High tech in our lives. Whether we know it or not coming up a bit later in the program, but first Mark your calendars gang because today is the day. The Federal Reserve said, yeah, we are pretty much done raising interest rates for a while the interest rate setting Federal Open Market committee, wrapped up a two day meeting today left rates where they are, of course, and more to the point said in its policy statement after the meeting that it will be patient as it thinks about what to do next. I've talked before I think about how each and every word in effect statement has meaning that patient right there at is like slamming on the brakes might even lower interest rates, depending on how things go among the things that chair Powell and the gang at the FOMC are concerned about is the US China trade relationship, which gets us up constitution avenue just a little bit. And around the corner to the White House and the treasury department where Chinese American negotiators are meeting finding common. Ground isn't going to be easy. I mean, the Trump. Administration could lower tariffs in exchange for China taking more of our fossil fuels and our soybeans. But there is some real downside risk because the White House wants China to undo part of the structure of its economy rules that favor Chinese companies at home, and if negotiations do happen come on stuck, well, then what happens from Washington, marketplace's Scott Tong has that one many expect a US China deal. But let's count the ways the talks could fall apart. China could keep too many doors close to American companies the US could ask for too many concessions were implementation could collapse if there's no deal US tariff is scheduled to double in March on two hundred billion dollars of Chinese imports. Notably tech goods like the phones says economist, Mary lovely at Syracuse it falls heavily on computers electronic products. So I think of it is a very anti tech type of move companies like apple would raise prices, she says or make less profit or both all of which hurts. In what may not bring recession, but lovely worries about market confidence the effect that it will have on investment. And what that could mean for stock prices as people think about future, earnings of these companies, most economists think China gets hurt more in an asteroid trade war as the country depends more on trade and over the long term. Adam Slater at Oxford economics thinks tariffs could force manufacturers in China to move could uses current events even showing it might stop to consider relocating in Asia. More than into the United States itself. Already some production has left China for Vietnam. But this what if is not just about business, economists, Derrick scissors at the American Enterprise Institute thinks have prolonged trade spat could sour the whole relationship in a sustained trade conflict where we're holding twenty five percent, tariffs and were hurting the Chinese on their balance of payments. Of course, they're going to become less cooperative on other issues. I know the Chinese will try to make things more difficult for us on North Korea potentially high cost should the trade negotiator's walkaway in Washington, I'm Scott Tong for marketplace. The web site tech crunch broke a story late Tuesday about Facebook that has gotten a whole lot of pickup about how the company has been paying users some teenagers to use an app that sucks up a huge amount of data about how they use their phones when they're not on Facebook. See is how Facebook's believability on matters of data and privacy protection is stretched thin, shall we say we asked marketplace's refinish for what this latest news might mean for the company's regulatory future. It's not unheard of.

China United States Facebook Scott Tong White House KAI Rozelle Los Angeles Federal Reserve Mary treasury Trump apple FOMC Syracuse American Enterprise Institute Derrick scissors Asia Adam Slater
"scott tong" Discussed on KQED Radio

KQED Radio

02:11 min | 2 years ago

"scott tong" Discussed on KQED Radio

"Scott Tong Here in California. There is a new governor. As of today in the legislature is back in session and probably sooner rather than later. They're going to get sucked into a big messy problem. What to do about the trouble utility p genie Pacific Gas and electric the investor owned company provides gas and electricity more than five million Californians, and it is widely reported that PG knees considering bankruptcy as the way to manage. What could be billions of dollars in liabilities? From the reason why fires out here. Marketplace's into Euler has that one. The company's equipment was found to have caused or contributed to more than a dozen of the biggest fires in two thousand seventeen and investigators are looking into whether genie is responsible for starting a fire last November that killed eighty six people PG, knees liability is likely in the tens of billions. So it's reportedly looking into bankruptcy. Travis. Miller's an equity analyst at MorningStar bankruptcy could force the hands of regulators to restructure customer rates. That's because California law requires. Wires the utility to be solvent rate payers pay for it. And they pay for it either through their electric Bill or through their tax Bill through their tax Bill in the form of a bail out from the state legislature or the government could simply take it over. But something's got to happen soon. Mpg knows it Clayton Allen is with height capital markets. It's no coincidence. We're hearing murmurs about possible bankruptcy right now. You have the new governor taking office today. You have the legislature being sworn in. And both of those things are something that he wants to kind of pressure. A California lawmaker is expected to introduce a Bill this month to help PG knee absorbed potential liabilities. But Allen says that Bill might have trouble getting broad support. And I think that anyone is really gonna be chomping at the date to support legislation which theoretically makes utilities less vulnerable to lie dodi's.

California PG Bill Clayton Allen Scott Tong Pacific Gas equity analyst Travis MorningStar Miller
"scott tong" Discussed on KCRW

KCRW

07:01 min | 2 years ago

"scott tong" Discussed on KCRW

"Tuesday, December the seventeenth good as always to have long everybody week comment not infrequently on this program about market forces. And how wants it set in motion. It takes a whole lot to turn them around it applies to the coal industry in this country, which is losing out to cheaper and cleaner natural gas had showing up in the trade war. American soybean farmers looking for new markets for their products. Just for instance. And also it is showing up in healthcare the Affordable Care Act. Obamacare is back in the news. As you've heard thanks to that ruling down in Texas on Friday night. It is gonna be a while. Anyway before the courts, and possibly congress are done with this round of fighting over the ACA. But Mark Zandi you'll reports that it has brought some lasting changes that law has to American healthcare that will likely survive. Even if the law itself might not you know, how fast food joints now have on the menu. How many calories are in the burger and fries, you disordered labelling requirement was part of the Affordable Care Act. Another thing the ACA did was changed the way doctors and hospitals. Get paid Michael McWilliams is a professor of healthcare policy at Harvard. He says the ACA tried to push the industry away from fee for service payments system in which the financial incentives are more aligned with actually reducing wasteful spending and improving health outcomes. He says the ACA put a heavy focus on an explicit connection between reimbursement and quality of care. Jury is still out on whether it's worked Scott Harrington healthcare management, professor at the Wharton school of business says ObamaCare changed the way the insurance industry thinks about its role companies have. Invested a lot of resource to think about how they can come up with products that will provide access to care for people. But do so at a lower cost us helping to keep premiums down. Of course, that's not really happening right now. The ACA is also led us some changes in the pharmaceutical industry. Rena Conti at Boston University says the ACA expanded Medicaid reports on drugs making some drugs cheaper for state, Medicaid plans, but whether or not individual payers or individual consumers could have the same impact on the industry that the federal government choosing to implement these changes in federal law could have we don't know we also don't know what will ultimately become the ACA in the courts. But whatever happens the Affordable Care Act will remain part of our healthcare future. I made the Euler for marketplace. The economic future of the biggest city in this country is looking more tech than it did a couple of days ago. Google confirmed this morning, it's going to double its footprint in New York. City a billion dollars for new digs in lower Manhattan and a Big Apple workforce of fourteen thousand in the next decade or so you take the Amazon HQ to news a couple of weeks ago. Twenty five thousand new workers in Long Island city queens of the next decade and one can only wonder in this era of cloud computing, and hipster coffee shops in virtually every town, why are tech giant's expanding in the biggest and most crowded and most expensive of American cities. Marketplace's Megan McCarthy Carino has that story when we think about famous origin stories for today's tech, giant's, the suburbs. Lou large says Margaret O'Mara attack historian who teaches at the university of Washington think Steve Jobs in his garage. They've researched park or the corporate campus has really been the native home for American high-tech since the nineteen fifties. There are reasons for that. She says when the defense industry was investing in early tech during the Cold War purposely, put the facilities outside major cities, which could be in path of nuclear bombs, but the suburbs back, then we're. Also where people wanted to live today, not so much young college educated skilled technical professionals in their twenties and early thirties. They wanna live in places like Manhattan and downtown Seattle. And San Francisco says over recent years, we've seen the migration of high tech industry into cities, but not just any cities while apple recently announced a new hub in Austin, most companies are heading to wealthy coastal urban centers, where talent is already concentrated. You're getting the self-reinforcing phenomenon. Richard Florida is an urban studies professor at the university of Toronto. He's tracked the consolidation of wealth and high wage jobs in what he calls superstar cities, like New York and San Francisco because Allah wants to be around other talent and talent wants an exciting diverse environment. And once the talent is there companies pile on, but that exacerbates the growing tech divide between the coasts and the rest of the country. And even in those successful cities rising costs can force out the very cultural vibrancy that made them attractive in the first place. I'm megan. Cardi Carino for marketplace. Right. Here's another glimpse of market based reality last Thursday and into Friday wind energy companies outbid each other for the right to build wind farms off the coast of Massachusetts and get this. The winning bids were higher than the latest auction prices to drill for offshore oil. Translation, a lot of people are betting on America as the next big emerging market for offshore wind Scott Tong has that one. From the sustainability to ask the federal government auctioned off three blocks of water starting on Thursday morning. The first bids were quarter million dollars each and then they soared to a hundred mil on Friday. Stephanie McClellan heads the offshore wind program at the university of Delaware. You really say, okay. Here's a four or five companies that are going to fight this to the death. Eventually each winner paid a record one hundred and thirty five million. That's triple the price of an auction two years ago. What blew most of us away was these significant investment that these companies were willing to make what's behind the. That's on American offshore wind power. Well, many Atlantic states offer subsidies and offshore wind energy is competitive. The prices plummeted seventy five percent in four years when huge efficiency as turbine blades as long as football fields says veteran engineer Walton Muzio at the national renewable energy lab. We never expected machines to get this big. So I really have stopped predicting how big they can get these are some of the biggest machines ever built by humans. He predicts offshore wind farms off the west coast, the Gulf Mexico and the Great Lakes as well. As in Europe and Asia, and this auction two of winners are oil companies with offshore drilling experience shell and Ecuador, the former Statoil Chris car is in the energy practice at the law firm Baker bats, the oil and gas majors do not have ideological commitments to one form of energy. There's no sort of purity requirements. They just see green in green energy. I'm Scott Tong for marketplace. Wall Street today. The opposite of green one word five syllables. It's a noun a tendency to change quickly and unpredictably any guesses vol till t-. We'll have the details when we do the numbers. We.

ACA Scott Tong professor New York apple Mark Zandi Megan McCarthy Carino Scott Harrington Long Island San Francisco Manhattan Google Wharton school of business Harvard
"scott tong" Discussed on KCRW

KCRW

02:41 min | 2 years ago

"scott tong" Discussed on KCRW

"Here in the San Francisco Bay area air quality has been in the unhealthy too toxic range for over a week because of the deadly wildfires in the northern part of the state this level of air pollution is a daily reality too, many people around the world and a new study from the university of Chicago says air pollution, specifically the kind caused by burning fossil fuels is directly tied to shorter lives. Two years shorter for the average person in the world. In fact, from the marketplace sustainability desk, Scott Tong has more. There are many ways to assess the risk of tiny air. Particle pollutants known as pm two point five. They've been linked in past studies to heart attacks and four million premature deaths every year, but how much they shortened a person's life that could be the best metric says economists Michael greenstone at the university of Chicago, he co-authored the study particulate air pollution is the greatest threat to human life on the planet. It has a larger impact on life expectancy than aids than even cigarette smoking, then car crashes terrorism this microscopic pollutant is three percent, the diameter of a human hair and works its way into the lungs and bloodstream, it comes mostly from burning gas in cars, and coal and power plants. Jeff homestead, a former air regulator has represented coal power plant companies at the lobbying firm Bracewell. It's pretty dramatic. I think it makes it much more valuable to policymakers. And of course. This is particularly important in places like China and India. A Chinese life is shortened by about three years says the study in India about four the average American life is only about one month shorter, thanks to the nineteen seventy Clean Air Act. The paper says, but Janet McCabe at the university of Indiana law school fears a rollback of rules in this administration. There are voices out there saying our air is clean enough, so ongoing scientific research and developments are important. This ought to be part of that next. The Trump administration plans to revise rules on pm two point five pollution in two years. I'm Scott Tong for marketplace. On Wall Street today apple kept on tanking. And so did everything else. We'll have the details when we do the numbers. Okay. I know it's thanksgiving week. And a lot of us have a bunch of recipes scattered around for menu planning,.

Scott Tong university of Chicago India Michael greenstone San Francisco Bay Jeff homestead Janet McCabe Bracewell university of Indiana law scho Trump apple China three percent three years Two years one month two years
"scott tong" Discussed on WNYC 93.9 FM

WNYC 93.9 FM

04:34 min | 2 years ago

"scott tong" Discussed on WNYC 93.9 FM

"Canton, Mississippi, I'm Scott Tong for marketplace. The college degree as a key to a good job. But what kind of degree has been changing since the financial crisis a decade ago? Humanities majors have been on the decline degrees in history philosophy English and journalism have been passed over by students in favor of science technology, engineering and math stem for short, which are seen not entirely accurately to lead to better jobs after college now even elite liberal arts. Colleges known for their strong humanities programs are feeling the shift. Jeff selene go is a contributing editor at the Atlantic. Thanks for coming on the show. It's great to be here. Howard colleges adapting to this shift. I mean, you write that unlike say an auto plants, you can't just retool the factory these are tenured professors. You know, they have a job for life. How are they changing the labor force? So many of them are hiring more computer science professors than ever before including at Macalester in Minnesota where they had a history and English. Opening that they didn't even fill the Sheeran, and that's added know an elite liberal arts college, so many of them are shifting in that direction. But as you mentioned most professors, they hire they're hiring for you know, thirty year positions. Plus, and there are a little worried about making these long term bets on these fields not knowing what the job market's going to look like in five or ten years, and you also talked about sort of promotional campaigns. These are doing to get more students to take humanities or to inject a little bit of humanity's into the stem courses. Yes. So what some schools are doing is. They're sending letters and promotional materials to students to tell them about the humanities. But what seems to be happening? Is that many students are indicating they're interested in the humanities on their applications? But then once they declare their major their first or second year of college. That's when they're deciding that math and science and stem fields are more popular for them. And so some schools, for example, Stanford told me they're less worried about the drop in humanities majors. Students are finding the courses interesting, but they're not necessarily majoring in in the humanities. Well, it's interesting because many of the skills that employers say that they want and that are sometimes lacking in today's graduates are the ones associated with the humanities like critical thinking skills, you know, reading writing communication our students missing out by shifting to a more stem focused major if they're not getting some of those skills. Most jobs today require a mix of both the soft and hard skills. Right. The ability to communicate the ability to work in teams and problem solve the soft skills that most employers say, they don't get out of today's college graduates, and we know that most of those skills are taught in humanities courses, the problem is that many of these courses and majors don't help students translate those skills for employers. But when they get into job interviews, they have a hard time talking about what they learned and how that can translate to the job that they hope to. So I got gotta throw in a question about the the elephant in the room in terms of employment right now, and that's Amazon which just announced its new dual second headquarters in Virginia New York, how do these kinds of employers? These big tech companies impact how colleges are gearing or students. I think what's happening is that most colleges look at the hottest jobs and then start to create majors. The problem is that most of the jobs are not easily packaged into a major today. Most students because they're worried about the cost of higher education. Their parents are worried about them getting a job these majors that are marketed by colleges are tantalizing because they think, oh, I'm going to get a job because it's in computer science or data analytics or in social media management, or whatever it might be that might help them get their first job. But they're not going to have the breadth of skills to get promoted or find that second and third job. Jeff Cellino writes about higher education for the Atlantic. Thank you so much. It was great to be here. up. I took off like an afternoon to.

Atlantic contributing editor Canton Stanford Mississippi Scott Tong Jeff Cellino Sheeran Minnesota Amazon Virginia New York thirty year ten years
"scott tong" Discussed on Xtra Sports Radio 1300 AM

Xtra Sports Radio 1300 AM

08:09 min | 2 years ago

"scott tong" Discussed on Xtra Sports Radio 1300 AM

"Let's go right to the Coles Scott from New York City. What's going on Scott Tong? DC brock. That's what I kinda wanna see next. I don't know about you guys neck. How are you guys doing good? Scotty. How do you were you there at the event where you're at MSG, my friend? No, I was not at the event, but it was Washington with a bunch of people actually out on Long Island, the home of Chris wideman. Dude who unfortunately. But yeah, that that was not that was not a great ending to the fight for him. I was not expecting to see him get beat up in the standup. Yes, you're looks pretty good in the first round. I thought stand up was late in the second in the third. He just took a beating their Santa Claus. No, he doesn't for not the, but we talked about this. While we watched that fighting Isaac and jock gray hat was walking around like that. Kelvin gassed alum fight with just looking for that one punch knockout power, which he has gasoline tagged Wiedeman but didn't knock him out jock right after three rounds. Two and a half rounds of what looked like wideman was was was doing the more damaged to Jack reject rooms will go on the broken nose. But but yeah, Jack, right? Without one punch. Power doubt. That was by far the most shocking fight of the night. Mayan dude, how is the bar scene on long was everybody like in shock when they saw their golden. Boy, Wiedeman go down. Yeah. I mean people what's a little surprising. It wasn't. It wasn't like everyone. I guess just because the way one is last couple fights have been you know, the first lost Iraq hold. Everyone was shocked. And then, you know, the the loss to massage people were surprised with that any, but I guess. Third lost third or fourth loss. Now. People kind of I don't wanna say weren't surprised anymore. But he's lost lost twelve or something. Like that. People. People sorta losses lost they're a little bit. But you know, what we talked about this off air Wiedeman the Romer of the rock cold loss. Was that was a big deal? He got it seemed like he got lazy in that fight made a mistake, and it wasn't very calculated. And that he ended up losing their fight pretty bad. But the Romero fight was a lucky knee. You know, the the Masasi fight. He didn't look very good. And I won't deny that. But overall Wiedeman gasify he wasn't like his momentum was was lacking. He had a good performance. I guess he looked pretty good in this fight. And it wasn't like wasn't taking Jack race series. It wasn't what you let up. Dan, Scott, Scott. Thank you for the call eight five five thousand two four two two seven Scott. Thank you. Yemen. Wiedeman where do you go from here? You know, it's like he retire. Does. He continue to do the Kevin can wait show with well. That's canceled won't be. They can't do that show. You know, he had a lot on his plate. He was a he was a champion. And then he started to fall off as Scott said as you say, it's this was his opportunity men in his backyard. MSG he didn't get it done the first time against your. Well, he got his head need to Mars from Yoel Romero. He got it done along on. You can understand that. That's that's in his backyard. He stepped in there. Beautiful had an arm triangle to get it done against the top contender gasoline in this fight in this spot for a title eliminator. It's just tough to see man. Maybe they could do run back the rock hold and Wiedeman tried to do it again. But he needs more time now to step back and reset his hands. Look good. That's what's disappointing. You got the best Wiedeman? We've seen in years. He had the length which and he was able to lend those those jabs, and he was able to do he was busting up his face his his jock raise noses, bro. He was landing punches knees. Everything we're landing but jock rate just close his eyes through the hardest punch could could throw and he landed at square on on on Chris Weber's temple. And that that was it. It was clear shod, dude. And he went down hard. He went down to unfortunately, there was a late stoppage on that fight though, you and I and everyone was like he's down. He's out and jockey had had to give him two more punches due to the fact that Denmark didn't want to stop the fight. Yeah. It always gets tricky in these these big fights title contending fights or title fights. You just wanna make sure there's finality. It's one hundred percent that he lost. The fight turns out. He was out. He was grabbing at Chaka ankles jock array, you know, maybe there's a language barrier. He's he speaks Portuguese. He's from Brazil. Now, there was no language barrier on a bad job by. Yeah. That was bad job go. This is the one of the things that you were teasing about what can the US? Doing there. Twenty five years, we always complain about the judges in every combat sport boxing MMA the referees. They need to train the sport. And no one of fire's completely lost. Or they just need to have somebody in the air. It's over. But that was so obvious unless everyone has a bad day. So you can't knock everything because they've been in the cage far more than we have. But that was that Tammy maybe he missed something. But that to me was clear as day and same thing with jockey. He didn't want doing more. He didn't want any more punches that was a gift and a curse on Wiedeman. He's a tough guy. We've seen him take a lot of tough tough shots and come back, and he just he didn't come back. The ref. Maybe he expected them to and just it's a tricky situation because it's a split-second decision. Yes. But we'll break down more of U of C two thirty with color analyst. Play by play color analyst will say that you have see foxsports Jimmy Smith will join us next on CBS sports radio. But first grade Caserta with the update. Sports play college football on Saturdays and apparently early Sunday mornings two games left on the big board. And they're in two very different places. You've got number twenty three Fresno state leading at UNLV forty one two three early in the fourth. However, the ties scores thirteen between number eight Washington state and Cal thirteen all early fourth quarter number one Alabama and number three LSU from Baton Rouge wasn't even a contest Todd ruled the Tigers Twenty-nine nothing you combine that with sixth-ranked Georgia's thirty four seventeen win against number nine Kentucky and with three weeks to go in the regular season. The SEC title game has already been decided it'll be a rematch of last season's national championship with the BULLDOGS in crimson tide meeting in Atlanta market down. That's December first quarterback collar Murray. Totaled four hundred sixty yards of offense and for TD's and seventh-ranked Oklahoma's fifty-one forty Forty-six. Shootout win at Texas Tech fourth. Right. Notre Dame prevailed against northwestern. Thirty one twenty one eighteen Mississippi State blasted Louisiana tech forty five three number fourteen. Penn State fell flat at Michigan. A number five wolverines one forty two seven number thirteen West Virginia beat number seventeen Texas, forty two forty one because they converted a two point conversion when an extra point after a late touchdown would've tied the game in the final twenty seconds, Missouri. Top number eleven Florida. Thirty eight seventeen Clemson further cemented. Its number two ranking with a seventy seven sixteen win over Louisville number ten Ohio State survived. Nebraska, thirty six thirty one Purdue kicked a twenty five yard field goal with eight seconds left to upset. Number sixteen Iowa thirty eight thirty six number nineteen. Syracuse bumped Wake Forest forty one twenty four Auburn by number twenty Texas am twenty eight twenty four number twenty four Iowa State over Kansas twenty-seven three number twenty two Boston. College bound tech thirty one twenty one number twenty one NC state swallowed Florida state forty seven twenty eight and number fifteen salvos down by Arizona state, thirty eight twenty. Finals from the NBA Pacers over the Celtics one or two one on one Lakers snapped a sixteen game personal skit against Portland. One fourteen one ten hawks over the heat one twenty three one eighteen rockets by the bulls ninety six eighty eight Spurs down the pelicans one zero nine ninety five Sixers one zero nine ninety nine win over the Hornets out of the Cavs 126 four nuggets.

Wiedeman Scott Tong Jack Chris wideman Yoel Romero Coles Scott Penn State New York City Long Island Scotty Texas Tech Iowa Isaac Texas Iraq analyst Washington Chris Weber
"scott tong" Discussed on Marketplace All-in-One

Marketplace All-in-One

02:42 min | 2 years ago

"scott tong" Discussed on Marketplace All-in-One

"Marketplace's Scott Tong caught up with a guy running his family owned business here in California, Jeff staring is the president of roster filters north of LA. It says, all kinds of filters for your car. Some they make some, they import from China. It causes company methodical in its planning, but his business model suddenly blew up when the latest tariffs were nnounced. We have containers that departed port in China when there was no tariff and by the time they're arriving here in Los Angeles, there will be a tariff. This is the Trump administration's third round of tariffs on Chinese stuff in July, all the cabin, air filters roster. Sports face tariffs. Now it's all Chinese filters. We have to pay those tariffs upfront, no matter what, for example, a container of cabin filters. Once this first round of tariffs went in that duty was twelve or thirteen thousand dollars per shipping container. Often he has dozens of containers on the ocean at a time, so he pays hundreds of thousands of dollars in tariffs upfront, and it doesn't make that money back for months that puts an enormous financial strain on the finances of a small family owned business. The argument, four tariffs is they return jobs to the US. Indeed, just DARREN'S customers are pleading for more US made filters from his California workshop so they can avoid higher costs, rosters machines fold filters. They glue them, they cut them. They come down the conveyor belt. We Mark them made in USA thing is there's no magic button to boost production from, say, a thousand filters per hour up to. Five thousand. He could invest in another assembly line. It would take a year to get it realistically. Well, we don't know what the landscape is going to look like in a year. Will the terrorist be gone by then we'll all these extra orders dry up who knows, tell me the good news or tell me the bad news, but let me know what it is. So I can react. Businesses cannot operate in an environment of not knowing what's coming with such major things which leaves him with what he calls bad choices. He could turn away customers or you could import from another country which means starting all over and finding brand new suppliers. This is a story we're hearing over and over again, international trade attorney, Lynn Fisher FOX at Arnold and porter advises US companies. They have relationships with Chinese manufacturers MS, probably a long process of making sure they know how to make the products properly. So she says, many companies will still buy from China and pass along the tariff costs to their customers. That's what just staring does. Our industry is Le. Largely made up of small family owned businesses. We don't have the resources to absorb these costs. He says a lot.

DARREN US China Los Angeles president California Scott Tong Lynn Fisher FOX attorney porter Arnold thirteen thousand dollars
"scott tong" Discussed on KCRW

KCRW

02:19 min | 3 years ago

"scott tong" Discussed on KCRW

"Scott tong was telling us earlier about the current state of the tariff to and fro with the chinese fraught i believe is the current indicator or to quote revenge for we're in the phase but the economic relationship we have with china is more than just trade right it's capital two investments and that's where things can get tricky when you have to economic systems that don't necessarily play by the same rules the rules specifically in this case being the ones that govern publicly traded companies documentary filmmaker jed rothstein looked into the hundreds of chinese companies companies not always on the up and up it's important to know that in the years around the financial crisis came to be listed on american stock markets it's his new film it's called the china hustle jet thanks for coming in to the point in two thousand thirteen asia right when when people start becoming aware of these reverse mergers actually it's a little different than that what what happened i and where our story starts is in the wake of the financial crisis a lot of professional investors were looking for a way to make back all the money they had lost and they turn to china because china was booming they saw a lot of opportunity investing in these chinese companies that were listed on us exchanges a number of them were reverse mergers some of them were not reverse mergers but the main point is it was a way for these investors to make back their money reverse merger that seems to be the key to this entire thing so i need to explain this for me while the reverse merger in and of itself is not an evil thing and people will point out that there are plenty of brand name companies that anyone might have heard of that a reverse mergers but what a reverse merger did at the time was allowed a chinese company to merge with the shell of a defunct but still legally extant company here in the us and take over their listing and it was a way to get more quickly into the us markets and with less scrutiny than a a standard ipo when these reverse mergers happen investors and some of the banks involved who front them in the united states say look they're audited financial statements and everything's groovy and and how can this possibly be a bad thing as jim channels who's one of.

Scott tong china united states jed rothstein jim
"scott tong" Discussed on Marketplace All-in-One

Marketplace All-in-One

01:53 min | 3 years ago

"scott tong" Discussed on Marketplace All-in-One

"I'm scott tong for marketplace in the wake of the financial crisis we all learned a new language filled with fear inducing acronyms so the following sentence could make you sweat a bit sia low volumes or collateralised loan obligations are at a record high according to the wall street journal that rate is almost double their precrisis peak but before the financial crisis flashback takes full hold let's have marketplace's tracy samuelson explain the name is definitely intimidating collateralised loan obligation but the idea is actually sorta simple you take a bunch of corporate loans and you package them altogether so when investors buy into a c l l they're getting a piece of lots of loans anc line is with the brookings institution abatement concept of taking a lot of loans into one big pool of wall he is wanted will backbone to modern fine see allows also slot investors into different groups based on the risk they're willing to take those investors who want more assurance that they'll get paid back they get lower interest rates than investors who are willing to go to the back of the payments line if this sounds familiar this is a very similar process to collateralised debt obligations and yes cdot stuffed with bad mortgages did contribute to the financial crisis gary call by is a law professor at hosei university even those pillows are structured almost identically to feed bulos had very very low offers during the financial crisis structure is not the problem he says pooling loans isn't the issue it's the quality of the loans are assets you pool that can cause trouble it's an issue postfinancial crisis regulation has tried to tackle says mark okada he's the cofounder of highland capital management which both issues and invest in coo's so we've really simplified the loan paul and made it more transparent more easy for.

scott tong financial crisis wall street journal precrisis peak tracy samuelson interest rates professor hosei university coo paul brookings mark okada highland capital