the this is boom, but the one business show you can afford to mit breads are born in washington coming up. the european union has officially open and etc, the investigation to google, as a regulatory movement continues to gain theme straight ahead. where to dive into the use latest efforts and whether it will have any effect on the tech giant. and as workers returned to offices, where we soon see a boom in business, travel will break down the numbers. then we turn to the federal reserve where the central bank is facing heat over at outlook of the u. s. economy. later on, we bring you the latest as the fed chair faces congress passed. so today for dive right in another day. another anti trust case being filed against google by authorities in the european union. what is unique about this newest case is that it focuses on google's advertising sector, and it's the most wide ranging yet which looks at that pillar of the tech giant

business. the european commission, the top anti trust ret enforcer said tuesday, that it isn't it's investigation. we'll look at a broader array of allegedly anti competitive business practices around a particular unit of alphabet, which brokers advertisements and sharing of user data with advertisers across web site in mobile apps. so what exactly are anti trust enforcers looking for here? well, the break this down with bringing boom, but co host, an investigative journalists, ben swan, and john watches the dean of the miami, her business school. thank you both for joining us about. i want to start with you . it seems like google data sharing with advertisers has been getting quite a bit of attention from regulators. what is it about this program that it's creating so much controversy now? yeah, it was a couple of things. i mean, you have to recognize that google across its business kind of platforms. it's a lot of different businesses, right? so, alphabet owned a whole variety of businesses. and the,

one of the largest businesses they own is this advertising business that sells ads across the internet. google is the largest seller of advertising on the internet, the problem according to these to you regulators. and by the way, france just find google a huge amount of record amount over the same issue, is the fact that what they'll do is they'll specifically take the information that they're supposed to be giving to 3rd parties and to merchants and to advertisers who are coming to their, their systems and what the, instead they're doing is they're giving a certain column of information to one group of users. and then they're holding back certain bits of information for their own services and their own products. basically creating an unlevel playing field. it's the same thing that we have heard about amazon. in fact, just today, i believe germany default and if i trust kelly case against apple in an app store for doing the same thing, you're setting up a different set of rules for everyone else compared to the businesses that you own and operate and key quote. it seems like, obviously most of these companies that issue like banjo mentioned, amazon,

apple alphabet. those are 3 a's there. but those all operate out of the united states is where they started. why does europe seem to be the place that is really putting focus on these anti trust cases and actually moving forward with them rather than somewhere like the united states where these are actually the home countries of those companies? well, i think thank you, brent. i think there are 3 reasons. number one, it's quite profitable. the european union between 2015 and 18. find in this particular case, $9000000000.00 against google. that's very good. return on vesman for the e. u. anti trust division. so it's profitable and politically popular. europeans do not have comparable players in these

markets that can rival these companies. and so the degree to which they are being punished reflects to some extent the, the fact that they are non european entities. i think the 3rd reason is that there is no doubt that in europe there are stronger privacy concerns among the public than seem to be prevalent in the united states. so once again, that bears upon the popularity of going author, these companies that are in the business of collecting and leveraging consumer data and been interesting, you actually reference that france recently levied record fine against google over this program. but, you know, it seemed, in most cases, these 5 don't actually do much amounting to maybe a couple $100000000.00, which is

a lot of money. don't get me wrong or even just a few 1000000000. but these companies set aside billions of dollars to pay fine. so why is that? well, yeah, i mean, i think the fringe fine with somewhere around $200000000.00 or something for a company like google that profit is $18000000000.00 a year. so it's not even close, but here's, i think the bigger issue, the dean sounds like he was kind of indicating a minute ago that this is profitable for countries to levy. these find that's true . if you really wanted to shut down the bad behavior, you'd say if you will not follow the law, then you will not be able to operate here, kicks facebook out of france or germany, check google out to the extent that you can write banned them. but there's no interest in doing that because there is kind of a cyclical nature to this big levies. fines are levied against the company. they pay it because it's built into their bottom line. so regulators look tough because they're going after it. different national governments get to make some money off

of it, and these companies continue to behave badly because as you said, they make far more money doing the wrong thing and paying the find that they would make doing the right thing. and did close to, to all of that point into ben's actually comment about what you actually just said . you know, if you want to make that big impact, you kick them out. but to your point about them being able to collect some, some much needed funds off of these companies. they can't really do that to, to stop the inflow. so what can you actually do to stop these monopolistic practices by tech giants like google? well, i'm not sure that you absolutely necessarily want to do that in the following sense, that there's no doubt that these companies have added enormous value to consumers around the world. and although i've said earlier that data privacy considerations a greater in europe, that does not detract from the fact that apple and amazon and google are respected

brands among many european consumers. and they would not want to see them shut down or necessarily broken up on the basis of them pursuing monopolistic practices of multiple levels of the, the value chain. so i think this is what we're seeing here is kind of a cabin mouse situation where as been indicated, the regulators have an incentive to go off to what they charge is bad behavior. but at the same time, there is sufficient brand equity with these companies among european consumers, that they cannot be shut down. now at the margin, can you get them to change their rules? can you get them to adjust procedures? can you get them to perhaps level the playing field here and there? yes, indeed,

uncertain of these efforts have achieved those results. but i don't believe that there's any appetite in europe, even from the most assiduous regulator to actually destroy these companies. john quality of the miami, herbert business school and boom bus co host, ben swan. thank you so much for the analysis today. thank you. thank you. and the u . s. commerce department and out monday it is pulling back a list of prohibited transactions with tick tock and we chat. now the block transactions were initially in place by the administration of former president, donald trump, an effort to stop new downloads of the chinese owned apps in the us. now earlier this month, as he revoke several trump err, executive orders related to chinese apps. president joe biden called for commerce department review of security concerns related to the that in response, spokes person for china, ministry of foreign affairs called the move a quote, positive step,

end quote. mid tensions between the world's 2 largest economies. and nearly every company is bringing workers back to the office, but a return to business travel is shaping up to be a lot slower than anticipated. and while this can cost the airline and hotel industry millions, if not billions in los revenue, that everyone stands to lose with fewer business trips. so just how big is corporate travel and who stands to lose the most of more of that story we're doing by rti correspondence science avager. so brand travel is a business traveler, i should say, is a trillion dollar industry. now according to the global business travel association and majority of the travel budget is spend on flight. and while business passengers represent just 12 percent of the airlines total passengers, they make up 75 percent of the airlines profit. and now bigger other b components and companies travel budgets are spent on hotel and food. and then the

remaining 49 percent is spend on everything from the tolls to gas and miscellaneous expenses. now the u. s. in china of the world b, s. travel, spender is then followed by the u. k. now, americans make more than a $405000000.00 long distance business trips per year. now that means about 1100000 people are traveling for business every single day in the u. s. and the big apple, that's the most common business traveler nation, though, the fastest growing business travel destination is shank guy. now india, indonesia, our 2 countries with the fastest growing business travel markets. now, all these great numbers that are just share, these are all for 2019 pre pandemic levels right now. business related travel has fallen by more than 50 percent in the last year. and while there are signs few signs of a rebound in some markets,

notably in the u. s. due to the high vaccination rates, it's expected to be 5 years before travel once again approached at 1 point, one trillion global business travel like the one that we saw in 2019 brunt. so sorry, who stands to lose the most by this halter or by the slow down in business travel as it comes back. so weak recovery and business travel would be disastrous for several industries, like hospitality and food service. but for airlines, which is already seen their finances stretch to a breaking point by the pandemic, they stand to lose the most. and like i mentioned earlier, while corporate travelers represent only 12 percent of passengers, they can generate as much as 75 percent profit for airlines. and right now, business travel still remains a 70 percent or more below a pre pandemic levels. so when we talk about losers, there's gotta be

a winner. and who is that? no, you're absolutely right. there is always a winner when there is a loser. and to give you an example right now, the 2 winners are amazon and google, and the each saved more than $1000000000.00 and travel costs last year as depend make halted business trips and $7.00, i kind of money will be hard to give up, even for these multi 1000000000 dollar companies, but others do believe once some companies begin business trips will be pressure to others to get back on the road. so basically they'll save money on travel until they start losing busy. and much of the decision to get back on the road will stem from what the competition is doing and some people resume travel. it could create an element of pressure that forces competitors to get in on the plane. now right now, mostly banking and consulting companies are pushing clients and investors to resume in person meeting. but let's face said no one right now wants to line a zoom call. they want to go on a trip and get

a stick dinner instead. brands are the correspondence, sire tablet. are you following the story? time now for a quick break, but when we come back, better reserve chair jerome hall, headspace congress as the central bank has. and now it's forecast for interest rates and inflation just after the break. we bring you the latest on the saga and it's going to break. here are the numbers at the close. the ah, we're witnessing a very disturbing media trend, serving an ideology and scoring political points trumps informing citizens. we have the russia gate hoax, the impeachment hoax, and the suppression of any debate on the origin of coven now front and center is the capitol hill, ryan. what goes the f b?

i know join me every 1st aid on the alex simon show. and i'll be speaking to guess in the world, the politic sport business. i'm show business. i'll see you then me. always be polite, never engage with an aggravated or confrontational office. don't get into any conversation to start answering questions. just ask for an attorney to survive and interrogation, you've gotta be ready to stand your ground. definitely don't want to be going to trial in the jump suit. one cups. you're more likely to walk free. if you're rich and guilty, you are. if you're poor, you got 2 eyes and 2 ears and one mouth. so you should be seen in here and

a whole lot more than you're saying. if you don't take that advice, usually going to date yourself a whole me ah ah, i use the

welcome back. retro reserve chair jerome power test by tuesday during a hearing to focus on the central bank pandemic response. now in front of the house, select subcommittee on the chrome virus crisis pa spoke about the fed outlook for inflation. a pretty substantial part, or perhaps all of the overshoot and inflation comes from categories that are directly affected by the reopening of the economy. those are, those are things that we would look to, to stop going up and ultimately to, to start to decline as these situations resolve themselves. they don't speak to a broadly tight economy into the kind of thing that, that has led to high inflation over time. i will say that these effects have been larger than we expected and, and they may turn out to be more persistent than, than we've expected. for more on this, let's bring in, boom, boom, co host,

kristy michelle snider. she's a managing director of the market gauge group. and author of the best selling book, plant your money tree, a guide to growing your wealth. thank you both for being here. christy. i want to start with you power based questions from law makers after the fed recently kind of changed its tune on inflation and a rate hike. what have we learned and can you break all this down for us today? well, most of these remarks are actually prepared remarks that were largely in line with all of the comments made previously in the june 16th press conference. but after a roller coaster right across basically all the classes in the last few days, post f. c. cheaters, we're paying very close attention here. so it appears that power kind of doubling down on it's very narrative to offset his last message. the only bit of surprise came after the last meeting, which was that a big taper tangent did not materialize. so that was a little bit of a surprise because when the fed officials started talking about pulling back on central bank, easy money policies,

back in 2013 investors bought and yields on treasury rows. all volatility in stock jumped so here's another temper tantrum has pre occupied the bed for months and played a big role in delaying their plans. but now the opposite is happening. the fed has signaled that it has begun discussions and reducing on purchase programs launch during the cobra. 1900 and amec and investors are pretty placid, qualities diminish and essentially the mark is just taking everything in strive for the most part. so yes, the market did have a couple of them. the volatility is nowhere near the high that all. and michelle, how are markets pricing everything in here because we had the worst week since october after the fed meeting last week. and now we're back near all time highs. what's going on your opinion? but we're near all time highs and some things, but a lot of things are not. so we're having an interesting rotation back in heavy back into growth in tech stocks. and that's why nasdaq is at all time highs wide. if you

look at the russell 2000, they rallied as a result of the market cur. correction being over and more double talk out of the fed. but they're not nearly as robust as what we're seeing with tech and growth. so essentially, we're really in a situation now where this is great and you can look at the price of things like the g l, p 's, which show that the yields or softer the junk bonds would show that the bond bind programmed by the fetish, the robust but we still need to see these other insides factors at least hang in there, if not, play more catch up for this to be, let's say a new leg up, but that happens great. otherwise this rotation to growth is healthy. but it also reflects the optimism that the fed is going to keep those yields down and more focus on the job market. and the, and isn't coming up g d p, than they are, let's say on inflation. which right now they've knocked the wind out of a lot of these commodities. and christy, you know, it's kind of

a wild day for bitcoin as it's struggling to stay up after china cracked and actually fell below $30000.00 before actually coming back. is the, the crypto rally over? are we ready for another one? for the rally is definitely not over as we broke down yesterday is just a temporary blip as minus relocate and sell out of their coins to pay for relocation. so full is now even surface. the chinese logistics from air lifting 3 metric tons of bit quite mining machines to maryland as a chinese government crackdown on the industry. so in a way, this could actually be a good thing for bitcoin because miners are starting to believe that this is quote and testing news. as a compared china stand against a client with the country ban on facebook and google. both, both were wildly successful companies after they got kicked out china. so basically, getting banned in china is now kind of like a rite of passage for free technology that stressed that the cracked down meant. that big point is working, not bailey, because it's putting fear in nations about the loss of capital. now nations

actually have to pick size, which is incredibly bullish for bitcoin in the long, medium term. but all in all, nothing has really fundamentally changed in china, covered the additional bit coin since it's controversial trading ban. back in 2017 half of the big network has now been shut down in china. and big pash level is that in the mid 2020. so a lot of flows of headlines claiming that china's cracking down a crypto for literally the end time. it's continuing. ringback to put a lot of foot out there in the market, but that isn't real new new that all there's still a lot more room for between to run. and this is kind of an opportunity for quite a given the math subpoenaed of measures from both bank and government mining will now shift and networks will actually flourish as a result of making use of friendly or more reliable jurisdiction. and michelle institutional selling of crypto reaches as long as strict since february of 2018 in great fields giant bitcoin. unlocking de draws near how is this impacting the

crypto space? well, if you look at the institutional outflow, it's really only 90000000 coin and you look at the market cap of big coin. it's 600000000000. it's relatively small. and the same thing with the shares of the g, b, t c that are coming on the market to the tune of 600000000 on july 19th. good cause some short term volatility, but that also is very small compared to the underlying. so i'm really very happy to hear what kristi said because the mining it's true, the pennsylvania company, for example, went in and is trying to figure out how to take waste from coal to mine electricity for big coin. so this will bring more innovation than i think those institutional buyers have not necessarily been a huge impact. i think the china news was the bigger impact considering right now 65 percent of the old mining happens in china. and chris, i got about 45 seconds. i'm gonna give you the final word here on this. well,

as you said right now, in the big klein, there's so much more room to run each. basically the 2.0 is based on coming on next . earlier, later on this year. so that's going to be not only a huge move to the entire ease and defy ecosystem, but it's also probably going to be a boost into bitcoin. because essentially the queen is the gateway into all of the other crypto currency. so i know we focus a lot on quinn and ease. i think the focus on for the latter half of the year is definitely going to be defy. and we'll do more of that here on boom, boom, boom, boom, co host christiane michelle center of the market. gage group, thank you so much for your insight. thank you. thank you, brad. and finally, we could see, or we could actually be seeing flying taxes hitting the skies of paris. sooner than we think german company vala captor performed the 1st test flight of its electric air taxi in france. on monday, it says its aiming to have its service up and running by 2024. that's just in time

for the olympic games and parents are to correspond it. trinity chavez has the details where the wind taxes were only seen in movies. but now the idea of flying taxis is lifting off the ground and taking to paris the local authorities and metro company r a t p and paris airport. authorities. adp are partnering with zollicoffer to provide an air tax and solutions for the 2024 paris olympic game. we will do whatever it takes in the coming months and used to fulfill our requirements by the public, by the politic sions, but also by the regulators to bring tech services to live. here in paris, the german company volkoff there performed the 1st test flight of flying taxi this week. and well, it has the capacity for 2 people on board. it had no passengers, the company set a clue, some 1600 feet in the air, at least up to 900 miles per hour and successfully landed after 3 minute flight

designed for the urban mission. so it has to see perfectly matching the passenger requirement. if we look at taxi or overs today, they have an average occupant of $1.00 passengers on board. so this is the perfect vehicle for the urban mission. according to the ceo, the service would be operated by a fully licensed pilots describing this urban mobility as a gigantic market of more than 10 trillion dollars. with $300000000000.00 in market opportunity by 2035. but for the service to be launched, several pads, or vertical ports have to be set up in and around paris. customers will be able to book their flights using a dedicated smartphone app. so you go to the board where you're checking where your identity is at your weight. also unfortunately, because we have to know how much weight you take off people, then you fly long term. the initiative is meant to enrich affordable transportation offerings in the french capital. and other major cities around the world. well a copper c o also says that anyone who takes taxi's now will be. ringback able to

take of old copter flying taxi as well, and they won't have to worry about a traffic jim because of the skies there are none. reporting in new york trinity chavez. r t. fascinating story there from today. chavez. and that's it for this time. you can catch boom, but on demand on portable tv available on smartphones and tablets through google play in the apple app store by searching portable tv. portable tv can also be downloaded on newer model, samsung, smart tv, as well as roku devices. we can simply go to portable dot tv. we see next time on boone, buck. me

the when i went to the wrong room, i just don't i mean you rolled out the scene because the after an engagement equal betrayal. when so many find themselves well, depart. we choose to look for common ground in this is your media reflection of reality. the in a world transformed what will make you feel safe for tyson lation community?

are you going the right way or are you being somewhere direct? what is true? what is faith? in a world corrupted, you need to defend the join us in the depths will remain in the shallows. i you set your question cuz he said he can just keep other than the human russel. but if i go over the over the book or just sort of the motion learning and a lot of stories going on in the course of action just for ortho. gotcha. ah

good position. we think he might be a soldier because of the boot. she's wearing huge, which pulled up, took a personal opinion, was on this. you're still watching please. ah, doing read a little bit. i know knew it goes out, live judas, break down and into the range. they were just dime a field trip tomorrow. just didn't read a vision she, me ah,

the news the global stability, cyber attacks regional conflicts. so all to be talked about on the table for an international security conference here in moscow. right now we're covering the event will take you there. also in the headlines this morning, killer or victim a french woman who says she lived in terra for decades. his own trial for murdering their abusive husband campaign. as though, se, there's no protection for the victims of domestic violence in front plus rumors of a brain chip program, no less in russia. get the countries major. it's a big spin. tony to be proved groundless. ah.