and to be so great. that. we're going to have to bury them maybe in part. maybe in potters. this truly has become a symbol of the current demick in new york. this is a boom bust the one visit show you can't afford to miss more in washington coming up weekly jobless claims the united states have seen a bump yet again pushing the number over 1000000 straight ahead we break down the jump in new claims what it means for the overall economy plus the struggles continue for facebook as the social media giant has reached an agreement for a major settlement in a facial recognition soup will bring you up to speed as the travel sector has been

battered by the covert 19 outbreak we take a deep dive into the fate of the industry with expert analysis with a packed show today so let's dive right in. and we lead the program with the latest jobs at this 6 in the united states now the u.s. labor department said thursday initial jobless claims for the week ending the 15th of august came in just over one point $1000000.00 analysts had expected a downward trend to continue after claims fell below $1000000.00 for the 1st time in nearly 5 months the week prior now the labor department also reported that continuing claims which measure those receiving benefits for at least 2 weeks declined by more than 630000 leaving those still seeking benefits at just over 14800000 but well below the nearly 25000000 witnessed back in may prior to the release of these latest figures white house economic adviser larry kudlow told reporters wednesday the country's economy is rebounding. quote very very strongly

adding that it's on a self-sustaining recovery and it's a v. shaped recovery called low also promised a new round of aid will be provided to unemployed americans in the coming weeks the u.s. did add 9300000 jobs in the 2nd quarter of the year but not enough to recoup the 22000000 jobs lost in march and april alone now for more on the state of the u.s. economy and what's moving markets let's bring in boom bust co-host christine and todd horowitz chief strategist at bubba trading thank you both for being here i want to start here with you now these jobless claims are notably worse than expected and now it's been about 4 weeks without that $600.00 a week care act benefit for these tens of millions of unemployed americans what is going to happen here and what are the contagion effect of these persistently high unemployment numbers on the economy. could have been brought back to listen let's face it the numbers are great but the economy is slowly reopening and what you're

really have is a political battle you've got the democrats the love trying to keep the economy shut so it's hard to get people employed when $0.25 are really still going to shut down it's not logical it makes no sense it's a bunch of political crap that unless they resolve it is going to be like this until the election is over they do not want the economy open they do not want to give president drop and have a victory so the job that are really at this point meaning us watch the markets we know that the economy and markets relate but there's plenty of money being invested and markets are making new highs and again we now understand that it's the politics that are holding these jobs back not the economy christine i want to get you to weigh in on that quickly before we move to the next topic you know do you see this as the v. shaped recovery that larry kudlow is promoting and do you agree with baba that we are on the way back i don't think that there's any any evidence clear evidence because i think we've plateaued on the entire record. front as it is. right now

a political battle between the democrats and republicans trying to open the economy or not and right now because of that stagnated the entire stimulus package right now we are moving up at all but we're not moving down at all either so we have plateaued on the entire recovery front but the fact of the persistently high unemployment numbers that is going to be very very worrisome and troublesome for the entire recovery story and i want to move on to something else here ali just reported beating quarterly revenue and profit estimates thursday as traders continue to monitor the situation between the united states and china continues to remain a potential target if president makes further moves against chinese companies i was actually responding to this well i've just reported spectacular earnings as the company's stock is actually up about 23 percent year to date right now its core commerce and cloud computing business is still very solid as demand continued to grow as it is very on trend with this entire stay at home play so it's domestic commerce business has not fully recovered to the pre-code levels and while

computing revenues that group about 59 percent across the board year over year however despite this very very upbeat statement by management they reiterated that ali baba will continue to face headwinds from the global political landscape and the tensions between china and the u.s. stated that they are closely monitoring the situation this latest shift in the u.s. government policies towards chinese companies which is a very fluid situation at the moment but as for investors and traders they're already getting a head start and they're taking bets on china's efforts to replace u.s. technologies with indigenous applications to run its network so most recently state local state firms have announced plans and procurement fostering homegrown technology companies and it's china is taking a more defensive approach right now as decoupling from u.s. tech companies so chinese vendors stand to stand to gain a huge huge amount of market share as it quickly ramps up investment in r. and d. in critical care. industries such as semiconductor. severus and now bob i want to

follow up on that actual point that christine just made there analysts are expecting china to replace all the computers using u.s. chips in the next 5 years so it looks like the future will have that decoupling that we just mentioned there what does that look like with the fragmenting of technology and protocols and who stands to benefit from it to come play between the united states and china when it comes attack. the united states is the benefactor of all this again that the key technology comes from us we have to share stuff with them we are much farther ahead on the technologies oracle than they are and more of our allies are more equipped to go forward believe me china will suffer more than the united states will ever stop or through all this because again they argue that commie that wants to be totally big hated by a dictator and that by a full government and not by the people so the end of the day it will not hurt the

united states whatsoever and you get it again you can see it in the some of the ship stocks here that really knows what's going to happen but yet even intel is big dollars and was making a comeback so if you look at this industry and you look at what's going on it's more of the harassment and things that are going to have budgeted because markets are far too efficient not the price and if they suspect that there's going to have big problems with the changeover but u.s. companies obviously want to be in china because it's such a huge market base but that christiane moved to germany of course they. had to move to germany now they reported that it's about to try there they're about to try their hand at a universal basic income study what's going on there so they require that they're going to start a 3 year study to observe this the effects of the economy utilizing basic universal basic income $5430.00 for 3 years which is just above germany's poverty line so these people of the people who sign up to participate in the. they will be compared

to people who will not be receiving these payments and the objective is to produce actual scientific evidence and if you are not so right now the opponents are saying that the people won't will stop working or this will incentivize them to find work very similar to the $600.00 per week unemployment benefits that we've had meanwhile proponents argue that people will continue to do more fulfilling work so there are 2 schools of thought right now and this is an experiment to research to see whether or not universal basic income is something that should be applied in a situation such as this where you have persistently high unemployment all around the world so finland also experimented with this own form u.b.i. for nearly 2 years as well and they concluded actually that while it led to people being out of work feeling happier it did not actually increase unemployment employment or productivity at all so there's also the argument that you are also inherently inflationary and in attempting to move all of the individuals out of poverty it it just simply raises the poverty line so this will be an interesting

experiment to continue to monitor i just saw you close your eyes to shake your head give us your quick 45 seconds on. u.b.s. . universal basic. right out of the water you know that it's a crock it's never works this is the only place you have a chance to work was friendly because they've got enough of their own natural resources that they could have made it work and they did give it a good shot but again it does not promote productivity it promotes nothing if. you don't do enough and that's not what building businesses and what earning money is about is about getting something not to go to work going to job that's what you should do and quit with all the freebies that square with those garbage and move forward is that of having everybody doing their thing drinking a beer and watching t.v. boom bust co-host christine. horowitz thank you both. breaking it down for us today

. and regulators have delayed a ruling over how much if anything to find twitter for its handling of a data breach disclosed in 2019 now twitter was set to become the 1st tech giant to face a fine from ireland's data protection commission after the body submitted their decision to e.u. member states in may but some regulators objected to ireland's initial ruling which will cause a broader group of regulators to seek a majority decision as part of the use general data protection regulations rules introduced in 2018 regulators can levy a fine for violations of up to 4 percent of a firm's global revenue or 20000000 euros whichever is higher now the initial issue stems from a bug in twitter's android app where some users protected tweets were made public and the company's failure to notify authorities in a prompt manner. and meanwhile facebook is already settling one multimillion dollar

lawsuit over its illegal use of facial recognition technology while its other social media platform instagram was just slapped with another massive suit over the same issue both cases were filed in illinois one of the 1st states in the us to pass privacy laws that protect consumers from invasive technology legal journalist molly barrows contributor with america's lawyer is following the story and she joins us now to discuss 1st of all molly we got to get to the bottom of this what's the gist of these lawsuits. i know what they're both over the same issue but these are 2 distinctly different lawsuits although you know instagram is owned by facebook so facebook just last month agreed to settle a lawsuit and it's preliminarily approved for about 650000000 basically they were accused of using that facial tagging app to illegally harvest data and collect it so they were sued over that they're working on a settlement now in the 2nd lawsuit again instagram is the one facing this one and it's pretty much very similar basically they're saying that they used biometric

collected biometric data using a similar face tagging tool and are collecting it and harvesting it both of them accuse the both are accused of doing it without people's permission doing it without their consent which is why they went to illinois because they have a law that allows them to do that and that's why both of those lawsuits were filed in illinois so it's interesting there are some similarities to suits but there are definitely different you know what are the concerns surrounding the use of facial recognition technology especially when you're not talking about something like infringing on your rights in a legal standpoint you're really just talking about the use of it inside of an app to what they would say makes an ease of use situation. exactly and so that's really a big question for a lot of people that follow all of this gathering of tech gadgets for instance you know you go on facebook especially during coronavirus we saw a lot of people sharing and playing that game of. you know post your picture now and post

a picture through throwback way back when of you in high school or when you were a kid and it turns out the more i looked into it that actually helps them gather their biometric data if they can compare the way you once looked the way you look now they can start to tell the differences the nuances and of course they'll sell that information is being useful and is like oh it's easy to unlock your phone this way the facial recognition act is a security tool and we heard about you being used in airports and we certainly want to dennis i people that are on no fly lists so i don't think anybody really has a problem with the fact that it could be useful and helpful but the real problem is what are the big bigger implications as to how this data is being used there's so much of it technology is growing by leaps and bounds and they have found flaws in the system there's not a lot of federal regulation some people are being misidentified and there's biases inherent in the system as well i mean there was a study done in fact of they tried some new facial recognition software brand on members of congress and it miss recognize it actually accused of false number of the people that they studied as having been arrested and most of those that were

accused of being arrested which they hadn't been were minorities so there's some inherent concern about bias being in this data collection and just not know enough about it so if you have facebook and instagram collecting all this data and supposedly using it for your convenience there are laws which is why they went to illinois the biometric information privacy act they're much more stringent they're saying hey we don't really know what you're up to but you can't do it without users permission unless they gave you permission that's a no no that's why you're seeing those suits file in illinois you know facebook has preliminary approval to settle the lawsuit it faces for $650000000.00 and instagram could face up to $500000000000.00. dollars related to the other class action lawsuit or fines like this is actually going to hurt the company. i think they look at it like what a shame you know really is just a fly on a wedding cake you know i'm not sure that it really makes a huge difference in the legal bills are tremendous they continue to face other friends in different places. but you know they made 18000000000 facebook made

18000000000 in ad revenue and their latest reportings quarter and so i don't think 560000000 is going to be it's just a drop in the bucket compared to what they're already making but it is one of the reasons actually that they ended up this preliminary settlement was settled with the court he said 650000000 they had to raise it another 100000000 because the judge was like look our law says you can collect up to you know 80025000 per person you're not even coming anywhere near that and anyway that's why the instagram class action lawsuit the different one but that's why they could potentially rake in like 500000000000 because if they got the maximum amount that's provided under illinois law they could really rake it in but that's not what happened for instance in that other settlement with facebook that they're agreeing to so they recognize that there is value to your data and so that's just a matter of trying to find a number that is significant to the consumer but these companies are making so much money is it ever going to be significant or a deterrent to them if they are up to no good i had doesn't seem like a week you continually see this with it's molly barrows contributor to america's lawyer thank you so much for breaking it down it's time now for

a quick break but here because when we return the travel industry has been one of the most impacted by the copa 19 straight ahead where you get some expert analysis on what's going on as we go to break here the numbers at the globe.

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welcome back there are few industries in the world 'd harder hit by the coronavirus than the travel and tourism sector without question 2020 will go down as one of the worst years ever for the industry but in reality we're only in august and still have a long way to go already the effects are being felt in fact the hotel industry is warning that as a whole they are facing an absolute economic disaster and a desperate plea to congress submitted this week the industry claims that nearly 25 percent of all hotels in the united states are at risk of foreclosure simply put those hotels have loans that are at least 30 days delinquent or longer at the end of $29000.00 the same number was 1.9 percent of hotels and this is just the beginning so joining us now to discuss is boom bust co-host investigative journalist ben swan and travel expert from money we have dot com very choice thank you both for joining us today ben i want to start with you can you give us a rundown quick of some of the other aspects of the travel industry stuck struggling right now. yeah it's kind of like

a pick your poison kind of situation right now it doesn't matter what part of the travel industry you're in right now things are going very very poorly you have the airline industry quantas airlines out of australia saying that for this last year of this last fiscal year that is they've actually lost $4000000000.00 in australian dollars in terms of revenue that's about $2900000000.00 u.s. dollars and they say international travel for them will not resume until the middle of 2021 the middle of next year you talk about the cruise industry you know the cayman islands saying that they're not going to allow international cruises to come in to the cayman islands until at least after december 31st of this year so it doesn't really matter what sector you're in everybody's taking it on the chin right now barry there are destinations like bali of that plan to reopen to tourism by september but overall are people actually traveling right now and will tourism pick up again this year or is everything going to shift to 2021 or is it going to be 2022. i think it really depends on where you live regardless where in the world you

are i think domestic trouble is the biggest thing right now obviously mainly just because of border closures you know here in canada i can only go to certain destinations u.s. citizens can only go to certain areas but if you can stay domestic there's definitely an opportunity trouble and the interesting thing is a lot of these countries around the world they've got their best laid out as ali was trying to open out later this month they've already had a delay are through the caribbean early so i can cope and i had the greek lows of borders so i think a lot of these countries around the world are see what other countries are doing especially in europe and asia and trying to decide what is the best course is that he said maybe that's just you know recalculating maybe focused on 2021 ok some domestic and just hope for the best for now and now but i want to go back to the airline industry now we know that smaller airlines worldwide have been struggling is there any sign that things are getting better for airlines especially in the u.s. where congress that has already given them a bailout will congress to give a huge bailout to airlines as you know and the real. ality is that bailout actually

had some strings attached to it which is that they could not lay off certain workers and they had to continue to provide service for customers up until a certain point that certain point september 30th well as of october american airlines has already said they're not going to cut flights to 15 different small cities across the u.s. because starting in october they're no longer bound by part of that 25000000000 dollars that they received you know in part and so i think that's one of the issues that we look at whenever congress comes in and bells out these these companies they do attach to it but as soon as that time runs out it's customers who are left waiting now and so we don't you don't necessarily blame the airlines for the decision that they're making they have to make business decisions here but it's bad for customers all around and then we look at airlines around the world you know smaller airlines like over in the u.k. you have easy jet and ryanair which both right now are struggling and don't even know if they're going to be able to stay in business at this point i know barry you being a travel expert you also deal with personal finance i assume you're dealing with

people regularly what about these airlines begin to cut these routes because if air travel becomes more complicated for travelers won't that simply weaken the willingness of travelers to use them what i'm asking here kind of is are airlines about to find themselves in a very vicious cycle. definitely but in the end it comes down to business decision you know they've got to remain profitable and if they're finding that the smaller destinations smaller airports are making the profits to have to come in you know everyone talks about government sanchez you know they've been held out to certain extent certain conditions that when that money runs out they need to think about their autumn life so unfortunately that means people who live in the rural areas the small airports are going to be cut out at the same time maybe that means airlines can consolidate at their major hubs and refocus you position their search carriers and focus on routes that will be profitable right now though where are those routes going no one really knows based on their courage probably should say even if you want to travel you've got to know what any court you watch that exists in other countries or richard hall and what local regulations are currently in

place i mean air travel seems to be certainly complicated right now and it may be bad there is one silver lining for the cruise industry is that a new survey shows that the vast majority of past cruisers surveyed say that they plan to cruise again before the end of 2021 that's some good news right where it is good news certainly for the cruise industry it demonstrates you know that a lot of people are anxious to do that again in fact that number is 86.6 percent of those surveyed said that they were going to cruise again before the end of 2021 what's interesting also because of buried in those numbers when you dig down on them though is the fact that those same majority of people say they do not plan to fly to the destination to get on the cruise they would rather travel in a different way or take a cruise that's closer to where they are rather than getting back on an airplane so i do think you know through all the talk of what it means to create safety protocols and just traveling in a safe safer environment is also somewhat of a turnoff to people because there are so many hoops that they're jumping through in

order to travel and so the fewer steps you have to take in order to do so it seems like that's where people are leaning very what are you seeing with the cruise industry because it's kind of a self-contained vacation you go get on have. you're restaurants you have all your detainment all of that taken care of and the people who like cruises as we see from that survey really love truces what do you say in there. you don't have to agree with the survey i talk to anyone who loves to cruise and there they can't wait to get back a lot so what the cruising industry do they're basically going to have to appeal to their core audience to before they want to make sure this audience these customers are going to feel comfortable republican any of their cruises and what would that mean social distancing or maybe implementing more clingy as far as new customers are concerned they're probably like putting them on the back burner right now they realize it can be very difficult to attract so they're probably not to put a focus there so they're really working just on that and we're going to sit around and rebuilding their brand after all the negative press they had because

a cold 1000 travel expert barry choi co-host ben swann thank you both for joining us today. and fired me are you one of those people who feel overwhelmed when you watch your favorite streaming site do you generally spend more time sifting through titles than you actually spend watching content that's actually me right there and if you're like me you may be in luck as tech crunch has confirmed streaming netflix is testing out a new shuffle play feature now according to reports netflix will look at what you've watched in the past as well as things you have saved on your list and decide the perfect fit for you might even grab a random episode of a show you watch regularly now there weren't any broader it details on a roll out of the program to come but the company did tell the verge we run these tests to different countries and for different periods of time and only make them broadly available if people find them useful and that's it for them you can catch the bus saga band on the brand new portable t.v. app which spilled on smartphones and tablets through google play and the apple app store by searching portable t.v. portable t.v.

can also be downloaded on newer model samsung smart t.v.'s as well as roku devices or simply check it out at portable t.v. we'll see you next time. summer's solution it might mean just sort of all out during this series down today recovering would be dollars a day globalization what comes next with the investment manager lawrence. lawrence look up. is your media a reflection of reality. in a world transformed. what will make you feel safe from.

tyson nation full community. are you going the right way or are you being led so. direct. what is true what is faith. in the world corrupted you need to descend. to join us in the depths. for a mate in the shallows. crazy . glue no. he just took out a syringe and he made a shot but heroin. i have been waiting for the moment of complete and total societal collapse i never knew it would happen this. new york alone has become a place of dozens and dozens of demonstrations were driving through brownsville one

of new york's neighborhoods that has the worst homicide shootings rate in the city . so you know. after all they better get going. oh my god this is the most of the seems to. be going to the 2nd grade so we're not even done with the 1st one. little let me finish. it's a mess what's going on behind those walls. kind of. response . and you're doing nothing about it. we're going to have to bury them maybe and. maybe. this truly has

become a symbol of the. new york. nationwide protests. in the wake of the country's election. despite warnings against meddling in the deloris european leaders agreed to impose sanctions themselves prompting the accusations of hypocrisy. u.s. the. resumption of un sanctions against iran accusing the country of violating the 2015 nuclear deal even though washington 2 years ago. russian opposition figures.