We go to work. Straight home. This is the one business show you cant afford to miss. In washington coming up Global Markets take a dip on tension between the United States and china well get the latest insight from dean of the miami her Business School john quelch on capitol hill round up on the pressure on amazon c. E. O. Jeff bezos amid a possible criminal antitrust investigation and local Food Supply Chains are under stress especially when it comes to reproduction well tell you what countries and workers may be most affected we have a packed show for you today so lets go and dive right in. The krona virus pandemic has infected more than 3500000 people globally and reached a death toll of nearly 250000 while the rate is slowing more European Countries are lifting restrictions on their reopening their economies italy cautiously lifted some restrictions while others remain in place spain reported its lowest number of cases in 2 months and marked a 6 week record low of 164 deaths and 24 hours south korea plans to gradually reopen schools starting next week as social distancing measures were relaxed while other countries continue to see a surge in cases the death toll is expected to overtake italys as of sunday the u. K. Saw 28446 this is just behind italys 20884 japans Prime Minister shinzo abi announced it would extend its walk down until may 31st. Learned from japan has not reached the explosive spread of infections. As an older countries its supposedly results are beginning to appear such as the 50 reproduction of the whole country falling below that proves that there is still considerable number of new infections the liber of infections is not declining at a sufficient level. Meanwhile white house model numbers just in hours ago they project that number of corona virus deaths will increase to about 3000 per day by early june now the New York Times reported the data came from an internal document however a white house spokesperson said the document was not presented to the task force so this comes as dozens of states have already begun reopening this is despite an increase in some numbers and the hunt for a vaccine continues on monday the European Commission pledged 1000000000 euros for the pandemics Global Response described as the start of the pledging marathon of the Commission Hopes to raise 7500000000 euros Prime Minister Justin Trudeau pledged 850000000 euros french president emmanuel mccrone promised 500000000 and german chancellor Angela Merkel pledged 525000000 now World Leaders held an online pledging conference but the u. S. Did not participate however the white house said it does expect to see 3 to 4 vaccine and her final testing eventually director of the National Institute of allergy and Infectious Diseases dr anthony felt she said its possible there could be a vaccine by early next year this while President Trump said he was confident there will be a Coronavirus Vaccine by the end of this year before numbers and information on the coronavirus be sure to check out our portable doughty up and look for the section tracking coronavirus. Market analysis were joined by chief strategist up of a trading Todd Horowitz todd at the u. S. Treasury Just Announced this was just hours ago just how much it expects to borrow this quarter now we saw it we knew it was going to be a Record Number its 2. 999 trillion what do you make of that number. You have there are not a big fan i think that there are going away or over the top but of course this is just the next sign and the the money printing experience that we are so lucky to achieve in of course the fed continues to be involved in a place they shouldnt be so are overly involved i think this is just another sign that hey theres some issues but be that theyre going to create a bigger meltdown once that happens on thats only for this next quarter i mean we can only project or see how this will play out but global stocks did fall over the weekend u. S. Futures at one point were down 300. 00 points early on monday weve seen 2. 00 to 3. 00 days of losses now even after the s. And p. Saw its biggest monthly gain since 1987 for the month of april but what should we be expecting this month the month of may. Well you know its always hard to say were expecting but certainly the trend is still higher you know we actually last wednesday broke out to new areas which could have taken them our market much higher all weve done is fall back into a consolidation range and it looks like now were going to make another attempt to break through the of sight now again thats all has to do with the low cost of money and whirls youre going to put it right now so again to me the markets are going to go up until they dont and right now the trend is certainly still higher for the dramatic recovery april and after the big sell off and march and i get i expect eventually a run of the lows but until the trend changes theres no reason to say that the murder cant go higher weve already. Counter to the bad earnings were coming for all the information and markets are very efficient in pricing expectations so unless theres something unless you have a major change and grow in a virus it stops Getting Better we have to shut down the country again that would create a lot of meltdown and heartburn but unless that happens it looks like were going to continue to work our way higher when theres a lot of stimulus here a white house top economic adviser larry kudlow did say that he could he projects the quarter could grow even over 20 percent thats if the economy reopens and that the numbers go down now that remains to be seen but i do want to turn to the p. P. P. Funding were treasury secretary Stephen Newton said that 175000000000. 00 of the 310000000000. 00 have already been you know 2200000. 00 loans have already been processed and the average size were looking at a loan is about 71000. 00 white house top economic adviser larry kudlow said that a 3rd round might be necessary how much more are we looking at. You know its when youre looking at funny money they could be as much as they want i mean again this is all artificial and i dont understand why they dont actually make it loans to these businesses at very low Interest Rates over a very long period of time and that are printing free money and giving it away this to me does not fit any form of logic ive ever seen but of course its allowing again this the valuation of the we have by buying more free money printing so i think the better solution would be to loan Small Business money with an extended rate of low interest and extended time period but again they can print as much as they want as weve seen since 2008 i mean the process is a really never shutdown we continue to see the creation of new money which is not a good situation where we already know that the record treasury thats never been borrowed it was just under 1. 8 trillion this was in 2009 so were now looking at 2. 999 trillion its a lot bigger number than that i do want to ask you about the european markets though they also took a plunge this was after being closed on friday for the International Workers day holiday but on monday opened when oil and gas slipped the most at about 5 percent now this was mainly due to the rising tensions between u. S. And china around the start of the what the United States is calling the mishandling of the krona virus where do you see these markets going from here. Well it looks like again your remarks have been weak anyways now again they did make a small recovery as well in a burst of u. S. Markets and its going higher on the day i get i think that you know the european system is still extremely weak theyre still in and they may have major issues and i think that we could continue season weakness but at some point theyre going to be a buy theres going to be value there and as far as the tensions are concerned i mean i believe that theyre trying to dig mishandle a coronavirus i think that this is more an issue on what they did wrong and not letting us get in that report so i think that that creates the problem but the overall american or the u. S. Stock market was higher again so it was able to recover all those losses that it had overnight because overnight it opened actually ugly we almost went down but european markets again theyll be a buy at some point where im not quite sure well thats where well have to keep an eye on todd her with of a trading thank you so much. Thank you. As more countries prepared to reopen china is still cautiously easing restrictions with the new normal chinas quarterly g. D. P. Plummeted by 6. 8 percent the 1st contraction since the country began releasing figures back in 1000 iu to aprils Economic Data showed Industrial Production fall by 1 point one percent retail sales fell by 1000 percent and investment in fixed assets held by 16 point one percent imports and exports were down by 6. 4 percent but the country is taking steps to resume what theyre calling a normal life while some taking precautions a new report from the china beige book showed that of more than 500 companies surveyed 91 percent had reopened by late april but only 42 percent are operating at more than half their capacity well for more we bring in a dean of miami business. John some analysts predict a strong recovery once companies return to normal could china bounce back quicker than we thought. Probably not until the 3rd quarter or as you. Correctly pointed out although 91 percent of companies and businesses have reopened only 40 percent roughly are operating at full capacity the fact of the matter is that many chinese consumers are. Basically without sufficient funds relative to last year to really reactivate the consumer economy and many of them a skittish about the worried about not having enough savings to be able to shore them up if theres a 2nd wave so i think that predictions about a rapid bounce back probably a little bit over done well and some European Countries are also falling through 3rd beginning to lift some walk down the easing restrictions cautiously is there something to be learned from china in terms of how theyre lifting these restrictions and now for example implementing that social distancing becoming a norm. Well china is obviously a pretty tightly controlled economy in a tightly controlled country and there does seem to be a National Approach to the overall opening of the economy even though there is regional variation there is a National Oversight to that regional variation so i think that there is probably more of a systematic approach in china which may give ironically may give it a little bit of benefit in terms of upping the chances of reopening successfully without juicing a 2nd wave of facts and thats something that china is cautiously looking at as well as places country than europe the not opening up too quickly where theyre still keeping some places close but in the last decade weve seen the world become heavily reliant on china for manufacturing because its much cheaper now it is. Is it really that easy for countries to to sort of china and manufacture their own products. It depends what youre talking about if youre talking about low Tech Products obviously those can be migrated to vietnam for example quite easily if youre talking about very high Tech Products chances are that the u. S. For example probably has kept a pretty tight grip on those items that are on the cutting edge its the middle range of products where china has excelled as being the factory to the world and as more consumers in the u. S. And europe are poorer as a result of the virus theyre going to be looking even more for value for money and the value for money can really only be provided by an experienced low cost manufacturer and that experience is still in china so for all of the Wishful Thinking about lets read the lies production back within our own borders to reduce dependency the fact of the matter is china is still where the look the best value products can probably be sourced and thats something that. Ang Angela Merkel has also said from germany that thats not going to just happen overnight but i do want to turn to a last quick answer now President Trumpet favor now his favorite threat is a tariff hes floating the idea of imposing these new tariffs on china to punish for what we he is calling the mishandling of the crown a virus are we looking at another possible trade werent we just saying the phase one trade deal a few months ago. Well were in an Election Year so all bets are off and terms of. Restraint i think the Global Economy would be much better served if there was a very. A little talk about their tariff escalation but in an Election Year thats become the the way in which you beat up on china and thats the way in which were going to live i think for the next 6 or 7 months but i certainly hope that we wont see an escalation and this is really just a pulse during this is really a threat without substance because the Global Economy and individual National Economies do depend a pawn a reintegration and a deescalation of these National Treasure of a war thats really whats moving the market right now john called steen of the Miami Harvard Business School thank you so much for your time and your expertise. Time now for a quick break hang here because when we return when supply shortages are starting to show well tell you whats the beef as we go to break here the numbers at the club. I think ron to china. And the saudis are trying to disrupt the american challenge history oh my god imagine that theyre trying to disrupt the american shell in the street. You can. Yeah you know what. Amazon c. E. O. Jeff bezos is being called to appear before congress thats right the House Judiciary Committee says it wants to hear directly from bezos himself about claims that his company misled the committee over its Business Practices at issue is a report from april 23rd detailing how amazon reportedly uses data from 3rd Party Sellers to develop its own products well cording to the wall street journal on april 23rd the wall street journal reported the amazon employees used sensitive Business Information from 3rd Party Sellers on its platform to develop competing products lawmakers from both parties said in a letter to mr bezos on friday the report was based on interviews with over 20 former or current amazon employees and the companys internal documents well joining us now to discuss is. An investigative journalist ben swan never a dull moment with amazon is there ben lets start with these really what exactly is amazon accused of doing with this seller data. Yes so heres the deal with centrally amazon is being accused of taking 3rd Party Sellers on their web site gathering all kinds of data about them as everything from the price that they set for a product how that product is developed how that product is marketed whether or not the public responds what kind of response they get from different demographics in the public compiling all that data and then using it to create their own private label products and then selling them on their their marketplace in direct competition with those 3rd Party Sellers so an example of that for one example would be there was someone who was a company that was the top selling truck organizer thats what they were selling on amazons website amazon reportedly gathered all this data about them found out what they were doing how they were doing it then turned around and created their own private label trunk organizers that were amazon they so essentially the accusation here and what employees former employees of amazon are confirming to congress is that amazon is using this information theyre gathering from 3rd Party Vendors in order to compete against those vendors ok so there will be people here who say that amazon is just analyzing data on their own platform right if even illegal. Well it could be and thats thats the real question is it absolutely could be in the reason it could be is because it could violate antitrust laws you have to remember that most antitrust laws are not written for the digital age so theyre not specific towards the digital age however if you gather inside information about another company and then use it to compete against them on your platform and then you promote your own products the people who come on the platform and you bury those products then that essentially could be considered antitrust theres you know that as you mentioned this is bipartisan democrats and republicans on the House Judiciary Committee are essentially the ones who are pushing this there is a republican senator josh holly of missouri he sent a letter to the attorney general bill barr about this and in part he wrote this he says quote if these allegations are true then amazon exploited its role as the Largest Online marketplace in the u. S. To appropriate the sensitive commercial data of individual marketplace sellers and then use that data to compete directly with those sellers are taking their information and youre using it to work against them and thats why hes calling for the attorney general to investigate whether or not crimes have been committed absolutely yeah i mean for their part amazon though has denied these accusations in the past could that be a problem for them. So it might end up being a very big problem for them this is why the letter was sent to jeff bezos telling him he needs to come and testify in front of congress because yes there have been lawyers for amazon on a number of different occasions who have gone into the Public Square and said this is not happening but most recently there was a general counsel for amazon who actually got of in front of congress and said this was not having these names nate sutton he is amazons associate general counsel and this is what he said he said we do not use any seller data to compete with them speaking about 3rd Party Sellers on the site so essentially he is saying to congress under oath that we know as of lately there have been people who have been charged with crimes that were lying in front of congress he says it has not happened thats why congress to say we need to hear directly from the c. E. O. Jeff bezos we have a few seconds left but i want to get this answer before we we cut the segment jeff bezos hes never been called to testify before congress before weve seen jack dorsey do that weve seen. From facebook of do it what are the chances hes going to show up well then the chances are very good that will show up because when this essentially request was sent to him it was not an invitation i want to read you real quick it says the invitation to talk to congress was not a request this is a quote from jerry now ive learned he says although we expect that you will testify on a voluntary basis the committee will resort to compulsory process such as a subpoena if necessary so theres no question there hell have to show up so lets cohost bent on thank you. So there are things. In the wake of a nearly global lock down its a question many of us will soon be asking when at the Grocery Store wheres the beef but its not just be shortages were looking at now the World Health Organization is now warning of other possible Food Shortages in some countries well here to talk more about this r t correspondent fair enough fair and whats the beef there the beef is that you know because a call the 19 there has been a Global Travel restrictions put in place and that ultimately is to limit the spread of the virus but its adversely limiting the spread of certain foods is being exploited now looking at just the case of just be followed meat prices they are going to be rising for butchers and the costs will be passed along to the customer no 1. 00 chicago meat market even reporting that this week theyre going to be spending 40 percent more again this week alone and well be seeing the same when it comes to fast food restaurants now the only good news with all of this sara is that the price isnt going to be doubling overnight but it will start to have a steady increase but we will see beef go out for good or you know what we see weve got to go to the lockout is over well heres what one butcher shop owner had to say about that but i think youre skewed to be shortages of certain types of meat it certain chimes supply chain is having a hard to keep it off with certain things but i dont think i dont think its a real. Issue that were going to run out of the per se. Found were talking about a meat shortage there are some countries who eat less meat than others and what countries will be the most affected by this so we have this little map here thats going to kind of show exactly which countries eat the most beef so some of it seems a little bit obvious you can see that the brighter states there there are countries that have people consume up to nearly 150 kilograms of meat per year youve got australia argentina of course the United States has major meat hubs across the midwest including my hometown chicago known for its meat packing industry not closely behind the china canada nearly all of europe and nearly the rest of south america so this really is going to be felt on the global scale now beef production is down 25 percent this year alone and pork is down 15 percent you do have many stores limiting the amount of Meat Products people can buy which is probably going to be going on for the foreseeable future over here in the United States there was a recent outbreak at a number of Meat Packaging plants in particular im talking about the tyson food are they planning to reopen right so on the National Scale you had 20 workers that had died of cold in 19 in nearly 4200 meat packers at 115 Processing Plants they have been infected with corona virus which is why you had dozens of plants with nearly half a 1000000 workers processing pork beef and chicken alone closing at the same time you had President Donald Trump signing an executive order requiring me Processing Plants to stay open by putting precautions like social distancing in place well heres what the president of tyson says the company is now doing he says they have taken every possible precaution theyve hired Matrix Medical to visit their facilities where theres been a surge in cases all to make sure that the disease is not spreading in those plants and also knowing what goes on in the community he says this gives tysons team that actually make sure that they can put food on the american table so sorry you also had these out the court of south dakota scuse me a port Processing Plant taking its 1st steps and reopening monday after the plant also suffered a coded outbreak that infected nearly 800. 00 employees the plant was shut down for 2 weeks we are going to be seeing more and more meat price. Plants opening back up because of that executive order that trump did handout but youre also to have workers farmers even meat eaters alone like us already watching to see if these new food measures will be put in place and how well theyre going to work so well that prices prices for consumers will be affected arty correspondent thank you well thats it for this time you can catch a boom bust on demand on the brand new up portable t. V. App available on smartphones through google play on the Apple App Store by searching portable t. V. Or stream us to your t. V. By downloading the portable t. V. App on apple t. V. And online a burble dot t. V. As always check us out on you tube dot com slash boom bust our teeth see you next time. We go to work so you straight home. Time after time called her ration to repeat the same mantra sustainability very important to accelerate the transition to sustainable transport sustainability stay sober man at a more equitable and sustainable world. They claim their production is completely harmless. Because. Companies want us to feel good about buying their products while the damage is being done far away this is 2nd oldest. We dont even and im really looking. To do. So when. I say crime to china and. The saudis are trying to disrupt the american a shell industry oh my god i magine that theyre trying to disrupt the american shell industry. Thousands of american men and women choose to serve in the countrys military and the decision. Every song came to a complete. The day that i was right to be instructed you know told to shut up with it kill me and i see how it destroyed my life any screamed at me and he made me come in and he grabbed my arm and he write me with his birthday gary if you take into account that women dont report because of the extreme retaliation its probably somewhere near about half a 1000000 women have now been sexually assaulted in the us military is a very very traumatizing thing tat happen but ive never seen trauma like ive seen women who are veterans who have suffered military sexual trauma reporting rape is more likely to get the victim punished them the offender and almost 10 year career which shows very invested in and i gave the sex offender who was not even put to justice or put on the registry this is simply an issue of tower and violence male sexual predators for the large part of target whoever is there to prey upon whether thats men or women. Im going to youre going to. A folks you know him from the hunger games where he played peter. Mellark sorry i had to reference my hunger games glossary not quite what it should be but Josh Hutcherson has a new project now its called future man its streaming on hulu hes producing it along with the seth rogen funny hip law hed tell us about it right after this on Dennis Miller last month. And hey folks welcome to Dennis Miller plus one where guest is Josh Hutcherson hes a producer and he also knows
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