tv Boom Bust RT March 15, 2019 1:30pm-2:01pm EDT
in washington filling in for bart chilton we're glad you're on board coming up is great and barreling toward a broken bread with the day's dwindling ahead of the march deadline lawmakers vote on a delay of the new article fifty notification hillary for which the c.e.o.'s trail mark is standing by to discuss plus there are tons of auto headlines from bokes wagons job cuts to the arts major recall lauren fix the current coach helps us drive through some of these key vehicle news plus levi's is making its green returns of public markets and is getting some huge boost smally barrow's joins us to analyze what that i.p.o. could look like all of that is directly ahead but first we had some headlines let's go. a step into ever greater uncertainty on bragg's that leads our global report today as the british house of commons has voted by margin of four hundred twelve to two hundred two to delay the nation's departure from the the motion recommends a prime minister theresa may ask brussels for
a delay on the agreement next thursday at a european council summit the original plan as we have discussed was for britain to leave the block on march twenty ninth a mere fifteen days from now and here to break down all these fast moving developments is the c.e.o. mark hillary for which thank you for joining us hillary. now to have you again with . all these developments. now quickly just since yesterday what has happened coaches are quickly what is actually being somewhat of a victory for theresa may i must just say dahlia but look i mean all these children paula if you want to your sort of bang their heads together because they spend all their time squabbling they don't come up with any other planet meanwhile they're trashing and bashing theresa may who actually you know is rather a steel lady no matter what one's politics are you have to have admiration for a lady who has persevered but remember she is a remain a she was a remainer from the beginning and so that's what she sort of fundamentally has had problems with i think is she's been there responsible for pushing through
a deal that she was against in the beginning however this is the actual situation to answer your question this slight victory has been that there is a delay that means that there's going to be a vote next wednesday plan has been voted down twice now next wednesday there's going to be another vote regarding her plan if her plan is then turned down next wednesday then it's going to go to the to decide about the extension if the plan is passed next wednesday it means that the extension would be in and be until june thirtieth so there's something concrete there so basically it's may or the delay that's the choice the stark choice that our parliament has the other things that were voted down just recently one voted down the no deal breaking out of sort of crashing out of the e.u. that was voted down however there is a technical chance that could still happen that's a long legislative discussion there is a chance the other thing that was voted down they voted down the parliament won't take over control of the process which actually isn't surprising because i think
maybe going back to my comment about the children probably maybe they realize they aren't capable of getting anything else done that mean there's been there really has been no other concrete plan brought forth. as you alluded to hillary it's very interesting to see there's so many opportunities here for people to shift. and avoid responsibility in this situation and create these incentives to create difficult situations for other people and to reason me seems to be getting the bad end of that from so many people here from all sides yes and also you know just speaking of the players here you know now that it's appears there will be a duly european commission president jiang called junkers he is perhaps more in favor of a longer delay in this process what is there to say we should take longer for this how how does how does he think time is on his side what will for the e.u. first of all all twenty seven countries would have to vote in terms of what that delay would be so what can we all across the world bank on every politician everywhere is going to kick the can down the road and they don't want to make
decisions that is universal and that was is ubiquitous his angle is that look if you own if you have a club or if you have a religion anything you don't want people leaving because what happens you are you have to shun them if everybody leaves your club and you're left with no one so the e.u. bureaucrats all of them and of course all of them they want u.k. remaining and what they want is they want the u.k. to stay close in terms of the customs union but the british public seven and a half million of the british voted to leave that's the biggest issue now the fear is of course if they let the u.k. go easily then you'd have next it because the dots haven't been happy and they voice their displeasure there's talk in sweden also with a more far right government being elected sweats it so you might have next it with the danish with the with the dark decks that with the dark the danish the dutch the danish and the swedish who are also somewhat on the brink and that's the issue he doesn't want other countries to go the other point is the uncle a muckle is in a very precarious situation you know that one out of seven cars from germany is
actually exported to the u.k. the u.k. is the fifth largest economy in the world the u.k. is always going to do well the british are always going to do well the question is with whom and of course trumpeters recently offered a trade deal if he offers a huge trade deal and give some sense. security that actually puts the remain at somewhat in that place because there's another alternative. the whole vote was about sovereignty should that be british subject to negotiating international trade deals the us is bending to the e.u. rules and regulations of which they failed in terms of immigration while a fascinating fascinating mess here but that's a great insight from hillary forward c. of thanks for your time you're welcome. the lights are back on in venezuela a power outage seems to be over after days of widespread blackouts president nicolas maduro lauded workers for the national electric company for their efforts in an address tuesday evening mr moore also blamed the serious disruptions on cyber
attacks launched from u.s. territory against the key dury dam hydroelectric electric facility as well as a hub in caracas to live li tura a former developer expert at google and a senior fellow at the george washington university center for cyber and homeland security wrote in a column for forbes to quote the idea of a government like the united states remotely interfering with venezuela's power grid power grid is actually quite realistic and although chronicled neglect of the grid likely also played a role in the blackout the new york times reports that u.s. sanctions have affected lee deprived venezuela of the fuel needed for backup generators. moving south east from venezuela to brazil a judge in the state of ministry rise has ordered a second arrest for eleven employees of the valley mining company and two affiliated contractors who were involved in writing optimistic but faulty assessments of a dam that failed releasing a flood of mining waste and killing as many as four hundred eight people in your
town of burma deano the group was first charged in january but since then internal company documents showing more realistic wrist risk assessments have been revealed leading to the expert exit of members of valley management including a temporary suspension of. fabio schwartzman more broadly in light of the deadly consequences of those faulty audits brazilian prosecutors are reexamining or perhaps examining for the first time more than one hundred other similar precarious piles of mining waste according to the wall street journal the business paper reports that affected companies include arcelor mittal and company sooner or as you know. there is also energy news out of an unlikely location in the middle east as exxon begins exploring for hydrocarbons in offshore territory controlled by israel exxon would be the first major in their sector to do business in israel other companies or soon would be reluctant to risk jeopardizing business
in countries that officially take strong stances in favor of palestinian rights executives met with israeli energy minister you've all steinitz in houston this week regarding large gas reserves recently does discovered off the coast of israel and palestine or interesting lee waters also remind industry watchers that israel cyprus egypt and for other regional states formed the eastern mediterranean gas forum in january with the goal of developing the regional gas market. and now it's time to get back behind the wheel for right around the auto industry with lauren fix the car coach who's joining us from new york city lauren walkin back. thank you for having me lauren there's been a lot of news in your sector there's we can so we had to have you back very soon since the. first what can you tell us about a report that you fly. on improving fleet wide the standards well currently the federal government would like to cap the corporate average fuel
economy and that's what the administration is trying to do but there's been a lot of frustration from the auto manufacturers because they don't want to produce one vehicle for one state and the rest for the other forty nine which is what's happening with california and their corporate average fuel economy that's what cafe stands for so on the other side they're trying to get one standard regulation and there's been a lot of fighting going back and forth because it ministration saying listen we need to have something that's obtainable otherwise manufacturers are short in other words for example in twenty seventeen may average fuel economy that was obtained was about twenty three point nine miles to the gallon but they need to have twenty four point five and no one was able to obtain that current fuel economy of the honda and very close was hyundai and mazda because they don't produce full size trucks and large s.u.v.s which is what consumers are buying so those manufacturers that do sell those are the ones that are struggling and so they had to use some of their carbon credits in order to offset that and so this is not what the idea is to
find manufacturers the idea is to have manufacturers produce cars that are still efficient as possible and as of course it's plans and what you want to buy and speaking of fuel emissions standards. over eight hundred sixty thousand feet chrysler s.u.v.s and sedans generally have no been voluntarily recalled feeling after problems with their emissions tests do you think chrysler is going to be facing even more scrutiny with this development given that they recently had to pay over five hundred fifty million dollars just a few months ago in the install about the regarding the installation of these cheap devices where i think every manufacturer is going to be under scrutiny because. manufacturers they have cheated the system in the past or maybe not intentionally cheated the system because the rules are constantly changing which is another issue i think they're going to keep going back after them you're seeing that with volkswagen right now they're talking about potentially more fines to the f.c.c. and in this case emissions related we're going to be replacing catalytic converters on over eight hundred thousand vehicles that's going to cost them on the bottom
line. because they're also lauren volkswagen announced this week that seven thousand workers are going to lose their jobs and they say they will redirect the capital that would have gone to those wages about six point seven billion dollars toward research on electric vehicles and with that addition they're going to be making a one thousand billion dollar investment in electric vehicles over the next five years what's your take on that. well i guess you could call them investment remember they had a very large fine from pretty much every country and germany a lot of the e.u. countries and as well as here in the u.s. because of the cheating scandals so because of that they had to put the money back into infrastructure for charging stations and offer electric vehicles they're doing this partly because they have to and also because that's the initiative right now is to produce more electric vehicles i should make you know that here in the u.s. less than two percent of vehicles sold our electric vehicles consumers don't want them especially without that federal tax credit which could go away because the
current administration is saying we're not going to offer tax credits nor are we going to offer manufacturers the ability to go out and. do it and get better more funds from the federal government in order to get better fuel economy excellent that's just kind insight we can only get from warren fix the car coach and go through time. thank you. time now for a quick break but hang here because when we return levi's is making a grand return to public markets and getting some huge boost along the way only barrow's joins us to analyze what that i.p.o. could look like and as we go to break we want to hit on a couple of he stopped notes after all the orders this week to ground the seven thirty seven max airliner boeing stock which is traded on the new york stock exchange has taken a huge hit with shares tumbling from around four hundred twenty dollars earlier this week to hovering around three seventy five this afternoon orders and grounding orders have apparently wiped out about twenty five billion dollars of boeing's
market value and facebook which is trading on nasdaq took a hit in trading today with news of a criminal investigation into the company's social media platform is being targeted by federal prosecutors over their data sharing deals with some of the world's biggest tech companies will certainly keep an eye on that moving forward and here are those numbers at the closing bell. that.
the. exit saga continues a deeply divided british house of commons can only seem to agree on one thing it doesn't want the u.k. to leave the e.u. without a deal the problem is there isn't a parliamentary majority on what to do next maybe this was two resumes play and all along breaks it down. and both of you know what. you.
indian market with the arrival of spotify the service has reportedly garnered more than a million listeners in its first week of indian operations spotify is also adjusting their monthly ad free subscription fee of nine dollars ninety nine cents to one dollar and seventy cents aiming to make their service more fordable for a mass audience in a developing country on another front spotify has filed a complaint against app. with europe's competition commission spotify alleges that their cupertino california based competitor uses the app store its apps door most specifically a thirty percent fee for use of in purchase system to effectively stifle competitors. and health care giant johnson and johnson is back in the hot seat this week as a california court has ordered the company to pay twenty nine million dollars to plaintiffs who claim that the company's tel powder contributed to her case of terminal cancer this isn't the only legal trouble that johnson and johnson is currently facing the company also has to deal with thirteen thousand similar cases
related to their baby powder products according to the u.k. guardian johnson and johnson will appeal the decision and they have continued to deny that their tell comprised it contributes to cancer risks johnson and johnson stock took a bit of a hit today dropping from one hundred thirty nine at the close of the market on wednesday to trading around one thirty eight this afternoon. and in another variety of product liability news producer farmer the company that developed and heavily marketed the powerful opioid oxycontin says it has made progress on a new more powerful anti overdose drug the company says their drug is a longer lasting alternative to another similar drug in the walk zone and the u.s. food and drug administration says they will expedite approval for the new drug under does a designated fast track procedures the company statement also declares a quote commitment not to profit from any future sales of this drug the drug makers president richard sackler a member of produce founding family previously patented
a version of the drug buprenorphine which is used in treating opioid addiction the company and eight members of the sackler family are name is defendants in a current lawsuit over produced opioids filed by massachusetts attorney general maura healy. and now joining us from pensacola florida to discuss what could be a huge i.p.o. i.p.o. from levi strauss the famous maker of jeans is legal journalist and contributor for america's lawyer molly barrows molly welcome to the show. molly to learn some more about this very storied american company they were sold some of the first riveted jeans dating back to california gold rush days a product sort of imbedded in american history right. absolutely i mean what could be more a comic than bluejeans and levi strauss is the one that kicked it all off he'd move to san francisco daniel back in eight hundred fifty three as you said during the gold rush years to run the west coast branch of his family's new york based
wholesale dry goods business and he eventually named that company levi strauss and company well according to the levi website it was twenty years later and eight hundred seventy three when strauss partnered with a devoted tailor who had this really cool idea of using rivets at points of strain to make a really sturdy pair of pants that wouldn't fall apart a lot of folks had a little bit of money they could afford to keep going back and buying pants when they couldn't take a good day's work so that's when an icon in american garments was born they patented that idea and the first blue jeans were made and then the need for a sort of heavy duty pants and i was related to in turn other economic activities like mining panning for gold things like that right. it was definitely related to the hard working man they actually didn't become popular in fashion until night hundred twenty s. when people began to wear the more fashionable type ways but yes it was definitely
made for a working man and technically the blue jeans didn't come out until after the gold rush was over but it was in that environment where people were working hard they were out in the fields they were working at mining that sort of brought the idea to this tailor that hey he needed to create some pants that were going to hold up for these working men you know obviously levi jeans are sort of american icon of the word manufactured at one point the united states i believe in the southwest for some time but is it safe to assume that like many other products iconic products even production levi's levi strauss jeans has moved to see asian. asian sweatshops essentially by now. yes you got that right daniel more than ninety nine percent of their jeans now levi's jeans are made overseas in countries like china japan italy and elsewhere now for years levi did have one collection of what was called made in the usa five one jeans and they were produced at a small denim mill in greensboro north carolina called white oak but that plant
actually stopped production over a year ago in part because no surprise customers were outsourcing their fabric overseas so again it is an american icon product it is the quintessential product that basically defines american fashion in a lot of ways but sure enough that's mostly being made overseas now which is kind of a sad commentary on denim it's a shame but still super popular and levi's hoping to capitalize on that popularity as they go public this product it's just you know provides a fascinating sort of pinhole view of the development of the american economy and sort of the global supply chain in recent decades but moving on to this i.p.o. when do we expect that initial public offering for this company going down going public markets and are there any other sort of comparison points you can make what are some relevant. simply companies we compare compared to similar i.p.o.'s that will give us a ballpark. idea of what to expect when levi's goes back into public markets.
sure yes and they have an interesting history of going back and forth and being public but they actually haven't mentioned a specific date in this filing they do expect it to go out this year and when they do they're going to ship it out in the new york stock exchange the company said it expects to offer thirty six point seven million shares prices when fourteen and sixteen dollars per share and there are an issue of public offering and investor investor say this company is open again to capitalize on the resurgence of these eighty's blue jeans fashion phenomenon. and as you mentioned other firms that are similar high profile firms that are going to go public this year as well also include for technologies list as well as pinterest and air b.n. b. and it turns out that the first time this one hundred twenty five year old company actually went public with our i think i had my math wrong there but it's definitely older company but first time it went public was actually in one nine hundred seventy one so almost one hundred years after they first invented the blue gene and
well excellent insight there from ali barrows contributor to america's lawyers thank you very jain mallie. thanks daniel. recently released census bureau data measures december retail sales down one point two percent month over month the biggest drop since the great recession we told you about that the other day and that's for december as in holiday shopping season r.t. america big picture hosted resident holland cook joins us how much does this reflect the way we now shop holland what is this like i mean isn't shopping sort of like this but ometer tell us yeah you can measure it in miles per hour or kilometers per hour but you're going as fast as you're going that said how we shop is changing if you have been to the mall lately is the mall still open and if it is
still a shopping center poignantly some twenty former u.s. shopping malls are being transformed into amazon depots malls were to the pre internet era of what e-commerce is to today everything in one place but you had to go there now amazon delivers free if you're amazon prime some day they tell us via drone and beyond where we shop how much we pay has evolved since brick and mortar pricing if you buy airline tickets or hotel rooms online you play the dynamic pricing game queen's university professor your eleven calls on line prices moving target and he offers for tips for playing the game in wired magazine tip one waited out having owned a hotel myself i can identify i could never sell an empty room last night and once that plane takes off those empty seats produce zero revenue so as the zero hour
approaches it's a high stakes game of chicken but anyone selling anything perishable knows the expression sell it or smell it live in suggest. camel camel camel dot com it's a free amazon price tracker which charts on items price over time revealing patterns that help you know when to pull the trigger tip too he says toss your cookie use a little trail of crumbs your web browser's stores that clock clicks if the airline seems you've been checking and checking and checking that spring break flight to florida they have no incentive to discount it accordingly go into settings on your browser and clear your cookies regularly tip three stay anonymous browse in incognito mode that's in the upper right hand on the google chrome browser which incidentally can also help you jump the paywall at certain papers but don't quote me and log out of store accounts you may be registered for then browse because
retailers are eager to woo new customers and to number four relocate yourself online prices can vary by location possibly based on proximity to the nearest store or warehouse levon suggest plugging in a friends or family member zip code and having the item shipped to them if it's cheaper it's crazy how these things work and everybody i think automatic right everybody most people they go right to amazon but that may not always be the best deal right people should shop around know it is like kleenex or scotch tape it's become kind of a generic but here's a tip from our boss right here at our t. he told me about alli express dot com a l i express as an alley bob of the giant chinese retail and e-commerce conglomerate its owner l e express is the most visited e-commerce site in russia it's big in brazil and spain and it's catching on
here in the usa it's a cross between amazon and e bay and it's worth comparing same or similar prices with amazon always full of great advice host of the big picture here are to america. thank you so much ali you better come ish. that's it you can catch boom bust on youtube dot com slash boom bust are to see a nice time. break said count down. seventy four design submissions. seventy thousand pilings. to join judges. and eight hundred sixty nonstop days of work. a
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because it's very important to start thinking positively about the north pole to build a new system. during the great depression which i'm old enough to remember there was most of my family were unemployed. there wasn't it was bed you know much worse subjectively than today but there was an expectation that things were going to get better. there was a real sense of hopefulness there isn't today today's america was shaped by the turn principles of concentration of wealth and power. reduced democracy attack solo doubt engineer elections manufacture consent and other principles according to no i'm chomsky one set of rules for the rich opposite set of rules for
. that's what happens when you put her into the hands of a narrow sector of will switch will is dedicated to increasing power for chills just as you'd expect one of the most influential intellectuals of our time speaks about the modern civilization of america. terror attack in new zealand mass shootings at two mosques in christ church killed forty nine. people in just forty eight many of the survivors are in a critical condition. the monument a splash in money i don't think oh my god oh my god it's going to happen to me you know it was unbelievable and if they're pretty distraught over the course just to save themselves. three suspects are now in custody.