tv Boom Bust RT March 21, 2019 9:30am-10:01am EDT
final find for google leads our global report today as the european union hits the global tech giant with a sanction of one point five billion euros e.u. competition commissioner marguerite's vesta girl announced the final quit to one point seven billion bucks dollars telling reporters in brussels quote today's decision is about how google abused its dominance to force websites using brokers other than ad sense platform and this best interest said the google's ad sense platform has captured more than seventy percent of european online ad revenue since two thousand and six and accuse google of acting illegally to capture that dominant market share ms vestibular cited two hundred contracts with advertisers containing clauses which she says kept business from google's competitors between two thousand and six and two thousand and sixteen for ten years their google may face more losses in the future even though the targeted practices are believed to have ended in two thousand and sixteen experts say the competition commission's findings could
be the basis of lawsuits by google in the future of their advertising rivals. and the u.s. federal reserve's open markets committee just concluded their two days of meetings and many were anxious about what they might or might not do and some are actually surprised by what they did here discusses the author of the commonsense ball at a job or a thank you so much for being with us we are most pleased to have you you know most people expected the fed to either stay at the previously anticipated number of rate heights that they had set for this year or two or even maybe go to it to one i think i heard you on another network talk about that a while back but the fed says there will be no zero nada rate hikes this year and that the fed funds rate that's the borrowing rate for audience that banks can get overnight currently now at two point two five and two point five what do you make of what the fed did today and thanks for being here. thank you so much for having
me i'm actually very surprised that the fed came out so dovish and you're right i was expecting one rate hike in the second half of this year and i think they're making a mistake by trying to predict out two years not only are they saying no rate hikes this year they're saying only one rate hike next year and my concern is in this type of economic environment it's too hard to predict out two years in advance so i want to ask you a little bit about growth because they also made their economic projections for growth they said two point one i think. the office of our brother the c b o congressional budget office said it could be two percent but the office of management budget was part of a trump administration of course says you're still looking at three percent do you think that c.b.s. and. that maybe they're just too pessimistic the fed and the c b o and maybe o.m.b. is just more positive about things going on perhaps in the future what your what your take you wrote this book on bully being
a bull is what do you think. i think we're going to fall somewhere in the middle i do think the fed has gotten too overly concerned with the economy because if you listen to this to the minutes today a lot of it was talking about the fourth quarter slowdown and remember there was a lot of damage done in the stock market in the fourth quarter and i think that's what reflected some of the poor economic numbers i think the backdrop for two thousand and nineteen is going to have some strong economic numbers in the second half so i'm not saying we're going to have three percent growth but i think we're not going to be in that low twos i think will be somewhere in the middle is my prediction yeah well that i will take that like more of the two boy remember you know during the campaign and this happens with all candidates you know the president was talking to then candidate we're going to four five six percent growth mean these sort of crazy numbers that i said yeah that's the campaign trail republicans and democrats but boy i would sure hope to get more than in the to or two point one that said you know one of the. things eddy that could really change
would be a trade deal with china but i guess it depends on the details right so if things were going to move forward with the economy because of a china deal what would that deal need to entails. that deal needs to properly articulate what they're going to do a tariffs if you listen to earnings reports with companies that are multinationals like fed ex came out the other day their concern is the tariffs overseas so when we get a trade deal done and i do think we're going to i think that's going to be what catapulted the market to new highs and gets the economy really going in the second half but it has to disclose what they're going to do a tariff because president trump today said they're going to continue putting the tariffs in place until they see china delivers on their promises so until that's clear we're still not going to have complete direction on that and it's still been a drag on the global economy and what do you think about the whole you know the the two sort of bogeys there are
a magri with you they need to say what specifically is going to happen on tariffs but the bogeys seem to me to be stealing of intellectual property and then support of state enterprises. those two are like you know they're ever present they're there do you think for the economy the u.s. economy to pick up that those need to be dressed in a forthright way or you think that can be a little bit more softer around the edges it can be a little bit more soft around the edges because intellectual property is a big deal we know it's been an issue for a while the problem is that such a big issue i don't think you're going to get a complete comprehensive deal done by the first half of this year that they going to see it in bits and pieces and what the market wants to see in the economy want to see is the tariffs first so i think it can be soft around the edges and we can still get the boost that i meant to supporting in the second half it's also positive you are any good bore we thank you so much we hope you'll come back it's a pleasure to have you on the program thank you so much. in other european
economic news european council president doggoned junker has said that he will only go along with an extension of the brecht process after after the british. mint has voted to approve the so-called stross burger agreement to govern post-breakfast relations mr juncker told the police had the position in a letter laid out to european leaders written in response to a request from british prime minister theresa may who requested a delay of the united kingdom's exit from the e.u. currently scheduled for march twenty ninth to june thirtieth ms may was expected to deliver a statement on the process as we went to air possibly in the house of commons will update you on what if she says anything on that score and meanwhile there is some small measure of what can pass for good news in the u.k. these days as japanese carmaker toyota has announced that it will produce
a new model of hybrid vehicle for this is ooky brand at the burnistoun plant in derby shire the decision will not increase the number of jobs at the plant but is welcome nonetheless as a sign of the carmakers plans to use more intensely the u.k. facilities space. and bear a g the owner of monsanto which produced the troubled weed killer roundup has taken the largest one day drop in price in get this more than sixteen years artie's trinity charges has the latest. shares in germany's breyer's fell more than twelve percent after our second u.s. jury ruled out its roundup weed killer caused cancer this is the biggest intraday loss in sixteen years wiping some a nine point one billion dollars off its valuation a federal jury has decided against agro chemical giant monsanto citing that its weed killer was a major contributing factor in the cancer of seventy year old edwin hardman.
he says after decades of spraying his garden with a weak killer round up he developed a lump in his throat he eventually was diagnosed with non hodgkins lymphoma this is the second time in eight months a jury has reached up verdict of about forty years monsanto has known that its product roundup can cause cancer mr hardiman used it for twenty five years in the contract to the type of cancer called non hodgkins lymphoma this lawsuit seeks damages for his cancer and when hartman's case against monsanto is the first to be tried in a federal court and it looks like it won't be the last there are thousands of similar cases that are still pending at the federal or state level meanwhile the trial is not over yet for hardman the first phase focused on whether or not roundup caused his cancer and the second phase will focus on whether monsanto is liable the bear the parent company of monsanto insists that life a say which is the key ingredient and round up is safe when i took monsanto's deposition i took the former representative deposition he said to me that there is
no evidence across the board that there's any association with cancer that's just nonsense there is a mountain of evidence and this company needs to get straight in to be honest with you but the customers and say listen there is evidence that it's associated with cancer and get let people make a choice about whether or not they use a product this case is not familiar to one and the simple fact is they haven't worn and they're going to keep being sued until they do the last august in the first state trial over whether roundup can cause cancer jurors. awarded former school grounds keeper dwayne johnson two hundred eighty nine million dollars in punitive encompassing tory damages a judge later reduced that upward to seventy eight million reporting in new york tonight is all of us are. and there's other u.k. news today as the scandal tarnishing the founding family of u.s. drug maker produce pharma has reached another landmark with the first prominent rejection the rejection of a major museum donation the national portrait gallery in london has reportedly
returned a one point three million dollars donation from the sackler family related to purdue and its flagship product oxy cotton to the crisis of opioid abuse addiction and overdose in the us a spokesperson for the secular trust said quote it has become evident that recent reporting of allegations made against secular family members may cause this new donation to deflect the national portrait gallery from its important work the secular family still holds a controlling interest in producing former which currently faces a myriad opioid related lawsuits including one led by the attorney general for massachusetts. and auto makers have felt a shockwave today as b.m.w. announced the company will be hitting the brakes as it announced a profit warning this morning b.m.w. announced that they would have a significant decline in this year's profits several reasons were cited for the announcement including raging trade conflict we spoke about earlier with eddie plus
increased cost for emissions and overall vehicle production the company's stock which is traded over the counter reflected the news taking a huge dive at the start of trading look at that we love looking at these charts right you see they make some news and boards that go where is that go down sometimes it goes up by the way as a former regulator this is the type of stuff we would look at to see what's going on there is it just on the news or are there some shenanigans being going on when you see such a crazy. almost vertical drop like that this stock remains at about twenty seven dollars but started to recover but not too much and time now for a quick break but hang here because when return it's official disney has acquired twenty first century fox in its seventy one billion dollars deal so what does this mean for the future ad a measure of the atom as a training group joins us to break down the deal and take a long look at some other stocks in the news today plus we take a closer look at the application of blocked change in the food supply chain. for
spoke with hodgy for a closer look and as we go to break here the numbers at the closing bell in new york we'll be back in a flash. oh oh. oh. been a real good shot to begin merger. becomes our last community young people are deciding if they want to be like their parents not like the liberals. always struggle school again you always have problems but you're not going to focus on
is the most ubiquitous going out there most police departments use the almost overstayers in the school they could get their hands on some twenty four hours. we were it teaching these kids both racism about police brutality taking pride in who they are these kids are a part of all history. join me every thursday on the alex simon sure. and i was speaking to a guest of the world of politics sport this list i'm showbusiness i'll see that.
welcome back turning to africa the nation of mozambique has been devastated by i cycle called it day the storm hit the nation almost one week ago bringing destructive winds up to one hundred five miles per hour and massive flooding the port city of beriah reportedly suffered overwhelming damage three officially to. clear days of national mourning have been declared by the president felipe a now you see who says that more than two hundred have died from the storm and its consequences power is still out in many parts of the african nation which has moved in recent years to position itself as a significant export of liquefied natural gas l n g exxon mobil which has entered an elegy partnership with the end darko company to develop mozambique n l n g says
that is a donated three hundred thousand dollars to disaster relief efforts. and the trump of ministrations interior department will auction off more oil and gas leases for publicly held offshore areas in the gulf of mexico the auction is widely expected to be the preface to a proposal to allow more offshore drilling of public assets in the arctic ocean the atlantic and the pacific for private profit climate experts say it's absolutely necessary to immediately cease such efforts and redirect human activity toward non polluting energy sources to stave off the worst effect of human induced climate change industry observers say the move by the trump administration represents a significant expansion of the obama administration's options on the outer continental shelf of the gulf of mexico. and we're speaking of our earnings a little bit earlier and we love looking at all of these companies and the many
moves that they make in the financial world we do so today with a few hot ones including google which has had a rough day as we told you about a little bit earlier in the program to help us out we are pleased to be joined once again by the always articulate and entertaining adam measure of the admission trading group who joins us from our new york studio hey adam thanks for your time today i say google had a rough day but you know they had a rough really rough year i guess maybe even more and the bad news may not be over any time soon right. yeah google's been fined since two thousand and seventeen point three billion dollars that said they're sitting on one hundred billion in cash so the stock was up today and they shrugged off the news the bigger concern is that they keep getting fined and used to seeing that europe was picking on tack but now we're seeing that same kind of sentiment move towards the u.s. said there are a lizabeth warren is running on
a campaign to break of google just just today a democratic legislator brought up antitrust activity against facebook so what started in europe is now moving to the u.s. so we could see big tech come under even more pressure and it's definitely something to keep an eye on. i agree with you i mean they're making some good moves but boy this dark cloud overhanging them seems like it's going to slow down the company for awhile lest they get a reboot or something i want to move to a couple other companies and look at shipping wars not that t.v. show shipping wars but a reality show there but two shipping giants starting with the memphis tennessee based federal express but act which says the entire world economy is slowing and they are not immune to the normal impact and they did that as part of their earnings report adam what do you think of fed ex and a and i want to ask you about some trading later but overall company first play is. the fact that fed ex is
slowing does make me more concerned for the overall global economy and it points a closer to us china trade talks but fed ex has been under pressure for a while now they're down twenty five percent over the last year and what i looked at today was after the earnings after all the news there were it was only one downgrade but there were eleven price cuts but even with those eleven price cuts it still allows for an over twenty percent rally in the stocks of the adult us are telling you that this is all been factored in and there's some upside in fed ex so from the economic standpoint it's concerning from a trader standpoint it's not something i would be selling down here let me ask you we showed the chart the five day on fed ex what we're talking there at a minute shows there it is again that steep decline and as i said before the break when we are looking at b.m.w. stock those sorts of moves are things that obviously are impacted by the news but
regulators look at those things we look at who's trading you know what when that news is made particularly at the opening and there was some at least what appeared to be potential shenanigans before trading opening on fed ex do you know anything about that i don't do it. i don't you know probably not trading enough to move the stock down. exactly so and that's that's actually the perfect point is to see movement like that it's going to be a heavy hitter so it's not going to be hard to find where that activity came from and then look at what caused that sometimes what you see in the low volatility environment. people want to get the numbers you want every ward you've got to take big risks so maybe someone has made a big move and got paid but like you just said it's not going to be hard to find out who it was based on the size of the move ok we're going to run out of time here because i went on there but tell us about what you think about the disney deal with
fox it's now done what do you think it means for the companies well it means all the marvel characters will finally be united which is an exciting thing from film fans but the biggest thing here is it's all about this new plus it's coming out later this year they're building up their content networks so they could compete against companies like netflix and apple and one interesting thing of note for anyone who's a hulu fans fox own thirty percent of hulu disney own thirty percent of hulu does in the on sixty percent of hulu so there's a majority owner and that's another big step towards their content distribution line and disney plus it's not. something we're imagining it will be here and it's going to complete with netflix and we'll just see how competitive they are but that's that's a really exciting story to watch and we thank you for being with us that we're out of time for this time adam asher the administrators group thank you adam. thank you . and we speak about block jane technology
a bunch and most of those discussion there about right although not always well arty's branch aboard got a great look at how the supply chain with regard to food is being impact to use block chain and the example the use of all things are mangoes sat down with alamo haji check it out. using a lot of different ways right in this is where a lot of people are only looking at the quick decide and they're missing i think what's the bigger picture of what's evolving on the box inside and so there's a lot of great use cases of on the private enterprise side you're seeing government start to look at this in a very interesting way central banks are looking at this in terms of how can the money or a few occurrences be digitised potentially and perhaps you're seeing companies i mean an example of the wal-mart on the supply chain and they've put pork on their supply on the supply chain with i.b.m. and into my university they've all spun mangos on the supply chain which is has substantial savings say we're talking about just as
a quick note i mean walmart going from a seven day transaction audibility time on traditional supply chain for mangoes to two point two seconds there's massive savings that you seem to see with companies using voc chain today for a layman explain to me how you bring mangoes to the block share exactly right and so this is where it's fascinating right so you take the existing process rights you've got it you obviously have a lot of different people involved you know all the way from the seed to the plantation planting you've got obviously then the growing and the picking of the mangoes you of course want to be tracking like what type a seed was used you want to see like what type of new change was a given like so this could impact for example with different types of organic foods was it organic or not organic and taking the information is already being gathered but putting it into the blocks in which allows multiple parties to see this information the same time and allows you to track. certain products very effectively to block change so if you take this with food which is very interesting
right you could have food outbreaks i mean you've heard of like a race you've heard of other types like melamine outbreaks and other things that could be in certain types of food that humans can't consume that might create outbreaks and national recalls and with this sort of thing imagine the ability for all of these things that are already being tracked are just put onto the block if you can track that item all the way through all the way from that farm to table or for word like to the consumer and now you've got an outbreak it's very quick for governments or regulators to start doing sampling starts or you know start doing a number of tasks like in labs or d.n.a. tassel whatever it is on it on a number of different products say these products are all find these came from these farms these products all bought flag these came from these farms and tracking it through every supplier that touched it and those farms and then be able to shut out all of that to stop an outbreak in a much quicker way so like a couple of years ago we saw. it was. an outbreak with only
her call a core exact so and the problem was that we didn't know where the source was with the block chain we would then be able to figure that out exactly and so which of all these very interesting writes in two thousand and fifteen they had an acoa outbreak and it resulted in them not being able to figure out this is a terrible practice this resulted in a forty two percent decline in the stock price of the time of billions of dollars lost and yeah and the problem would be when you do that d.n.a. sampling they don't have a clear set of records or all the parties are sharing it internally not publicly but internally between all of those parties so that they can trace exactly where these products are coming from because obviously every store has products from hundreds suppliers right behind you know when that specific item came in which suppliers it touched and which farm it exactly came from and this is where the box in can create that same. in real time across these parties and you are right and
that's it for this time thank you for being with us you can catch boom bust on you tube dot com play boom bust r.t. sin next time so long for now. after the previous stage of my career was over everyone wondered what i was going to do next the multiple different clubs on one hand it is logical to sort of go home fields where everything is familiar on the other i wanted a new challenge and the fresh perspective i'm used to surprising. or not if you think. i'm going to talk about football not for you or else you can think i was going to go.
by the way what is it that flying here. want. to shout out to get up on soldier that i. honestly had left. most of the torture. causes most of. us can't take them so not just any second or how names have risen and how much that the who can need to pass it comes out before isn't and never was not caused by not . hopes and. put them so. they get accepted or rejected.
so when you want to be president. wanted. to do it for us as a local before three of them or can't be good for. industry in the waters in the. first. officer. to get up off the ground in the office or begin to pay them down to. hurt them freeze on the sounds of an mit grown man like wrestling essentially. through his or her own. twisted away from the office or. out of his group. the obvious or did they kind of lunge for the web in one's midst and then when it happened on tree swung at the officers hands didn't hit them i never saw any
contact with. any kind of went back to where they were so the officers back here their guy again fifteen feet apart at this point and that's when the officer pulled out his gun and he did it on three. america's policy in iraq has never been a smashing success but apparently there's still room to make it worse the secretary of state's recent visit to the region was full of bold proclamations and quiet reversals of years trumps policy in iraq. but. this.
it's. getting it will indorse beijing. which is widely seen in the west as a vehicle for chinese power projection. also coming off the program this hour a new poll finds that many in the u.s. . sexual harassment in the workplace. the rules have changed and we're not playing that game anymore and that's what's happening women are getting caught and they want to go back to how to be real except said categorizing our cast. as one whole pilot group.