tv Boom Bust RT March 11, 2019 10:30pm-11:00pm EDT
but it's a very small step and it's a very long journey we've got to go on so we've got to look for government and we've got to look to our legislators to give us the tolls to deal with this but least always need to be very very powerful ones because we can't continue down this road for about exactly what is a con a cultural thing that's taking place this nation to address that you've got to go. right through you know sort of forming unforeseen social changes and that's going to take a long toing and i think you know you need to look at govern the chinese and social sciences to try to think that but we have to do something in the source it's you know we read about a sticking plaster on if you like and that sticking plaster again needs to be a crease in the amount of stuff and so that we do and the freedom of movement the place i had to exercise that but also you know we have to put the placement in the perpetrators more and so the desire of the terran. will perhaps stop these youngsters from carrying these dollars and carrying out these all
through tax is a very very stringent one in date we almost got to got back to it but how the victorian actually shoots it is because you know they deal with these things at various storms off one war or the other and and they did it with you know it with almost six three mm legislation. but because this is an extreme problem i think that's the kind of extreme cure that you know we're looking for we're back with the headlines at the top there. that's kaiser's financially but they say money that the girl is. closer to the z. this is a central plank supported dying a common kind of problem right now so you stop.
it to begin to weaken 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 washington d.c. and we're so pleased we're honored you're on board with us got a great show coming up the bad news continues to beat down a bowling as one of their planes crash is this weekend in ethiopia leading several nations to ground the aircraft that max seven thirty seven we spoke about many times jamie fitch formerly of the u.s. national transportation safety board joins us from the philippines in manila to discuss he's standing by and peter all over joins us from berlin to look at new economic forecast including germany italy and the united kingdom plus the downsizing in restructuring in the retail sector is a staple of american culture is it becoming endangered steve malzberg one that's
a hand to see what the future of retail has in store for shopping malls are they going the way of the dinosaurs and later there is a new and innovative idea in the crippled banking space parties branch of forest sat down with michael milton berger and a series of one to break it down and talk more about the future of fin tech all that directly ahead but first we have some headlines let's go. another boeing seven thirty seven max jet eight has crashed over the weekend killing all one hundred fifty seven people aboard the last crash of the plane was in october and took place in malaysia near jakarta this. time it was an ethiopian airlines plane which crashed near the city of the capital city of addis ababa here to discuss is former director a former director of national transportation safety board jamie fan she joins us via thirty there so we're very appreciative of you spending some time what do we know so far about this horrible accident well we know that there were this is a seven thirty seven max eight series just like the one that as you mentioned
before that was a lion air ticket that crashed in november this is a. one hundred fifty seven people on board the the flight data recorder and the voice of cockpit voice recorder also known as the black boxes have been recovered and they are being analyzed by the investigative teams investigative teams have been sent as part of the beleaguered agency will be and government will be the ethiopian government agency but the n.t.s.b. and representatives from boeing and also the indian engine manufacturers will also be party to the investigation. and right now that we have the limited information it's very difficult to speculate and we should not speculate however there is a lot of similarities and concerns going round within the aviation industry right now jamie several nations have already grounded the aircraft right. that's correct
. ethiopia malaysia red china even cayman island they got two of those max a i don't you know but the most interesting part of it is this child though. is the primary market now for boeing and airbus aviation is growing at such as i wrote accelerate speed there that they can not. really kind of give their money to their markets towards asia and in china is one of those countries that has grounded their aircraft but you don't want to tell us your ball and let me ask you jamie i mean after that last crash in malaysia i know boeing sent out some new pilot protocols and this pilot on the ethiopian airliner had twenty years of experience so you would think that he certainly would have known what to do maybe they're not working what do you think about it what do you think will be done now.
well it's very interesting i mean you know that what's raised a lot of eyebrows within the aviation community is the very wide range variance of experience between these two pilots one pilot the captain had eight thousand hours of flying hours while the copilot had two only two hundred that's a very large gap between a senior pilot in junior pilot and that's not to say that that's necessarily a factor but it is going to be looked at and they're going to be looking at these training exercises as you will recall from that investigation with the lion air they immediately came out with some new pilot instructions and guidelines on how to handle a situation where they would where the to override the computer and so i believe that we'll see more as the investigation moves forward we will see more information coming about regarding anything that will be related to pilot error or or pilot
training that these be instituted. but these investigations take about a year to complete and but that does not mean that if they find something that's urgent that needs to be fixed in address to be deeply they will take that they will address those immediately and bring those those recommendations in regulations forward immediately thank you so much cheney again we appreciate you joining us and we know it's at the top of the different pre-shared it came to fetch a former director at the national transportation safety board thanks jamie say. thank you. and this is another big week for the bricks up process with a vote in the house of commons expected to take place tuesday it's still unclear however as we go to air how likely it is a schedule holder exactly what proposal the members of parliament will be asked to vote up or down the government of prime minister theresa may insist everything is under control as ms may travel to the continent for a meeting with european commission president john clogg younker ahead of the planned parliamentary action ms may's expected destroyed. to secure any meaningful
changes to the bricks that blueprint currently on the table will have all the latest developments in detail next time or next year twenty twenty democrats are dismissive at best while members of the president's party have been noticeably quiet the president seems intent on revisiting the battle over border barriers by listing eight point six billion dollars in additional funding to militarize several hundred miles of the u.s. border with mexico mr trump famously pledge that mexico would pay to build the wall mexico has of course refused leaving mr trump to shut down most of the u.s. government in a futile ransom bid several months ago you may recall that mr trump has also falsely claim that mexico will pay for the fabled wall under the renegotiated north american free trade agreement the four point seven trillion dollar budget proposal his blueprint a document that typically goes ignored by legislators calls for deep cuts to domestic programs and correspondingly large increases in the u.s.
military budget larry kudlow the president's top economic adviser defended projections of sustained three percent global economic u.s. economic growth and similar assumptions that were questioned by many outside economic analysts. and statements from saudi arabia are moving oil markets today after a report that the kingdom produced only ten point one million barrels of oil in february for perspective last october saudi arabia produced more than ten point six million barrels in january output was it ten point two or oil market watchers are looking forward to the february production numbers for all of opec not just saudi arabia to be released on thursday west texas intermediate traded at the new york mercantile exchange was trading at just over and it was eleven dollars more at around sixty six dollars per barrel both figures are close to the three month high price points. slowing car market seems to be putting the brakes on the overall german economy europe's largest the german economy ministry says auto progress. and
fell it fell sharply at nine point two percent while in january the german business association b.t.i. cut its national growth forecast for this year twenty nineteen from a previous one point five percent to one point two percent autos it should be noted are one of the sectors most vulnerable to ongoing trade fights and here with more on the economic future of germany and other places in europe is arctic correspondent peter oliver who joins us from berlin well it's really hard to see any positives out of the latest economic predictions coming out of the organization for economic cooperation and development the o.c. . they've released their latest figures saying the global economy is set to grow by three point three percent in twenty nine team three point four percent in twenty twenty now these numbers of slightly down what they previously predicted back in november of last year but when you start looking not at the wider global picture
but individual nations and individual regions some fare worse than others now it does not paint a very good picture of the situation here in germany the o.c. d. more than one hundred thing they twenty nineteen growth forecast from one point six percent down to zero point seven percent from germany in twenty nine thing they are predicting a slight recovery in twenty twenty seeing a one point one percent increase in twenty twenty but it's the uncertainty that's being created by breaks that also the china u.s. trait spot that's being going on it's all contributed to the slowdown germany's economy is very heavily export based and well uncertainty that causes export based economies and most other economies but particularly germany's type of economy to suffer and it's not just the germans that are finding it difficult according to the o.e.c.d.
if we look at from. says figures they've also had their numbers revised down from one point five percent growth for that which was predicted for this year that's now one point three percent if we look at italy they've had their growth for twenty nineteen revised down from zero point eight percent to actually a zero point two contraction in the economy. we look over to the united kingdom well they're predicting that this year zero point eight percent growth with zero point nine percent for twenty twenty the big message coming out of this report is that a disorderly break that well it will raise costs for european economies and could well drive some of them towards recession. and we thank peter for that report time now for a quick break but hang here because when we return are american shopping malls going the way of the dinosaurs conservative commentator steve walford joins us to discuss plus artes brant job or sat down with michael mills for girls series one to
break down the future of tech as we go to break here the numbers at the closing bell will be back in a flash. after the previous stage of my career was over everyone wondered what i was going to do next the book different clips on one hand it is logical to go from fields where everything is familiar on the other i wanted a new challenge and the fresh perspective i'm used to surprise us all. i'm going to talk about football not the or else i just think i was going. of the.
by the way ways and that's why. it was known to. all. those environments standouts in the original enough to five years ago. relations were more putin economic but now the relation is very very close to clients so i think it's ok to have a new treaty and you know who. welcome back there is gender discrimination news to report in the financial sector as women at swiss multinational bank u.b.s. say the company has effectively made them accept pay cuts because they use their maternity leave the u.b.s. employees air their complaints to the financial times of london with multiple women
telling a calm of calm and cuts to bonuses of thirty percent or more after they used their parental leave benefits despite promised efforts by u.b.s. global head of diversity and inclusion carolina menasha one woman said the practice of effectively calling back the time off by reducing bonuses quote still continues women still live through it exactly the same nothing has changed in times where u.b.s. is very proud of promoting what a great bank this is for comp for women to work in. price increases will excel or rate the troubled company announced in a blog post that it will increase their price of all tesla models except for those model threes by three percent in order to keep the doors open between seventy and ninety percent of tesla showrooms the company says the price increase will take effect next week so those considering a purchase will want to decide soon confusingly the company says all sales including purchases made in the showrooms in the physical showrooms will still be completed online tesla stock jumped on the news but it's. still down over the last
year and over the last month trading around two hundred eighty four dollars per share today and while tesla has reversed their store closures closures are becoming more and more popular in our e-commerce world last week amazon announced it will close all of its u.s. pop up store locations in april this comes on the heels of store closure announcements from the likes of jet gap j.c. penney abercrombie and fitch and victoria's secret in fact the total number of store closures during the first few months of twenty one thousand total more than five thousand and the first quarter isn't even finished so what's going on and is it time to worry here to sort it all out is conservative commentator steve malzberg hey steve thank you for joining us talk a little bit about the latest announcements and the big names that have announced closings here this year so far. well as you mentioned last week amazon with their eighty seven pop up stores in malls across the country also and this is in the u.s. they're closing their stores also in. wal-mart and whole foods and they kohl's so
that's that on top of everything else and boy has there been everything else you had the gap announcing that they're going to close over two hundred thirty stores over the next couple of years they're breaking into two companies as well old navy one and everything else all their other brands in the other victoria's secret fifty three stores to close an abercrombie and fitch forty eight in addition to the thirty that they closed last year tesla which you mentioned the confusion with the showrooms first they said they were going to close all the hundred show rooms that they have and then they said some of it will stay open for informational purposes but the cars are going to go away so they're a little confused but the basically the one hundred showrooms are closing chico's women's clothing sixty to eighty stores j.c. penney nineteen stores plus nine home and furniture stores and then the big ones bart twenty five hundred from payless eight hundred from gymboree and charlotte rues five hundred those three are bankrupt caput in liquidation so that's what's
going on basically in the industry and how does this compare i assume you know if we look at the last few years i assume that this is a lot more than we've seen in a recently. well two thousand and seventeen you had the record eighty one hundred thirty nine last year was down thirty percent and so far this year you mentioned fifty one sixty three but you have to look at the net to be fair and this is why no one's really panicking the net it's the stores that are open as opposed to the ones that close so the net with opens in two thousand and eighteen your last twenty four hundred fifty stores and so far this year with the stores that have announced openings you're down three five seven seven net loss so it's not the you know disaster there are stores opening and you have to take that to consideration i mean a lot of these stores steve they are a part paul parcel to these walls that are around i mean i don't know what's going to happen to be malls it doesn't just affect the store it affects the employee and
expect it impacts all of these bacon season closing because i mean are we going to even have shopping malls in another decade from now where you know it's not the first time malls of suffered of course they took a hit when the commerce of broke out but then people went back consumer confidence went up gas got cheap but now it is suffering again although the vacancy rate was nine percent in the fourth quarter of zero eighteen that was up from eight point three percent a year ago so not horrific many stores are closing that are in strip malls so strip malls are now taking on nontraditional tenants like bowling alleys and planet fitness is taking advantage of this with gyms that they're opening up medical offices even some apartments in certain mall areas so you know and some digitally native brands feel they need to get this all flying presence so they're actually going so it's not that get not the disaster that you would think based on the the flat numbers they're surviving so far very interesting conservative commentator
steve walter thank you as always steve great to have you on my pleasure. and we've spoken about the potential uses a block chain many times on the broadcast but one company is now doing something different their effort to bring the features of technology investment in a major bank including raising money for clients through syndicated deals to greater popularity in acceptance it's a new and creative concept that is brought to us from our teams branch aboard. we are a security token platform in essence we're lagging investment bank two point zero. very much all the top management comes from investment banking and we kind of married investment banking of octane in crypto so we see ourselves as a new investment bank for block training and we have our own technology platform as
well to where we raise money and foremost security tokens for customers and how does investment banking were when it comes to block training. so when the craziness of i.c.a.o. took place in two thousand and seventeen pretty much everybody was trying to raise money for companies across the board marketing companies social media companies and it was completely not regulated and then the f.c.c. in two thousand and eighteen in the beginning of two thousand and eighteen pretty much stepped in and said stop all these i.c.a.o. is a really securities and you guys need to run under the securities law which we have in the united states and so that's where we came into place as an investment bank or a technology investment bank where we raise money for clients through our platform since two thousand and thirteen where we syndicate deals from private investors and raise money from private investors strictly for companies and when you don't
undertake knots a slag air b. . and so yeah so and then the landscape completely started say from the i.c.a.o. . in the security token market where all these tokens are now considered really securities can you explain to me the difference between the i.c.a.o. versus the right so in essence when you run and when you do and i see oh you have a you know you get people invest a token. to supposed to be utilized on the map or which they were riding on. it was supposed to be for the community in order to use it as a form of payment or as a form of participating in this community what happens is that a lot of people started to speculate on these exchanges with these tokens and so that's really when it becomes a security when you start speculating with these kind of tokens and so it happens that the i.c.c. said look the saw considered security so in essence you give people
a promise of financial benefit in the future and it's considered to be a security. and what role has regulation played in all this i mean you mentioned that the i.c.c. did this how has regulation played into everything has been going on number one with kryptos and with black chain in general right yeah so in the i.c.c. stepped in the market really college went into a little bit of a shock because what the i.c.c. also did is they stepped in and some some bigger i.c.a.o. was they had to really retract lies the people had to to give the companies had to give the money back for example and they said a lot of these i.c.a.o. is down and so what you need to do is in the us for example if you want to do a regular security token offering then you have to be a broker dealer for example to do that so you have to have a broker dealer license you have to do k y c n a m l meaning you have to do all the
checks and so necessary when you run a security security are free you have to bring out a certain perspective. it's called private placement memorandum see you have to do a lot of things at the end of the day it's really different tech the investors sell for example a private place a memorandum pretty much tells the investor as well to what all the risks are involved just like when you go into a public offering us an i.p.o. and that's i think the main difference is when the regulator stepped in and said we really have to protect the investors because a lot of people got scammed out of the you know it's not that the brand into scams with the i c oh it's well too. and. what do you see is the impediments of this type of investment banking within the crypto world. we believe it's going to change the whole financial industry actually so if you really think about it what we are now going in the financial industry i always give the example of you know we had we
had a flip phone i'm old enough to still to have a blip and now we really now we switching over to a smartphone right meaning that we have different applications which help us managing certain tasks a lot more efficient than we could ever do same thing happens in the financial industry now in the financial industry we have smart contract we totally can tokenized that the technology to do so to pretty much live a regular security into the block and create a digital security out of it a digital security which then forms a contractual relationship between a company and an investor which can be much more complex than just saying hey i'm going to give you some equity and you give me some money and i give you some equity of my company now you can say hey i might give you some equity but i also like to participate in my revenue stream oil and you participate in my profit or i give you a discount on my product so all of that you can now in bad in that smart contract
and conform that contractual relationships and you can actually manage it because it's a little computer actually manage the whole process you could manage a fairly complex. structure and you can manage ten thousand different investors all the sudden and so we think the whole financial industry will essentially switch from regular share certificates as we know with them off today to really digital share certificates which can be much more flexible is actually a much better financial product after the kind of bust i mean i'm sure it wasn't a full bust but you know was about a year and a half ago we saw big oil here twenty thousand and then had to take a sharp spike doubt. was there over inflation did that concern the market. yeah i do think so i mean it was just a complete hype i mean i lived through the commerce times as well too and at the time i remember everybody put a dot com behind their company all the sudden general and the excitement about about a decline in crypto. but i do think that will last i mean no matter what the price
and how much the price is going to fluctuate i think it's still a much better concept the idea of having a currency across borders would say you know i can i can be from china or i can be from russia i can be wherever from and be able to really instantly make a payment and participate in investment in real estate or whatever it is in the us and do that with crypto that's system much it's a change of behavior and it's just a much better way. for us in what we do when we create these digital securities so the security and token offerings it's like you can still buy it you can still buy such such additional security with regular money but you can also buy it with crypto so the price of crypto is not a big client is not directly related to what we do incest and other form of payment and essentially it's a better form of payment and having to use cash so i mean it was.
like. to. know the below. zero. zero. zero zero. zero zero the debate sound division right across europe over the fate of children every islamic state fighters versus the baby of a nice little bride dies in a syrian refugee camp after the woman's u.k. citizenship was revoked. human rights watch accuses the rocky and kurdish authorities of routinely torturing youngsters suspected of having links to islamic