plenty of encouragement for companies like apple which have received public funding . from their very get go and we really need to see far more diversity at the grassroots of the economy to to channel that kind of innovation and it seems that the large companies like apple once they reach a threshold like this they need a lot of public scrutiny to keep up with that kind of responsibility of being so large company a leg that needs to be under public scrutiny and to perform at a higher level and providing innovation rather than at the monopolistic in their aims last month aapl along with google facebook amazon were questioned in the u.s. congress and were told they have quote too much power under a danger to the american economy have they become too powerful i don't want to blame apple and google and amazon so much as i just think the rules should be applied fairly and evenly to everyone so everyone has a chance to get to get big and wealthy and serve the community consumer to

excellence i think that's the most important thing and there's a that's the essence of what we mean by free enterprise it's supposed to be equal rules for everyone and that is not the situation today people making the point that facebook for instance have had more influence than than most governments but is there anything wrong with that why should governments have a monopoly on power. that's such a fascinating question as governments become centralized in any fashion there is opportunities for collusion with with businesses that are succeeding at a certain level that's when we start having this stratified rule set the rule of law starts to break down in any country and once company can overtake and work with the politician is supposed to be protecting the public then you can get some you know problematic behavior that's unaccountable and then the rule of law breaks down

again that wraps it up appreciate the company throughout the morning and early afternoon to stick with ulti if you can plenty more coming your way in half an hour in the meantime you can check out of the stories by heading to a website on. welcome back concert report summer solutions series on that was daisy harbor and today we're going to be talking about the banning cell. style sovereignty self cost and. reliance joining us very quickly will be janice and she's done.

this is a boom bust the one business show you can't afford to miss in washington coming up weekly jobless claims the united states has seen a bump yet again pushing the number over 1000000 straight ahead we'll break down the jump in new claims and 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 copa 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 the 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 20. 5000000 witness 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 kudlow also promised a new round of aid will be provided to unemployed americans in the coming weeks the u.s. did add $9300000.00 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 in the elections over they do not want the kind of open they do not want to give president drop any type of victory so the job that are really at this point meaningless watch the markets we know that the economy and markets don't 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. we are on the way back i don't think there's any. clear evidence of a v. shaped recovery i think we've plateaued on the entire recovery 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 baba 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 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 will continue to face headwinds from the global political landscape and the tensions between china and the us 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 such 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 critical industries such as semiconductor c.p.u.'s while severus bob i want to follow up on that actual point that christine just made there analysts are expecting china to replace all 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 the key technology comes from us we had 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 suffer as are 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 could 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 they're 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 their bear 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 for about $1430.00 for 3 years which is just above germany's poverty line so these people of the people who sign up to participate in the study they will be compared to people who will not be receiving these payments and the objective is to produce actual scientific evidence and if works 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 of 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 a 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 up 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 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 and it. 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 to do and quit with all the freebies that square with those girls. which and move forward as that of having everybody said oh i'm doing their thing drinking a beer and watching t.v. boom bust co-host christiane tata baba 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 user's 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 legal 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 u.s. to pass privacy laws that protect consumers from invasive technology legal journalist molly barrows contributor with america's lawyer is following this 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 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 now 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 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 to 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 a 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 oh 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 could 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 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 of what's going on but as we go to break here are the numbers at the close.

to. yours. last time almost a lot of them said ask for the last of anything and i'm of the rest of the batch pro who should have been a christian so you. were just. describing the. legion. now look are so sad i'm not going to march to the mama.

welcome back there are few industries in the world 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 and investigative journalist bence want to 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 aspect 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 the 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 troublous of biggest thing right now obviously mainly just

because of border closures you know here in cannes 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 national 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 don't 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 are in the rural areas the small airports are going to be cut 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 well 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. your 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 cruises what do you see in there. you know i have to agree with the survey i talk to anyone who loves a 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 on to their cruises and what would that mean social distancing or maybe implementing more cleaning 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 the 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 from. and finally 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 that 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 od the band on the brand new portable t.v. app which fillable 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. an entire village in alaska. if another country trying to wipe out an american town . we do everything in our power to protect the. water that is skipping the climate change is the same threat right now alaska seems some of the fuss just coastal erosion in the world we lost about 30 feet. 35 feet of ground in just about 3 months while we were measuring. it is fast paced the river is $35.00 closer than how. was your or were part of the 1st for.

breaking news this hour russian opposition figurehead i would say not only has tested negative for the president of toxic substances as doctors roll up poisoning for now. also this hour the exiled belorussian opposition leader urges her fellow citizens to keep up the pressure on president look i shan't go but more strikes and protests as president large rallies both for and against him are held across the country. and the u.s. requests to reimpose sanctions against tehran is rejected by the remaining members i think iranian nuclear deal.