originally he was doing well i don't need his old to sins of this world is that there is no way it's because you know it's the records least. vulnerable in the streets to be invisible. this is the one business show you can't afford to mess unfair monta in washington coming up to european law may force the break up of big tech companies on competition will lead up to find jobs up to 6 per cent of global revenue in the u.s. food and drug administration here in the past for a 2nd cloven $1000.00 vaccine self i would turn out that thing in a highly effective we could feel a lot of the vaccine by the end of this we have

a lot to get to so let's get started. a big move by the e.u. would attempt to break up the monopolies held by big tech companies that news as new rules were announced today by the e.u. in an attempt to either curb tech company power or even force those companies to break up well joining us now to discuss such a bus ticket of journalist ben swan and we've had this conversation before but explain what comes this time in this package and this reform announced by the e.u. . yeah this is pretty interesting there is something called the digital markets act and the idea behind it is to actually call for fines of up to 10 percent of the and you will global turnover of tech companies their annual revenues not their profits of their revenue so that's pretty significant up to 10 percent of that for companies that are so-called gatekeeper companies that would be facebook that would be twitter that would be amazon that would be any google property google and you tube right the idea behind this is to not try to to narrow it into just one kind of

tech but across all the tech spectrum of so-called gatekeepers and essentially punish them if they do not comply with the new rules that have been set up in order to protect privacy and to force these companies to not act in a way that is considered anti competitive or antitrust well then hasn't the e.u. already assess these massive fines on those companies why are they taking these additional steps and why now. yeah that's a great point actually yes the answer to that is the e.u. for its part has consistently as you know fined amazon fined google fined facebook for violating their rules over and over and as you and i have talked about all the time sarah and the key problem here is the fact that these companies continue to break the law remember this isn't just oh we're violating some kind of rule these are laws that have been passed across the e.u. and these different countries like france and germany continually say hey facebook

is violating the law google is violating the law so they assigned them record size fines and by the way every time there's a new fine it's a new record in terms of the amount these companies have to pay but as we've talked about these companies build this into their actual bottom line in terms of a line item in their budgets to say we're going to pay fines because we're going to break the rules if you find somebody a much smaller i'm out then they can actually make committing a crime why would they stop committing the crime and that's what the point of these these new rules are is to say we know you're not going to follow this because the fines aren't enough and so as a last resort under this digital markets act would be calling for the breakup of these companies saying ok you won't follow the rules you won't follow the law we're actually disband the companies and break them apart in order for them to function and then how is this different if at all from what the united states is trying to do here. well it's somewhat different in that the u.s.

is talking about this through this brand new lawsuit that's been filed right 46 states attorneys general have been a part of this along with the f.t.c. and what they're essentially saying is look the the these companies are acting in an anti-competitive way but remember the anti-competitive lawsuit that's been brought has been brought specifically against facebook in the lawsuit by the d.o.j. that's a separate action against google the accusation here is that google is is you know too big and is violated antitrust but there is no prescription called for what makes this different is that there is a very clear set of punishments up to anywhere from 6 percent to 10 percent of your gross revenue will be fined every single year that you violate those laws that's pretty significant and that number could continue to grow if you become a repeat violator there we're just going to break up your company and so what makes this different is in the united states we're going after a very specific companies and very specific grounds in this case it's creating a law that says anyone who is a digital gatekeeper and by the way who is

a market leader that controls a sizeable portion of the market those companies fall under this law and these rules and therefore it's much more broadly based and it doesn't require specific action of anything that has to be proved from the past everything against google and facebook in the u.s. based on past action this is based upon what these companies do moving forward. and that's interesting but these new e.u. rules also are dealing now with some harmful content what are those what it's not a what is that about yeah it's interesting so in this case it's also calling for up to a 6 percent fine of gross revenue for companies that allow harmful content such as violence and murder on their websites and facebook as a come under a lot of fire for this because of people using facebook live you know to to live stream suicides or live stream or murder companies that don't properly police. that allow that content up they would ultimately be facing fines of up to 6 percent of

their gross revenue what's a little bit concerning about that part of it to me though is the word harmful harmful content can mean a whole lot of things that simply become harmful speeches that suddenly become anyone who decisions in terms of their political or economic or medical beliefs and if that's the case then the companies really crack down on anyone who doesn't kind of fall in line so there's a bit of a slippery slope right how are they actually going to define harmful what does that actually mean co-host investigative journalist ben swan thanks so much for breaking this down for us as always sarah thanks. another big day for operational work speed as the u.s. food and drug administration announced madonna's kovan 1000 vaccine is highly effective it bolstered the shots chances of being cleared for emergency use by this week and as a vaccination campaign gets well underway in the united states lawmakers are back to the drawing board they're trying to hammer out a coven 1000 relief bill artie's trinity chavez has more from new york. the f.d.a.

has released a detailed analysis of windows code 19 vaccine and says it supports the authorization for emergency use the agency not only says it is safe but also 94 percent effective a critical step forward to ending the pandemic went through today a pivotal moment in the fight against covert 19 have asked the f.d.a. releasing a detailed 54 page report affirming the massachusetts biotech firms findings that the vaccine is about 94 percent effective and poses no safety concerns that would prevent the agency from granting an emergency use authorization each coburg 19 vaccine that f.d.a. potentially authorizes will have been through the typical numerous stages of safety review and more the analysis comes ahead of a thursday meeting where the f.d.a. is vaccine in relation biological products advisory committee. is expected to recommend that emergency use approval. a move that would make mcdermott's vaccine

the 2nd to be rolled out across the country the 1st one from pfizer and biotech in making our emergency use authorization determination the f.d.a. can assure the public and medical community that we have conducted a thorough evaluation of the available safety effectiveness and manufacturing quality information. this as more states begin vaccinations and what is being called the biggest inoculation campaign in american history. 3 health care workers coast to coast getting that code in 1000 shot a nurse in new york who has been caring for kovan 1000 patients the 1st to get the vaccine i feel great it didn't feel any different from receiving my annual influenza vaccine i am very proud to be a health care worker and i'm also very proud to be in this position to promote

public confidence. in the safety of the vaccine while a coven 1000 vaccine is a step in the right direction millions of americans continue to struggle with financial turmoil brought on by the pandemic. things are gonna mean bills are coming are still though the leadership in washington has not agreed on a stimulus package therefore a bipartisan group of lawmakers unveiled a detailed kuvin 1908 proposal to try to help congressional leaders to strike a deal on a new round of virus relief to make matters even better we have to because with every good negotiation you want to make sure you've covered everything and we did that the group proposing to break up the $980000000000.00 stimulus package deal into 2 bills the 1st one a $748000000000.00 aid package that contains money for struggling businesses the unemployed schools and for vaccine distribution the 2nd one proposes $160000000000.00 aid package for state and local funding favored by democrats and

g.o.p. provisions shielding businesses from qubit related lawsuits now it's still unclear which if any will be passed but one g.o.p. lawmaker pointed out that going home for the december holidays without passing a coronavirus relief bill was simply not an option reporting in new york trinity child as r.t. . stocks hit session highs tuesday morning on renewed stimulus hope as congress continue negotiations on another economic relief package and coburn 1000 vaccines are rolling out across the country well joining us now to discuss. christiane ottavio moran's the c.e.o. of open house. let's start with you this new plan is calling for about 740000000000 and spending for programs such as federal unemployment benefits and p.p.p. alone how is this plan any different from other proposals we've seen and what are the chances this is actually going to get done. well the bill that was floating around was

a bill for $908000000000.00 and that seemed to be possible there was enough agreement on that so that basically space into 2 pieces one piece for the 7 $148.00 in which it will be uncontroversial stuff. through those things. on station and that's what i'm calls of the motherhood and apple pie a portion of it very easy to and is explicitly been chosen for that we use a slice but agree and then it's not a 160000000000. which is also state mobile government that's much more contentious and i think that seems unlikely to so someone who has been specifically chosen because there's widespread agreement that it will go through and the 168 and that remains i think it's going to be for the contests and difficult and this isn't the one that includes any stimulus checks for the american people cracked. afraid neither one of them includes any stimulus checks to the american people that they're all it an extension of unemployment benefits and that will certainly help

people directly but there's no actual direct stimulus checks the way we saw last time around now that's not going to happen this time well christi despite the market getting this boost today several names they remain under under a lot of pressure most notably the i.p.o. names they got priced last week like air b.n. b. and or dash for example what's going on with them now. well those were the 2 most highly anticipated ikea's of the year and both of them doubled their i.p.o. price at the very 1st day so both companies air b.n. b. they raised over $3500000000.00 in their offerings despite both never ever having turned a profit in any year they've ever operated which is really crazy to think about in terms of the valuations now so originally were for smaller companies that were profitable and had a business model that was proven to work on a small scale so i.q. was always allow these companies to access capital and then expand but now i are making it quick and to grow quickly despite not having a proven business model and how to actually generate profits so in the 1st 9 months

of 2020 door dash lost $149000000.00 competitors over eats and they haven't made any money either so no one has proven that you can make any money with this kind of business model but that doesn't really matter in this environment because as long as you can show continued growth investors will continue to pour capital in because right now interest rates are so low money is cheap so these types of companies they can attract all kinds of investors especially the robin hood investors who are the the only ones in these names for pop and not for the long term support holders of these names so if you look at the recent i.p.o.'s you have see 3 ai down over one percent today on top of yesterday's 10 percent slide door dash is down almost 3 percent b. is down over 4 percent on top of yesterday's 7 percent debt so you see all these big massive retracement which is very predictable because that was the same trajectory as and live when they i.p.o. as well so you have a ton of hype going in but not

a lot to show for it afterwards and the excitement dies down and those there's no clear path towards any sort of probability that sentiment die down pretty quickly but i want to move overseas to the u.k. where the country you mentioned job losses here in the united states well in the u.k. is also facing a record high in job losses in the last 3 months through october the labor market is continuing to deteriorate how is the government tackling this especially as we get into these slower winter months and we see a lot of restrictions placed on these countries. well i think the u.k. is running it sooner and mislead people a bit with this to 6 a pound plant laws and i know governments like to do that in any case but if you look at the office of national statistics in terms of look the same the unemployment rate is the saying it went up from 4.8 percent 4.9 percent just recently and that's pretty good i mean that those numbers out when you look a bit more closely at that you does it almost 10000000 employees and. another being paid 80 percent of the saudi government basically said i think i'm the most

definitions of you consider that. you certainly said on the government dole that stage you see money go to being there but you know the tourist a stretch of definition you could go on the side of those people still employed and therefore will be counted as unemployed if you didn't count those people to be on the over the dock to get a truly horrific unemployment rate you. so what's the u.k. government going to do about that well i think they're going to continue that kind of classification strategy so that. those people who are more employed if they're going to extend the program in march who knows how it continues on in the can only go for so long to get it crashed that's the approach that taking basically one 3rd of the working population is under employed or unproductive or outright unemployment especially with these these lockdowns and restrictions that are placed with the growing number of cases kristie meanwhile over in china corporate defaults

they're starting to hit the market what's happening there and do you think this may pose some sort of widespread rest to the entire financial system. i think in this particular instance the situation is too small and too specific to pose any sort of widespread rist of financial system on market so this isn't like bear stearns and lehman brothers where they cornered the market and post a systemic risk to the system if they default and failed so this particular situation came as china's largest textile maker sent on noir appear to have set the default for a 2nd volume within a few days so china is the 2nd largest bond market in the world and it sends up by series of defaults by these big state owned enterprises in recent weeks so as a result china's regulatory arm has now shut down the top credit rating agency after former execs have been accused of receiving massive bribes so these crédit anythings they've been long criticized for supporting the aaa rating even though many of the state owned enterprises face defaults so the system does a really poor job at measuring risk something that the u.s.

on market also went through and suffered the hard way as well so these government agencies are eager to upgrade their ratings in order to attract customers and they're under a lot of pressure to support these government group's funding efforts so now this will definitely force investors to rethink their purchases in the future of chinese corporate bonds as of now the problem is not widespread enough to cause any major systemic risk but it will have long term consequences in terms of attracting future investors this almost creates a lack of trust which then in turns tightens the quickly and makes future boring conditions a lot tighter so regulators are also investigating another major rating agency after mining company coal and electricity holdings they also launched a series of defaults back in november but with co-host christine baranski obama's thank you both so much as always for your time. time now for a quick break but when we come back we'll take a closer look at how the pandemic is affecting revenue for the world's largest

sports. to give more opportunities to minority entrepreneurs as we go to break here the numbers. are low.

the last of the spear was made sure you eat of those listeners sure to show you just what that also has been. put some thought but we're sure doing lots drawl. you work with them. anymore it's a lot. when you wash the sheets bufferin you was another one up to call it all but the old well sort on the door stage door do most of those legit need to need to push the more simple mills still police when you order them drawled over the sheldon what all the money. going on we. will get that in the us those days i need some that would do that will it no more than

the buddhists. welcome back while the boeing saga continues as federal regulators expanded inspections of the newly produced $787.00 dreamliner jets while boeing said the problem does not pose an imminent safety hazard it did receive federal aviation administration's attention the f.d.a. said in a statement that it continuously engages with boeing through established continued operational safety and manufacturing oversight processes to appropriately address any issues that might arise earlier this month boeing said inspections of the 787 flaws were taking longer than expected this marks boeing's 4th assembly line lapse

in just months. in a new effort to bring access equity to minority founders and social impact startups the green bay packers the milwaukee bucks and microsoft are teaming up to form the league the venture capital fund title aims to foster positive social challenges in wisconsin and across the country the idea was 1st announced in 2017 and is now that they are helping more than 20 new startups in northeast wisconsin for more on this we welcome back. i cannot mix college of the holy cross victor made the sun professor thank you for being with us again we've seen more and more action to try to diversify ownership and stake when it comes to these teams much like we've seen in big corporations what are the parallels that we're looking at here and how important is this. well one of the big issues facing the leagues today is that the teams have gotten so expensive that you almost have to bring large numbers

of investors in and therefore you can have minority partners in a way that we haven't seen in the past so for example a long time chicago white sox or jerry reinsdorf bought that team back in 1081 for 19000000 dollars the most recent major league baseball team that was purchased was the mets just here this fall and that team went for almost $2500000000.00 so you're seeing more and more partnerships of individuals merging together and of course when you have these partnerships coming together it's it's much easier to form coalitions where you have a diverse diverse group of owners there and of course we've seen that in major league baseball in other leagues as well i want to talk about teams that are really branding this year right this week the cleveland indians major league baseball team said that they're dropping their name we saw the washington and franchise do the same they took the lead when they drop their name their formally the washington redskins has there been any positive or negative impact since washington change

their name and does that relate to what cleveland's doing. well certainly the redskins got a big monkey off their back there the better team name was obviously racist for the vast majority of people around the country so dropping that really got rid of a significant bone of contention and it also put them back in the good graces of some of their big there's like effect who is the who's the over on the radio 'd. the the issue with the washington team as well as the cleveland indians as they have the most dispiriting versions of native american. sports in the u.s. and it will be interesting to see what other what other teams such as the chicago blackhawks and the city do you know what happens with their iconography series not clearly as offensive as what we saw in cleveland and i didn't watch it but it will

be interesting to see what happens going forward we don't know me out whether this is a strong impact on. your. sales of merchandise because at least in part washington hasn't rebranded in any strong way yet other just going with the washington but for now right hospital be interesting to see what happens when they go forward with an actual mascot or whether they do or not or if i'll be the european version of places just being you know like barcelona or or manchester city we want to actually see a lot of that until they have rebranded or come up with a new name a good point there let's talk about the ratings most sports teams are still playing without fans in the stadiums right that clearly has an impact in the industry well television networks they're feeling a lot of pressure here and feeling the strain when it comes to their ratings how concerning is this. so it's deeply concerning to most of the sports out there are women when the pandemic at most of the leagues were at least hoping that if you

could play games without any fans but at least maintain all of your online and your media presence they could retain at least 60 percent of the revenue for the big leagues like the n.f.l. and n.b.a. but if you they have problems attracting to the team east.