Particular the segments of the economy that use it now with regards to this of course the safety and protection of personal data has been paramount its good for concerns that Many Russians as the country increasingly moves towards a Digital Economy and the president was clear that the balance needed to be struck between making that digital progress and protecting peoples data protecting peoples information in particular to do with data leaks. I ask the government to promptly present a bill allowing the creation of draft laws for using ai across economy sectors and also present the strategy of how to use e. I. In practice so that it helps for example doctors at the same time all risks of personal data leaks should be prevented human rights should unconditionally be observed. Now those proposals that the president mention is that they could come as early as next year or early 2021 while he will put forward proposals to grant Ai Developers access to Government Data something that will of course need to be carefully monitored and controlled you also mentioned about the challenges posed to many workers and government officials by this dollars a. The process by the moving of many aspects of life from offline to online and he said that while these pose difficulties and challenges for many people it all supposed opportunities for people to prove themselves and show their versatile qualities so it does seem that the spies all the difficulties that 2020 has posed the need to adapt to the economy very quickly its also speeding up this process of digitalisation and the country out also speeding up the evolution of. The tech sector and indeed the legislation as well because too much of the rate at which that is progressing is was. Thats all round up of the big stories a safe 8 thanks for sticking with us next turn on its own boss to sit tight. This is the bus the one business show you cant afford to miss im going to washington coming up in a bipartisan bill against china u. S. House clear legislation threatening to kick Chinese Companies off u. S. Stock exchange the bill is now in president from town to sign. Someone 37. 00 it will return to the skies so many are still concerned about the safety of our teeth also a hell of a truck a full report we have a lot to get to so lets get started. The house cleared legislation on wednesday that threatens to kick Chinese Companies off u. S. Stock exchanges if they continue to deny u. S. Regulators access to their audit well the measure passed the house by anonymous vote after it passed the Senate Unanimously in may well now the bill has gone to president Donald Trumps dusk for his signature joining me now to discuss the trafficking of journalist but whats in this bill exactly and what was it spelled out to do specifically. Yeah its kind of an interesting things there its called the Holding Foreign Companies Accountable act essentially bars securities of Foreign Companies from being listed on a u. S. Exchange if they have failed to comply with u. S. Public accounting oversight boards audits for 3 years in a row so essentially the idea here is that if youre going to be on the u. S. Exchange you have got to have. U. S. Agency doing audits to make sure that everythings on the up and up its not just the chinese bill it does focus on other countries as well but this ones been a little bit tailored toward china. Like as much has recently against china and bipartisan so so interesting enough but this bill does go a little bit further than many other bills dealing with secular nation because it also focuses like you said specifically on communist Party Affiliation right. Yeah thats the part of it i think that stands out the most to me and probably to a lot of people out there right because what the congress is asking for is that this would also require if its signed into law that essentially if you have any communist Party Officials on your Corporate Board or have any shares owned by a Government Entity in china or a communist Party Official now thats pretty troubling to me because heres the problem with it the problem is that if youre looking at this from an American Point of view or certainly the 2nd america out of it as a free market point of view why is it illegal to be on the u. S. Exchange if someone on your board is part of the communist party of china i understand that the u. S. Has this belief that the communist party of china is a dangerous thing to us freedom in the future and that the communist party of china wants to be the most powerful country in the world ok but but way or else do we say in this country if you belong to a certain ideology a certain belief system or a Certain Party system that youre not allowed to own stock in a company or youre not allowed to be on the board of a company if its listed on the exchange i think this is where over and over and ive made this case before on the show the idea of free market principles are completely being lost in all of this when you talk about a free market just because you dislike the people who are on a board or you dislike what a company is doing does not mean that the company should not be allowed to exist simply because it doesnt fit your ideology and i think thats where this is a little bit troubling simply because its a different belief they have a different system that works for their their country it works for them to that mean we have to agree with that definition but but youre right with that but before this vote took place a Chinese Foreign Ministry Spokeswoman said that the bill is discriminatory toward the chinese. Does she have a point yes i think she does have a point in for exactly the reason i just stated right it really does come back to this idea this in when you were tailoring your policies to say the fear is i mean let me back up for the fear here is that Companies Like alibaba for instance which is one of the companies that has not had this audit for 3 years right alibaba obviously the founder of alibaba is connected to the Chinese Communist party who in china who has money is not connected to the Chinese Communist party you have to be thats just thats just part of the deal it doesnt necessarily mean that youre advocating for the party nor does it mean that we are naive and say the Chinese Communist party probably wants good things for america im sure it doesnt really Chinese Communist party at its core once chinese excellence and china to be the worlds greatest most vibrant and but i did that wouldnt you absolutely oh absolutely thats what the u. S. What its what the u. S. Demands all the time american excellence american exceptionalism every country should one threat the idea that if a country is therefore bad if its not the United States with it once those things its the same claim thats made about russia if putin is a nationalist then hes an extremist really but in this country if youre not a nationalist youre considered a traitor how do you know so right exactly its just its how you perceive it and the idea that were writing laws dealing with the u. S. Stock exchange or stock exchanges to could prevent companies from being on there based on their allegiance to a country is kind of creating this is just a pretty big deal by and i will continue to follow see what happens next as always but with cohost of us again journalist spence juan thanks again for breaking this down for us thank you. U. S. Equities are taking off as the market is ever more hopeful for a coven 1000. 00. To get done and to prevent a Government Shutdown if comes as infection rate 3rd and record a record hospitalizations have led to new economic restrictions and fears of a. Weakening job market joining us now to discuss who was cohost. Of obamas see ottavio Monsey Ottavio lets start with you there are more talks that seem to be coming or going on on capitol hill over this new stimulus they face a december 11th deadline to authorize more funding to keep the government running how are those talks going and what are the chances that we are actually going to get something done this month. I think its highly likely something is going to get done i mean theres a december 11th deadline and these things tend to always slip a bit in the summer the emergence of family that takes place in season 4 through such a state when they can actually pass the bill so i fully expect that something will be passed in congress will be in session until december i think thats more than enough time and in the current environment i think both sides both on the street would you want to get something done to show their constituents theyve been active on this and with the democrats now looking like that won the election i think the animosity towards john will try and move the tendency towards damage and damage to the economy to get. These off the table so i think everything points there will be some the old up i would point out if you look at this bill thats been submitted now theres a bunch of stuff that clearly is. On stuff in the quest you know theres a bunch of aid for agriculture which is not space of this stuff that im because at 19 right this is 10000000000. 00 for the post office and of that so theres also the old zones thrown in there as well as. Well there are a. Vaccine distribution they will extend the unemployment and handsome and extend paycheck protection it will not include the actual paychecks for the American People though and it looks like this stimulus kristie is going to be introduced within the on the bus if we get this will that be enough even to support the market looks like much like october just said both republicans and democrats really want to get something done and pass it before next week. Yeah absolutely def i want to get something passed but i dont think its going to be enough because even getting this passed its just going to be steroids sure shot to the market very quick to take effect and good for the short term boost but then it quickly becomes an addictive destructive cycle once it runs out so this bill that theyre working on its less than one trillion dollars its definitely not enough to support the market and give it the jumpstart it needs to reset on its own so it will do no more than temporary spending and then well have to revisit all these discussions all over again once these benefits run out early next year so its really not healthy for the economy or u. S. Businesses we recently looked at the growing numbers of these songs being companies in the u. S. Those who cant even cover their interest expense with the cash from operations so already 20 percent of all the russell 3000. 00 corporations are considered zombies now and we now we have another group of companies who not only do they not have enough cash flow to cover interest expense but they dont even have in any cash flow period and they burn cash outright as they have negative even so things are getting really ugly for those companies and were talking about formerly Profitable Companies who have little to no girls massive debt loads and theyre burning cash so this includes names Like Delta Airlines united were approving whose eyes were just losing money even before they pay interest in taxes so according to bloomberg in the latest quarter the number of junk rated corporations with negative now reached 47. 00 which is nearly double the level in the 2nd quarter out of a universe of 600. 00 bar and this is the only expected to probably get worse as we continue to see the surges in the cases will well next week well follow up on that but the American People are still hurting and fortunately are not going to see those checks like you said its much of a little bit of a bandaid and again itll its going to take a lot longer to recover the only originally thought but of tabio the number of americans than going to or applying for these Unemployment Benefits it fell to a still high of 712000 but if number even accurate now considering that the Government Accountability office did find that it was consistently inaccurate are traders really putting any weight behind this number this weekly number that we get. Well i could if you know given that the government seems to have difficulty counting votes during the election i dont think we should be entirely surprised that a difficulty counted on employed people during that. So i think theres always a bit of an issue of government through time time but you question terms of where the traders look and. Yes they absolutely will and they will carry on looking but even this is because of the people looking at this wellness trade i need to look at information even if its wrong if i think all the people right. So as long as enough people are looking about. How to do something with that they will say numbers well i would say theres also that while the sources and trade is good as well this is just one of many theres all sorts of other good unemployment unemployment Numbers National employment report so about the probably more reliable and they look at that as well so this is just one of many numbers that look out for the kind of yes well its a lot of things so much like you say not caring about much weight anymore and especially given the the inaccuracy of it and probably will continue to do chrystia and before we go i want to turn over to oil prices they rose on thursday producers including a saudi arabia and russia they bought it over the need to expand at record Production Cut their set in place in the 1st wave of the crown of irish pandemic how are the talks going opec i did meet thursday. So i think cars have agreed to increase their collective output by about 500000. 00 barrels a day next month ending a standoff over oil policy and promising to boost Global Supply. So this agreement marks a compromise among the Worlds Biggest Oil producers after earlier disagreements this week over whether or not to start raising outputs again so early in talks have produced no compromise on how to tackle this systemically we will demand especially as the world is now in the midst of a 2nd wave so opec close has wiley been expected to roll over oil cuts of some point 7000000. 00 Barrels Per Day at least until march 2021 but now the news of the vaccine and the optimistic hope that a speedy approval and distribution will kickstart a Global Recovery some producers are now questioning the need to tighten oil output so this increase is relatively small amounting to about half a percent of create pandemic Global Demand so while the increase in production was more to Global Supply and therefore pressure prices once more this agreement was actually seen by the market as bullish for crude as it showed a little bit of cohesion amongst the biggest producers so this compromise bridges a difference between all the producers over whether the time was right to start rolling back cuts that they read to earlier this year in an effort to stabilize prices theyre seeing it with an increase but not really much like you said very bullish is what analysts are seeing this as and now their plan to meet every month to 3 revisit this correct. Correct and this expected to pass weak demand until 2025 according to exxon but the thing is the producers cannot last for this long so this is a way to try to compromise on both sides and to see if they can take a little baby steps to try to increase outputs to see whether or not the market can support that increase and so mark markets are reacting to this positively but will well see where they stand as they continue to meet on a monthly basis bill must cohost kristie i. Open my feet thank you both so much for breaking this down for us. The boeing 737 max is set to return to the sky while some in the Aviation Industry are excited about the news relatives of victims who died and disaster is tied to the passenger jet well theyre outraged by the idea arties alex myhill of each has the latest. As technicians give the controversial judge the green light. Families of those who died while flying on boeing 737 max eights say the plane should not be allowed in the air days saying the plane is safe but they havent. Because of the crash a total of 346. 00 people died in 2 separate 737. 00 max related disasters one in indonesia the other in ethiopia causing a plane to be grounded in march 2019 the incidents were blamed on an automated Flight Control system used by the aircraft however this november after what the u. S. Federal Aviation Authority called a comprehensive and methodical review the plane was cleared for takeoff once again for the 1st time in 20 months i can tell you that i am 100 percent confident in the actions that we have taken the design changes that have been put in place with the 737 max and i would put my own family on it this week the f. A. A. Administrator along with members of the media was on board a 737 max flight it was the 1st time anyone besides regulators and industry personnel flew on the macs since it was banned from the sky the highly publicized American Airlines flight between dallas texas and tulsa oklahoma was meant to ease any fears over the safety of the plane before it returns for commercial use starting on december 29th boeings c. E. O. Echoed that sentiment we will never forget the accidents that put us in the place that we were ever. We have really instilled reinvigorated use any words you like. Everything that has anything to do with safety across our company while boeing is trying to drum up public support some family members of the Crash Victims are calling the American Airlines flight a publicist stunt and are requesting that a more indepth review of the plane is conducted before it is allowed to carry civilians. However that does not seem to be stopping the airline industrys plans to move ahead miami is scheduled to be the launching point for future 737. 00 max commercial flights American Airlines plans on having a daily route from that city to new yorks La Guardia Airport other airlines are also throwing their support behind boeing heres the c. E. O. Of irelands Budget Airline ryan air this is been a Real Partnership between ryanair and boeing is a great aircraft were proud to by them were proud to fly them according to industry sources ryanair is set to order up to 75. 00 additional 737. 00 max passenger jets as for boeing the company has built about 450 of the planes since 2019 airliners are waiting for the thumbs up from the f. A. A. Before they can be delivered to customers according to Investment Firm jeffries the backlog of planes is worth about 16000000000 dollars for boom bust im alex my love it. Time now for a quick break but when we come back. One day. At the. Join me every thursday. And ill be speaking to us of the world of politics. Im sure. Ill see you then. Continuity or change this is whats being asked when considering a potential. Troop made a point to undo obamas legacy by the same crumbs like this or is this all only or continuity dr. Not. In the scene. This week space x. Founder and c. E. O. Elon musk announced he is fairly confident humans will land on mars in 6 years and he wants to try to send an uncritical in just 2 years this comes on the week as the latest space x. Starship prototype could reach the highest altitude yet its 1st test flight window will open this friday for more we are joined by founder and chairman of space fund and cofounder of the space frontier foundation. Rick good to see you thanks for being with us today. Here youre heading to brownsville texas soon where this test is expected to take place over the weekend what can you tell us about it. Yeah im really excited they still did a little spaceport down there in boca chica which is about as far as its in texas is that you think. Theyre going to be just in the new starship prototype. Its whats called was. Going to go if you tens of kilometers up in the sky its a critical slight or series of flights. Going to be able to prove this amazing new vehicle and this is a frontally what they want to use to put human to put men and women back in the moon and potentially mars right. Its the upper stage of it theres going to be a big massive booster underneath it but basically yes its the the overall configuration that theyre going to be using and its a completely revolutionary idea well i want to ask you this its been going on a lot where we want to send humans to mars we want to send humans back to the moon whats the rush of sending them to mars whats the end game here. Well i can tell you this you know were on a business show here but. At the heart of it its because people like the lawn myself and theres actually a bunch of us out here we believe in a way thats why were here. That its a way of expanding the domain of humanity and life itself to places that are dead its sort of the next step in in the way we believe thats why you see such passion pretty well everything you want is doing is where there is tesla solar power whatever is to enable him to be able to do this kind of thing almost as an explorer exploration for him has become you know his his way of life sort of work i want to talk about brownsville texas where space x. You mentioned its building its based port i assume thats really going to help the local economy in terms of job creation what can you tell us on that. Yeah i regret that i didnt get a real estate down there when i heard this was coming but. Its not done going down to meet with some of the City Government folks down there. Trying to enable more commerce you know theyre going to as they call it an ecosystem of this is the ecosystem thats going to develop a lot of jobs. Even the Education System down there is going to be done its that it by having this kind of a super high Tech Industry locally not to mention the inspiration of the kids looking out the School Windows and seeing these things take off on their way to mars its definitely changing that part of texas for sure how others when these Big Companies corporations tech giant they come in you know space x. Is huge so so very much so i care saying especially with education its based exploration has always been so fascinating not only to adults but really to children as well i do want to talk about nasa 2015 the funding for it was with half a percent of the federal budget and an added highest budget was nearly 4 and a half percent of the federal budget we know nasa budget has been cut there still provided some funds from the government nasa really seems to be working out well with space x. For these missions how significant are some of these financial benefits with working with space x. And im sure there are other technology will technological benefits as well as nasa really able to test these new methods or more methods even in working with somebody like space x. Yes frankly and you know full disclosure i testified for the house space subcommittee in 1905 and called for all transportation to and from space to be privately provided so its only taken us what 25 years to get there its just more efficient to do it this way. Especially when you have companies as i just mentioned in the previous question that are led by people whose interest it is personally not just on a business basis to bring the cost down. So were going to be seeing more ringback and more activity for less and less cost and youre right the money we put in the government money that we put into this is pitifully small i think dont quote me on this but the military budget burns through its mass his entire budget is somewhere about once a week wow that is. Terrifying and interesting to look at you said you testified and that if it did take them about 25 years why did it take so long why now why why now and 20 twentieths in the late 20th you know early 2000 why now. Well 1st of all were dealing ringback with you know we ran when we started trying to push for this the true believers lets call it. The revolutionary it was dead we were running into the what eisenhower call the Aerospace Industrial complex which was basically built on just keeping the money flowing you know its what the spatial the literally flew in circles. Now were moving into a phase where we have people that want to go do something want to get the cost down and over time were going to see more and more of that that happening and now says scientists private sector side is universities scientists even students and people wanting to fly disparagements are going to actually be able to do more for much less cost as we move forward but we really did have to sort of prime the thinkers the Aerospace Industry off of this a bit to get where we were on boeing to buying that other big company we have virgin blue origin at boeing and is now working on on big on building the biggest most powerful deep space rocket right. Yes im a kind of a mill an opponent of that vehicle its original name is the space launch system ive branded it the Senate Launch System because basically its about cranking out money and doing things the old way im really hoping to see that Program Start to get phased out the next few years its you think that well almost. I you know its spread around the so many powerful constituencies this is a little chill it will be you are jealous of the other people building these commercial spaces to come together really good job it might die out of the barrel unfortunately were out of time and thank you so much for being with us today we really appreciate it and have fun out there this weekend. Top of the time well see you next time. When things become more extreme in which you used to write when this is like breaking norms not necessarily in a good way. As the. Right isnt as strange is what the reality is. We are segregated only by social class lower middle class people also in poverty 1st. If youre born into a poor family youre born into a minority family if youre born into a family that only has a single parent that really constrains your life chances people die on average 15 years old if youre born into generational poverty. Its a tough fight every day see you meet your needs and the needs of your family. Will crawl in as a burden on friends the president has promised to get rid of its need to up about as relations between the countries hit new lows as 5 separate paths to roll out its a vaccine in the u. K. And think the proof will and make you. Yes its c. E. O. Admit it might not stop those who take it from spreading the virus. Most of what it calls fabricated accusations against john the to russia affiliated News Agencies charged with violating e. U. Sanctions. Dont move from support to step forward to calls for father down to want that cooling president ial election we hear some of the latest testimonies. Band
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