Transcripts For RT Boom Bust 20240712

This is boom bust the one business show you cant afford to miss im sorry mom to say ok in washington coming up japans longest serving Prime Minister announced his plans to resign on health and well the country continues to grapple with such a comic turmoil and nearly every organization in the us joint protest for Racial Justice but what does this mean for the multibillion. Have a lot to get to so much that started. The u. S. Commerce department reported americans increase their spending by 1. 9 percent in july extending the markets record breaking rallies well this is the 3rd straight month of consecutive gains for spending well this is the primary driver of the u. S. Economy this also comes weeks after the extra 600. 00 of Unemployment Benefits expired Commerce Department data also showed income rose by point 4 percent in july. Why after 2 months of declines meanwhile Credit Card Company capital one cut borrowing limits on credit cards while some customers had their limits were cut down by 3 fourths and theyre already seeing a negative impact on their Credit Scores in a statement the company said capital one periodic lea reviews accounts based on a variety of factors and may make changes to existing credit lines other credit card lenders may soon follow suit and this comes as lawmakers are still at a deadlock on a krone virus really fill. A huge day on what is without question one of the biggest tech stories of the year well chinese social media talk appears ready to sell its north american operations while the announcement is expected within just the next few days and we know that the price will likely fall within the 20. 00 to 30000000000. 00 range well as we have reported the term been a straight and has pushed tick tocks owner Chinese Technology giant by dance to sell its american operations after targeting the app over National Security concerns but who will be the new owner well thats a major question moving forward joining us now to tell us cohost and investigative journalist ben swan ben weve talked about this over and over again we know that microsoft had indicated it wanted to purchase tech talk but theres a new better trying to get a piece of the company. Thats right in fact its a new better thats trying to team up with microsoft so on one hand you had microsoft say that they wanted to acquire to talk you have on the other side oracle which says that it wants to acquire to talk about the way oracles probably gotten the most backing from the u. S. Government in terms of a thumbs up saying this is a positive they want to see oracle get it but now microsoft has a new partner in this bid and that is the commerce giant Walmart Walmart has now said that it will go in as a coal bit or alongside microsoft to try to acquire to talk and as you mentioned the price that were expecting to see anywhere from 20000000000. 00 to 30000000000. 00. And by the way this takes over the north american operations for tech talk thats the u. S. And canada as well as australia and new zealand so those are all the markets that essentially microsoft and walmart are attempting to buy up well then one actually saw its stock rise in the price rose by 4 percent on the news that its teaming up with microsoft on the bed now it might seem a little strange for a while mart to be so eager for a social media dam far up whats the strategy here if it does right when you hear microsoft know of non the big surprise there microsoft is one of the Biggest Software Technology Companies in america that does not have a social Media Presence they barely have a Search Engine presence in the name of being like who uses being rather than in maybe the spiderman movie so you know what essentially would be walmarts go here well let me read you part of the statement they put out walmart put out a statement saying the way ticktock has integrated ecommerce and advertising capabilities in other markets is a clear benefit to creators and users in those markets essentially they believe the potential relationship with tic toc partnering. With microsoft is going to add quote key functionality and provide walmart with an important way to reach in serve customers as well as grow our 3rd market 3rd Party Marketplace an advertising business in short walmart is not a big brand especially among millennialism and this next generation of tech talk users that are out there right whatever you want to call them generation x. Whatever you want to call them but the young teenagers and young adults who used to talk are not big walmart shoppers theyre not big fans of walmart what they are big fans of right now is ecommerce giant amazon they are much more likely to purchase and to buy through amazon so by walmart jumping into tick tock what theyre doing is theyre essentially gathering up you know hundreds of millions of new users who in the past maybe didnt even like walmart and have no real brand connection to walmart and now walmart can advertise they can market directly they could market through influence. To get people to use their ecommerce site and by the way just on a side note walmart since the start of the coronavirus pandemic has seen its ecommerce business which has far leg behind amazon rise by 97 percent so theyve actually grown a lot in that space during this pandemic theyve grown a lot during the pandemic yes but when you do talk to. Certain people from a generation and they go straight to amazon like you said do you think this will actually work. I think anything works right idea that young people are not going to go to walmart i think if you are a smart c. E. O. And if you brand things the right way yes you can move you can move people what theyre not willing to do is move millennial is to go walk into walmart and thats not going to change but what you can do is begin to expose millennialist to the idea that there is a nother ecommerce solution out there other than amazon keep in mind when most people think of ecommerce and they think of ordering online theyre going to think of amazon right 99 out of 100 people will when you think of walmart youre thinking of having to walk into the store wait in the line where theres no cashiers and go through a terrible Shopping Experience i think thats what most people see walmart not right but on the other hand if walmart says were really going to build out our ecommerce business and we have a nasa of platform with hundreds of millions of users on it who are young adults who dont ever go to the walmart they have a real shot here at expanding their business they do and to be realistic here i mean ive checked out their website and they have competitive prices you see the same product on amazon and theyre less expensive on walmart then meanwhile ticktock c. E. O. Kevin mayer in that he quit after being on the job for only 3 months claiming that there was an increasingly political environment made it impossible to run the company the way he believes it should run but there was also. Some news and reports that said that he was not a part of these microsoft. Purchasing play ochs right what else do we know about this yeah i think thats what it really comes down to essentially. I think if based on the fact that listen kevin mayor had only been on the job for 3 months with a very short amount of time remember he was in line at disney to essentially take over disney when bob iger retired he got skipped over for that promotion he was the one who put together the entire strategy around disney plus which obviously was a huge success and has done extremely well and so he went over to tick tock i think if theres an indication as to who is getting this bid whos going to win its the microsoft walmart bit and the reason for that is good because kevin ware said he stepped down because he was not part of that discussion in the 1st place and that based on what he knows and what he indicated he was not going to be part of the plan moving forward which is a little bit strange because regardless of who buys it up i mean this is a guy whos been very successful in terms of content creation in terms of moving used years over to a digital platform and to talk its only flourished under his leadership so exactly whos going to take over it indicates to me that whoever is buying that up already has a plan for whos taking that spot and he already knows that so thats what it probably sounds like to make it sound like that to me tail bents on the left coast and investigative journalist thanks for being with us today you got it thank you. Japanese Prime Minister shinzo abbay has resigned from leading the world 3rd largest economy citing Ongoing Health problems well Prime Minister added that the coronavirus pandemic and the failure to secure a peace treaty with russia only made the decision more difficult john hardy has more. Choking up at times and with tears filling his eyes shinzo our big japans longest serving Prime Minister called it quits has battled all sort of colliders for many years and several recent trips to the hospital where he had been receiving i. V. Injections field questions and concerns about his ability to continue leading the country or not and i apologize from my heart to the people of this nature but i am leaving my position under the coronavirus situation it is gut wrenching i want to have to look at my job before accomplishing my goals of a peace treaty with russia and before revising the college i took. Abbay who resigned once before because of Health Concerns said he failed to achieve his cherished goal of formally rewriting japans u. S. Drafted pacifist constitution and while pulling japan out of recession they said be economy was hit hard once again by the corona virus pandemic after news of the resignation broke japans nikkei average dropped more than 2 percent with selling wiping a reported 47000000000 from tokyos 5. 7 trillion market value despite meeting with russian officials including russian president Vladimir Putin over the years failed to resolve a decades long dispute with russia over control of a curial islands known in japan as the northern territories claimed by japan but administered by russia president putin said through spokesperson that abbay quote really made an invaluable contribution to the development of bilateral russian japanese relations likewise is also credited with bolstering japans military defenses on increasing diplomatic and trade relations with the United States and European Union Prime Minister abbay says hell stay on the job until a new party leader is elected and that should happen in the next couple weeks and ultimately approved by Japans Parliament that person then will serve the remainder of a base term through september 2021 for boom bust john hardy. Markets are mixed again this week investors are keeping an eye on economic recovery back Theme Development and those u. S. China relations starting in russia where the molex is down for the week this is despite russian president Vladimir Putin statement that the worth of the countrys economic strain from coven 1000 is over moving over to asian markets the shanghai composite up for the week on positive data on the economic recovery well chinas industrial output. Point 6 percent year over year for the month of july compared to 11 and a half percent in june and hong kong the hong saying is just slightly above flat for the week Electronics Giant shield me gained 12 percent on thursday alone after reporting profits more than doubled in the 2nd quarter in japan the nikkei ended slightly in the red it shattered nearly 1. 5 percent on friday this was obviously after the news of Prime Minister shinzo all be announcing his plans to resign over his Health Concerns in india the sensex finished up this week well thanks continue to push the index up and Reliance Industries also helped some of those games in australia be a. S. X. Its down on the week an increase of covert 1000. 00 cases in the state of victoria weighed on those stocks tech and gold also both declined on friday the all shares in south africa actually closed out the week in the green so investors theyre keeping an eye on the feds policy out of the us its moving it over to the americas and europe lets start in europe where the u. K. The footsie is just slightly down on the week the bank of englands governor said friday the central bank is not a fire power power and actually combating the economic turmoil caused by the pandemic this comes days after the organization for Economic Cooperation and development said the u. K. s economy was the hardest hit among Major Economies for the 2nd quarter of this year french cac german dax both with green arrows this week frances g. D. P. Contracted by 13. 8 percent in q 2 the dax saw a surge earlier in the week as the German Government extended stimulus relief now across the atlantic lets move over to brazil where the evo best buy is down for that week the analysts are actually expecting to regain all losses from cova 19 years and now to. They knew a best buy is up 60 percent from some of its march lows and mexico the b. M. V. Also in the red for the week i can all my data actually shows a pandemic created a depression Mexico Central Bank is expecting a 13 percent contraction this year and in the u. S. All 3 major indices are up the nasdaq and the s. And p. Will they are continuing to record their runs this is on Consumer Spending up by 1. 9 percent in july and more than 6 percent in june that rise in personal income is also helping those gains finally the t. S. I. Acts in toronto is up for the week despite a record contraction of 38. 7 percent year over year for the 2nd quarter on friday the index saw gains on an economic surge of 6. 5 percent in june alone materials and argy also help those gains and that is your Global Market walk. Time now for a quick break but stay here because when we return thousands took the streets of washington d. C. To commemorate Martin Luther kings i have a dream speech that is america in a war of race or last. Seasons to strike against Racial Injustice well explain whats next for the multibillion dollar industry we go to break here the number of. The world is driven by dreamers shaped by one person it was great. Seeing. We dare to ask. I have a dream those words spoken 57 years ago on friday on the steps of the Lincoln Memorial by dr Martin Luther king those words echoed again on friday but while the United States still struggles with Racial Injustice marches and protests are beginning to show another struggle one love economic class artes here in fronsac reports. Thousands gathered here at the Lincoln Memorial behind me on friday not only to mark a historical event in our nations history but also to highlight that theyre still marching for that very thing that they marched for 65 years ago today on the anniversary of the 1st march on washington august 28th 1960 we will be avidly going to war again 57 years ago today theres a great. Week for the 1st time ever. The words civil rights rang out in our Nations Capital the Civil Rights Movement change together in the 857. 00 after the montgomery bus boycott after the killing of emmett till and now here we are 65 years later with the same thing happening in the same week emmett till was killed 60 years ago while the Mainstream Media portrays the months of unrest as a struggle for racial equality whats becoming more clear its also a class struggle when you stack all of these issues in injustices on top of each other and you landed a period with a pandemic. That will just exacerbate. Everything. Should not be surprising that a population will and is happening in cities all across the u. S. After a night of looting in Downtown Chicago in early august a black lives matter organizer saying quote i dont care if somebody decides to loot a gucci or a macys or nike because that make sure that that person eats that is reparations these businesses have insurance theyre going to get their money back my people arent getting anything i can understand the difficult life decisions people have to make as a rich result of living in a neighborhood doesnt have. A business. Over 15 clothes. That is in the middle of a pandemic and the pandemic making it all much worse people are working who were employed in a neighborhood that had high unemployment now they said that theres 2 ways to look at this the 1st being that its great that people are still marching for civil rights today the other side the fact that were still marching for civil rights only goes to show the progress still needs to be made reporting for boom bust fair and fronsac. Most sports teams in the u. S. Will they pause their games for whats become days of protest in light of the shooting of jacob blake and wisconsin well the n. B. A. Lead this historic strike and all the Players Alliance a group of about 100. 00 former and current black and all the players formed during this time of civil unrest they announced their plans to donate their salaries from both thursday and friday is games multiple n. F. L. Games canceled their practices while other even suspended scrimmage is for more on professional sports we welcome back professor of Economics College of the holy cross dr Victor Matheson professor thank you for joining us today the n. B. A. Announced theyre hopeful to restart their games on saturday and they also said they resume saturday players theyre still dealing with owners and some. And go she are we going to see each organization making separate deals. Yes so this will be decided individually by the individual players unions negotiating with management in these cases and with only a handful of very rare exceptions this appears to be something where actually the League Owners and the players or on the same side on this one well let me ask you this the organizations these players that they want to be more vocal and support the b. L. M. Movement there already have gears and uniforms and jerseys showing support players and owners they were still having meetings to decide on what to do next one of them is establishing the Justice Coalition with players coaches and governors do you think thats going to help. Certainly one thing that has changed a lot over the last 4 years and one of the interesting things is this wildcat strike on the part of the n. B. A. Players comes exactly 4 years after a column capper nick noltes during the National Anthem during the 1st time and think how much has changed in those 4 years one of the big ones is that the big sponsors like nike like under armor are now firmly on the side of the black lives Matter Movement and or are very very strongly pushing ownership towards towards the size of the you know all of that side of social justice and we didnt see that 4 years ago you know times have definitely changed calling Copper Nickel how many people denied him because of that and now theyre joining with him are standing with him and solidarity because of whats happened 4 years later i guess better late than never but some players that they want to stop altogether others actually want to continue to play and they feel like they have an obligation right to continue and its part of their job their salaries but a lot of them i mean i can only imagine are burned out from being in that bubble especially n. B. A. Players are and i tell players Michael Jordan actually with ed to have gotten involved and it sort of bridging that gap between between some of the players wanting to leave and some wanting to stay have they already been paid for the season what does that look like. So i presume a very players that leave at this point will be giving up some portion of their salary prorated for the games that they leave for and of course that will be up to the individual players themselves certainly every player whether they decide to come back or not knows that they have made a pretty important statement here we havent seen anything like this in a major professional league actually since the 1960 s. When the Boston Celtics went on a short strike to protest the fact that other players werent allowed to werent allowed to stay in segregated hotel rooms well. Whats your prediction professor do you see most players staying a half leaving half staying hows that going to affect their sports or teams. So i would suspect most of the leagues most of the players would come back but ive got a terrible track record on trying to predict peoples guesses on that so would be my guess i would not be surprised to see most of the teams and most of the players back here by either the weekend or the beginning of next week well especially the the n. B. A. Right a lot of them they dont even want to finish the season now theyre actually trying to negotiate and start this discussion and conversation on how to proceed and finishing the season now are players in these organizations do you believe theyre taking these actions because there are no fancy that make it easier for them i mean if you have 20000 people in a stadium does it make it harder for players to protest. Well at least one thing that makes a lot of difference when you have the people in the stadium is one that you really are can be in see in convenience going to huge number of fans who are coming but on top of that youre also taking away the jobs of the hundreds of the regular workers who come to every game the concession workers the ushers the parking attendants those sort of folks and of course those are of very in many cases exactly the sort of people that the n. B. A. Players are fighting for in a world where you dont have these personal games a lot of those low minimum wage workers arent involved in the games and so you dont have to worry about taking peoples livelihoods away if you take if you back away from the game with 1000 im sure it makes it a little bit easier for them to step away and say were going to protest or a strike for that now i want to go into the broadcasting rights here because it went with no game revenue so there are no ticket sales right now merchandise no concessions cetera sports leagues theyre depending a lot on t. V. And the ad money how much do they. Make a broadcasting deals with sports leagues really play a part in the strikes for example if it were to resume. So what we know and we dont know exactly how everything will come together after the season but what we know at the beginning of the season is that the big leagues Like Major League baseball like the n. B. A. So want that if they if they played things right they could maintain about 60 percent of the revenues even if they had no fans in the stadium at all so the broadcasting rights plus sponsorship deals plus the merchandise you can so outside of the stadium again they thought they could maintain about 60 percent of their revenues even if they didnt have any other fans coming through the rest of the season and so of course the same thing is going on here if they can continue the games and the players come back from the wildcat strike in fact they figure again about 60 percent of the revenue can be maintained even if they have to play the bubble for the rest will see what happens but at least theyre all being vocal and taking a stance some players are some teams will resume playing at n. B. A. For example that saturday and i tell saturday discussions are still going on and well see if that actually comes to victor maps and professor of economics at the college of the holy cross thank you so much for making the time to be with us today. Thats it for today but wealthy and x. Time. In the troubled 19 seventies a group of killers rampage through parts of Northern Ireland that was coordinated loyalists attacks particularly catholic population tens of thousands were forced to flee their homes and what was striking to put these attacks was a p. R. You see the Police Actually took part in the attacks so instead of preventing it they were active participants in the burning of full streets in belfast at the take more than a 100 innocent civilians were murdered as the review can seniors and we found out more i was surprised about the extent to which the collusion was involved in some of those cases they killers would later be named into the now were getting i think it went to the very very top i think it is. The water where all the taste you. Give the go ahead. Has changed american lives but pharmaceutical companies have a miraculous solution. Based drugs the people who are chronic pain believe that their prescription is working for them and the remedy he said to. Price that they pay was their dependency and addiction to opiates is the long term use that really isnt scientifically justified and ill study actually suggested that the long term effects might not just be absence of benefit but actually that very night because of the long term. The Nuclear Industry encompasses more than 300 Industrial Enterprises institutes and organizations more than 2000000 people work there you could say the Nuclear Industry is the 86 subject of the russian federation. And. Realizing that the main value with the city is its people ross sansom is actively investing in creating a favorable environment in each city for the development of Human Capital Creative Potential local entrepreneurship affective City Management and the quality of life in general. But in a short period of time almost 3000 problems when worked out why im Monitoring Center the work was carried out by either local authorities or contractors before the pandemic of the platform at 25000 visits per month these are very big numbers for such a small city. But i was. Us republicans support physical harassment by black lives matter activists while leaving the Partys National convention at those very same politicians sponsored bills to stop the abuses they were harassed bagged also to come and sit up down at this in germany slam authorities reluctance to allow their rallies over suppose it social do. Fear is the. Problem with black lives matter demonstrations public alarm. Develops an Artificial Intelligence project to replace general life or death decision. Bringing together