Marketplace Morning Report

A new administration enters the White House this afternoon. Today, we’ll hear Scott Bessent, President-elect Donald Trump’s pick for Treasury Secretary, outline his economic thesis for the four years ahead, then hear how Minnesota Lieutenant Governor Peggy Flanagan is bracing for conservative policies and viewing the role of reproductive rights in women’s economic lives. Also on the show: We’ll head to the ice, where North America’s National Hockey League is breaking records for viewers and revenue.

Donald Trump starts his second term as president today. But even if Inauguration Day events are largely relegated to Washington D.C., discussion of Trump’s second presidency — and politics more broadly — are likely to pop up just about anywhere, including at work. So how these conversations and political tensions be handled in the workplace? We’ll discuss. Then, scammers are spreading misinformation as people look to help those affected by the Los Angeles fires.

From the BBC World Service: Let’s talk about the billionaire boom. Billionaire wealth surged by a staggering $2 trillion last year. That’s three times faster than the year before, according to a new report from Oxfam – which was just released as world leaders and business elites gather for the World Economic Forum in Davos, Switzerland. We’ll unpack. Plus, TikTok is back after a weekend of uncertainty.

California officials and insurance representatives are holding workshops starting this weekend to help people deal with their insurance companies amid the fires. It’s a complex system. Today, we’ll have a conversation with California Insurance Commissioner Ricardo Lara about gaps in insurance and what the road to recovery looks like from here. Plus, a new World Bank report shows that economic growth among developing countries is slowing. We’ll unpack the reasons why.

From a new so-called Department of Government Efficiency to an incoming Republican Congress, deep cuts to the federal government are promised this year. Among areas to be reviewed are Medicaid and Medicare. But that spending is popular among voters — Republicans and Democrat alike, according to a new poll from the health research organization KFF. But first, California officials are launching a new effort to help people navigate the insurance maze this weekend.

From the BBC World Service: China’s economy grew by 5% last year, beating expectations. This growth was driven by the country’s manufacturing sector, with those goods mainly heading to foreign markets. But China is still struggling to shake off a protracted property crisis, high local government debt and youth unemployment. We’ll discuss. And later on the program, we’ll hear about the economics and history of Italy’s traveling troubadours.

“We already felt like we’re being priced out,” said Claire Contreras, a teacher who lost her Altadena apartment to a fire. “All of this just kind of puts a big question mark on our long-term ability to even stay in LA.” Today, we’ll hear Contreras reflect on reentering the rental market at a time when thousands of others are also seeking longer-term shelter. Also: a look at competition for U.S. seasonal work visas in Guatemala.

TikTok is set for a U.S. cut-off on Sunday. The short video social media app has more than 170 million American users, some of whom are turning to alternative apps like RedNote. But those alternatives have their own shortcomings. Plus, with news of a ceasefire deal that could end the Israel-Hamas war, we’ll dig into what — and how pricey — rebuilding could look like. And later: Texas looks likely to pass school voucher legislation.

From the BBC World Service: Across Europe, economic challenges and political shifts having been shaking up bond markets, pushing up borrowing costs. What’s been driving uncertainty in European bond markets and causing bond yields to rise? Then, we’ll hear about Canada is prepping for U.S. tariffs and learn more about what could be at stake for seasonal workers ahead of a second Donald Trump administration.

With dangerously high winds back in the forecast for Southern California today, an estimated 12,000 structures — many of them homes — have already been destroyed. While more damage and displacement is expected, what are the costs so far? One industry estimate puts insured losses in the $30 billion range. Plus, we’ll discuss this morning’s consume price index and learn more about the Securities and Exchange Commission’s lawsuit against Elon Musk.

Catastrophe bonds — financial instruments issued by insurance, reinsurance firms and sometimes government to help cover losses in a disaster — keep insurance markets functioning at a time when it’s harder for homeowners to get coverage. Today, we’ll hear more about the role these cat bonds play in paying to rebuild after fires and other disasters. Also, we’ll learn about the impacts LA’s fires could have on the region’s unhoused population.

From the BBC World Service: Germany is known for its strong industrial sector, but it’s been battling a deep economic slump; Germany’s GDP was down 0/2% in 2024. Then, regulators in the States are suing Elon Musk over disclosures relating to his purchase of Twitter. And, as President-elect Donald Trump threatens high tariffs on imports from Canada, how prepared is the United States’ northern neighbor?

In Los Angeles, the Federal Emergency Management Agency is opening assistance centers today to help those impacted by the area’s fires. But nonprofits have also stepped up, and many people have taken to crowdfunding — and raised millions in the process. We’ll hear more. Plus, we’ll map out how EV sales are doing around the globe, and we’ll learn about some of the struggles of taxi and rideshare drivers in China.

A growing number of Americans are joining the “sandwich generation,” which refers to people caring for younger children and aging parents at the same time — and it’s often unpaid labor, on top of a separate full-time job. This all takes a toll on mental, physical and financial health. Then, speaking of sandwiches, burger chain Shake Shack looks to expand as more customers turn to fast casual dining.

From the BBC World Service: Italian fashion photographer Oliviero Toscani, who created iconic and controversial ad campaigns for clothing brand Benetton, has died at age 82. We’ll take time to reflect on his impact and legacy. Plus, cryptocurrency giant Tether plans to move its headquarters to El Salvador. And then, Spain is taking a bold step to address its housing crunch by imposing high taxes on homes purchased by non-EU residents.

If insurers are buckling, and backup insurers are buckling, where’s the backup for the backup? Private insurers were exiting parts of California and other markets well before these current firees, causing millions of people to opt for state-run backup insurance plans. Those plans are also now buckling under pressure of intensifying natural disasters. So where do we go from here? We discuss. And later, we’ll interrogate some of the working conditions of Shein factory workers in China.

Los Angeles is starting the week with the prospect of strengthening winds and increasing fire danger. Twenty-four people have died, 62 square miles have burned, and 12,000 structures are expected to be damaged or destroyed. We’ll hear the latest. Plus, immigration is likely to be a top priority for the incoming Trump administration, and and a tax form is likely to end up in a lot more people’s mailboxes this year.

From the BBC World Service: The BBC has found that workers in Chinese factories making clothes for the fast-fashion giant Shein are laboring more than 75 hours a week and earning less than $1 an item. This breaks the country’s labor laws and adds to concerns about working conditions at Shein. Also on the program: China has reported its largest-ever trade surplus, amounting to nearly $1 trillion last year.

More than 130,000 people across Southern California are under evacuation orders for the firestorms that swept the Los Angeles area this week. Thousands of structures have burnt, which will add strains to affordable housing. The disaster will also affect the region’s chronically unhoused, who face unique challenges in evacuating, accessing shelter and recovery. Plus, a standing ovation from an accounting conference? We’ll hear a professional improviser reflect on his career.

With Donald Trump’s second inauguration about 10 days away, it’s a good time to survey what lies ahead for the U.S. and global economies. The political risk consultancy Eurasia Group recently put out its annual list of top risks for the year ahead. In 2025, rivalries and instability could pose threats to the global economy. Also: a look at the British bond market and what to expect when you’re expecting a jobs report.