Transcripts For RT Boom Bust 20240712

This is boom bust the one business show you cant afford to miss and washington coming up the standoff between President Donald Trump and twitter has escalated yet again as the social media giant has put a notation on a tweet from the u. S. Leader regarding civil unrest this comes just one day after signing an executive order against social Media Companies will bring you up to speed plus World Markets have had a good week but could rising tensions between china and the United States affect the run well bring you the details with our Global Market watch and the copen 1000 outbreak has slammed a number of sectors especially the Music Industry which thrives on Live Performances we bring you expert insight on the topic with a packed show today so lets dive in. And we lead the program with the latest on the contentious relationship between. U. S. President donald trump and twitter now the tweets in question today come as unrest in minneapolis minnesota escalated thursday evening as protesters broke windows and scaled a fence and eventually set fire to a Police Precinct station in the city demonstrators have taken to the streets of the southern portion of the city for days following the death of george floyd who died in Police Custody while handcuffed as an officer pinned him to the ground with his knee while floyd said he could not breathe now this sparked protests throughout the nation as well friday afternoon Derek Shaaban the Police Officer who held his need to floyds neck was taken into Police Custody on 3rd degree murder and manslaughter charges in a tweet posted early friday morning the u. S. President took issue with the handling of the situation by local officials adding a reply to his initial point stating these thugs are dishonoring the memory of george floyd and i wont let this happen just spoke to Governor Tim Walz who told him that the military is with him all the way any difficulty and we will assume control but when the looting starts the shooting starts thank you twitter and response put a notation on the tweet which states this tweet violated the twitter rules about glorifying violence however twitter as a term and that it may be in the publics interest for the tweet to remain accessible after the social media giant put this label on the tweet the president took issue with twitters action posting twitter is doing nothing about all the lies and propaganda being put out by china where the radical left the Democrat Party they have targeted republicans conservatives and the president of the United States section 230 should be revoked by congress until then it will be regulated section 230 of the Communications Decency act says that Interactive Computer Service cannot be treated as a publisher or speaker of 3rd Party Content President Trump has taken action against social media giants this week due to these types of notations being recently added to his tweets so joining us now for an update on this situation were joined by boom bust cohost christine and ben swan now ben i know we talk to you a lot about this on thursday and theres more to discuss what do we need to know about this latest escalation between the president and twitter. Well i think the biggest thing is really the specifics of what the president laid out in this executive order when we talked about the some thursday that executive order had not yet been released now it has been and what we know about it is that the president decided some very specific reasons why and i alluded to a lot of these yesterday but easy easy explain a very specific reasons as to why this executive order is necessary what he is saying is that twitter and facebook and google are essentially violating that protection clause that is section 230 because they are not acting as a platform and they are instead acting as publishers and as soon as you take on the role of censoring comments deciding what conversations can be heard what information can be heard youre no longer acting as a platform youre acting in an editorial role and thats what hes citing as the reason that they are in violation of essentially their role as a public platform acting as a publisher and therefore are not going to be able to receive protections under section 230. 00 thats what he laid out in that executive order when it was released and now has this affected the bottom line for these social media giants i mean is that affect the stock at all for Twitter Facebook and google which were directly mentioned by the president in the initial points yes so google not really facebooks down on friday and twitter is actually down about 2 percent on friday so we do see that those stock prices are down but i dont think its necessarily as big of a deal in terms of stock prices certainly not in a day the question will be how do these Companies Respond to it because essentially what the trouble ministration says is theyre going to put the f. E. C. And the f. C. C. And the f. T. C. All kind of monitoring the actions of these companies and if they find that these companies are acting in violation of section 230. 00 where they are no longer going to receive this kind of protection theyre going to go after them and so long term i think this has a huge effect on these companies it could force them to change their algorithms that could force them to step away from these policies but we all know its going to. Have to go to court eventually its not just going to sit like this well unless congress does do something not something that President Trump said when he released this executive order is he says that he has democrats who are supporting this as well we know that democrats in the past have said they support this kind of thing the question is will they line up with him on this or are we in such a polarized that you asian that democrats will say no we cant side with drum on anything especially during an Election Year kristie i want to actually transition to Something Else that the president said here now we heard him actually accused twitter of not doing enough about chinas propaganda but the president has a lot to say about twitter including the stance that his administration is taking on hong kong stating that chinas plan to impose a new National Security law on hong kong puts it in direct violation of its International Commitments the United States and its allies you know what is china saying about this plan to impose this new security law. While china right now is facing mounting criticism over its new security laws on the name u. S. The u. K. Australia and canada have all publicly condemned the legislation but china is rejecting all of this criticism and right now were in a bit of a bluffing game the u. S. Claims that china wont allow hong kong to lose its special status that it is valuable to trade and its a foothold in the west and its still the preeminent Financial Center in asia however over in Mainland China that is certainly not the story that theyre saying that china is saying that the cost of allowing the protest movement to flourish in hong kong basically right under its north outweighs the benefit of a separate legal system that attracts foreign capital so its response is keep hammering back at hong kong that doesnt really stall any other problems and further sanctions and restrictions will only hurt the people in hong kong if we know who are in opposition to beijing and American Companies and not as a reminder that more than a 1000 u. S. Companies in hong kong could in facebook amazon Johnson Johnson microsoft and more as well as a lot of u. S. Nationals. President trump issued a status change for hong kong friday from the white house heres what he had to say when speaking about the new chinese law. Therefore i am directing my administration to begin the process of eliminating policy exemptions that give hong kong different and special treatment my announcement today will affect the full range of agreements we have with. From our extradition treaty to our export controls on dual use technologies and more with few exceptions. So now kristie that Hong Kong Special status has been actually revoked what could be next for us china relations. Well this is the beginning of the irreconcilable split this is the start of a great a coupling between us and china basically bifurcating the World Economy into 2 spears of influence on college just another chinese city and shanghai will instead rise as the international and Financial Center so as a result called Global Economy would be devastated as currently enjoys in there travel between the u. S. And asia and the region is exempt from u. S. Tariffs and probably most importantly there is a Free Exchange of hong kong dollars for u. S. Dollars so if the u. S. Is to restrict the Hong Kong Monetary Authority Access to u. S. Dollar that is actually the extreme Nuclear Option on the table that would restrict the flow of capital the lifeblood of the economy and basically devastate thanking investment shipping logistics all that flow through hong kong right out of the major hub all the while triggering a widespread couple flight because hong kong is known for having low taxes so this is the Nuclear Option so to speak and it really is a double edged sword that will not only harm the interests of hong kong but also significantly those in the u. S. Because in the event that the u. S. Would like to pursue that extreme option of banning Hong Kong Clearing u. S. Dollars hong kong would be cut off and traders would have to seek an alternative global currency in order to work with and most likely theyll either have to resort to you know the euro or the r. And b. And basically the last thing that the u. S. Wants right now is for the army to gain even more global problems now ben i want to follow up on one story weve been following obviously for quite some. Time now Chinas Foreign Ministry said friday that canada is an accomplice to the u. S. Governments efforts to bring down chinese tech giant weiwei and said canada should immediately release while way executive many ones oh is there truth to the claim that canada is working inappropriate in appropriately with the United States and its case against weiwei c. F. O. I think theres a lot of evidence that that is true i mean if you look at the situation on the way to main ones 0 was essentially arrested in canada she was detained she was lied to reportedly about why she was being detained she had her cell phone searched while she was being lied to without being detained with the way the canadian authorities conducted themselves was essentially acting as an arm of the department of justice for the United States even though you know many ones i was in canada at the time she was not in the United States and yet the canadian authorities acted as if they were basically acting as if they were agents of the u. S. Government and so her rights in terms of her canadian situation have not been met she has not been treated fairly in that situation and so the fact that the canada continues to hold her and is now trying to extradite her still to the u. S. Remains pretty puzzling at this point and will keep up on that story boom bust cohost christiane and ben swan thank you for breaking all this down for us today. Global markets are all up this week although took a hit thursday and friday over concerns of rising tensions between the u. S. And china but lets start in russia where the mo x. Ended just for the week despite the countrys reopening Falling Oil Prices led to a rapid Economic Contraction the ruble weakened point 5 percent against the u. S. Dollar on friday alone lets move to asia where we have all 3 indexes there also up the shanghai composite on the week investors are closely Monitoring Market reaction over chinas controversial National Security law for hong kong that was approved on thursday that the hang seng is also up on the week despite the ongoing protests over the autonomous bill announced on thursday the index lost point 7 percent at fridays close and dropped 6. 8 percent in may as the worst performer of the asian markets this week now the nikkei in japan it rallied this week as the country completely lifted its state of emergency after a sharp fall in new coronavirus cases the index closed lower on friday due to the factors we previously mentioned Pharmaceutical Company sankyo and top and printing they were fridays best performers gaining more than 8 and 5 percent respectively lets move to india where the sensex is also up on the week after seeing a surge in midweek despite a growing number of new coven 1000 cases the index rallied more than 5 percent this week that nifty also gained nearly 6 percent moving to australia where the a. S. X. Saw its 5th week of gains this despite declining more than one and a half percent on friday to close investors kept an eye on u. S. China relations as shares of major banks such as Commonwealth Bank of australia and west they also dropped now the all share in south africa is up on the weekend this is despite the countrys battle with corona Virus Testing kits south africas lender capita ecb and. Said it expects half yearly profit to decline by more than 20 percent so lets go ahead and were going to take a walk over to the other side of the studio to look at europe and the americas where its really more of the same in europe all 3 major indices they are up for the week and thats mostly due to the european banks record 826000000000. 00 stimulus package in london the footsie fell more than 2 percent on friday as investors had their eyes on the u. S. President s comments on china the countrys travel stocks saw some big losses cruise operator carnival p. L. C. They took a huge loss and was hit hardest down 11 percent the german dax and french cac like the footsie saw some losses on friday each losing about 1. 6 percent again over those tests and the tensions between the u. S. And china that are so concerning lets move across the atlantic to brazil that. Is also where because the real had seen a 6 day winning streak before sliding more than one percent this week data released on thursday showed brazils Unemployment Rate up to 12. 6 percent markets are expected to keep sliding over the handling of the coronavirus as the country surpassed the u. S. As cope nineteens new epicenter lets move north to mexico where the b. M. V. Is up on the week and thats despite the countrys struggle to contain the coronavirus Government Data showed the economy could track had by 1. 2 percent in the 1st quarter of 2020 and that was actually smaller than preliminary estimates as the country takes more steps in reopening Mexico Central Bank slashed its 2020 g. D. P. Forecast expecting contraction of almost 9 percent predicting as many as 1400000 jobs will actually be lost moving to the new u. S. All 3 major indices are up on the week the markets bounce back friday after president made his remarks regarding china stocks are also up sharply for the month bank stocks were lower on friday Wells Fargo Bank of america each lost about. 2 percent and were going to finish up in toronto the t. S. A. Is also up on the week the index moved to its near 3 month high in midweek but fell at the end of the week and this is again due the concerns of those tensions between the u. S. And china and a large fall in the Energy Sector as u. S. Crude prices fell 2. 4 percent per barrel and that is your Global Market walk. And time now for a quick break but hang here because when we return the coppa 19 outbreak has slammed industries across the globe especially the Music Industry which thrives on Live Performance as we bring you expert insights on the topic straight ahead as we go to break here the numbers of the clothes. But if i tell you that everything you knew about that movie the matrix. Drugs has come from unscrupulous dealers from pharmacies to in every state in the United States weve seen these very sharp increase in the number of people seeking treatment for addiction to prescription opioids. Invented america under the banner of medicine persisted with the pain that instead of trying to wean him off though she did dose after dose after dose if your dose and really became his drug dealer whos to blame. Doctors manufacturers. 54 jets and more than 1300 military personnel are headed to heal some air force base in alaska where is that to say come on ill show you whats the reason for any type of enhanced u. S. Military presence in this area rush up. What is it suddenly about the South China Sea that makes it so of added 11000000000 barrels of oil. Take a look at this map who really owns what kind of says no it belongs to us india says no we claim that that belongs to us both of these countries have Nuclear Weapons capabilities there is reason for concern so thats why were going to drill down on this story for you today right here on the news with rick sanchez where you know as we always like to say we do believe by golly its time to do news again. Welcome back to the coronavirus pandemic has impacted all sectors and this includes the Music Industry numerous Music Festivals concerts and awards shows have been cancelled and several album releases have been postponed not to mention all the people in the industry who have been laid off but how long will this continue archies Trinity Chavez has more on the story. It all started with a few display shows in europe and in asia but then came toppling down after the global music tech conference s. X. S. W chela then tour dates for everyone from pearl jam and postpone canceled north americas largest concert promoters 18 live nation suspending all shows including major weakness and underground clubs by mid march to corona virus pandemic had effectively put the multi. 1000000000. 00 concert industry on an indefinite pause projecting the industry would make a whopping 12200000000. 00 thats with lee change though overnight as much of the country went on lockdown amid the coronavirus pandemic the music business is worldwide fighting global streams like spotify have jumped around 11 percent to 226. 00 plays in the week of march 13th that same week countries around the world began shattering all gems bars restaurants and all other nonessential businesses the data showing audio stream e numbers were down around 10 percent the week prior while Video Streaming Services saw a spike of around 14 and a half percent during that same time period a list artists including lady gaga and alicia keys forced to postpone their album releases experts estimating the business sector alone could lose up to 9000000000. 00 if lockdown restrictions dont fully lifted by the end of the year but despite the pandemic some companies are forging ahead Warner Music Group which is home to stars like ed Sheeran Carty b. And led zeppelin announced this week that they will proceed with their initial Public Offering while the company had nearly 3 1000000000. 00 in debt and only 484000000. 00 in cash in march the i. P. O. Would value the companys equity from 11700000000. 00 to 13300000000. 00 compared to 2011 when it was only valued at around 3300000000. 00 but a New York Times and Sienna College Research Poll found that when it came to new yorkers most are reluctant to attend Live Performances starting in september but were more likely to do so at the end of the year if Safety Measures were put in place meantime a recently released Goldman Sachs report projects that the global music venues will drop around 25 percent this year mostly because of the heavy blow the pandemic has had on live events a crisis forcing artists and their teams to find new ways to move forward many Going Digital life streaming concerts and singalongs. All from the comfort of their own home reporting in new york Trinity Chavez r. T. While we may focus on the big picture of national and International Artists like lady ga ga being hurt by the pandemic lets take a look at some of the smaller independent and local musicians to do this were joined by josh simons cofounder of van for a location based social and professional mobile platform that facilitates Music Discovery networking and communication between musicians and Vincent James cofounder and president of keep music alive dot org thank you both for joining us today to talk about this very important subject vince and i actually want to start with you how are musicians who make a living playing live shows handling the pandemic as bars clubs theaters and even coffee shops where they may have been played have all been shattered at this point. All musicians who typically make a living by and especially i know and i really awesome many of them return to technology and scheduling my virtual informants just where the instagram or other platforms and what this is allowing them to do is to connect directly with our audience on one not just locally. Its also giving them opportunities to solicit donations whether its. Where you can membership sites i say patriotic and one thing you stations and you see educators icicle challenge to overcome missed some day to be able to swarm lie remotely but still be staying on course yes on this we have i so its just its so really theyre trying to technology and our my father and i the screen and josh we talk about the Technology Aspect of this we know music is a very collaborative art form how does your platform or how does a platform like vampyr. Work to foster this connection with music amid the pandemic. Show amine prior to the pandemic of course using. Ive always played red in a number of one number of ways online offline and internationally locally so event has kind of as a technology been doing what we are now doing in this kind of incident we were doing it already and we have seen a rise or a natural rise in traction on the product which is you know theres a lot of products out there like sample which to help people connect with one another obviously that the restriction of it is that we can collaborate together in a very many more like we used to so what were saying is a lie and some these technologies that allow us to do it the incense that and now vents and you know keep in kind of a an idea on the business saying here this is a business show of course have music stores which are very small and music schools dealt with the pandemic of social distancing measures have taken place now we all know music stores have actually struggled in recent years as big conglomerates like Guitar Center and musicians friend have kind of taken over much of that sector and they were already struggling where you saw people who were in in business in cities for 50 years have been forced out of business over the last 10 over the last decade or so so what are you seeing there how are they actually able to deal with this pandemic. I think when a lot of local independent music schools and just cool ski stores are doing its what they turn to typically and what helps them stand out from the grandparents and the internet is just still trying to rely on as much personal service as they cant through their social channels are trying to create and maintain social connections with their existing customers and build new customers especially community where they resized trying to make they want stores to back open up again so community will remember that they were there i also see a lot of them putting on online recyclables and open mike accounts on their website and facebook and other social channels and just giving them a chance to interact with their students and to provide opportunities to students in gates so that once you know its a lot going on really if you read it it will still be there for them eh. And now josh monitoring also you just actually launch a feature that affords in a kind of musicians the opportunity to publish their music and submit it to brands marketers Video Game Developers and film and t. V. Producers why this such an important feature and really how hard was it for for independent artist to get those opportunities prior to this. Show so publishing was something that we were probably going to do anyway that we foster during the 19th of the reasons that you guys 6 you know explained in that interim video that the Live Performance is basically nonexistent right now you know screenings even down 10 percent as people tend to netflix and of the forms of entertainment on the phones and its on that song so publishing present another i guess revenue stream opportunity for the artist to make money and the army social platform that speaks to musicians that actually offices whats technically sync representation which is so os the right to go ahead and place those songs in the forms e said soames save a measure success so its a really Exciting Development for us but its also really important ones for the obvious because it does give them that essential at an extra revenue stream in a time when most who Revenue Streams of you know civilian. Thank you so much for both of you for joining us today Vincent James of keep music alive and josh simons vampyr thank you both for your time and keep it on this important important. Thank you. And thats it for this time you can catch boom bust on demand on the brand new portable t. V. Up of ailments more phone through google play and the Apple App Store by searching portable t. V. Or you stream us to your t. V. By downloading the portable t. V. App on apple t. V. And online at portable dot t. V. Keep an eye out for a variety of new content coming in very very soon find it now portable t. V. See you next time. You need to be up with this tool is human and we said. Just that. Theres not. But im also the most companies you know and that gives easy to please when i began. This company she told janish you know because you didnt you know to do so you just pull you. In the head of the notion that you see him a little you i dont know you kind of this. Little kid is he the kid you. Think they. Are to you and this to you. Soledad. Because the. Economy the cost in charting the future would depend any good peering to recede it is time to assess the economic damage is the crisis change the Global Economy and if theres going to be a recovery. And are there lessons to be learned. And. Certainly a we entering a completely new stage in sas. Not just the progress but needs to humankind i think we. Already passed the peak of this willingness to be most global and most. Progress in terms of developing development of technology is they can do that album of communication i dont think it can be stopped so. This control going to say this is going to addiction between safe life and us will share plans with will not disappear. Hello everyone lets take a look at todays menu to see what were serving up the press if youre a problem figuring out where youre from a mere drop and you aint black they dont have to do a job that have to do with the fact i watched big for my Community Former Vice President joe biden makes a racially charged gaffe on i m p l a radio show and wait until you see how one prominent media member has excuse the remark its it was it was out in full down their head i said i understand that 1000 people died and all you did was try to help your friend the president a full scale blow up and meltdown on c n b c squawk by