tv Boom Bust RT March 5, 2019 11:30pm-12:01am EST
relations we started treating sick people people who are addicted to these drugs like criminals while i was on the hill. when the war on drugs was a mistake and there are countless numbers of people who are in prison for. sins for whom our own are minor offenders in the drug trade it's a lot watching your children grow up and miss you in ways you can save by day as you're walking out of this is just it doesn't get easier. later on. this is boom bust broadcasting around the world and covering the world of business and finance and the impact upon all of us i'm bart chilton in washington d.c. the belly of the beast lots to get to today coming up the great crypto paper
continues as the plot behind canadian crypto exchange quadriga c.x. goes deeper kristie i have counterpart x. joins us to break down the latest turn in this bizarre case and apple qualcomm yet they're at it again in a battle royale with a shocking allegation that qualcomm actually stole patent information from an apple engineer expert in what property lawyer helps us understand what's going on andre barlow easier in studio plus harley davidson is cruising into another market on wheels danielle show you have since we're trading takes us for a spin around harley davidson and some other company we've got lots of interesting numbers coming up with danielle today you'll enjoy it and later we continue with our hong kong coverage this week we take you from the list skyline of khan kong city yesterday to the streets to hear from the people that helped drive the area's economic engine all that in our sights but first. we have right that headline let's
go. changes to the terms of trade between india turkey in the united states leader goldberg report today as the us rescinds a key designation for the two countries the office of the u.s. trade representative or u.s.t.r. has said it intends to quote terminate india and turkey's designations as beneficiary developing countries under the generalized system of preferences that g.s. p. the us t.r. statement says turkey is to develop to qualify for relevant g s p benefits in the case of india u.s.t.r. alleges that india has failed to ensure equitable and responsible market access to u.s. exports as required under the g.s.t. preference system india reportedly exports more than five billion dollars of goods to the u.s. duty free under g s p but an indian government source perhaps keeping an eye on the male elections we've told you about downplay the downgrade estimating quote actual benefits of the g.s.t.
designation at only two hundred fifty million dollars. and moving from india to china economic planners there have downgraded expectations for twenty nineteen lowering the official growth target the government is now aiming for a range between six and six point five percent for twenty nineteen the announcement was made at the opening of the annual session of the national people's congress and acknowledge the awkward economic headwinds including the trade fight with the us that contributed to the revision the target budget deficit for the country for this year has also been up slightly to two point eight percent that revision by the way creates fiscal space to allow and account for a planned tax cut tax cuts rather totally one point three trillion you on our one hundred ninety five billion dollars the moves including those targeted tax cuts for manufacturers constructions and small businesses tax firms are all part of a broad proactive fiscal policy touted at the congress yesterday. other chinese
fiscal news a budget report submitted by chinese premier league details a significant annual increase an increase in the military spending increase for twenty one thousand is seven point five percent bringing the total to nearly one point two trillion new one and vishal spending or one hundred seventy six billion dollars this follows last year's increased military budget of roughly eight percent to add a little perspective to that one point two billion dollar chinese military budget japan recently announced a twenty one thousand military budget of roughly forty four billion dollars that's a two percent increase over last year by the way and the united states has the world's largest military budget with the most recent request of president trump's administration it's six hundred eighty six billion dollars which is a seven point four percent increase from the previous year. and there's new news on the creepy crypto caper we told you about a month ago where an exchange exact died and took passwords with them to the grave leaving customers out of one hundred ninety million dollars well today the story
gets even more strange earlier this year we told you about that creepy crypto caper and it stumped many of us that dumbfounded us i mean how could this just happen and all sudden the money was gone and you remain recall that story it was called quadriga c.x. and the guy's name the executive the c.e.o. was gerald cut and he died took these passwords with them well the question is whether or not he really died that was the first question but to dig into this deeper we go to christie i have counterpart x. who will tell us about those hundred fifty thousand users who lost money including about ninety two million in bitcoin all with other crypt those like light coinage ether without those passwords who knows if they'll get it back kristie thank you so much for being with us we're glad to have have you what's going on with this thing that i lay it out correctly. absolutely perfect court appointed a arneson young and our jim best to get this far there and they have been very
diligent what they're finding they recently published a report on friday detailing the fact that they have found the cold storage wallace that quadriga allegedly used however upon looking at the wallets they found that the six cold storage wallets were actually empty they've also identified fourteen other off offline exchanges that quadriga has actually transferring money to these other exchanges that the names have not been submitted however they found that quadriga had thousands of accounts on these other fourteen exchanges now this is very unlike protocol and a typical so this was not company policy to have other exchanges in business. the first thing was you know the passwords were gone the money was gone and we were sort of all incredulous about it either even these stories you know did the guy really pass away horrible but let's get rid of the conspiracy theory first did he actually die. well officially hospital records do indicate that he passed on
december ninth two thousand and eighteen officially there is a death certificate that has been issued however due to the amount of evidence of foul play that has come up after he died that's why that there's been so many conspiracy theories wondering if he actually faked his death or if he actually died and someone in the company is actually using his death as a cover up now the c.e.o. of coin base also also thought about this theory and actually said that quadriga suffered a massive loss in june two thousand and seventeen there was a sweep where they lost millions of dollars during this smart contract suite and in doing so the company was aware that they had were running a deficit and was running on fractional reserves so it is not implausible to think that the company use mr khan's death as a cover up. and then to find i mean one the money goes to then they get into these cold wallets and as you say remarkably find you know the money really is gone it's not just they didn't have access to they got the access and then there's nothing
out there so i think you mentioned ernst and young so what's the court saying i mean are they protecting creditors and somehow i think isn't amazon web services involved in this whole thing kristie. yes absolutely so the court has actually granted quadriga an extension of the stay for another forty five days they granted the state not because they're siding with barely two grand earnest and young and additional timeline in order for them to conduct their investigation and possibly try to help return some of the some of the missing funds now you're absolutely correct no one is siding with quadriga on this and clearly amazon web services it appears that quadriga was hosted on amazon however mr khan created a personal account not a business account so up until today the court was finally approved and approved the grant in order for amazon to turn over the data relating to quadriga mr personal account. i mean every day i ask you chris christie i mean do you think
that the money is just moved and gone here or do you think there's any way that these people that were using quadriga are going to get the money back. i think that the founder of point is he was absolutely correct that quadriga did suffer a massive loss and because of this they had to shuffle funds about in order to cover up their mistake no one was aware of this and they did not speak about their mistake at all so it does appear that someone is trying to cover up for foul play whether or not someone stole the funds are is merely using the funds in order to try to continue running the company from two thousand and seventeen up until december last year a fascinating story kristie you know this goes to exactly what we've spoken about before in the past on this show that there needs to be some basic rules and regulations i know you guys that counterpart to do that to require sort of better security over crip those when they are held by custodians like. if they are just
see greater acceptance of crip those generally crypto expert co-founder of counterpart x. chrystia thanks kristie. apple and qualcomm are in yet another legal battle royale with a shocking allegation that qualcomm stole they stole an idea from an apple engineer and then ran to the patent office to give us the inside scoop on what this case and others mean to the much larger and i crossed issues that will start in april we're joined by ad and i trust expert andre barlow who is a partner at the firm doyle barlow and mazhar andrea welcome back how are you i couldn't be better because you know this is accomplished this is a real web of things going on right we were talking before the show on this but first of all there's several patents involved but the one involved in this case what does it have to do with what i don't understand what the application actually is the this case is very narrow it's based on three patents but one in particular
that everyone focused on yesterday in opening arguments was the boot up technology basically qualcomm has a patent on when you turn on the smartphone that it immediately connects to the internet and what they're claiming is apple is infringing on that patent and qualcomm says this is foundational to the work that they've done. on smartphones but but i mean and qualcomm doesn't have smartphones they have their chip maker right they compete with like intel but put this into a broader perspective i mean this is not the first time that apple and qualcomm have been to court not just in the u.s. and germany as i recall in china but there's this other larger case and when we talk about the one today you were telling me it's millions as opposed to billions so put it all into perspective for the boom busters that is correct ok qualcomm a not be a household name to everyone but anyone who owns a smartphone has qualcomm technology within that phone call com sells chips they
also have a huge patent portfolio on on handsets the technology that they have allows. smartphone to connect to cellular networks so we're talking three g. four g. and they going to be huge in five g. as well so the larger issue here what you have is qualcomm's practices right basically a no no license no chips apple says hey that's a huge problem so back in two thousand and seventeen apple and the f.t.c. both in separate lawsuits. alleging that qualcomm as monopolize the market and that they've been overcharging smartphone manufacturers which then leads to higher prices to consumers on boards all over charging manufacturers for the chips yes and when we talk about manufacturers we're talking about apple's i phone we're talking about sam so this is at the billion dollars yes yes so so apple when they file
their lawsuit they're seeking a billion dollars in damages but along with that you have the contract manufacturers that are part of the case and they're seeking about twenty seven billion dollars and damages and then you have the follow on cases from consumers u.s. consumers seeking five billion dollars in damages so this past class action lawsuits correct correct class action lawsuit so representing those. unfortunate probably should trust that's going to turn in the world right but i mean this is a huge huge fight between two heavyweights and like i say qualcomm might not be a household name to many but for smartphone manufacturers they're huge boy thank you for putting it in perspective barlow thank you so much for free shit. and time now for a quick break but hang here because when we return danielle say a simpler trading joins us and will ask her about qualcomm and apple as companies plus we'll get her take on harley davidson which is cruising into another market on
wheels how we're going to charge it up today with lots of numbers for you plus we continue in hong kong this week and take you from. the list skyline of the city yesterday to the streets to hear from the people that helped drive the area's economic engine archy's branch report will join us in telling an important detail as we go to break here the numbers in the closing bell we will be back in a play. traditionally in the foreign policy with the assistance of the legacy media to find an immediate threat for a foreign military intervention or coup their aim is been to manufacture public support today it's different with virtually no public debate then is wally is the
welcome back and we know pick up on where we were before the break with qualcomm an apple and more now we are pleased to once again be joined by the on it danielle shay of support trading who joins us from texas u.s.a. hey danielle good to see you again. good to see you as well so let's start with qualcomm i don't think i heard what we were speaking with andre about but they that our rough go of it for a long time if we look at the five years stock price it is not a pretty picture looking at that thing but when we moved to just the last month they have made some some progress of the what do you make of qualcomm as
a company especially in light of the news we were speaking with andre about their. so i consider qualcomm to be one of the laggards within the semiconductor space over the course of the past five years hasn't of course done much of anything and then on top of that you have this bad news patent disputes surrounding the issues with apple that is not going to help them anymore and the near term and while we can look at that chart over the course the last month and say well you know it has been trading higher what i would point towards with that is the semiconductor industry as a whole has been rising exponentially over the course of this month and while qualcomm has traded higher i would argue that companies like intel advanced micro devices especially broadcom are far better investments for any short or long term investor than qualcomm right now yeah and you know i mean i love i love looking at these stark stock charts and everything but you really have to look at them in
a full some manner right you look at that you look at the five year or something and it may tell you a completely different story and we're going to do a little bit of that in a moment here so the other player in that story is of course apple and i want to start by looking at apple and apple's so we're going to compare you know qualcomm and apple's stock which apple stock of course have been doing great but look at the chart there you know the truth is that and we have a chart to apple has been doing well since they went public back in the late one nine hundred eighty when you have like to invest back then so what do you make of apple daniel. so i love apple as a long term investment and especially when you're looking at a time frame you know over the course of twenty thirty years and i do still think over a five ten year time frame apple's going to continue to remain a solid investment just as it has been in the very near term after the fall that
experience last quarter particularly it's coming up against a lot of resistance so we need to see apple be able to break through that resistance on a technical level to be able to continue on to new highs and while i think that it can do it they're going to have to continue to remain very innovative and especially. competing with the other tech companies and that space to drop the price of the i phones right from fifteen hundred bucks getting down to the wall way cost or the samsung galaxy cost i want to move the target because i want to make sure we get to everything we talked about that is the headline last week danielle that they were you know going to get into focusing more on e-commerce and try to compete with amazon and wal-mart but today they're in the news again because they had their best day best year in their best year rather in over a decade with sales growing five percent last year take a look at the stock out shot up in the last five days but like apple i also want to
go all the way back to target's i.p.o. when they first became publicly traded back in one thousand nine hundred seventy nine look at that pretty impressive right guys for the last twenty years especially danielle what do you make of the targeted upward comer. yes so especially considering that target did so well last quarter especially when the government shutdown you know we had poor retail numbers from a lot of the big retailers like j. and j.c. penney's macy's but the thing as is that we're seeing shifting and to consumer spending and these type of bargain like retailers and target in particular as it's moving into the e-commerce space their private label brands that they've been investing in that's a huge potential for continued growth over a long term time span and i love it yeah they're getting into some of their bringing in some of these big names and into target which is sort of a different from you know back in back in the day and supposedly going to make this
e-commerce experience a lot more fun i want to squeeze in one more and that one that i talked about in the teaser earlier that harley davidson the fabled motorcycle manufacturer first let's look since we're doing going back in time here are our machine with these companies today back to when they were first traded back in one thousand nine hundred six that's a pretty great stock chart say of that two thousand and nine drop there you can see but check that out guys but it but if we look at last year and all the concerns that we told boom busters about what the trump tariffs and the negative impact upon the company we see that they've not had a good year but harley is in the news because they have just purchased this company called a stay sick a california company focused on children's electric bikes danielle this is a related but sort of new direction for the big hawgs folks so what do you make of it. so when we look at the chart over the course of the past twenty thirty years or so yes definitely you know it's it's climbing higher over that timeframe but i
would caution in looking at it over the course of the past five years and especially the last year just like you say that we are and downtrend on that shorter term timeframe and i would look at that and say that's because of the way that millennial is are spending their cash motorcycles are not as popular as they used to be especially with the younger generations and as far as the news today that pushed it higher i think that's exactly what harley davidson does need to do in order to bring that stock price higher they need to start investing in a different spaces and the one that they picked i think is really smart you know while they may start with kids electric bikes i'm sure they'll be thought that would dull the electorate by danielle always a pleasure to have you thank you so much for your time and expertise thank you have a great day you too. and president rodriguez do territory of the philippines seems to be tramping along a more probably more protocol of proper capitalistic quality explain appointing a political ally to head the nation's central bank a spokes person announced the president's choice of benjamin doig know who was
serving as mr de territories budget director to head the central bank often called the b.s.p. as budget director mr know pushed hard for more spending an expansionary monetary monetary policies mr dog no was also accused of conflict of interest regarding construction spending that may have may have benefited his family members. and updating the troubles of oxy cotton manufacturer purdue farmer leadership at the company is reportedly now considering filing for bankruptcy protections under chapter eleven in the us as a means of evading or blunting the effect of a flood of lawsuits perdue and its founders the sackler family we've spoken about have come into disrepute over their lucrative opioid product blamed for worsening opioid abuse addiction and overdose to epidemic levels. and over two thousand lawsuits are already pending connecticut attorney general william talking a leader in those suits said in response quote we will pose any attempt to avoid
our claims. and the scandal surrounding canadian prime minister justin trudeau for allegedly moving to stop formal charges by the government of construction firm s. and c. level and has worsened with the resignation of a second cabinet member jane phil pot a fellow liberal party member was recruited into politics by mr joe and appointed to him to lead the national treasury board the first minister resigned was justice minister jody wilson raybold who accused mr doe of pressuring her to spare the company and miss phil plus a letter to mr truro she wrote there can be a cost to acting on one's principles but there is a bigger cost to abandoning them. and we now continue our hong kong related coverage of beneath the lights of the gleaming skyline we showed you last time it's easy to forget those who help support
the territory's economic engines for more we turn to our to america's branch of boer who tells us the tale of how the promise of higher wages is impacting a particular group of migrant workers. during since two thousand the fire many from the philippines lined the streets for their one day off every six days a week they work up to sixteen hours a day in households throughout the city cooking cleaning taking care of children doing whatever else may need to be done because a job or we cook we would taking care of other children which we saw some other of them is a hope or also we are taking the old older that's the real thing of our lives here in hong kong and we will read. that the mistake of president there will give one baby so mostly sunday or sad. like sundays in the bay
for us they spread this time on the street relaxing playing games and having play on their touching up with friends so yeah because on the day off we can get together and sometimes they have their own plan to go or some other friends also so this is how can some because sometimes we just just sometimes or just having fun we have a bundling. evening here laughing drinking you can see this just thinking it's like these workers have come to hold called for employment because of the proximity to their home nations and a promise of higher wages despite make you around six hundred dollars a month they see a better opportunity they can get elsewhere i don't work in the middle east before and now i choose to play here because it's very near to the philippines and that i'm certain i was always good. so i and some very well so it's
a bad day then been able to mount the new one is four hundred five hundred four thousand five hundred twenty one yes but it is ok as the sun because the set over. many of these women pack up to make it home in time for curfew not a curfew imposed by the city or the government but by their employers there's there's some they are course there are some have a curfew in there some are just spending a whole day twenty four hours for me for me is just only eight hours until. you know it up in the morning we're going to go out of the house and go back eight o'clock in the evening from central hall called. the french war. and it's our curfew for this time thanks for being on board you can catch boom bust on you tube dot com bust r.t. so long for now see you next time.
my son doing drugs my nephew was still in drugs my sister just with doing drugs it was like an epidemic of drug abuse america's public enemy number one in the united states is drug abuse he started going after the users in the prison population. we started treating sick people people who are addicted to these drugs like criminals while i was on the hill. then the war on drugs was a mistake there are countless numbers of people who are in prison for conceivably. for minor minor offenders in the drug trade it's a lot watching your children grow up and miss you in wave and say by day as you're walking out of a business it's just it doesn't get easy. shots
seem wrong. just don't call. me. you believe you have to shape out these days become educated and engaged equals betrayal. when so many find themselves worlds apart when she's to look for common ground. zero this is a stick of water bottle found in the stomach of a fish the brand is part of the coca-cola company which sells millions of bottles of soda every day the idea was that let's tell consumers they're the bad ones they're the litter bugs are throwing this away industry should be blamed for all this waste to company has promised to reuse the plastic.
and soon. there's. a special. on the. phone now the mountains of moist only grow while. washington wants to use the threat of sanctions as a stick to beat countries into recognizing opposition leader though the list of states which currently don't. have before that's only about a quarter of a. confusion that we've got major supports in the western hemisphere. whose aid work in syria made him a media darling stripped of his youth. alleged links to jihad.