Business & Economy | WOSU Radio

Business & Economy

Updated at 4:06 p.m. ET

Stocks continue to tumble around the world Monday after China allowed its currency to slide, in the latest sign of economic tensions between Beijing and Washington.

After falling more than 900 points earlier in the day, the Dow Jones Industrial Average closed down 767 points, a drop of 2.9%. The blue chip index has fallen more than 6% from last month's all-time high, while the S&P 500 index lost ground for the sixth day in a row.

Technology stocks such as Apple and IBM were hit especially hard.

Groveport development director Jeff Green stands on Main Street downtown.
Debbie Holmes / WOSU

City leaders in the small suburb of Groveport want to make-over Main Street, reviving their downtown and draw in more retail and restaurants.

Higher prices will be coming to stores this fall, retailers warn, if President Trump follows through with his threat to slap new tariffs on Chinese imports.

The White House pressed the tariff threat on Friday, even as Trump announced a new agreement aimed at boosting beef exports to Europe. A day earlier, Trump threatened to set a new 10% tariff on $300 billion worth of products imported from China.

Updated at 9:31 a.m. ET

The economy is slowing down, but it keeps creating jobs at a healthy pace. Employers added 164,000 jobs last month, as the unemployment rate held steady at 3.7%, the Labor Department said Friday. The jobless rate remains at a nearly 50-year low.

Analysts had expected about 165,000 jobs to be added in July and the unemployment rate to be 3.6%.

A yard sale stretching from Michigan to Alabama is underway. The annual "World's Longest Yard Sale" draws buyers and sellers from all over to US 127 for four days.

England's largest retailers are now selling 90% fewer plastic bags than they did before a 5-pence plastic bag fee began in late 2015, the U.K. government says. In the past year alone, the retailers' sales fell by nearly half, from more than 1 billion bags to fewer than 550 million.

The statistics come from reports by the seven biggest retailers in England: Asda, Marks & Spencer, Morrisons, Sainsbury's, The Co-operative Group, Tesco and Waitrose.

Updated at 5:06 p.m. ET

President Trump announced Thursday that the United States will impose a new 10% tariff on $300 billion worth of products imported from China, saying Beijing had broken some of the promises it made in trade negotiations.

The new tariffs, which are set to take effect Sept. 1, represent another ratcheting up in trade tensions between the countries and sent stocks falling sharply.

Updated at 5:34 p.m. ET

The Federal Reserve is cutting interest rates for the first time in over a decade — a preemptive move aimed at extending the already record-long economic expansion.

The Fed on Wednesday lowered its target for the key federal funds rate by a quarter percentage point. The move should decrease the cost of borrowing, including for credit cards, auto loans and mortgages.

The Cincinnati Minority Business Accelerator is getting a $450,000 grant to help entrepreneurs who have been systemically left behind.

Vice President Mike Pence at a groundbreaking of a manufacturing plant in Lancaster on July 30, 2019.
Nick Evans / WOSU

More than 300 guests filled a tent set up in a rain-soaked field to see Vice President Mike Pence help executives break ground on a new Lancaster manufacturing plant.

Eric Lanese teaches woodworking classes at the Idea Foundry, where he's been a member for seven years.
Adora Namigadde / WOSU

In just a few years, the Columbus Idea Foundry has become a Franklinton staple.

Creatives like welders and woodworkers craft on the Foundry's bottom floor, while people using the co-working space upstairs sip lattes and type away on laptops.  People walk around with graphic tees and safety goggles, while others stake out open tables with machinery.

Updated at 12:45 p.m. ET

The Department of Justice on Friday gave its approval for T-Mobile and Sprint to merge, in what has been a protracted fight for the companies to finalize their $26 billion deal. The merger still faces a review by a federal district court, and consumer advocates worry the industry consolidation will lead to higher rates.

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