facebook won. there is four attributes, one is monetary, the second amount is the amount of personal liability on the ceo, which other than the board reporting, there is very little. injunctions or remedies on bad behavior, which are often essentially more of the same. ultimately the scope of what they are indemnified for is incredibly broad, right? thise settlement included very kind of noteworthy provision that said all matters in front of the ftc prior to the settlement date, they are indemnified for, which is pretty unique. i have not seen that in any other ftc settlement. you typically see that after the case has gone to trial, but they got that in the order. zuckerberg was not even himself deposed, even though he appeared routinely in the documents that the ftc looked at and is cited in the complaint. emily: you think that they should have talked to him directly? >> absolutely. emily: where do you think the gaps are? >> one of this over linings is the ftc has mandated facebook can no longer u

facebook has promised it will opt-in when it rolls out, but facebook has a history of reneging on privacy commitments. i think looking at the privacy policy alone the last 10 years, it is a study in the art of bait and switch. we would like to see some kind of limitation that facebook will stick to its word, but if it says it's going to opt in, it's going to remain that way. it's not going to be the case in two or three years, users are surprised by new privacy policy that says you have to merge all these identities to continue using these services, something like that. emily: quickly, what do we know about the ftc antitrust investigation that facebook just announced and commissioner phillips just confirmed? >> absolutely. we do not know a lot about it. i sense commissioner phillips may not know a lot about it either. it is early days, but when the ftc starts an investigation like this, what they basically have is a credible reason to believe there may be a violation of antitrust laws, that there may be consumer harm that they need to look into. so that is what this investigation that fac

facebook is dangerous. it may not intend to be dangerous but surely they don't respect the power of the technology they play with like a toddler who has got his hands on a book of matches facebook has burn down the house over and over and called arson a learning experience it has two competing missions make the world more open and connected, and make a lot of money as facebook attempts to serve both these missions they wreak havoc on the rest of us there are disruption of the newspaper industry they make it easier to share what you are reading with friends at the same time they have redirected most of the media industry's profits away from actual journalist into its own coffers and have done it without the benefit of re-creating a local news desk or conducting a hard-nosed journalism that keeps politicians and business as honest or even without meeting the most basic journalistic standards. this creative disruption doesn't create anything and look at the impact the way it connects people facebook and other

no facebook executives have been harmed by the facebook experiment. look what has happened everywhere facebook has run social experiments on us. the motto is, move fast and break things. they have. they moved fast and broke political discourse, journalism, helped incite genocide, helping to undermine our democracy. facebook asks people to trust them with their hard-earned paychecks. it takes a breathtaking amount of arrogance to look at that track record and think, you know what we really ought to do next? let's run our own bank and our own for-profit version of the federal reserve, and let's do it for the whole world. i understand given the financial crisis and given the massive inequity and unfairness to workers in our country and given the fact that so many in this body have forgotten what happened 10 years ago, it is tempting to think anyone could do a better job than the wall street megabanks. the last thing we need is to concentrate even more power in huge corporations. look at facebook's record. we would be crazy to give them a chance to experi

facebook is a consumer company. when they think about the problem they are solving, it is very much a consumer-oriented problem. what ripple is doing is at the institutional level. we are connecting banks. if anything, and i said this publicly, we had one of the best weeks in our history the week libra was announced. it is a call to action for banks. david marcus came out and said it is the end of western union. that is an assault on the financial sector, and we have taken the opposite approach, let's work with the system. regulations work at that point. we cannot paint this one big broad brush, particularly at the u.s. government level where you have technologies controlled by chinese miners. emily: you work with a lot of banks. what do they think of the libra association? and would you ever work with the libra association? brad: i think what you saw happening, a lot of people signed up, the 28 members signed up, it was just an loi, no money changing hands, no hard commitment. they wanted to have a seat at the tabl

the project was facebook's idea. facebook is spearheading it and recruiting partners. facebook's subsidiaries, calibra , will provide a digital wallet to store libra tokens. as i understand it, no member of the association has paid anything towards the project. my question is, why should we trust that facebook can do these activities? >> thank you, chairwoman. andink trust is essential it is clear we have made mistakes. i believe we are owning these mistakes and working hard in remedying them and working hard at improving on. association isa concerned, we have invested everything that has been invested so far in libra, you are right, and we have built all the technology up to this point. but we have also given -- donated the technology because it's now open source for the whole world to be able to use and leverage. as a result, we are not controlling the codebase. by the time we launch we will be one of 100 members with no special privilege. as far as the wallet is concerned, i believe the idea willis that one day we launch and suddenly 2 billion people will arrive on

and it's facebook. is that an accurate description, that nothing is private. >> except on messaging platforms, notably on what's app that's fully increpted. in this case it's just the two of us senator. >> this really is my last one. if libra catches on, and let's say 200 million people are using it. somebody is going to have the data on all of the financial transactions that those 200 million people have -- have consummated. which is going to indicate what they're buying, what they're not boying, what their likes are. where they like to shop pb a treasure trove of information. you're telling me that nobody in -- in calibra is going to attempt to monetize that? >> senator, when it comes to the libra association they will not have any personal identifiable data as a result and no way to. >> somebody will have the data. they'll have the data. >> the wallet nas will provide the services will have data for their own wallets. >> you're telling me nobody is going to monetize that data. >> as far as the calibr

the project was facebook's idea, and facebook is spearheading it, and recruiting partners, facebook subsidiaries will provide consumers with a digital wallet to store libra tokens. as i understand it, no member of the association has paid anything toward the project. so my question is, why should we trust facebook to do these activities? trust is really essential, it is clear we have made mistakes, i believe we are owning these mistakes and working hard that, working hard all fronts. as far as the libra association is concerned, the way that this project has been developed, we have invested everything so far, in libra, and we have built code with technology, and we have donated the technology because it is no open source for the world to use and leverage. as a result, we are controlling the code base, by the time we launch, we will be one of 100 members with no special privilege, and as far as the wallet is concerned, i believe the idea here is that one day we will launch and suddenly 2 billion people will arrive on the on the wallet, this is not the approach that we are taking people have to op

the proclaimed arrogance of callingvalley, a ceo the facebook pitch to lawmakers on libra by facebook uncomfortable. first our top story. facebook, tesla, amazon all reporting second-quarter earnings. amazon and alphabet reported thursday. alphabet was all about sales and regulation. our analysts weigh in. >> how google gets revenue, 85% of revenue is from the ad business. competitionen the that they will be facing, you do not want to be in a spot where you have north of 80% of your revenue coming from advertising. i think they will place a bigger emphasis on the cloud business going forward. how much success they are going to have is hard to say. they have not been able to get out of the third slot. they are facing massive competition against microsoft of amazon who have had a lot success and put significant dollars behind that business. it will be something that will be hard to get out of that third slot but still a significant part of their business that they will focus on going forward. emily: you wonder if acquisitions will be part of the story to beef up the cloud business. acqu

facebook is now down less than 1% >> i know. i guess people feel it doesn't -- >> seems to minimize the ability of mr. zuckerberg to -- >> my answer is preet barea. former u.s. attorney. >> your answer to what >> put him on the board of facebook. >> put him on the board. >> oh. >> reconstitute did. >> eric holder. >> they're not talking about add negative directors >> nick saban on the board how about nick saban. >> new committee to oversee privacy matters by underwhich mr. zuckerberg will not have immediate power to -- >> he's the ceo. now the government is saying he's not the ceo >> and controlling shareholder. >> this is not the government i expected we have a guest at the end of the table. there he is. david abney. u.p.s. shares moving higher this morning. the company did report a beat on the top and bottom line. u.p.s. announced expanded delivery to seven days a week. its intent to operatie commercil drone flights. i wanted to start off with the 30% move up in u.p.s. next day air volume why that's happening and what that me

now that facebook has unveiled the plans and the reaction has been what it is, you wonder did facebook miscalculate what the reaction would be? they have been in the middle of a firestorm, max, since 2016. a huge public firestorm. now they are putting a target on their backs. max: it's an excellent question, which is, did they think that this would distract us from the other conversation about whether facebook is having an improper role in elections? i think it is a very interesting and maybe bold public relations move in the sense that you expect facebook to go into a cave and spend a lot of time saying we don't have that much power, don't worry about us. instead, they have gone completely in the other direction. people were worried about this imperial company that was acting like a country, and here it is saying, we want to have a bank and a de facto currency of the world, which is very bold, and maybe they don't expect it to entirely work but on the other we are not talking about facebook and the disinformation. we are talking about very ambitious ideas that is something that mark z

facebook. on may 9, senator brown and i sent a letter to facebook shortly after it was reported that the company was recruiting financial institutions and online merchants to help launch a cryptocurrency based payment system using its social network. our letter asked facebook for more information about how the system would work. its access to and use of consumer financial information, and facebook's access to and use of information on individuals or groups of individuals in credit, insure, employment or housing. i appreciate facebook's response last week. shortly after the letter was sent, facebook formally announce ds its intention to launch the payment system libra and issued a white paper providing some information about the project. since then, u.s. and global regulators have taken notice, including the federal reserve, uk's financial conduct authority, financial stability board, g-7 and others. last we can during the federal reserve semi annual monetary policy report to yes, sir, chairman

does it change facebook's future? act like a bank, ba bank, that's what president trump wants facebook to do if it launches its new digital currency. why the president seems to have little love for libra. to take onzon plans its new high-end echo speaker. begin with that fresh facebook news. the ftc has approved a privacy settlement with the social media giant, fining facebook about $5 billion. this marks the most significant axiom yet against facebook over a series -- and send the company reeling from one crisis to another. i want to bring in kurt waggoner, who covers facebook for us. he joins us on the phone. in washington we have naomi, who covers corporate influence. we know about the amount of the fine, tell us more about any other additional details that will be coming along in the settlement? >> that is the key. facebook had said i believed it was in april they set aside $3 billion for this very purpose and the fine could be up to 5 billion. this was something the company was prepared to handle. made 56 billion

lawmakers grill a top facebook executive over the company's planned libra cryptocurrency. if the tech giant can't convince washington to trust it what are the odds it can sway regulators around the world. also on the show the good times continue for 2 top u.s. investment banks reported solid earnings but it's not all positive news on wall street . and a new space race is preparing for liftoff and a german firm stand to profit from nations and companies lofty ambitions. this is your deed of your business report i'm stephen beard's in berlin thanks for joining us facebook executive david marcus told the new york times last month that the company's new cryptocurrency libra could be quote a profound change for the entire world and quote on tuesday markets delivered a much more subdued message to u.s. lawmakers libra wouldn't threaten the current monetary system and it wouldn't seek to replace sovereign currencies senators were skeptical to say the least take a look consume david marcus head of facebook's lever a subsidiary for a face to panel of senators who weren't prepared t

facebook and the partnering companies facebook is not doing this project alone might not need the blessing from senate but there clearly would need the green light from regulators and it's not just the congress that is concerned we also got some criticism from u.s. president donna from from the head of the treasury also from the fed chairman and their words clearly some heated remarks at the hearing one senator actually compared to facebook toddlers there was a small child who plays with eventually burns down the house so obviously there is some skepticism towards the of course it's always a show by a lot of this congressional testimony but this does seem like an odd time to be pushing a crypto currency for facebook when skepticism over big tech firms and especially facebook seems to be really growing in the u.s. you know the timing is not picture perfect but on the other side all the. debate on big tech names and their market power won't go away anytime soon so i guess the environment doesn't really get better from this point and david marcus he made an interesting point he said that it m

if facebook had to do that, do you think facebook would go down that road? if they did go down that road, would it make you negative on the stock? >> we're not negative on libra we think there's no real assumption - >> but if they had to get a banking charter? >> it would potentially cost more money you could look at the margin structure. maybe this costs more than they think. again, we're still a long ways away it's notable many of the banks didn't participate in the round, so i think, again, we're still in the real early innings of this and again, i still think we're three years away before we have an impact. >> brent, thanks for your time appreciate it. let's get to eamon javers at the white house. he took on questions on the debt ceiling. >> that's right. treasury secretary there suggesting that treasury's team has looked at the debt ceiling issue and they think it's going to come to a head possibly under one scenario by the end of september. that means they need a political deal with democrats. he said he's been talking to the speaker of the house, nanc

it is facebook. i am skeptical but we can either make you a political talking point or we can choose to conduct thoughtful governmental oversight. that is my hope for this day. thoughtful government oversight. the reality is whether facebook is involved or not changes here. digital currencies exist. technology is real. facebook's entry into this new world is confirmation. albeit scale. the world the white paper envisioned and others are building is an unstoppable force. we should not attempt to deter this innovation. governments cannot stop this innovation. those that have tried have already failed. the question then becomes, what are american policymakers going to do to meet the challenges. and the opportunities of this new world of innovation. some politicians want us to live in a permission -based society where you need to come to government, ask for its blessing before you can even begin to think about innovating. those are the politicians who would rather kill it before it grows. but, there are

--scarlet: facebook does not >> facebook does not and will not control currency. >> will you commit that facebook will not develop preferential incentives that unfairly tie calibra, in terms of whatsapp and messenger, that they will support third-party? >> senator, i want to clarify, which is -- >> every time you start with, "i want to clarify," gives me great pause. emily: the center expressing skepticism about the facebook money. senator john warner joins us from capitol hill, so, senator, after hours of questioning, what are the biggest red flags that you see, the biggest concerns that you still have, about this project? senator warner: well, let's start with the fact that i think watching technology distributed -- even the possibly of cryptocurrencies, it has some positive upside, but i think we have to be careful. we are talking but the possibility that facebook might dominate this otherwise very disruptive technology. facebook already has 2 billion users. it has all of these advantages. we have seen facebook over the last decade plus do what i call "catch and kill," where any new e

the banking system -- now facebook -- >> facebook is not the right one to do that >> you may say that, but you are giving a broad-based attack on something that potentially could help people. and i'm not willing to throw out the baby with the bath water >> i hear you. but the argument that we're going after the unbanked population of the world, when, in fact, the first people are going to use it are criminals and the same people who use all, you know, bitcoin and the other cryptos. >> they're trying to avail surveillance >> you know, i get your point, but i don't think that's where it's going to be in practice >> you don't want anyone to do it is not practical. if facebook doesn't do it, there's a chinese company out there that has just as many users, or as many users almost, that will do it. >> i'm not -- >> is it better for the u.s. to have its eye on it and have a u.s. company doing it rather than -- >> i believe what china is -- china is an authoritarian country using technology to control its population i do not believe the united states should be doing anything with technology t

facebook underfire. facebook under fire. us facebook underfire. us politicians label the social network delusional and not deserving ofjust over its cryptocurrency initiative. resignation from the imf, her decision to become the head of the european central bank. good morning, asia, hello world. it's a wednesday. that you could join us foran it's a wednesday. that you could join us for an exciting addition of asia business report. i am rico his own. let's start off with facebook, the social media giant's plans for cryptocurrency has come under further attack by us politicians. the latest comments follow criticism by president trump, the treasury secretary steven mnuchin, and jerome powell. appearing in front of the senate banking committee, facebook executive david marcus defended this project. i believe that if america doesn't lead innovation in digital currency, and payments areas, others will. if our country fails to act, we could soon see a digital currency controlled by others, whose values are dramatically different from oui’s. are dramati

senator: more commercial activity on facebook equals more money for facebook? more money? mr. marcus: yes, senator. the other part of it is if we earn people's trust with the calibra wallet, and they decide to use it over time, we can offer partnerships like financial institutions and banks and other services that will be new sources of revenue. senator: so competing on wallets and getting a bigger market share. it seems to me, and i know i'm out of time, it seems to me that what facebook is really good at is figuring out how to monetize people's personal data, not only directlya spec it's but the ambience facebook collects from the many millions of activities that we take every year. what facebook is really good at literally, ong, that data. i have to say i'm not reassured by your statement that you cannot see any reason right now why there would not be data sharing between these platforms. i have additional questions for the record, mr. chair. chairman: senator mick sally? senator: thank you. mr. marcus, i don't trust facebook, and it is because of the repeated violations of

facebook has a few billion users. you are looking at the possibility of a very broad adoption and if there were problems, they are associated and any oflaundering the things we were focused on including the company they would arise to systemically important levels because of the size of the facebook network. i think it cannot go forward without there being brought satisfaction with the way the company has addressed money laundering and all of those things. the number of concerns i listed at the beginning, data protection, consumer privacy, all of the things will need to be addressed thoroughly and carefully and a deliberate process that will not be a sprint to implementation. in joei want to bring weisenthal and max to discuss this area it seems like everybody had a question about libra. why the skepticism? >> it gets to the general skepticism about it though. you heard jay powell's opinion on that plus the fact that facebook has so much power. that is something we have all been reckoning with over the last couple of

senator brown: facebook is dangerous. now, facebook might not intend to be dangerous, but surely they do not respect the technologies they are playing with, like a toddler who has gotten a hold of a book of matches. their motto is to move fast and break things. we would be crazy to give them a chance to experiment with people's bank accounts. david: we will take the time to get this right. wouldn't it be easier and safer if people could inexpensively secure money transfers through their smartphones just like they do for so many things today? that is what libra is about. >> i do not trust you guys, so instead of cleaning up your house, now you are launching into another business model with calibra. david: we have designed this network so that facebook does not and will not control currency. >> will you commit that facebook will not develop preferential incentives that unfairly help calibra, in terms of whatsapp and messenger, that they will support third-party? david: senator, i want to clarify, which is -- >> every time y

coming up, facebook's new era. that is what mark zuckerberg says is in store for the company after a record settlement with the sec to settle privacy violations, but will that be enough to keep lawmakers and investors happy? we'll discuss next. as we had to break, zuckerberg participates on the post earnings call providing details .bout the new privacy board >> we will now also have a new privacy committee that will andsee our privacy program work with an independent privacy auditor that will report to this new committee and to the sec. we are asking one of our most experienced leaders to take on the role of chief privacy officer for product, reporting to me and managing our privacy program. we will also be more rigorous and monitoring developments -- developers who access data through our platform. ♪ emily: now back to facebook. mark zuckerberg told employees at a town hall that the company's $5 billion settlement changed the has game. >> this is a new chapter for the company. privacy is more central to our visi

emily: what about the issue of trusting facebook. can we trust facebook to do this? i know david marcus ran paypal for a long time, long after your time at the company, but facebook has showed that in many situations, they can't be trusted by the public. max: i go back to the standing adjusted about facebook in the ad market. it is the job of u.s. regulators to not trust large companies, or any companies. i think that their job is to audit, regulate, and provide equal treatment under the rule of law for everyone. libra is interesting. it is not just a company. it is facebook initiating this thing. there's a giant group of other companies coming together to govern it. it is perhaps more complicated to regulate it. the government should take an active stance in regulating this thing that libra is and will be. within that, they should not rely on facebook being a good company. i'm sure they will act in their best interests. that is the assumption of a smart regulator. companies will do the thing they need to do. our job is to protect consumers and make sure of equal com

prepared to pull their punches or facebook is dangerous. after all the times facebook is abuse the public's trust and you know that you really think people should trust facebook with their hard earned money trust this primordial and we've made mistakes in the past and we have been working in our continuing to work really hard to get better central banks worldwide have raised concerns that libor could become a rival to sovereign currencies david marcus out and out denied that was facebook's aim and promised the senate banking committee that the cryptocurrency would not be in anyone's digital wallet until global regulators was satisfied we will take the time to get this right. we expect the review of libra to be among the most extensive ever we are fully committed to working with regulators here and around the world and let me be clear and unambiguous facebook will not offer the leader of digital currency until we have fully addressed regulators concerned and received for get approvals. marcus's appearance before the committee came a day afte

first, facebook has repeatedly -- not that people don't like facebook, facebook has repeatedly violated its own privacy policies. not an external thing that was imposed on them. they adopted their own policies, and they violated them, not once, not twice, but over and over and over and over and over again. look at the last consent decree, see the listing, wait till we see this consent decree, see the listing. this is a company that can't be trusted. it's worse than that, and this is the second point. even as facebook maintains its promises, they are unilateral voluntary and subject to change at any time. key features of facebook's libra proposal are completely up for grabs and change over time. for example, the one to one reserve, that would make a difference, but they could unilaterally alter that commitment. the idea that the money will be invested in stable currencies, would make a difference but a promise that could unilaterally be invested. the idea there would be a fire wal between colibra and facebook, a unilateral promise that could be vested, and you would be a fool to think th

one says yes, starting with facebook. >> is facebook in your view a monopoly? >> no, congressman. >> i assume the reason is because in your view facebook has a number of competitors and products the company offers, is that a fair characterization? >> yes, correct. >> what is the largest social media network platform company by active users in the world, do you know? >> congressman, i don't. i know we had 2.7 billion users. >> i can tell you it is facebook, number one. emily: joining us now is max election, who cofounded paypal and invested in startups. he joins me now in the studio. that exchange was on, whatsapp, instagram, facebook messenger, all under the facebook umbrella. do you think facebook is a monopoly? technical answer is relatively nuanced. i'm sure there are pieces of the market that understand. they are, in fact, the dominant player, to the point where they can't be displaced. if i was arguing facebook side, china, zero facebook there, plenty of their own companies. i'm not sure that is the most relevant question is, is it too big? emily: is it to

facebook. i've been at the company for eight years and focus on competition and economic policy. it's an honor to be here to discuss important issues. facebook is an american success story. we were founded in a college dorm room 15 years ago and since that time we have helped transform the way that people around the world communicate connect and share. we believe deeply in the values of competition and innovation, values fundamental to the success of the american economy and it is precisely because of these shared values that facebook has grown from a dorm room idea to a vibrant american company. new applications enabling people to connect discover communicate and share our merging all the time because barriers to entry for digital platforms are low. watching launching mobile applications or a new service often requires minimal staff capital and infrastructure and the rise of cloud computing and stores enable platforms to reach a global audience. consumers move easily between different services

and deirdre. >>> facebook on the hill, again. this time it's david marcus, the head of calibra, answering questions from the senate bank keg. tomorrow, he'll appear before a house panel. meanwhile, listen to what treasury secretary steven mnuchin had to say yesterday about libra. >> i didn't say i was comfortable with them launching a currency >> if they launched it in an appropriate and a safe way -- >> yeah, but i'm not comfortable today. so let me just be careful. as i said, they and others have a lot of work to do before they get us comfortable >> joining us now here at post nine is mow zell thompson, a former adviser to facebook and kristin smith, director of the block chain association. good morning to you both mozel, i'll start with you we've talked to you quite a bit about regulatory risks for facebook and everything they've been dealing with and they're facing we haven't talked to you about libra yet. what do you think of this proposed digital claim >> i think it's really an interesting opportunity. and i hope that what

also ordered facebook to set up an independent committee to oversee its privacy policy c.e.o. mark zuckerberg said that his company was in the process of making major changes that would signal quote a new chapter for facebook. let's get more now we're joined by rob watts who is from d f you business so an enormous find isn't it it really is we believe it's the biggest find has ever been given to a company for the pusing the previous e views is come from as you say the federal trade commission in the united states they've been looking into in general previously issues at facebook they started with the cambridge analytical scandal which you may remember it was this british political consultancy that managed to get access to the $87000000.00 facebook uses and abuses but the f.t.c. then broadened out their investigation to also look at other aspects of privacy of facebook including their facial recognition technology and it's concluded that repeatedly facebook undermined the promises that it made to its uses about privacy and has given them this $5000000.00 fine it's also told the

he said he does not even use facebook. so same question to you madam chairwoman, would you use facebook libra? rep. waters: all i know is the faith that i have in the american dollar. i love the american dollar, i am concerned about libra competing with our dollar. i am not concerned at all about whether or not i will use libra as of today. no. i don't know it is, i don't know how it works. i am satisfied with the american dollar, and i am very concerned about any currency that will compete with it in the way that they talk about cryptocurrency doing. emily: u.s. representative maxine waters of california. in europe, france and the u.k. are looking at the relationship with big tech. despite pushback from united states, we are brought this report from london. >> on july 11 french lawmakers passed a digital sales tax that will see a levy of 3% on companies with revenue over 750 million euros. the huge change here, it will be affecting revenue and nonprofit. -- not profit. the interaction with the customer is something that h

facebook might have an monopoly. i believe facebook wants to be regulated. they want to close the barrier to entry for any competition. the only way they can do that is get regulations. the 5 billion-dollar fine you got, is like you taking a dollar out of your wallet. it is absolutely meaningless. they would love to be regulated because it would keep anybody else out from competing in their industry. it is really that simple. they have a cash money machine they don't want to deal with anybody about it. lauren: john, as we look at facebook's stock it is moving a quarter percent to the downside here in after-hours but this year, with all of these concerns that we just outlined, that target facebook and other big tech and social media companies the stock is up more than 50%. as we wait on these earnings, if facebook is able to gross the user base, will investors say so what about all these investigations so what about privacy, that they're growing, that's what is important? >> i think they will and the reason why this is so interesting is because of the fact th

facebook is dangerous. after all the times facebook has abused the public's trust and you know that you really think people should trust facebook with their hard earned money trust us primordial and we've made mistakes in the past and we have been working and are continuing to work really hard to get better and central banks worldwide have raised concerns that lever could become a rival to sovereign currencies david marcus out and out tonight that was facebook's aim and promised the senate banking committee that the cryptocurrency would not be in anyone's digital wallet until global regulators was satisfied we will take the time to get this right we expect the review of libra to be among the most extensive ever we are fully committed to working with regulators here and around the world and let me be clear and unambiguous facebook will not offer the libor a digital currency until we have fully addressed regulators concerned and received for preity approvals. marcus's appearance before the committee came a da

facebook is in the hot seat. the company's co-founder of the crypto currency initiative is facingal bipartisan back trash. would you trust facebook with this new libra currency? ♪ ♪ award winning interface. award winning design. award winning engine. the volvo xc90. the most awarded luxury suv of the century. what might seem like a small cough can be a big bad problem for your grandchildren. babies too young to be vaccinated against whooping cough are the most at risk for severe illness. help prevent this! talk to your doctor or pharmacist today about getting vaccinated against whooping cough. kristina: facebook getting hit from beth sides of the aisle over its crypto currency plan. reporter: facebook says libra will be separate from their social media company. >> trust is something you earn. and facebook certainly hasn't earned it. so it's not enough to say you will keep the data separate. i would like to know how exactly will you keep libra data separate from your social media data. >> santa ana, thank you

how facebook is fighting fake facebook, facebook on paying tribute to game of thrones as they do that. fixates on trade tensions between china and the united states, another dispute is weighing heavily on chipmakers. slappedk, japan restrictions on exports heading to south korea. samsung, south korea's largest company, slid nearly 3%. another company dropped 1.5%. together, the two companies account for 60% of the world's memory chip capacity. upsetting supply chain for iphones tofrom laptops. why is this happening now? >> this is something that goes back over 100 years, you could argue, with japan's invasion and colonization of korea. korea argues, you never apologized. the japanese side says, yes we did. this appears to have bubbled up. emily: could it have anything to do with president trump and him taking a similar tact in dealing with china? ian: that is the argument, that the japanese side, for domestic political reasons, they are saying, we've had enough of this. this is something that needs to be put to bed once and for all. austin with us now, who runs our bloomberg news oper

you can't use facebook messenger without facebook, right? >> or can you. >> i believe you can, congressman. >> okay. so they are two separate and distinct -- do you know what percentage of people use messenger that don't use facebook? >> i do not have that data. i'd be happy to follow up. >> and the reason i bring it up is when we talk about competition versus complement, i mean competition versus complementing how we use this -- i'd just ask you all of those things because i i wouldn't know where to get anything other than the apple app store. i'm sure other things exist but i don't know about them. i think there is a lot of news that situation. so -- and with that i just think as we close this out, i hope as we move forward the hearings become more focused more single topic specific focused and then i would just encourage everybody and the companies testifying to be forthright with answers. i mean the questions -- i can tell you about half the questions that are going to be asked today which um assuming you all with the vast resources and

and even if you broke facebook into multiple companies, facebook, instagram, oculus, each of those entities is so big, they would still have such a significant data advantage and also protections, because now they just followed whatever was prescripted to them, you're not going to solve any problems. you're just going to create more problems i'm still more laissez-faire, where beyond privacy -- privacy is a separate issue. but beyond privacy, we need to just encourage development and we need to encourage innovation, like node.ai, because that's how we're going to compete the concept to me that facebook is the end-all, be-all product for news sources or saving pictures or sharing with grandma is crazy same with instagram. they'll be preempted at some point. it's inevitable. >> so, guys, cuban talked a lot about being very careful regulation could have these unintended consequences. but i think a lot of folks, especially lawmakers, might wonder, if you're too careful, you risk letting them grow even bigger and bigger. so the big question, and the point i took away from that is we still don't

facebook says that works. by bringing more people through the door to interview with these jobs, shocker, we are now diversifying and hiring more of those people. if they knew the answer, we would not be talking about it right now. emily: facebook with the leadership of sheryl sandberg has tried to lead on these issues. she has been a leading voice in the world on these issues, but i have to point out this is good timing or is this good timing for an announcement like this? facebook is not looking so good. kurt: normally when we talk, what disaster did facebook have this week? here, it seems like they are trying to do the right thing. they are trying to build a workforce that reflects the people who use their product. i don't think it hurts that they view this as a positive announcement. they do this every year. they announce these numbers every year. it is not like the first year they have ever done it, but it does not hurt we are giving them a bit of a compliment today. emily: we will hold them to it. kurt:

facebook c.e.o. mark zuckerberg says the social media giant is ready to make what he called major structural changes and how the company is run and how it designs its products now his statement came after the us federal trade commission announced a $5000000000.00 fine against facebook for failing to protect users data despite that big fine facebook announcer revenues and profits profits actually grow faster than expected in the 2nd quarter. well the fine is the largest penalty ever levied against a tech company and jonathan crane has been looking into the story for a side jonathan what were the allegations that actually prompted this investigation in the 1st place well the settlement was a result of an investigation into how facebook effectively handed over troy. because of this really did tipping point if you lie for that was revelations in 28 senior political consultants cambridge on the list had got its hands on up to 87000000 facebook users days no it did this a virus that. see a quiz on facebook