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tv   Boom Bust  RT  March 30, 2021 1:30am-2:01am EDT

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so what we've got to do is identify the threats that we have it's crazy one sunday shouldn't let it be an arms race on all sides very dramatic developments only really exists i don't see how that strategy will be successful very critical time time to sit down and talk.
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this is boom bust the one business show you can't afford to miss i'm going to bore in washington coming up the suez canal stop it saga has come to an end as the wedge cargo ship has been freed in one of the world's busiest waterways we take an in-depth look at the fallout from the jam and how global markets are reacting plus following a vaccine distribution by oh back to the african continent johnson and johnson has agreed to supply the african union with hundreds of millions of doses and later the united kingdom has come to an agreement with the e.u. in the wake of brecht's it potentially signaling a hatching of relations with pakistan today so let's dive right in. and we lead the program with the suez canal as the colossal container ship that was blocking the waterway has finally been set free now the incident had a major impact on global trade over the past week but it could still take some time before supply chains reach normalcy once again. r.t.
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correspondent fascist week has more on what went wrong. this guy is great personalized best sold known as the ever given is finally free this comes after being stuck for nearly 6 days on one of the world's most vital waterways and some say that it was mother nature who came to the rescue salvage teams were finally able to set the giant container ship ever given free on monday in the suez canal the vessel was escorted by tugboat that assisted in 40 minutes had already seen the peak of the high tide also bigoted its release the 220000 ton cargo ship was hauled over the canal bank toward the great bitter lake that's where the ship will undergo technical inspection the obstruction has created a massive traffic jam since tuesday each day it's held at $9000000000.00 in global trade adding up to a total of nearly $54000000000.00 so strained supply chains already burdened by the pandemic at least 300 $67.00 vessels transporting everything from crude oil to cattle powered up on either end of the canal waiting to pass or prices dropping 2.5
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percent to $6390.00 monday after the ship was freed officials tell you it's not exactly clear when traffic would worsen we almost see so this but continue to impact supplies it's estimated $9800000.00 barrels of crude are waiting to enter that canal that's a 10th of a day's global consumption all rationing began in syria to guarantee supply for basic services including hospitals so what's wrong some pointed to the 70 mile per hour winds during the sandstorm but other say there have been worse winds in the past it was reported that when the incident occurred the propeller of the ship nor the home were operating. as well as the dust storm or wind speed reasons we had technical problems with the ship and possible personal reasons regarding the captain of the ship i can't specify these before the investigation concludes last tuesday 12 northbound ships reportedly pass through the canal ahead of the ever given another 30 were able to travel in the opposite. direction before the jam last
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year 18840 ships were able to pass through the canal with no issues well the canal is the quickest pass from asia and the middle east to europe and the u.s. is may change the way and what goods our ships reporting for boom bust and costs weeks are. well prices fell early in the day they have since stabilized ahead of this week's opec plus meeting so for more on this and what's moving markets monday to bring in boom bust co-host christiane and showtime and editor of the logical investor thank you both for being here sean i want to start with you i how has the global oil market react to the situation going on in the suez canal and what are we looking at as far as expectations going into this next big opec plus meeting. you know before the whole incident oil had really run up a lot i mean it almost doubled in 4 or 5 months and so it was in the midst of a pullback when the suez incident happened in so well a drop like 10 or 11 bucks a barrel and the suez is it didn't help it stabilize and regain 3 or 4 bucks
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a barrel and so really stop that volatile you know downdraft that was happening in oil. oh pick up believe is going to want to be you know really restrained as it comes to production i think that they're going to want to keep oil prices high remember they've got budgets they're really need about a break even of about $83.00 a barrel for saudi arabia something a little less or a little more than that and other opec members but they want to see you know $8900.00 barrel oil and i believe that they ultimately get that will take a little bit of time to play out but i think in this next leg higher i think that's what we'll see over the next you know year or 2 now kristie traders are bracing for a high in volatility during this holiday shortened week with quarter and rebalancing amongst phones how are equities doing after the media selloff that we saw friday. well there's a lot of weakness on the bank stocks monday as they got caught in the downdraft a friday morning so shares a common discovery saw intense selling pressure last week as the 2 companies were
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hit by force liquidations up positions held by multibillion dollar family office are those couple managements so the 2 companies had over 27 percent during friday's sell off an unprecedented $35000000000.00 block trades so after the initial plunge in medias earlier in the week it prompted this margin call from one of our shakos prime brokers which of them prompted cascade of similar cash from other crimes as well so now capital ran by tiger bill is completely finished as a firm one site is no longer available credit suisse warned that it would also chase a significant hit to its 1st quarter results having to exit had transposition related to this for selling and them are also one that it too could get hit so bank stocks are way down the market today as investors are kind of assessing the fall and. analysts are hopeful that the situation will not have a lot of impact on the broader market however traders are left wondering if this fire sale really over and are there any other firms that are on the verge of
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blowing up like this so as you mentioned we are at the traditional and the quarter time or volatility tends to spike up with a fine enough portfolio so there's also the possibility that other funds could have similar exposure to actually goes and we could see marty's hopefully isolated case it's going forward. to kristi's point here when there's so much a volatile in the market we would expect to see some risk of trading on monday but but actually we saw the opposite is gold and silver actually dipped quite a bit what happened there yes so actually you know metals really kind of weird they'll pop up for a good while and then they'll consolidate in and pare back usually for many months or so and we're still in the latter phase of that before it's next. so also to sometimes we think you know when markets pull back gold should automatically go up but sometimes gold will temporarily go down with markets especially when there's margin call selling in different things like that but ultimately it bounces back and recovers much faster than stock so gold can snap back and regain 6 year 80
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percent of loss what might take stocks you know many years to do so in that sense it is a good heads and now kristie when we talk about gold we always like to talk about digital gold and the expectations for big point are high going into april as this month has been traditionally bullish for crypto what's the next catalyst for big corn right now. well right now i have a bit of a wait and see attitude among crypto traders me are just out of reach of all time highs and we're doing well just consolidating at this $50000.00 bam so in comes i think patience i do see because i'm going higher where in the aftermath of the having so after having you normally had the best i gain in the next year so 2021 will be no different than 2013 or 2017 and we are literally only 3 and a half months into the current that quantum bull cycle so there's still quite a long ways to go you have more institutional flow coming into because that will serve as a near term catalyst major credit card provider visa piloting
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a program that will allow partners to use the block chain to settle transactions made a speech and claim it will be going public in april in a direct listing on the nasdaq giving the entire industry more legitimacy and then on top of that on top of institutional we have another inflow of retail customers getting into cook as it becomes more mainstream and even though i feel like the is already pretty mainstream we're talking about the boomers the very wealthy baby boomers who have not been involved in this rally up until now so as banks like morgan stanley begin to offer access to bitcoin funds to its wealthy clients other major banks in training will follow suit and this will likely spark a new rush from wealthy baby boomers so morgan stanley is the 1st big u.s. bank to offer bitcoin and i think just well managed clients so j.m.p. securities predicted that about $1.00 trillion dollars could flow into bequest from this demographic as they currently do not have any direct access or exposures other banks like goldman sachs they're also seeing huge institutional demand as
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increasingly wealthy clients are getting worried about the us and things way too many dollars bus goes christiane and shown harman editor of the logical investor thank you both for that and today. thank you again. and johnson and johnson has entered an agreement to supply the african union with up to 400000000 doses of its covert 19 vaccine the pharma giant announced monday now as part of this deal with the african african vaccine acquisition trust johnson and johnson will deliver 220000000 doses of its single dose drug starting in the 3rd quarter of this year with the option for another 180000000 doses to 2022 now the continent has been struggling to deal with the more contagious variant of the virus found in south africa the director of the africa centers for disease control and prevention says the one shot nature of this vaccine actually makes it an easier
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rollout adding we need to and immunize at least 60 percent of our population in order to get rid of the virus from our continent the j.n.j. agreement in abel's us to move towards achieving this target and need and meanwhile some areas of the united states are seeing spikes in coping and seen cases as the vaccination race heats up for more on this and the state of the global vaccine rollout let's bring in our key correspondent side her side where we monday you know brenda after several weeks at a plateau unfortunately causing $1000.00 cases the united states are rising again right now cases are up safety 9 percent which has prompted c.d.c. director dr rachela when lenski warning of a potential 4th wave of the virus. when i 1st started the b.b.c. about 2 months ago i made a promise here i would tell you the truth even if it was not the news you wanted to hear now is one of those times when i have to share the truth and i have to hope
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and trust you will listen i'm going to want to or i'm going to lose this practice and i'm going to reflect on the recurring feeling i have of impending doom we have so much to look forward to so much promise and potential of where we are and so much a reason for hope right now i'm scared. cases are now especially increasing amongst younger people and many are pointing to florida state further along in lifting the restrictions and welcoming taurus as a case example of what not to do you know take a look at some of the footage coming from miami where thousands of tourists have gathered drawn by florida's a loose virus control laws and if recent trends are any indication the rest of the country may really be in trouble but of course as case increases not just florida here or some other several states where cases are once again going up for example
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in michigan and they're averaging about 4100 cases a day up from a 1000 just one month ago in february now unfortunately hospitalizations are also rising sharply with the u.s. a likely to surpass 565000 deaths in the coming days but of course looking at the vaccine rollout that's looking good where the u.s. there ministering about 25w2x5 people are should say are receiving a baxi in every day and that's a figure that's been pretty pretty steady as you can see for more than a week now so right now in total more than 15 percent of the total u.s. population has been fully vaccinated while most states expect to open up vaccine eligibility to all adults by the end of april so far 7 states have already done the brand and there's a new report going around about the origin of the virus what they tell us about that a well this is a draft leaked report which was conducted by
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a joint effort by w.h.o. world health organization in china on the origins of cold in 1000 now this report is based a largely on a visit by. team of scientists to han of course the chinese city work over 19 was 1st detected now of this report concluded. the transmission of the virus from bats to humans through another animal is the most likely scenario and more importantly that it's extremely unlikely that given $1000.00 leaked from a one on lab now this report was also inconclusive on whether the outbreak started out of one seafood market that one of the earliest clusters of case back in december of 2019 but of course this study was never meant to actually identify the exact a natural source of the virus things that could take years and to give you an example
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it's been 40 years of study that still failed to pinpoint the exact species about that for us transmitted to humans so this is where we are now are to correspond to sites having to thank so much for keeping us up to date. and instagram has been labeled as the most invasive social media app when it comes to sharing your personal data with 3rd parties now this according to newly released information artie's john how do you know it's more. it's no surprise that instagram like twitter facebook and basically most other popular social media apps and platforms collects and shares your personal information well now we're learning a little more about how much of that information is being shared at least by instagram anyway according to the websites that teesta instagram is most likely to share your personal information with 3rd parties for advertising purposes the popular app shares data from 11 out of 14 categories with 3rd parties putting in
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a head of facebook which increasingly shares fewer data with external advertisers to tease debased its report of information garnered from the secure cloud provider named p. cloud p. cloud likes the teesta found that instagram was among one of the most invasive apps for sharing users information along with facebook linked in and even. but in fairness to instagram the app makes no secret about the information it sharing explaining on its data policy page quote we use the information we have to deliver our products including to personalize features in content including your news feed instagram feed instagram stories and ads and make suggestions for you such as groups or vents you may be interested in or topics you may want to follow on and off our products p. cloud reports that 52 percent of that sin fact share your data with 3rd parties and for various reasons such as making the experience better tracking your interactions
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and hitting you up with ads so social media users be aware if you don't want your information being shared well don't use the apps for our t.v. john honey. it's time now for a quick break but when we come back the british government and the european union have made a deal in the wake of the finalization of rex it will go over the move and what it signals relations moving forward as we go to break here the numbers of close. to the. problem drugs has come from unscrupulous dealers but from pharmacies to in every
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state in the united states we see a very sharp increase in the number of people seeking treatment for addiction to prescription opioids it invited america under the banner of medicine persisted with the pain but instead of trying to wean him off though she just goes at their dose after dose after dose and really became. his drug dealer so who's to blame patients doctors manufacturers other governments or. is your media a reflection of reality. in a world transformed. what will make you feel safe. isolation for community. are you going the right way or are you being
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led so. direct. what is true what is faith. in a world corrupted you need to descend. to join us in the depths. or remain in the shallowness. that's because. they say money to develop. the diseases this is the central banks that are dying at the moment that problem right now they stopped.
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and welcome back china and iran signed a 25 year cooperation agreement on saturday meant to strengthen economic and political ties now the grim it comes as both nations face deteriorating ties with the united states which resulted in sanctions as part of the deal beijing plans to invest $400000000000.00 in the country in return for access to its oil partnership brings iran into the belt road initiative china's multi-trillion dollar infrastructure program from east asia to europe chinese foreign minister weighing you also promised beijing would send more cope a day 10 vaccines tour which has been one of the nations hit hardest by the global pandemic. and elsewhere in deals the united kingdom and european union have reached an agreement on post-breakfast financial services regulation now the 2 sides have come to terms on a memorandum of understanding according to statements released by the u.k. treasury and european commission on friday london based financial institutions have
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faced issues operating in the e.u. since britain officially left the bloc in january of this year according to european commission m o you will establish the joint u.k. e.u. financial regulatory forum which will serve as a platform to facilitate dialogue on financial services issues the memorandum will still have to be signed off on by both sides and for more on this let's bring in hilary ford which is a board member of the british american business association and president of strong mark business development consultants hilary always a pleasure to have you on the show. i want to go back to the initial issue at hand here how is this a. back to financial firms were they really leaving the u.k. after breakfast due to the problems of not coming to terms here well pleasure to be back with the brand and a few things here some of the global firms of course had no pun intended hedge their bets and they had to transfer assets to the european union and stop such as
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j.p. morgan and goldman sachs millions in assets and thousands in stock but who knows what the future will bring in terms of those people being repatriated because a few things number one any sort of regulator any sort of agreement and regulation like this is obviously positive i would actually quote mr rogers he's the current strategist at norm or international as he said this is positive for sure the pound is op it's up point 6 percent to $138.00 and i would say that regulation like this or at least a memorandum of understanding there's going to be something is positive what do they actually hope to accomplish with this memorandum of understanding i mean you kind of said that maybe it doesn't open the door for those london based financial firms to actually go back to business as usual with the e.u. correct we are totally correct i don't think i'll ever be business as it was before meaning the previous usual a few things on vova that is a financial services consultancy firm back in january only 2 months ago released
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a report that stated that over a 1000 banks insurers and asset managers were opening offices in london so they could better their european customers so i think you're seeing that a lot of these e.u. investors and e.u. firms are also moving to the city of london and they're doing so regardless of the m o u being signed or not as usual they are eating as usual as a business is carrying on as usual. on the. situation a new survey from the federation of small businesses shows that 23 percent of exporters in the u.k. have actually stopped sales to follow. breakfast due to red tape that they're incurring is this going to be a lasting problem or just a growing pains of brecht's it well i think brant what you're going to see is that growing pains are big for small companies growing pains on as big the big companies the global firms that have been far better positioned in terms of obviously all the stuff that they have to deal with all the additional red tape i think what you will
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see is you know to refer to the n.p.a. in the u.k. richard holden who's actually been hailing lives trough and her international trade department for now the 9 trillion pound access to the pacific rim the pacific trade agreement and so global corporations are going to benefit for that so in terms of business the usual small businesses i think are going to continue to fuel this longer than the logical for a sions amid the vaccine rollout in the u.k. prime minister boris johnson he said saturday that the country would continue with his plan to reopen after the most recent lockdown saying the economy will quote bounce back strongly later this year what's it going to take for a strong recovery in the u.k. at this point well yes you're right he did speak and he also said that he's going to go and get a haircut and he's going to go and have a pint in the pub. hellery keeps telling us that he's going to get there. and you need to just have gel put it back but anyway that's it but to be serious about this
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i think something that has been very much reported in the u.k. and that's of a direct full out of code that is the skills gap i think like everywhere else in the world obviously the more highly educated the family the more highly educated the demographic the easier it's been for them to stay not only abreast of education and learning but the skills gap has widened across the globe but particularly also in the u.k. you're saying that the number of applicants for the a levels which is an advanced level of degree has decreased and there's a skills gap concern in the u.k. i don't think this is unique to the u.k. but it certainly is going to mean that the u.k. has to work on. to get back to business as usual the other thing that will get the u.k. back to business as usual on the finalization of global trade agreements including the one that is still and pending that is with the u.s. and also of course the one i just mentioned with lynn strong in the pacific but she's finalized of the 60 agreements fossil it's trade agreements at that skill based over course keep up with everything going on these trade agreements the state
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of bracks and of course the recovery hillary ford which of the british american business association is jerome our business development consultant thank you so much for joining us today dr brown. and finally it's no surprise that the live event industry has really felt the toll of the coven $1000.00 pandemic concerts sporting events and conventions were all forced to change plans at gatherings of thousands of people just weren't on the cards anymore one of the biggest fan conventions over the last decade has been san diego comic-con which was forced to cancel its summer time of it in 2020 and its future event and 20 $21.00 but in an effort to bring in much needed revenue the organizers of the event planned to hold comic-con special edition on the $26.00 to 28th of november these dates fall over the thanksgiving weekend here in the united states and many fans are actually upset with organizers that they would schedule the con around a holiday where families may gather for the 1st time in more than a year after adhering to social distancing protocols organize reacted to criticism
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in a statement saying that the choice of date was mostly due to convention space availability adding quote as longtime fans ourselves we have attended many conventions over that holiday weekend opting to spend thanksgiving day with family and the rest of the weekend with friends and our families of choice. and that's it for this time you can catch boom bust on demand on portable t.v. which is available on smartphones and tablets through google play in the apple app store by searching portable t.v. portable t.v. can also be downloaded on newer model samsung smart t.v.'s as well as ropey devices or simply just check it out at portal dot t.v. we'll see you next time.
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i guess the block clock is really the emerging truth you know time magazine called the truth machine and it's showing the truth about american politicians that they're full of hot air they have nothing to say they still everyone's money they collect taxes they spend about themselves they created us out of fashion and they kill people overseas in the name of.
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an entire village in alaska. if another country trying to wipe out an american. we do everything i. wanted me to skipping climate change is the same threat right now alaska seems some of the fastest coastal erosion in the world he lost about 30 feet. 35 feet of ground in just about 3 months while we were measuring. his. penis the river is 30 closers the power. was 4 i don't think were part of her 1st from across.
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u.k. and community can't be held responsible for the actions of some individuals muslims . respect the scandal involving cartoons of the prophet muhammad in school our guest debated the issues raised. through the matches into such things what's most alarming here is that it teaches us how to go into hiding with police protection. and involuntary manslaughter a chance found guilty over a weight loss drug that's believed hundreds of deaths in the country's worst health care scandals. in the world anti-doping agency launches a formal probe against the u k.

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