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tv   Boom Bust  RT  October 5, 2017 1:29pm-2:00pm EDT

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but skeptics say it's just a bid to make money on more unhealthy habits is that true we're going to find out also billions have been affected by recent attacks i did ya who and what exactly is hackers just keep getting in my guest explains why they're blocking technology could be the way forward for businesses and governments as they rush to prevent them by boom bust start right now. a bit of backtracking at the white house president donald trump says puerto rico's insurmountable debt may need to be quote wiped out and quote and then the white house budget director stepped into the breach trump statement caused audible gasps as people envisioned a giant bailout initiative but then mick mulvaney clarified saying the white house
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will in fact not be offering a bailout for puerto rico later this year the white house is expected to require tens of billions of dollars more in the long term funds that will help puerto rico reconstitute its shattered electrical grid and help people build after the huge hurricanes battered b. islands now trump surveyed hurricane damage in puerto rico earlier this week praising his administration's response even as lawmakers returning from the island say the president is painting far too rosy a picture. and yahoo has an update on a disaster all its own and now possibly yours last december it made it more than one billion customer accounts were hacked in two thousand and thirteen that number has now jumped to three billion every one of its accounts following yahoo's acquisition by verizon in june yahoo has now obtained new intelligence while investigating the breach with the help from outside. experts it says the stolen
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customer information did not include passwords in clear tax payment card data or bank account information. russia and saudi arabia are looking to strengthen ties in what is the first visit to moscow by a reigning saudi monarch the world's two biggest oil producers are expected to focus on oil politics and other hot topics while discussing syria as well a conflict where riyadh and moscow have backed rival sides with more on the story i'm joined by our tease out from heil of edge in toronto alan. will always the big one for both countries they're the two biggest oil producers on
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the face of the planet and they've been hit because of low oil prices now the two countries of work together in stemming that hit are basically trying to do as much as possible to not feel the full blow and they've got opec nations and other nations to agree to cut the supply of oil now that supply cut is supposed to end march two thousand and eighteen and what you might see at the top of the agenda is having that supply cut actually extended beyond that date hoyle prices are not doing great we haven't seen some massive jump so both nations are interested in continuing this program which seems to have helped them out least in the smallest of bits also when you're looking at investment investment for both the nations that were looking that there could be deals up to three billion dollars in total here everything from saudi toll roads being built in russia itself as well as petrochemical plants oil gas and a one billion dollars fund that will work on everything from oil to renewable
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energy so it's a one billion dollar energy fund that will see everything across the gamut be touched by that but this disaster at this conflict in syria is a very sore point between russia and saudi arabia any chance of progress there. you know the question is who wants what we know that these two countries are on opposing and saudi arabia is with the u.s. they've been backing the rebels and with russia they've been with iran and president assad so right now from the saudis i you know it looks like they've got the message russia is a massive player in the middle east their influence has definitely grown and the saudis recognized and they also it seems recognize the fact that president assad will not be going anywhere so from the saudi perspective what they want to see and the questions they'll be asking is what happens after isis is beat and what happens to the rebels will there be a negotiating table for them to sit down with the assad government and have some
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type of influence in the future the biggest question though for the saudis is the randi you know we rate indian influence really and influence is growing in the middle east as well they've made their push because of supporting the assad regime in syria so what the saudis would like to see is you ran out of that playground basically and pushed back to within its borders now this is going to be a very contentious issue seeing that you ran and russia have been together the russians obviously a backing of saud want to see that last now the assad government but for them to be able to negotiate something with iran on the behalf of saudi arabia that's a big question russia right now you know they'd like to separate these two things boil that could nomics and away from the conflict in syria and we don't know if the saudis are actually going to go for that simply because the saudis it seems are approaching this as one big package deal so syria actually might become negotiating chip when it comes to the economic side as well well let's on something else very
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important on a separate now russian president vladimir putin met with venezuela's president and garo what can you tell us about that. well it seems like the merida went well for me during russia has been a backer of that as well of the government in venezuela both politically and economically they've helped the government in venezuela and they've at least shown sympathy for the situation that the government is going on with right now what's happening in venezuela with the opposition and the strife that we've heard of her in the past month so russia is standing strong and standing behind president and we know that just recently russia actually agreed to give six hundred thousand tons of wheat to venezuela we know that again economically speaking the issues there we've heard of bread lines etc you know that all kinds of bad things happening people not having the food that they need so russia is helping out there by giving wheat to venezuela and simply by standing by them politically in
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a time that this country is going through a lot of strife very true thank you so much i thought they were highlights coming at us from toronto thank you. for the past few decades campaigns against tobacco and cigarette manufacturers have gotten more aggressive as a result smoking rates are down which has been bad for business and now philip morris the world's biggest tobacco company wants to help australia become smoke free for more on this we're joined now by the boss. why is the company doing that philip morris is doing this very specifically to save their business because it would provide them the opportunity to start selling newer and more modern products . on thursday tobacco manufacturer philip morris will pledge its support to help australia become a smoke free country by doing that the company could have an easier time selling
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cigarettes alternatives that come with less health risks maurice smith a scientific affairs fellow at philip morris will promote to lawmakers at a hearing in melbourne it's a product the company made that heats tobacco rather than burning it and has apparently been quite successful however it's still unclear how the council will respond when most health officials have acknowledged that cigarettes are less harmful than actual cigarettes they're still little information on the risks they might carry philip morris is feeling confident about a costo in fact the company already pledged eighty million dollars a year until two thousand and thirty to search for the right smoking substitute but that's just a slice of what it's worth philip morris pulled in twenty nine point nine billion dollars so far this year and has a market cap of one hundred seventy two point nine billion dollars that's not too far off from the rest of the industry either the most recent figures from the
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c.d.c. show cigarette and smokeless tobacco companies spent nearly twenty five million dollars a day in marketing in two thousand and fourteen they also spent over nine billion dollars on advertising and promotional expenses and that's just in the u.s. so for a few years now the industry has had its eye on smokeless tobacco products to stay in business that we were means unclear how many governments around the world will be willing to work with them on the. how have health organizations responded to this project project is not a loaded question just a little they as you can imagine have not responded very warmly to this for example the world health organization upon hearing of this new project created by fault morris has been urging every country including australia to reject it. because they say the tobacco industry has misled the public for so long why on earth would we trust them to help us cut smoking rates now let's just not include them in this
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project of cutting smoking rates let's do it on our own and what's also very ironic is that the lead researcher employed by philip morris on this project used to work for you and as you can imagine he's spending a very different doesn't pay is better narrative i guess so he's going to get very different narrative here that he's saying both sides should work together so we can cut smoking rates around the world but who made it very clear that they will not be working with philip morris or any other tobacco company to cut smoking rates around the world ok the speaking around the world the back when industry operates very different ways depending on the country how does what we're seeing in australia compared to elsewhere it's really very different country by country in the more developed world where there are very wealthy nations like the u.s. like australia the tobacco companies are very nice and they want to work with the governments and say let's provide alternatives so we can both be happy you can cut down the smoking rates and we can start selling a cigarettes but in the developing world. or in particular many countries in africa
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like uganda kenya many of the governments there have accused these tobacco companies of threatening them regarding legislation that they're trying to push that would either impose a tax on cigarettes or in some other way try to cut the rates and unfortunately in in the poor countries not only do they not have the resources to always go off again seize billion dollar companies but they also don't even have the funds to launch anti-smoking campaigns like the ones that we've seen in the u.s. over the past decade so it's much more complicated for them and you know unfortunately if you live in a wealthier nation it's you know you don't you're not going to be bombarded like you might be if you are in a developing country now not only that but as you travel around you see that cigarettes in a lot of developing nations are so cheap and they can keep those pride. down and here for instance i think ten dollars a pack or something like that in new york yes and they can keep those prices down yes they can and they're trying to expand the market there so that's why they're
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fighting so viciously against many governments in africa and southeast asia in particular thank you so much for this big. time now for a quick break stick around though when we get back stalin says no to fracking but will it still process the fuel imports from overseas fracking projects and a blockade of digital ledger. is on the rise my guests and i will discuss the impact we go to break here the number of. economic development is. really important this quarter we. want. but what do we know about the. fact that our c.e.o.
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might do. over twenty million dollars last year more than one thousand times the average wal-mart associate. with all due respect i have to say i don't think that's right. people went from pretty simple financial lives. to the point now where people are. just totally submerged in their financial accounts and they're all in debt and what exactly. true. the this is not how capitalism works this is our capitalism goes hopelessly. rome.
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i'm concerned about the fate of the united states i mean. democracy what is happening here that is a suicidal suicide not only. but of the political system that it sees with the it will survive and. here's what people have been saying about rejected in the senate it's full on. the only show i go out of my way to lunch you know what it is that really packs a punch. is the john oliver of margie omero is doing the same. apparently better than. i see people you've never heard of low down to the night. president of the world bank so very. many seriously send us an e-mail.
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american business giants have made big bucks on european tax deals but for amazon that could have just come crashing down the european union has told member state luxembourg to get its two hundred ninety five million dollars back in taxes from the online retailer this is the e.u. his latest attempt to get foreign multinationals to pay their fair share of predecessor of amazon's worries is apple the e.u. has ordered it to pay ireland three billion euros in back taxes after the e.u. member state cut apple a one percent tax deal to base operations there. the european union has waved its finger over and over in that situation and it wants its money back but back to amazon e.u. competition commissioner marguerite best augur says a tax ruling granted by looks important courts cut amazon's tax bill over eight years allowing it to ship massive profits from one of its companies to another thereby avoiding taxation on three quarters of its profits it made from amazon
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sales within the european union and she went on with her plans. so today's decision to order luxembourg to recover unpaid tax from a muslim and refer you to recover on tax from apple. i hope that those decisions see. message that companies must pay their fair share of taxes as the huge majority of companies do. after what he calls overwhelming opposition to fracking scotland's energy minister paul will house told members of parliament that the practice cannot and will not take place in scotland this comes after a lengthy review period according to will house ninety nine percent of the sixty thousand respondents in the public consultation portion of the review were opposed
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to the practice of using liquids to fracture shale rock deep underground to release fossil fuels scotland allows itself to process shale gas shipped in from foreign countries but an existing ban on extracting it from scottish land has been in place since two thousand and fifteen and will now continue the trade and worker unions there are not happy saying the ruling cost scottish jobs in oil and gas sector the b.m.g. trade union secretary for scotland gary smith says the government is being dishonest and hype and hypocritical as scotland imports a huge amount of shale gas extracted from what he calls trump's america. sharing using blocking technology is growing in popularity it sufficient it's encrypted and so by its very nature it is protective as i hacked into large businesses such as yahoo and equifax affected billions of us could the technology
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finally go mainstream right now we see hat and yet to be hacked and even governments wanting in on block change which has brought the crypto currency market capitalization to one hundred fifty billion dollars joining me now from new york regimental ten founder of veritas am sir thank you for coming in on this now we've got the head of technology at b.p. david a ten saying that block could give them what he calls a competitive advantage in terms of speed and verification of transactions just one example of businesses wanting to get on board with this possibly in your opinion what's a workable timeline for blocked chain going mainstream if you think it will. grow it all depends on the path that is taken there are two schools of thought one is using blogs and technology to bolster the legacy systems that are in place and the other is using drugs and technology disrupt of. creative destruction
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and jim to create new business models that will most likely. to mediate the business that are in place so to bolster the legacy system that can happen immediately and changes in culture created here mentality so in reality that will take. seven years the this it to me method of the school of thought which i happen to belong to is hard to predict ok it could take anywhere from two years to two decades but when they had it would have been. with the equipment immediately and chances are it would happen sooner rather than later because what that does is it increases efficiency and decreases friction so let's suppose we have a large and city that's been hacked and looks to use by a team technology to go through a legacy system and they're competing with
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a start up with. no real organization that's looking to just rewrite the whole of protection the business model they get started immediately and the get to benefit from the protections that the bludgeon takes to offer it and they don't have the leg culture that says well we have to do it this way because we've always done it so that is so much a matter of technology and speed but acceptance is to the core the past ok let's talk about values here cryptocurrency s. are already showing a market cap of one hundred fifty billion dollars according to coin task set to go up with block chain we see now according to markets according to markets and markets a recent study that came out the world wide blocking market of nearly three hundred forty million dollars is set right now if we consider the next four years though going all the way to two thousand and twenty one we see people are forcing two point three billion dollars in value you think that's an accurate assessment. i think it's actually underestimated the varied accounts from using. technology you
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know seeing black sheen is like saying. but the value that comes from using using the internet as an example. the internet is much more than say the market capitalization. any use your phone. you take what you said not profit from it. there's a multiplier effect there and that multiplier effect is not linear but it's exponential so if you did it significantly increase the right way other people did it so valuable value of time people etc etc exactly it's a network effect that comes when you use the network and bludgeon technology is basically a database built upon a series of networks. right so as these you know these these networks of computers use you know a block sort of a ledger system to fill this information encrypt it and move on and try to to
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another block it becomes very attractive as we've seen the hacks i'm sure you've seen them in the news yahoo equifax and so on we see governments wanting to get involved we have to address the government angle the centers for disease control is just one entity changes a way to move massive amounts of data if government organizations like the c.d.c. get in on blocked changes are there worries of a reversal of the sort of unregulated nature of this technology. well i'm sure the c.d.c. will use federated bloodstains basically means that are. not public on public networks of these well controlled by. and cities and realize that in doing that you know fly a lot of the attraction of the blood chain. the attraction of a black shame is that it is censure proof being sent to prove that eliminates a lot of the ability of the lot of the attack surface to air ok by making it
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central by being controlled. centralizers a grand city then you create a singular. surface of attack well i'm not easy to when she says i would worry though about people who sort of have this idealistic lone wolf mentality when it comes to block chain is that the government steps in it might be not an unregulated unregulated space but an under regulated space according to government. well you know the regulation issue it's almost impossible to regulate a public buckcherry you know it's the public but everything never. right never say never but just let's put it this way you could jump off of a fifty foot building ok it's almost impossible to survive it yes you can survive. but nine point nine nine times out of ten i will put my money on someone else about it not for that's a smart so smart bet so. in creating a centralization of you another. significant portion of the attraction that made it
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such a proof yet right in the valley centralizing it you would create a central point of attack by. saying it you spread out the points of attack you make it harder for the distributing it meaning that you have nodes everywhere they have to be. you make it effectively attack right now that's right that effectively ok well you can talk about i mean it's too expensive to protect it to which you can't return for the attack let's talk about expands you can't talk about blocking without of course talking about currencies like big calling the theory like coin the list goes on they depend on this to protect a record these transactions they've blocked chain gains a wider you outside of digital currency would we see the price increase or is that dependent on the block technology is it independent of it or would it depend on technology if it becomes more popular what it increase the price of these currencies ok it may be connected that people are asking these questions. ok well i
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want to throw cold water on the parade but i don't have much time out of people refer to the tokens as digital currencies they're not crises ok they're the best way to define it would be programmable commodities that run the. network these commodities could be programmed hence the fact that it could be programmed means they have a very very wide. potential you scary ok each program of a commodity could be used for a specific purpose such as medical privacy exactly that's right if you transfer some could be designed specifically to sidestep keppra controls in china specifically ok so. the more the world of the use of bloodstain technology the more public they become but using the network effect siri the more any particular token is you the more powerful it becomes and the very proper comms this
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is just the beginning just can't get insurance not billions but you can see there's that much for your foresight on this always good to talk to you thank you so much reggie middleton founder a very tough thing ok. for over eighty two years mr monopoly has acted as the iconic mascot of the board game monopoly and he's just been spotted on capitol hill at a senate hearing no he wasn't in the hot seat he sat right behind it cameras caught a man dressed in a familiar black top white mustache and monocles seated behind former equifax c.e.o. richard smith as he testified before the senate banking committee wednesday he was answering questions about a hack into equifax which compromised the personal data of more than one hundred forty three million americans so why did mr monopoly decide to show up it was a stunt to bring attention to the issue of forced arbitration clauses. these are used by banks and credit card companies to prevent consumers from taking them to court in class action lawsuits when they've been wronged as first smith he will not
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stop and go he will not go to jail and definitely will not collect two hundred dollars because before leaving the company just after the hack took place he took eighteen million dollars with him thanks for watching be sure to catch him on direct t.v. in the united states you can find us at the r t channel three two one and if you miss out on directv on youtube youtube dot com slash the last r.t. thanks for watching next time. in the us a child can choose a nominee course in school. with a retired officers as teachers we don't. recruit we'll sisters if the president is
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interested in going in the military but we don't recruit ourselves and see. the pentagon is funding a program to boost interest in the military among teenagers your chance to step up to an apollo so that way for a comfortable with yourself and things you are yourself you can't go wrong in the woods or it's a great stepping stone for whatever career you want to do but some veterans are willing to tell enthusiastic children a little more they ask me call of duty is a very popular first sure video game. it's played now it's because the military like call of duty to turn off duty oh yeah well you can't turn off more melodic these kids just don't hear. the darker side does the pentagon allow them to be told or does it just need more recruits. six guys are financial survival. when customers go buy your new stuff. then else well reducing lower.
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that's undercutting but what's good for market is not good for the global economy. it's taken these children's homes. now it's threatens to take their future. like. the volcano here could erupt again at any time. most people have a stark choice. to live in poverty. what's going to. put some a following a different. place before we would consume we. employ that hope for a better life.
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to get us through and i want to play for you from a copy. i am. going to fight over the work. i did i'm. just sitting here to fund it.
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unprecedented. in the united states. senate committee concluding that presidential election results affect any interference. in the investigation into alleged russian meddling president. closely american news outlets. meanwhile in spain the constitutional court.
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