♪ good monday morning back here at rio. really quickly here's this olympics this monday morning. a strong weekend for the u.s. national team. katie ledecky becoming the face of team usa and women's swimming. wins the gold in the 400 meter freestyle, crushes her own world record. she has the chance to be the

third u.s. woman to win four gold in one olympics. >> i have a lot more events but i'm busy here and i'm having a lot of fun and team usa will be better and having a lot of fub with it. >> medal events, men's diving, women's rugby, men's swimming and the 100 meter backstroke and then leslie jones the comedian from snl tweeting hilariously over the weekend. all about the games has gone viral. okay you're officially invited to rio. do you want to come? >> don't play because y'all need me. i would have these olympics pumped. that's something to watch later in the week. finally in a few minutes we'll talk to the latin america chief for facebook. you guys know this is an

important market especially going back and forth. >> for now tech news. a new report says of course apple is going to unveil the iphone 7 next month. and the removal of the head phone to weigh in on that is aspen institute president and ceo walter isaacson, good morning. >> hey, john, how are you doing? >> good. good. so i'm wondering, it's been nine years since the original iphone came out. nine years plus since it came out in the summer, what is the importance of this particular phone launch given that we have seen smartphone growth, the iphone is not doing what it used to but still extremely

profitable. >> you certainly know more than i do about the future of plans with apple but i look back at what steve jobs was very passionate about and it was photography. he had a friend bill atkinson that really knew how to understand pixel by pixel how you could make a better photograph and they always talked about the idea of having two cameras that would harvest the different digital information that you would get and merge it with an algorithm so you would have a whole new type of picture. something actually gray and that's what i'm reading about that you might see in iphone 7. >> how ground breaking are consumers now expecting these changes to be? because you can only innovate on the same type of device so much before everything is just

incremental. >> maybe so but they bought that machine learning company up in seattle. i think my iphone at some point i could have it in my pocket and be talking to it and say turn up to the temperature in my house or unlock my door and tell me who is winning in rio. it would have a conversational tone that you would do with machine learning and we see amazon toing that with alexa and the amazon echo so i suspect there's more that you'll be able to do with your iphone. especially when machine learning is imbedded into it. >> is it unfair to expect apple to continue the growth trajectory that it's had over time? necessary pauses in these life cycles of different technologies, whether it's the mainframe, the pc, now the smartphone. is this the natural course of things or is something else afoot? >> well, apple has been able to

defy gravity for more than a decade. i don't know. if the apple watch gets significantly revamped, it hasn't become an object that you must have or an object of deep desire but that was just the beginning of the watch. who knows? that could be something that could ramp things up pretty quickly if they get that going. >> and that's happening in september? middle of september? >> usually we get the announcement sometime in the earlier side of september when the phone actually comes out toward the end. >> meantime in little under an hour from now donald trump will give a major economic speech in detroit. this after trump unveiled his economic team on friday. john harwood is live with more on what to expect, john. >> well, we expect donald trump to outline a proposal to make childcare expenses fully deductible although without much more detail than that specifically he'll reiterate his

plans to cut the business tax rate to 15% so eliminate the estate tax. to want to renegotiate trade deals like nafta and get rid of regulations and let's step back a little bit and look at how moody's analytics have analyzed the two economic plans as we build them so far. first of all on job creation, in the year 2020, moody's estimates hillary clinton's job proposal would add 3.3 million jobs and donald trumps would subtract $7.6 million. because of the trade impacts and deficit impacts. secondly on gdp, hillary clinton would add about $300 million to the 2020 gdp according to moodies. donald trump would subtract about $1 trillion from gdp and finally on the deficit hillary clinton would expand modestly by

85 billion in 2020 and donald trump would expand it by $1 trillion. that's just the moody's analysis. we'll wait to see what others are and how donald trump may revise his plan over time to limit the deficit impact although advisors tell me he's not likely to talk about that today. >> thank you john. we'll check in with you later on. meanwhile walter is with us. >> hard to believe any company would turn their nose at a 15% corporate tax rate. >> yeah. especially to be competitive in the world market you want to talk about corporate taxes but it is a bit breathtaking to add a trillion dollars to the deficit and add debt that we can't really service.

mr. trump has been involved in debt a whole lot and servicing that debt has been difficult. well i don't see that you would want to impose a plan that would do that. maybe he'll revise it but people want a simpler tax code and lower corporate taxes. you have to do it with something that's not going to add significantly to the deficit and also not reduce jobs in this country. >> well, walter, i guess the trump side would argue that it's growth that's going to prevent the deficit from becoming what he argues here. this is a supply side argument it seems and an attempt to reconcile some of the things about spending on infrastructure. tax free child care for everyone plan with this idea that he can cut taxes and spur growth.

do you think we get more specifics on how he blends them together? i am not going to be the perfect expert on that but the fact that we're now focussing on real issues, that's a good thing. >> some of these plans that he has talked about in the past and we'll see if he brings them up in more detail today like a one time tax holiday and then incentives to bring jobs and factory production back to the u.s. it's one thing to put the policies in place but what's the likelyhood that a company will bring all of it's cash back to

the u.s.? a company will bring it's production back to the u.s.? >> the notion of profits from overseas is a really good one and i don't, you know, you have to make sure that it's going to work for the company. >> to me if you want to keep wages and jobs going up the way they are you do a massive infrastructure spending so that our highways and bridges and air traffic control system and airports are all good and i think spending on infrastructure that has a return on investment,

that is something that everyone could probably agree on. >> for now, thank you for joining us. >> thank you. >> walterize sackson from aspen. a power outage grounding all flights worldwide this morning. susan lee is live with a new development on that story. susan, what's the latest? >> the latest numbers from delta, they cancelled 300 flights stemming from the power outage in atlanta. it crashed their entire system around the world. delta giving us an update as of 10:30 a.m. they operated 800 of the 6,000 flights scheduled to take off and while systems are improving and flights are resuming to travellers as they're heading to the airport, they still expect long delays and possibly cancellations. we also got an update in the past hour from flight aware and

they say that delta flights are now departing and multiple departures per minute they say 160 delta flights are on route and on track for recovery and a lot of the passengers are giving up at least for today because delta is offering and issuing these august 12th waivers. meaning you can get refunds back on your flight and even get, flight changes without having to pay the extra fees. that's the latest from here. back to you guys. >> thank you, susan. coming up, apple is getting deeper into the content game launching a new show about the app store hosted by gwyneth paltrow and speaking out they're out with a new interview with ceo tim cook and other executives. we'll talk to the man that wrote it.

donald trump said to give a major speech on his economic plan at the top of the hour. squawk alley is back in a moment. [announcer] is it a force of nature? or a sales event? the summer of audi sales event is here. get up to a $5,000 bonus on select audi models.

apple is getting into the reality tv business. tech investor and musician entrepreneur wil i am for a new series called planet of the apps.

former nbc executive ben silverman now co-ceo. ben, thanks for being with us. >> thank you. >> tell me about the concept here. it sounds a little strange off the bat. is this like the voice but for apps? is that relatable enough that they enjoy apps so much they want to see how the sausage is made? >> obviously i'll be having them further elevate but i hope everyone comes and watches and experiences it firsthand and i can't reveal much about how the content is going to be layed out. and sitting at a dinner table discussing how they should have, could have and would have invented the app of the moment.

and how he feels as an older guy or somebody just looking for a friend to walk their dog with and you can pitch something like tender for dogs and there's a whole range of people and accessibility in the tech space right now that is opened up by how advanced technology has become and how it is in our daily lives. >> but it's a pretty meta concept. the company that created apps is now creating a show about apps. what's the advantage for apple to stay with within it's comfort zone on this one and what's the risk in doing so too. >> it's a great idea and key people we want to participate and the tech luminary space and entertainment leaders that work as entrepreneurs. i think the time is right.

and your broadcast about how many young people are on snapchat and how many people are consuming media and talking to each other across the internet and i watch the internet get developed and now as a media executive and show creator it's our turn to play on the internet. >> i get the feeling that this is more about people and our natural desire to make things happen than it is about developers. but i'm also curious about where you see content going. we're in this moment that we're in every four years with the summer olympics. what are you seeing this time around that is different as far as peoples viewing behavior. how they're engaging around the content. >> it's funny because i also obviously make a lot of content and the big broadcasters and lead in still matters. when you look across the

landscape and 400 new drummers it's the middle of the critics association in la and ideas to the critics and i'm just as excited about my next generation platform transforming show planet of the apps as i am about my new show no tomorrow and my turning show jane the virgin. and behind mondays at 9:00 and as much fun as it is to discover a show or hope that an idea can exist inside the cloud and you'll be able to pull it or find it in a natural way and stranger things on netflix. there's also old school audience flow and sitting back in a passive experience and watch a tv show. but still surprising to me is

netflix a traditional television company that's distributed differently or is it a tech company that makes traditional content? >> how does that determine what you do with your ideas. >> a lot of brands are starting to be expecting or looking for specific content on that brand obviously as i want news and information. news and cutting edge information. i'm turning on cnbc as i want to talk to young women and big spectacle and big fun programming. i'm looking at the cw. and i identify him with praying and hoping the ecosystem i

wanted to live on and connect to especially if we focus on developers and apps specifically. i have a great show called flake with will arnette in and around the world of aa that requires a slower build and a different kind of content strategy and that was perfect for netflix. so i really look to bring the show to the partner that seems perfect for it. >> well, you're a man that's always surprising us and bringing different types of content. what did you hear? ben silver tps man propagate content and chairman and co-ceo. >> thank you. >> up next we're live in rio looking at the future of brazil and the rest of latin america. that's coming up next. is the stuff that matters? the stakes are so high, your finances, your future. how do you solve this?

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>> companies focused their efforts on covering the games here. book's head of latin america. it's great to have you. welcome. >> thank you for having us. one thing i want to make clear to viewers is the size of brazil relative to all the other markets facebook is in. how big is it? >> in terms of people coming on a monthly basis to facebook we have 108 million people and actually it's one of the top five countries in the world. >> one of the top five and in materials of penetration, meaning people with internet access in brazil, the percentage on facebook, it's almost 100%. >> exactly 90% of the people. >> unbelievable. what drives that? the ease with which people get connected in this country? >> brazilians love facebook and we love brazil, as a company. there's a very strong culture of sharing and communicating and probably because of the high share of communications in

general, facebook has opinion a very strong platform. >> you have good me tricks as to how interested people on facebook and latin america appear to be in these games. what are those numbers like? >> we have very interesting numbers coming from friday's opening event here in the olympic games. during the event there were 52 million people interacting on facebook around the olympic games. generating 109 million interactions and what is interesting, when you double click on which one of the countries were the most active, the biggest share of facebook people come actually from brazil which is natural. you should expect that. second is argentina, close to mexico and the u.s. was coming in at number four. this shows it. >> are you a believer that the brazilian recession, we've seen the lows of it or not? >> we're seeing a lot of opt mifl and i think the event here

is also a good indicator of how they're involving possibly. after the opening you could see based on the limited of our friends on facebook how many positive comments. >> the sense we're getting from executives here is there's optimism. you're right. maybe they can't afford quite yet to buy something but they're expressing interest in buying things like cars. the other thing we hear is that the population, they're come how impressed that the government has survived, does that make sense to you. >> when you look at what's going on in our platform in facebook this is a very positive opportunity. big advertisers leveraging facebook and even in small

business owners, maybe one big example, avi which is the owner, run a campaign on facebook leveraging on mobile, taking advantage and we have all seen and we have seen 47 million people around their squad. that's a great example of how you perceive it around the olympics and even small business owners. i'm leveraging that. >> i know you can't discuss the dispute between the company and the government regarding this what's app data. what does it say about doing business in this country? especially facebook's business? >> well, it's a separate organization from facebook. i can speak for what's app. brazilians love this country and we have a very long-term

perspective on the country. >> do you expect the law enforcement issues to get resolved eventually? >> we always said that we all need to work together to find, you know, the best way to attend all the stakeholders. >> certainly not the only example of that. >> it's great to have you. enjoy the games. >> thanks for having us. >> the head of latin america for facebook, kayla. >> thanks so much, carl. we'll see you later on. europe is just about to close. let's get to seema at headquaters for that.

a 14 month high. after that fresh economic data in germany. industrial production in june and france and business sentiment surprise to the upside in july after hitting an 18 month low in the previous months. this despite terror attacks and the brexit related worries. a couple of hours ago italy's high court gave the green light to matteo renzi. if he loses the vote it would open italy and europe up to further political instability. >> switching to currencies, according to reports reaching new highs ahead of the bank of england meeting last week suggesting that shorting the pound has opinion a winning trade for hedge funds as it continues to weaken here at 1:30. that's seen as a key technical level. bond traders are are betting on further stimulus from the bank of england that pushed them even

lower. the differential between the u. s. ten year and u.k. ten year note reached a 16 year hawaii lighting the divergence in monetary policy as the fed looks to tighten rates after the u.s. jobs report and the boe looks for further stimulus and easing measures to offset the brexit weakness. >> thank you. coming up, apple's moment of truth. that's the headline of the latest issue. the man that wrote it is going to join us. when we come right back.

>> donald trump will deliver his economic vision for the country in detroit. he will call for a temporary moretorium on new federal regulations and cnbc will take the speech live beginning at the top of the hour. delta airlines says several flights have begun after a computer outage stranded thousands of travellers. about 300 flights have continued. jury collection is set to begin today. she is accused of leaking material to embarrass her enemies and lie about it

underoath. it allowed users to watch thousands of tv shows in the nine years since it first launched. comcast is also part owner of hulu. let's get back downtown to squawk alley. john to you. >> thank you, sue. apple's moment of truth. that's the cover of this month's issue of fast company and that's tim cook there on the cover taking on the question are apple's pebest days behind it o ahead of it. the author of that article joins us here at post nine. so happy to have you. so question is, around apple and whether it's a misunderstood company, it seems to me apple conditioned us so long to expect hits, they have these events, they unveil something big, you expect osei big and growing sales. are they shifting away from hah? because you talk in the piece

about how maps change the culture. they're doing betas which is letting the cat out of the bag earlier so people can get used to it. is that changing apple? >> it was a much easier narrative to understand when steve was alive and i think that, you know, that product introduction thing is not reflective of the company now. we have to get used to thinking of apple not as a device company. not as a hits company but as the biggest, broadest consumer technology company in the world and that goes beyond just creating cool devices. it gets into software and it gets into pramging languages and it gets into all kinds of things and tim cook is adept at managing the company that way. >> he is quoted as saying as a technology company you're only as good as the last thing you did. this is a company doing a million things at once.

what do you consider the last thing they did and how do you judge them on that? >> it's hard to judge them on that because i actually think that's true. you're always looking to improve in technology and better the last thing and apple is great at taking with a it's learned from one product and applying it to what is going ahead but it's everywhere now. >> about this issue and apple being misunderstood, microsoft also talking about being misunderstood 10 to 15 years ago. i don't recall a time when google talked about being misunderstood. what is it about the way these companies frame themselves, the way they get understood by the public that leads to either, yeah we feel like we know exactly what this company is, what it does and what it's about

or you know what, we feel like we're out of what the public thinks versus what we think we are. >> a lot of it is technology as consumers. you say technology to the average person they'll show you their iphone. but actually there's so much else going on behind the scenes that effects, you know, all kinds of areas. apple is going into health care. apple is going into businesses with the ipad. i mean, these aren't -- these aren't things that we normally think about when we think about technology. >> you talk about the corlary that some are making to the apple of the 1990s when the product line was a mess of marketing inspired offerings. what's the problem with that? letting the marketing get the better of the product? >> back then they didn't have as great technology as they have now and they created a lot of different slices of everything and so, the brand identity sort

of got diffused. now i think the brand identity is really strong and you will have the iphone on your body around you for a long time to come. it's not as if apple's brand is going to get hurt by doing more stuff now. >> for a long time apple had this underdog ethos about the company. now it's overlord, not underdog. do you have a sense of whether they figured out how not to get too soft? too come plaplacent. >> tim cook worries about that a lot, too. you know, he told me he gets like about 300 e-mails every morning from consumers and employees and people who are upset or happy about something that they have used for apple and i think their executives are pretty fired upright now.

>> all right. we'll see if that being fired up translates into a great product in the fall. >> we are just a few minutes away from donald trump outlining his economic vision for the country. we'll get you there live as soon as it dpbegins. carl, what's up next? >> athletes and social media go hand in hand but what is their platform of choice? we'll ask an athlete when we come back from rio in a moment.

>> you know that athletes put the active user. this is a little segment we like to call ask the athletes. >> i prefer instagram because we can show photos and the like. >> my favorite one would have to be twitter. there's just so much stuff on this. >> it's probably snapchat because it's like instant and then goes away. >> instagram.

it's not too long and they're short videos and good pictures. >> facebook because it's the way i get to connect with my people. >> some fascinating answers. more variety than we expected but it's clearly about photos. and now increasingly video. that's no surprise to any of us that talk about this stuff every day. >> but it's interesting carl, the pictures and videos people were buzzing about over the weekend were the purple polka dots that popped up on michael phelps. >> it's like this ancient chinese healing practice that phelps has been doing for awhile. they use air pump or heat to pull the skin slightly up away from the muscles. it's supposed to draw blood to the affected area and reduce soreness, help your muscles recover faster but that was the share of the conversation last night. what are all the spots on

michael phelps back when we got a good view of as he made his way into the pool. >> are you going to try that out, carl? i think you should. >> the answer to that is no, john. some things i just won't do for this network. >> we should hope you don't need it. it's like the new age type of cortisone shot perhaps. >> working hard out there. >> great stuff. we'll hear more from you later on. >> although i have to keep up with his collar. what in the world? you look like you're in star trek generations? >> all the anchors will be wearing it next year. that's all i can hope for. all right, thank you carl. looking forward to getting more from you out there. up next, walmart making its purchase of jet.com official. what the deal means for walmart competition and watching detroit where donald trump is said to give a major speech on the economy. we'll get you there live when he

starts speaking. we're back in a moment.

>> a major shock at amazon and it's the largest e-commerce acquisition. call it a major shot but amazon is clearly far ahead in this. walmart made e-commerce a priority given it's struggles of late but you have to wonder, experienced though this team

from jet.com is, they have been in the e-commerce game for a long time will they be able to sbi grate into walmart and give the same momentum to walmart that they did to the start up efforts? >> it's interesting to hear walmart say jet has a growing customer base of urban and millennial customers. more than 400,000 shoppers. it's not that many when you think about how many shoppers go into walmart on a daily basis. >> the idea that this transition, about 10% of it is in walmart stock to be paid overtime, clearly they want the innovative minds to stick around and give walmart's online efforts a needed boost. it's going to be interesting to watch. >> also when walmart announced i believe it was about a year ago on its investor day that it was going to be plugging more money into e-commerce spending and technology innovation at expense of its own outlook this is the size of that budget.

was it 2 or $3 billion. and i was talking about their struggles in e-commerce. and the venture capitalist points to a real company known for not necessarily paying a lot, that's forking over big cash for an ecommerce company. >> walmart stock down today. and very interesting conversation tomorrow at 7:00 a.m. tomorrow to listen in to. up next or "squawk alley," any minute donald trump set to give a major speech on the economy coming out of detroit. that's when we come back. [text message alert rings] [texting keystrokes]

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after a week of declining poll numbers, the trump campaign seeking to get back on message. minutes away from delivering a major policy speech to the detroit economic club. among his expected proposals, a 15% corporate tax rate and elimination of the estate tax and a moratorium on regulations and a new plan to allow parents to fully deduct the cost of all childcare expenses. joining us now from detroit, cnbc's senior contributor larry

kudlow and former adviser to the trump campaign. i'm told you actually accompanied trump to detroit. what can we expect from this plan and how much will we see it's similar from policies he has referenced in prior months? >> well, i did come out on the plane. i'll just answer that straight up. i've been an informal adviser, as you all know. regarding the speech itself, you know, there are some changes in in this speech from prior statements, but i look at this as a reaffirmation of what he has said earlier, that he's going to have a whole series of pro-grow tax cuts and he's also, as you noted, is going to roll back regulatory excesses, and, yes, there's also a child care provision in there. very important child care, but to me the key point here is the business tax cut, which you know i've been touting for i don't know how many years. it's going to stay at 15% for a

large c corpses and smaller s corpses and inside that the biggest beneficiaries of those biggest tax cuts, besides american growth, are middle income wage earners and a heavy emphasis in this speech about helping the middle class. >> larry, i see the tax cuts. we've heard about the infrastructure spending, but there's a lot in here about cutting regulation. i'm curious, where are the spending cuts in this speech? what do you expect to be donald trump's message there as far as what we're going to be spending less on? >> he's really not going to focus on spending cuts in this speech. he's got one in a few weeks before the economics club of new york, and this is not a really detailed -- this is more a thematic speech. as i said earlier, reaffirmation of his position because some of the trump skeptics don't believe it, and it's there. trust me, it's there. in terms of spending, though,

inside the campaign there's a lot of discussion about across the board spending cuts. a lot of discussions about capping loopholes, particularly for the upper income folks, and i would say this is just me, i'm not official at all, but the deficit numbers, when they are recalculating are going to come way, way down from the trillion dollars that were estimated many months ago. frankly, i think it will be around $2.5 trillion, that's before the spending cuts are put into place. so this is a big bang, pro-growth argument, and he's going to contrast his view with hillary clinton's, who is raising taxes. >> larry, i want to know how people's paychecks will look differently, because there is a reference to streamlining the tax brackets from seven to three. that has to mean that some people will see their taxes go up, just by the nature of what that means, and what will the personal income tax rate look

like? heard references to 25%. i think people are expecting clarification there. >> the new top income tax rate, which it will be in the speech, has been raised to 33%. now, when i say raised, that's raised from his earlier plan. it's actually lower than the 40-plus percent that exists now. so an increase in that. the top rate is 33%. and the standard deduction is going to be 15% for singles and 15,000 for singles and $3,00,00 for married filing jointly. it's a smaller deduction than originally in the plan. so you've got strong economic growth. you've got more revenues coming in in a number of places, and that's why ultimately the pro-growth aspects will bring the deaf dit down quite a binchts and larry, you and i talked i think about a week and a half ago about trump going

off-script, off-message. you acknowledged that that's a concern. in that week and a half, oh, boy, we got a lot more of that. how convinced are you he's going to rein it in and focus in this economic speech and for the next couple days, perhaps? >> all i can tell you on that is, this is a very strong pro-growth economic speech and i've been an informal economic adviser. i really can't comment on the gaffes. i agree with you, they've been harmful. i think mr. trump has come around to that view. one thing that's been discussed here inside the campaign is after this speech today, he wants to stay on message. you'll hear bullets coming tomorrow. the bullets coming on wednesday, and on thursday, and on friday. in other words, this is a huge theme. they're trying to reset the campaign on issues, and today's a big economic growth issue. so the intention is to stay on message. that's all i can tell you. >> we will see at the bullets we

get today, larry, are enough for republicans who buy stood giving support to the candidate. giving them enough to hang their hat on? of course that speech is happening in about one minute's time. larry, our thanks to you joining us from detroit. before we go today, back to carl in rio with final thoughts ahead of a busy slate of events. >> and kayla, yeah, we'll keep our eye on detroit, obviously. medal events to watch today, men's gymnastics. diving, women's rugby, and men's swimming. some of the big events coming up this afternoon and tonight. tonight on cnbc, you can look for water polo. women's rugby, women's beach volleyball and table tennis beginning at 5:00 p.m. eastern time on cnbc. "squawk on the street and "squawk alley" tomorrow, what a war uber brazil, regarding ride-sharing apps in this country, in a country where penetration of smartphones is very high and we'll talk to the

captain and the team coach of u.s. men's rugby, which is coming back as an olympic sport for the first time since 1924. we'll watch detroit. for now over to headquarters, scott wapner and the "half." carl, thanks so much. welcome to the "halftime report." i'm scott wapner. we begin with breaking news this hour. republican presidential nominee donald trump laying out his economic agenda today at the economic club of detroit. we will take you there live once mr. trump takes the lectern. we do expect details on taxes, trade, energy and regulatory reform among other issues. our john harwood is there. and our senior economics reporter alongside us today. he, of course, is steve liesman. we know, steve, that this is being billed as donald trump laying out his economic vision, parts of the plan have already been put forward. it's a chance for him,