doesn't amount to much and services matters more and that's actually still expanding as the reading came in above 50 percent so it sounds like we're at a pretty good place but let's get something straight here that hasn't he and g.d.p. are not the same thing so let's remove the optimism bias and break it down while 86 percent of jobs are in the services economy manufacturing makes up a considerable majority of the s. and p. earnings 68 percent of the s. and p. compared to only 32 percent in services this means that corporate profits are more mainly factoring driven and previously it was the strength of the u.s. manufacturing economy that has been supporting our positive industrial sector news for the past decade they've gotten a huge tailwind from the us energy renaissance that has brought greater access to cheaper energy sources and demand for infrastructure the other big component that drives corporate profits is international trade while international trade only accounts for 10 percent of g.d.p. it's estimated that 40 to 50 percent of as m.p. profits are earned overseas half of that is from rapidly emerging market economies

like china now with the trade war backdrop international trade has been weak and u.s. corporates are starting to see they hit their bottom line so now with the 2 main drivers of corporate profits both getting pummeled are we in for a round of negative q 3 earnings and furthermore is this the start of another economic contraction. and earlier this week we had an opportunity to catch up with steve professor of economics unpatriotic and the author of can we avoid another financial crisis we started our conversation by talking about the economic slowdown in china despite the burst the slowdown the nation's economy is still growing the fastest of all the world's major economies we asked if this was sustainable. growth is if you actually look at a 6 percent rate of growth every year that means your economy doubles and saw as if . that sort of growth is possible when you're starting from the incredibly low

blows that china began with but if you want to eat you want to go to out of the. period and went for export industrialize ocean quite brilliantly but ultimately you have to slow down and of course one of the side effects that rapid rate of growth has been enormous increase in call for fundamentally called base pollution so there's now a major shift in china's attitude away from the new to live people said send it living up to improving the environment and i think that will be a major change in the direction of china for the next 10 years and steve looking at on the other side of the pacific at the u.s. factory activity shrank inside timer to its weakest in more than a decade leaving a deepening worries about the impact of the trade war on the united states the manufacturing activity and showed a reading of $47.00 contrasting for the 2nd month 2nd straight month below expectations have tariffed our way into a manufacturing recession for the united states quite possibly even with i'm not

a great fan of free trade as you know but the right which has been putting up tariffs has been disturbing global 'd supply giants and of course these days supply constraints are global there are about $100.00 countries involved in producing an apple i phone so with all the chair of disruption going on it's clearly going to be affecting the capacity of american industry to continue growing i don't see it as being unlike the 2008 down to them but it quite possibly is going to be a recession which the suddenly trumps tried was would have played a part. so right now and also starts back in 4th quarter earnings to surprise the upside but terrorists are now just starting to hit the tech sector are we being too optimistic here. i think we are i mean we've got to realize we've been in an artificial economy for the last decade the economy has turned around by the fed pumping on q.e. right back in 2010 and if you use had an economy which has started to recover but

can it can barely even cope with 2 percent rate of interest so i think that the fragility is much greater than people. expect which we've created this is it's back in the not in sixty's it's not it's a very different environment and i think profit downturns unexpected costs filed and instruments much more lacking in the current environment than they were back when the economy was actually physically robust and finally steve we wanted to touch on a personal professional loreal oriel that you're getting you are one of 7 candidates for the inaugural not the nobel prize awards which apparently are happening this week in london tell us about what this award stands for against the traditional nobel prize in economics that we may be more familiar with. well the nobel prize was actually instituted by the swedish central bank back in not in 69

as something that was not in the original no billboard at all in fact the noble family has been quite annoyed about the economics prize for its and taj erosion and coming up the 50th anniversary of what i have some friends of mine called the bill board 'd a nick in a way it was an economics and the last straw for us was no it was a being awarded to nordhaus whose work on climate change is frankly pathetically bad and is probably a more of a major danger to capitalism than a number of lifting revolutionaries so we thought we'd actually develop a satirical thing called not the no bill open up to the public and let them nominate non-orthodox thinkers in economics and myself and randall rai and so with a mariano sokoto of 4 of the 7 candidates will know on thursday who wins and if anybody wants to get involved they can just search for not the nobel. we would go in there and put the burden be mostly heterodox steve keen professor of economics and author of can we avoid another financial crisis thanks so much for.

the riots in hong kong have not abated despite kerry lam officially withdrawing that contested extradition bill investors in the city now have no other option than to pull out and they are flowing capital to singapore goldman sachs reported that up to $4000000000.00 have moved out of the city over to singapore over the last 3 months local currency deposits fell to 1.6 percent the biggest drop of 2019 now the monetary authority has singapore reported that foreign currency deposits in singapore have risen to $9300000000.00 as of august it is the known as a reserve of the east as they are drawn to its low taxes as well as the rate highly rated schools and hospitals singapore is not only welcoming hong kong is but also their assets and also india is looking at it as well over $7000.00 indian millionaires left the country over the last 12 months over fears about wealth drain

and capital controls recently capital controls have gone worse in india as the reserve bank of india has restricted withdrawal access to $137.00 branches amid fraud allegations major bank punjab and maha has been put under regulatory restrictions last week which includes limiting withdrawals 210000 rupees for 6 months and this has sparked protests and outrage among depositors who question if any bank is safe at all the r.b.i. now attempted to calm the situation with a statement saying that the indian banking system is safe and stable but no one is buying it depositors still as cannot access their own money withdraw or transfer funds and still have no clarity when they can't get their accounts back. in the u.s. the trouble ministration is moving quickly to target a list of imports from the european union with a value of up to 7 points. $5000000000.00 for tariffs that were enabled by this week's decision by arbitrators at the world trade organization the new duties are currently aim to take effect on october 18th the trump administration has signaled

that it will target hundreds of items including certain imported cheeses cookies fruits yogurts wines and whiskies with tariffs of 25 percent the tariff agenda also notably specifies in some cases that certain items will only encourage charges if they come from certain countries such as german camera parts and warm when items from the u.k. one stakeholder josue prefer the north american all of oil association said his constituents were pleased with the draft tariff list telling reuters quote the total universe of oil affected has been greatly reduced and while you was dinner parties may soon have a more limited selection of snout appetizers more substantially and more to the point of the recent decision the u.s. will target kraft manufacture air bus with tariffs of 10 percent subsidies to airbus and corresponding u.s. government support for boeing or at the center of the long running u.s. you trade dispute. meanwhile in some remarkable breaking news on the u.s.

china terrified 8 u.s. president will trump today chose to link next week scheduled trade talks with his quickly developing impeachment problem in his latest remarkable media performance on thursday mr trump said that in the next round of scheduled trade talks with china quote i have a lot of options on china but if they don't do what we want we have tremendous power mr trump then quickly followed up on the thought saying china should start an investigation into presidential candidate joe biden and his son's business affairs in china. time now for a quick break but hang here because when we return the e.c.v. is back under the microscope in the wake of a major raid and now the major central banks of healing from deep within the l.a. forward to the base american business association of van invited to take us to the side of the. a copy inland and as we get a break he has a number i think. you

know world a big part of the law and conspiracy it's time to wake up to dig deeper to hit the stories that made stream media refuses to tell more than ever we need to be smarter we need to stop slamming the door on the back and shouting past each other it's time for critical thinking it's time to fight for the middle for the troops the time is now for watching closely watching the hawks. who will ever situation a little grandchildren her little children ask their great grandparents. is it true that all these cars used to people grow big. breakroom.

that's what we used to do. in this community there are people who believe that it's ok. it's really hard there are no jobs and you see that i've got kids that ask and as a parent. i can come up with lots of arguments there's a lot of conflict in the game between the 2 most of the conflict i would say revolves around money and most of them money is made. close one on each of those he knows each other is good business the state of california alone makes $6000000000.00 a year of prison complexes you get some point in your life where. you don't care about your so you don't care might anything.

most people thing to stand out in this business you need to be the 1st one on top of the story or the person with the loudest voice of the biggest raid in truth to stand out in the news business you just need to ask the right questions and demand the right answer. question. despite tensions with the us chinese telecom giant following has received the endorsement of the head of india's largest mobile network providers during the world economic forum's india summit so now barton mattel is the founder and chairman of bharti our tel says huawei should not be allowed to help stablish the

country's 5 g. network even with the concerns from the us while other telecom companies have tried to fill the void in 5 g. implementation middle believe that holway has a leg up on the competition saying that while way over the last 10 or 12 years has become extremely good with their product to a point where i can safely say today that their product is significantly superior to ericsson and nokia middle added that india must take full advantage of the relationship with china in this matter and should not risk becoming too reliant on the western companies in the 5 g. fight meanwhile south korea samsung has officially end the production of their smartphones in china the company announced wednesday that the excess comes amid concerns over the rising labor costs and fears of an economic slowdown huawei and shall meet market dominance in the world's number one smartphone market also played a role as samsung shares of the chinese market strength to only one percent in the 1st quarter of 2019 the company has expanded production to come these like india and vietnam in recent years where production costs are lower. right healing

services hoover is making a big play for a larger piece of the so-called good economy with a new app aimed at connecting bosses with temporary workers the launch of an app called uber works in chicago on thursday is perhaps a predictable move but ober exacts may have been more eager to move into a new space is repeat after a strong challenge to their the business model of their core ride healing service in a major us state market california legislators recently passed senate 85 which would effectively deprive goober and solo gig employers such as door. nationalist in task rabbit the defacto power to deny that their workers are employees under the law and thereby avoid the costs and obligations that many other labor seeking bosses have to occur incur guber works app will compete with existing products from fiber and upward. there's been some drama in europe over race while the brags that sideshow goes on with no end in sight so here to catch us up with her takes on the e.u. and the u.k. is hell

a for which the 4 member of the british american business association so hillary let's start at the e.c.b. the e.c.b. is changing one of their basic elements of their policy apparatus with the new version of their benchmark short term interest rate in the wake of this huge scandals surrounding the fixing of the key libel rate so what do we need to know about the new ester well the yes sir is the euro short term right and that's i mean it's been hailed by many as being far more plex flexible and really preventing banks from being able to rig things quite the way they did so i think in some ways you're going to find it very well received the libel or i don't think it was was widely accepted or widely appreciated across and i think it's one of the few things that rodgers. that has not been on lambasted like some of the other moves he's recently made right and speaking of that hillary mr draghi has now officially moved on from the presidency of the e.c.b. but some of the vendettas from his time on your there seem to be lingering over his legacy all over the c.e.o.

of all yawns europe's biggest insurer chose to air some of his grievances with mr druggy in an interview with the financial times and put a punctuation on the drama by delivering his critique as if he were directly addressing mr druggy what's the grievance here between these 2 yes he did he actually what he was referring to really and he was lambasting with the doom and gloom sort of like doom doom loops on the do loops are the fact that really basically policies that were put in place by mario draghi they were really encouraging both bankers and insurers. by government debt was buying government debt was risk free 0 risk and 0 capital capital charges sources do this really kind of bets against business and having governments incur greater debt isn't good for europe it isn't good for any of the weaker economies and i think it's interesting to see a lot of the german executives coming out and being very opposed to any of their contributions to the e.u. being raised and they're very opposed to of course increased government debt has also recently come out in an interview with the financial times he actually

recently said that he felt that government should step up their spending to avoid the you know the euro slowdown whereas basically in 2012 most people say that this do loop exacerbated or magnified the euro crisis. the european banks and i think that's what alliance is referring to that alliance is referring to sun and checking on the countdown as the u.k. seems to be quickly careening towards our october 31st deal or no deal deadline set by prime minister boris johnson he finally table some proposals on the irish border issues in the talks with the and the reviews from the e.u. side were not good but mr johnson's comments on thursday while still defiant they seem to like his usual level of vigor so what's the latest there you know you're right because the i mean not so much bigger i mean it was less sort of like chest thumping that he's been doing recently and i would think that's actually for a number of reasons number one he wants to come across as far more reasonable than he ever has before and i think this was very calculated what he's doing if you look

at all the comments he's made this week including it in manchester the conference of the conservative party what you'll see is all of his comments are aimed at we have something to offer we have a deal even the b b c so that he has a potentially a good deal on the on the table were as was just your record been in the opposition the labor party offer they don't have any alternative they really are the party of no and i think that's exactly the reason the boris johnson sort of toned it down i think that he realizes he needs to come across come across as far more reasonable you're right that. the e.u. did not accept it with open arms and it was very excited about it but they're not going to because they need to maintain their negotiation stance so i think this was a political calculation and i think it really makes them shine in a better light especially visit the german corbyn and the labor government that that has no pows on the table whatsoever and hillary and some of the broader consequences of this irish right to susan mckay addressed them in a new york times op ed today she said that she noted in the midst of the brig's

a debate scotland is preparing for independence and there is a serious discussion here about a poll to reunite ireland with the e.u. in a nutshell she says quote britain has long since lost its empire and this prime minister looks to set to break up the u.k. itself is this. has the potential to become a threat to the existence of the u.k. as we know it well i mean obviously all the way along the line because there's been dissent satisfaction if you look at the original vote the original vote the 17400000 the vote had to leave. that vote they were predominantly in wales and england so yes no news about the scottish they're always looking to make alliances with europe and the french me go back to queen mary but then they are the irish to so the irish you know in the 2nd world war left their lights on for the bombers to bomb liverpool so i mean i mean this is not anything new it's nothing surprising it's kind of what's to be expected i think that you know island has to look after its own interests and they're looking to see right now which is going to be their

closest ally and will be their closest trader so it's nothing surprising at all given very interesting of game of thrones playing out right here hello for which british american business association thank you so much for being here pleasure. and the european court of justice has ruled that member states can force facebook to remove certain content worldwide facebook is criticizing the ruling while free speech organizations are saying it is a threat to online content as we know it. will destroy that joins us from toronto with more now. tell us about this european court ruling against facebook seems quite remarkable. now europe's highest court is saying that if the e.u. can force countries are forced facebook i apologize for facebook to remove content that it deems as hateful now this means that any country within the e.u. can make this judgment and push this forward even in countries that have nothing to do with it so some place across the world where that kind of content is legal might

be affected by this ruling it's absolutely massive so this applies to facebook as well as other social media platforms that it all stems from a case for a from that was a ruling in austria and in an austrian court it was the chair of the parliamentary chair of the green party there she was offended by something that was up and she sued and this went all the way up to the e.u. court and as you can see there the ruling applies to courts only so this is this is the key here so if it has to be a e.u. court or the e.u. just saw the court of justice itself it's not about complaints you can't complain about this actually go through the process but still this is a massive affront to free speech and people are talking about it so now how's that reacting to that. obviously facebook's not too happy about this they're saying it's not our job to be scrubbing down what people post on facebook and i'm sure other

social media platforms are saying the exact same thing here's here's a quote from facebook gives you a little bit of an idea of what they're thinking they say it undermines the longstanding principles that one country does not have the right to impose its laws on free speech on another country so think about that one country has its laws and now it's a in other countries that the cat be viewing something because this is our law so you can't see it either now the ruling as applied to give the courts any nation is any nation in the e.u. . you can make this decision and again this is far reaching this is a global thing that will be decided by it could be a tiny little nation in the e.u. yeah now it's obviously the extraterritorial application of limits on speech presents all kinds of issues and the free speech organizations don't always necessarily side you can necessarily predict if they'll side with facebook or government regulators but what are they saying in the wake of the free speech

saying in the wake of this decision. one of the 1st groups to speak out is article 19 they're from the u.k. they basically said it sets a dangerous precedent were courts in one country could control what internet users see in another country and i think that's really the bottom line here the judgment could undermine free speech on the internet now one thing i think that most people appreciate about the internet is this sort of wild west feel that it's had the fact that anything can be up there you choose what you want to read you choose what you want to see and you know you move forward from there what the e.u. is saying that we're not going to lead and force what you want to see on our continent or within our union but we can force it beyond that. already correspondent alex mann hell of it thanks so much for and. thank you. for 400 list of the richest americans have a new member from the company behind the free to play jagger not fortnight battle royale at big game c.e.o.

tim sweeney enter the list on the 150th with an estimated net worth of $4500000000.00 in 2018 alone the company racked up $2400000000.00 in revenue from their more than $200000000.00 players they also have a robust business in licensing their game engine to some of the biggest players in gaming in july of this year at big games held the 1st world cup of 4 night with an estimated $30000000.00 in total prizes the grand prize went to 16 year old. pennsylvania who walked away with $3000000.00 amazon founder jeff bezos ex-wife mackenzie. bezos also add to the list in the 15th slot with a net worth of roughly 36000000000 after receiving 25 percent of the couple's amazon's stock as part of the divorce jeff bezos remain in 1st place at $114000000000.00 while microsoft founder bill gates and investor warren buffett rounded out the top 3 with a net worth of $106000000000.80 respectively it's impressive that fortnight put this man on the forbes 400 list i knew it was popular i didn't know the game was

free so i guess it's an even more impressive achievement the gaming industry is like one of the highest growth industries in the world right now and we also forgot bernard are not if this were global let's burn or not is still number 2 globally it on the world's richest investor list. that's it by this time you can catch by must on directv channel 321 dish network out to 80 or streaming 247 on planet t.v. the free t.v. ads tell you 79 or you can always hang out with us and you to god com slash will most artsy you next time. round up with a lot of that comes out of. the set of one among them. a fondness for the main t.v.

. not the high. of the month when the sun shone. totally unknown to me a lot of the. then that it is someone who did the board. why paradise with so much all year round turned into a round experimentation feel with an agricultural chemicals we know that these

chemicals have consequences they are major irritants there's no question otherwise why would the chemical company workers themselves be geared up and suited up locals attempt to combat the on regulated experiments but often in day you have many of these people. on foot into the biotech pharma and the other foot in the government regulatory bodies this kind of collusion is reprehensible while the battle goes on the chemicals continue to poison hawaii and its people so one has to ask the question whether there is a form of environmental research going on in hawaii whether these companies feel they can get away with those because the people have less political power. senator chuck schumer famously said shortly after trump was elected to take on the intelligence community they have 6 ways from sunday at getting back in line to the failed russia gate hoax and this nonsense with ukraine this characterization

appears to be spot on should be all fear the deep state. of the situation. graham children were little children in their great grandparents . is it true that. these cars used to people drive to the breakroom to. speak with so many people because they copied. bad copy sending. i'm not anybody in. on the find the next guy. who looked up. something into.

the clicks and moved. to the. what does have to say. that is going to be that. it's a. long long while the next. 100. dollars. sees. you.

this hour's headlines stories north korea the us are set to resume stoled nuclear talks in sweden with both sides weapons in the days leading up to the meeting. ecuador's president declares a state of emergency as the country is gripped by nationwide protests soaring fuel prices. personally her attempts to end the turmoil triggered by his dissolution of parliament we spoke to jail former brazilian president lula da silva about the crisis and how it feeds into a broader regional trend. i think is see the so you think happened.