[inaudible conversations] [inaudible conversations] [inaudible conversations] [inaudible conversations] the committee will come to ord order. [inaudible conversations] [inaudible conversations] [inaudible conversations] without objection the chair is authorized to declare recess of the committee at any time. This hearing is entitled an examination of facebook and its impact on the Financial Services and housing sectors. I now recognize myself for five minutes to give an Opening Statement. Today we are here to examine the act of facebook on the Financial Services and housing sectors. Our sole witnesses the facebook chairman and ceo, Mark Zuckerberg. Facebooks plan to create a Digital Currency, libra, and a digital wallet raised many concerns relating to privacy, trading risks, discrimination, opportunities for diverse owned financial firms, National Security, Monetary Policy and the stability of the Global Financial system i and other democrats have called for a moratorium on facebooks
China trade war were seeing businesses like we were who just pulled their i. P. O. Filings and h. P. Who also just unveiled plans of some major restructuring that will basically cut off and slash 70029000 jobs so thats a lot of people who will be on unemployment but if you take a look at this specific charge of the employment nonfarm you see where we stand today if you look at some numbers back when when the financial crisis occurred in 2008 you can see there was a dramatic drop during that time before the financial crash and then you see where we stand today as far as. The 3. 5 percent so of course its no surprise the president can boast where wherever he can so he took to twitter and he its no surprise that he was touting the state of the u. S. Economy saying breaking news we are doing great want to impeach your president you know so so going into that but the for. The reserve has already cut rates twice this year and it looks like people are expecting for them to cut rates once agai
Theres lots more on all our stories on our website. Just log onto bbc. Co. Uk news. Now on bbc news, live to singapore for Asia Business report. Dampened expect patients. The us and china sit down later today for a 13th round of trade talks. Both sides may walk away empty handed. Union walkers of the United States entered their fourth week on the picket line with no resolution in sight. Union workers. Good morning, asia. Hello, world. This is thursday, thank you for joining us for another exciting addition of Asia Business report. Lets start with the ongoing us china trade war because the 13th round of talks is set to resume in washington, dc today. This is the first meeting between top negotiators on us soil since the trade talks collapsed in may. But there is little hope they will be productive. News reports are saying that the two day meeting may be cut short due to unresolved issues on key Sticking Points. As you can see right now on our motherboard screens, right now on our mother
Year we start in washington where top level talks are due to take place later between the us and china over their increasingly damaging trade war. Theres growing concern a deal is still a long way off with reports that theres been little progress behind the scenes this week and that the chinese team plan to leave the talks a day early. Thats been hitting Financial Markets in the last few hours. The us and china together account for more than 40 of the worlds economy. But their standoff is affecting the whole world as Global Supply chains are disrupted and components go up in price. Lets take the iphone for example designed in the us but assembled in china. If the trade war isnt resolved by december, the us will impose a 15 levy on the iphone among other Tech Products made in china, so prices around the world could rise. Germany is europes biggest economy almost half its output comes from exporting and trade tensions are helping push it into recession. This week the new boss of the Inte
Know so so going into that but the Federal Reserve has already cut rates twice this year and it looks like people are expecting for them to cut rates once again in their meeting next week and then again in december when they meet again so people are looking at these expectation of federal the feds cutting their rates 2 more times just this year and thats the most that its happened in decades actually you know unemployment has traditionally been a lagging indicator so president boasting about what a strong labor market this is thats not really saying much at all so meanwhile on the trade front with President Trump theyre set to meet with china next thursday for their 13th on trade talks is there any improvement in their relations well the u. S. Merchandise trade deficit narrowed from july to august according to this new report released today by the u. S. Department of commerce but the china trade deficit looks like it narrowed down in august as exports rose to a fire much high in the u.