Marketplace Morning Report

From the BBC World Service: Little luxuries can become routine during tougher economic times. The newest iteration of the “lipstick effect,” the phenomenon is called "little treat culture" on TikTok, where videos using the hashtag have grown by 75% globally over the past year. This morning, we'll delve into the business model of treat-onomics. But first, TSMC confirms plans to make AI semiconductors in southern Japan, and gig workers in India are planning a nationwide strike.

The Small Business Administration will no longer allow green card holders to apply for SBA loans. The new policy was announced on Monday and takes effect next month. This program doesn’t lend money directly to businesses; it provides loan guarantees to lenders, and the loans are usually cheaper than traditional borrowing. We learn more. Then, for older people, financial strain may be a warning sign of dementia — before doctors or families start noticing symptoms.

Is a degree in economics, long considered a path to stable employment, even worth it in the age of AI? Recent research suggests entry-level economics and business jobs may be especially exposed to automation. That could leave college students wondering if their degree will be outdated by the time they hit the job market. Today, we'll hear how students and schools are adapting. Plus, work requirement changes to SNAP benefits could impact millions of recipients.

From the BBC World Service: Shares in the Danish pharmaceutical giant Novo Nordisk tumbled 17% on Wednesday after the weight-loss drug pioneer warned of a decline in sales this year amid increasing competition and pressure on prices. Then, the United States renewed an agreement that gives 32 African countries duty-free access to the U.S. market. And later, the prime minister of Spain says he intends to ban social media for children under 16.

Of course, we mean "What would Kevin do?" — Kevin Warsh, that is, President Donald Trump's nominee for Federal Reserve chair. And it's a question plenty of investors are asking as they try to feel out his views on inflation and Fed independence. We'll unpack. Plus, we'll head to Venezuela, where acting President Delcy Rodríguez signed a law last week opening the oil industry there to private ownership after two decades.