Economy

Financial and business news

A federal appeals court handed workers in Birmingham, Ala., a significant win this week. The city is in a battle against state lawmakers over whether it has the right to raise its minimum wage.

The Birmingham workers and the Alabama legislature have been fighting in court since the city voted to increase its minimum wage to $10.10 an hour, from $7.25, in February 2016. That hike never took effect. The state legislature swiftly passed a law barring municipalities like Birmingham from setting their own minimum wage.

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Friday News Roundup - Domestic

Jul 27, 2018

With guest host John Donvan.

The peregrinations of President Trump again lead the News Roundup this week. And there was a lot to cover.

Secretary of State Mike Pompeo testified in front of the Senate Foreign Relations Committee on Wednesday. In front of some skeptical senators, Pompeo suggested that the president had been tough on Russia.

Friday News Roundup - International

Jul 27, 2018

With guest host John Donvan.

Iran was the target of a Twitter message from President Trump at the beginning of the week. National Security Adviser John Bolton will convene a meeting on the administration’s Iran policy, according to The Wall Street Journal.

Nuclear power plants in Europe have been forced to cut back electricity production because of warmer-than-usual seawater.

Plants in Finland, Sweden and Germany have been affected by a heat wave that has broken records in Scandinavia and the British Isles and exacerbated deadly wildfires along the Mediterranean.

What's Behind The Surge In GDP

Jul 27, 2018

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Big economic numbers are out today. In the second quarter of the year, the U.S. economy grew by 4.1 percent. Here's what President Trump said in front of the White House this morning.

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GDP Is Up 4.1 Percent: What That Means

Jul 27, 2018

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RACHEL MARTIN, HOST:

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RACHEL MARTIN, HOST:

GDP numbers are out this morning. And they are good news for the Trump administration. President Trump is speaking at this moment outside the White House, touting the success, he claims, of his economic policies. Let's listen in.

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Updated at 10:07 a.m. ET

The U.S. economy had a blockbuster second quarter, with growth surging to a 4.1 percent pace, the Commerce Department said Friday. That was nearly double the first quarter rate of 2.2 percent and the strongest pace in nearly four years.

President Trump has been steadfastly claiming that his policies will catapult the U.S. economy into a much higher rate of growth — 4 percent over the next few years.

Steve Tramell remembers when the news got out in 2006 that Kia was planning to open a plant in West Point, Ga., population 3,700.

"The excitement in downtown was wild," says Tramell, the city's mayor. "The signs that were popping up in people's yards: 'Thank Jesus for Kia.' You know, things like that. It was really neat."

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Mark Twain was a literary giant — but a horrible investor. John Maynard Keynes was one of history's greatest economists, but his genius for economics was less helpful to his own investment choices than his mental flexibility. Warren Buffett's investment track record is almost without equal, but he once made a $6 billion mistake.

On today's show, we speak with Michael Batnick, author of Big Mistakes: The Best Investors and Their Worst Investments, about the mistakes made by these famous investors and the lessons we should all learn from those mistakes.

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AILSA CHANG, HOST:

The first image in Robert Schwentke's The Captain is an open field. You hear World War II coming before you see it — an off-key trumpet, gunshots, the roar of a truck.

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