facebook says it wants to empower billions of people yet again and now its fledgling cryptocurrency libera faces more scrutiny from both sides of the atlantic also coming up find out what happened to nike ambassador calling kept her name criticized a controversial new line of sneakers and we'll take you to sunny portugal over the aagaard the region wants to reduce its dependence on travel savvy brits amid looming bricks. welcome to the program. u.s. lawmakers have urged facebook to halt its cryptocurrency plans they want time to investigate the risks libera poses to the global financial system it comes as regulators in europe call for closer scrutiny a senior official of britain's financial watchdog says the issues raised require deep thought and detail. introducing lead for
a new global currency designed for the digital world facebook has promised finance for the future with its new crypto currency and i'm saying its arrival mark zuckerberg said libra would empower billions of people even those without bank accounts will be able to send money around the world with these what's more facebook says libra will be what's called a stable coin meaning it will have none of the volatility associated with bitcoin and other quick 2 currencies it says it will ensure that by linking its value to other established global monetary systems. major corporate players are already backing libra even if some of the world's financial leaders are not. bank of england approaches libor with an open mind but not an open door. and now a group of u.s. lawmakers has written to facebook asking them to put their crypto currency plans on hold until congress can assess the risk it poses nevertheless facebook's plans to
disrupt money continue to progress with libra expected to begin filling digital wallet in early 2020. the u.s. trade deficit has reached a 5 month high that means the united states is buying lots more than it is selling the gap between imports and exports rose by 8.4 percent to 55.5 $1000000000.00 in may the trade deficit with mexico which president donald trump is threatened with stingy terrorists reached its highest for a decade u.s. cardboards also climbed to their highest on record and sought the u.s. business maybe stocking up ahead of an expected increase in terrorist on chinese goods. now a growing trade deficit wasn't the only somber news from the u.s. economy companies also hired fewer people than expected in june how did all of that
go down on wall street well here's our correspondent with more. yet all the short but her record breaking trading day here on wall street we've got a bunch of weaker than expected economic data but that makes it more likely that the federal reserve will start cutting interest rates at the next meeting end of july and it is not set in stone yet but it became more likely we got weaker than expected numbers from the job market from the private sector from the service industry and then also from a broader manufacturing index all of this shows that the economy is still growing but at a slower pace and that might be good enough for the federal reserve to cut interest rates of all the s. and p. 500 the search trading day in july and the 3rd record and also the dow jones industrial average finished the day on a new all time high and closed in very sharply to 27000 points
you know you correspondent yes a quarter reporting from new york there u.s. sports brand nike has been dragged into america's culture wars after it was pressured to pull a special edition 4th of july sneakers from stores and shoes featured an early version of the united states flag from an era where slavery was commonplace conservative lawmakers claim it's a matter of political correctness going too far and they're making sure nike feels the backlash financially. the shoe features a flag created during the american revolution former n.f.l. star and controversial nike poster boy colin kaepernick said he found the design commonly referred to as the betsy ross flag offensive because of its connection to an era of slavery and for the shoes to be removed from sale so he just did it to shipping the shoes to retailers of the company recalled them again some people supported the decision. his people i mean died under that flag you know and
were slaves under that flag so yeah i think it makes perfect sense and the flag has recently been used by some white supremacist groups now it's the turn of the american right wing to get really ticked off about like he arizona governor doug jussi a republican who's been involved with far right so-called patriot groups released a flurry of tweets nike has decided that betsy ross is unworthy and has bowed to political correctness and historical revisionism. nike has made its decision and now we're making ours i've ordered the arizona commerce authority to withdraw all financial incentive for the company to locate here. arizona's economy is doing just fine without nike we don't need to suck up to companies that denigrate our history . at least some of the limited edition shoes have already made their way into the market and with changing hands privately for hundreds and even thousands of dollars meanwhile it seems that some potential customers are voting with their feet. well
in europe french police have raided the headquarters of carmaker renault it's thought to be in relation to a lavish wedding party held by carlos go on the former head of the company confirmed the incident police have been investigating mr groans use of the palace of versailles when he got married in 2016 he's alleged to have organized the deal in exchange for a sponsorship agreement with an open court was going to trial on a string of other charges in japan. and now to some of the other business stories making headlines around the world the european commission dropped its threat of disciplinary action against italy after the government and rolled took action to bring its growing debt into line with e.u. fiscal rules brussels was unhappy with italy's failure to reduce reduce its large public debt in 2018 as promised and has called on its anti austerity government to
baltar state finance is just plain maker boeing says it is providing $100000000.00 to help families and communities affected by 2 crashes of its $737.00 max airplane the company called to some aid and initial investment for local governments and nonprofit organizations to help families with living expenses going faces dozens of lawsuits over the accidents that killed nearly 350 people the 737 max has been grounded worldwide since march lee iacocca creator of the iconic ford mustang has died at the age of $94.00 he began his career and $946.00 as an engineer at ford and quickly rose to become the company's vice president aged only $36.00 but it wasn't all smooth sailing mr iacocca was fired and $978.00 after a spat with management he then moved on to chrysler which is steer back to profitability after a crisis. in portugal tourism now accounts for 40
percent of economic output it's an especially popular destination for brits keen to soak up the sun but forecasters fear storm clouds are gathering on the horizon as breck's it and competition from other destinations keep people away portugal's dealing gulf coast at the beginning of july high season is just getting underway but hoteliers here are wondering just how many britons will come last year their numbers fell 511-0000 the british are the region's tourist mainstay of the games they were always about 30 percent or more of the total overnight stays now we're down to 292 to 3 percent less that's clearly a break that effect because of the. size break that competition from other vacation destinations is also hurting the algarve hotels here have responded with special
offers and the country's tourist marketing board has geared its efforts more towards the british market the message is clear. that whatever happens for example or no breaks it even during breaks it portugal will always welcome the british as partners but just like we've been doing for hundreds of years and it's not them in the form of the fact that they are. still portugal wants to protect its tourism center by reducing its dependence on british tourists there's also a shift away from the algo of. seeing the best grows in regions which are less tourism centered it means we're projecting an image of portugal which is very diverse which can be visited the whole year round. growth outside of the traditional tourist hotspots is decisive for portugal's future the boom of recent
years has often brought the algarve and the capital lisbon to the limits of what they can handle. 3 or 4 fabulous years behind us with 12 to 15 percent growth. and that we have neither the infrastructure the know how nor the qualified staff to keep growing as strongly as it wouldn't be good. but there's no letup in sight for the algarve yet latest figures show advance british bookings picking up again raising hopes the state's advertising campaign could be paying off. and millions of new visitors are now surging in from brazil and the u.s. alone little portugal is no longer the well kept secret it once was. and that wraps up our show as usual you can find more business news analysis and background stories on our web site that's t w dot com slash business or on our facebook or twitter feeds. from me and the entire team thanks for watching and
we'll leave you with a quick check of our global markets are trading up to. the
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