land mark [mm [5mm case. we will ex-lore land mark case. we will ex- lore what land mark case. we will ex-lore what it means case. we will explore what it means the company's feature. finding their feet, global stock markets can recover monday's heavy losses as the bank tries to reassure investors about the outlook. google is the biggest name in internet search and given its impact on other companies arguably the most influental in the world. it's search results have a huge influence over how and were many of us spend our cash in age where so many of our spending decisions start with an internet search. and now a usjudge has ruled google acted illegally to crush its competition and maintain a monopoly on online search and related advertising. google accounts for almost 90% of all search queries in the united states. and the us government —— which brought the case —— accused it of using anticompetitive tactics to maintain its

it makes a lot of money from that. google advertising was 76% of the company's income in the three months to the end ofjune —— worldwide that was more than $61; billion. one issue at the heart of this case is the approximately $20bn google's parent alphabet pays apple to be the default search engine on iphones —— sending users to google.there's also a payment for google to be the default search engine on samsung phones alphabet says the court ruling recognizes it has the best search engine "but concludes that we shouldn't be allowed to make it easily available" and says it will appeal. joining me now is seniorfellow at the technology policy institute, thomas lenard 2 — google called

how significant you think this ruling is? $5 how significant you think this rulin: is? �* , how significant you think this rulin: is? ~ , how significant you think this rulin: is? �* , , how significant you think this rulin: is? a , , ruling is? as you indicated, this is a landmark _ ruling is? as you indicated, this is a landmark case, _ ruling is? as you indicated, this is a landmark case, the _ ruling is? as you indicated, this is a landmark case, the most - a landmark case, the most significant it in this century thus far. also, as you suggested, the key issues in this case involve these contracts, the arrangements that google has with apple, samsung and other distribution channels. where it pays them some money and in return, it becomes the default, pre—installed search engine and the justice department, the usjustice department, was claiming that this was close competition... ll department, was claiming that this was close competition. . ._ was close competition... it abused its power. — was close competition... it abused its power. it _ was close competition... it abused its power, it has _ was close competition... it abused its power, it has been _ was close competition... it abused its power, it has been called - was close competition... it abused its power, it has been called a - its power, it has been called a monopolist by the judge. what is the damage to then consumers and innovators in the search space and

also, innovative companies that need that online traffic? that also, innovative companies that need that online traffic?— that online traffic? that is the weakest part _ that online traffic? that is the weakest part of— that online traffic? that is the weakest part of the _ that online traffic? that is the weakest part of the course's l weakest part of the course's decision, the damage to consumers because the arrangement actually works pretty well for consumers. the consumers like to have a phone or another device with a search engine that they can just, that works out of the box. this particular business model provides that very easily. the alternatives, obviously what the effect that this decision is going to have is going to be determined by what the remedy is. but, many remedies might, possible remedies might introduce more attractions into the system for consumers. hs into the system for consumers. is the rule in life affect the practices of the other big fishes in the industry?—

practices of the other big fishes in the industry? opposite, in the us, we have trusts, _ the industry? opposite, in the us, we have trusts, under _ the industry? opposite, in the us, we have trusts, under way - the industry? opposite, in the us, we have trusts, under way against | we have trusts, under way against all the full big tech platforms. this one goes essentially at the business model, google, amazon has a completely different business model but also because the similarity is that it but also because the similarity is thatitis but also because the similarity is that it is also a consumer friendly business model, and the case against it is also questioning major elements of that business model. j elements of that business model. i get the sense that you are not totally convinced by the court's argument but is there any punishment is likely to affect google's operations around the world? that is a aood operations around the world? that is a good question _ operations around the world? that is a good question and _ operations around the world? that is a good question and i _ operations around the world? that is a good question and i guess - operations around the world? that is a good question and i guess the - a good question and i guess the simple answer is that i don't know. for one thing, the digital market act in europe has provisions that

could be very similar to the type of remedy, that is an act that tries to do through regulatory means what these trusts are doing. through exposed means. but, the digital marketing act has introduced a search process, search process for search process, search process for search engines. whereby the consumer who buys, an example, a phone would have to choose what engine they want to be installed.— to be installed. thanks very much for 'oinin: to be installed. thanks very much forioining us- _ injapan, the nikki rose more than 12 points are sent on monday. as you

can see, just slightly up and backs down in germany and s and p 500 investors hunting for bargains in america. let us go over there now who is in new york. what is the latest from wall street? we are seeinu latest from wall street? we are seeing some — latest from wall street? we are seeing some of— latest from wall street? we are seeing some of those _ latest from wall street? we are seeing some of those losses - latest from wall street? we are i seeing some of those losses being recovered to a degree come that has been restored at this level. looking at the seps 500, it is more than up 1% at the seps 500, it is more than up i% and it has just suffered its worst day more than two years. the industrial average is up by eight tenths of percent and nasdaq, webbie saw a huge sum of advice of the big names in technology, is also higher so a moment of relief at the market but also lots of people are wondering if this is a temporary reprieve or will be start to see the kind of nerves that have dominated over the last few days return? halld

over the last few days return? hold on for a second _ over the last few days return? hold on for a second because i want to remind you that a lot of volatility has been driven by concerns that the once red—hot americanjob market is slowing down. injuly, less than expected 40,000 jobs were made but one policymaker has been explaining at an event and why, why she isn't overly concerned. have a listen. the job growth is about labour force and so _ the job growth is about labour force and so what — the job growth is about labour force and so what is the concern? the concern — and so what is the concern? the concern is — and so what is the concern? the concern is that they won't just land there _ concern is that they won't just land there is_ concern is that they won't just land there is a _ concern is that they won't just land there is a relatively good and balanced _ there is a relatively good and balanced place but they will continue to deteriorate. soft and will turn — continue to deteriorate. soft and will turn into bigness. we don't see that right _ will turn into bigness. we don't see that right now, policy adjustments will be _ that right now, policy adjustments will be necessary in the coming orders — will be necessary in the coming orders. we will, how that needs to be done _ orders. we will, how that needs to be done and when it needs to be done ithink— be done and when it needs to be done i think that _ be done and when it needs to be done i think that is going to depend on the incoming information.

let's go back to michelle, i want to get a reaction to the clip because there's a lot of ifs and buts and we hear from there's a lot of ifs and buts and we hearfrom people related to there's a lot of ifs and buts and we hear from people related to the fed. that, the message is one of calm and for people to stay calm and not to react to what happened over the last 24, 48 hours. it is react to what happened over the last 24. 48 hours-— 24, 48 hours. it is not surprising that we are _ 24, 48 hours. it is not surprising that we are starting _ 24, 48 hours. it is not surprising that we are starting to _ 24, 48 hours. it is not surprising that we are starting to hear- 24, 48 hours. it is not surprisingj that we are starting to hear from people within the federal reserve tried to kind of make reassuring noises. everything about one of the triggers for the sell—off, it was concerned about the us economy and suggestions that perhaps america's central bank was behind the curve in trimming interest rates. by holding them high for too long, the fear is that they could trigger a lot of jobs and that could cause damage to economy and that is what you are seeing, investors coming into the conclusion. so, right now, we're hearing from officials within the reserve, we also heard from others

coming out to try to say yes, there is a slowing down taking place in the job market but it is not catastrophic. it is not necessarily mean recession of the stage, and if necessary, we will act. if you look at what the market is doing today, to have some success in coming sentiment, the question is whether that persuasion holds whether or not we will see jitters return. that persuasion holds whether or not we will seejitters return. it that persuasion holds whether or not we will see jitters return. it has to do with interest rates. people are suggesting that is something called the carry trade were people borrow when many are stupid borrow to invest in countries that will have higher returns. because of the bank of japan recently raised rates, that unsettled a lot of these trades and that was what we are seeing here. the unravelling of that. the other piece of that. the other piece also is tech companies because of that, it is suggested that they have

become overvalued and this is simply the market is correcting itself. there are a lot of factors at play here but for now, a bit of a comedy. six weeks to go into the decision but for now thank you. economic worries have dampened energy prices. saudi state oil reported a dip in profits, low crude production is recorded to report a profit of 29 billion in the second quarter and didn't prevent it from keeping its generous dividend policy is. paying out $31 billion during the quarter. for more, here's the bbc�*s respondent. it for more, here's the bbc's respondent-— respondent. it is exceeded expectations _ respondent. it is exceeded expectations that - respondent. it is exceeded expectations that there - respondent. it is exceeded| expectations that there are respondent. it is exceeded - expectations that there are no six surprises on that front. if you look at the net revenues, they have been psyche better than what was anticipated so given where oil markets have been in the last three months, in terms of lower demand, production, crisis remaining, too unhappy with his results but i think... to come out of the earnings

report the dividend payout because despite the fall in profits, they have stuck to the dividend payout of $31 billion which will essentially help the saudi government. this is crucial because as a... they are relying on this income to fund some of those mega projects. in that sense, the trend continues, what we've seen of the last two years despite falling profits, they have not only stuck on to its dividend payers put on some passes it has increased payout. witt payers put on some passes it has increased payout.— payers put on some passes it has increased payout. will bring some of the stories now. _ increased payout. will bring some of the stories now. german _ increased payout. will bring some of| the stories now. german prosecutors say that they have charged another two former consecutive. it collapsed four years ago in what was one of joni's corporate scandals. it has a 2 billion dollar holt and other former executives have been charged with embezzlement. in the uk, some

countries have been... it is a combined bill of £210 million or hundred and £68 million. it comes as sewage spills into rivers and seas as that doubled from last year. companies have been facing mounting criticism for paying dividends instead of investing in services for customers. 0bert says it is doing well as consumers continue to spend money on food and deliveries. it is expected to bring millions of dollars in treatment from the end of june. that is business today. you are up—to—date.

hello.

a top strike today, that kamala harris has selected the governor of minnesota, tim walz, to be her running mate in the presidential running mate in the presidential running mate. joe biden, has praised the selection of tim walz, saying that he and kamala harris would be a powerful voice for working people and america's great middle class. present biden went on to say that a major decision makes is the choice of vice president and kamala harris has made a great decision in choosing tim walz to be her running mate. that was on x. formerly known as twitter. we're going to have much more on all the latest developments and in fact, i think can show you some live pictures from minnesota and this is the aircraft, carrying tim walz to to philadelphia. 0n and this is the aircraft, carrying

tim walz to to philadelphia. on that flight with his wife,