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tv   Boom Bust  RT  July 10, 2021 1:30am-2:01am EDT

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don't i don't going to the don't go down there for that of all use in the 40, almost there. i guess maybe there was that i think you on the find the article from your job and the other shows. i took a look at the middle, who was nice with those who knew that gets along plenty also. initials for the simple to use the
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the boom bought the one business show you can afford to mit. i'm branch of board. and i'm rachel robins in washington. coming up as an invited, signed a sweeping executive order aimed at cropping down on monopoly. and that includes big tech for the gas is what it means for some of the largest companies in the nation. that countries around the world are recovering from a massive sell off bar by concerns to rounding the state of economic recovery. we'll take a look at how the major markets finish out the week these common tractors, illegally concluded to restrict competition in the area of emission clinic technologies for diesel card. and we had the auto sector where the e. u has levied a 1000000000 dollar finding volkswagen and b m w. later on we bring you industry
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insight into the controversy unfolding in europe with the facts. so today flip dive right in. we leave the program with the us president joe biden, signing a new executive order aimed at cracking down on anti competitive practices in big tech, labor and numerous other sectors. this sweeping order, which includes $72.00 actions and recommendations that involve a dozen federal agencies, is intended to reshape the thinking around corporate consolidation and anti trust laws. the executive order, i'm soon going to be signing committee. the federal government to full and aggressive enforcement or an address was no more tolerance for abuse of actions by monopolies. no more bad mergers that lead to mass layoffs, higher prices, fewer options for workers. and consumers, like my executive order includes $72.00 specific actions. i expect the federal
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agencies and they know this to help restore competition so that we have lower prices, higher wages, more money, more options, and more can be used for the american people. joining us now to discuss is blue bus co hosting investigative journalist ben want. now, ben, we know that there are a number of big tech builds, attempting to move through congress right now. how do these executive actions impact all of that? well, it takes some of the ideas of some, not all, but some of those bills that are we with the congress and what it does and i actually like this part about it is instead of trying to dictate or legislated by fiance, which many presidents try to do with executive orders. president biden, in this case, is directing federal agencies that already have authority to start using their authority rather than sitting back on the sidelines of waiting for congress to rewrite rules. i think that's a smart move, but just to kinda break down some of this, you know, you heard what the president said there about competition, specifically,
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and about working to eliminate some of these mergers and acquisitions. i think both of those are useful. they're already exist in some of these bills that are trying to move forward, but we don't know that congress will ever movies built ford. there's any mints, lobbying effort, taking place right now to prevent those bills from becoming law. now a big part of this appears just around acquisitions and mergers. like you mentioned for big tech companies, such as when facebook acquired what's up and instagram, is there actually a chance of the government being able to, for sort of a break up a big tech companies? well, it's not so much that they wouldn't break up anything from, from what my understanding is is that the belief here is not that you should make facebook now detached from instagram, at least in the way that the bills are written in the building in the house what they do is they essentially make it more expensive to go to the process of trying to acquire another company like a facebook trying to acquire and instagram or what's that. now the problem with that is that if you're a big enough company, if you're a google, if you're
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a facebook, if you're an amazon, this doesn't really hurt you because you're so big that you can acquire whoever you want and you can pay those larger fees in order just to apply to do that, whereas smaller companies that are trying to gain more market share by combining forces and acquiring other companies would have a tougher time. so that part of the bill or the executive actions or the house bill would be more difficult for smaller companies and they wouldn't really hurt the bigger companies. and one other aspect is these executive order also calls on the f t c, to craft new rules on big tech data collection and user surveillance practices. and asked the agency to prohibit certain unfair methods of competition on internet market places. how does that impact big tech? yes, so we couldn't impact them in a couple of ways. interestingly, you know, as i mentioned, there are 6 house bills that are moving through and each bill kind of taking on a different aspect of the big text. so this is a different building, the one we just mentioned that specifically looks at companies like amazon,
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for instance, right? so we've talked about this before. amazon's marketplace allows for amazon to have a platform where 3rd party merchants will come on this other goods. but then also amazon will turn around, look at the data, they'll look at the, the information they're gathering, and they'll turn around and based on demographics, price points, the most popular items. they will create their own version of those items and undercut the 3rd party seller on their own platform. one of the things that the fcc is being asked to do here is to specifically go in and prevent that from happening . if you are a platform like amazon, the bills essentially say, and perhaps what the fcc will begin to enforce, you cannot undercut your competition by competing directly against them. so that's one of the things that, again, it's not to be executive actions. here are explicit in telling the f t c. what to do, it's saying start doing your job in these areas. rather than waiting for congress to craft a new bill that can be a positive, but it can also be a negative if congress now says what the fcc taken care of. but let's not find what
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actions are lawful and which ones are not. and it's crazy because we've seen this movement happening actually from both sides of the out. so it's gonna be interesting to see in the coming month, the coming years, what they actually do to cracked out on the competitive practices boom. but spend one. thank you so much for breaking it down. thank you. a number of state attorneys general, who once opposed per du pharmacies bankruptcy settlement are now on board. moving the proposal one step closer to approval in u. s. bankruptcy court. the new plan calls for perdue and the sackler family to pay millions more for their roles and feeling the crisis. however, the satler's would remain shielded from litigation tied to it. so joining us now to discuss the latest journalist molly barrows contributor with america's lawyer. now, molly, what are some of the terms of the settlement? i mean, what do we know so far? right, well you remember that pretty filed for bankruptcy in 2019 because they were facing 3000 lawsuits and most of those are from governmental bodies,
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whether it's state local, you name it tribes. and so you had a lot of different people at the table trying to get different resources for their state, for their people that they are representing. so this has been an ongoing negotiating process and i'll say all that to say that they've been trying to get more money out of the sackler family this entire time. and they feel like, i believe that's why you're seeing more state attorneys general coming to terms agreeing to these terms that i'm about to tell you about. because they're just, it's been an ongoing negotiating battle if you will. and i think they feel like they're finally getting more money from the sackler family. but, and so far, what this settlement says is that the cycle family has to give up ownership of purdue. they'll be paying 4 and a half $1050000000.00 more than they had agreed to pay earlier. and in fact, they started out at $3000000000.00, so now they're paying 4 and a half 1000000000 in cash and other assets in charitable funds will be barred from basically putting their name on hospitals, museums, anything related to charitable donations, until they've paid off all their debts. related to this bill admit no wrong doing
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though rachel, like we were talking about and they'll be shielded from any legal liability related to the opioid crisis. moving into the future. and that's been a sticking point for a lot of attorneys general. but one thing it does call for is dissolving purdue and there are some attorneys general who have signed onto those who say that that was an important part of it. because now bill re form of the public trust of sorts and be part of the, the healing process. they say they're going to help distribute medicine that's going to make it easier for addicts to overcome their addiction. so basically they feel like by dissolving, producing, moving in that direction, that will help prevent this from happening again. but that remains to be theme, and those are some of the terms of the settlement remotely. where does all this money go to all of these entities that have basically now been called creditors, those tribes, those governments, and it's going to be about 4000000000 and they feel like it's going to be used or they have these governmental bodies have agreed to use it to basically help the community to provide more treatment for people who are addicted to also provide
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more resources for the various agencies and entities. whether it's mental health resources to help prevent people from getting addicted to begin with. so for 1000000000 is what they're looking at. and again, it'll be interesting to see what kind of oversight there is with these individual states and what does become this money. because that is the reason for the basis of the law. so they were supposed to provide resources to help prepare all the damage to this opiate with addiction. crisis is caused communities across the country, 3000 lawsuits. that's a lot of people being represented in those communities. wow, truly. and it will be interesting to see how much they actually follow through on. now, even though we have an agreement, why we're state attorneys general divided on this point, you know, there were a lot of actually issues that they are divided on. the most the, the most common that you hear from all of them across the board is that they really felt like the sackler family should be coming to the table with a lot more money. and another one that was a common complaint is how are they,
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you know, even though they are paying what they are paying now 4 and a half 1000000000, it took a while to get to this point. there are some that still feel like they should be paying more and here they are paying this amount and yet they're still saying, we've done nothing wrong ethically we've been nothing law wrong morally and, you know, purdue is the only one that the company itself that basically you know, admitted to criminal charges of conspiracy for aggressively marketing. what they knew were highly addictive pills. so, but the fact the sackler family has not admitted to that. so a lot of these attorney general were concerned that they had not accepted responsibility. that there was no apology, that they were still walking away billionaires, when they hadn't accepted any responsibility. and they also wanted the public to really understand just how they felt like this was a conspiracy. they wanted more of the release of more internal documents. and so the, they have agreed to do that. 13000000, they're going to create a portal where the public can go and see online exactly what those communications were. what the processes were in place to basically pay off doctors to prescribe
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more pills. they felt like that, that it was this, the business model, if you will, of making sure that this highly addictive product gotten to the hands of doctors to get into the hands of people. you know, we know it really as a tragic case that is affected far too many americans. molly barrows, of america's lawyer. thank you for your time and insight. thanks, rachel. the markets are mixed for the week as opec plus members disagree on wrapping up production and texture. giant faced regulatory scrutiny across the globe. we start russia, where the mo, x is down for the week. the index took a hit after new data showed inflation rows in june by 6.5 percent year over year. that's the fastest pay since august of 2000. and 16 recovery central bank had set a target of 4 percent. meanwhile, on friday, the nation's ministry of economic development and trade set, it expects g d p to expand by 3.8 percent this year. that's up from previous
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estimates of 2.9 percent. moving to asian markets, the shanghai composite, it's in the green this week. but just slightly this come, despite the regulatory crackdown and some of the nation's biggest tech firms on thursday, due to the concerns that the economic recovery is losing steam and china, the central bank announced that would cut the reserve requirement ratio for commercial banks by point 5. percentage points, releasing one trillion was worth of liquidity into the banking system in hong kong to hank, thank in the red for the week. chinese tech stocks trading on the index fell on thursday, mid regulatory concerns on thursday alone. 10th. now you bob, a drop by roughly 4 percent night one fell by nearly 6 and a half percent. while the hung sang index or tech index that is the same as a whole lot 3.7 percent in japan. the new k is also down japan and now it's on thursday. it would reinstitute a state of merging emergency due to the code 1900 pandemic, which starts monday and we'll go through the 22nd of august. this resulted in the nation decided to not allow spectators. i feel in big games which start in just
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a few weeks. the pandemic related concerns weighed on stock due to that fear again of a flow economic recovery in japan. moving to india, we have another red arrow for the sense x for the 2nd week in a row. financial stock took the biggest hit for the week while i also faced trouble . the centex had been on a terran recent month despite face in the world's worst cove. in 1900 outbreaks, but a global sell off that has affected many indices, took a toll on the sunsets and australia. the aspect is also down on thursday. it looked like it would. we've got a positive week as the mining and industrial sectors. we're both up, but the index fell on friday on fears that a 3 week locked out in the country might be extended mid to run, a mid rise in coven 1900 concerts, and the all share in south africa. it's up for the week. the market took a bit of a dive on thursday, as some firms tied to chinese tech companies did fall, but the all share was able to rebound on friday. the nation also announced a goal of 300000 cobit vaccinations per day. now let's go over to rachel was in the
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other student. she's going to give us a take a look at europe and the america's thanks brent. here we start in the u. k. where the, the is down. this despite a rally on friday, that wasn't enough to shake the impact of that global sell off. british prime minister boris johnson announced that country has reached the final stages of its locked down lifting roadmap. and the remaining restrictions are set to be removed by the end of the month, while the german dax is in the green. the french cack remained in the red to close out the week. the european central bank announced a new policy strategy on thursday. changing it's inflation target from close to 2 percent to now allow consumer prices to go above the 2 percent mark. however, the central bank still says it expects the current inflation to be only transitory . then in brazil, the bow vast is down, shedding more than 1.7 percent this week and hitting its lowest point in more than
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a month. political tensions were heightened after a senate committee. and now it is investigating whether president, both tomorrow, embezzled millions and corruption scheme. centered around government vaccine purchases. moving now to mexico, where the b, m. v is down, but just slightly. while footage of a gas leak referred to as the eye of fire went viral, it had very little effect on mexico state run oil company. the latest reports also show that annual inflation was virtually unchanged in june, and remains above the central banks target. here in the us, the down the nasdaq and the s m p. we're all in the green, while jobless claims were more than expected for the 2nd week, concerns about an economic slowdown were shaken off on friday with a raleigh that saw the s and p 500 hitting a new inter day record. and finally, the p. s. x is down to end the week. this comes after the index actually hit a new record high on tuesday when crude oil prices reach their highest point in
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more than 6 years. moving into next week, we will continue to keep an eye on the state of the opec dispute and the spread of coven variance worldwide. and that is your global market walk the time now for a quick break. but when we come back, volkswagen is back in the spotlight as the european commission has hit the auto manufacturer with a big time, fine shirt head. and we're gonna bring you the later. and as we go to break here, the number that the quote the me
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ah me special episode summer solutions today we're talking with john beano of dollars collapse dot com state date right. 2021 has been the year of the i word inflation. even the central bank is mentioning inflation. is it transitory? however, as the central bank is arguing, or are we going to see something worse coming forward in the next year to join me every thursday on the alex sermon show and i'll be speaking to guess in the world, the politics sport business. i'm show business. i'll see you then. me
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the welcome back. not just one, but 2 billionaires are set to make their debut in our space this month. the richest man in the world. jeff pays. this is preparing for his highly anticipated take off in west texas. but he stands to come in 2nd by just 9 days to richard branson who is preparing to take off in new mexico on sunday. and if you thought that every single thing these 2 trips do won't be compared, you would be wrong from the length of the flight which goes to branson, to the height, which goes to be those. the battle of the billionaires is on in a brand new way. we're all still waiting to find out what kind of space tourism plan bases and blue origin will offer to travelers. but virgin galactic has already
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announced 90 minute flights for $250000.00. a ticket and branson says 600 feet have already been reserved. rachel, i gotta be honest with you. i actually love this private space race and especially how much it is kicked up in the last 2 years or so. all right, i understand where you look at you on mosque bay, those and richard brands and these are kind of real life super villain characters. but what they're doing will move forward, and i know a lot of people complain because they're like, well can they do better things with their money? of course you have to remember how business works is they've had to put all their own money, mature base, or spend about $500000000.00 to start blue origin. but he gets a lot. they also go through about a $1000000000.00 every year. so there's other people put money up and i think this is going to be interesting. so it's going to be interesting to see what happens on sunday with branton. absolutely. and you know, the innovation aspect is really interesting here. and it's also notable to see just how they are presenting these trips, you know, on one hand, you got they,
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those who's talking about how he's always wanted to go to the race. this is something that he's dreamed about with his brother for years. and then on the other hand, you have brands and using this as a way to really sell his base tourism to sell. 1 the fact that, hey, if he can go up on this flight and it's safe and you should be able to as well as long as you have $50000.00 for that hour and a half. life will certainly be interesting to see how it all hand out and the european commission on thursday find volkswagen and b m w $1000000000.00 for conspiring to not deploy technology that could have reduced harmful emissions from their vehicles. all citizens must be able to trust that. com manufacturers compete with one another for over 5 years. the car manufacturer is deliberately avoided to compete on cleaning better than what was required by u emission standards. and they did so despite the relevant technology being
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available. and as part of the settlement, volkswagen will pay just under $600000000.00, while b m. w is on the hook for nearly $400.00. 50000000 dimer was also revealed to be part of this cartel but was not fine. so let's take a look at this and some other news out of the auto sector. when the car coach lauren fix, always a pleasure to have you on lauren. thank you for having me back. hi, this is a pretty exciting story. we don't get stories like this and the auto industry to office is part of the manufacturing collude with each other. what exactly happened here? well, you have to remember, there is something with all manufacturer. they share information is a partnership. for example, we've talked in the past about nissan. well, they share technology with re know and mitsubishi. well, this is what the manufacturers are claiming that we're sharing technologies. we're sharing where our findings so that we can all make better vehicles for less money.
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and that is true, it does happen a lot in technology, but the e was saying, no, you actually colluded the 4 different the 3 different groups to actually sheet the emission system. so there's a $1000000000.00 in fines, nothing to mercedes or dime lar, because they're the whistleblower supposedly. so this is going to be, you know, this is going to go to court because they're going to fight this and any car company that's a lot of money that's going to take a while for them to, to recoup that. and profits interesting through is only allowed to go on until someone finally spoke out. now this situation with also unrelated to v w admission gate scandal. they have been a manufacturer that pushes fuel efficiency and now electric vehicles. so is this situation hurting their reputation at all? you know, you think it would and we talked about diesel gate. i can't tell you for how many months, not just on this network, but i'm literally every network and, you know, everyone kind of thought that you would know that. but if you average person on the street, you know, what do you think about volkswagen?
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does that seem to be like there's a problem and the average person like know why they make great cars and you see their new posada? you see there are new taos so people don't hear it. it's interesting because even though the airbags and all the other recalls and things that we hear and things that happen, it doesn't seem that the consumer actually listens. but the fact is this will hurt volkswagen when it comes to their profit margins, which is their bottom line. so that means their stockholders will probably not be happy about this. but if i think volkswagen is going to fight this, cuz that was a $40000000000.00 fine. and apparently according to the news that we re read because we were not part of the court case. apparently you is claiming that volkswagen group which and porsha audi. volkswagen, there's others going to and so forth that they've been cheating the system all along. will see you right. because auto manufacturers are much different than the big tech giants who are able to set out tens of billions of dollars for future fines. knowing that you're gonna break them lot somewhere. so this is crazy. i want to look at the broader auto industry and i'll be car sales have been declined
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actually in may and june after demand and supply shortages. we're pushing prices up in the decline to all about the inflation pressure on consumers, or are there other factors that play right now? well, there's a lot of factors that play well. we all know about the microchip shortage. we've discussed that before on your network. and then we also know there's a rubber shortage, so that's obviously causing a problem not, not flipping the tire manufacturers, but the all the, some components go together. and i have talked to a couple of executives from a couple different car companies and some have been shortage covered by using other suppliers while others have said, you know, we've got this under control. but the supplier that gets of the micro chips for maybe a braking system or a safety system, they're the ones that dropped the ball so they can't bill the current solid. if it's missing safety features. i mean, that would be, that would put us back into a liability situation. so i think that's a big factor and then you've got a shortage of cars going from manufacturers to consumers. so what ends up happening used car prices go up, people look at used cars,
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and the pipeline is down dramatically. you're looking at increases in prices, almost 40 percent unused cars. and that means that your average sales of vehicles, which they both go back to 2019 was 17300000. we kind of did ok for 2020. considering coven. but now they're down to like, 15000000 they're calling for unless they get around that your hands are on the chip shortage. it is going to really put our hurt on the auto industry and ship shorter specifically. i mean a feels like every, every week you see it well might be to 2023. we might be 2024. we don't know where we're going to be. lauren fixed. we'll pick the car code. thank you so much for your time. did it? thank you. and that, that for the time you can catch boom, but on demand on the portable tv app available smartphones and tablets, google play in the apple app store by searching portable tv, portable tv can also be downloaded on samsung, smart tv and roku devices, or simply check it out portable dot cv,
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we'll see you here next time me part of this international mega science with that project can neither is being built into. it's going to allow the scientists to study matter. they believe it existed just after the big bang get formed. ah, the tires are more flu, shane and the furniture living authority. the other one is not 13 deal is great. as a country, samantha bonus, some go out and we'll just go play that niga emotions. i hear from gulf that i almost the, even though we could use that as the
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a little girl. and they started me julia completely traditional moving machines, etc. if you see the one you need from me was upset for me to last with metro. i checked the synergy and this is what i need from the new new new which and about what exactly happened. was it when i pull it up, when i got it up on that got mixed up with
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me. ah, quitting a country when your opponent is the strongest part levels are drawn between the u. s. whole lot from skeleton. what happened in vietnam that's made reports from recaptured territories that the taliban is once again imposing severe restrictions under real law. a plea for help. they haitian government of the u. s. and u. n. to send troops to protect the countries key infrastructure. days after the president was assassinated in his own home, plunging the island nation into term and binding the drum for inclusion and equity. the u. s. office of the director of national intelligence.


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