Planet Money Summer School is offering a new season of free educational podcasts about the role of government in the economy. This season covers topics such as how governments impact economic growth and innovation, the effectiveness of taxes, and the influence of regulations.
Key Facts
Planet Money Summer School is a free podcast series that teaches listeners about economics.
This season focuses on the political economy, which studies how government policies affect the economy.
Episodes explore questions like why some countries are wealthier than others and how government actions can benefit or hinder economic growth.
The show will discuss the impact of taxes on society and identify which taxes promote economic health.
Listeners will learn about government regulations and when occupational licensing might be excessive.
The series includes a case study on whether cuts of steak should be patentable.
There will be a live event in New York City on August 18, where fans can attend a live recording and participate in activities.
Planet Money+ members get early access to episodes and event tickets.
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China's economic growth slowed due to trade issues with the U.S. and ongoing challenges in its property market. The economy grew by 5.2% in the three months ending in June, slightly less than the previous quarter.
Key Facts
China's economy grew by 5.2% from April to June compared to the previous year.
The growth rate is down from 5.4% in the earlier quarter of the year.
Trade tensions with the U.S., involving high tariffs, are impacting the economy.
The U.S. and China have imposed high tariffs on each other's goods, over 100%.
President Trump set a deadline of August 12 for a long-term trade deal with China.
Economists predict China might not meet its "around 5%" growth target this year.
A major trade dispute led to the U.S. imposing a 145% tariff on Chinese goods.
China responded with a 125% tariff on certain U.S. products.
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United States President Donald Trump criticized Federal Reserve Chair Jerome Powell, calling him a "knucklehead" and suggesting that interest rates should be lowered to one percent. Trump has expressed frustration with Powell's decision to keep interest rates unchanged, pointing to inflation concerns and potential tariffs on trading partners like the European Union and Mexico. Additionally, Trump's administration criticized the Federal Reserve's renovation project costs, hinting at possible moves to dismiss Powell.
Key Facts
President Trump criticized Federal Reserve Chair Jerome Powell, calling for lower interest rates.
Trump described Powell in negative terms and questioned his handling of interest rates.
Trump plans to implement a 30 percent tariff on certain trading partners beginning August 1.
An economic adviser to Trump suggested that Powell could be fired due to higher renovation costs at the Federal Reserve's headquarters.
The renovation costs are $700 million higher than initially planned, reaching $2.5 billion.
The White House has expressed significant concern over these renovation expenses.
Powell has requested a review of these cost overruns by the US Inspector General.
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European stock markets fell after U.S. President Donald Trump threatened new tariffs on goods from the European Union and Mexico. EU ministers are discussing their next steps, while the EU plans to delay retaliatory tariffs against the U.S. to allow more time for a deal.
Key Facts
European stock markets dropped on concerns about U.S. tariff threats.
EU ministers are discussing how to respond to potential U.S. tariffs starting August 1.
Germany's DAX index fell by almost 0.9%, while France, Italy, and Spain also saw market declines.
The STOXX 600, measuring Europe's major stocks, fell by about 0.5%.
The UK’s FTSE 100 rose slightly by around 0.2%.
The U.S. has secured trade agreements with the UK, China, and Vietnam.
The EU may impose 100 billion euros in tariffs on U.S. goods if no deal is reached.
The EU postponed its plans for retaliatory tariffs to allow for more negotiations.
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The government is considering turning the Post Office into a business owned by its workers. A 12-week public consultation has been launched to discuss the future of the Post Office, including changes to its ownership and operations.
Key Facts
The Post Office is currently owned by the government and funded by taxpayers.
The idea of making the Post Office employee-owned has been discussed for over ten years.
A major scandal involved subpostmasters being wrongly accused of accounting errors due to faulty software.
The government wants to change the Post Office's culture following the scandal.
A public consultation will run for 12 weeks to gather opinions on the Post Office's future.
The consultation will explore how to meet the changing needs of customers and improve relations with postmasters.
An additional £118 million will be provided to support ongoing changes in the Post Office.
The Green Paper includes proposals on changing the ownership model of the Post Office.
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The governor of the Bank of England, Andrew Bailey, stated that the bank is ready to lower interest rates more significantly if the job market slows. Interest rates are currently at 4.25%, and changes will be considered in their next meeting on August 7.
Key Facts
The Bank of England may make larger interest rate cuts if the job market weakens.
Andrew Bailey, the governor, expects interest rates to decrease over time.
Current interest rates are 4.25%.
Interest rates influence mortgage, credit card, and savings rates for many people.
National insurance contributions for employers increased from 13.8% to 15% in April to raise government revenue by £25 billion annually.
The UK economy shrank by 0.1% in May, after a decrease in April, mainly due to weak manufacturing and retail sales.
The Bank's next meeting to review interest rates is on August 7.
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The UK economy unexpectedly shrank by 0.1% in May 2023, marking the second consecutive month of contraction. This decline was mainly due to a drop in manufacturing and weak retail sales, while the services sector saw some growth.
Key Facts
The UK economy shrank by 0.1% in May 2023.
This was the second month in a row of economic contraction.
Analysts had predicted a slight growth instead of a decline.
The drop was mainly caused by decreased manufacturing and weak retail sales.
Oil and gas extraction, as well as car-making, also decreased.
The services sector, which includes businesses like legal firms, grew overall in May.
The economy had grown by 0.5% in the three months leading up to May.
The latest figures add pressure on the UK government, which aims to boost economic growth.
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Issa Amro, who advocates for human rights, talks about the difficulties Palestinians face in the West Bank. He mentions that Israeli movement restrictions and violence from settlers are making life hard for people living there.
Key Facts
Issa Amro is a human rights activist.
He focuses on the situation in the West Bank, a region with ongoing conflicts.
Amro talks about Israeli restrictions, which limit where Palestinians can move.
He also highlights violence from settlers, people who live in the area often with government support.
These issues are making daily life difficult for Palestinians in the West Bank.
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Ferrero Group is buying WK Kellogg, a U.S. cereal brand, for about $3.1 billion. This deal comes as the cereal industry faces less demand and rising costs. The acquisition is expected to complete in the second half of 2025.
Key Facts
Ferrero Group will purchase WK Kellogg for approximately $3.1 billion.
Ferrero's offer is $23 per share, a 31% increase over the previous stock price.
The deal will close in the second half of 2025.
WK Kellogg was spun off from a company called Kellanova.
Kellanova, Cheez-It's parent company, is being acquired by Mars for nearly $36 billion.
WK Kellogg expects lower sales and profit than analysts predicted.
US Health and Human Services is pressuring food companies to stop using synthetic dyes.
Ferrero employs 14,000 people in North America and bought Nestle's US candy business in 2018.
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A BBC program titled "The Bottom Line" explores what helps a start-up business grow into a successful, multi-million-pound company. The episode, released on July 10, 2025, is available for over a year and discusses key factors for scaling up a business.
Key Facts
The BBC program is called "The Bottom Line."
The episode focuses on how start-ups can become successful and grow into multi-million-pound businesses.
It was released on July 10, 2025.
The episode is 31 minutes long.
The program will be available to listen to for more than a year.
The discussion includes what is needed to expand a new business.
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The government has decided not to change electricity bills based on location, sticking with the current national pricing where everyone pays the same rate. This decision came after discussions about a zonal pricing approach, which some believe could lower costs in energy-rich areas but might have discouraged investment.
Key Facts
The government decided against a plan to set electricity bills based on customer's location.
Energy Secretary Ed Miliband initially considered zonal pricing but chose to reform the national pricing system instead.
Zonal pricing could lower bills in areas that generate more energy but might reduce investment from energy companies.
Currently, everyone in the country pays the same flat rate for electricity, regardless of where they live.
The decision followed a three-year consultation on electricity pricing.
Zonal pricing has been used in countries like Australia, Sweden, and Italy.
Some industry voices argue that keeping a national system provides a stable environment for investment.
Energy UK supported the government's choice, while others feel this does not address underlying market issues.
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Millions of UK homeowners will see their monthly mortgage payments increase by an average of £107 as their current deals expire. The Bank of England has also reported that some mortgages will cost less due to recent interest rate cuts, and first-time buyers may find it easier to get loans as some lending restrictions are relaxed.
Key Facts
About 3.6 million home loans in the UK are up for renewal over the next three years.
This affects 41% of all outstanding mortgages in the country.
The expected average monthly payment increase is £107, which is lower than earlier estimates of £146.
Approximately 2.5 million households could see reduced mortgage bills because of interest rate cuts.
First-time buyers may have better access to mortgages as banks ease restrictions on riskier lending.
Up to 36,000 new, higher loan-to-income mortgages may be available each year due to these relaxed rules.
Individual banks can issue more high loan-to-value mortgages, but the industry must maintain a 15% limit on such loans.
The global trade war has led to increased financial instability, affecting the strength of the US dollar.
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A court blocked a new rule from the Federal Trade Commission (FTC) that would have made it easier for people to cancel subscriptions. The rule was supposed to start soon, but the court said the FTC didn't follow required steps in their process.
Key Facts
The new rule, called "click-to-cancel," aimed to help consumers easily cancel unwanted subscriptions.
The rule required businesses to get customer approval before charging for memberships or renewals.
Businesses also needed to tell customers when free trials were ending and make cancellations easy.
The Biden administration supported this rule as part of its "Time is Money" effort to reduce consumer hassles.
The rule was blocked by the U.S. Court of Appeals for the Eighth Circuit due to procedural mistakes.
The court said the FTC should have done a preliminary analysis because the rule could impact the economy by more than $100 million yearly.
An administrative judge stated the rule would have more than a $100 million economic impact.
The FTC is also preparing for a trial against Amazon regarding its Prime program over subscription issues.
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Nvidia has become the first company in the world to reach a market value of $4 trillion. The increase in value is due to a high demand for the technology that powers artificial intelligence. Nvidia's share prices have risen, despite earlier drops caused by trade tensions.
Key Facts
Nvidia is the first company to reach a market value of $4 trillion.
The company's shares went up by 2.4% to $164 on a recent Wednesday.
The demand for technology used in artificial intelligence is boosting Nvidia's value.
Nvidia passed a market value of $1 trillion for the first time in June 2023.
In April, Nvidia's shares fell due to concerns over trade policies under former President Trump.
Since spring, Nvidia's shares have increased despite ongoing trade worries.
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Linda Yaccarino announced she is stepping down as CEO of X, previously known as Twitter, after two years. Her departure follows a recent controversy involving X's merging with xAI, which drew criticism for inappropriate statements. Yaccarino did not give a reason for her resignation.
Key Facts
Linda Yaccarino served as CEO of X for two years.
She announced her resignation shortly after a controversy involving Elon Musk's company, xAI, which merged with X.
xAI faced backlash for making offensive statements and praising Hitler.
Yaccarino did not specify why she decided to leave the company.
She was hired to stabilize X's advertising business and bring back advertisers.
Elon Musk thanked Yaccarino for her contributions via a post on X.
Yaccarino had a background in global advertising and partnerships at NBCUniversal.
Musk previously criticized advertisers who stopped using the platform, claiming they could harm the company.
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NPR's A Martínez interviewed Jay Foreman, the CEO of Basic Fun!, a toy company. They talked about how recent decisions by President Trump on tariffs are affecting the toy business.
Key Facts
Jay Foreman is the CEO of Basic Fun!, which makes toys like Tonka and Care Bears.
NPR's A Martínez conducted the interview.
They discussed the effects of President Trump's tariff decisions on business.
Tariffs are taxes on goods coming into the country from abroad.
The interview will be available as audio later on the same day.
The segment aired on NPR's Morning Edition program.
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An Instagram post by Gemma Collins advertising a weight-loss drug and app has been banned by the Advertising Standards Authority (ASA). It's against the law to advertise prescription-only weight loss drugs, and this was part of a crackdown involving nine adverts.
Key Facts
Gemma Collins' Instagram post promoted Yazen's weight-loss app and medication.
The ASA banned her advert because it's illegal to promote prescription-only weight loss drugs.
The ASA is the UK body that regulates advertising to make sure it's legal and truthful.
Collins admitted her post promoted the Yazen service and agreed to follow guidelines in the future.
Yazen is a Swedish digital health brand offering a weight-loss program with medication and coaching.
The ASA consulted with the Medicines and Healthcare products Regulatory Agency about the advert.
Eight other adverts were also banned for promoting prescription weight-loss drugs.
These banned adverts appeared on platforms like Meta (formerly Facebook) and Google.
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NPR's Planet Money highlighted five recent economics papers in their newsletter. One paper, by Nicholas Muller, focuses on the history of firewood's role in the American economy. It details how firewood was the primary energy source in the U.S. until coal became more prominent.
Key Facts
Nicholas Muller is an economist from Carnegie Mellon University.
His paper is titled "Firewood in the American Economy: 1700 to 2010."
Firewood was the main energy source in the U.S. until around 1860.
Around 1860, firewood accounted for 85% of energy consumption in the U.S.
Coal production increased in the 1830s but was initially more expensive than firewood.
Coal became the main energy source by 1900, making up 71% of energy use.
After World War I, coal's dominance decreased as oil and natural gas became more popular.
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Tesla shares fell by 7% after CEO Elon Musk announced he would start a new US political party, which caused tensions with President Donald Trump. Investors are worried about how Musk's political plans might affect Tesla, especially given a recent decline in sales. Analysts are concerned that Musk's focus on politics could distract him from his role at Tesla.
Key Facts
Tesla shares dropped by 7% on Monday following Elon Musk's announcement about starting a new political party.
Elon Musk's announcement has increased concerns among analysts about his commitment to Tesla.
President Donald Trump criticized Musk's political party idea, calling it “ridiculous.”
Tesla reported a sales decline in the second quarter, which some link to Musk's political involvement.
Musk is involved in a public dispute with President Trump, who threatened to cut federal subsidies to Musk’s companies.
Tesla’s market valuation could decrease by over $80 billion if the stock losses continue.
Investors and analysts are worried about Musk's focus on politics, preferring him to concentrate on Tesla’s business.
Tesla's board has faced criticism for not controlling Musk's activities outside the company.
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Erin Patterson was found guilty by an Australian jury for the murders of her estranged husband's parents and aunt with a meal of beef Wellington that contained poisonous mushrooms. The incident happened in Leongatha, Victoria, and resulted in the deaths of three people, while a fourth individual survived after serious illness. Patterson is facing life imprisonment, and the sentencing date has not been set yet.
Key Facts
Erin Patterson was convicted of murdering three people and attempting to murder a fourth using poisonous mushrooms in a meal.
The incident occurred on July 29, 2023, during a lunch at Patterson's home in Leongatha, Victoria.
The meal served was beef Wellington containing death cap mushrooms, which are highly toxic.
Three of the guests died: Gail Patterson, Donald Patterson, and Heather Wilkinson.
Ian Wilkinson survived but was in a coma for several weeks.
Patterson claimed the deaths were accidental and showed medical tests to prove she also fell ill.
Patterson and her estranged husband, Simon Patterson, have two children who did not consume the food.
She was arrested in November 2023 and has been in custody since then.
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