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tv   Boom Bust  RT  July 3, 2021 9:30am-10:00am EDT

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certain names due to the increased capital requirements. and even though they raised about $3400000000.00 in order to assure the balance sheet, it was still not enough. and they had to limit the trading of names like the game stop and the bed bath and beyond and others. so robin hood can actually control this, it's completely dependent on the clary houses and clearing houses. they just that requirements that fluctuate daily based on volatility in the market. so if we have another flurry of this mean trading, this could actually happen again. and as a result of setting these trading limits on those names, robin hood based a lot of backlash from outreach customers who lost their money, threatened to leave the app store and do su, litigation, etc. that also received us congressional inquiries and investigations, negative media, all of which caused reputational harm to the name and what poses the risk in the future as a publicly listed company to affect the price of stock. yeah, and it's interesting to see the fact that robin hood is now admitting that this could happen again. it's just all up to those read it users who decide to come
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together. now ben, this is a sentence that would not make any sense if you heard it before this year. but robin hood has also listed those coin as a risk factor for perspective investors. why is that? well, there's a couple of reasons for that. a lot of the reason for the speculation was robin hood will tell you as well they do allow for the trading of trip del specifically do is going to love their users, are buying those. and so because it goes up or down that can have a huge amount of volatility, which could be bad for their business. but there's other claims here that seem to indicate that perhaps robin hood as an entity or someone closely associated with robin hood holds a large equity stake in dough. and that goes back to the wall street journal. back in february, they did some reporting that that time that indicated that about 20 percent of all those coin and circulation belong to one person or one entity about 30 percent of them. and very possibly that there may be a connection to robin hood itself that we don't know that. but here is what is
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a significant point here, is that the ceo of robin hood says, this is not true and that the company itself holds no major stake in any of the coin they trade. well, volunteer volatility of coin thing should not necessarily be bad for your business model unless you say, well people are buying them through us and therefore if they get hurt, that will reflect badly on us. but the thing is robin has a platform for stocks and it's a platform for crypto. so the idea of crypto go with up or down, or stocks going up and down would have a large detrimental impact on the platform. i think it's highly unlikely. yeah. and it is notable to see that we're in a time where, you know, when you don't coin 1st started becoming popular, there weren't a lot of mainstream places that you could buy it. and all of a sudden we have robinhood and we have coin base. and those sorts of things coming along. now, christy, when we're talking about a public company here, should they be holding a crypto like don't coin which is so speculative in nature?
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well, i think any public company should be free to hold any asset they want as long as they properly disclose it, and investors are aware of the highly speculative nature of the asset. and as much as i hate those coin and bend. no. so i think going is completely useless. however, i do applaud robin hood for jumping on the bandwagon because it was a very small move for them. the point of robin was to game of the stock market, so it's like video game for users. so windows went started looking like the ultimate casino game, the ultimate game of taishan of crypto currency. it was smart for robin hood to then put it on the platform to take advantage of the trend. but now a significant portion of its revenue is derived from those clients. and that's dangerous because of the highly i can nature. like you said, there can be amazing applied if it goes to moon, which i doubt, but it can also suddenly without warning. so i think it's okay for a company to hold hold if it wants to, but then investor will just have to be aware of it and the company has to trade like, especially those who name in the future. it's almost no different, like a farmer company holding
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a speculative asset that could be the next cancer cure. or on the other hand, a complete waste of aren't the money that never gets approved or an early stage tech on the whole, the next big app or just another does. so i don't think we should get into argument of what should be should be asked or not, because then it's like, well, what speculative. yeah, exactly. now is i could say say one more thing about that. i think there if you go back to some of the reporting, my bloomberg earlier this year, i mean there are a number of people who say that absolutely they are convinced that robin hood is the holder of the wallet that has about 30 percent of those coin in it, and the reason that's important as we get into the same kind of scenario that we get into with amazon, right. we're amazon, it's a platform. but it's also a competitor to, to many of the entities that are honest, platform, merchants that are on this platform. and that's where i think there could be a problem here. robin hood is a platform if a platform is also the primary holder of a large amount, almost 30 percent. and the experts who have looked at the sam said, almost undoubtedly belongs to robin hood. this wallet, as if that is true,
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and there are billions of dollars worth of dose that robin hood holds. they now have a kind of a conflict of interest, especially when it comes to their investors. if they do not disclose it, and so far they don't seem to be disclosing it. so the fact that they're saying it's not hours now, maybe it's not. but if they're saying it's not, and it actually is, that is hugely problematic. absolutely. and especially when you're talking about all of the anti trust allegations that now congress is dealing with when it comes to amazon and facebook and google, and they're realizing that they're going to have to try to break these companies up in order to get anything done here. and yet that in itself also seems impossible. so it really is a slippery slope. and now we're watching robin hood sort of getting into that. now, why have you both here been? i also want to ask you about bitcoin. it has been ranging from 304-023-6404 the last 12 days. and it has been difficult to pinpoint the exact reason for investors lack of appetite. right now it appears the
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battle between bowls and bears is pretty strong. so where does the price go from here? yeah, i'm not sure where it goes. i think the, you know, the floor is going to sit around 30000, which again, i think you're looking back over the last couple of years is a pretty great florida. have i don't think it's going to drop much below 30000. i think they'll keep it, keep it there. but ultimately 34000 is a good test. and if you can get back up to 40 in the next couple of months, that would be great. but i don't think it'll go much be below 30 and inside as always been on kristi, i thank you for your time. ingen, thank you. as locked downs or lifted and unemployment claims decline. the u. s. economy continues to make progress. the congressional budget office has now double this forecast for us economic growth in 2021, to 7.4 percent. that will help the staggering deficit just slightly by pushing it
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back to 3 trillion dollars. reports. notice that after passing trillions of dollars and stimulus measures starting in 2020 congress will fall short once again this year with a deficit that equals 13.4 percent of g d p marking the largest level since 1945. the market were mixed this week as the latest reports on economic growth love, some countries behind, while other soar to record high. we start in russia where the mo, x finish up this week. the index rallied on thursday as the nation's economic ministry. and now for the countries g, d p grew 10.9 percent year on year in may moving to asia where the shanghai composite is in the red marking one of its worst performances. in the last few months, friday's job was driven primarily by slowing economic growth and credit concerns in
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hong kong. the hong sang is also down falling a dismal drop on friday. this one can be chalked up to a lagging alibaba and other names in the tech sector, having a poor showing now to japan, where the new k finished in the read. despite of late rally on friday, this tip and trading with lead primarily by the railway and real estate sectors among others. and now we turn to india where the sun sex follow the lead of the other asian markets by finishing in the read. this despite a late week run driven primarily by the banking and pharma sectors. now, over to australia where the assets finished almost flap. the index dipped early in the week on renewed fears of lock downs, but was balanced out by raleigh in the gold mining sector. and then we drove across the indian ocean to south africa where they all share, finished up for the week. this growth was driven by the nation showing a larger than expected trade surplus in may and over to europe,
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where the french tact and german docs are both in the green. this after rallies from france's renault and society generale, along with germany's delivery hero and d, this nearby and the u. k. the fuzzy is up be in next slide, the best training day in early to mid on thursday, driven largely by energy stocks. now over to brazil, where the evo vesper is in the red, but just slightly. b index plummeted on thursday before rallying on friday. this comes, as the brazilian economic ministry has raised its 2021 trade forecast for more than $15000000000.00 in mexico. the b m b also finish slightly down this week, but optimism is growing in the nation as its factory saw there slowest pace of contraction. since the pandemic began, mexico's p. m. i rose to nearly 49 percent in june. just shy of breaking the gross line at 50 and to the united states were all 3 major indices finished up for the
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week. the s m p saw it's 6 consecutive record close on thursday. the late as rally was boosted by decreased unemployment claim. the nasdaq also saw a record high close this week as tech stocks me to come back. meanwhile, the doubt lag behind as boeing took a hit on friday in canada, the t s x followed the lead of the us counterparts by ending the week in the green . the index jumped in early friday, trading with a rally, lead primarily by the tech and finance sectors. now as we go into the next week, we will continue to keep an eye on those tech stocks and on the state of the cobra . 19 delta varian, as it continues to spread, and that is your global market walk. the tensions between the u. s. and china remain on a number of issues from the trade war to
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a continued military build up in the south china sea. but even though the violin ministration has promised to pursue diplomacy 1st, a new report gives insight into washington's plan to continue to target beijing in the small waterway that sees one 3rd of global maritime trade every single year. our cheese alex mile of it has the story. it was a common scene under the trump administration. japanese and american troops conducting military games together as a show of force against china. and not much has changed since trump was voted out of office under president biden. the games have continued. now, according to reports, 6 people who asked not to be identified, told the financial times, but the united states and japan had been conduct the war games like these. but top secret in the south trying to see to prepare for a possible conflict with china. although taiwan, the source of say, some of the joint military drills were disguised to look like disaster relief
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training. china has addressed the reports about the chinese government and people's term resolve will safeguard national sovereignty and territorial integrity will not waiver in the face of any external pressure. we hope relevant sides will stop typing up the china threat theory and instead do more things in the interest of regional t instability. asian considers taiwan an inseparable part of china as recognized by the u. s. in $197091.00 china policy, china and japan both consider an island chain into each trying to see their own, which is another area of contention. the latest report of war games seems to extend from the final years of the trumpet ministration, at which time it is said that the u. s. in japan began to carefully claim for potential conflict with china, with exercise including everything from secret tabletop wargames to joint drills in the south and east trying to seize. it's believe that in the event of a war between the us and china, the united states would heavily rely on japanese air bases,
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putting japan in china's sites. meanwhile, on another part of the globe, the u. s. lead north atlantic treaty organization is provoking another superpower. this time, russia for the past 2 weeks, rival russian in needle fleets have had runnings in the mediterranean and the black sea. there are reports that russian bombers and heavily armed fighters took at least one mock attacker and at a british aircraft carrier in the mediterranean. while other russian planes buzzed its escorts, it said that in retaliation, at least one stealth fighter from the british aircraft carrier that circled a russian warship. the russian military launch drills in the mediterranean sea, which include warplanes, capable of carrying hypersonic missiles after tension reached new heights. in an incident with a british destroyer in the black sea, which has said to have violated russian territorial waters, russia has downplayed the drills as nothing more than just tax military
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equipment. you confirm once again, it's high reliability. the flying personnel has had a valuable experience of working in a hot climate and above the water service. the russian exercises in the eastern mediterranean followed the entrance of the british carrier strike group into the area. earlier this week, british and us at 35 fighters from the h. m. as queen elizabeth, who combat missions against isis. russia, which is back the government of syria in its fight against extremist groups such as isis had sent a pair of mig 31 fighter jets capable of carrying hypersonic missiles to a russian air base in syria. for the latest drills. it is the 1st time warplanes capable of carrying such missiles have been deployed outside of russia's borders. for boom, bust fine, alex, mileage time now for a quick break. but when we come back, a new set of global tax rules aimed at taking on big tax is set to go into effect. but how are companies like amazon and facebook reacting and how will the new taxes
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impact the consumer will discuss next? and as we go to break, here's the numbers at the close, the the o. well, what we've been reporting on for a few years, money printing leads to inflation. this is about becoming a big problem for central banks around the world. only one central bank on the world is actually taking it on board and proactively dealing with the issue. we'll get to that mom and ah,
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to don't to leave. you will move with the news. he will tell when she gets home later to love me as she knew she wouldn't be a little girl for what i was studying for me to teach julia. she's teaching is what she's a she's really pushing. you see the one doing the best for me was over. she said for me in the last with, with metro. okay. she yeah. she checked the i've always been, this is what i knew the new new new which is about what if the new i see
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executable couple once he put up, when i got to pull it up on that got me probably you know my back when i was like, oh ok, you're trucking. yeah. so you'll have to, i lost his boss because i just got to the bottom. you just gotta be on my cell, my those up as well. so you know, you're not so my pull up. i got, you know, just, i mean my almost what i'm already whatever set up i really just go me. i remember the last thing when i went up and i might really here. so i just don't get on to the dentist visit to chantelle. but i'm one of this, but i'm like, i was,
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i just spoke to someone last month. i didn't want to go to kind of all my, you're just part of yes, it was a thing i was calling with you and your team, samantha katie. yeah. my thought, a lot of problem, you just gotta go to the the that pressure is on for the big tech companies that are expected to be the target of a new global minimum tax falling in agreement made by leaders from $130.00 countries this week but not everyone is expected to be hit with the new 15 percent tax rate. in fact, reports say the u. k has already scored an exemption for financial services and the one that following negotiations hosted by the organization for economic cooperation
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and development. it will ensure financial firms such as global banks in london won't face additional taxes. so joining me now to go further in depth on this is hillary ford, which president of straw mark, i'll be hillary. it's great to have you on the show today. we know that the u. k. has been fighting for an exemption for financial services. this talks began. so how big of a win is this after a year of london fighting to keep in financial hub intact. post breakfast? well, pleasure to be back with you again. rachel, and this is a huge victory. this is great. it's crowns london again, as the financial capital, in fact, actually, london was just re announced as the financial global capital beating amsterdam for numbers of shares traded. and yes, you're absolutely right. this is a victory. it's a victory in particular. 6 parisha as soon as the chancellor of the exchequer he's been vying for this deal. and what this does is this is an exemption, so that the u. k. banks, the city of london, and within the square mile,
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these banks don't have to pay taxes and other countries on all of their trades. and so it does secure the center of london as a financial center and a few things about this. so he did have to make some concessions because of course the u. s. wanted the elimination of the b s t. that's the digital services tax that the u. k. levied on tech companies. so that was the concession that he did make. you could say it was kind of a game, you know, he had to make a concession and then he got this exemption for the banks, but he did manage to secure that exemption. and indeed it is a victory after breaks it. as is the crowning of london again as a financial capital. okay, so a little bit of given take there in order to get their way. now it's interesting because the stated target of this new global tax is big tech companies like amazon, facebook and google. but even though these companies have called the new rules a step forward so far and so that they will agree to follow them, is there any concern that they could still do what facebook did in australia
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earlier this year and just shut down their services altogether? if they don't get their way in a certain country, well, you're right about that to rachel because the i thought was back in february when facebook sort of fluids toys out of its prime. because it was looking at some penalized penalizing legislation from the australian government and the australians woke up one morning and that just wasn't any news feed on their facebook feed. so yes, that was a big issue. and actually google did the same thing because there was a law that was going to mandate they pay for the news that they actually would feed from the major services. and the australian prime minister scott morrison said, we shall not be threat. we shall not respond to threats. so yes, google threatened it, facebook did it, and i think yes, you're absolutely right. these forms, they want to their way and they can pull down that services any day. there's no law that says they can't pull down their services, and i believe they will because they know the immense power an immense reach. they have all be sort of or williams, they can do it. yeah,
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it's when those big tech companies start actually flexing their power, the country start to get a little bit concerned. now i want to touch on another thing that you mentioned, which is the u. k. agreeing to take steps to remove it's 2 per cent tax on digital services. so amazon dealt with that tax by increasing its prices that it charge for its products in the country. is it likely that these companies will treat the new taxes in a similar way by making the consumer pay more in order to pay up? oh, absolutely, rachel, that's what they do. i tested this a while back. what about these tax and the u. k. to see whether they the 2 percent tax, they did pass it on to the consumers. you know, i have relatives, many friends in england. and what i would do is i put in a friend's address. and if i was to order something to live in there for when i was going to be that it would be considerably more expensive than if i bought it in the u. s. and took it over with me. so yes, i mean you can test this. absolutely. that's what these big companies do. they just
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pass on the taxes to the consumer. they've done it before and they'll do it again in the future. and we're already seeing this and you can, you can test it out yourself. so yes, you're absolutely right. this is what they will do. now, before we go, do you see all of these countries actually complying? i mean, it's one thing to have 130 countries saying yes, we will do this, but do you think it's actually going to be carried out? well, i think those that have agreed to it will have to. but what's interesting of those countries that have been signed on islands so far actually happened. don't forget, they have a 12.5 percent corporate tax and this tax mandates 15 percent across the world. so they have not signed on. neither has a couple of countries in europe. i think i think it's hungry and estonia, they haven't signed on because they have lower corporate tax rate. so what's gonna happen? nigeria also, i believe, and also think couple of the company countries. so only $130.00 of signed on. so water corporation is going to do. they're going to go to the other countries because of what we can do. interestingly enough though, shina had not find on in the 1st round and they have signed on now. so that could
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make a difference because the big prediction was most companies would flee and they'd go to china, but that is now being prevented. ok, well it'll certainly be interesting to see exactly what happens with this tax moving forward. excellent points to consider here. hillary ford, which thank you so much for your time. you're welcome. let's hope it's not a race in the bottom and it's been stopped. while we don't know the name of the mysterious auction winner, we do know someone else who are join. just phases is 1st flight in the space. 82 year old pilot wally funk will be aboard the blue origin space flight set for later this month. funk is a member of the mercury 13. the group is made up of a team of pioneering women who were training to become astern off in 1959 before their program was shut down. while she never became a nasa astronaut, she is an accomplished pilot. and the 1st female as a inspector. meanwhile, billionaire richard branson is looking to beat phases to space. his 1st flight with
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virgin galactic will be july 9th, just 9 days ahead of the blue origin flight. it's all about which billionaire can get their furs? well, that's all for now. you can catch boom bus on demand by downloading the portable tv app for your apple or android device. we'll see you here next time. and as always, don't forget the question more me, i me, me ah
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ah, i will, i will imagine picking up a future textbook on the early years of the 21st century. what other chapters called gun violence school shootings, homelessness. first, it was my job and it was my name was my savings. i have nothing. i have nothing and it's not like i don't try. i look for resources, i look for jobs. i look for everything i can to make this pass and all i end up doing is passing the road to the american dream paved with dead refugees. as barry
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idealized an edge of the older america, native americans look past the depths that happen every single day. this is a modern history of the usa, america on r t and your media reflection of reality. the in a world transformed what will make you feel safe. tyson lation community. you going the right way? where are you being somewhere? direct? what is true? what is faith in the world corrupted? you need to defend the join us in the depths
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will remain in the shallows, ah, in better god, like all is going to start at a federal reserve. so there you don't get a back. oh, heck, no. refrigeration came. well look at the rest, the 7 years bill, it was kind of the record ah to don't to leave you with this notion over 20 new he said when she gets home later to love me
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as she knew she to a little girl for the study. i took me to teach julia traditional but she's a sheet if you want to see what your new best for me was upset for meeting last week with metro. okay. she yeah, she felt i love this deal and that is what i need from the new new new which is about what you're going to see executable football. what's the point up on that got to pull it up on that. got me
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the police officers shot dead in sweden becomes the 1st killed in the line of duty since 2007 3rd to violence. that the opposition blindness of migrant and outburst again so called awoke culture. president mccrory warned the progressive american ideas, a racial, i think france, we get some insight essentially trying to use an american group for friendship like which is really very different from america. i think step backwards than they and they start to break the society part of being vaccinated doesn't always mean unrestricted. travel for european medicines agency is yet to approve an indian version of the astrazeneca jab the many in britain have already received. ah.

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