Google, China, Facebook discussed on Marketplace with Kai Ryssdal

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Coming up people entering the workforce has a real personal cost. That's never measured in any of the reports when the costs of unemployment do get kind of personal, but I sure students. Honestly, I did the down off three hundred one points today. One point two percent. Twenty four thousand four four four fifty one point blue chips. Nasdaq one hundred thirty six points one point nine percent, seventy twenty seven thousand twenty s and p five hundred thirty seven points about one point four percent twenty six and thirty two they're Haliburton. Trump three percent today. The oilfield services company beat analysts expectations in the fourth quarter. Also lowered first quarter revenue in some key areas, including because of the way reduced fuel demand from China slumber J off point seven percent helmerich and Payne drill down three and nine tenths percent healthcare. Jan Johnson and Johnson gave back one point four percent. They bond prices. Thanks for asking. They rose yield on the ten year treasury note fell two point seven three percent. You're listening to marketplace. As a nonprofit news organization. Marketplace has a mission that drives what we do every day to increase economic intelligence across the country. But we can't do it alone. So please become. Marketplace investor today in whatever amount you choose and your donation will go twice as far thanks to a dollar for dollar match from the Kenedy fund. Please donate today and marketplace dot org. Place podcast is brought to you by with Sabi. Hot cloud storage. If your company's thinking about moving data storage to the cloud, check out the company. That's rethinking cloud storage with Sabi is less expensive than just the maintenance on your current on premise storage. Plus, it's eighty percent cheaper and six times faster than Amazon S three with no egress fees. Experience. It for yourself with free unlimited storage for a month. Go to Asaba dot com. Click free trial and use the offer code was ambi-. And by zoom. Videoconferencing has changed the way we do business. Fewer long distance trips and more FaceTime at the click of a mouse. And in two thousand nineteen the clear winner is ADM zoom delivers flawless video pin drop clear audio and instant sharing across any device, desktop laptop, tablet or mobile share anything with anyone a word file spreadsheet presentation deck zoom is everything you always wanted video communication to be some amazing features. You didn't think of but you'll wonder how you lived. Without him. Visit zoom dot US to set up your free account today that zoom dot US meet happy with zoom video communications. This is marketplace, I'm KAI Ryssdal. Not great news for Google at a French yesterday. The search company that trillion 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 into you 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's monastic pay is the equivalent of twenty five bucks Google canes in the laundry every month. See the vitamin often is a professor of media studies at the university. 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 defined should be in the billions and not the millions. But beyond that, we really need a regulatory structure that takes the problems of the abuse of personal data. Seriously, biting often 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 Verizon and Comcast 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 play. Even when a fine is relatively small. That's really the reputational damage. Pulses this European fine could act as a signal to consumers that what these companies 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 mean Euler from Arkham place 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 a bar 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 being early twice that not only can they can they 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

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