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tv   Boom Bust  RT  July 15, 2020 10:30pm-11:01pm EDT

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this is boom bust the one business show you can't afford to miss bridgeboro in washington coming up and aside legislation. and an executive order to hold china accountable for its oppressive actions against the people of hong kong the united states has its hong kong autonomy act and did trade privileges for the special administrative region straight ahead we analyze the move china's response and how the tensions between the 2 superpowers are spilling over on the world stage and coping 1000 cases continue to surge in the u.s. but how do the states stack up against the rest of the globe we'll take a look around the world but amid the surging coronavirus cases in the united states
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some pharma stocks are seeing a pop on the hopes for a potential vaccine could the optimism be a bit premature later on we jump into the race for a vaccine and the possible supply chain issues that could arise once a cure has been found we have a packed show today so let's dive right in. and we leave the program with the latest salvo in the back and forth between the united states and china over the hong kong national security act now on tuesday u.s. president donald trump signed into law the hong kong autonomy act previously passed by congress which imposes sanctions on chinese officials businesses and financial interests institutions that violate hong kong tommy now a spokesperson for the chinese foreign ministry respond to the legislation saying sanctions could be levied against the u.s. . it's the implementation of hong kong national security law and never see in order to see guys only interest in china. and impose
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sanctions on the us personnel. corrected its mistakes implementing this so called. action and stop interfering in any way in china's internal failures including hong kong affairs if the united states when doing china we definitely make. them meanwhile the us president also signed an executive order ending preferential treatment for the special administrative region wednesday morning secretary of state address the executive order putting the blame on china. as he said in may if china treats our economy as one country and a single system so must we. general secretary made a choice to violate the chinese communist party's promises to hong kong in that were made of a un registered treaty and he didn't have to do that he made that choice we have to deal with china as it is not as we wish it to be other nations arriving at the same
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conclusion. in announcing that he had signed the executive order in legislation president trump also at was asked when the last time he had spoken with president xi jinping of china i want to know when's the last time you spoke with president g. of china and do you plan to speak with him in the near future no i haven't spoken to one no i don't have no plan to speak to. with all of this in mind let's get some expert analysis from presser richard wolfe host of economic update and john dean of the miami herbert business school thank you both for being with us today i actually want to start with you here what is the significance of this hong kong autonomy bill and the executive order ending preferential treatment will this affect hong kong status as asia's financial hub. i think it is significant for the following reason it raises the perception of risk associated with doing
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business in hong kong now much is going to depend on whether or not china goes fost and furious in implementing this security act and much depends on whether or not the u.s. responds by aggressively removing these preferential treatment or whether or not both countries have made the point and now take a more measured approach in terms of the implementation of the public stance but let me say that it's possible that real estate prices in hong kong equity valuations in hong kong could be depressed as a result of this it's possible that they could be capital outflows singapore looms large as a potential alternative to hong kong in terms of the financial services functions that hong kong currently provides so i wouldn't say we should be
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panicking at this point regarding the future of home kong economically but it certainly cause for concern much will depend upon the rapidity and enthusiasm with which the 2 governments execute an implement the policies that are in the legislation and now professor wolf we spoke with you a lot about sanctions in the past on this program are these sanctions that are going to into effect are they going to affect china the same way that we've seen them hurt the likes of iran venezuela or even cuba among the other nations that the u.s. has sanctioned. no all this nimble lands that reads no because china is an economic i would have olds and everyone in rome of their country is what it would be our president. might be described could be frankly as an american i am astounded by the grotesque act quickly hong kong will remain
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a colony and in poland on the chinese when they were weak they always 'd resented it it was going least believe it or not for 99 years it expired 20 years ago all and chinese have been saying for 20 years name one nad territory which will go always there for centuries integrated back in their society every business that ever invested in hong kong over the last 20 years which is most of them knew exactly what the future held in store whatever you think of the way the chinese are doing it i don't think it will make our share of the difference those decisions that take its risks had been made and mostly asked during by next trump who has good reasons to want people to look at each other then that is their scheme of the american economy it won't pass as the kind of awful beast think usually are
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and now dean quotes i want to kind of go back to that last point from the ministry of foreign affairs there with china what type of sanctions might we actually see from china in area retaliation it is only a similar situation where it might be americans doing business in hong kong and things like that. well 1st of all this is another piece of an ever evolving and complex relationship that is to tary orating by the minute. we've had the trade war we've had taiwan we've had islands in the south china sea we've have the week has and their human rights and now we have hong kong in the mix as well. i think that as i said before much depends upon what the us. because during the last 2 years what's been very noticeable in terms of chinese diplomatic behavior is that they react in
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a very measured way to whatever the u.s. sanction on trade has been and i expect to see that same measured approach in the coming weeks and months with respect to sanctions that they impose they will not be they will not be overly aggressive in their sanctions they will be looking very closely to see what specific executive orders implemented by the various branches of government in washington that have been given 15 days to execute the president's order you know you have to remember also the united states runs a 26000000000 dollar annual trade surplus with hong kong there are many companies in the u.s. that are benefiting from that and don't want to see that go away and i want to
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follow up on some news from tuesday regarding the u.k. barring telecom operators from buying weiwei equipment going as far as having them remove gear from their network infrastructure by 2027 now the chinese most weighed in on this actually blaming the u.s. . without any concrete evidence that the u.k. took the i found a risk as an excuse and cooperated with the u.s. to discriminate suppress and exclude chinese companies the u.k. blame the market economic principles in free trade rules and breach the relevant promises made by the u.k. the wrong decision seriously damages the interests of chinese enterprises and severely impacted the basis of mutual trust in sign of british cooperation now the u.s. president actually essentially backed of this claim saying that this was his doing . we confronted untrustworthy chinese technology and telecom providers we convinced many countries many countries and i did this myself for the most part
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not to use while away. because we think it's an unsafe security risk it's a big security risk now the u.s. on wednesday also placed visa restrictions on chinese tech firms including weiwei citing human rights abuses so professor wolf i want to bring this back to you why are we seeing other nations acting on the behest of the united states when it actually comes to walk away. well 1st of all there are many nations that mr trumpet badly spoke to who ignored what he had to say oh britain there is actually only well not typical for the response number 2 with the british had originally as i did all week nor mr truong apparently boris johnson field since that will be in nearly as much economic different me as mr trump is hoping desperately for a trade union or a bailout with these dancers on frequent the brains and and yes we're a good trade there i'm not going on there to american sanctions in precisely the
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way that other countries are not if you will own the notion that being called weiwei has an appreciable relationship with the chinese government and the chinese military which they do is good grounds for mad that and then you warn that sainz after inviting every country on earth to copy its relationship with microsoft google apple and all the other major american companies who have really been we met with the american government and military for decades professor richard wolfe host of economic update and dean john quality of course we could we go into this for hours that's the dean of the miami herbert business school thank you so much for your time. thank you thank you.
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and let's turn to the copan $1000.00 pandemic which is still gripping the world despite efforts to reopen economies now the u.s. has been a hotspot for cases of the coronavirus for months and set another record for new daily cases reporting more than 67000 on tuesday so let's take a global look at the spread of the virus with r.t. correspondent side have a job where we were wide. right now there is more than 13500000 people around the world diagnosed with a cold in 191717 point 9000000 over which have occurred have recovered and more than 583000 now here in the u.s. over $3500000.00 confirmed cases and 45 percent of which have recovered and another 139000 dead now looking also at the trend of the 10 most affected countries now the u.s. is of course continuing to climb up now brazil is going down
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a bit but still averaging about $45000.00 cases per day india is going up significantly while south africa dipped just a little bit but still not my much now other countries like peru mexico colombia and iran remain the same average cases per week but one country that you don't see here in the top 10 is a chilly day that's now being replaced by iraq now mosul which new cases being contributed to casinos gambling halls and nightclubs in the capital backed out all of which have been ordered to close so we'll see in the coming weeks if iraq remains on the top 10 countries list brant and now heading back to the united states here what are we seeing when it comes to hotspots within the states so the u.s. right now is reporting an average of 62000 and new cases per day now more
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than triple the average just a month ago brand also there's new hot spots emerging in places like. in states like oklahoma and nevada which are now reporting a record number of new cases hospitalizations and deaths now while other states are seeing a new surge in numbers the majority of new cases remain. in texas california and also florida but here's the thing florida has about half the population of california and about 25 percent less than texas and as of tuesday florida had the number 2 death rate in the country in fact the number of new cases reported in florida alone or the past week surprises the total count in most european countries and you know if loredo is its own country it would have the 8th highest case count in the world but whereas new cases in florida are mostly in the miami dade county
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now they're spreading to other major cities in florida like jacksonville orlando in naples same petersburg in tallahassee so it's going everywhere in florida and currently 54 hospitals have reached i.c.u. capacity in florida with 0 beds available now 10 of those hospitals are in the miami dade county now another 40 hospital show i see use a 10 percent available capacity or less and then there's another thing is that both the c.d.c. and the world health organization brand recommend that people were masked as a way to slow the spread of the virus now in fact the c.d.c. even stressed that the u.s. could get the pandemic under control in less than 2 months if every american were mass but while a california and even texas have issued requirements to wear face coverings in public florida still refuses to set any kind of mandate once again living it up to
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local cities and counties to set their own rules so we'll see as we've actually seen in the video going on social media american some americans deserve fusing to our mass saying that it's a friend and there are freedom of choice now lastly really quick i just want to discuss testing brant as the u.s. administered more than 760000 tests on tuesday now that's 2nd high is the number of tests conducted in a single day but i also want you to hear what the president had to say about the testing this week. so we do the testing and by doing the test do we have tremendous numbers of cases if we didn't do that as an example we've done 45000000 tests if we did half that number you'd have the cases probably around that number if we did if we did another half of that you'd have half the numbers everyone would be saying oh we're doing so well in cases. yet even president tram's own medical
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advisors including that anthony have said that the recent surge in cases is a sign of an expanding outbreak and not increased testing brand r.t. correspondent side tabular thank you for keeping us up to date. and time now for a quick break but hang here because when we return the race for a covert 1000 vaccine is heating up and markets are responding to the optimism but is it truly worth it straight ahead we take a deep dive into the race for a cure and the shifting stocks and as we go to break here are the numbers at the close. of the so.
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we are segregated only by social class most of those people talking also in poverty . if you're born into a 4 family if you're born into a minority family if you're born into a family that only has a single parent that really constrains your life chances people die now they stick to one years old if you're born into generational poverty. it's a tough fight every day so you meet your needs and the needs of your family.
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54 jets and more than 1300 military personnel are headed to air force base in alaska where is that to say come on i'll show you what's the reason for any type of enhanced u.s. military presence in this area rush up. what is it suddenly about the south china sea that makes it so that it 11000000000 barrels of oil. take a look at this map who really owns what kind of says no it belongs to us india says no we claim that that belongs to us both of these countries have nuclear weapons capabilities there is reason for concern so that's why we're going to drill down on this story for you today right here on the news with rick sanchez where you know as we always like to say we do believe by golly it's time to do news again.
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no shots. actually. know. which your thirst for action. and welcome back for all the talk of needing
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a virus vaccine it appears that in record time we are very very close to having what the united states top infectious disease specialist dr anthony fauci the 1st covert 19 experimental vaccine which was developed by colleagues at the end i h. and would earn a will start its most important step around the 27th of july now this will be a $30000.00 person study to prove if the shots are strong enough to prevent against the corona virus president trump is applauding the move saying that the u.s. will reach a vaccine in record time through operation warp speed we will deliver a vaccine in record breaking time we're doing very well on the vaccines we have many many different vaccines being studied right now many of which are looking really good and we're ready to distribute the vaccine when we get it. but record time in reaching a vaccine can also be problematic as some health experts are warning. we ought to
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be careful you don't want to rush the science and we all know it developing thanks and it's a difficult process it's not always a straight line so if everything works well we can add to support maybe the beginning of the year sometime 1st quarter of the year we might have some results and it would be wonderful. if everything is working right on schedule. and joining us now to discuss our boom bust co-host christine. christy i want to start with you on this madonna has been out front of just about every other pharmaceutical pharmaceutical company when it comes to this vaccine and that has translated into skyrocketing stock prices give us an idea of how this latest news is landing on the burner shares are surging today as a company says the coronavirus vaccine is producing some quote robust results in all 45 it's patients so it was trading up as high as 16 percent in after market
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hours upon news that the investors reigned in their excitement so in terms of the stock it is now back to the previous highs back in mid may upon the 1st indication that its vaccine was a potential candidate in the fight against quanah virus now over the past 2 days madonna has jumped about 40 percent obviously on this piece of news today but also on the fact that on monday the nasdaq indicated that madonna would be included as a component of the nasdaq $100.00 and next starting july 20th so this means for the stock it means more liquidity and more exposure for medinah through passive e.t.f. and next investing which is something that has been gained traction over the last decade or so year to date in total darkness now over 300 percent as it started january just under $20.00 now but you've been a pretty vocal critic about concerns over madeira and the and i. and i want to point out that madonna has never brought a product to market yet has received $500000000.00 from the government. there are
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market will other companies in the same boat including nova vacs which is officially received $1500000000.00 to develop a vaccine by 2021 again never having brought anything to market so what about this latest announcement gives you pause. well that you just touched on some of the right there there are really 3 issues with modernity number one the fact that so far in their process of creating this kind of fast tracked vaccine well they're now has skipped over very common practices not law but common practices that are used in order to develop a vaccine one of those is to conduct animal trials will learn a decided they were not going to conduct animal trials are going to skip over that step that's a big step to jump over also the fact that as you pointed out they never brought a drug to market in the entire history of the company now think about that that means they have never been able to get f.d.a. approval for the development of any kind of drug and then thirdly and i think this is equally as important as the other 2 issues is the fact that will do is not using
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covert 19 they're not using the actual virus in the development of the vaccine work over 1000 that is a highly unusual step that. i'm sorry i got to follow up on that last point you're saying that when it comes to of the vaccine would earn a is not using covert 19 how unusual is that and if they are using covert 19 what exactly are they using right so that is very unusual and this is why moderna claims that they are kind of the new wave the next generation of pharmaceutical companies because what they're doing is they've they've essentially developed an artificial am already a strand that they're using in order to essentially trick the body into thinking that it has a very like case of corona virus which triggers protein spikes in your system that will fight off the actual virus but this is theoretical in many ways it's never been done before and it certainly has never been put into practice before and
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what's really concerning about this is that will during a started down this road back in december working with the end i ate in i ate scientist were doing this modernity been working with them that's why they have the fast track but he. they are using a whole set of processes here guys that are not common back seen development going to little time here but i want to touch on one thing here we do know that earlier this year the 5 top executives have sold $89000000.00 worth of stock even as they're attempting to raise up to $1000000000.00 in a stock offering do we know why they actually did that well in total now that that's about a little closer to about $100000000.00 where the stock sold in total so these sales on the dharna they're triggering a bit of a political debate because you don't want to be exploiting a crisis to make money but the truth is that any company that's going to sell a vaccine is going to be making money on a crisis so that for example the company's chief medical officer he cashed out the majority of his available stocks and options netting over 35000000 since january so
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i don't believe that there's any misconduct here like most companies there is a lock up period for execs and fixed schedules so the execs are selling in order to hedge their risk and exposure and also to play into the market optimism on positive developments so i don't think it's so much that they don't believe in their product they're hedging so they don't put all their eggs in the basket because back in may there was over enthusiasm over excitement all excitement over something that's been yet to deliver so when the market's pricing over something that's already been delivered you will want to cash out i think it's very reasonable co-host ben swan and christiane thank you both for your tone thank you. and that's it for today you can catch us on portable t.v. find it at portable t.v. see you next time.
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i. was a pundit make notes you know borders just a lot to nationalities. the summer. we don't. need to be. judged. we can do better we should know. everyone is contributing way but we also know that this crisis will not go on forever the challenges create the response has been so many good people are helping us. it makes us feel very proud that we are in it together .
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oh my hunger is a mighty i'm not. the one. painting vows of a time about the same position as any. one with more than the same depth of. scene that i'm going to get but i'm before. him but i. believe. that's right we've. long. to get the recession. depression this will last a few years. donald
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trump on unfurls the economic fury in asia as the u.s. hong kong special trade status and china with. the perfect murder of a young female soldier in texas triggers a wave of sexual abuse claims by other personnel as u.s. commanders are accused of not doing enough to stamp out the problem. and the state police chief in germany resigns over claims that officers are painted with a notorious neo nazi. but does it for headlines of more of those stories of course you can go to. get more up to date information of course right now stay with us for more classic.


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