tv Boom Bust RT November 26, 2019 9:30am-10:01am EST
a door on the back and shouting past each other it's time for critical thinking it's time to fight for the middle for the troops the time is now for watching closely watching the hawks. this is a story about what happens austria stray bullets kills a young girl in the streets. what happens to her family daughters in florida the mother daughter is buried in a cemetery in healing this is with your head what happens to the community the public was screaming for a scapegoat the police needed a scapegoat so why not choose a 19 year old black kid with a criminal record who better to plan this than him and what happens in court. shot shot as far as i feel. we don't know
she'll just from the. end of this trial unfortunately you. will still not know all children. this is blue bus broadcasting around the world and covering all aspects of our global economy in the 21st century and i'm fair man to say ok here in washington here's what coming up today a phase one trade deal between the u.s. and china could be on the horizon but we have heard before haven't we well jeff.
tucker the editorial director at the american institute for economic research joins us to discuss the possibility and what this is doing to the level of market london's transportation regulator has stressed over them to operate in the j.v. legal journalist molly barrows hopped in the driver's seat to tell us what this means for the writing sharing giant and more chinese law change companies are issuing their own cryptocurrency rather than focusing on general block applications crypto currency analyst joins us to break down why this might be an issue with a packed show today so let's dive right in. a series of high profile mergers and acquisitions leads our global report today brokerage firm charles schwab announced on monday their official intent to buy rival t.d. ameritrade in all stock deal worth $26000000000.00 t.d. ameritrade stockholders will receive $10837.00 shares in schwab for every share in t.d. held this would be a 17 percent premium over the stock's 30 day average price which was prior to the
mission reports of the deal late last week since those report t.d. stock has shot up 16 percent with a 5 percent bump on monday alone schwab witnessed an 8 percent spike on the news as well now we're going to transition from the finance world to the world of high fashion levittown moet hennessy has announced a deal to buy tiffany and company for a $16200000000.00 confirming the purchase that has been in the works for a few weeks l b m h will make the acquisition by an all cash deal pricing tiffany at $135.00 per share i'll be made a lot of the purchase saying the acquisition of tiffany will strengthen the mh is position in jewelry and further increase their presence in the united states on the news stock and typically is up more than 6 percent while the m h is up a mere 1.5 percent and we're going to move into big pharma now swiss drug maker novartis will take over the medicines company in n f. to secure
a cholesterol lowering injection called include the deal puts them in a position to better compete with their rivals no artist will pay a $9700000000.00 or $85.00 per share for the transaction now the medicines company shareholders will receive a 24 percent premium over friday's closing price after the deal was made public the medicines company stock spiked more than 20 percent with the virus holding steady up just half a percent and lastly well it's not all good news here in the story hewlett packard on sunday again rebuffed xerox attempts to acquire the company for 33000000000 dollars and refused to open their books to the copy machine giant h.p. contends the offer significantly undervalued their company and expressed uncertainty as to whether xerox could raise the money for the purchase last week xerox said that if h.p. was willing to hold talks they would look at the possibility of a hostile takeover. according to guidelines issued by the government china said it will raise penalties on intellectual property theft this is an attempt to address
a major sticking point in the ongoing us china trade war the world's 2nd largest economy is also looking to lower the threshold for criminal punishments for those who steal i p the u.s. wants china to crack down on ip theft and to stop forcing american companies to hand over their commercial secrets as a condition of doing business there the 2 countries are working toward a phase one trade deal they're very close to signing that agreement a global times also treated china in the u.s. are close to that one trade deal and china remains committed to continuing talks for a phase 2 or even a phase 3 deal with the u.s. earlier today when asked about that trade deal chinese ministry of foreign affairs spokesperson reiterated china stands on a quality and neutral stance. to moment regarding the china u.s. treaties you our stance is clear and consistent we hope the u.s. side will meet us halfway find a solution that is acceptable to both. it's based on equality in mutual respect it
serves the interests of both countries and the world but the partial deal leaves the more controversial issues for later discussions this leaves us in beijing officials lawmakers and even trade experts doubting that a face to deal will even be signed by next year a chinese official told reuters it's trump who wants to find these deals not us we can wait reuters also reported signing the phase one deal could slide into next year as beijing demands for removal of more tariffs beijing officials don't anticipate discussing a phase 2 deal before the u.s. election in part because they want to see if trump actually wins a 2nd term for more on the ongoing issues regarding the u.s. china trade war and the u.s. acquisitions that we just spoke about we bring in the editorial director at the american institute for economic research jeffrey tucker jeffrey thanks so much for joining us today i want to dive right in and start with the ongoing trade war contrary to media reports both sides are saying that they're close to
a phase one deal but will we see the signing of that partial deal before the end of this year. i think it's likely they'll be some cosmetic deal if not before the end of the or maybe for the 1st 2 years just just for political reasons for hopes that markets can begin to calm down but i don't really think it's going to amount to anything so here's what's really important to keep your eye on here what china wants is a lowering of the tariff barriers so they comes top of this for tell you tell it tory measures that matters more than anything else the trumpet ministration does not want to budge any aspect of the terrorists at all this is very critical to understand the tariffs were never really a bargaining chip they were always a policy that trump wants in fact he thinks the tariffs are as great contribution to the world you know he's reversing 60 years of american trade policy things. that
makes him awesome and it's wonderful and not only that he believes that they are actually working for the american economy despite all of it and nobody can convince them otherwise and let me know this is a very important let me ask you this a lot of people are saying and even the chinese whom i've spoken to before about this trade war i've been following this for since the start of it are saying that they expect the terrorists or at least some of them to remain in place even if a deal is signed do you believe that. yes i do believe this i don't think there's going to be any movement now they may not get worse but all of the existing tariffs are expensive to trump sat out to do years ago he said that even during campaigns of what he promises what he wants he loves the revenue and he thinks they're good for the american economy again despite all evidence so i don't think there's any chance for for china to win on this tariff thing and this is this is an implacable position by the trumpet ministration it's time that wall street and world markets deal with it tariffs are u.s. policy you mentioned something about you know china to go shares way to deceive
tribes going to win elections i mean that i think is really true they don't want this guy to continue this and by the way i don't either i mean i think this is this is a crazy policy and i'm in fact i'm speaking for practically every important trader in the world every market watcher and certainly almost every economist through that with the exception of the 2 or 3 that are working for the trump administration would use terms that are very. now what is here's the other questions like what does trump want from china and i can tell you what they want what he wants he wants china to bail him out of the problem the u.s. has right now in massive grain surpluses especially in soybeans right so the u.s. has the industrial policy that is massively over producing soybeans and corn and we're looking for markets for these things they want china to buy a bunch of slavery in that nobody i don't really want this is the center of the problem well jeffrey and i think it's interesting that you mentioned the what he wants you know one of the big issues that has been mentioned is ip theft and one of
the big concessions that china is now looking at is raising penalties on ip theft and now this seems to be a very controversial issue of course but is this part of phase one or is it moving towards phase 2 i mean is this going to move the needle when it comes to coming up with a deal here for china ok so travis made a big deal about this ip theft and by the way it's very popular in the twitter sphere everybody. still you know people the way america owns no ip these are all private companies that own their own ip. here is beholden to tim cook you know that don't you mean trump is beholden to them because he doesn't want to steal any of his any of the ip there's no doubt about that you know. that's all fine but you know here here's the here's the worst thing that china could ever do is adopt u.s. ip law all right so our patent system is a gigantic mess nobody understands it it's full of trolls it choose the expense of a cause billions and billions of tens of billions of years ago your. idea that china should adopt to us ip laws particulars of potatoes for pharmaceuticals is
utterly absurd so what trump is china to do is to just send out a propaganda message we're going to stop stealing but by the way the bush has to be clear what we're talking about here and a global information age where everything can be reverse engineered you know the demand that china somehow comply with us i p strictures is really hindering their industrial development i mean that's just that's ridiculous it's really rude and i mean it really is ip and what the u.s. trying to kind of reconstruct china and what it stands for it seems but i want to ask you about the markets that have been pretty much their highest level amid some trade uncertainty right there roller coaster but is there any interest for donald trump to complete the trade war when markets have still been seeing some record highs you still touting the state of the economy of the united states what do you think well i think you've asked a very interesting question i've thought about this a lot i mean and general in a macroeconomic sense on employment looks good the market's him to reach
a new highs and to me that's a tremendous credit for the power of the global economy to overcome every attempt to mess it up to me that's like a tribute to the power of markets how ever if you look at a much more granular levels things like the u.s. wind power industry or the steel. industry and people reliance feels like a wall street journal article this morning on a keg company that looks like it's going to have to shut its doors because the price of steel is going way up and they're losing their markets i mean at a grand love a lot of people in particular agriculture everybody is suffering from this trade war so macroeconomic lee it doesn't seem to be like causing a great depression like smoot hawley or something like on the other hand there is a lot of damage being done at a much more micro level and it's certainly has seemed to restore america's manufacturing base that's for sure that is true and people are afraid of the word recession hopefully it doesn't come to that but you know a lot of a lot of hands are pointing at that unfortunately jeffrey tucker of the american
institute for economic research thank you so much for your time and your expertise . for. and speaking of that scary r. word mexico entered a mild recession in the 1st 6 months of 2019 and had a stagnant 3rd quarter according to revised data from the national statistics agency released on monday the mexican economy could try to buy point one percent in the 1st 2 quarters of this year after declining by the same number in the final quarter of 2018 now no matter how slight economists generally define a recession as 2 consecutive quarters of declining g.d.p. when mexican president under this man well beauprez obrador took office in december of 2018 he had promised to increase growth by in the nation by 4 percent each year now analysts expect the economy to make moves in 2020 estimating that the economy will expand by 1 point one percent on the back of increased oil and gas output wage
gains and more public spending. time now for a quick break but hang in here because when we were turned london's transportation regulator has tripped over their license to operate in the navy's legal journalist molly barrows hopped in the driver's seat to tell us what this means for the right change giant and our chinese are blocking companies are issuing their own crypto currency focusing on general blocking applications the analysts on joint us have breaking down and why that might be an issue and as we go to break here's a number of.
join me every thursday on the alex i'm unsure and i'll be speaking to us of the world of politics. for those those i'm sure i'll see you the. next as a sign of the survival of the state. let's say i'm not sure i get your. response thanks of the fight 9 song thank you for. the story that's really well it worked out slavery.
mcdonald's corporation agreed to pay $26000000.00 to settle allegations that some restaurants underpaid their staff and 2013 mcdonald's workers through the fast food chain for a variety of labor violations these included using a time keeping system that prevented workers from being paid overtime as well as workers being forced to caulk out during times when the restaurants were quiet and employees were even denied breaks and the class action suit filed in california included 38000 mcdonald's cooks and cashiers all employed across the state as part of the settlement mcdonald's denied any wrongdoing and in a statement a spokeswoman said while we continue to believe our employment practices comply with the california labor code we have decided to resolve this lawsuit filed back in early 2013 adding that the giant food chain regularly adds trainings and resources to its corporate owned restaurants to promote compliance with labor laws
. stock took a hit on monday after losing its license to drive in london one of the right. sharon company's biggest markets city officials decided not to extend contract over security and safety concerns legal there's a lot to legal journalist molly barrows contributor with america's lawyer joins us now to unpack what is going on and get behind the wheel as we say thank you for being with us molly what are the city of london's concerns when it comes to. they have a lot of let's say they're not very confident in security practices you know they wonder how can how safe how much safety is a priority for some their passengers so a lot of transportation officials say the company is putting passengers at risk they decided not to extend it for that reason and they point to problems part with the company security processes that they say have allowed thousands of unauthorized drivers to pick up passengers are not happy about it as you might imagine one eventual say they've identified 14000 recent trips involving unauthorized drivers passing themselves off as both drivers basically by the uploading their photos to
the accounts of these approved drivers and they also say has allowed dismissed or suspended drivers to creative recounts and carry passengers as well mover is appealing the city's decision calling it quote extraordinary and wrong they say that they're going to appeal they are appealing rather this decision in the company also says it's recently audited every driver in london and will soon launch a new facial matching process to confirm a driver's identity in hopes of improving safety so they can drive for the mean time until this appeal is heard molly this isn't the 1st time that hoover has lost his life and in london what other places have been restricted. well there's been a number of cities where they've actually been banned and in 2017 london refused to renew license back then citing similar security concerns including a response to serious crimes were appealed that decision they were given an extension of that license to operate a little bit over
a year and in september that was extended to another 2 months but this time city transportation officials. say they've lost confidence in the way still handling the safety concerns and according to c.n.n. this is a pretty big hit london is one of 5 cities that accounted for nearly a quarter of the company's bookings last year were says it has nearly 45000 drivers in line and 3 and a half 1000000 customers there regularly losing its app regularly using its app rather so this is a pretty big hit if they don't get if they're not successful in appealing this decision and as you said there are already countries cities airports that have banned not just uber but other ride sharing type companies as well when i know they have in london and in the u.k. in general they have more stringent guidelines you have to have you have to pass a physical and mental stability checks as well so that's very important as well now you could tell us this how have these problems impacted financially. was took a big hit i mean this in his london made that decision over shares fell by more
than 5 percent premarket trading and there's a lot of competition now so this company just formed in 2009 they've expanded quickly to nearly 400 cities worldwide so what's happening in london could impact what's happening in other cities because there is so much competition and hoovers basically got to change its business plan to keep up with it and especially keeping up with growing regulations like what you're talking about some countries in airports have banned it altogether ride sharing companies while others are putting more regulations like what you talked about on ride sharing companies and by the way for the record i'm super glad they're going to check somebodies mental health you're going to get in the car with a stranger you sure want to be sane and and capable so california they're also having laws that require ride sharing companies to treat drivers like employees so as we know drivers that work for their independent contractors in california say enough you need to give them more benefits need to treat them like employees so that means the company could be subject to more city and state taxes as well as access fees course that would price would be passed on to customers which make them
less competitive and look at what the companies reporting as far as their revenues in the 1st quarter of 2001000 they say they lost. 1000000000 on 3100000000 in revenue so investors are say it's something to watch their struggle to maintain profitability as they grow and face these challenges absolutely thank you so much molly barrows contributor to america's lawyer. thanks brant. a new report shows just how common it is for blocking companies to attempt to issue their own crypto currency in china approximately 89 percent of lauching firms which amount to about $25000.00 might have tried to create and issued their own tokens now in contrast only about 4000 are fully focused on block chain applications joining me now to share this and break it all down is cryptocurrency analyst ben so on ben thank you so much for being with us today i think for me and as so these
firms they're issuing their own crypto currency this is these are under i.c.a.o. is that correct. yeah that's correct so so why is that so significant or even problematic. well i don't know that it's necessarily problematic when when you hear that someone's issuing their own tokens their own crypto currency it sounds bad right it sounds like you have all these in firms out there that are like we'll create our own money and we'll all hype it up inflated in the mall sell it and get out of it which by the way some people do but that's i don't think that's the overwhelming majority of what i see those have been so i c.e.o.'s who are essentially the idea of tokenized an economy within a specific particular space so if you have users who are on your side if you have people who are on your side because of gain or for real estate you've tokenize the economy within that that particular space and then those tokens represent something they might represent voting shares they might represent a piece of land they might represent again daming tokens and then you take those
tokens and you can cash them out most of the time these i.c.'s are connected to some kind of existing block chain whether it's very unlucky chain or some other and so it's not necessarily problematic to do it the problem is that there have been a lot of money laundering schemes that have been set up for i ceo's where they really are just fake they're not actually there to create anything it's there to wash money and that's where it's gotten such a bad name you know it's interesting you should mention that because i see those were banned in china a few years ago and with that the reasoning or what happened there. yeah it was back in 2017 and china's been a huge market for i.c.l. and that's primarily the concern out of china most of those money laundering schemes came out of china. so so if if if tokenized economy is it something that we can expect to see die off or is it only going to continue to grow as block changes . yes so obviously there's a whole set of tokens out there right so you had i c o's were churning michelle
coin offerings that have taken place but you also have s t o security tokens offerings and those never really quite took off you have utility tokens which is what most people have look i don't think they're going anywhere because it makes sense to create a tokenized economy for a particular business or particular industry it makes sense for users to be able to use tokens within those particular industries what i think we're going to see though is a development of accountability within that token economy because again there's been such a crackdown on that not just in china but in here in the united states as well look the f.c.c. hates i.c.a.o. and they hate as to who's up and a lot of the different companies out there that have raised a lot of money like we talked on the show before about telegram 'd and what they've done you know with their gram token and they're fighting with the f.c.c. constantly e.o.s.'s fighting with the f.c.c. so there have been a lot of issues with with the f.c.c. regulation of what constitutes a security and what's actually a token of what's utilities open i don't think they'll go away but they're definitely on the go through an evolution over the next couple of years let's talk
about the fun one the price a bit quiet maybe is off on forever but i don't i don't think the price of big coin is at its lowest level in 6 months and actually dipped to about 6500 over the weekend now how does this affect block chain companies and the development because i think what the most interesting parts of crypto is the actual technology that the block chain is built on sometimes a lot of people like we've discussed in this conversation have ignored that for the way of making their own currency. yeah absolutely they have look at prices a little you know sad to watch a dip down though it has kind of bounced back just a little bit so but we're back over 7000 again today so that's a good sign you know does it and i think britain by the way you and i talk about this on my last week and i believe i said didn't i say 6500 or so i'm going down to back up that's what i. said it's starting to come back up again but the price of good coin is can never be an indicator for the technology that backs a block chain and what blood chain technology backs right the idea that big coin
would continue to soar is great we hope that it would certainly if you hold it but at the end of the day blotching is so much bigger than just the price of bitcoin and we have to keep that in mind as well and i think a lot of people forget the powering a lot of stuff yeah exactly thank you so much for your input and your insight ben so on crypto currency analyst thanks again for your time. guys thanks. and finally the gift that keeps on giving that's right we haven't updated to test the cybertron . lunch fiasco so you remember because no one will let you forget that while demonstrating the vehicles armored glass windows test the lead designer friends of holzhausen smashed not one but 2 of the trucks unbreakable windows. sure yeah. i don't really know. them but they go through. on sunday tesla c.e.o. elon musk clarified what happened on twitter while responding to
a user who pointed out that they should have thrown the ball prior to using a sledgehammer on the door earlier in the launch event saying yup sledgehammer impact on door cracked base of glass which is why steel ball didn't bounce off should have done steel ball on the window then the sledge hammer the door next time he also tweeted a video on friday of successfully testing the window out saying friends throw steel ball at cyberattack we know right before a launch gets we have some improvements to make before production. despite all of the criticism of the cyber truck which musk says will be the fischel truck of mars he also kept the public apprised to how sales were going thus far starting by tweeting 846000 orders on saturday and then 187 k. on sunday finally tweeting out the number 200 k. later on sunday afternoon that's a lot and i'm not pornography car but i think that this time that you can catch
a boom bust on directv child between one dish network channel to 80 or streaming 247 and put on t.v. every t.v. ad channel to 79. or has always had it's up at you tube dot com slash boom bust r.t.c. the next time. young elephants have come to us off the. west basically brutal budging incidents because sadly the baby elephants often do see their mother as need be killed but also be cut off and. i do believe the elephant smile i see it in these little ones they all facial expression changes.
in. the. body larry you know them belong to me sort of as them it's all of them most needing put a monument currently stuck in the middle of the screen because lucy disconnects it thought the must not will still but bookish cargo going in for much did the deal not seem all for normal porch. donna suspects ill and downs of the body loses to be sure the message will. be the same infant daughter one will be people watching will be looking in on ya.
discardable the still fall much on the bit. russians who are. it is back in the firing line but the international olympic committee says any punishment will focus on the country's authorities not. a world paying agency committee recommends or for europe for a major sporting. culture or head to a u.k. court earns from protesting l g b t equality classes dismissing claims that the lessons are not age appropriate so uncool against some people's religious beliefs. washington labels beijing's reaction to hong kong's protests.
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