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tv   Boom Bust  RT  June 8, 2021 1:30am-2:00am EDT

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the death as well, but the one business show you can't afford to branch. a boy in washington coming up with global and trust efforts have scored a major win in europe as grant has hit and google with a huge fine over at advertising practices straight ahead. we take a dive into the latest ruling and what ripples that could have throughout the tech industry. then we look at new efforts from g 7 nations to crack down on a tory tax dodging firms. we bring you analysis of the proposal from the group of the world, the wealthiest country and china as important numbers have served as a globe, has begun to recover from the economic damage of the coven, 1900 pandemic. later on we break down the latest figures and what it means for transportation for trade were day, was that right it and we leave the program with
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a new find issued against google by, for instance, anti competitive watch doc. now this find costing nearly $270000000.00 is for google abusing its quote dominant position in the online advertising business. isabelle, the silva, president of the french competition authority, said in a statement. the decision is the 1st in the world to look at the complex algebra algorithmic auction processes by which online advertising display operates. so what exactly is google doing that? the french authorities are trying to bring to an end on joining us now to discuss it. school bus co host, an investigative journalist, ben swan. now ben, let's start with the find here. so can you break down these anti competitive practices? what exactly is google doing? yes, so essentially what the french authority is saying is that google has kind of these internal ad practices and software that they use without rhythms. and our rhythms
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really are gearing business towards their own properties and away from competitors . so for instance, they say this, there's something called the d f p advertising server that google use it. they say it allows publishers of sites and applications to sell their own advertising space . but the problem is, is that the way google hasn't set up is that they actually refer more business to their own advertising space as opposed to those competitors, even though those competitors are utilizing google services. so essentially, the way it's set up is that google is favoring itself, which should not come as a surprise to anyone because google and facebook and amazon are constantly brand in trouble for the fact that this is what they do in europe in the united states across asia, every place where they exist, they have been accused of and even find for at times, anti competitive practices when it comes to dealing with again, competitors who have to use their space. and now that nearly $270000000.00 fine,
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that seems like a lot of money. but for a company like google, does this even make a den and can't do anything to change the company's behavior at this point? it really doesn't listen. you have to consider the fact that, like you said, $270000000.00, it's nothing. i mean, google as a company does $11810000000.00 a year. right? so the amount of money that they're doing is just absolutely just, just staggering. but i want to give you a couple of examples of i said 1.8 went from. it's $181000000000.00 a year. not 181810000000 dollars a year is what they do. but think about this in france alone in the country of france where this whole thing has come up, right? $270000000.00 fine. google is actually been fighting with french authorities about paying taxes there in 2019 they agreed to go ahead and settle a tax liability liability. they had for $500000000.00 and they paid a separate fine of $500000000.00, but they owed about $17000000000.00 in back taxes in france that they settle for.
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so a $260000000.00 fine for anti competitive practices does nothing to change their behavior . and very quickly, before we go, no google has actually announced that in light of this, they're going to change some of their ad business behavior. quickly about 30 seconds. what are they changing? they said they're going to be more transparent in the process. they're going to get more flexibility and more freedom. and they're going to give more data sharing to consumers across the board to reuse, utilizing their advertising platforms. but this is stuff that google already had in the works in the 1st place. they say in france, they're going to do it and they may open it up to the rest of the world. chances are they're only opened up to the rest of the world. if they get hit with more anti trust lawsuit and boom, but it's been swan. thank you so much for following the story. thank you. and g 7 nations agreed saturday to support a global minimum corporate tax of at least 15 present to prevent multinational companies from dodging taxes by parking profits in low tax countries. in the us
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treasury secretary janet yelling and her british counterpart ritchie snack weighed in on the situation saturday in london. after years of discussion, g 7, finance ministers have reached a historic agreement to reform the global tax system to make it fit for the global digital age. but crucially, to make sure that it's fair, so that the right companies pay the right tax and the right places local minimum tax would also help the global economy thrive. by leveling the playing field for businesses and encouraging countries to compete on positive bases, searches, educating and training are workforces and investing in research and development and infrastructure. and it's proposed tax. we'll face further discussions among the 20 nations and the organization for economic cooperation and development for more on this look for your school bus. co host christy. i know christy, we hear
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a lot about this being aimed at tax dodgers. but what are these scenarios and who is actually being targeted here? while this entire deal is pretty much aimed at multilateral company, such as amazon, google facebook in order to squeeze more money out of the private tech sector, which has been one of the most profitable sectors of the past decade in order to fund the public sector. and all the debt that they've wrapped up during the kobe pandemic, but it's also aimed to reduce their incentive to then shift profit to low tax offshore havens. so it's estimated that hundreds of billions of dollars could flow to the government, which would essentially amount to legal robbery. if you think about it, changing the rules and the state of play midway, enforcing the private organization to adapt and pay for the giant norman blunders and inefficiencies of the public sector. so the current global tax rule date back to the 1920 and it has been recognized as the standard and accepted for over a 100 years. now, changing it now is almost equivalent. someone coming to you and say, hey times are changing. i think we need to modernize the bill of rights,
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which squarely enough is kind of what's happening with our freedom of speech on social media and the entire platform. a story been just cover last week. so it's assembly change the rules because the public sector is broke and wants to legally rob the ones with the fattest wallet. so the g 7 has agreed to back a minimum global tax, corporate rate of at least 15 percent. now, key details remained to be negotiated over the coming months with the agreement of g 20, of course. and this is expected to effect the largest and quote, the most profitable multilateral enterprises. how the tax revenue will then be split is not yet finalized either. and any deal will also meet the cost us congress . now, christy, you actually mentioned a lot of these companies. they tend to kind of park their money in countries that have more advantageous tax codes. how are these nations actually taking this proposal? well smaller countries and tax havens like ireland and singapore, they're less thrilled about this. like the tech giants, ireland has long resigned to having more to move than most from the reforms due to
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the attractiveness of its current 12.5 percent rate to for multi nationals. so ireland has continued to press the case that any final deal must meet the needs of smaller countries, as their economies are dependent on the stock giants. so apple, for example, has been in ireland for decades and they're among the largest employers. so it wants to remain a predictable destination for other foreign countries. and companies. other companies like facebook and google, they've directly employ about one in a workers and ireland, and account for over 80 percent of the corporate tax receipts that they seemed in recent years. so in the end, smaller countries and tax payments will end up getting screwed by the steel so they will be putting up a fight for as long as possible to keep it from happening. so this is definitely not done at this point. boom, but it's christy, i will keep an eye on the story. thank you so much for your analysis today. thank you. and has more of the global economy continue to reopen. oil consumption has
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continued to rebound now during the st. petersburg economic form last week r t correspond it usually a shop of oliver caught up with the president of luke oil, one of russia's largest oil for him to discuss the trends we could see developing in the sector. thank you so much for mister alec. moreover, thank you for your time. what is the current situation on the world our oil market, or is it possible that the global demand for oil gets back to the pre prices level? you shifted them to trend. we are witnessing today makes me optimistic. water consumption of oil has been growing. petro consumption in europe is already reached . the level of 2009, the consumption of petrol and jet fuel has been growing in the united states to the factory, indicate that the oil prices getting back to the panoramic level. hopefully, this trends populations of all developed country, which are the main consumers of our products that are being actively vaccinated against viruses. this makes us optimistic about the future on the oil price today shows an increase in demand for crude oil. when vaccines had been developed and the
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situation with the cova 19 land, america has become more stable and under control or has anything changed for your business? well, we're still under stress because the opec agreement is still, in effect, the limitations are still in place. and as you know, the decision to increase the boil production was not taken on june 1st. instead it was postponed to july of 2020. so we have the huge stock of closed oil reserve. i mean oil wells where production has stopped. the coil alone has curved production on it active operating oil well by 140000 barrel until the stock has been distributed along the global oil market can be no certain to in the medium term futures or so, despite the current oil price being over $70.00 us per barrel. my company is planning the medium term operations based on the price of her bare order with you mentioned the okay, is it worth making it open ended fortune or so we want this agreement for the reason is that as
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a mechanism it can adjust production from 0 to virtually any number, it makes the oil market situation more predictable and that guarantees affordable prices without any spice for our consumers. just remember how it skyrocket into $140.00. it's also good for oil 3 series of control long term plan. should we exactly oil prices to go back to $100.00 per barrel in any foreseeable future, we've been what has been happening over the last 4 years. the prices can go up all the way to $140.00. again, if we do not invest in the oil industry, that's precisely why this agreement should stay. it serves the interest of our client in today's circumstances and you know what new approaches or technology should develop 1st on monday and what is at the top of your agenda. today, the focus is on combining conventional and non conventional energy sources. we don't want any revolutions when an energy product becomes completely discarded. no, all changes should happen evolutionarily. and of course, that will,
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you need to be aware of the local environment depending on the continent and country you are operating. so we advocate for more well thought out policies, and we do support the increasing use of renewable. it can be a good complimentary formula when there is a deficit for conventional hydro apartment. they can also help to bring more balance to the market. you've just attended the plenary session with president vladimir. what are your takeaways when you're posing, once again confirmed the taxation system will remain unchanged, stable. this will help businesses grow. i hope the ministry of finance got the message and the taxes will be leveraged in such a way as yours to business is growth time now for a quick break, but when we come back, chinese academy is back to form as the nation important have search just on the other side, where to take a look at the figures in what it means for the future of trade between the world's 2 largest economy. as breaks or the number of
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the the look forward to talking to you all. that technology should work for people. a robot must obey the orders given it by human beings, except when the shorter the conflict with the 1st law show your identification. we should be very careful about artificial intelligence. the point obviously is to great truck rather than fear take on various jobs with artificial intelligence, we'll summoning the theme in a robot must protect its own existence with existence.
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as a korea professional sport is much tougher on some than others. she was a year old myer by everybody. so why would somebody believe me? i was just a little girl. the price paid to, to, to achieve really was was how to read in the paper this morning. usa swimming coach, arrested, allegedly had sex with a 12 year old girl. this happens almost every way we get calls at the office. i get informed about one of my greatest fears is someone's going to start linking all this together. there's going to be a 60 minute documentary about youth coaches in sports like gymnastics swimming. is that documentary? see it on r t the,
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i don't know, i mean there are some steps in there were rescuing the food that they were not discouraging or where were rescuing resources that are still good. this is best by march 21st, which is in 2 days. all these potatoes, holla, panels, onions, all of these came from waste brown sources. this is great for me because i'm always looking for a way to give things away. dr. because the tax laws, you know, definitely do benefit the wealthier people in our society. so that makes sense for them to throw it out right off, rather than give it to somebody who could use it. and then that person is not going to buy it. the
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welcome back. the united states base, they quote, significant imbalance in trade with china, according to us trade representative catherine, ty, speaking ahead of a virtual meeting of asia pacific trade ministers tie said portion of the trade relationship between the 2 largest academy are quote unhealthy and have overtime been damaging in some very important ways to the u. s. economy. and quoth adding that the united states is committed to doing everything we can to bring balance back to the us china trade relationship type commons come as china is reporting imports in the nation grew in may at the fastest rate in a decade, imports from the us for the month came in at $13110000000.00 down from 13940000000 dollars the month prior, while overall imports into china were up 51 point, one percent year over year. now export from china to the u. s. rose to nearly
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$45000000000.00 in may, bringing china's overall trade surplus to over $31000000000.00 for the month. for more on this widening trade gap left bring in john while she's the dean of the miami, herbert business school. the quotes are always a pleasure to have you on to talk about these very important trade issues. i want to start with this data. first, let's talk about this. why have import into china picked up overall while that trade gap continues to widen with the united states? yes, the, the trade gap roads, 13 percent months on month may compared to april, around about one 3rd of that. delta is, is associated with fewer us exports to china on around 2 thirds of the delta as related to higher chinese exports to the u. s. the reason
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for the latter is really associated with the rapid pickup of the us economy. and the fact that china supply chains were restored very promptly as a result of their very efficient coven lockdown. as far as the overall situation with respect to chinese imports is concerned, the imports by china rose primarily because of world commodity price increases rather than actual volume increases. so that's the basis for much of the chinese total import increase month on month. and now the clash, the trade representative says the u, as is committed to bring balance back to this trade relationship between the 2 nations. is there anything the binding ministration could actually do to bring lasting change here?
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well, the trade representative tie is interestingly referring when she says balance, she's referring to not just the balance of trade but rather the balance of opportunity as she put it, referencing her perception. and the administration's perception consistent with the trumpet administration that there is not a level playing field when it comes to us investment and all but unity and china visa v and the other direction. so what we have to do is to once again, try and broaden the understanding of what needs to be tackled here from beyond the mere short term trade numbers, month on month to a broader understanding of multi year relationship that facilitates cross border investment in an even way between the 2 countries and is
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the chinese government, are the chinese counterparts? are they willing to make those, those changes to improve this relationship? well, i think much as in the united states, there are differences of opinion or be if you don't see them publicly stated that boldly in china and the ministry of foreign trade and china, i'm sure takes a position in private, but they would like to see a ease and easing of the relationship and more investment and trade linkages between the u. s. and discussions between the 2 sides to resume. but as in the us, there are hard liners in china who see this as the moment of opportunity depress for china to press home. it's advantage, and to not make any such concessions to, to the u. s. and the quotes, you know,
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tires also previously stated that the u. s. is looking to improve on the phase one trade deal signed under the trump administration. while there were also reports just a few weeks ago that china is still beyond behind, on enough purchases to fulfill phase one. quickly got about 30 seconds here, but do you see continuing this agreement at the correct course of action or should the 2 sides just started all over under new administration? yes, i think that the completion of the existing deal would be helpful and needn't necessarily be quite on the same time line as was originally confirmed when the deal was struck because covert has gotten the way of that. but i do think it would be helpful if the 1st deal signed by president trump were completed successfully as a pre cast until then moving to stage 2, stage 3, and hopefully a broader all encompassing agreement dean john quality of the mind. harvard
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business school. thank you so much for your insight today. thank you. no other sector has been hit as hard as tourism due to the pandemic, which lost nearly $4.00 trillion $1.62 jobs in 2020 alone. but after more than one year of locked downs, countries in europe are racing to safely reopen borders in order to revive their economy. with the launch of the 1st ever, e u digital cove, it's certificate for more on how this digital cobit certificate would work or joined by rp correspondence side tab josiah. their brand is actually started back in march when the european commission proposed that member nations issue a digital health certificate to your residents, which would allow them to travel freely across the 27 days from block. now the idea for you is covered digital certificate is to offer a single system for verifying e you citizens cove in 1900 status. now the app is free of charge and it would
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indicate if the person has been either vaccinated or us tested negative for the virus or even just has recovered from the virus. now each health facility has its own digital signature and all of these signatures are then stored in a secure database in each country and then verified across the block in a system. now the commission is calling the month of june, the warm up phase, and so far, only 7 european member countries are using they pass. now they're both burial corporation. tricky denmark, germany and greece. now, 16 other countries plus switzerland have finished a testing phase and are technically ready to begin using the app at any time, but have not done so yet. now in addition, 7 more countries, 4 in the you and 3 outside of the blog are currently in the testing phase. now, while member countries can now start using it on a wall entirely basis,
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it will be fully enforce a starting july 1st front. so what if you are american, let's say, who wants to travel to the you? do you have to have some sort of you coven certificate as well? so if you are american but are not living in the you, you could still get the certificate. if you ask or 30th of a member country to give you permission, based on some prove that you've been you vaccinated or had a recent covert has now that decision on whether to allow non us citizen to use the app would entirely arrest with each individual member country now they're the ones that would make that decision. brent, and are there any actual exceptions to who can travel into the you even if they're vaccinated? if they are there actually are for travelers from india, brazil and south africa did a coded variance of the concern that are circulating their travelers to be you from those countries is prohibited even for those that fully have been vaccinated. brand
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inside quickly. how about the u. k? now that they're no longer members of the you? how does their situation work? and i got about 30 seconds. sure. so they're actually also have a, a digital certificates of course is there, u. k is no longer a part of the u. the u. k is not included with implants for the european digital health certificate, but they have launched her own digital certificate. the u. k. is using a national health service. ab regina developed to book appointments, regular doctor appointments and the prescriptions, but now has been expanded to display the person's covert testing and vaccination status, so they will be rolling that in the near future party correspondence sites after. thank you so much. and finally, it's good to be a billionaire with your own private space company. as amazon founder jeff basis has announced he will be aboard the 1st passenger flight of his company, blue origin r t correspondent, tourney chavez has more of that story. jeff is also going out of this world,
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literally. he just announced that he's going to space next month and he's not going alone. right. and you start the, you see the earth from space changes. you change your relationship with this planet with humanity. it's one earth today, amazon founder and ceo, jeff stays those announcing that he will fly on the 1st passenger flight of a space company blue origin and lift off it from one texas. but he's not going alone. really want you to come with me? would you, are you, sir? i think it would be meaningful. my brother there the be those brothers will take off on july 20th. and if all goes according the plan, jeff pays those who is worth $100.00. $87000000000.00 will be the 1st billionaire space tycoon to experience a ride aboard. the rocket technology he has spent millions developing. i want to go on this flight because it's the thing i wanted to do all my life. an adventure. it's a big deal for me now. the capital named the new shepherd brock. it will take 6 people
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up. and while the trip is only 11 minutes long, there is an auction for just one seat that's valued now at $2800000.00. but all the profits will go to charity reporting in new york, trinity each other's r t and that's it for the time you get boom bus on demand on portable t v. we'll see you next time. i the i don't know, i mean there are some steps in there were rescuing the food that they were not scavenging or were rescuing resources that are still good. this is best by march 21st which is
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in 2 days. all these potatoes, holiday, daniels, onions, all of these came from waste ground sources. this is great for me because i'm always looking for a way to give things away. dr. because the tax laws, you know, definitely do benefit the wealthier people and our society. so that makes sense for them to throw it out right off, rather than give it to somebody who could use it. and then that person is not going to buy it. kaiser's financial survival guide, liquid assets are those that you can convert into cash quite easily. but keep in mind, no out that to me to inflation watch guys reported one of the persian gulf, the wealthiest country,
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it has spent billions of dollars on state of the art stadiums. wow. look at this stadium is really taking shape. you can see the bowl and most of the stands now, when we were here a little bit over a year ago, at the same construction site, it was just the foundation in a few metal structures. so it seems that time why this idea to use shipping containers as building blocks has definitely paid off. i mean, they're easy to assemble and easy to dismantle, just like playing with lego. the for the 1st time in a world cup have treat the stadium will be billed from shipping containers and what's more, it will be completely dismantled after the tournament. the me
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ah, american investigators recover millions of dollars paid to her because who attempt to major us pipeline operator last month. the bridge should be widely blamed on russia, rat shooting up and to russia, rhetoric ahead of the bio summit next week. and other news activists in the u. k. a warning foreign property investors to avoid buying in britain as they're being offered worthless and unsafe really state often with didn't cost coveted. the kind of planning to lead to the grant of time with the video of an american father and daughter speaking out against critical race theories gone viral. receiving 2000000 views already on twitter becomes a bit an ongoing debate in america about the role of c r c in education. and.

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