tv Boom Bust RT March 1, 2019 12:30pm-1:01pm EST
as a world in terms of transforming from this current fossil fuel system to one that is not going to destroy the future and quite simply that the mass of this are very stark if we started taking action in one thousand nine hundred five to reduce our emissions those emissions reductions would have been one sixth of what is now required we now as i say to quote the i.p.c.c. report need a world war two scale mobilization across the world and especially in rich countries like the u.k. that yes have more renewable energy than they did before but it's still importing vast amounts of emissions and it essentially stalled on the protocols of us maybe we are running out of time i was told just let me just briefly just for your for your summary of this of this just very briefly. children are children they should be in school this man needs to get off the soapbox he's going to end up with a nosebleed if you keep on ranting in the way it is i'm sorry it is an important subject and it is being dealt with and people can protest of the week when we are out of time so i think that will go on certainly not being the talk show. radio
columnist thanks for joining us and george barda spokesman for extinction rebellion thanks so much both of you. and that's it for the this hour we'll see you again in thirty minutes the latest headlines. this is boom bust broadcasting around the world in covering the world of business and finance and the impact upon us all i'm daniel brito in washington filling in for bert chilton we're glad you're on board coming up today we hop across the pond to take a look at what c and british markets a must long joins us from london to discuss plus where is all this venezuelan oil going to sites have injured helps those drill deeper to find out about where caracas is selling its black gold plus the scandal is growing across the border in
the great white north alex mahela which breaks the breaks it all down from toronto and the donald trump kim jong un summit has stalled in vietnam archies scardino used brings us the latest from hanoi and finally five g. has caused quite a bit geopolitical stir but what exactly is five g. technology calling cook of the big picture joins us to break it all down it's a jam packed show today so let's hit some headlines let's go. the latest signs of a slowdown in the united states economy leader global report today is the latest figures show growth falling significantly in the final quarter of twenty teen those figures from the u.s. commerce department show growth falling to an n u allies rate of two point six percent in the final three months of last year down nearly a full percentage point from the previous quarter growth for the entire year registered at two point nine percent looking forward the us federal reserve has forecast twenty nineteen growth in the united states at two point three percent and
other serious assessments are approaching two percent or lower as the sugar rush of the trump tax cuts dissipates and trade fights with china an after effects of a thirty five day partial government shutdown way on the u.s. economy. and speaking of china there is growth related news to report around the world today starting in the middle kingdom the official chinese purchasing managers index fell to a three year low for the month of february at fifty two point four down eight tenths of a point from january meanwhile in neighboring india the central statistics office has found the growth through in the final three months of twenty team to six point six percent brazil's economy also seems to be on trend there the i b g e the brazilian statistics agency measure g.d.p. growth for twenty eighteen at one point one percent a significant disappointment after expectations ran as high as three percent and finally in france finance minister breaux in their estimates that the yellow vest movement protests have shaped two tenths of
a percent off of the most recent quarter french economic growth the french national statistics office says growth in q four of twenty eighteen barely registered at point three percent. and with twenty nine days left until the united kingdom is set to leave the european union all players may have crossed the rubicon after the opposition labor party called for a second national brags that referendum not on the terms of the exit but on. the basic question of whether to leave the e.u. or remain labor leader jeremy corbyn a mild but consistent left euro skeptic announced a shift in his party's stance after labour's version of the birds a deal theory failed to carry a majority on a vote in the house of commons mr coke or been sent on wednesday that labor would quote back a public vote in order to prevent a damaging tory breck's it or disastrous no deal remarkably options that were previously ruled out such as a second referendum keep putting keep getting put back on the table as the deadline
approaches earlier this week prime minister theresa may open the door to a delay of brigs it past march twenty ninth. and we discussed birds of quite a bit on the show but we've yet to really dig into how this could affect the u.k.'s foot see the stock exchange over there regardless of the outcome as well as in many sectors at the pentagon it joining us now all way from london to discuss this is in the name of islam chief market analyst at think mark think markets name thanks for joining us. and i am one of the issues we'd like our me we'd like to talk about is how consumer is about our consumers and how economic issues affect them affect all of us how does a consumer law market look so far in the u.k. and what is the best outcome for the for consumers and retailers given the current brags that situation. thanks for having me well what i can share review and i think it's fair to say that the consumer confidence
level has been how holding of quite well since that for a friend to play is back in two thousand and sixteen but now fairly recently for the past few quarters we've seen that consumer confidence ticking lore and that's because we're facing a cliff edge and via facing the cliff edge in the presence of unprecedented event so a we have something we have never seen before and then b. we have this twenty first century version of political circus where the lawmakers are really making an absolute chaos out of this one because not only that there is a there is a higher probability that the u.k. could actually be crushed out of the e.u. without any deal and that itself is really dead consumer confidence over in the united states and when we are referring to retail retail sales or retail is very
much based on one particular argument how strong the consumers are with respect to spending and then serve far yes we have seen that support from the consumers but at the at what cost it has come at a cost where consumers are actually digging into this savings just to maintain the standards it's very concerning moving through the energy sector with no free free trade agreements in place as of yet to govern this post brags that scenario as of yet what can we expect to see in energy and should consumers expect cost increases in any post briggs and scenario regardless of what what form it takes. to shore so i think just to put things in. perspective there's over five hundred billion dollar worth of gas oil. petrochemical trading takes place in
london so with these new barriers coming in place with these higher cost and terrorists perhaps because that's the only way that we're going to go after this one because the u.k. crushes out of the european union without any deal then we're facing tariffs and we're going back to the old days of duty year and then that would bring cost but the read that we estimate near enough to be eight hundred million now remember this cost isn't something that the organizations or enterprises just going to suck up they will have to pass these costs just like what we have seen in the in the food industry since it breaks into a friend because over in the united states in the united kingdom what we have seen whether we're talking about a lot of bread whether we're talking about a dozen eggs or eggs or we're talking about anything the cost has gone up since
that refrained and then this cost is going to be is going even more higher if we're crashing out of the european union and i think the same thing is going to really take place in the energy sector yes so far we are seeing some was bellotti because the two year period after the break but i think the sooner we crash crash out of for european union we're going to see a huge spike two as that. and getting through the forty what is your take on the current health of the stock exchange right now how is the forty wondering the spreads and storm right now and what's it going to look like maybe you know in the middle of april after we march when you know deadline how is what you're going to be doing. well i think one thing that we have to factor in is that the march twenty nine is real. line in the signs because we know we do not expect that mosque twenty nine deadline to be there i think this will be extended
but provided that if that remains the case and then the u.k. comes out of the european union then it depends we have to some are yours either nor deal either with the deal if it is a no deal then we are expecting huge selloff for the footsie right and then we also expect in a huge drop in sterling as well but this would be a particular case where we won't see history repeating itself what do i mean by that is they in two thousand and sixteen when we see when we saw stunning moving lower we seen the footsie moving to the upside now we have a global economy slowdown that correlation between the currency and the footsie would have the same very helpful name to help us from a very confusing situation i am muslim the chief market analyst at think markets thanks thanks for your time. thank you. u.s. sanctions are going to swell or no rippling through the oil markets with more we're
joined by producer producer saw italians are that's right daniel not only our sanctions on venezuela's oil industry bad news for venezuela but also for the u.s. you see the u.s. through uses lots of heavy crude oil to produce diesel and jet fuel so currently u.s. gulf coast refineries are trying to find ways to replace that as well as barrels and just earlier this month chevron an ounce of activated contingency planning to maintain supply at their mississippi refinery we're tran an average of seventy thousand barrels per day of crude from venice well law on the other hand valero which is the largest refinery in the u.s. has stopped altogether bringing crude from venezuela but prior to the sanctions velour alero received one fifth of its heavy crude oil from venezuela and venezuela has also made heavy crude oil and. a lot more expensive for the bad for the u.s. so bad news for the airline and truck industry that uses these and jet fuel u.s.
sanctions are also a double whammy for venezuela danielle not only is the u.s. venezuela's number one customer for all but also but as well as a main importer of chemicals used to process their oil use even as well as heavy crude oil is almost solid and needs chemicals to charge it into a lighter substance that can be eventually be exported now the sanctions also banned u.s. firms from exporting these chemical agents into venezuela and venezuela cannot export their oil without first importing these chemicals which is why so many active rigs in venezuela have declined in recent years now let's take a look at bourbon as well as oil is actually occurring growing it's currently going to you see danielle here just in november twenty eighth seen venice willow was exporting this is right here this is this is india it was exporting about a little under three hundred thousand barrels per day to india and here this was
going to china about five hundred thousand and the us a little less than five hundred thousand but here in february twenty one thousand id end exporting just a little over four hundred thousand barrels per day to india and a little bit less than one hundred thousand to china and even less of that to the united states so that's the problem you see daniel does is the problem selling more oil to markets in asia would increase transport costs for venezuela because ports in venezuela are not well equipped to load tankers for traveling long distance a huge list just express so experts or india are being heavily discounted because of quality issues also currently around the world there is a huge demand for heavy crude oil exactly like the one found venezuela and there's also a shortage through the sanctions in iran and also saudi arabia another major. source of heavy crude the u.s. has been specially aggressive in slashing shipments to the to the us so with that
as well as oil production collapsing it has resulted deep economic crisis not just for fun as well but also here in the u.s. . very insightful report archie producer side time to thank you very much time now for a quick break but hang here because when we return a scandal is brewing across the border in the great white north alex mahela which breaks it all down from toronto. has caused quite a geo political struggle what exactly is this spy technology we're hearing about the big picture joins us to break it all down and as we go to break here are the numbers at the closing bell.
actually. let's. get. some grease right. thank you for. the story that's right sell out that slavery. welcome back here in the united states the saga of california utility pacific gas and electric has taken one more turn for the worse as the company takes a ten point five billion dollars charge on their balance sheets from last year's record setting camp fire the company's stock fell sharply after p.g. and e. economically acknowledged the likelihood that their hardware sparked the deadly blaze which killed eighty five people creating enormous perhaps crippling
liabilities for the company the company also announced an additional one billion dollars charge from a crude cost from the twenty seventeen wildfire season p.g. and e.'s interim c.e.o. john simons said we recognize that more must be done to adapt to and address the increasing threat of wildfires and extreme weather in order to keep our customers and communities safe. turning from payouts to bailouts greece is being threatened by european union creditors who say the mediterranean nation must pass more austerity measures including privatizations of coal fired power stations and dismantling of some protections for homeowners facing mortgage foreclosure the european commission laid out the indictment in a report released on wednesday and signaled that a billion euros of financing for greece could be what held at an upcoming meeting of e.u. finance ministers unless and until greece complies with e.u. economic directives european finance minister pierre moussa moscovici is believed
to have delivered the ultimatum to greek prime minister alex to suppress in athens earlier today. and canada's prime minister is facing the biggest crisis of his career his former justice minister has accused the prime minister and his top aides of pressuring her to drop a criminal case against global engineering and construction giant s. and c. level and the combat based company allegedly paid millions of dollars in bribes to libyan officials under the khadafi regime with more we're joined by alex mahela in toronto now alex it seems that in canada all eyes right now are on prime minister justin trudeau is and his team is terms like political interference and veiled threats are in the headlines what can you tell us about this situation. this is a huge story for canada at the center of it all is jody wilson raybold she was the justice minister as well as the attorney general here in canada she spoke in front of the house committee is that we have here is the house of commons committee and
she basically broke down what she is alleging when and what does come down to illegal terms of the obstruction of justice against trudeau and his aides now they were accused of pressing wilson raybold in a case with s. and c. lab and one which right now has a criminal charges against it is that that's still being pushed forward now s. and c. it has been a sexy little twist here also there are also now being accused of taking one of get off on this all but bribery and money or corruption and money going to lead to libya to bribe officials there now they're saying also that one of get off the sons how to tour across canada cost thirty thousand dollars to s. and c. which included a whole slew of prostitutes from coast to coast so we got that twist here now as well i was just added today back to wilson raybold though this is what she told the house of commons committee here's a quote directly from her within the conversations there were expressed statements regarding the necessity of interference in the s.n.c.
level and matter the potential of consequence that a veiled threats if a deferred prosecution agreement was not made available to us and see that's what she said. that the prime minister's office pushed her to do basically they were they'll threats telling her hey you better do this what we're tell you funny enough she was demoted last month from her position. and also story demoted to it by trudeau and she resigned from the cabinet so that the justice ministers testimony so far it's going to be scathing in the least against trudeau who is expecting expected in election this year very dramatic situation alex with the minister and the prime minister conflicting clearly on what exactly happened in this meeting where is this going to go alex what's the what's the prospects for prime minister to go surviving or for the political outcomes in this case some people say is going to blow over other people try to make it whole that would be the leader opposition here and you're sure he's saying that trudeau must step down so is the leader of the new democratic party at the same time though you have to
look at trudeau himself i mean a step down and this is one of those things you know as peter griffen said grind my gears described by gears of criminal charges or against somebody if something's happening here that we're looking at a criminal element politicians should be treated exactly the same way as citizens are you go to jail you don't get demoted or fired from your job so again politicians help each other out by basically saying why don't you just step down worst case scenario for trudeau right now we don't know what that is he has a little help from christian freeland who is the minister of foreign affairs here she's basically houses back but for now that's about it even liberals are turning against him ok very insightful report thank you alex mcgill of its reporting from toronto thank you thank you. and the summit between u.s. president donald trump and north korean leader kim jong un has gone bust scottie nell hughes was was on the ground in hanoi and she takes us in for a firsthand look at what caused the talks to fall through
a whirlwind summit between president donald trump and north korean leader kim jong un came to an abrupt and authority. afternoon as the press was lined up to be shuttled to the j w marriott and hanoi reports came from the white house press poll that the talks would end early a lunch between the leaders would be canceled and the scheduled press conference would have been two hours ahead of schedule i was in the briefing room this afternoon when president and secretary of state mike pompei o explained at the disconnect that ended the summit early but we literally just left we spent pretty much all day with kim jong who is. he's quite a guy and quite a character and i think our relationship is very strong but at this time we had some options and at this time we decided not to do any of the options unfortunately we didn't get all the way we didn't get to something that that ultimately made sense for the united states of america i think chairman kim was hopeful that we
would we asked him to do more and he he was unprepared to do that but i'm still optimistic i'm hopeful that the teams will get back together in the the days and weeks ahead and continue to work out it's a very complex problem now president trump did talk about how positive he felt it was but that he had the ability to walk away giving the room the kind of the feeling that he was the one that walked away however once again there was no specifics a given by either side as to why this could not be accomplished we'll see where that goes but it was. it was a very interesting two days and i think actually it was a very productive two days but sometimes you have to walk and this was just one of those times now going forward from this there was also talk of whether or not there would be a future summit president trump said there had been none to play and however conversations are talking about china south korea as well as other asian countries involved makes one wonder if the next step would be to have a conversation with several asian countries and the united states and china has
been very helpful president xi is a great leader he's a highly respected leader all over the world and especially in asia and he's helped us mike i would say he's helped us a lot we've. actually called him just recently to say hey you know whatever you can do on this but he has been very helpful at the border and he's been very very helpful with i think north korea generally while the president and secretary of state were mostly positive about the meeting with kim some experts think that despite hope for the nuclear is ation of the korean peninsula this meeting here in hanoi was a failure. thing up all. their greed on the dole. on the korean peninsula but no real substance no progress and no the time so this is a pedo but it was good that. showed some interest in continuing the conversation it will mean. will go on there were also many issues that were not addressed during
the president's press conference whether there would be a declared and the korean war and humanitarian crisis in the north or a possible drawback of troops and south korea while no future is sound met with north korea it was discussed the positive nature of president comments after the trying keda talks open the door for more negotiations. lately you've probably been seeing a lot of the number five in the letter g. in ads from wireless phone companies competing for your business for now that's just marketing actually because five g. service is actually well off in the future but what is five g. technology and when will it be for real and how will it change our lives we are here to ask our t. big picture host inventor media consultant our resident tech buff hall and cook all in can you give us a five g. want to one well daniel think sometime in the twenty twenty's as for when this technology is evolutionary and five g. is going to be like four g.
on steroids and what it will do for us is going to be a revolutionary by twenty sixteen for jihad at almost one hundred billion annually to american economic output and created millions of wireless related jobs cording to former f.c.c. commissioner rob mcdowell in a wall street journal op ed and when you think about all of that commerce think air b.n. b. and stuff that four g. just wouldn't support so that's the president imagine what's going to happen in the future number one you won't. the leave the speed you can download a whole movie in twenty five seconds and that's on demand and this bigger pipe will support sophisticated virtual reality applications like surgeons operating remotely and other tele health applications and the ability to be healthier by seeing your doctor less often and not ending up in the hospital because sensors are going to
monitor your vitals after all when your doc asks how you feel all you can tell are is how you feel as devices talk to each other the internet of things is already automating own systems and is optimizing agriculture new cars already feature collision avoidance systems that will slam on the brakes five g. conic tippity takes that to the next level with cars talking to each other theoretically they will tell you where a city parking space just opened up and five g. will eventually enable self driving cars and trucks and with coal on the wane and wind and solar power expanding five g. will enable smart grid power management while it sounds like you know there's a lot of money to be made in faster internet service obviously the companies want to sell that service to us for a premium or the other stakeholders that will win from this think manufacturing
rant and jobs chip makers especially intel are going to be working overtime and the innards of those new five g. phones and of course we're going to replace our internet routers and other equipment telephone poles and other transmission sites get more crowded because these smaller millimeter waves that five g. rides on cover small footprints for a rise in estimates five g. could require as many as one hundred times the number of cell stations that support wireless traffic today and cities and companies that control those spaces are going to collect rent so all of this means jobs jobs jobs building out the new network it's a brave new world and we're. odd to have you there as our guide hole and poke a hole in cook host of the big picture thanks for joining us brett daniel. great that's it for this time you can catch boom bust on you tube dot com slash boom bust r.t. so you next on. you
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how did you miss it. oh. venezuela moves to protect its assets by woodring the stage will companies european h.q. to move to moscow summit concerns shared by russia over us at a time. to destabilize the country. it is very clear what's going on us is seeking to arm terrorist groups a rabble in order to destabilize undermine or create tensions and situations that might trigger the u.s. wants an explosion and bloodbath is on its way that.