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tv   Boom Bust  RT  July 10, 2021 9:30am-10:01am EDT

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order aimed at tracking 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 cell off marked by concerns surrounding the state of economic recovery. we'll take a look at how the major markets finish out the week. these common structures 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 fine against volkswagen and b m. w. later on we bring you industry insight into the controversy unfolding in europe with the facts. so today flipped 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,
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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 antitrust laws. 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 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. and joining us now to discuss is boom, but co hosting investigative journalist ben want. now, ben, we know that there are a number of big tech builds,
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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 waiting for congress to rewrite rules. i think that's a smart move, but just to kind of break down some of the, you know, you heard what the president said there, about competition, specifically, and about working to eliminate some of these mergers and acquisitions. i think both of those are useful. they're already exists in some of these bills that are trying to move forward, but we don't know that congress will ever move these bill forward. there's any mens 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,
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is there actually a chance of the government being able to, for sort of a break up a big tech company? 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, 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 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
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would be more difficult for smaller companies and they wouldn't really hurt the bigger companies. and one other aspect as 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? yeah, 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, for instance, price. 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
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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 is 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 specify what 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 pence one. thank you so much for breaking it down. thank you. a number of state attorneys general, who one's opposed per du pharmacies bankruptcy settlement are now on board. moving
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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, 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 were 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
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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 and other 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 though rachel, like we were talking about and they'll be shielded from any legal liability related to the open 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 they'll re form of the public trust of sorts and be part of the,
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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'll help prevent this from happening again. but that remains to be seen. 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 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 that they were supposed to provide resources to help prepare all the damage
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at this opiate with addiction crisis is caused communities across the country, 3000 lawsuit. that's a lot of people being represented in those communities. wow, truly, and it'll 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, 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
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knew were highly addictive pill 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 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
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markets are mixed for the week as opec plus members disagree on wrapping up production and texture is giant face 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 2016 because the central bank had set a target of 4 percent. meanwhile, on friday, the nation's ministry of economic development and trade set it expect g d p to expand by 3.8 percent this year. that's up from previous 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 on 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 bank by point 5 percentage points, releasing one trillion,
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you want worth of liquidity into the banking system in hong kong to hang. thank is in the read for the week chinese textbooks trading on the index fell on thursday, mid regulatory concerns on thursday alone, 10th, and bob and drop by roughly 4 percent night one fell by nearly 6 and a half percent. while the hung some index or tech index, that is to say as a whole, last 3.7 percent in japan, the ne k is also down japan and now it's on thursday. it would reinstitute a state of merging the emergency due to the cobra. 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 a few weeks. the pandemic related concerns weighed on stocks due to that fear again of a flow economic recovery in japan. moving to india, we have another red arrow for the cents x for the 2nd week in a row. financial stocks took the biggest hit for the week while it sat, also face troubles. the sense had been on a terran recent month despite facing the world's worst coven, 1900 outbreaks. but
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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 squeeze out a positive week at the mining and industrial sectors were 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 read about on friday, the nation also announced a goal of 300000 koby vaccinations per day. now let's go over to rachel, was in the other student. she's gonna give us a take a look at europe and the america's thanks rent here. we start in the u. k. where the foot 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
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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 cat 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 vesper is down shedding more than 1.7 percent this week, and hitting its lowest point in more than a month. political attentions were heightened after a senate committee announced it is investigating whether president bolton aro, embezzled, millions and corruption schemes 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 i of fire went viral, it had very little effect on mexico state run oil company. the latest reports also
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show that annual inflation was virtually unchanged in june and remains above the central banks target. then here in the u. s. the down the nasdaq and the s and 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 t 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 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 covert 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
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a big time fine if it had we're gonna bring you the later. and as we go to break here, the number that the quote the me ah me
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ah, to don't to leave this notion over to we knew he will tell which she who gets home later to love. ah, let me look. as she knew, she wouldn't be a little girl for me to teach julia traditional. but she's a really pushing issue one. your new best for me was over. she said for me to in the last with the metro. ah. so i love this deal and that is what i need from the new
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new new which is about what if the new i see executable football once it went up, when i got to pull it up on that got me. ah, what we've got to do is identify the threats that we have. it's crazy plantation, let it be an arms race is on often very dramatic development. only personally, i'm going to resist. i don't see how that strategy will be successful, a very critical time. time to sit down and talk look forward to talking to you all. that technology should work for people. a
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robot must obey the orders given it by human beings, accept where's the shorter? in that conflict with the 1st law show your identification, we should be very careful about artificial intelligence. at the point obviously is too great truck rather than fear i would take on various jobs with artificial intelligence, real summoning the theme and a robot must protect its own existence with the welcome back. not just one, but 2 billionaires are such a make their debut in our space this month. the richest man in the world. jeff
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phase 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 and 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 and now it's 90 minute flights for $250000.00. a ticket and branson says 600 seats 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 are mosque bay, those in richard branson. these are kind of real life super villain characters. but
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what they're doing will move technology 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 up 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 see what happens on sunday with branson. 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 a 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 branson using this as a way to really sell his base tourism to sell the fact that, hey, if you can go up on this flight and it's safe and you should be able to as well as long as you have a $150000.00 for that hour and a half. why will certainly be interested in the out all hand out and the european
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commission on thursday find volkswagen and b m w. $1000000000.00 for conspiring to not deploy technology that could help reduce harmful emissions from their vehicles . all citizens must be able to trust that. com manufacturers compete with one another. for over 5 is become manufacturer is deliberately avoided to compete on cleaning better than what was required by you emission standards. and they did so despite the relevant technology being 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. this pretty
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exciting story. we don't get stories like this in the auto industry to this part of the manufacturing collude with each other. what exactly happened here? well, after member, there is something with all manufacturer. they share information is a partnership. for example, we've talked in the past by nissan. well, they share technology with re no 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. 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 she 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 profits interesting through is only allowed to go on until someone
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finally broke out. now this situation was also unrelated to the use 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 be 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 the volkswagen? 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 facade to see their 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 i think volkswagen is going to fight this because that was
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a 40000000000 dollar fine. and apparently, according to the news that we reread because we were not part of the court case, apparently you is claiming that volkswagen group which porsha audi volkswagen. there's other 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 it out, tens of billions of dollars for future fines, knowing that you can 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 on decline actually in may and june after demand and supply shortages were pushing prices up. is the decline of 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 netflix and the tire manufacturers, but the all the some components go together. and i have talked to
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a couple of executives from a couple different car companies and some have the shortage covered by using other suppliers. why others? i said, you know, we got this under control, but the supplier that gets of the micro chips for maybe a braking system or a safety system. there are 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, 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
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specifically. i mean it 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 by the 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. we'll see you here next time. me. i the special ed summer solutions today were talking with john beano of dollars
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collapse dot com state right. 2021 has been the year of the i word inflation. even the central bank is mentioning inflation. is that transitory? however, as the central bank is arguing, or are we going to see something worse coming forward in the next year or 2? ah, people with diabetes or number raises, whether it's not adequately managed or that they have some immune problem. then their risk of infections and something like the coven 19 pandemic, was very bad news. the people diabetes. and we consider it as one of the very high risk situations in terms of people being infected ah, the name
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. as part of this international mega science research project coordinator is being built into, it's going to allow the scientists to study matter. they believe it existed just to the big bang this form. ah, more flu shane and the order for the delivery or the other one. there's not 13 deal it created each as a country, the montage bomb with some a glove that we just go play that mika emotions here from gala, that i don't want to even move this. we just place credit that he has the
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the, the ah, putting a country when your opponent is the strongest parallels are drawn between the u. s . pull out from. i forgot to stand on the vietnam war. that's a mid report. some recaptured territories that the taliban is once again, imposing severe restrictions and the serial law. and you twist in the, in the only poisoning sondra russia learned that berlin asked the p. c. w to send talks in analysts to germany. on the very day, the kremlin critic for a little on board a plane in russia, and it was later sent to germany for treatment possibly for help the haitian government us 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.

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