Google, Joel Richard Paul, San Francisco discussed on All Things Considered
And then at seven o'clock on fresh air. Jason resign is the cast. He was accused of being a spy while reporting in Iran. The title of his memoir is prisoner. And I hope you'll stay with us for fresh air coming up at seven here on San Francisco in K north highlands, Sacramento. This is marketplace, I'm KAI Ryssdal. Not great news for Google at a French yesterday. The search company that's really an advertising data company has been hit with a fifty seven million dollar fine for failing to be transparent about privacy guidelines. It's the first time an individual European Union country has invoked the general data protection regulation. If you remember that went into effect last year. Anyway in absolute terms, fifty seven million dollars is a boatload of money for Google though. Fifty seven million dollars is a vanishingly small fraction of a boatload. So marketplace's looked into what kind of find might actually get a company like that to pay attention for a bit of perspective. Let's say you earn an annual salary of fifty thousand dollars. The find Google has been asked to pay is the equivalent of twenty five bucks, Google that kind of change in the laundry every month and often is a professor of media studies at the university of Virginia and is author of books that have been critical of Google and Facebook, he says a couple of things need to happen to make these punishments. More effective one defined should be in the billions and millions. But beyond that, we really need a regulatory structure that takes the problems of the abuse of personal data. Seriously, biting off and says part of the problem is that it's not just Google and Facebook whose businesses stand to lose from stricter data regulation, AT and T rising and Comcast are all in the same boat. Their business models are also based on obtaining in selling your data. So all of those companies Google included have an interest in making sure regulations don't adversely affect their bottom lines. Joel Richard Paul teaches law at the university of California Hastings in San Francisco. He says these companies make so much money from user data that until fines get high enough. They're unlikely to have an incentive to to change that business model, but he says there's another factor at play even when a fine is relatively small. That's really the reputational damage. Paul says this European fine could act as a signal to consumers that what these company. These are doing isn't good and Google Facebook. And others are more worried about losing users and their data than they are about fines. I need for marketplace. A quick follow up now to our story last week about mobile payments in the Chinese economy. Some of you had a hard time believing something that are Shanghai. Correspondent Jennifer packs it here's the bottom talking about mobile payment has exploded in China way. More than in the US Americans use mobile payment for more than one hundred billion dollars worth of transactions in two thousand sixteen but that same year in China. We're talking about twenty three trillion dollars your objections went like this. Basically China's GDP that year two thousand sixteen wasn't even twelve trillion dollars. How can mobile payments be nearly twice that not only can they can they it turns out we actually under reported the dollar amount of mobile transactions in China in two thousand sixteen Jennifer has the explanation at marketplace dot ORG coming up tomorrow on the marketplace morning report, by the way, how about a little taste of global. Economic elitism with your morning coffee. How about that the World Economic Forum in Davos is on? Last friday. The.