as it relates to the commerce department, it is going to enable us at the commerce department to fund key priorities that will have very tangible positive impacts for american workers and businesses. just to tick off a few things. it's substantial funding for noaa to increase climate resiliency and restore and improve coastal habitats. it is very excitingly permanent authorization for the minority business development agency at $1.6 billion to that agency, mbda in the commerce department is the only federal agency solely focused on promoting the growth, development and resiliency of minority owned businesses, so it's pretty incredible. today i'm going to focus particularly on broadband as was said. president biden has set a very ambitious goal for his administration that we must connect all americans, all americans regardless of where they live to high speed affordable internet. and thanks to the passage of the bill, we will be able to accomplish just that. the infrastructure investment act allocates $65 billion to expand broadband in communities all across america to create low cost

that is qualitatively different than commerce. it does not become commerce until it starts to get moved interstate. that is an important first principle argument that he staked out very early in his jurisprudence and it has certainly continued consistently over his years on the court. and again, another important distinction is justice scalia is now against justice thomas. in lopez, they are together on the results. in gonzales, they are against one another. one of the questions i wish i could have asked justice scalia in private is, if there were a couple of grapes in the backyard and was making her own wine, would you have come to the same result? i don't know. justice thomas, clearly this was a bridge too far for him. his dissent is really not focused on article 1, section 8. if you read his dissent, he only very briefly addresses that. he said this obviously is not interstate commerce. he spends the great majority of his dissent engaging on the necessary and proper clause. that is where the battleground is. he explains what he

it does holidays, the e commerce delivery. and what's going on a moment is you've got about 4 or 5 rival big tech groups that are trying to build a whole ecosystem to run your whole life and provide you with the services, money management, and pay your utilities. but deliver your food, your hotel, hire and share your car, and they're snacking up. these things and these things are evolving very, very fast. i mean, the m and a is gone through the roof. so for young tech entrepreneurs and russia has a history of high, highly qualified people there, and they're leading into this setting up companies and getting bored. so all right, ben iris, thanks and last editor of the any that you thanks may i kaiser report? very good. all right, i was going to do for this addition of kaiser report with may max kaiser and stacy herbert want to thank, i guess, been hours until next time by off noon . ah. join me every post on the alex simon. sure. i'll be speaking together. the world politics, sport, business, i'm show business. i'll see you the

e commerce, it does delivery. and what's going on a moment, it's, you've got about 4 or 5 rival big tech groups that are trying to build a whole ecosystem to run your whole life and provide you with the services, money management, and pay your utilities. but deliver your food, your cell higher and share your car and their snapping of these things and these things are evolving very, very fast. i mean, the m and a is gone through the roof. so for young tech entrepreneurs and russia has a history of my high, highly qualified people there, and they are leaping into this setting up companies and getting bored. so all right, ben iris, thanks a lot us editor of be any that you thanks for being i kind of a report. very good. all right, i was going to do for this addition of kaiser report with may max kaiser and stacy herbert want to thank i guess, ben iris until next time by off with ah, ah, the british and american governments have often been accused of destroying lives in their own interests, what you see in this, these

as it relates to the commerce department, it is going to enable us at the commerce department to fund key priorities that will have very tangible positive impacts for american workers and businesses. just to tick off a few things. it's substantial funding for noaa to increase climate resiliency and restore and improve coastal habitats. it is very excitingly permanent authorization for the minority business development agency at $1.6 billion to that agency, mbda in the commerce department is the only federal agency solely focused on promoting the growth, development and resiliency of minority owned businesses, so it's pretty incredible. today i'm going to focus particularly on broadband as was said. president biden has set a very ambitious goal for his administration that we must connect all americans, all americans regardless of where they live to high speed affordable internet. and thanks to the passage of the bill, we will be able to accomplish just that. the infrastructure investment act allocates $65 billion to expand broadband in communities all across america to create low cost

it does holidays, the e commerce delivery. and what's going on in a moment is you've got about 4 or 5 rival big tech groups that are trying to build a whole ecosystem to run your whole life and provide you with the services, money management, and pay your utilities. but deliver your food, your cell higher and share your car and the snapping of these things and these things are evolving very, very fast. i mean, the m, n a is gone through the roof. so for young tech entrepreneurs and russia has a history of my high, highly qualified people there and they are leaping into the setting up companies and getting bored. so all right, ben iris, thanks a lot us editor of be any that you thanks for being i kind of report. very good. all right, i was going to do for this addition of kaiser report with may max kaiser and stacy herbert want to thank i guess, been hours until next time by off noon . ah ah ah ah ah ah ah. with all i get the french catholic church admits said bears institutional responsibility for decades of child sex abuse by

i mean, russia's richest woman is e commerce lady. she was a former teacher set up a business with a husband not long ago like 5 years ago, and now she's worth $1000000000.00. but it's also the institutions themselves and grace there. i think the best example is them spare bank, which is the state savings bank. it's retail giant. it has half deposits in russia, but the bus, the spare bank graph has been buying e commerce applications. and they've been saying, and they go to the point where he no longer sees the bank as a bank to the point where they dropped the wood bank from their name. so it's just known as there. and it does everything. it does books, it does, it does holidays, the e commerce delivery and what's going on in a moment. it's, you've got about 4 or 5 rival big tech groups that are trying to build a whole ecosystem to run your whole life and provide you with the services, money management, and pay your utilities. but deliver your food, your cell higher and share your car. and the snapping of these things, and these thin

i mean, russia's richest woman is e commerce lady. she was a former teacher set up a business with a husband not long ago like 5 years ago, and now she's worth $1000000000.00. but it's also the institutions themselves and grace that i think the best example is them spare bank, which is the state savings bank. it's retail giant. it has hobble deposits in russia, but the spare bank graph has been buying e commerce applications and they've lost in fact and they go to the point where he no longer sees the bank as a bank to the point where they dropped the wood bank from their name, so it's just known is there and it does everything. it does books, it does. it does holidays, e commerce, delivery. and what's going on? i mean, it's got about 4 or 5 rival big tech groups that are trying to build a whole ecosystem to run your whole life and provide you with the services, money management, and pay your utilities. but deliver your food, your hotel, hire and share your car. and snacking up these things, and these things are evolving very, very fa

it does holidays, the e commerce delivery. and what's going on a moment is you've got about 4 or 5 rival big tech groups that are trying to build a whole ecosystem to run your whole life and provide you with the services, money management, and pay your utilities. but deliver your food or higher and share your car and the snapping of these things and these things are evolving very, very fast. i mean, the m and a is gone through the root. so for young tech entrepreneurs and russia has a history of high, highly qualified people there, and they're leading into this setting up companies and getting bored. so i've been iris. thanks i last editor of be any that you thanks being i kind of report very good. all right, i was going to do for this edition of kaiser report with may max kaiser and stacy herbert want to thank i guess, spent hours until next time by noon . ah, join me every thursday on the alex salmon show. and i will be speaking to guess in the world of politics, sport, business. i'm sure business. i'll see you then. ah, it'

it does holidays, the e commerce delivery. and what's going on a moment, it's, you've got about 4 or 5 rival big tech groups that are trying to build a whole ecosystem to run your whole life and provide you with the services, money management, and pay your utilities. but deliver your food, your hotel, hire and share your car and snacking up these things. and these things are evolving very, very fast. i mean, the m and a is gone through the roof. so for young tech entrepreneurs and russia has a history of high, highly qualified people there and they are leaping into this setting up companies and getting bored. so all right, ben iris, thanks so much editor of be any that you thanks. may i kaiser report? very good. all right, i was going to do for this addition of kaiser report with may max kaiser and stacy herbert want to thank i guess, been hours until next time by noon . ah, what we've got to do is identify the threats that we have. it's crazy, even foundation, let it be an arms race is on offense. very dramatic development. o

. >> the rise of e-commerce has fueled counterfeiting around the world come some estimate the sale of illicitme products could result in w more than 5.4 5n net job losses worldwide by 2022. >> u.s. businesses are going out of business because of counterfeit goods. >> consumer products and pharmaceuticals make up a breach of counterfeit goods. these are especially dangerous because they post health and safety risk. online marketplaces allow criminals to sell items quickly and anonymously. >> this is an organized business that will take advantage of consumer. >> what we've seen is a shift over to e-commerce. >> confiscated power tools for sale on facebook. a game of whack-a-mole. you fix it you but they somewhere else. >> in the online space is weakened by counterfeit unregulated and dangerous toys. >> counterfeits pop up on amazon within 30-60 days of us launching a tv commercial. >> the u.s. consumer product safety commission filed an administrative complaint charging some product sold on amazon are defective and pose a risk of serious injury or death. >> to the original product and c

. >> the rise in e-commerce fueled counterfeiting around the world. some estimate the sail of illicit products could result to 5.4 million net job losses. consumer products and pharmaceuticals make up a big share of counterfeit goods. these are especially dangerous because they pose health and safety risks. >> crime is grewing. >> online marketplaces allow criminals to sell items quickly and anonymously. >> this is an organized business and looks to take advantage of consumers. >> we're seeing a ship to immerse. >> confiscated power towels for sale on facebook. >> fix it here and then they pop up somewhere else. >> unfortunately in the online space as we found counterfeit unregulated and threats. >> counterfeits pop unon amazon within 30-60 days of us launching a tv commercial. >> administrative complaints charged some products sold on amazon are defective and pose a risk of serious injury or death. >> original product and this is a counterfeit. side by side. >> third party sellers account for about half of what they are selling themselves. >> lots of

undersecretary of commerce for international trade. frank joins us now. great to have you on the program. a lot to go through with you. as we head into singles' day, setting up e-commerce for foreign companies in china, how has the way you have done business changed in the ease or difficulty of doing business as china has increasingly put regulation on the internet sectors? >> first, thanks for having me on. it's great to be with you today. the challenges are hurdles of running the e-commerce store in china, the single greatest boon to the market over the last year , single greatest impact not surprisingly has been covid. people are less able to go to shops and stores or arm less inclined to do so. so there has been a huge run-up of e-commerce in china as there has been in the u.s. and other countries around the world. the chinese government is not opposed to the nikes or the procter & gamble's of the world or coca-cola operating e-commerce stores in china. they are fully on board. manus: frank, good to see you this morning. we are grappling with covid an

also getting lines coming in from commerce bank as well. this is a beach on the third quarter revenue coming in at 2 billion euros, just over 2 billion euros. the estimate had been for 1.9 9 billion euros. also seeing a hefty beat when it comes to operating profit as well as their net income. that was a pretty substantial beat. net income coming at 403 billion euros. it had been 276. also saying their ratio just slightly ahead of estimates as well. that is their ability to turn around profit. jobs are hugely important for these banking results. banking looking strong in europe, reflecting what we saw in the u.s. results as well. also, we will be speaking with plenty of executives. we will be speaking to the cfo of commerce bank and that will be at 7:30 a.m. london time, 3:30 p.m. in hong kong. there is your banking results. could see a positive reaction from banking stocks and european trading given the outstanding results. pretty tight on the u.s. equity markets. after a fed decision, we saw the fed as expected start the tapering program.

i'd like to start by showing a brief vi >> the rise of e-commerce has built counterfeiting around the world. ting around the world. some estimate the sail of illicit products could result to 5.4 million net job losses. consumer products and pharmaceuticals make up a big share of counterfeit goods. these are especially dangerous because they pose health and safety risks. >> crime is grewing. >> online marketplaces allow criminals to sell items quickly and anonymously. >> this is an organized business and looks to take advantage of consumers. >> we're seeing a ship to immerse. >> confiscated power towels for sale on facebook. >> fix it here and then they pop up somewhere else. >> unfortunately in the online space as we found counterfeit unregulated and threats. >> counterfeits pop unon amazon within 30-60 days of us launching a tv commercial. >> administrative complaints charged some products sold on amazon are defective and pose a risk of serious injury or death. >> original product and this is a counterfeit. side by side. >> third party sellers account for about half of what they are

he's a natural leader in retail loss prevention particularly e-commerce and even featured in the news media as one of the foremost experts in dismantling organized retail crime. he's a veteran of the united states army military police, serves as president of the national coalition of law enforcement and retail. and i'm delighted to have him here. i will say that as u.s. attorney and rhode island attorney general it was my privilege to work with many skilled rhode island investigators both in law enforcement and from the private sector. and mr. dougan continues our tradition of investigative excellence in rhode island. >> thank you senator whitehouse. with the witnesses please stand to be sworn in. please raise your right hand. do you affirm the testimony you are about give before the committee will be the truth, the whole truth and nothing but the truth so help you god? all answer in the affirmative. mr. muteric. >> aaron muteric. founder and president of crazy aarons a toy manufacturer in norristown, pennsylvania. thank you for the opportunity to testify today. chairman durbin, ranki

e-commerce is definitely holding its own, and in some cases, we are beating our projections on the e-commerce side. but we are really blown away on what's going on at retail. the malls are very crowded. there not as many people, necessarily, going into the stores, but when they are going in, they are buying, and they are buying a lot more than they have traditionally bought in the past. it's way up from where it was last year. caroline: is that this sort of growth that attracted the new investors? i believe your conversations all started when you were making acquisitions yourself, buying into reebok, and they wanted to get in on that deal. they've taken a stake in authentic brands group. what you present to them to continue that growth story -- what do you present to them to continue that growth story? >> i can honestly tell you that what happened with them coming into abg, we've had an incredibly robust year in 2020 and now in 2021. we took, sort of, the approach that, if the world was going to end, we were going to have lots of problems, but so when everyone else -- so would everyone else.

those that started as e-commerce players and now are looking to open up physical stores, new concepts that are happening in local markets. one of the things that i don't think people appreciate during the pandemic was the importance of physical retail. it was accentuating. that demand of going and being able to pick something up in the proximity to customers, whether it is stores, curbside pickup, or things like food and beverage. doordash, postmates, having that food delivered. but that restaurant needs to be close to you for that to happen. so the importance of physical retail has been accentuated by the events of the last two years. caroline: going back to what we were discussing earlier, some of the headwinds have been the ability to pass it on. we were talking about how some managed inventory. how have companies been doing that? some of them focused on bath and body works today who came out with their numbers, there were talking about how they sourced locally in the united states and that has helped them out. did companies make up a pivot, or was that luck? tom: i think a lot of

the energy and commerce committee has address this crisis. the american rescue plan passed and signed into law included the largest funding boost of $3 billion for block grants to the substance abuse and mental health administration. and $3 billion has gone to treatment, recovery. the synthetic danger awareness act provides an additional tool to address one piece of the opioid crisis. irrelevant requires the department ofhealth and human services to launch a campaign on the health risks associated with services available to misuse of these products. and h.h.s. would have to disseminate this information. and the bill has training materials for first responders and other professionals who come in contact with synthetic opioids opioids and the availability of these materials to help those on the front lines be aware of the risks. the bill is another step the energy and commerce committee has taken to address the opioid crisis and protect the health and safety of our communities. the committee passed this legislation with bipartisan unanimous sup

workers say e-commerce giant puts profit over people. organizers are calling for the trillion dollar company to boost worker pay, give adequate break time, extend sick leave, and be more transparent about the protocol on covid-19 cases. >>> making a list and checking it twice no matter who is naughty or nice. gift givers are creative in the name of saving a buck or two. more than half are inclined to wrap up home made gifts. when people can't think of anything to give, a third say a gift card, money, or something practical like socks is fine too. that's your cbs money watch report. head to cbsmoneywatch.com. at the new york stock exchange, i am diane king hall. >>> in southern california, an unusual police chase is over. a bread truck driver had a short standoff with police after leading deputies on a chase through los angeles. the driver was apparently wanted for assault of an officer and pursuit ended in compton when the tires were completely shredded. after a standoff the suspect surrendered and was taken into custody. >>> tens of tho

communications chairman eight and other nominees testify at the confirmation hearing before the senate commerce science and transportation committee. want to live at 10 am eastern on c-span3, online at c-span.org or watchful coverage on our new video app. >> american history tv, exploring the history of events that tell the american story at 3 pm eastern, brett baer discusses his book to rescue the republic, ulysses s grant, the fragile union and prices of 1876 in which he argues grant presidency has been underrated and at 4 pm eastern a symposium on robert caro that runs in conjunction with the opening of the new york historical society's execution and inside the robert caro archive. speakers include bob woodward and aquino address. exploring the american story what american is a repeat on c-span2 and find a schedule on our program guide or watch online anytime c-span.org/history. >> vermont senator patrick leahy spoke on the floor of the senate about his decision to retire after eight terms. first elected in 1974 is the current president pro tem and longest serving senator in the current cong

she worked for the commerce committee as senior council. and she has really been a distinguished champion, energetic and aggressive. champion of consumers, of causes of price and neutrality. i've worked with her on fighting the abusive effects of robo calls. and efforts to provide for coordination. but apart from all of those specific issues, she has a very extraordinary ability to put complex issues in terms that every day americans can understand. she invented the term to describe the increasing digital divides that unfortunately increasingly impede children in their efforts to stay current and study when they need broadband access. and her leadership and commitment to working on clothing the digital divide and ending homework gap i think have been extremely productive and significant. we have really a once in a lifetime opportunity here. to confirm an ftc chairman. she's been a champion of making broadband more affordable and addressing the digital divide on disadvantaged communities. in particular i've watched her in hartford talk about

lucky for us, cramer is opening up the cabinet the commerce secretary joins "mad money" next richness. hard you work to build it. now harder stadtfestungsbank works to make it grow more bigger. trust the egg in your nest to our clever money people. stadtfestungsbank. you rich. we make richer. translation is complex. transperfect makes it simple. our experts help your business succeed. in any market, any language, any industry. simplify global business with transperfect. ♪ >>> yesterday the biden administration announced a trade agreement with the european union, replacing the section 232 tariff aluminum steel, allowing europe to sell similar volumes to what they sold us in the past in exchange they're getting ready of the retaliatory tariffs on motorcycles and bourbon great news for harlly davidson and unemployment the eu will cooperate to crackdown on china's illegal dumping. i always said we can't get the chinese government to behave unless we get the rest of the world to push back on the unfair trade practices. it was my conversation with gina raimondo that helped get us exactly

slightly a commerce. slightly a self brag here, but we wrote this paypal and pinterest story a few weeks ago. how does a company like yours look to play into that and does it see itself as a potential acquirer or target for someone else? >> on the social commerce front, we have a really high intense audience. when people come, they come to get something done usually locally and they stick around. that makes for great audience when you think about things like social commerce. for us, it is about things like services so people come because they want to find a local plumber or contractor or babysitter, and they convert fast. we do well for advertisers, top of the funnel brands and bottom of the funnel, direct response. we see a way to embrace even more were social commerce is going. i came from a payment platform, it is of interest to me, and i think nextdoor is a valuable site for all of this. reporter: you came from square, the cfo there. i want to take it back to the expert question. the pop in the stock

so much for your willingness to be assistant secretary of commerce and director of commerce general, director general of the united states foreign and commercial service if confirmed he would play a key role in helping small to medium enterprises compete in the foreign markets more of the met% of the purchasing power in 95% resides outside of the united states and in washington state one and three jobs depend on trade and access to markets as critical for small or medium-sized manufacturers and across the united states the companies provide for one third of u.s. merchandise export this is why we passed the innovation and competitiveness act because it provides more funding in the extension program to support the supply chain resiliency. he has more than 20 years experience advising companies on international organizations and the governmental and international trade issues, and i look forward to hearing from him on the challenges he sees when facing american businesses and how we can address them. so thank you to all the nominees for your willingness to serve, and i would now like to

great e-commerce business, great stores business. seems like their tactical execution has been off but we have confidence in the longer term business. >> is he if you have confidence in the longer term business at nordstrom, why doesn't the rest of the market give them the benefit of the doubt today >> look, i think people have given nordstrom the benefit of the doubt in a couple of quarters and i think they disappointed it can't be just looking at quarter or two they are not overstored. they have the right brands, their full price, all of that together gives you that great consumer experience which ultimately we think with drive stock price appreciation. >> how do you think these stocks are going the look come january? are we going to find out based on inventory levels that actually there was too much inventory, maybe the last problem we expected to have? >> i don't know that there will be too much inventory, but we are concerned that if inventory arrives late it is something we will have to watch post holiday. nobody wants to buy a

today the commerce committee will consider very important nominees. and i want to thank them for their willingness to serve. the nomination of jessica rosenworcel to be commissioner and chair of the federal communications commission. senator blumenthal will be providing a formal introduction. but i'll say a few words. the pandemic has mag need the deep digital divide in our country and if confirmed chairman rosenworcel will be responsible for leading broadband for all americans. all schools transition students to learning at home last year, 20% of students in washington state did not have a reliable internet connection that would have allowed them to participate in remote learning. over 16 million k-12 students in the united states did not have access to reliable broadband at the beginning of the pandemic and over the past several years i've heard many stories about students sitting in parking lots to access their wifi, do their homework and concerned teachers whose don't students don't have the connectite. the pandemic made clear the broadband is no

a lot of people in the art world and the commerce world. i asked their background. the people in the payment part did not come from traditional backgrounds. interestingly, the game where you raise virtual horses, the chief strategy officer came from goldman sachs. there were definitely some wall street types that moved over. interestingly, not a lot of women, that did catch my eye. a lot of people mentioned this that two years ago there was almost no one. there are more now. there is a push to make the industry more diverse, especially in the united states. caroline: yeah, women and people of color, make sure that it is an inclusive kind of growth. are we seeing anything other than speculation at the moment? it interesting that you talk about the game. i think of infinity which is played in the philippines, where you can earn crypto. and you are getting real money out of this. are we seeing anything out of it other than speculation it is a great question. because you see the future. sonali: we asked, could this be like fifa? can you start to work with big corporatio

dani: can you talk to us about the shift to e-commerce. earnings are solidifying, and the online commerce platform for luxury goods, what will that evolution look like? claudia: the challenge is double in the last year. these brands are really pushing to become in synergy with the store. we do not expect the physical distribution to be disrupted like in other industries, but probably to be the right size and to work more in the e-commerce ecosystem. a strong investment in the brands the last couple of years, logistics platform, and digital marketing. you have marketplaces that play an important role, in particular delivering to consumers a wide range of products. many of these players are struggling. tom: thank you very much, claudia d'arpizio, partner, bain . we will look next at what is happening in chinese politics, after the communist party and president xi jinping have a historic mandate. we will talk about the implications. this is bloomberg. ♪ teachingteaching tom: welcome ba. 54 and its into the european trading day. the stoxx 60

>> on the social commerce front, we have a high and value. when people come, they come to get something done usually locally and they stick around. that makes for great audience when you think about things like social commerce. for us, it is about things like services so people come because they want to find a local plumber or contractor or babysitter, and they convert fast. we do well for advertisers. and bottom of the funnel, we absolutely see a way to embrace even more were social commerce is going. i came from a payment platform, and i think next-door is a valuable site for all of this. >> you came from square. i want to take you back to the first question, the pop in the stock today, breathtaking. i'm wondering how much of a role you are playing in that. clearly a huge one but your history is well known to wall street. they know and like you. how big an impact is that having? is that the lesson learned here, that if you have that kind of management team in place, it will work? >> in the end it is a fundraising opportunity. you have to de

sonali: some calling this an anti-synergy e-commerce move. romaine: this is bloomberg. ♪ >> from the heart of where innovation, power, and money collide, silicon valley and beyond, this is "bloomberg technology" with emily chang. emily: debates continue to rev up. he planned to sell

you use e-commerce channels which is why we need to have a third party provider like us that has an e-commerce backbone. i love your point on tech. you need someone who has a technology backbone as well. able to get that product into the hands of consumers as quickly as possible. you need someone with e-commerce expertise and someone who has technology expertise. that is what the contracts in our industry are coalescing towards. they want scale and they want e-commerce expertise and technology expertise. alix: it is alix in new york. when you take a look at the issues in the supply chain, we talk a lot about the ports. there are signs some of that may be clearing. i wonder if you can get specifics as to where the biggest hurdles are. his the people at the docks, truck drivers crossing state lines, people who on and off load the trucks? what you see is a hurdle that may stay longer than we think? mark: the problem starts at the top of the industry with the expense of airfreight market. the airfreight market is not being subsidized enough. that cascades down to container ships, which has contain

for energy and commerce purposes, there aren't a lot of changes from the bill we discussed here last week. i said three things. i said looking at this as democrats in sort of a three-pronged approach. one was the american rescue plan which was a direct response to covid. the fact that people were hurting, many people unemployed. we gave them cash payments. we did child tax credits. we increased the subsidies that they received under the affordable care act among other things. and mainly what we did with the american rescue plan was try to get us back on track in terms of the covid crisis making sure people got vaccinated. we didn't have shortages in the supply chain at hospitals for ventilators and those type of things. and then with the bipartisan infrastructure framework it was a recognition that our infrastructure is falling apart whether it's roads, bridges. and i don't think it's just new jersey where we have major infrastructureedes needs, but it's also our sewer lines, our water pipes. you know what happened in michigan, in flint and other places. but there's also recognition

wallets this fall, according to the commerce department. personal spending rose 1.3% last month. that was more than expected. now spending is a closely watched metric because consumers make up about two-thirds of economic activity. incomes rose and people saved more money. >>> amazon employees in dozens of countries around the world are protesting this black friday. workers say the e-commerce giant puts profit over people. organizers are caller for the first of all-dollar company to boost worker pay, give adequate break time, extend paid sick leave, and be more transparent about the company's protocol on covid-19 cases. >>> and making a list, checking it twice. no matter who's naughty or nice, gift givers are being creative in the name of saving a buck or two. 44% said they're not bashful about re-gifting, more than half are inclined to wrap up homemade gifts. when people can't think of anything to give, a third say a gift card, money, or something practical like socks is fine, too. >>> that's your cbs "money watch" report. for more head to

joining us is rodney fong, with the san francisco chamber of commerce. thank you for joining us today. veronica: thank you. kristen: before we get to solutions, have you talked to these businesses, whether they are louis vuitton, we know there were others that were also hit, bloomingdale's, et cetera. how much was the total loss? rodney fish i have not had direct conversations with those that have suffered a loss, but we have been in constant contact with retailers in san francisco who are frustrated and scared, very concerned about the safety for their employees and businesses and obviously, the loss of merchandise. but it is larger than that, it is about consumer confidence in san francisco. we live in a lovely city. union square is a great place to holiday shopping. when we start to deteriorate the confidence of consumers in san francisco, that is very concerning. kristen: the timing could not be worsep you just put up the ice rink and the beautiful christmas treep people are coming to enjoy the sights and sounds and feel the mood of the season. but y

some positive news for those fami families. >> it's about commerce. but let's not forget. it is also about being together. a lot of families have been kept apart during the pandemic. thank you. >>> as those travel restrictions loosen, u.s. borders are also reopening. the changes began at 12:01 this morning, ending a 19-month freeze. visitors will be able to enter the u.s. furism, shopping and of course those family visits. non-citizen travelers should be able to provide proof of vaccination upon crossing into the u.s. traffic is expected to increase at all ports of entry. so visitors were warned of peak travel times. >>> asking for your help in identifying a man suspected of a sexual assault. this has happened to a blind woman. the officers say, take a look at this, this attack happened on may 5th in the area of couper tee know. these are photos of the suspect who police say approached the female victim as he was watching. after she declined to talk to him, that suspect later approached her at a near by parking lot, held her against her will and sexually assaulted her. aft

it is not just about having e-commerce, it is about building data. we have 2.5 billion customers coming into our stores each year. we have 8 billion data. we can extract value from this with companies in order to share the data to them. all of the sudden we have a of revenue that comes into our model and we think that is going to -- and we expect that digital will have a contribution of 600 million euros in profit by 2026. guy: it would be remiss of me not to ask about what is happening with the inflation story. how much inflation are you seeing right now? how much are prices going up? nestle is pushing up prices, unilever is doing it. how much of that are you able to pass on? are you getting pushback from customers? what is the picture look like? matthieu: the inflation in the european markets in continental europe where we operate is quite low. inflation in france is 1% so far. clearly we are entering into the company for 2022 and we think there'll be more inflation into the market for 2022. we are getting ready, we are sharing expertise with our l

i am going to pass it to someone who is important for commerce. mcgill from master card. [applause] >> thank you very much. i will be brief. this is a fantastic occasion to be back. not just with you but to help small business come back here in san francisco. we all know in our communities that we live in that small businesses are a key component of that community. not only for the commerce and economy, but frankly for the community and society that surrounds them. at master card we see that in every community we serve and are engaged in how important the small business community is. we have been investing heavily in helping the small business through the pandemic to compete in the new reality. as we focus on recovery helping them come back stronger and better than before. partnerships like this with mayor breed and the shop and dine in the 49 has been around since when i lived here. it was an opportunity to come back and invest in san francisco to help the small business community thrive and grow and demonstrate leadership around the world. thank you, rodney. thank you f

. >> brennan: well, last sunday, we had the commerce secretary these delays in the supply chain blockage. she said "call fedex if you want to know if your christmas presents are going to arrive on time." what's the answer to the question, will they? >> yes, i think we're ready for this. this year, we're forecasting we will deliver 100 million more shipments in this holiday season than we did in 2019. that's a result of our leaning into e-commerce some years ago, making billions of dollars in investments, including modernizing our airplane fleet to use less energy and emit less co2. so the secretary made a wise recommendation there. we're ready, assuming that we can get the employees. the lack of employees, particularly since last spring and into the summer-- partially because of the delta variant, and partially because of the stimulus, which hit right before the delta variant took hold of a lot of the country-- created att us the c.f.o. of amazon talked about this in depth on the 28th of october in their analyst calls. to put this in perspective, the week of may the 8, we were processing

i wonder what you see facebook meta doing when it comes to social commerce and using e-commerce to navigate around apple operating system changes >> yeah. julia, a bunch of issues you raised are important for meta. keep calling it facebook a little while longer. social commerce, we all spike up social media ousage and spiked u shopping facebook should be a long term beneficiary from that. is the meta versa great investing play, i don't think so i think it is going to be an investable piece three to five years out. i don't think it moves facebook stock like way mow didn't move google meta is option value for facebook shareholders. i like the stock valuation is compelling, there are overhangs that you know related to regulation and esg concerns i think a lot of that is priced in it is trading 25% discount to google with similar growth profile which tells you that if facebook can address any of the concerns, and maybe they won't, but if they can, there's a lot of multiple expansion you could see out of facebook. i think it is a cheap stock if you strip out some of the investments and cash they

you know, you've seen me with our commerce and how much fun i have with all of our stakeholders i'm never leaving salesforce this is my life pursuit. i couldn't be more thrilled to have a great partner here with brett taylor he's amazing this is my dream that brett would come in the company and we could work it and run it together and work it together in a trusted partnership. that's happening >> all right we'll put you in the hot seat. we'll put mark on. stock is down 30 we can argue that doesn't matter the stock is irrelevant. however, most of the people that watch the show do own salesforce stock in one way or another a. lot of people are saying that your guidance was fought conservative but that you really see some sort of definitive slowdown, whether it be slack, tableaux, main salesforce. any of that right if. >> well, jim, we just had a phenomenal quarter, grow 27% number one is the strength in our crm business our sales cloud accelerated to 17% year over year growth. here's a $6 billion business, just like service pal over 20% our core of our business has never been stronger and s

>> division was always to transform all of local commerce. wolt's mission is to make life in cities better and they plan on doing that by carrying every local business whether it is the local butcher, convenience stores, certainly restaurants and bring all of that online, and that fits well with the doordash mission which is to transform physical businesses and help them compete. by building the largest local commerce supply form where we are getting companies help to build their own businesses. an increasing part of the portfolio will come out of restaurants. if you saw in the third order results we announce yesterday 12% of our monthly active users are shopping out of the restaurant category. emily: there are supply shortages of almost everything around the world, including food. are you seeing prices rise on menus, and how is all of this impacting doordash? >> one of the things playing out now in the macroeconomy is well governments around the world made the right decision to inject money into the system and prevent a global recession in t

party vendors on big e commerce sites that profit from legislation to control. it struggles shares of, of, of best buy, plunged by 12 and a half percent. and one day last week, because it was a, they announced that they had so much inventory theft from these organized gangs that it actually started to hit their bottom line. but what happens with all the stolen goods is, you know, we've always had stolen goods. retail outlets have always had people come in and steal their goods and then they'd have to try to find a place outside somewhere to sell them on the street. well, these people are setting up shop on amazon or e bay and just selling them to people who think it's just, you know, they're buying that luxury good on amazon and it gets delivered. that's how they're making their money. and as some legislature legislators have been trying to introduce some way of, of forcing amazon, for example, to check where all these goods are coming from, from the 3rd party sellers. and they've of course, fought it. so in a way this, this legal code of california is benefitin