Transcripts For RT Boom Bust 20240713

A near high of 13 percent while the worst of the pandemic seems to have passed in europe more countries continue to reopen their economies still the European Union is facing its worst recession ever and france suggested the e. U. Issue bonds of at least one to 2 percent of the e. U. G. D. P. For the next 3 years so essentially it would be between a war 152300 1000000000 euros this according to a reuters report will mean while South African countries are calling for the lock down to and this is up to 4000000 jobs that are at risk keep in mind south africa is the continents most industrialized economy and if not contained the World Health Organization predicts a virus could kill up to 190000 people in africa in the 1st year all this comes as australia joined the United States and called for an investigation on chinas handling of the corona virus on friday well try. And as ambassador to berlin we can told a german magazine they are now open to approach but they reject putting china in the dock without evidence assuming its guilt and then trying to search for evidence through a socalled International Investigation for more numbers and information on the coronavirus be sure to check out our portable t. V. s and look for the section tracking coronavirus. Turkey is doing what it can to prevent a full on slide of the lira against the dollar thursday turkeys government actually blocked 3 International Banks from trading its currency in an effort to Block Investors from continuing to bet against the countrys weak financial standing the 3 banks citi group b. N. P. Par about and u. B. S. Group are no longer allowed to process transactions involving the turkish lira well joining us now to break it down with cohost and investigative journalist ben swan then this seems to have been a bit of a panic move here wouldnt you say why did turkey really feel the need to do this. Well it was a bit of a panic move us talk about kind of why they felt like this was happening theres a lot going on in turkey right now especially in terms of the kind of devaluing of the labor as you mentioned but one of the things that were seeing right now is as you said in the lead up that you have a number of investors who are really betting against turkey right now and what turkey is trying to stop are investors from essentially selling off that currency causing it to devalue even more so one of the things that theyre doing right now is trying to deal with coronavirus panic theyre trying to deal with the loss of jobs and Service Industry thats hurting in turkey but theyre also trying to deal with the currency that in the last 2 rounds has really dropped significantly on thursday we saw a drop about another 0. 8 percent against the dollar so when you have a currency thats beginning to freefall as turkeys is beginning to the country was trying to do whatever it really could to shut down and to stop investors will push it further when we know that turkey has as looking at a possible 2nd recession in just and 2 years theyve contracted expected to contract by 5 percent but panel why why is this why is why did turkey target these it 3 banks in particular. Yes so these banks in particular were targeted because i will give you some information here essentially what these banks do all 3 of them they act in the Foreign Exchange market which allows them to help investors and companies to trade in and out of those currencies including the lira so where they were trying to do is say hey were trying to target specific banks that have the ability to be able to use these Foreign Exchanges to trade our currency number one but number 2 theres Something Else that happened thats very important there was a brand new legislation that was passed in turkey and it was essentially a banking regulator known as the b. D. D. K. That was given new powers and those new powers include the unable to prosecute alleged market manipulation and publication of misleading information and it was under the powers of this agency these new powers that were granted that turkey essentially stop these banks from being able to trade their let me ask you this does Something Like this actually protect turkey and its currency and the euro or does it just send a signal to the rest of the world that the country is just in really bad shape well in the short term it might protect again when youre talking about currency go into a freefall you want to do everything you can to stop that as a National Government so clearly it helps in the short term but in the long term youre right its a bad look it looks bad when when there seems to be so little confidence in your countrys currency that d youre having to step forward and do these extraordinary measures in order to stop it no what turkey is saying is that its not that their country is in such bad shape or their currency is in such bad shape its of there is market manipulation taking place and that investors are essentially trying to swap that currency in order to make a quick buck and so what theyre saying is its not its not the insecurity of our currency its the action of these market manipulating forces that are actually heard about a minute left but i do want to get the thought question and Turkey Central Bank there talking about the currency swap with the United States how likely is that going to happen. Yes not very likely because apparently the u. S. Is not very keen on this idea now the u. S. Does have these kind of currency swap agreements and these foreign currency deals with other countries brazil has a deal with the United States norway has a deal with the United States turkey has wanted one for some time but apparently the u. S. Doesnt really like the idea for a couple of reasons one is that the u. S. Is a little kind of sketchy on its relationship with turkey no one even really knows what it is is turkey an ally is turkey an enemy and so theres theres a lot of questions surrounding that and then of course the issue of the fact that you have a fast devaluing currency does the u. S. Want to immediately tag itself to some kind of a currency swap with a country that has that problem doesnt look like right now at least in the near future that thats going to happen when its funny because the finance minister reassured the country that the fed central bank have enough at least for the foreseeable future and off reserves well see how all that plays out with cohost bent on thank you for your mouth. So there are things. Affect are greatly impacted by a coven 1000 is the Auto Industry well many countries actually depend on the car industry both for g. D. P. And employing its citizens while the pandemic brought manufacturing to a practical halt across the world some plants are extending the shutdown while some are actually preparing to reopen china was one of the 1st to gradually reopen in april and a top Auto Industry official said the country saw an increase of auto sales of point 9 percent last month year on year but for more were joined by lauren. Coach lauren good to see you thanks for being on. Thank you for having me back well lauren chinas auto sales what and an almost 2 year decline if they really did rise to that point 9 percent what do you think caused this. Well i know that theyve eliminated the registration fees or typically were additional registration fees when you got 300000000 cars on the road obviously one of the things you want to do is get people back to the dealerships they were closed essentially for 2 months and one of the ways to do that is a limit registration fees and increase the eevee fee which weve been trying to get more people into electric vehicles because the goal is to eliminate fossil fuels in the country of china so theyre trying to get people more motivated and i think another factor would be that people are kind of string away from mass transit were seeing that here in the u. S. As well meaning that people are willing to purchase a vehicle all this week was scheduled to resume production out of shanghai factory in china but it abruptly suspended its start of the production on friday elite email apparently show that tesla is actually looking to restart production and a u. S. Car plant in fremont still there only operating at about 30 percent how is this affecting tesla. Oh its different in effect the bottom line is you still of overhead and costs i know that 3 months planning out opened at the end of may but as far as shanghai thats where they brought the model y. Out and there are some model wise here in the u. S. And of course you know when theyre new they want to make sure to keep that buzz going sales have been worth initially pretty good for in china so hes i guess hes hoping to continue that well and that and the back orders that we know exist for the company so stuff really affecting it speaking of tests on how the u. S. Auto industry is preparing to reopen but the u. S. Heavily relies on the supply parts from plants in mexico actually just south of here about 40 percent is that right of imports actually come from mexico and mexico is actually still working on on a plan to reopen a lot of these Auto Industry plants what effect are we going to see here well thats a supply chain is very important so thats what there is going on in michigan as well theyve had everything locked down Light Manufacturing and components are going to start up on monday the 11th thats the goal right now and thats also true in mexico and in canada that will get the supply chain going i dont know if a week is enough but it will certainly supplying some of the products for manufacturers who are playing to open up to begin with ford in a couple their manufacturers who are already up and running by the 18th of may there are still a couple of manufacturers who have not announced a new start date and i think the problem is theyre really concerned about supply chain remember they literally stopped the production line so there are some components in the factories and we know that auto sales are also declined about 800000. 00 cars sales fewer than than predicted for this time a year will get into industry recovers and if Congress Actually pushes to give them the stimulus that theyre looking to possibly give Lawrence Wright who are going to lauren fix the car coach thank you so much for your time thank you. The record high unemployment numbers the global reopening of economies has helped push markets up for the week lets start in moscow with the mo x. And ing on a green as a ruble did what it could do to stabilize against the u. S. Dollar will the Services Sector in russia hit a record low in april this due to some walk downs and the countrys central bank warned the economy could contract by 2 percent this year due to the pandemic moving to asian markets still more green arrows the shanghai composite was closed monday and tuesday of this week in observance of labor day holidays but up on the week well surprisingly chinas exports they actually grew 3. 5 percent year over year for the month of april this is despite the Global Pandemic imports however did fall the composite wrapped up friday up just shy of one percent now over to hong kong where the hang seng were seeing some similar trends here as the country reopens Analysts Expect the index to stick around the 24000 points level due to the uncertain conditions regarding trade and even the pandemic over to japan where the nikkei also up on the week but it was really only open for about 2 days due to the observance of a series of holidays the index did close friday up more than 2. 5 percent despite a lack of trading for the majority of the week in india we have our 1st red arrow with the sensex still some trimmed trim some of its losses in 5 weeks overall the index lost 6. 2 percent for the week now over to australia where the a. S. X. Is up for this week with some pretty strong gains the mining and Metals Sector had a pretty positive week australias currency also rose against the dollar well finishing in south africa where the j. S. C. All share also up for the week now lets head over to european markets where the 3 major indices are up for the week in france we see the cac finishing up pretty strong. 1. 5 percent on thursday and 1. 2 percent on friday the german dax seeing a pretty similar trend here pushed up at the end on hopes of easing tensions between the United States and china the index did gain 1. 4 percent on friday alone over to the u. K. Where the footsie also closed on friday actually for marking the end of world war 2 the index finished strong on thursday the bank of england kept Interest Rates up point one percent its going to continue to monitor the Economic Impact and take action as needed now moving across the atlantic over to brazil where the evil best is still on the downside mostly due to the political turmoil weve been talking about this over the last few weeks now that coupled with criticism of the countrys handling of the pandemic well its kept the index in the red and over to mexico where we have another green arrow thats right green arrow here well some of this is pushed up as auto manufacturers are working out their plans on reopening plants in the country and here in the United States all major indices the dow s. And p. And nasdaq all up for the week this is despite the countrys worst Unemployment Crisis seen since the Great Depression or at the rate of 14. 7 percent tech had a pretty good week overall with most of the things stock seeing some gains on did slide by 4 percent on the week and lets finish out the week in canada where the t s x composite is on the green well it was pushed up by an easing of some u. S. China relations and even the Energy Prices going up and this is in spite of the 2000000. 00 lost jobs reported for the country for the month of april and that is your Global Market walk. Time now for a quick break but hang here because when we return the coronavirus has shut down production in hollywood and across the globe will talk about whats next for the movie and t. V. Industry with former marvel exactly rick and as we go to break here the numbers of the. So what weve got to do is identify the threats that we have its crazy going from station let it be an arms race is on off and spearing Dramatic Development only to be engaged i dont see how that strategy will be successful very critical time to sit down and talk. With yeah you know like. A. While the pandemic has impacted revenues of nearly every industry hollywood has announced some major changes before stars and crew members alike can get back to work r t correspondent. Los angeles live and has more on the adjustments in the works natasha. Yes there are you know box lunches instead of the best say disposable makeup applicators and temperature checks are just all some of the things that hollywood could see when going back to work and even some more intimate scenes might be put on hold until a back scene is available the movie an entertainment capital of the world is taking the covert 1000. 00 pandemic seriously but just like the rest of the economy hollywood is struggling with reopening business well keeping this. 50 of its employees front and center after nearly 2 months out of work during a time when people are watching movies and shows more than ever industry executives are looking for ways to slowly pick production back up the stakes are even higher for some Companies Like walt disney and Warner Brothers as their new streaming platform is in dire need of new content by your name poppy ok now who are you guys the movie trolls hit theaters just before the penn demick broke out Universal Pictures released the video on demand calling the digital release a success but Movie Theaters like amc disagree some movie insiders say the release was perfect for movie like trolls when families had nothing else to watch but believes it wont work for every film the price point is 1. 00 where it irrevocably could and apparently has made most of its budget from Home Entertainment dollars that doesnt work with a movie like say in avengers movie where they need to throw over a 1000000000 for them to be profitable over studio but were going to list of how movies are released in the future in production might look a little different than before instead of having some 300 people on set at once for large movie producers will be looking for ways to have the same type of scene with only 75 people or so groups may be staggered and some could work remotely smaller crews tightly controlled sets and minimal travel are to be expected in the beginning in person wardrobe departments may be temporarily phased out make up and hair artists who touch up in between sets may watch the actors with an i pad or monitor executives say they expect to have sanitation crews disinfecting sets throughout the day hollywood is seen a 22 year low an Industry Leaders are predicting the impact of coban 1000. 00 could result in the loss of 20000000000. 00 for film and television according to film l. A. President podley the Film Industry has always been a massive piece of the economy of this region so figuring out a safe way to bring filming back is going to be critical to recovery film the Nonprofit Group that. Handles film permits for the city and county of los angeles so it is expecting a 1st planning meeting with Public Officials early this month theyre expected to discuss Safety Standards and a timeline of when they can safely resume work in the meantime insiders believe hollywood will get back to filming by september but places like georgia are looking at set construction as early as june thats. True. I want to go to dreamland netflix is serious about getting back in the game already laying out specifics to reboot its production theyve already begun filming in south korea japan and iceland the streaming platform plans to pick up filming in sweden this month and norway in july that flexes chief content officer same temperature checks box lunches and disposable makeup applicators are a must scripts may need to be rewritten or Technology May be used to recreate a scene but without knowing the specifics of government guidelines sag aftra one of the biggest unions for hollywood says production what were trying to normal until a vaccine regular testing entry scene are all in place and others say well proper sanitation is obvious filming may require cast insurance. Now something that might be key into getting things rolling again the Directors Guild of america are working with other Industry Leaders from around the world and theyre putting together what theyre calling a comprehensive guide so that they can all be on the same page reporting in los angeles the toughest suites party. For more we are joined by the former president of Marvel Marvel Character Group and host of the record of our show mr unger himself reg its good to see you thanks for coming on. And pleasure good to see 2 well lets start with what natasha just mentioned they could be losing up to a 20000000000. 00 hollywood that is some say even more than that how much are we actually looking at here. Well its hard to say because you have to analyze this well beyond the question of Motion Picture that have their 1st screening in a in a Movie Theater you have to remember where most of the revenue d for the studio is you have to make a distinction here between production and Production Companies and studios the real money in studios comes from syndicate their scripted Television Programs those are still on the air and presumably they are still being paid and thats a big piece of the puzzle the Motion Picture business sense of i have to tell you has never been a fantastic business your reporter mentioned Something Like the avengers the avengers or the tempo movie where you have a Huge Investment something in the area 202250 1000000 dollars youre going to spend another 100000000. 00 on prints and advertising for a film like that so yeah you do have to get back that 1000000000. 00 but that is not really the case with most movies most any movies or lower budget and they also dont make much money its television that supports the studios and its obviously going to change the crown of earth is changing the landscape of how are going to move forward with this cuts encourage something atocha mention very important how is this actually going to or will it affect the quality of movies and production that thats going to be released. No because when they start to make new things again the crews will come back thats and this is not the 1st time crews have experienced this weve had many strikes whether it was a writer strike or an actor strike that that shuts down the industry to this is something that is unknown to the to the Entertainment Industry as crews will be back as production begins to grow here and heres my question for you as it becomes to come back though are we going to see for example avatar and lord of the rings and they started working on sequels now in new zealand its a country thats only had about 1400. 00 infections and only 21 that do you perhaps the more productions moving to places like new zealand getting occur and taking them to these places where theyre they say its all less infections where you dont even have to take a crew with you if youre talking about a country like new zealand they have great skill people down there remember a lot as you pointed out a lot of films of already been made there mostly Peter Jackson the looms there but you know again remember that so much of the movie industry is already disperse from the Los Angeles Area you have all of those states that offer tax benefits to making the movies their new mexico. Carolina i mean it goes on and on and on so i really do question the how much ultimately the impact will be yes youre going to lose a good 4 to 6 months of production time here and this is going to be much tougher on Production Companies i thank then it will be for the studios themselves because they still have revenue come along and maybe not from the Movie Theaters but that television are we going to run out of content here i mean if theres television that the episodes of the new releases that are still coming out right now but are set to premiere september i know a few shows that have halted production for it are we going to out of content. Well theres good news and bad news you were talking about scripted content yeah theyre going to be behind and its going to be a little bit tougher for them to catch up you know its hard to double up on scripted show reality programs which is so much of good will get you where you know its all good you know you a whole lot of time to gear up for a lot of competition the voice for example American Idol a lot of these t. V. Shows have now taken out to work from home which is a little bit different quick answer here but do you see animation animated cartoons or movies coming coming to light more of this. Remember youre talking to an animation guy thats when i was here i had much of my life my audience here is i certainly hope so but the conversation were having here in the studio and were all hoping for that former president of Marvel Character Group and host of that rick on our show rick ungar thank you so much for your time today my pleasure. That by the time you can catch them both on demand and you cannot watch us on you tube dot com slash boom bust r t well see you next time. As a reporter never fails to deliver the goods and weve been saying for a few years that ultimately theyre going to 100. 00 trillion dollars japans already down a percent debt to g. D. P. Their feds Balance Sheet kuroda their central banker has already taken their central bank about 100 percent of g. D. P. In terms of debt thats buying a lot of china. So merican 6789 trillion dollars theyve got another 60 trillion to go the globe is set to go to 100 percent g. D. P. Debt to the Balance Sheets of the central bank. From the above trail of tears pure as you can see the 1st place in us unique. Rules said unity is that as a dog was a potential solution of wishing to go through the. Temple taste sure strain deal and meaning to be a small body over but im sure many. 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