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tv   Boom Bust  RT  October 14, 2017 3:29am-4:01am EDT

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set to pay out big time after the company lied about the quality of its product and we'll talk movies and money in light of the recent revelations about hollywood sexual harassment will there be financial impact on the film industry which would get billions of dollars into our economy will bust open the box office books take a closer look at them by start right now. it's going bananas big going to hit a high of five thousand eight hundred fifty six dollars and ten cents on friday it's meteoric rise from around one thousand dollars to this in ten and a half months is setting analysts and investors back on their heels now initial coin offerings were sternly turned away by the securities and exchange commission
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here in the united states but you pens financial watchdog greenlighted eleven companies to trade the crypto currency china is clamping down and punishing undercover traders meanwhile south korea loves it for sure the cryptocurrency has seen a movie two thousand and seventeen russia was the most recent to chime in its central bank chief calls big coin untraceable therefore dangerous earlier this week russia's minister of economic development wrapped up business here in washington with this to say about that going. if you go in there is not an easy question because on one side it's a new technology which should be studied and we should be leading in the study of that technology but on the other side it's it might bring somebody to those some conflicts and missteps we train this thing it's so that's how we see the station of the sco we've been moving forwards. in the broader picture block chain enable big coin leads to a discussion of tech it's the short form of financial technology which encompasses
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innovation in how people transact business everything from machine learning to predictive behavioral analytics and data driven marketing it's also handy for circumventing conventional bank finance and the federal reserve is stumped as president donald trump says he will roll back financial crisis era regulations such as dodd frank st louis fed president james bowler and says we are at the end of even thinking about dogs for the future he says the new issue now for the next ten years is going to be fantastic and how fin tech is going to affect financial intermediation in the united states and if you go out to seneca silicon valley all the discussion is all about how we construct the profits from the big firms well international monetary fund chief christine legarde says fin tech is already disrupting as it lowers the cost of financial transactions. they're a pain central bank is on board with a slowly ascending panic over those dependable deposit customers possible with
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their possible mass migration over to fin tech firms which better serves mobile banking purposes peer to peer loans even it has many analysts basically saying that banks are so two thousand day. and japan's third biggest steelmaker has admitted to falsifying data and not carrying out required tests on its products company still limited says it's planning to compensate affected customers but that's not stopping investors from running to the hills artie's out some highly which is in toronto with more on this for us alex we are hearing some five hundred companies could be affected by this revelation what can you tell us about that. well you know you think well maybe they made a mistake there could have been an error in the books but that's not what happened they were minutes of falsifying the quality of the steel that they were pushing out as well as other type of metals here's just a little rundown of some of the companies that were affected by this and you check this out there's a shinsho mitsubishi toyota g.m.
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ford nice and and honda were down about aircrafts electronics cars rocket ships all kinds of things that you know you want to be safe in bullet train and if the steel doesn't make the grade well you could be in trouble at least that's what i think i'm no scientist but you want to get what you're but you paid or at least now look at this across the board we're talking about copper and aluminum but they're also saying other iron materials were affected that go into d.v.d.'s and l.c.d. screens like the t.v.'s that you may have a home now some of these products were produced overseas not only in japan but as for japan for kobe plants there we know that this has been going on for about ten years now so that's a lot of metal coming out of there that has not been making the grade but our markets are reacting to their standards got to be something they're oh oh yes oh yes there is definitely something there let me tell you the stock plunged forty two percent mine that's about one point eight billion dollars what the market and what
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you know when you hear something like that there's analysts out there that are predicting the end of kobe steel they're saying you know management is definitely in trouble i wonder why but outside from that it's not just management that we're talking about we're talking about a company that is probably going to be broken down falling apart this is a massive international company they have operations all around the world so it's not just japan but of course japan is going to be affected by this when you have products coming out of that country this doesn't look good for the country and basically the quality that we've all learned through the years to believe that japanese quality is the highest of qualities and this is not turning out that way. the company itself says that it's going to release the findings for its safety checks of this product successor within the next two weeks and then within a month it's good tell us the causes and the countermeasures that they are going to push forward to try to push this back but it's going to be very difficult scene there as you mentioned five hundred plus companies affected by this and we're not
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talking about gadgets here we're talking about steel that is put into cars that's put it's a point that's put into rocket ships something that we all rely on day to day basis wow that drop is amazing in its market share thank you so much out of it from toronto. leave or regaining they may have thought that fixing a lending benchmark was saving them money but a manhattan district court has reversed that three banking giants are set to pay out a total of one hundred thirty two million dollars for fixing the price of borrowing divided according to punishment deutsche bank will cough up eighty million dollars city thirty three point four million and bringing up the rear with eighteen point five million h.s.b.c. this is due to a massive us class action lawsuit brought by futures traders they accuse the banks
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of manipulating the london interbank offered rate banks use their leave or benchmark to set rates on borrowing between themselves as well as hundreds of trillions of dollars of credit card mortgage and student loans the money would go to anyone who traded in europe dollar futures on exchanges including the chicago mercantile exchange with an eight year span within an eight year span rather of time starting with beginning the beginning of two thousand and three running until early two thousand and eleven recent rate rigging suits like this have cost banks billions of dollars in fines for regulators around the world. and the iran nuclear deal and us president donald trump they've never been friends. the obama era seven nation accord was much maligned by candidate trump and now he's made moves to make good on his promise to get rid of it or at least he said so and his policy outlined today we've just received he did not withdraw as he promised instead he seems to have willed congress to make it less politically painful for him to stick to the
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agreement let's get into the nitty gritty now joining me from new york conservative t.v. and radio host steve malzberg steve i know you feel pretty passionate about this the world is watching this international bodies were already waiting with their press releases to press the send button there but the audience is you you are his base you're the ones he is aim to please since day one we know that let's listen in on a snippet of the speech. that is why i am directing my administration to work closely with congress and our allies to address that deals many serious flaws so that the iranian regime can never threaten the world with nuclear weapons all right your take on that. all right well i was prepared to be a little disappointed and what i would a love for him to do today was say i'm not certifying it which he did not and i'm out of the deal we're out of the deal and by the way the iranian. guard the the i argee corps is their terrorist he stopped short on both those fronts but he did
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good he started out with a litany of offenses that iran has committed against the united states since taking over our embassy for four hundred forty four days he went through the the barracks in lebanon and everything else that they've done he talked about how there were terrorist nation the biggest financer in terrorist supporters in the world intercontinental ballistic missiles has the whole thing he spelled it out and what he said was not certifying this deal now congress has it and congress has some time to figure out what to do with sanctions if congress can't come to an agreement or won't come to an agreement i will get out of this deal so to me i got a little more than a little less than expected but then a little more in the end than i expected to get and as far as the iranian revolutionary guard corps there's a little confusion i'm still a little confused but the treasury department is going to impose sanctions heavy
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sanctions on them and to do so i'm told the language has to be from the treasury department that they are in fact a terrorist or a visitation so even though he didn't say that that's a guess implied in the sanctions that will now be thrust upon that that horrific organization in iran so all in all i'm satisfied ok well let's we have to go international but on this topic because people want to know our perspectives here in the united states they want to know your perspective and it's an international situation we need to address the people around the world are watching this european union foreign policy chief federate kemo guarini said the president of the united states has many powers not this one. you have to agree with that because he's doing a lot of posturing and it's not to the united states any favors some would say what's your take on that well i think i think the president united states has always said he's going to do what's best for the united states and i think this is absolutely no exception he said it is no longer in the interest of the united
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states or the security interests of the united states or to remain in this deal or for me to certify this deal he talked about president obama who had the regime as he put it the regime in iran on the verge of collapse the whole economy was on the verge of collapse and then obama signed this and gave them all this money a bill you know billions of dollars over one hundred billion dollars two hundred fifty billion dollars up front instead of saying here's a section obeid here's a section of but he gave it all to them including a delivery on a truck filled with cash they have that money and he's propped up their economy so donald trump sees that says what the heck did we do this isn't in our interest and we don't trust you can't separated mine mine or the terrorist supporters the supporters of hezbollah what they've done in syria what they've done in yemen what they're doing doing all over the world and say we're not going to think about that yeah i'm just going to focus on rain here and i can see that separation ok real quick before we go passing this off to congress seems like political hot potato
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seems like he's coming in software he said he was going to come in strong what's your opinion congress is speaking out saying we'll read them minutes people don't have confidence in congress right now what do you think about that you know no confidence in congress whatsoever there are people on the republican side as you know who will thwart everything he does but he did say if congress cannot reach agreement we will be terminating the agreement so that's what congress knows and i believe that's what he will do all right proof will be in the pudding and we will bring you want to talk about that when it happens thank you so much for joining me today a conservative t.v. and radio host steve malzberg thank you my pleasure. time now for a quick break and stick around because when we return the tesla brand faces a mom. star tax bill overseas is a punishment telling the electorate we're going to find out my guest former u.s. attorney mr maher chilton talks movies and money who can ignore the power of the t.v. i nollywood we take a look at how sex scandals are changing it as we go to break here are the numbers
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because our. financial survival guide told fox news i promise you. almost find. a celeb some of my age in the future so crocker was kind of. i mean always gives you know you go into you as you go into the third shows are those are the you know mr welch for this job. to go into another of those other three that in the term that the that the. two of you are you really do believe all of these books are glad i wish had gone but the
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number that at the end seems nobody can take a look. at your mom got up out of that one down because you know i was going to call in the state of the impulse. not a strong room of the room the truth. of. who he is. somewhere. we all willingly accepted the risk of being shot wounded taken prisoner but not. poisoned by our own people that was leaked or biological and chemical products do not truck tires. styrofoam polystyrene batteries trucks there was
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a complete denial i think at all levels of government that there was any connection between. and what these brave soldiers were suffering from to compensate every soldier marine airman or there was on the ground that are complaining about illnesses from exposure from the burn pits would literally sound to be a gross and they don't want to pay it so the way to decades a lot of those soldiers time and they won't. get the middle finger to be. delayed because. of all the countries in the world promoting emissions free vehicles norway has been the most prominent to encourage electric cars the government has allowed for pretty generous subsidies but now it might just disappear for she has more on that for us
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norway currently makes up almost thirty percent of the global electric car market that's because of encouragement and incentives from the government to move away from dependence on gas powered vehicles the most obvious incentives a tax break that could be revoked in next year's budget and a proposal of norway's finance minister said the chance it suggested removing the exemption on the left are cars that weigh more than two tons it promises that electric cars will still be accorded significant advantages in comparison with cars running on fossil fuel. for example brakes from value added tax and benefits for zero carbon pollution or remain in place but it still has drivers worried especially those that want to buy a tesla which is the most popular electric brand in the country the tax increase would boost the cost of the tesla model x. by almost one thousand dollars hence the tesla tax nickname it's made many munder
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wonder why the government would want to make it more expensive when it's still working towards gas free roads and apparently it's because they don't exactly pose as many benefits as originally thought jensen justified their proposal by saying electric cars cars just as much damage to the roads as gas and diesel cars therefore drivers using either vehicle should contribute their fair share if their proposal passes it could have an impact on the share of electric cars on the road as you can see the number of them in norway has steadily increased over the past seven years that's thanks largely to the tax break in addition to other incentives like no tolls free parking free charging and being allowed to drive in the bus lanes there are still been plenty of critics though arguing the perks only benefit the rich by helping them by for a cheaper price. so this proposal actually passes with a tax break be removed immediately or do we have a grace period and most likely no because there is
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a twenty fifteen agreement that promises tax breaks on electric cars through two thousand and twenty so if that agreement was overturned and you know there's no indication that it would be it seems like they might have a few more years to offer this test of bargains which we could which could cause that continued increase in sales before it starts to drop off if they became more expensive by almost ten thousand dollars but you know in order to pass the legislature it obviously has to get support of the majority because we know that this is probably going to be pretty controversial there because norwegians really like their electric cars it might not pass at all. there are other countries. people are snapping up these cars like candy what other countries are we're talking about the might follow suit well as you just reported the other day paris city not right but paris is looking to eliminate diesel and gas powered cars by twenty thirty and slovenia is actually looking to ban that by two thousand and thirty so there's a lot of cities and countries around europe that are really looking to sort of do
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the same thing as norway and move towards electric cars but you know this obviously makes the situation a little different now that they're realizing ok electric cars might be better for the environment but they're still. pose a lot of questions about how our infrastructure can handle them i mean if they're doing as much damage to the roads then maybe they're not going to make things as you know so much better as we thought they would so opposed a lot of questions to paris and slovenia you know if they encounter the same problems with their roads are they going to respond in the same way are they willing to prepare for a situation like that where they realize ok this is better for the environment but maybe some of our roads can't handle the weight of these cars which are usually heavier you know it's a gray area and we don't exactly know how based on what's happening in our right now how quickly the rest of europe will sort of follow suit they might think wait a minute we should rethink this and those electric cars get cheaper and people don't need the incentives to buy exactly will say thank you so much prove us from.
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new york times investigation has chronicled years of sexual misconduct and settlements paid over three decades related to the infamous movie producer harvey weinstein more than two dozen women have come forward to tell their stories including one of paltrow and angelina jolie initially the board of his company the weinstein company has granted him a leave of absence to get counseling by. but things have changed in the wake of subsequent reporting he has been fired and now new reporting says the top entertainment executive at amazon studios roy price has been placed on a leave of absence regarding sexual harassment complaints there will the industry that injects billions of dollars into our economy we changing let's take a closer look at former u.s.
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attorney commissioner bart chilton this discussion has taken over the week over the years you've written a lot about movies and money and even dealt with the issues related to box office futures in your old job as a financial regulator what do you make of the current circumstances in hollywood i mean the allegations are horrific are horrible but and they actually bring pretty true they seem credible stories to me but there are allegations at this point but you know this isn't just something that's taking place in hollywood it's taking place across all the sectors and i think it's sort of a clarion call for the c. suite folks and the boards that they've got to take these sorts of things seriously not just because they have a fiduciary duty to their investors and their owners etc but because it's the morally right thing to do so being really strong on corporate culture in court corporate ethics and governance is a key thing for these boards and i think they're going to be taking it more seriously not just in hollywood but throughout all the sectors from an economic
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perspective now how important is this industry to our economy on this show we talk a lot about oil and technology currencies what about the film industry humongous i mean really big i mean when you talk about global the it's a thirty eight billion dollars industry with regard to box office bust open the box office levon billion of that is in the united states but there are only two major exports that we have in the u.s. we import so much and one of. moses food i know this from my agriculture days the other is film so food and film that's the major export and that's seventeen point eight billion dollars a year we export in filth and it's beyond that it adds a lot of jobs i mean there are eighty eight thousand small employers some of them are large but in the united states related to the film industry right they pay one
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hundred thirty four billion with a b dollars in wages twenty billion dollars in taxes and movies aren't going away any time soon they made over thirteen hundred lindsay last year seven hundred by the major studios and in the united states people two thirds of the people go to a movie a year and in that demographic of the people that are always trying the eighteen to twenty four demographic they go to an average of six point five movies a year i call them light weights but but the movie industry is strong and it's an intricate part of the u.s. economy which is why it's an intimidating being what about the impact on the i think company now people are running for the health. the it seems like the ropes of intimidation holding these people down men and women by the way are being cut and these buyers are running for the hills well i mean you know the bobbin heart of you weinstein the brothers had sort of you know they were sort of the golden boys in the industry started miramax named after miriam and max their parents started in
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seventy nine sold it to does the in ninety nine but they work for do these part of dream works they're busy doesn't own it anymore but they did really well have some big successes shakespeare in love best picture ninety nine chicago best picture no two but great film but then they had some trouble when they started the weinstein company in two thousand and five separate from from does the they've made some bad investments into you know social media platform. a small world it was called that went bust into video. that went bust they really had some problems they did a restructuring in two thousand and ten and that helped a little bit and they had some really good movies that came out between two thousand and ten and two thousand and thirteen so just those three years they had five movies that made over one hundred million dollars so for that but since two thousand and thirteen they've only had one movie that's made over well two movies
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rather that made over fifty million dollars one was last year lie in that movie with dev patel the kid that gets lost on the the train in india gets raised by nicole kidman not a bad gig but the bottom line is they haven't been doing as well as they had in the past i think it's possible that they either sell maybe go into some bankruptcy in the future sell the innards of the weinstein company and move someplace else but there's surely in trouble they've got reputational risk you can imagine trying to raise money for a film project if you're part of the weinstein weinstein company right now you can be pretty tough library for it earlier with your past experience years ago there was an effort to create a trading exchange that would offer a future as related products on the movie box office help your terrace you know and you oppose that why did you oppose that well i mean they didn't have a lens it's a neat concept right i mean you could bet on whether or not
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a particular movie is going to mean average people could bet on whether or not a movie is going to make money and you know follow look at auburn hair on your on line you know it be very critics don't have their their say at everyone's like it was you know it would be a really nasty but i thought it might be subject to be nipped elation and i thought the proposal was put together right fairly shoddily i mean somebody somebody working at craft services could say that a former you know addicted addict to write a bender on the weekend and shoot the price down but i do think that maybe given what's going on in the industry that that should be reinvestigated. i think i was right at the time with the proposal as presented with but i can see where some of these small companies some of these eighty eight thousand businesses that are relying on money being housed exact all of that would be like a head tractor hedging their risk right say you know we think this movie's going to take off but maybe we'd better go ahead and hedge our bets on it so all the commissioners are are different my former agency i'm not saying i would definitely
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have if i was there now but i think it's something worth considering they should talk to the motion picture association of america those are the five big studios and they've got something to say about it that the head of that by the way somebody who we sort of talk about a lot chris dodd for right so he knows how to ensure that things are done right ok obviously movie fan you going to fair this weekend goodbye christopher robin the new the yeah they do they will be about it and the author of when he the poor should be good he's got p.s. p.t.s.d. so could be some sad moments but i love when he the pooh is so much that i think i'm going to check it out i thought a bad call thank you so much former u.s. attorney commissioner. thanks for watching be sure to catch boom bust on direct t.v. in the united states you can find us on the r t channel three two one and if you missed us on direct t.v. catch us on youtube youtube dot com slash bill started thanks for watching phoenix time.
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los angeles the city of luxury and fame but also an alarming number of people living in the streets. simple fact and now ladies there's just not enough shelter even if people on the streets right now decided to come in there's nowhere to come in it's been a struggle. this man found his own response to the problem and constructed dozens of tiny homes for people in need of shelter when you. nothing in order to go . you know having something like this may as well be a castle but do the authorities accept such. a tiny house all on a parking space is not a solution your mouth to someone on a touring the site otherwise it will be a free for all there are a better alternative to envy homelessness crisis. about
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your sudden passing i've only just learnt you worry yourself and taken your last turn. up to you as we all knew it would i tell you i'm sorry i could so i write these last words in hopes to put to rest these things that i never got off my chest. i remember when we first met my life turned on each day. but then my feelings started to change you talked about war like it was a cave still some more fun to feel those that didn't like to question our arc and i secretly promised to never be like it said one does not leave a funeral the same as one enters the mind it's consumed with death this one different speeches because there were no other takers. claimed that
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mainstream media has met its make. up. the classic. here's what people have been saying about rejecting. the show i go out of my way to. really. all over a party america's. parents better than. c.
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. heard of. president of the world bank. sent us an e-mail. talk in the headlines this morning that nuclear deal with a rat is at risk of a president. getting. breaching the spirit of the agreement. this is a dangerous signal present to the united states as many posts not this one. else would have a more children have been reunited with their relatives campaign to keep orphans in iraq and help they believe to have been brought to the country when their parents joined islamic state. how they should be treated. for some foremost these are children are not responsible for the actions of many fathers.


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