tv On the Money CNBC July 13, 2019 5:30am-6:01am EDT
hello, everyone welcome to "on the money." i'm sue herrera in for bobbi kick the last man standing. why one home remained after hurricane michael destroyed mexico beach, florida and what lessons can be learned child identity theft if you haven't heard of it, it's something you need to know about it and it happens a whole lot more than you think. "shark tank's" kevin o'leary
gets a look at the spaceship we begin with flipping burgers. more and more americans are flipping from ground beef to plant-based alternatives that mimic the taste and texture of beef companies like "beyond meat" are cashing in on the trend, but are they really more healthy for you? our jane lynch takes a bite in this cover story >> reporter: is it real? no perhaps it's appropriate in the land of fake, la-la land, they are meeting the fake meat beyond charge they have the best ipo in the world. meat alternatives are showing up in more fast food chains and grocery stores but they are improving so much on a product and scaling, it's not clear when it will be profitable >> our current house awareness is 2%. we've got a lot of customers to go out there and talk to
>> reporter: would you ever try the meat substitutes >> no, i've never tried it >> i never have, but i'd like to try one sometime >> reporter: even so, during this summer grilling season, demand for meat alternatives is heating up demand for foods is going through shortages. ian brown says he's not going to let that happen again. >> i have beef stock and ingredients sufficient enough to go twice beyond what we expect >> reporter: fake meat often has fewer calories than meat and lower sodium but zero cholesterol and lower fat. these products cost 50% more than meat. they need to convince the farmers to cut out the middle man, the cow, which he says is a less efficient producer of plant
protein than his company is. >> it's a five-year program to one category or one product to be able to underprice animal protein in a significant way >> reporter: he said it could take up 10% of the global meat counter and be worth $150 million. but the industry has its work cut out for it >> reporter: would you ever have a meat alternative >> no. >> reporter: why not >> the real thing is the real thing. joining us now from san francisco is brian sweeney he is the president of sweet earth natural foods which has a range of meatless products from burritos to pizza and they are going to introduce a plant-based burger in september. brian, great to have you here. welcome. >> thank you, sioue great to be here >> you've had a number of roles, even a stint at burger king. why did you make the move to
start this company >> it's not unlike a lot of people that are interested in this market. you look at it from a sustainability standpoint, you look at it from a health standpoint and you look at it from an animal welfare standpoint like many things, it starts with the family my daughter turned vegetarian when she was a senior in high school, so i investigated a little bit and as you mentioned, when i was chairman of burger king, you saw some of the downsides of industrial meat production, and you can't help but see the impact of meat sometimes on people's health. it came from those things. i was a park ranger growing up and loved the outdoors and connected with sustainability as being, you know, one of the important challenges of our time >> now, you have several products in the market right now, and your plant-based awesome burger is due out in the fall i'm going to taste it in just a
second as i do that, talk to me about how healthy these meat alternatives are jane pointed out in some cases the sodium content is higher >> yeah, so the first thing that people look at it protein. we're a clean protein, so you get about 28 grams of protein in our burger we use a pea protein, a yellow pea protein, which is higher in protein, so that's one benefit the other benefit for our burger, especially, is that it includes six grams of fiber. meat has no fiber, and americans have a real deficiency in fiber, so only 5% of americans get sufficient fiber, and it's linked to health, so that's another positive and then from the lack of a negative, you know, there is no saturated fat. so those are some of the
benefits >> i just tasted it. it is delicious. it is very hard to distinguish it from meat but the calorie count is a little bit higher. i assume that you make up for that with the lack of cholesterol. >> yeah, it's similar in calorie content. and thank you so much. we've worked -- my wife, who is the leader of our company and is our secret weapon, she's worked at probably -- been eating thousands of these, and we've been working really diligently and from my little history at burger king, we understand that a beefy product with a yomame kind of finish and grill marks is kind of important >> it's delicious. you were acquired by nestle back
in 2015. you're in a crowded space. what makes you different from the competition? >> it started with product, as you mentioned. we think we have product benefits the second part is that nestle has outstanding systems that they have worked on for centuries. so supply chain, process, manufacturing, distribution. these are factors that give us an advantage in the marketplace. >> yes and they have a big international footprint as well. brian, thank you so much for spending time with us. best of luck >> thank you very much >> brian sweeney up next, we're "on the money. from category 5 winds to torrential rain, this home withstood last year's hurricane michael. why fortifying your home may not be as expensive as you think a little bit later, cyber criminals are stealing personal data from kids, and it could be
we are in the midst of hurricane season, and scientists predict that we'll see between two and four major hurricanes this year. last year hurricanes florence and michael caused widespread devastation to the carolinas and florida's panhandle. and that has residents taking action to strengthen their homes for the next storm we take a look at the costs and
the rising risks to extreme weather. >> reporter: the destruction from category 5 hurricane michael was breathtaking but this one image had homeowners and builders alike in awe. one home left relatively unscathed on florida's mexico beach. >> total devastation for miles in every direction >> reporter: russell king built this two-story house two years ago with hurricane winds not just in mind but in every aspect of the design. it sits 12 feet above the ground and is anchored 28 feet into the ground >> i felt like it had a better chance of fighting the storm >> reporter: 12 months later, king says it's not enough. >> storms are, in my opinion, getting stronger >> reporter: he learned from michael and is upgrading his home yet again >> all this cross bracing is new. that wasn't there. all that foam is new that happened last month all these light fixtures here, they're all going away, every one of them. we're going to make way to put
in something else, probably pavers, where we don't have concrete that will shift against these columns. >> reporter: king is fortifying his house well beyond any building codes his next-door neighbor built to the highest local code two years ago, but the home is a total loss new mandatory building codes adopted after hurricane andrew have improved hurricane resistance in florida's new construction nationally the insurance institute for business and home safety created a hurricane-fortified standard a decade ago meant as a guideline for builders and owners. but so far only 8,000 homes have that designation those that do sell for 7% more, according to a university of alabama study. the technology to fortify homes has advanced dramatically, but for people it hasn't probably because it's wildly
expensive. >> this is built balancing that along with safety. >> reporter: lance reddig is the local direct for for habitat for humanity which has built 81 homes in the city. they have built hurricane-resistant homes and can do that even on the lower-priced homes >> we have this rod here the steel roof adds an incremental cost that would be about 10% to the home. the rest of the things i'm talking about is almost negligible maybe $9,000 on a four-bedroom house. >> reporter: there are categories of hurricane strength the latest habitat homes fared better than their neighbors in hurricane michael, but russell king isn't taking any chances. >> i'll spend easily $100,000. >> reporter: do you believe there is such thing as a hurricane-proof house? >> no.
no >> it's difficult to put a price tag on any home, but in mississippi, it would cost 3,000 to $5,000 more in the total cost of an 1800-square-foot home to build to gold standards rather than your basic standard not a huge price to pay for a little peace of mind >> absolutely. as you mentioned, these fortifications may be relatively cheap for the average home are you finding the higher-priced homes have better hurricane protection or not? >> we were shocked to find out they don't the owners of the very pricey homes don't really ask for that kind of construction you find it in the lower-priced homes right on the coast if you're building a 10 to $20 million home on the coast, wouldn't you want to fortify it? the builders said they just don't see that demand. it was baffling. >> they might now, after this. thank you, diana
diana olig your kid may have a credit card and you don't even know about it criminals are stealing identification for identity theft. how to protect your children from fraud later, it's the rideof a lifetime galactic travel may soon take people to space. but how much does it cost to be a rocket man or rocket woman nds] so they don't come back for 45 days. now that's one flushin' fresh bathroom. ♪breathe happy febreze... ♪la la la la la.
hey! i live on my own now! i've got xfinity, because i like to live life in the fast lane. unlike my parents. you rambling about xfinity again? you're so cute when you get excited... anyways... i've got their app right here, i can troubleshoot. i can schedule a time for them to call me back, it's great! you have our number programmed in? ya i don't even know your phone anymore... excuse me?! what? i don't know your phone number. aw well. he doesn't know our phone number! you have our fax number, obviously... today's xfinity service. simple. easy. awesome. i'll pass. how could a child wind up with an electricity bill, a car loan or even a mortgage?
well, it can happen if their identity is stolen our senior personal finance correspondent sharon epperson joins us now with what you need to know to keep your child safe. this is amazing, sharon. >> it's amazing and scary. >> how prevalent is it >> it's more prevalent than you would expect because you're talking about a child. usually when you think of identity theft, you think of someone wanting your money, getting your bank account, getting your credit card kids don't have that but they have social security numbers and they have an identity that has value that thieves want >> i'm going to go home and check my kids', certainly -- >> when you look at the numbers, which is astounding, a million kids have had identities hacked according to javelyn research. many of those are kids under the age of eight we talk about how much money that is. it's about $23 million, and a pocket cost of 500 and $40 million to try to help the
families rectify that situation. >> that is stunning. how come it gets unnoticed for years? the obvious answer is they're kids so you don't think about it, but why else don't we realize this is going on >> so banks, when they're presented with their age and name, they don't go to social security, necessarily, to check that they go to the credit bureau to check their credit history even though you and i have a social security number, they may not have a record. to them that's a clean record, it's a blank slate that's what identity thieves want and then they rack up debts and you may not find it out until you do need to use your credit and you find out somebody has already been using it and you're already an adult at that point. >> that's going to be an ugly surprise how do you protect your kids' identity >> pay attention to who their closest associates are, who has access to their social security
numbers. 60% know the children whose identity they've stolen in some way. also, you want to look at their online activity. many of the kids who are bullied are often then victims of identity theft nine times as many people who are victims of online bullying are then victims of identity theft. that's something to think of as well the other thing to think about is freezing your child's credit. you're thinking, they may not have a credit report find out that they do not have a credit report with one of the main credit bure rose, and contact them and see how you can perhaps establish a credit file for them and freeze that until they're of an age where they really need it >> say my child's identity has been stolen. you mentioned freeze the credit. is there anything else that i should do? >> after contacting the credit burea bureaus, of course, you want to contact the businesses where you think this has happened. the federal trade commission has
an identity theft website with steps and things that you need to do. go there, file pay report as well, and contact your local police let them know what has happened. >> that's a great idea sharon epperson, as always, thank you so much. >> my pleasure up next "on the money," a look at news for the week ahead. and inside a desert hangar, a spaceship almost ready for a spaceship almost ready for for than just dtakeoff. sir edward leary shows how it will take off and land on a variety of surfaces. try dawn ultra.
here are the stories coming up that may impact your money this week. on monday, twitter will turn 13 years old. the service launched back in 2006 with the co-founder and ceo jack dorsey sending out the first tweet. on tuesday the retail sales report for june will be released and we'll also get a look at how factories are doing for the production report for june on monday we get housing starts and the beige book for june. and frosty drink fans, monday is national daiquiri day. monday marks the anniversary of astronauts walking on the
moon interstate galactic is getting close to launch ag spaceshing a. kevin o'leary went to see it up close and personal >> i'm going to meet the man who is investing hundreds of billions into a rocket ship so people can travel to space few people have been inside this place and i'm dying to see what's inside. >> sir richard, nice to see you. so this is it. >> this is the spaceship >> this is huge. >> the spaceship is not enormous, but it takes eight people >> two pilots, six passengers? >> exactly >> what you're looking at is virgin galactic's mother ship. the spaceship is a fuselage at the center it flies high in the atmosphere. >> we'll take it up to 50,000
feet and then they will release the spaceship. >> 3, 2, 1, release, release, release. >> reporter: then what happens >> he fires the rocket that takes it up into space. you then hold on for dear life and it goes 3,000 miles an hour in eight seconds you'll have the ride of a lifetime >> reporter: even more impressive is the fact that branson already has a long list of people who dropped $250,000 to get on board. >> reporter: 700 people have given you a quarter million apiece that's $80 million do you have any idea when this will be profitable >> the minute we can send people into space, we'll start getting money back >> reporter: reportedly justin bieber, katy perry and brad pitt signed up for this six-figure
ride how long are you up there for? >> the whole trip is about three and a half hours the amount of time in space is not massive, maybe 10 minutes. >> reporter: are you weightless at that time >> you're buckled, big windows >> reporter: it costs 250k for a seat which buys you about 10 minutes in space that comes out to 25,000 smackeroos per minute. everyone wants to see inside that thing i'm not leaving until i see inside are you kidding? you're not going to let me see it >> tomorrow it goes into space i wouldn't want you to touch anything >> reporter: i'll take my shoes off before i go in >> that's very kind of you we'll take the shoes, they're very nice shoes. >> reporter: i want to see other people survive this thing. and when they do, i definitely want to get in that spaceship and become an astronaut. now after seeing it, i've got the bug.
i want a deal. i'm not paying 250 that's what happens. >> we'll take him out there and push him out, i think. >> of course, richard branson's virgin galactic isn't the only company working to send tourists into space elon musk's spacex and origin are others aim to go take a lead in the space race. that's "on the money." i'm susan herrera. thanks for joining us. next week, what i say roth ira and could it be an option for your retirement savings? each week, keep it here. we're "on the money. have a great one we'll see you next weekend
on a summer friday, the guys here getting ready behind me guy there sticking around for the big show in the meantime, here's what's coming up. a record number of people just watched "stranger things. >> it's a good thing, right? >> daniel nathan thinks so and he'll tell you how to get in on the drama. plus -- oil and energy stocks are surging. and mike ko thinks there is room to run he'll tell y