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tv   Boom Bust  RT  February 1, 2019 12:30pm-1:00pm EST

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we can make the rest. because without us there. we're all in covering the world of business and finance for the impact on all of us i'm part children of washington thank you so much for being on board we are pleased to have you coming up to day if you are indeed crip those who are thinking about it what do you do you didn't know from a compliance perspective we'll tell you alexey hefty the block chain lead at deloitte canada is standing by and we take a look at the cattle and beef industry with the c.e.o. of swift trading company christe swift will start at zero one two a conversation of a two thousand pound or plus u.s. industrials are doing the wave better than anyone expected alex mahela bitch and
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steve walsh talked about recent earnings and the perceivable future and later we consider the collapse of digital media advertising with most of the big picture here is our dear merica calling cook all that directly ahead but first let's get some headlines let's go. the international impact of the united states sanctions on venezuela leads our globe report today as the u.s. tightens the screws as we've reported earlier this week the trump administration impose new sanctions on venezuela this time targeting the state oil company petroleum state venezuela or p.t. vs a freezing up an estimated seven billion dollars worth of venezuelan assets in the u.s. remarkably the u.s. state department revealed this week that it had given their attempted appointee as venezuelan president control of state currency reserves held in the federal reserve bank of new york among the many p.d. vs say creditors who may be hit by. the sanctions on p.b.s.
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say is rawson after the russian state owned oil company rosneft has lent p.b.s. a more than seven billion dollars in recent years largely under an oil for credit program experts estimate that venezuelan state still owes rosneft an estimated two point five billion dollars or equivalent no oil its equivalent oil and rosneft hold a major stake in at least seven oil and gas projects in the country in venezuela the new sanctions could make repayment more difficult for p.v. essay which is already behind on oil deliveries and rosneft stock has been trading down for the last month and continued down today on the news. and turning to united states a ten billion dollar investment by electronics firm foxconn was it was supposed to create as many as thirteen thousand jobs at a plant in mount pleasant wisconsin seems to have frozen up after a month of lowering expectations foxconn has now announced that plants operations will focus only upon research and not manufacturing the shift would dramatically
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lower the number of jobs created at the plant located just south of milwaukee in a statement foxconn said quote the global market environment that existed when the project was first announced has changed one obvious alteration in the environment is that session by president trump who previously hyped the plant with his characteristic gratuitous praise to effectively start a fight on trade with china and former wisconsin governor scott walker who was defeated in last november's election had also hyped the plant and defended his generous subsidies he offered to foxconn. the european commission is making headlines again this week opening i full formal investigation into initial findings that eight european banks affectively conspired to create a cartel within the euro zone's bond market from two thousand and seven till twenty twelve the commission has signaled that at this point they are focusing on individual employee conduct the commission statement alleged the employees. speired
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mainly in online chat rooms while the banks were not named in the commission statement credit agricole credit suisse and deutsche bank of all effectively confirm they are under suspicion the risk for the companies are significant as a commission is authority to impose fines equal to as much as ten percent of their annual revenue. check or twenty seventeen it was reported that the crypto currency exchange quine based located in california was being investigated by the us internal revenue service the issue was crypto users at coin base making profits and not divulging their earnings on their taxes coinbase ended up providing information to the i.r.s. on some fourteen thousand people so this raises the critical question of what are the requirements for crip those investors here discusses alexia hefty the block chain elite at deloitte canada alexia thank you so much for joining us we sort of shipped past in the night down there in miami at the north american bitcoin conference but we're so glad that you're able to join us now welcome. thank you so
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much i'm so happy to be here and the conference was quite crazy it was and was well you were a sought after person and we are glad to have you with us now so overall what are the requirements for crypto users with regard to governments are they required to pay taxes and if so what are the jurisdictions which they required to do so. well you know it really depends on the jurisdiction in which you live i think it really comes down to two things the first being where do you live and the second being what what is the character of the hobby you are nature of the activity you're carrying out so on the first step is where do you live if you live in a country that doesn't tax at all you're probably not going to have to think about cryptocurrency tax unless of course they bring in a special type of tax which is very unlikely for most of us i'm sure most of us watching this so we are being taxed and so for those for those people living in taxing jurisdictions you really have two types of governments you have governments that have come out and said. how they're going to tax it and you have governments
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that have said absolutely nothing and then you have a bit of a scale some that have come out on how they're going to tax let's say prefer currency investors but they haven't come out on how they're going to tax for phil mining so you really have a sliding scale there so what it comes down to is where do you live and how are they treating it the next part of course is how what is the activity that you're actually doing so for so many investors you've got all kinds of investing if you're investing you know a regular investor you're buying some crypto currencies you're holding them once in a while you're selling them then for in many jurisdictions you're looking at capital gains tax now that's really different than if you're looking at someone who's a high frequency trader and that in that context and of course factors are different every jurisdiction where they are able to characterize what kind of trader you are there you're looking at you know being taxable on account of income and in certain jurisdiction that's going to make a very big difference for example if you're in hong kong you know that there's no capital gains tax but if you're in and if you're in canada only fifty percent of
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those gains are are taxable and included in your income and so that makes a really big difference getting that capital gains characterization when it comes to crypto but again it's a sliding scale and governments are using various factors just turman what kind of trader you are look at out of it let me i just real quick do you see and you wouldn't notice it from being down in miami at that conference because you know things were happening it was a lecturer but you know we certainly had sort of a bubble licious two thousand and seventeen maybe the beginning of twenty eight hundred i mean i know you're not a financial adviser or anything but but you look at this space a lot what do you see going forward in the crypto space well it's really interesting because two thousand and seventeen was a crazy year two thousand and eighteen we saw a big reduction in price and two thousand and nineteen we're seeing that volatility realistically we're probably not going to see stabilization twenty nineteen as well . because so many of us desire that however you know we are seeing governments
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doing all kinds of things gonna last week came out and said they're going to there they may consider crypto currency as legal tender that's an important move for crypto currencies and i think the reality is as we've seen creasing the governments and people becoming more understanding of what it represents we may see stabilization long term this year i really think we're going to see a volatility and sadly probably reductions of prices but no one. so your advice on the tax front or the compliance fraud is you know check your local jurisdictions right and that's going to be the same for individuals and for companies that are doing trading. well absolutely i think the jurisdictions and probably where a lot of people who are watching this if you're in the united states are in town about on the trading side you have guidance guidance exists they have provided certain they haven't given us concrete you know ideas on everything but they have provided some guidance so you can look online to begin with if you're unsure go see an advisor of course they have more knowledge particularly you know as this
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knowledge has increased over the past couple of years so again depends where you live but you should be able to go online and find some information related to that and they could tell you i have to thank you so much great to see you on t.v. i'm sorry we didn't get it in person we hope you'll come back you're a super guest and very helpful all of them busters out there thank you alexia good to see you as well take care. and we now turn to the cattle and beef industry for a primer and for the current market to do so we are pleased to be joined from nashville tennessee by the founder of swiss trading group swift trade group rather chris swift the namesake chris thank you so much for joining us i've been there where you are nationals a great town and stagecoach where you are is a great place to thank you for taking the time let's start at ground zero give us an overview of the industry in the u.s.
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first if you would chris of thanks for being here sure absolutely i thank you question for this opportunity in the beef industry is really benefited greatly from our new increase in employment and wages that we've seen over the last two years the beef industry had grown significantly and inventory since the twenty fourteen fifteen and sixteen timeframes and now we're adding to do with some elevated inventory out there but the increase of wages and consumer discretionary spending has helped to level off some of the selling pressure that we've had in the industry when when times are good people buy buy beef and that's a good thing for the industry. but let me ask you this i know it was a few years ago and and chris you'll have to excuse me because i don't remember all the years but i knew we had problems with beef imports into japan and i thought into china too but where are we in terms of countries export around the world countries that produce beef i think of you know argentina maybe even venezuela i'm
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not i'm not sure but where are we who produces the most beef and and what's the sort of world circumstance with beef sure the u.s. continues to produce the largest volume of fed fed cattle i think brazil is next and then the european union is third japan taiwan south korea continue to carry our big importers of u.s. base and all those japan still carry some tariffs on us. the lack of ability to produce beef in japan makes for the us a very good client for them i think that the export market is approximate about twenty percent of our u.s. domestic usage out there so we still consume about eighty percent of what we produce here at home i know one of the concerns has been in the past back in the day i worked for tom daschle was from her you know i'm from south dakota and a bunch of the ranchers out there had trouble with some of the big packers i mean
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who are the big packers now i know there's lots of them but there's there's some that control a lot of it who are who are those companies now is it cargill or swift or gail not your b.s. j.b.s. and tyson some of the smaller ones craig stone have come up branded baby fly balls are very popular here in the united states and so we see those before labels go out and see cattle that will meet their qualifications and their standards and then they will have those prasar produced and some get large feed yards out there and our genetics continue to get better and better in our cattle herd so what we're seeing more and more is that with our. there and the packers ability now since they have contract it considerably over the last few years everything in an industry is a lot leaner than what it used to be when you said creek stone it reminded me i think when i was back at the agriculture department may have made them alone they were just starting out i'm glad to know they're still around but when you talk about those branded products like creek stone or like all my hobby tell us about
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the markets a little bit chris how the market's doing they've been really interesting here lately the fact that a market in the april in june contracts that new contract as today we have seen the cash market we've pretty steady between one twenty and one twenty four areas for cattle market has slipped off just a little bit trite in the mid one forty's right now and today's pricing is is very interesting again because of the demand that we have seen from the public that demand has been able to absorb large amounts of inventory that through seventeen and eighteen the industry felt it would be very difficult to get through with the contraction in the packing industry the packer has since expanded some of that kill to approximate six hundred sixty two thousand had a week killed that is our top in that we can kill right now and that has been able to move a lot of women tori out of the production side of it and course weather today is a big thing that's that's primarily all we talk about right now as a cold it is it who is the most uncomfortable is the consumer more uncomfortable
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than the coward the cow more uncomfortable than the consumer and right now looks like the consumer is a little bit more uncomfortable than what the cow is well that's a great place that to end it chris i can't thank you enough for a spend some time with us we really appreciate your expertise we hope you'll come back that is chris swift the founder of the swift trade group thank you chris thank you commissioner appreciate it. and time now for a brief break but stick with us because when we return the u.s. industrials are doing way better than anyone expected alex mahela much and steve walsh joins us to talk about and the recent earnings and about the for seeable future for the. plus host of the big picture hauling cook will help us consider the collapse of digital media advertising.
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i mean i didn't you know years. it's one of. those whom. it was not a. good month but you. know i did my best diligent in the white. east then yes this is. one of those. you know world a big part of. a lot and conspiracy it's time to wake to be deeper to hit the stories that mainstream media refuses to tell more than ever we
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need to be smart we need to stop slamming the door. and shouting past each other it's time for critical thinking it's time to fight for the middle for the troops the time is now we're watching closely watching the hawks. washington's force regime change strategy targeting venezuela continues unabated everything is going to plan first sanction the country in ways to punish the poor second back a so-called interim president can cut off his third deny the legitimate government of its export revenues because the use of force.
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and welcome back in the of this scandal that i see i see bank the nation's third largest bank continues as the bank board has now fired they fired their high profile chief executive shondra coach are less than ten months after having given her a vote of confidence the board has gone so far as to coopt back bonuses and lucrative stock options already exercised by the now disgraced c.e.o. as are any of you as will surely know ms coach are was a pioneer and breaker of glass ceilings in india's retail banking sector but is now been brought down by charges of conflict of interest surrounding a two thousand and twelve loan roughly valued at four hundred fifty million dollars to bid economy group. business and their related to ms co-chairs husband i see i see i management failed to previously deal with a whistleblowers to promote for over a year the company's stock has been trading down year over year. and we've spoken
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about economic sectors many times on the program there are eleven of them included as part of the global industry classification system or g s c i most investment advisers tell folks to diversify across these sectors but they are all created equal for example the industrial sector has done gangbusters this past month surging more than nine percent it's the best performing scepter sector except educate accept energy rather the last time we spoke about some key companies in the industrial sector boeing which flew high above expectations harley davidson and and caterpillar which disappointed investors given the current circumstances what does the sector hold going forward to help us out we're joined by conservative commentators steve in our to correspondent alex my halo bitch hey guys thank you so much for being with you with us let's start with you there steve g.e. is in the news with better than expected earnings and it boosted stock prices
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what's up with g.e. give us the latest well you know expectations of art i guess for so. oh that they really rocked it to revenues were up they missed on earnings per share cashflow was up though it was less than expected yet it was good enough to raise the stock up about eighteen percent at its peak today it closed up at about eleven and a half percent last i checked now again it's been a tough year two thousand eight hundred for g.e. they have a new c.e.o. larry called us and some of the things that were announced that investors and analysts were very very positive about first of all the case against g.e. has been settled federal regulators this dates back to two thousand and eight subprime mortgages they're settling for a billion and a half dollars which they had already set aside also the new c.e.o. said we're going to get rid of as much debt as possible they get a spin off about fifty billion dollars in their company led by.
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their healthcare sector which they were going to keep that health care service eighty percent worth and divided among the shareholders but now it's going to be sold off fifty fifty they're going to get rid of fifty and keep fifty they're also not touching so they say their aircraft leasing division which is very profitable although they did say there are suitors and they're not closing the door to that but their power plant service there they are a long term care insurance service these are all struggling services and parts of the company and they also have a credit rating that went down from b. to from a i should say to triple b. he vowed to get that credit rating backup and restore a dividend so investors liked what they heard you know we reported last year steve that they kept you know throwing things overboard but it's interesting you say health care because when you talk about sectors of the economy health care was one that really did very well last year so you know who knows why they do some of these things but you know that brings me to question alex what do you make of all is how
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do you decide what to do given all of the geo political uncertainties the trade wars what's going on i mean what's one to think. what's one of think what everything seems to be in a state of chaos and it seems that the president trying kind of likes it that way look at the nafta deal there is no nafta deal yet yeah we have something on paper but some people are saying that this isn't it we're going to pass possibly this year the new nafta that we're talking about look at china and what's happening with the china deal now china chinese president jiang and donald trump are supposed to meet next month president trump is saying you know what this could be the deal but maybe we're not going to have a deal so again you don't really know which way it is and then third of all you've got something like venezuela where you know the u.s. is going back into the old regime change latin america business that they've been in so many times before and it never really turns out too well by and when we look at mr bolton the hair of the senior advisor to donald trump i mean the guy's making
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pretty obvious this is all about oil so i mean all those things aside if you're an investor you want something stable you want to be looking outside of the chaos and you want to see numbers on a piece of paper and that's what we're bringing you today we're talking about the big companies the blues chips the big companies like honeywell you honeywell a company the does everything from dehumidifiers in your home all the way to aerospace and it's a company long lines what steve said you know maybe they're not doing that great but when you have really low expectations things look pretty good so with honeywell that what we're seeing right now is they're doing pretty well in their industry was let's bring up this graph this graph shows you that the shares have performed better than average in the industry in the past month the company's shares have returned a seven twenty two percent compared to the industry average which is at six point nine percent we've also seen the company was delivering average positive earnings of two point eight percent for the for the past four quarters and now we're going into this to more of their new numbers are coming out for the court's order and some analysts are saying they're not expecting that much great news there just
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because the u.s. dollar is so strong but again it's not even what you call bad news either lots lots to get to but we are at a time now i sure appreciate your your expertise on this guys will have you back i want to talk about some of this if i get in the future argue correspondent alex male of age and conservative commentator steve malzberg thank you guys. thank you our. and we now move to consider the viability of digital advertising to help us out we are joined by you guessed it the veteran media consultant and host of the big picture here on r.t. america holland cook holiday buzz feed recently announced they're going to lay off fifteen percent of their workforce two hundred folks you know they're all digital all the time over and over again what does that tell us about digital advertising if anything well earlier you said collapse i would call it maybe. but what's
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significant about this buzz feed bloodbath is that as you said there are a digital pure play and print media woes are well known we have talked recently about going out last week and that is taken over by a cost cutting edge. of newspapers sure and these pure plays don't have the variable expense of newsprint which is to newspapers like jet fuel is to the airlines that can wobble you all over the place you don't have to have elves delivering bundles of stuff to subscribers and newsstands etc and in order to launch one of these things and gather daily e-mail newsletter following you have to have conspicuous content maybe they just bit off more than they can chew with the content creators and right now these digital guys are understanding the trailblazers are understanding how to monetize it how much is
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enough to spend on content how much is too much they'll figure it out we'll talk about what's working and what's not working i mean when you go on a website you know when i go on i see something that i look for three weeks ago it's still popping up there i don't buy i bought the darn thing i don't i don't you know or they want to sell it either but i mean it seems to me there are obvious. a lot of thought going into these algorithms but are they working out so well for the advertisers and for the digital media well they're getting better at this too the cookies and the clicks are still a crude way to monetize clearly the action is on the smartphone everybody wants digital everybody wants to be mobile advertisers are getting wary of context though and there's a piece that larry miller at n.y.u. published a study my colleagues on the radio industry find of extreme interest and boom busters can find this by googling paradigm shift why radio must adapt to the rise
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of digital and the study concludes you now have executives at major advertisers expressing concern with fraudulent airplay ads ending up on questionable websites consumers paying no attention to online ads and advertisers find none of that broadcast radio which my pals and radio love but you've got these click farms and thailand and if you buy ads on you tube it is posting beheadings there how do you know what content you're going to end up next to so maybe what's old is what's new and that there's still going to be a mix of legacy media and digital media to get the message out that sort of interesting because when we talked about the print media we talked about you know maybe their days are our number we've sort of automatically thought well digital is the way to go but what you're saying is it's not necessarily a clear path for those guys either is it now they're feeling their way along and the problem the legacy guys are having transitioning to the digital platform is
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that they had it sweet for a lot of years newspaper ad reps were order takers same for t.v. now they're swapping analog dollars for digital dimes my gosh holland could close to the big picture here in r.t. america and veteran media consultant thank you my friend you bet commish. and that's it for this tide thank you for joining you can always catch us that youtube dot com slash boom bust arctic so long for now see you next time. us veterans who come back from war often tell the same stories. were going after the people who were killing civilians they were not interested in the wellbeing of
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their own soldiers either they're already several generations of them so i just got this memo from the circular defenses office says we're going to attack and destroy the government and seven countries in five years americans pay for the wars with them money on those with their lives if we were willing to go into harm's way and willing to risk being killed for a war and surely we can risk some discomfort for an easy miss for. six guys or financial survival. when customers go by to reduce the price. in elf well reducing our. that's undercutting not what's good for market it's not good for the global economy . i mean i do it again where you know you're. going to. those whom you know most of yours
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and you know it was notable to. not blame you for. the ways the ways of the i did my best religion as the white. settlers know. these schools get. you know it's no movie. stars. but. there. was.
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a. few states suspends a key nuclear arms control treaty with russia among its known compliance from moscow they claimed that the kremlin denied. this reactions from e.u. leaders just growing opposition to jeopardizing the deal with woodings it could take the world back to a.

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