Money Talking

Advertising has become a big business for Big Tech—and it keeps getting bigger. Google now controls a whopping 91 percent of the search advertising market. The tech giant’s monopoly means it’s almost impossible for businesses not to advertise with Google. That’s especially true if you’re a company that exists entirely online, like the ride-sharing app Lyft, or mattress brand Tuft & Needle. Lyft, for example, spent 92 million dollars on ads placed with Google last year. As a recent article in Bloomberg notes, that’s about 10 percent of Lyft’s 2018 net loss. And if a business decides not to advertise on Google, a competing brand might buy its keywords and place an ad against them. It’s an advertising Catch-22. This week on Money Talking, Ilya Marritz speaks with Jake Swearingen, a contributor for New York Magazine’s Intelligencer, about how Google came to dominate search advertising—and what it means for businesses and consumers alike.

It’s been nearly three years since a majority of people in the United Kingdom voted to leave the European Union. One of the arguments made by many Brexit supporters was to “take back control.” Lately, however, the opposite has been true as the process spirals out of control. Britain was on track to leave the E.U. one week from today, but a last minute reprieve has given British Prime Minister Theresa May a new deadline of April 12, to come up with deal. No matter when or exactly how Brexit occurs, analysts expect there will be financial and economic consequences for the country. Already, the uncertainty has hurt businesses and overall economic growth.  This week on Money Talking, WNYC's Charlie Herman speaks with Eshe Nelson, economics and markets reporter at Quartz about the effects of Brexit on that nation's economy and its people. 

Hudson Yards is officially open to the public. What was once the site of warehouses, tenements, and rail yards is now home to the largest development in New York City since Rockefeller Center. From the initial idea to the opening this week, it’s taken nearly 20 years— and $25 billion — to create the sprawling 28-acre megaproject on the west side of Manhattan. The new neighborhood features supertall glass towers, luxury apartments, a high-end retail and restaurant hub, and a climbable honeycomb-like structure called the Vessel. And this is just phase one. Debuting in April, a new arts center called The Shed will be home to art galleries, concerts, and theater performances. There are also plans to build more public space, housing, and and even a new school. It’s a carefully-curated new neighborhood built from scratch. This week on WNYC's Money Talking, Charlie Herman talks to Greg David, columnist at Crain’s New York Business, about the long road to the new Hudson Yards.

It’s been about eight months since President Trump launched a trade war with China, and it looks like we might be approaching an agreement between the two nations. Trump says that trade relationship with China has been unfair to the U.S. To force a change, he’s put in place punishing tariffs on Chinese goods to gain leverage. But that’s also punishing some in the U.S., like farmers, automakers manufacturers and even some consumers. If the deal is made, the big question will be, was it all worth it? On this episode of Money Talking, Charlie Herman talks with Rick Newman, senior columnist for Yahoo Finance, about how the impact of the trade war and what, if anything, the deal will change.

If you're depending on a tax refund this year to pay loans, make a down payment on a car or take a vacation, you might be out of luck. According to the IRS, average refunds have been lower compared last year. If the trend continues, many Americans will end up with a smaller refund or worse — they may owe the government. Residents in high-tax states, like New York and New Jersey could see a bigger swing because President Trump's tax code overhaul capped deductions for state and local taxes. But it doesn't mean people paid more taxes overall. The amount the IRS withheld from each paycheck was lower, so many people had a little more money each time they got paid. But it's a big change for those Americans who've become accustomed to pocketing some extra cash during tax season. On this episode of Money Talking, Charlie Herman talks to Heather Long, economics correspondent for The Washington Post, about why this is happening and the political consequences it might have.

This week, a report from the House Oversight Committee revealed that officials in the Trump administration pursued a plan to export nuclear technology to Saudi Arabia in order to build nuclear power plants. The report from House Democrats says the deal gained momentum during President Trump’s first days in office with help from then-national security adviser Michael Flynn. The efforts continued, despite warnings from ethics officials and staff at the National Security Council. Behind the proposal was IP3, a company of former US generals that could benefit financially if the plan moved forward. This week on Money Talking, Charlie Herman talks with Isaac Arnsdorf, a reporter at ProPublica, who's been following the story for more than a year about where the plan stands today and what it could mean for Saudi Arabia and the Middle East. 

5G is coming to a wireless network near you. But what exactly is it? And what has to happen before it completely replaces 4G?

The rise and fall of a retail giant. 

WeWork has big ambitions, but does anyone really know what it is? 

The battle over Brexit is getting more dire. What's holding everything up, and what are the implications?

SoftBank CEO Masayoshi Son has a bold vision for the future. Are we ready for it?

Can automated trading be blamed for Wall Street's wild swings?

The New York bank has been criminally charged by Malaysian prosecutors for its involvement in the disappearance of billions of dollars from an investment fund.

In his new book, technology law expert Tim Wu argues the biggest companies, like Facebook and Google, are dangerously large,  and that's bad for business and democracy.

A board member at the Whitney Museum and his ties to the recent clash at the U.S.-Mexico border raise questions about the role of money, donors and funding for the arts.