facebook says it wants to empower billions of people yet again but now its fledgling cryptocurrency libera faces more scrutiny from both sides of the atlantic also coming up find out what happened to nike ambassador calling kept her make criticized a controversial new line of sneakers and we'll take you to sunny portugal where they are garvey a region that wants to reduce its dependence on travel savvy brits amid looming bret's. welcome to the program. u.s. lawmakers have urged facebook to halt its cryptocurrency plans they want time to investigate the risks libera poses to the global financial system it comes as

regulators in europe call for closer scrutiny a senior official of britain's financial watchdog says the issues raised require deep thought and detail. introducing leaper a new global currency designed for the digital world facebook has promised finance for the future with its new crypto currency and i'm saying its arrival mark zuckerberg said libra would empower billions of people even those without bank accounts will be able to send money around the world with these what's more facebook says libra will be what's called a stable coin meaning it will have none of the volatility associated with bitcoin and other quick talk currencies it says it will ensure that by linking its value to other established global monetary systems. major corporate players are already backing libra even if some of the world's financial leaders are not. the bank of england approaches libor with an open mind but not an open door. and now

a group of u.s. lawmakers has written to facebook asking them to put their crypto currency plans on hold until congress can assess the risk it poses nevertheless facebook's plans to disrupt money continue to progress with libra expected to begin filling digital wallet in early 2020. the u.s. trade deficit has reached a 5 month high that means the united states is buying lots more than it is selling the gap between imports and exports rose by 8.4 percent to 55.5 $1000000000.00 in may the trade deficit with mexico which president donald trump us threatened with stingy terrorists reached its highest for a decade u.s. car imports also climbed to their highest on record and saw that u.s. business may be stocking up ahead of an expected increase in terrorist and chinese goods. now

a growing trade deficit wasn't the only somber news from the u.s. economy companies also hired fewer people than expected in june how did all of that go down on wall street well here's our correspondent with more. yeah it was a short but her record breaking trading day here on wall street we got a bunch of weaker than expected economic data but that makes it more likely that the federal reserve will start cutting interest rates at the next meeting end of july that is not set in stone yet but it became more likely we got weaker than expected numbers from the job market from the private sector from the service industry and then also from a broader manufacturing index all of this shows that the economy is still growing but at a slower pace and that might be good enough for the federal reserve to cut interest rates of all the s. and p. 500 the search trading day in july and the 3rd record and also the dow jones

industrial average finished the day on a new all time high and closed in very sharply to 27000 points you know you correspondent yes a quarter reporting from new york there u.s. sports brand nike has been dragged into america's culture wars after it was pressured to pull a special edition 4th of july sneakers from stores and shoes featured an early version of the united states flag from an era where slavery was commonplace conservative lawmakers claim it's a matter of political correctness going too far and they're making sure nike feels the backlash financially. the shoe features a flag created during the american revolution former n.f.l. star and controversial nike poster boy colin kaepernick said he found the design commonly referred to as the betsy ross flag offensive because of its connection to an era of slavery and for the shoes to be removed from sale so like he just did it

to shipping the shoes to retailers of the company recalled them again some people supported the decision. his people i mean died under that flag you know and were slaves under that flag so yeah i think it makes perfect sense and the flag has recently been used by some white supremacist groups now it's the turn of the american right wing to get really ticked off about nike arizona governor doug jussi a republican who's been involved with far right so-called patriot groups released a flurry of tweets nike has decided that betsy ross is unworthy and has bowed to political correctness and historical revisionism. nike has made its decision and now we're making ours i've ordered the arizona commerce authority to withdraw all financial incentive for the company to look a 2 year. arizona's economy is doing just fine without nike we don't need to suck up to companies that denigrate our history. at least some of the limited

edition shoes have already made their way into the market and with changing hands privately for hundreds and even thousands of dollars meanwhile it seems that some potential customers are voting with their feet. well in europe french police have raided the headquarters of carmaker renault it's thought to be in relation to a lavish wedding party held by carlos go on the former head of the company confirmed the incident police have been investigating mr groans use of the palace of versailles when he got married in 2016 he's alleged to have organized a deal in exchange for a sponsorship agreement with renault was going to trial on a string of other charges in japan. and now to some of the other business stories making headlines around the world the european commission dropped its threat of disciplinary action against italy after the government and rolled took action to bring its growing debt into line with e.u.

fiscal rules brussels was unhappy with italy's failure to reduce reduce its large public debt in 2018 as promised and has called on its anti austerity government to baltar state finance is just plain maker boeing says it is providing $100000000.00 to help families and communities affected by 2 crashes of its $737.00 max airplane the company called to some aid and initial investment for local governments and nonprofit organizations to help families with living expenses boeing faces dozens of lawsuits over the accidents that killed nearly 350 people the 737 max has been grounded worldwide since march lee iacocca creator of the iconic ford mustang has died at the age of $94.00 he began his career and $946.00 as an engineer at ford and quickly rose to become the company's vice president aged only $36.00 but it wasn't all smooth sailing mr iacocca was fired and $978.00 after

a spat with management he then moved on to chrysler which he steered back to profitability after christ's kill anybody. in portugal tourism now accounts for 14 percent of economic output it's an especially popular destination for brits keen to soak up the sun but forecasters fear storm clouds are gathering on the horizon as breck's it and competition from other destinations keep people away politicos dealing gulf coast at the beginning of july high season is just getting underway but hoteliers here are wondering just how many britons will come last year their numbers fell 511-0000 the british are the region's tourist mainstay. of the games didn't they were always about 30 percent or more of the total overnight stays now we're down to 292 to 3 percent less that's

clearly a break that effect because of the. besides brags that competition from other vacation destinations is also hurting the. hotels here have responded with special offers. and the country's tourist marketing board has geared its efforts more towards the british market the message is clear. that whatever happens brags it or no breaks it even during breaks it. always welcome the british as partners but just like we've been doing for hundreds of years. still portugal wants to protect its tourism center by reducing its dependence on british tourists there's also a shift away from the algo of. seeing the best grows in regions which are less tourism centered it means we're projecting an image of portugal which is very

diverse which can be visited the whole year round the. growth outside of the traditional tourist hot spots is decisive for portugal's future the boom of recent years has often brought the algarve and the capital lisbon to the limits of what they can handle. 3 or 4 fabulous years behind us with 12 to 15 percent growth. and that we have neither the infrastructure the know how nor the qualified staff to keep growing as strongly as it wouldn't be good. but there's no letup in sight for the algarve yet latest figures show advance british bookings picking up again raising hopes the state's advertising campaign could be paying off. and millions of new visitors are now surging in from brazil and the u.s. alone little portugal is no longer the well kept secret it once was. and that wraps up our show as usual you can find more business news analysis and background stories on our web site that's. slash business or on our facebook or

twitter feeds. the entire team thanks for watching and we'll leave you with a quick check of our.

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