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tv   Boom Bust  RT  May 2, 2019 8:30pm-9:00pm EDT

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percent monthly growth rates. and of the two year legal spat it had been announced that mobile phone chip manufacturer qualcomm will receive at least four point five billion dollars from apple the deal was crucial for qualcomm as an ongoing legal battle threatened their business model which combines the manufacturing of chips and a patent licensing division that makes money on relatives from companies that use their tech the deal also includes a six year lease same deal with apple and a multi-year deal for qualcomm to supply them with cell phone modem chips the piece of tech that allows your phone to connect with towers the deal was just reached as apple's current modem manufacturer intel announced that they would not join the race to make modems for much anticipated five g. networks qualcomm says that they expect to ship between one hundred fifty and one hundred seventy million chips in the third quarter of this year that's a decrease twenty five percent year over year it was expected that qualcomm would ship one hundred eighty million chips in q three qualcomm stock is spike nearly
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four percent on the news just about scraping the ninety dollars mark before leveling back out. turning to the international controversy over the role of chinese tech giant huawei in building the next generation five g. internet infrastructure it had been revealed that it will have a limited role in building out the united kingdom's five g. network after the daily telegraph reported on a cabinet meeting to air concerns about hallways previously unknown role a leak inquiry led prime minister of tourism may accuse and sacked her defense minister gavin williamson mr williamson denied any role in leaking information about the cabinet meeting but miss may said no other credible version of events to explain this leak has been identified here to discuss this further is global regulatory attorney miles outwards so miles welcome let's dig a little deeper into the story the prime minister believe that there was compelling evidence that he leaked government secrets however allies now are demanding may's
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government to produce and publish evidence against him what do they have on him and can they even produce anything. i think they can i mean if we go back and we look at the story itself the national security council united kingdom met specifically to discuss wild ways assistance with helping to build out their five g. network you know it is assumed that. everyone there really supported that except mr williamson himself because this story goes that he was somewhat influenced by the united states reluctance to have anything to do with the company itself now what's really interesting is the day that the national security council met there was a story leaked to the daily telegraph it's my understanding that they do have documentation that can absolutely confirm that there was an eleven minute conversation the same day the council met between mr williamson and the daily telegraph journal. writer now what's going to be very difficult for mr
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williamson is even though he has resigned from that position he is still subject to the u.k. secrecy act and he could be brought up on some more serious charges so i don't believe his resignation itself ends this story so right now there's a lot of concern as the u.s. is engaged in a very vocal campaign to keep the chinese tech companies out of the advanced five g. networks europe is however more open than the u.s. and taking a logical response framework and a measured approach when about getting is about the way the companies are supposed to be about it in the first place logically rather than biased. well i mean that's a great question i think for private situations yes but this is a very complicated situation because the united states has already said that they do not want way or another related chinese companies e t.
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to be involved with building out the five g. network and what the united states is very concerned about is the association between while way the chinese government and the chinese military and the united states believe elisa trump administration believes that you know this company is a platform for cyber security concerns and also terrorism and honestly we have seen a history of chinese espionage against united states know how what's interesting is in the united kingdom in the european union they believe that these risks can be mitigated and they believe that even though the company has close ties to the chinese government which most chinese companies do that they can put in the safeguards to ensure that these types of situations won't occur and so the u.s. has had notable facts on its partners in the five eyes intelligence sharing alliance australia new zealand canada they all boys their doubts about huawei till
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however they their concerns have fallen on deaf ears and south east asia even amongst treaty allies philippines and thailand southeast asia has now become a key node and while ways global web tell us more about their relationship now this is very interesting because again the trumpet ministration has gone on record to say any country that allows walk away and z t e to help in structuring their five g. infrastructure the united states will not share any information with them including intelligence information so these countries are really going out on the limb but they feel it's worth it so in southeast asia. for example has had significant influence so for example in brunei they're assisting the government in. building out there and that work in there is even a territorial dispute right now between china emperor knight so regardless of that the nice still on board in thailand and the philippines both countries have signed
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memorandums of understanding and both countries are looking to while away to help build out their five g. network so what i'm seeing is as that five g. network expands in southeast asia the logical choice would be to go the way i want to bow latin america they don't seem to be too worried at all by these accusations huawei is reportedly planning its data centers in latin america and it has its eyes on chile chilean president sebastian pinera goal has always been to attract more investment from chinese companies and technologies and telecom and recently a mobile operator has carried out a five g. test and using equipment on the way so tell us more about that. now what's really interesting about the situation is latin america is twofold first of all latin america is the second largest trading partner with china for telecommunications in
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fact that has experience about. you know an eighteen percent growth in the last several years but what's also interesting is trump administration has also cut a to most of latin america because of immigration concerns by thirty percent so i think the truck the ministry could have done a better job in elise trying to incentivize these countries not to work with wild way but it's very interesting because there was a quote from the former mexican ambassador to china and he said you know before trouble came in there was somewhat of an on the written understanding that countries like mexico and other countries in. latin america would really follow along with the united states was doing especially for national security is concerned but once trump guided. that's no longer in effect so these countries are are are you know building al. the infrastructure china has also
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provided huge economic incentives and in fact there has been visits by the chinese premier to latin america so i think that they're really currying favor with latin america and again i see an expansion into latin america but one thing to keep in mind kristie is that huawei and to a lesser degree z.t. is only one of four country companies internationally that can really provide that five g. infrastructure so there's really no other alternatives to go to you know you have nokia and you have ericsson but they only represent a small amount of the market if you want to build out a five g. network in your country you gotta go to while away thank you so much miles edwards regulatory attorney. thank you so much kristie. time now for a quick break but first some breaking news we reported yesterday on the prospects
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of u.s. president donald trump's nominee for federal reserve c. stephen moore earlier today president announced via twitter that mr moore has withdrawn himself from consideration here because when we return the u.s. commodity futures trading commission chair says the explosion of interest in quote the currency could open the door for new clearing houses investigative journalist ben swan will give us the details. the bank of england announced that it would afford interest rates at zero point seven five percent following last month's decision to extend the bride said deadline to october thirtieth the way forward for the british american business association joins us to discuss what this means for the e.u. u.k. turmoil and as we go to break here are the numbers at the club. after
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the previous stage of my career was over everyone wondered what i was going to do next the 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 and i'm used to surprising. one on t.v. . i'm going to talk about football not the or else you think i was going.
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by the way what is it that's like here. on the you know on the. on the world. total. money we didn't know. oh you ought to go to post pizza the move for you. what is bitcoin coin is magic internet money a new type of digital currency essential lies digital scarcity chancellor on the brink of second bailout for a bank that's called the genesis blog for reason because being a civil disobedience a source of optimism because i can control my own financial destiny it's just a new way of coming to consensus it's
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a game changer in the human history this is columbus discovering a new world this paradigm shifting technology that transforms economics and finance in a heartbeat the apollo eleven landing on to the next and stacy. kaiser financial survival john today was all about money laundering first to visit this campus in the three different. oh good this is a good start well we have our three banks all set up here maybe something in your something going to america something overseas or the cayman islands or do we do all these banks are complicit in the kleptocracy we just have to deal with both and say hey i'm ready to do some serious money laundering ok let's see how we did while we've got a nice luxury watch for max and for stacy oh beautiful jewelry and how about. luxury automobile again from that you know what money laundering is highly illegal . much keyser of course.
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you know world is a big part of. law and conspiracy it's time to wake up to dig deeper to hit the stories that made stream 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 truth the time is now for watching closely watching the hawks. isn't. it a shot at a looks funny how we can see this well you know i mean it looks. like he was drinking and that's. where we will use it. even though. there's
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a little aspects that are. going to discuss the subject interests to us because they're still bringing. therefore we try to do something for them simply joe the. shares of beyond me nearly tripled in early trading thursday after their i.p.o. the decade old plant based meat substitute company's shares have been up more than one hundred thirty percent in afternoon trading let's get to the fast back for beyond me its i.p.o. under the ticker symbol b y n d the company announces i.p.o. of nine point six million shares of common stock open at a price of twenty five dollars per share was down far exceeded beyond meat has also granted the underwriters a thirty day option to purchase an additional one point four million chose to cover
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over allotments. beyond meat was found in los angeles in two thousand and nine in two thousand and sixteen they became the first planned burger patty to be sold in the meat section of supermarkets their products are available in the u.s. canada europe and israel the company makes products to replace chicken beef pork and sausage. the fifty second annual meeting of the asian development bank kicked off on the island nation of fiji on wednesday the theme for this year's gathering is prosperity through unity delegates attending the meeting will include sixty eight member countries both within and outside the pacific asian region they will meet through sunday among the agenda items for the eighty b. delegates are some significant initiatives on climate change and plastic pollution in oceans that a.t.p. is now planning to spend eighty billion dollars by two thousand and thirty to mitigate climate impacts on asian countries the summit host like many countries in the region is extremely vulnerable to rising sea levels as warmer temperatures
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continue to melt glaciers and polar ice caps earlier today the a.b.b. launch their planned action plan for healthy oceans and sustainable blue economies the plan calls for the a.t.p. to spend five billion dollars in the next five years to fight marine plastic lucian which they say threatens the regional marine economies. cryptocurrency is finally gaining legitimacy after years of being mocked as a worthless fad now it is finally getting the recognition from regulators the c.r.t.c. reported an explosion of interest in crypto and expects to see more companies applied to become really regulated clearing houses the state of washington passed a bill that recognizes the legal status of electronic records pertaining to distributed letters like block chains and singapore and canada central banks became the first to successfully complete it cross border block payment with all these new breakthroughs a hash tag drop gold campaign has started amongst investors urging them to drop
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gold for. better store of value that coin the campaign started by greyscale argues both gold and the coins share many of the same properties of good money they're both scarce durable verifiable and accepted across borders joining us to break it all down is investigative journalist ben swan. so ben let's start with the c.f.d. see this is really interesting because to see regulates these clearing houses and therefore they want more companies to apply to become their houses but that doesn't really go against what cryptocurrency really meant to do one of the main benefits of watching is cutting out the middleman and the facilitator and increasing efficiency. in their true design are pretty much meant to be trust the systems so how does that work with what the c f.t.c. does. musher it does work kristie i mean the word is there it's such an important word crustless system when you say that term to a lot of people that i'm not sure exactly what it means why would you want anything
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to be trust less with this as you know simply means that you do not require the trust of the into the on the other side the bank on the other side of the into the on the other side that's holding me to actually be able to prove that it's there because on the block chain everything every transaction is verifiable it is a trust list system one that doesn't require verification from someone else you don't take their word for it you're able to verify it for yourself so with these clearing houses what's interesting here is that the c. f.t.c. essentially saying we want we want more companies to come and apply to become these clearing houses but the c. of c. as an entity its role is to do verification to make sure that all these things are working the way they supposed to be but the whole big block chain ledger the design understood so she the whole design is that it is a trust of the system and it doesn't need organizations like the c. f.t.c. so those two things and we're really talking about the purist here those two things are in direct opposition to each other as the city see attempts to determine the
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value of these technological innovation innovations and one of those innovations are the assets base future products so how much of it is really based around futurists. i think a lot of this is really based around crypto futures you and i both know i mean crypto futures are on their way and they're going to become a major part financed coming. here probably in the next five years or so but i think again it goes back to the sea if he she it feels like to me is is attempting to find its own validation as an organization in this sea of crypto currency where it really doesn't necessarily have a role so you know maybe within the context of crypto futures trading it has a role but in terms of being an organization that does verification no not really there and you know determining the value of innovations i would be willing to bet you that most people associated with the c.f. g c don't know whole lot about what's happening in terms of blocking innovation so why would they be able to determine its value i mean i think that again this is an
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organization that i think is trying to make relevant but it's not entirely relevant to the situation now mohammed to singapore and canada the central bank has to settle a completed their first cross border digital payment and they did so without the middleman the third party that we said was unnecessary so that they highlight a lot of cost reductions and efficiency and they expected to start delivering tangible results by two thousand and twenty however there still are some concerns that need to be addressed tell us about them. yeah just a couple quick things on this so obviously you know with the central banks in singapore and canada running the system they did so they were able to do this transfer as you said cutting out the middleman but sort of but not entirely in that they were assisted by j.p. morgan or j.p. writing j.p. as we know it was launched their own coin because they're trying to compete with crypto currency and that swift system so there's a lot to figure out there but the main thing is again when central banks are doing this it isn't necessarily an application that works for the public or becomes
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unnecessary because the public can do this on their own again the beauty of crypto currency is to remove dependency on things like central banks and that's to give this journalist ben swan thank you so much. kristie thanks. the bank of england love interest rates unchanged at a point some five percent on thursday following the agreement to extend the deadline for the u.k.'s withdrawal from the e.u. until october this is the first meeting of the m.p.c. since leaders agreed to the regular extension the central bank revised up its twenty one thousand growth forecast to one point five percent from one point two percent as a first g.d.p. is expected to have picked up its side of better than expected growth in the eurozone with unemployment at all time low and china contributing to his more optimistic outlook joining us to discuss these figures is hello for which board
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a member at the irish american business association so hi hillary wrote i do know there are some now let's talk first about the braggs and the uncertainty that's been felt by all these businesses so they expect that the business has contracted every single quarter last year and the governor of the bank of england warned that it would be unwise to rule out the prospect of britain cashing out of the e.u. without an agreement right now two thirds of these firms say that they are prepared as prepared as possible for a no deal bragg's it so tell us the immediate threat right now has been delayed and pushed back on talked over but it's still there how likely is a no deal outcome yes what he was actually talking about was crushing out of the e.u. and that's of course mark carney he's the chair of the bank of england and if you look at it you look at overall the predictions of the dog predictions of not come true growth is actually beating the predictions have been increased from one point two percent to one point five percent in terms of growth so all those star predictions actually haven't come true things are holding steady so yes interest
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rates they predicted are likely to be raise a number of times basically because growth of strong unemployment in the u.k. is predicted to go as low as three point five percent and it hasn't been that low basically in history and certainly not since one thousand seventy three. so right now the delay departure has been really. spence of costly taxpayer tens of millions of dollars on wednesday as the government scrapped contracts with the very companies that were supposed to bring essential goods in the case of a disruptive brags that people weren't happy and even members of may's own party had urged her to step aside after she failed to deliver a deal twice so if there's a possibility and who would take her place well the suddenly possibility of course has been a lot of disunity within the party it's been very fractious mainly because a lot of the members of the party that she has she actually put in place were of course remain as and that's caused friction within the conservative party i would say that there's a number of people that have the current home secretary she's actually a possibility and then there's also those of which have been i would say sort of
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somewhat fractious nigel farrar she's a stablish the breck sit party and that's a definite possibility although it's predicted probably you would only get about ten percent of the national vote and many people of course look to door boris johnson boris johnson the former mayor of london he's sort of like i would call him a trump figure in the u.k. many see him as rather contentious he's been throwing a spanner in the works for quite some time so he is and then there's also talk of course of reese and jacob recent although he is viewed those being rather sort of in any tony in good old boy and maybe not as likely so probably the current home secretary she has the greatest chance the only thing is she has problems within her own constituency so the chance maybe of her even being reelected is going to be very difficult. despite all these uncertainties here economic growth has exceeded expectations this quarter and we see wages outperform inflation and given these data points the m.p.c. meeting minutes were actually quite hawkish do you think we'll see an interest rate
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hike faster than we previously anticipated absolutely the monetary policy committee this is really when they met they did not know that deadline will be extended that's october thirty first to halloween they had not known that before and yes the reason that they're going to raise interest rates is as i mentioned it's going to be because g.d.p. the growth predictions are have been increased and because the unemployment is so low so absolutely maybe even two three more times this year is the general prediction. we know that you were close from to bart so i know you wanted to have some words for i just wanted to be able to say in tones of all global audience that i worked yes i worked with and for bart and i just want to say that he respected so much views to me he personified doughty family he was extremely intelligent he was also ricky he was a pleasure to work with him for he was a good man i met his wife sherry he was a family man he was a grandfather and he cared very much about his family but also dedicated to the
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truth and so respected everyone not just here at the studio but people of all different viewpoints and i am grateful to the opportunity to have worked with him for him a fine and good man and we should all miss him. you leave some very big shoes to fill he does hilary for which board member of the british american association thank you chrissy. and finally we know are now moving forward we know moving can be very expensive and a very difficult project but what about the capital of a nation of two hundred eighty five million people from one city to another how would that even work we may just find out the planning minister of indonesia says president joko widodo is intent on moving the indonesian capital from jakarta a city of ten million to a location on higher ground jakarta is built on sinking swampy land and experts say major portions of jakarta will likely be under water as early as two thousand and fifty official estimates of the cost of the move are now at thirty three billion on
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the other hand the planning minister suggested some offsetting benefits and reduction of traffic gridlock in jakarta which the minister says will offset the economy nearly seven billion dollars annually. that's it by this time you can catch boom bust on directv channel three twenty one dish network to eighty or streaming point four seven and put a t.v. the free t.v. at channel one thirty two or as always you can hit us up on youtube dot com flash boom bust r t c n x time. we have no political agenda here we just if it if it costs more to get out than what you get when you get it out that's it called all loss it's a minus sign that's it if you can't figure that out you think there's a political agenda. you're blinded by your by.
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oh. they can come and blow our brains out at any given time if we can't really do anything actually america is the only country in the world where you can kill people outside of war and legally get away with. all of the fire crawls stillbirth all the trouble here's briefly all the points it's hollow ploy to k.k.k. what exists because america wants it to exist the of the biggest terrorist group to ever operate in this country and they're dead to me they're worse off than the people who destroyed the world trade centers of the scroll why.
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would. you put themselves on the line to get accepted or rejected. so when you want to be president and you. want to be rich. and she'd like to be close it's like that before three in the morning can't be good. i'm interested always in the waters of. this ship. so what we've got to do is identify the threats that we have it's crazy. let it be an arms race. spearing dramatic development only personally i'm going to resist i don't see how that strategy will be successful very critical time to sit down and talk.
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the u.s. attorney general refuses to testify before the house judiciary committee on his handling of the report the session was a label a circus by republicans with one democratic member brandishing a prop. chicken bar should have shown up today and answered questions you think yesterday proves not terrified is it before anybody still in the circus continues over here. the us is the set to continue its support for the saudi intervention in yemen after the senate fails to override president veto of a resolution that would have ended us and gave them it in the war.

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