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tv   Boom Bust  RT  April 2, 2019 1:30am-2:01am EDT

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like what i needed when i was a baby but i had a child. there's a. single mothers an african american community service and saying free. and think that's more of an issue these teenagers having kids. you can expect a fourteen or fifteen year old first daughter to order for hand if you're far there and he's a child. actually lost their place in. my car and breaking down i was unable to get to work on time sunday let me go with my paycheck that i bring home i have nearly enough to pay my car insurance. gas in my car.
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will business boom bust broadcasting around the world and covering the world of business and finance and the impact on us all. filling in for our children in washington glad you're with us coming up the briggs's saga continues as in peter cross the pond both on alternate proposals for what is shaping to be a bitter breakup with the e.u. is this even going to happen hillary for which the c.e.o. of straw market a member of the british american business associations board of directors breaks down what it will mean for the both of business plus those markets in europe quivers china has since the quake through the asian markets and more of a window lin's us some insight on international in the seats and then later bitcoin gets another delay from the f.c.c. what's going on here could cripple markets though are starting to move upward again daniel simon the author of books insurgents carves out the complications and gives us the latest on. price all of that straight ahead but first let's just have the.
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let's start here with a glimpse into the finances of the world's most profitable companies saudi aramco pulls back the accounting curtain to reveal one hundred and eleven billion dollars in profits that jaw dropping number puts the company far ahead of its nearest rival for the world's most profitable company apple so you thought apple was the most profitable it's not even close around code nearly doubled the tech companies profits the new level of financial disclosure is supposed to increase investor comfort how could it not now with that bond sell to finance aramco purchase of a seventy percent stake in the saudi national petro chemical company s.a.b. i.c. we reported that last week so saudi officials they indicated to the wall street journal that the initial public offering for ram co is still planned it's just now delayed until two thousand and twenty one so how about this for a footnote the journal also reports that analyst at bernstein research used the newly available data to calculate
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a one point five trillion dollar valuation for aramco looks nice right but it also suggests that investors were correct to balk at a previous two trillion dollar valuation for aramco and other or you overlay to jews israel's energy minister says the brazilian state oil company petro bras will bid for participation in offshore exploration for oil and gas the minister announced pressure brought its participation in that new bidding process for offshore drilling and head of the brazilian president's visit to israel where he met with prime minister benjamin netanyahu any toured occupied jerusalem earlier today arriving on sunday mr ball so naro who was the president of brazil he declared quote i love israel in hebrew he also is under some pressure on the trip to follow the u.s. is leading to move the brazilian embassy from tel aviv to jerusalem and while the shift would align the also narrow administration with other right wing governments that have made that symbolic move the brazilian agriculture minister believed. to
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oppose the move he fears losing foreign buyers for brazilian exports. to today british in fees they will debate whether or not to indefinitely delay bragg's it by revoking article fifteen remember article fifty that is the legal process by which the u.k. would leave the e.u. the debate over whether to delay brags that it comes after a petition to revoke article fifty gained more than six million signatures that petition it easily and pretty quickly passed a one hundred thousand signature threshold needed for it to be debated in parliament joining me now to discuss this hillary ford which is the c.e.o. of strong market on the british american business associations board of directors hilary thank you for being here pleasure ben let's talk a little bit about this because obviously you know one of the big questions here march twenty ninth came and went yes it was supposed to be the date by which this break that happened it has not happened right now we have in pieces looking at
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a petition to say well maybe we shouldn't do it at all or put it off indefinitely but is this just a stall tactic or a tactic being used by in peace to say let's just cancel bragg's it all together well first of all the manifesto for the government has been and their stance has been all the way along they will absolutely not revoke article fifty because that's part of their platform is what in two thousand and seventeen in the general election actually over eighty percent of the electorate voted and all of them sad that they would stick to the party's manifesto those people that voted for the particular party so this will be disastrous for the conservative party but i will say this i mean other than a forest and tensions of delay i mean this is being nothing but convoluted the whole way along and yes it is whether anybody wants to say it there on the far east intentions or not it results in a delay and therefore he yes it's a delay tactic it's a delay tactic so. there is the european commission president he did not break that today. from germany listen to what he said here. by the way that also
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forbidden us from being present in any way in the referendum campaign in great britain mr david cameron of the greatest destroyers of modern times besides for that he said the commission's even less popular. than any other e.u. member states what an achievement it was to be even less popular in the u.k. than anywhere else if we had been able to take part in this campaign when you could have asked and also answered many questions that are only being asked now. so it is clearly not very happy there right with history with david cameron and essentially with the idea that they were unpopular but had we been able to insert our voice maybe briggs it wouldn't happen is that what we're hearing there yes but also he did say on his way to rome on sunday evening obviously his patience has run out and when he was pushed and pressured bad about you know sort of what do you think the british public should do he did say that he would not interfere so he's been on
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both sides of the aisle here i will say that when he was quoted on sunday evening to a television station for the for the italians before he went to rome he did say you know patience is running out and that is the voice of international executives international business and of course the general public i think everyone is frustrated executives that have been in africa recently have told me that people in the jungle and people in the are talking about this and they're frustrated as well and it's everywhere yeah it is everywhere let me as john bolton came out i mean john bolton just came out on friday i believe it was the u.s. security advisor and he actually said you know when people talk about this big crash out of breath said i'm not so terminology used he said what will the u.k. be doing the u.k. will be crashing into the united states and all the words that could be a potential trade deal on that's been an issue also the lack of a trade deal concretely from the u.s. let me ask you a couple things here because we're little bit short on time sorry a lot of your great the petition that was signed you know. signatures are already
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out there already is some talk that perhaps bots were used to get to that number because it was happening so fast i think at one point they were getting two thousand signatures per minute yet it was so absolutely there's some question about whether these are even legitimate concerns is the greater concern happening in the u.k. right now that no deal can be decided on is uncertainty more difficult than just picking a path and dealing with the rhetoric of a couple of questions that we have gone to the bots and that's because in two thousand and sixteen there were actually bots discovered that actually were part of the strength of the vote so yes that was an issue three cybersecurity into experts were interviewed by the b.b.c. and all of them said with this recent petition although it might be possible to have some bots doing it they said that there was such authentic authentication that there was a three step process including including a postal codes and unique e-mail addresses needed for each vote yet they doubted it so i doubt with this time then but now to your second question look it is been all
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over the map today we will find out at five pm what the second round or the third round actually iteration of these indicative votes has been teresa mayes platform her deal has been turned down three times now so now there's the talk of it going to a fourth vote but we will know more of five pm today which of the scenarios has hopefully some sort of majority and going back to business leaders and everybody basically says let's make a decision as to what to do business is needed degree of certainty they need certainty and we'll know what those who have some kind of certainty a little bit of it in the ways in less than an hour from now yes hilary which is c.e.o. of straw market member of the british american business associations board of directors thank you so much for your time. or jumping in asia as some better than expected economic numbers have been released there is a big part of that jump by the way manufacturing activity in china expanded unexpectedly in march after shrinking for three straight months joining me now to break down the economic news. he is the chief market strategist at wanda ed thanks
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for being here so let's start with the number has the band they were certainly better than expected no question about that it appears that china is rebounding not only according to government numbers also according to private sector readings here . very much and i think that the overnight releases were very positive for easing those global growth concerns as we saw just a broad market rally and we also saw the yields tick higher across the board too which was a big concern over the last couple weeks of trading yeah you know part of the reason no doubt over concerns about china's numbers has been the trade talks between the u.s. and china at times those talks we can call them historically surprising how about that but the hope for the trade deal is to get done really isn't the catalyst behind this is that. you're you're leading to a very good point here and what i'd like to say is that the. optimism that we're going to see a trade deal has been fairly big into the market and i do think that the overall
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driver though is going to be this accommodative policy stance that we're seen pretty much worldwide with a few exceptions we're seeing the u.s. pretty much signal that they're going to be on hold for the forseeable future and when we take a look across the pond the euro zone was expected to hike around summertime but that you know with all this terrible data that we've seen in germany and the region their rate hikes are now pretty much off the table and many people are expecting a rate cut as possibly the next move and then with china everyone knows china has been very accommodative they're kind of saving their bazooka of the next round of easing once we see this trade war so they don't want to unleash all their stimulus before the president the president's decide on what type of arrangement they're going to have so there's been a lot of accommodative monetary policy that's been baked in and that's really going to provide equities with the next level of support here i guess i kind of goes back to the conversation we just had about brags that it fits into this as well in terms
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of uncertainty it seems like the chinese are having to deal with a certain level of uncertainty at least at this point. very much so and i think once that trade war is resolved and there are there are expectations that we could . see possibly. that picturesque meeting in more largo with presidency and trump maybe end of may maybe end of gene and even if we don't have it this summer as long as talks are constructive as long as we don't see tariffs really start to hurt these companies globally we're going to probably see further upside here because of that stance that we've seen across the board with all these major central banks and china is going to be ready to help their economy they've they've they've signaled they're going to have triple our cuts they're going to provide more stimulus they're trying to really change their economy to be more domestically driven and you're going to see these measures really take place probably in the
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latter half of the year as i've been trying to have some positive tones here in terms of global yields firming up of that ten year treasury note are we seeing other positive signs as well. very much so and i think one of the big concerns for europe is that we've have seen the german yields be turned negative for the tenure of the for the bulletins and what we're going to start to see is once we have global growth continue to gain some momentum here and there's lots of signs that it could we're probably going to see the yields start to rise and if we do see the european yields remain positive in positive territory that's going to be another. reason for more optimism in europe so right now if you take a look at the world the us is probably the strongest. there is strong belief that the asia pacific region expression china is going to be leading the way higher there and europe is kind of towards the bottom so once europe starts to show signs
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of growth that's going to be kind of the all the green lights across the board in providing the more optimism for risk rallies yes certainly when you get all three of those moving in the right direction a lot of people are going to be very happy with that. have achieved yet market strategist at a window thanks so much for your time appreciate it. if you. will time now for a quick break but hang in there because when we come back the f.c.c. has punted again on the decision over what to do with bitcoin then you'll sign on the author of the fin serjeant's cards out the complication ng gives us the latest on what's happening with. and as we go to break here the numbers at the closing bell.
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what politicians do. they put themselves on the line they get accepted or rejected . so when you want to be president and should. somehow want to be rich. but you'd like to be close with what the full story of the more people. interested always in the water. there should be. after the previous stage of my career was over everyone wondered what i was going to do next. ball different clubs on one hand it is logical to sit in the home field where everything is familiar on the other i wanted a new challenge and the fresh perspective i'm used to surprising us all if you think. i'm going to talk about
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football not for you or else you can think i was going to do. by the way what is it that slider. so security council should have a mandatory one percent of all stock on forex transactions to go into social security so that every individual will say when they become eighteen they've got fifty six thousand dollars in there that they can go spend on college if they want to that's a that is a that is an extra analogy of this economy that's being recycled repurposed regenerated into an ecosystem an economy that is like more mimics of nature.
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welcome back catching up with the u.s. china trade this past friday was of course supposed to be the deadline for u.s. chinese negotiators to come to an agreement on the restructuring of the terms of trade for the two pacific powerhouse economies president donald trump wave that deadline citing reports of progress in these talks and the u.s. treasury secretary and trade representative kept up the positive reports over the weekend after a round of talks with beijing in the meantime china offered at least one policy change sought by the trauma team on monday with a pledge now to crack down on sales of all forms of the opioid drug fitting all by may first the enforcement action is the end result of a pledge made by president xi at the last g. twenty summit in wilson arias meanwhile one thing that is not making china happy the u.s. plans to sell sixty advanced f. sixteen fighter jets made by lockheed martin corporation to taiwan is the first such sell since one thousand nine hundred two and while china may have preferred
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that the sell not occur at all experts say they are unlikely to uphold otherwise favorable trade deal over the sale of those jets and the president trying to right to close the us mexico border is moving forward mr trump made the threat on friday . twitter of course the president blaming mexico for allowing asylum seekers to apply u.s. ports of entry but here's the thing they are entitled to do so under u.s. law if the cross border traffic were truly brought to a halt the u.s. would lose access to roughly half of the imported fruits and vegetables it currently brings in meanwhile president trump has taken action to punish poor central american nations plagued by narco trafficking coups and other legacies of u.s. policy by cutting off seven hundred million dollars to three of mexico's southern neighbors el salvador guatemala and honduras white house chief of staff mick mulvaney dismissed the aid on the sunday talk show asking quote if it's working so well why are the people still coming so much to say about that the center for
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global development found in the june twenty eighth report that enhanced u.s. assistance can meet the goal of reducing the need for central americans to migrate . or the sea continues to punt when it comes to big coin and crypto currency or exchange traded fund see with e.t.s. investors don't have to bother with the security procedures associated with holding bitcoin in other crypto currencies and they would not have to deal with crypto currency exchanges some of us like to do that but others don't but for some reason the f.c.c. will not make a decision on e.t.s. for instance friday the f.c.c. decided to once again postpone making a decision to approve or disapprove two different apps one was proposed by bit wise the other by vanek solid x. let's bring in daniel p. simon he is the author of fin search and stan you'll thanks for being here. thanks
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for thanks for having me absolutely so while the f.c.c. is dragging its feet on the issue of crypto a big point and i guess saying dragging their feet is giving them a lot of credit there is still major investment not only in the fin tech space but also in the crypto tech space is there not. there is yes and you know just to be fair to the just to be fair to the f.c.c. in the regulators for second you know. it is a as you pointed out in the opening. it is going to be opening the door to a lot of retail investment and i think that's why they are proceeding cautiously so we say about about how to treat this asset class. yeah i think you can give them some credit for that i mean certainly it's an important issue i think under under u.s. law they have forty five days to make a decision without explaining why they haven't and it seems like since the summer of last year when the winklevoss is first tried to do this that we've kind of seen a very slow process maybe because it's so uncharted we can give them some some
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leniency there but i think a lot of people are starting to wonder whether the f.c.c. actually crypto maybe somewhere there. yeah i mean look last year there were a lot of people losing a lot of money and i think there's lots of great things about crypto. and and you mentioned the book you know we're going to be talking about that in one of our chaps is. it often is really you know a range of opportunities for the financial services industry there's a lot of institutional investors in crypto but there's also a lot of risk associated with it and i think i think that's probably what's weighing on a lot of the regulators minds right now certainly so i suppose it's not about those because you're talking about risk in people losing money there was a lot of loss that came as a result of i.c.a.o. they've slowed down certainly in the past but investments are still flowing into cryptocurrency focused venture capital a major investment firms attracted what more than one hundred million dollars for investments in early stage businesses in the crypto industry are we going to see that everything increase in q two in q three do you think of this year. yeah i
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think i see those are an interesting case re the potential to use the underlying technology of block change inside. as a way of capital raise is there is a really fascinating one and has the potential to completely reshape the way that the capital markets you know bring ideas to life it's been a very sort of stayed in stodgy way if you think about the i.p.o. market i see those and similar vehicles like the often lots of interesting opportunities for investors but again as you pointed out it is the wild west right now there's a lot of there's been a lot of risk there's been a lot of downside there be people who've died quote unquote died with the keys to one hundred forty million dollar investments and no one can unlock them so you know i think it is uncharted territory i think we are going to continue to see though investment not just in crypto companies but also in fin tech companies across the
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board last year was a record investment forty billion dollars flowed into fin tech. last year that's a was up one hundred twenty percent on the year but then on the year prior and in our book that's that's a lot of what we're going to talk about technology whether it's big going or other crypto assets or lending or remittances or payments technology is transforming the financial industry across the board well and certainly when when people talk about crypto currency and they talk about blocking those are. connected and similar issues but still very different technologies in terms of the the overall application i want to ask you as well because for instance you know big close what the first quarter of twenty seventeen. was with him point nine one percent gains i actually really think that's because as a twenty one thousand i said twenty seventy so this year it's doing really well in comparison to what it has been doing it's certainly not december. twenty seventh
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doing. what we're moving in the right direction in terms of that last month was the first positive month for big point in a very long time and that is a month where the big price indeed higher then it started who would have thought a year ago we'd be saying that but we're finally in that position are we finally looking at a gradual rise not just for big point but for all coins at this point. well you raise a really interesting point at the end because bitcoin is still highly correlated to all the other crypto currency is or will largely correlated i don't want to speculate as to you know where because it is going to where it's going to be but i will say that. you know we've certainly hit some kind of a flaw on big coen right now and i think there is a lot of long term interest in the asset class is still has a lot of potential the fundamentals are still very interesting it's a very unique blend of a currency and
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a store of value more merchants are taking it you see more institutional players kind of moving into the space recently i don't know if you if you guys commented on this but the state of ohio started taking taxes. corporate taxes getting paid in big cohen so there are some interesting markers that i think the bears have kind of run their course and now we might be able to see some more of the fundamentals coming out and you're seeing that reflected in the price you know you make the point about the state of ohio which is an important point any time govern. can can take something from you as a payment for taxes it's not going anywhere because that's almost the most the most protected area right there is how you are going to pay your taxes let me ask you this because you're raising a great point about the all coins and big coing and kind of the right here but the original mission of big corps in the original mission of the launching base currency wasn't to be pegged to feel and right now it's still pegged to the u.s.
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dollar on just about every level and that's how people really are looking at it in terms of whether it has value or not we have about twenty seconds left how important is it to get back to the original mission of big coin in terms of being a separate entire monetary system in order to see it continue to grow quickly well ok so on that i would say there's this interesting dynamic that you're talking about the tween what i would call the another kind of syndicalist aspects of crypto chain and the people who are really in it actually if you look at it today a lot of the money is in institutions this is the chew tional players both in crypto and in block chain and those are the guys that are going to make it a legitimate asset class and i have a gentleman a technology or not daniel simon the author of the fin surgeons being on here thanks for your time thanks for having me that's it you can catch boom bust on youtube dot com slash boom bust r.t. .
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what else should seem wrong. i don't really just don't call. me. yet to see. just the answer. and in detroit equals betrayal. when something you find themselves worlds apart we choose to look for common ground . you know world of big. lot and conspiracies it's time to wake up to dig deeper to hit the stories that mainstream media refuses to tell more than ever we need to be smart we need to stop slamming the door. and shouting past each other it's time for critical thinking it's time to fight for the middle for the
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troops the time is now we're watching closely watching the hawks. i mean more to gain is an outstanding person because he took on the most powerful agency in this county or you'll be to stay if you look at it from the analogy. marc was the day that when he was five and. do going to be in the sheriff's most contentious critics say he is the first time i noticed something wasn't right in fleece where pretty much when i first started the corruption in palm beach county is not something that you can smell it seems like it's a nod and a wink it wasn't what i wanted to do. we've had more in this county then some states have had collectively so good went to his website began featuring the comments about god his family the sheriff's wife and.
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squash you like a bug you know i wish you'd stop then you should stay on the left and stuff i believe what i'm doing ok you know it's your funeral building. critic in this house. i snuck out of the united states. into russia political. men they know bad wolf. no.
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returning to europe posing as a refugee is reportedly issued with a prepaid debit card one of some sixty four found and handed out by the e.u. to new comers. facing backlash over its attempts to relax a ban on saudi arabia to special forces reportedly on the same scientist in yemen. and with the deadline leaving the e.u. just ten days away the british parliament rejects all options to resolve the braggs making the prospect of crashing out without a deal more likely the prime minister's deal that he's done it.

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