is, you have to have fin tech fin tech means i'm hiding in that one i'm hiding in tech as opposed to real banking i just like -- i like the fact that wells was -- do you remember we used to worship wells. it was not destroyed >> seems like forever ago. >> it was just a couple of years ago. charlie has some oil and gas he'll deal with those. he can set up an international business he can make wells into a worldwide power house. he's got a lot of friends. he is listen and change things he's got a lot of work from that bank which had not been a focus. tiffany, i hope he doesn't let you down >> i hope he calls you set the bar up there he has to give her a call. thank you, jim for coming out here >> absolutely. i wish i had makeup on i look sick. jim, you look. what's the matter. what's wrong >> you look great. it's live tv i love that you came out here. thank you for that so much tiffany, i've got to say good-bye to you. i want to get an under the radar pick from you before i let you go >> we love ecommerce it's not just an amazon play in addition to waulmart and target we really like fa

germany's largest bank is ready to support wire card after a major accounting scandal left the fin tech giant insolvent deutsche bank says it's open to propping up the company's banking unit while khan's demise came after an order to revealed a nearly 2000000000 euro hole in its accounts. the spanish government unions and business leaders have signed a deal to reactivate the country's economy and create new jobs in the wake of the coronavirus they called includes financing for spain's digital transformation and assistance to the struggling tourism sector spain is said to invest 150000000000 euros in a plan financed by e.u. funds. not before the financial crisis spain was busy building several airports that unfortunately never really took off now the coronavirus pandemic has created an unexpected business opportunity in the north eastern province of aragon airlines have found the perfect parking space for their grounded aircraft. from a distance turmoil looks like it could be an airport but the closer you get it becomes plain no hordes of holiday makers will be disembarking here last yea

scrutiny from lawmakers this time over the wild card scandal the dax listed jewel in the german fin tech crown collapsed a month ago after 1900000000 euro hole was discovered in its finances german parliamentarians want to know how it was allowed to happen. why are card once a golden child of german finland tech now a by word for criminality and $29000.00 allegations began america in the financial times that executives were cooking the books not only did the authorities turn a blind eye they went after the reporters but the truth is that wire cards desean rides was too good to be true. the farm's model was to set up contracts between retailers and credit card issuers banks and online payment systems like pay pal saving retailers time and money. but why are card never around as much as they say the dead for years former c.e.o. marcus brown and at least 2 other managers allegedly manipulated the balance sheets on a massive scale they now stand accused of fraud embezzlement and market manipulation . in the recent us. working together the suspects began negotiations on various loans and with

financial regulator bothin is facing a major overhaul after receiving criticism for its oversight of fin tech giant wire cards that changes could see the government being given the power to impose sanctions on crooked companies the move comes after allegations that wire card fabricated almost 2000000000 euros anything in order to lure investors. could anything have been done to prevent the wire cart scandal germany's finance ministry has drafted reforms to prevent a repeat of the alleged fraud def i.y.o. caught on this organized crime and seriously damage the reputation of germany as a financial center of financial markets need to be trusted and regulations have to function and now this trust has to be strengthened in the long term stacking the finance minister olof scholtz his draft proposal includes giving the auditors a financial regulator baf in special powers when companies are suspected of fraud there would also be incentives for company whistleblowers to provide tips about irregularities and a company's auditors would have to be replaced at least once every 10 years the finance ministr

and as to the role of regulators the chair of the fin tech working group at the european parliament stresses yucca luna's told us earlier that others also failed in the y a cot scandal is what he said ordered as external audit is. failing to apparently they were basing the findings on the internal audit so there were several rings probably about where failing what we're talking about supervision and super was really has to be improved of course not only germany because germany would probably was the last country which would have the scandal but for all 3 european union so there are there are lessons to be there are improvements to be made for sure. to the u.k. the country will speed up infrastructure spending in an effort to boost its flagging economy prime minister boris johnson touted $5000000000.00 pounds of investment most of it in already announced projects that will now be fast tracked johnson emphasized he would not caught public spending as prior conservative governments had the british economy shrank 2.2 percent in the 1st quarter according to the latest figures. to paris now where

mislead creditors wire card specializes in processing cashless payments a darling of the german fin tech industry is enjoyed a meteoric rise but questions about its business practices and specifically its dealings in asia date back a long time just a few months ago the company maintained that external orders had not uncovered any wrongdoing things came to a head in june however when accounting firm e y. uncovers what was described as a missing 1900000000 euros in wire cards accounts the cases also raised questions about the liability of ordering firms with some experts maintaining they're not being held sufficiently accountable for their failings as we've heard so auditor is have such an important function in informing public perception of the capital markets and it's here we're seeing the limits of their liability the wire current scandal has also called into question the role of germany's financial regulator the government's finance committee is set to hold a special hearing on wire cards next week. sky watchers the world over have been out in force for some weeks to catch a glimpse of

that owns quicken mortgage a lot of the fin tech companies are doing well a basket of about 60 of the most recent ipos, they tech oriented ipos, biotech as well as fin tech have done remarkably well melissa, back to you. >> thank you, bob. >>> there are now more than 3 million coronavirus cases in the united states. the white house task force taking about plans to reopen the school meg tirrell has the details. >> hey, melissa, states reported more than 52,000 cases across the united states, or if you go by the june hopkins data, more than 60,000. that is a record in terms of the states adding the most, texas surpassing 10,000 daily new cases yesterday, california adding a lot as well as florida in that coronavirus task force briefing that happened just now, dr. deborah birx highlighted what they saw as signs of potentially hope in these states seeing such surges in terms of what dr. birx referred to, and also specifically in areas like arizona, a decline when that they are seeing, so they are hopeful this means we might getting close to a turn in the curves in those states vice presid

when german fin tech why a car filed for insolvency last week many outside the financial center says the world shrugged their shoulders after all the company once a shooting star that made it right into germany's blue chip dax index was all but unknown to them consumers would likely not know whether or not they had any business with wire card but millions of customers of banking apps like her pocket or on a money fund the assets frozen and banking cards not working today many were advised to refrain from non-urgent money transfers so as not to overwhelm the fragile system meanwhile master card and visa half want clients that they could find themselves locked out of payment networks to. a scandal like this one must be a wake up call that we need more supervision and control of the financial markets than we have today we old this to the shareholders the employees of these companies and in particular to germany as a financial center and all of us as citizens. among the institutions task was supervising financial firms of german regulator as well as the european central bank according to

why are card once a golden child of german finned tech now a by word for criminality and $29000.00 allegations began america in the financial times that executives were cooking the books not only did the authorities turn a blind eye they went after the reporters but the truth is that wire cards dizzying ride was too good to be true. the farm's model was to set up contracts between retailers and credit card issuers banks and online payment systems like pay pal saving retailers time and money. but why are card never around as much as they say the dead for years former c.e.o. marcus brown and at least 2 other managers manipulated the balance sheets on a massive scale lino stand accused of fraud embezzlement and market manipulation. in the recent us. working together the suspects began negotiations on various loans and with investors well knowing that 1900000000 euros in assets a quarter of the balance sheet did not exist. in banks in germany and in japan as well as other investors were deceived by these false accounts and provided 3200000000 euros in loans due to wire cards insolvency less money

bryan, lawn mowers, groceries and fin tech all covid winners, apparently >> they are related. >> we'll see you in a bit. thank you very much. >>> we have to get to a news alert on the airlines. phil, wahave you got >> two pieces of news. let's start off with southwest airline. ceo out with an employee memo. he says that the airline needs to see a significant recovery in traffic in order to avoid furloughs and layoffs. how significant? they need traffic to triple from where it is now. the other piece of information in the airline industry involves jet blue also out with a memo today. they are saying that he they plan to keep the middle seat blocked through september 8th which would cover the labor bay holiday. back to you. >>> thank you very much. megan, not a fan of the airlines i know tsa numbers are back above 700,000. we're seeing a positive trend. this is not a sector that you could recommend to your clients. >> we're not leaning into the epicenter stocks at this moment. air travel is still 70 to 80% below pre-covid levels that's a long road to recovery we're seeing some better rea

the largest banks, including citigroup citigroup, bank america and jpmorgan are some of the best fin tech players i know there's been a lot of chatter. the narrative is look at these players and how much business are getting. the largest banks are really dominating digital banking like never before you're seeing the dream of national banking through 25 years ago really play out in the form of digital banking. city group trading below tangible book value by a big margin, really they are not the poster child for this crisis. in fact, citialong with bank of america are a source of strength goliath are winning. those are the three goliaths the next one to two years we're buyers of those. absolutely >> you said this is not a balance sheets recession what are some of the provisions in the cares act that are due to expire quite soon. what are those provisions onto extend it? how much of your conviction rests on the government support that does apply to the moment? >> flthere's no question. the government has stepped in and eased the pain on individual corporations and banks themselves this year

emerging between global cash, access and multimedia games and like i said at the top of the show, it's fin techut artificial intelligence machine learning, a try if he can -- trifecta. they have something in common. they are both companies you can dream about. the sky is the limit for impressive battery technology for cars september 22nd maybe it becomes the go-to choice if you can dream about, a contract and maybe someone else comes there to buy a stock at a high eer price than you. i like tesla i can get behind something high risk, high reward and bothers me is not those two what bothers me on the robin hood leader board to give you this robin track.net they don't seem to change much day to day the leader board shows the younger investors are piling to ford, general electric and american airlines. to me that's crazy these three are being bought because the low dollar stock is a big brand name and big problem but the worst problems are easy to ignore. on the credit side these traders don't seem to care about the debt sure ford motors is a household name but got more than $150 billion in debt a

alibaba's financial technology fin tech business plans to launch this year targeting a valuation of $200 billion. hoping to sell 5 to 10% of its shares in what would be one of the world's biggest offerings this year. this is one of the dominant mobile payments company. sources say details have yet to be made. information on the ipo plants are incorrect. alibaba has not commented. what we're showing you are shares of alibaba in u.s. shares and hong kong as well. >>> stick on deck for the show, hotels making changes as trends among travelers shift due to the coronavirus pandemic our own seema mody breaks down what they're doing to keep guests happy at hotels right here >>> today's big number 88%. that's how much capacity fell in united airlines in the month of june over the prior year shares of unitedav he tumbled over 60% this year now is the time to support the places you love. spend 10 dollars or more at a participating small business and get 5 dollars back, up to 10 times with american express. enroll now at shopsmall.com. if you've had the coronavirus, you've got a lot of fight in you

banks came joen line, community banks, credit unions, and even the addition, i think particularly of fin tech, this made a big difference in getting this capital to a lot of those who don't-- didn't have sort of that commercial banking loan relationship, you know, with their banks or with their financial institutions. so, as the programs-- as the programs went on, both, you know, ppp and eidl got better in terms of communication and in terms of their funding. i think with the eidl program, it's a different animal because with ppp, you do have many players at the private sector that are involved, right, with the distribution of that capital. and more players involved. whereas the eidl is sba loan, and you know, it may be time that we begin to look at some type of ppp, private, you know, public partnership if we want to do something like this moving forward because, you know, it's apparent that the sba didn't have the capacity, the technology, the artificial intelligence all that needed to do this very, very rapidly and quickly. and that's what small businesses needed, whether it was ppp or eid

that's what you want out of a fin tech company which is what morgan stanley is becoming >> market capoing to go up a lot to add another 12 billion to the market cap goldman was bigger for most of the time, but now morgan stanley is 10 billion more in market cap and could add another 12 given it's an all stock deal >> i've been moving closer to a swap in terms of getting a higher price it's my favorite one my travel the u.s. doesn't own it bad by me. i like it. >> what's up tonight >> nutanix, it's got all the buzz words you need to put out an interesting movie this morning if you follow it mr. pandey knows about data processing and knows about the great areas that are like vm ware with dell that you have to be in. it's the never-ending cloud growth it doesn't end watch ksu, a railroad. it's cyclical. great quarter. there's a lot that's exciting here next week is going to be terrific i believe that i think it's going to be an incredible week. >> yeah. i think eight dow stocks report. 73 s&pers. csx and union pacific. we'll get transports microsoft in the mix, ibm, tesla, chipolte. next

. >> right you can play buzz phrase bingo it's telehealth, it's cloud based fin tech, disrupter of a market that applies. the ipo index, which is an index of existing ipos over the last couple years has been strong, a lot of stocks that had secular growth profiles outside of the s&p 500 therefore not part of an index have been extremely strong as investors just look for ways to have differentiated nonmacro dependent growth stories it makes sense they have done well right here. this is by no means a rush of new issues on the market but it could build into that through the summer >> yeah. not necessarily a rush of new issues but certainly it's been a strain of really strong ipo debuts in the last couple weeks and it does seem like tech seems to be the key word in terms of the names that are performing the best, whether in the case of today health tech or insure tech and i guess i wonder how that speaks to the possibility of more startups, more unicorns, names that could come to market and investor appetite for them even if they're not profitable. >> they're not profitable, not even clo

watching tech stocks very closely but we are also all over infrastructure names, materials, heavy machinery, industrials, because if you own them, they could very well get a boost in this fin

tech. he like most vermance was skeptical -- germans was skeptical. >> it's a strong value -- >> reporter: south korea and singapore started using exposure notification but more invasively. they link finsecti-- link infections and there are phones talking to phones. so far the u.s. isn't using it. dr. tom frieden, former director of the cdc, says there's no federal requirement to contact trace. >> in the u.s., we've lacked a clear national strategy. >> reporter: frieden also cautioned that apps cannot replace traditional contact tracing. >> the really ambitious idea requires that a large proportion of people opt into that app, requires that the bluetooth signal works where you're at, and requires that you don't have false positives and also in negatives. >> reporter: now uptick in italy has been slow. only about four million downloads here so far. germany's app has been downloaded by 20% of the country. amid a pandemic with few solutions in sight, it's a start. for "cbs this morning saturday," chris livesay, rome. >>> there is more news ahead. first, here's a look at the weather for your weekend. ♪ >>> it's been years since pro sports leagues were intrograted. for athletes -- integrat