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tv   Boom Bust  RT  July 12, 2021 9:30pm-10:01pm EDT

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oh, hold on me, go to me and i'll start with you soon. the she was just looking here. when you mentioned that kim illusion actually the thing going on normally financial young hoody illusion. but you lose. but if you could shoot me to the lower the, the the, the the the
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the boom bus one business show you can support them in san branch aboard. and i'm rachel watkins in washington. coming up, reports are thing white kid cox and i p. o on, hold indefinitely over concerns about data security risk voice by the chinese government. we'll take a look at aging track down on company is going public in the us. and in other news, robin hood is facing everything from federal, fine to criticism and read it as it files you go public. we'll discuss how all the pressures fans impact the popular apps moving forward. and later trade between the you can, you is picking up the fight post for the concert. we'll go over the numbers and see whether the trend will last. we have a fact. so today, let's dive right in. we leave the program with by dance, the company behind social media, giant tick tock, shelving its plans for an appeal and scrutiny in china. beijing based social media
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giant last valued at $180000000000.00. and a funding round in december had been weighing an initial public offering of all or some of his businesses in the us or hong kong. instead, the company is founder decided that it would be better to wait. joining us out, discuss harpoon, but co host spend swan and christy i been, i been going to start with the big question. why is bite dance making this move to pull back these ip plants? yeah, i think there's a couple of big reasons for the biggest is that china has this regulator that's essentially stepping up and saying that there are gonna be new rules. if you're a company that has over a 1000000 users, which obviously take talk far beyond that, then you're going to be required to go through additional regulatory approval in order to be able to list our company as an ip. no, and this is not just a bi dance exclusive, tick tock exclusive rule. this isn't a new crack down essentially on these companies. because the idea is that if you're
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going to sell off your u. s. and your hong kong base, or ip, excuse me, your us and hong kong based our parts of your business, which is what by dance was looking at doing that other countries, other nations may be able to compromise the data that's within the app. the funny thing about this decision by chinese regulators is they're arguing essentially the same thing that the u. s. government was arguing about tick tock over here that china can access the data. and so remember back a year ago, a trump wanted to force the cell of take talk to microsoft and wal mart. and so instead what we're seeing is the chinese doing the exact same thing. same when we want to make sure that the day is not compromised. by the country you're selling the i p o in, and therefore we're going to put new rules on. it is interesting to see how not china is kind of getting their hand at being able to talk about some of these possible security risk and concerns. and we are seeing this ongoing ongoing crackdown rather now. kristi, why are companies like ride sharing giant d, b and bite dance? so set on going public in the us rather than say china. well,
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i guess the most obvious reason is that most of these chinese, especially tech companies, they don't even qualify to list on the china exchange in the 1st place due to chinese regulation. because according to the you have to be profitable for i believe it is for the last 3 fiscal years and actually have a net profit of over 30000000 r and b to even be considered for listing on it. so then if you look at tech companies, most tech companies don't operate that way. and if you look at most successful chinese companies, such as i do seen way below and all of those, none of them were profitable when they listed on the us exchanges. so literally, that's one of the biggest reasons america allows for tech companies to actually get capital in order for them to grow and then become profitable. they could even list and trying to, regardless the market share or but possible potential. and then other reasons for companies like ali baba who actually were profitable, but still chose to list on the us exchange anyway, that was also due to the differences between the chinese in the us exchanges in the
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u. s. offers voting powers that are beyond their share. so founders and management team, they can actually still keep control of the company even with less than majority shares. and that is just simply not possible in china. so that was very important. alibaba to actually maintain control of the company. and then just to put it very simply, the listing in the u. s. allows a company to be deemed international. it is better to then attract international source of capital from the us from europe, than to list in china, where you're getting only capital from a very small domestic and local pool. and now chris, i want to follow up on that because there are a number of chinese tech firms that want to move ahead with i p o in new york. but the real question here is we're basing allow those companies to move forward. i think they will continue to allow them on a very small scale to list in new york, but it will just make it very difficult for these companies. so rather than barring all companies from listing, they're simply enacting the c a c as a, as a kind of
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a watchdog organization, kind of like a gatekeeper to try to limit the flow as they say, because the cybersecurity, because of data sharing was what been mentioned before, if you have users over 1000000, you have to go through this very lengthy investigation process. that is a direct copy from the u. s. regulations in the us label. the china is now on the defensive because there's a continuing hostility between the u. s. and china and because of these are very hot sectors, namely tech and finance, beijing is now going to become more defensive when it comes to these oversee listing requirements because they don't want an episode of if the u. s. if conditions actually to carry the u. s. this say that, hey, we can pull all of these chinese companies off the stock of the stock exchanges and that would be extremely detrimental in the long run. for all these chinese companies does more of a defensive play for now, rather than an outright fetus. certainly those tension between the 2 countries do still remain now then china's market regulator on saturdays that it would block tend to plan to merge the countries talk to video games streaming sites on anti
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trust grounds. what happened there? yeah, you know, we talk about this quite a bit. it seems like which is this idea of anti trust coming out of china. the chinese regulators are being very serious about that. they have a mandate to say, make sure that you don't have companies that are too big and therefore is bad for consumers. in this case, the 2 companies that 10 cent would want to, to merge with essentially collectively they would control 80 percent of the entire gaming streaming market in china. and so the regulator said, nope, can't do it. you're going to be too big. and again, i, you know, it's, it's hard many times to give china, i think a lot of credit for things that it's doing because obviously there are top down system. and if you believe in the free market as i do, it's difficult to look at that. and say, hey, you're trying to do it great. but on anti trust, i got to say china is doing great. they are doing the right things in terms of protecting the market, protecting the consumer, and not allowing a few companies to become too big. and one thing about trying to do was they're being extremely consistent in the application of that they're not letting
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a few companies get too big and holding everyone else back. and that's an encouraging sign. they got 32nd final word i think it's very encouraging, but i do think that it's also detrimental. that's another reason why chinese companies decide to listen to us because of the complete oversight of the top down approach. yes, i again, like ben says, i agree with the free market and i, and unfortunately it's just a big companies tend to succeed over little companies because they have more capital and more access to access to capital and investment and access to talent. and that's the most exported thing when you're growing as a tech company. so unfortunately when you're big, it's easy to get bigger and it's more difficult for the small guy to then come up and compete. so i am a little, i'm a little conflicted on that. fortunately, on the one hand, it's great that they're, that they're applying this and they're playing and consistently. but on the other hand, i do believe that if you are doing well, you should and should be able to continue doing well and even better. boom, bus events, swan and christie. i excellent analysis as always,
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thank you so much for the long awaited i p over the popular stock training. up robin hood has been surrounded by controversy to say the least from a $70000000.00 federal find you a push from the read it you. there's that made it famous thing the world should ignore the robin hood i p o altogether. so what will this mean for the future of the newly public company? joining us now, this guy is michelle snyder, partner and director of training research and education for the market gauge group . now michelle robin hood was just fine $70000000.00 by wall street self regulator for widespread and significant harm to the users. the company is also under scrutiny from the c c over the practices that generate most of its revenue. so how do investors see all of this pressure right now? well, we can add to that by the way, the $12600000.00 they had to pay in restitution. what i like to call the list of
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their crimes and misdemeanors. for example, false margin information, erroneous margin calls inaccurate account balances, inaccurate options, trading risk mean stocks. they couldn't keep up with the volume. and we had that unfortunate incident where that 20 year old kid committed suicide because he thought he owed a lot more money, which really goes down to i think their biggest issue, which is customer service. so if we put down all of 5, let's look at where they make money. so where does robin hood make money? first of all, they have interest on their own invested cash. so in other words, if you don't actually invest the money, they will charge you interest on that. or you also have a subscription service called gold service. they get $5.00 a month on that one from their people and they have $30000000.00 subscribers. but their biggest way that they make money is selling order flow, and that's where a lot of the reddick people are extremely upset about. because in essence what
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they're doing is they're selling your order flow to institutions, which meant, of course, can jump ahead those trays. so if you put that all together, we have to continue to see where it's going to monetize from number one. obviously a can't get. ringback itself into too much more trouble at this point. and also just the whole trend of the trading has to continue, which means the market has to face all them if we get any kind of shift in how people are investing, that could be trouble for them. so that's really the bottom line, they had the 0 commission, everybody's doing and now it's more competitive. and, and essentially really basically they was, i said, i think the most important thing is that they cannot really sell in terms of that customer service. but you, like you said that day trading trend has to continue those retail traitors have to stay in it. and we don't know if that's going to go away when people start to have to go back to their regular life. and frankly, that's why they're capitalizing on this. i p. o. right now, they're also pledging to set aside 35 percent of its shares for individual
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investors. those retail traders that we talk about, what kind of impact you see this having, is there any conflict of interest in this plan for robin hood to encourage users to buy their company's stock basically on their own platform? well, it's definitely a typical because usually the retail investor does not get an opportunity to participate in an i p o. they've already raised $15600000000.00 from private investors. and they're looking to raise another $100000000.00, like you said, from their actual own customers. so essentially what you have to really understand is that there is inherent risk in buying into an i p o, especially you just said brand considering that they're making the money off of you . so now you're sort of double dipping in terms of your investment. and so i should just do your own diligence and expect that there could be bumps in the road before you decide to plug your money down. but on the other hand, they're growing, their user base is continuing to grow. so it could actually a whole turn out to be
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a good thing. you really have to understand where you're getting into now in terms of growth. 6 you know, we've talked a lot about how these read it, users really help turn robin hood into a viral sensation earlier this year with the whole mean stock grades. now it seems like there's kind of a movement to go back against robin hood and just ignore this i p o altogether. so is there a chance that those read users could have a significant impact on the company's ip? no, before it is even gotten off the ground. well of course there is that there is a chance, but i think that i don't see that as being the major obstacle here. i think the most interesting aspect that comes out of the red it is that robin hood shelf can become a mean stock. but you know, if you look at the company, it has the least amount of barrier to entry to open account literally within 2 minutes, you can get an account going. so if anything comes hot and they resolve the issues and they can put confidence back to their customer service,
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then i think those ready kids won't really have much to say about what happens with the ip. no. yeah, certainly be interesting to see how long it stays on their radar. great inside, as always, michelle snyder of the market gauge group. thank you so much for your time. thank you. and twitter has announced the hire of a grievance officer in india in an effort to meet new rules in the nation, falling through on a promise made in an indian court. last week, the social media giant made the announcement on its website providing contact information, and procedures for users to report violation. the indian government instituted new rules in may, which would require tech companies to act quickly on legal request to remove posts and share details on the origination of the content. now brad, it's going to be really interesting to see if this has an impact all around or if this grievance officer is sort of just a way of them following these rules that india has now set up for them. i mean, i know when it comes to a website like twitter, if you see something that you think violates their content policies,
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you try to report it, it could be days if not weeks before they even respond to you. so now it's going to be really interesting to see if this officer is able to do anything. and if it actually moves forward with getting that harmful content that violates their policies off of the platform all together. certainly something we'll keep an eye on here on the bus and time now for a quick break. but when we come back to trade between the u. k. any you is picking up. but one of the nation's biggest port this concern summer travelers could affect the progress. we'll go over the future of post wreck that trade as we get a break here, the number that the quote, the, the me, the american foreign policy struggles to come determine with washington, the dentist and others are thinking about the future. how will this country
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interact with the world and the region also an update on julian zones? this travesty in crime against humanity continue. this is your media a reflection of reality? the in a world transformed what will make you feel safer? tyson lation community. are you going the right way or are you being somewhere direct? what is truth? what is in the world corrupted. you need to defend the so join us in the depths will remain in the shallows. i
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look forward to talking to you all that technology should work for people. a robot must obey the orders given 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 track, rather than fear i would take on various jobs with the artificial intelligence real summoning the theme and a robot must protect its own existence with the
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welcome back. the construction of the nord stream to pipeline is finally almost done. that's according to the projects executive director who says it is now more than 98 percent complete and should reach 100 percent by the end of august. the pipeline which is to transport natural gas from russia. germany is expected to be fully operational by the end of this year. that's despite years of pressure from the us, including threats of sanctions against one of his closest allies, while the vitamin ministration signaled it with lift sanctions on the swiss base company behind the $11000000000.00 pipeline. back in may. the topic of finalizing the north stream to agreement between the u. s. and germany is expected to come up when president biden and chancellor merkle hold talks in washington this week. and you can export to the european union in may, rose to their highest level since october of 2019 exports to the block had fallen
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at the start of 2021 after breakfast officially took hold. as britain left, the e use single market and customs union, the british office for national statistics said good exit boards to the excluding. precious metals of course, wrote the $19400000000.00 in may nearly twice what it was in january, import into the u. k. from the 27 nation block, we're also up after plunging to start the here as the global pandemic effect and traffic in the english channel. so what did these numbers mean for the future of trade for an independent britain? well, the guys, let's bring in hilary board, which is a board member with the british american business association and president of st. marc consulting lc. thank you so much for joining us as always, hillary. so what is the take away from this tre data? does it slower the show that that slump was really only temporary? their pleasure to be back with you brand and also rachel, a pleasure to be here, but a couple of things. yes, it absolutely does. and one of the things this does, of course, is it actually thought all those doom and gloom predictions and
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a few things i would like to practice. i'd like to mention on the bank of england actually projected that growth in the u. k. this year will be 7.25 percent, which is the fastest growth since 1941 with re argument for world war 2. so definitely also the city of london last week just re claimed its crown as the financial capital over amsterdam. now the great data point and also lives trust who currently is over here. she's the trade representative from the u. k. she's currently over here to negotiate a u. s. trade deal. she has now completed 68 of the 70 trade deals that the, the britain had with the rest of the world through the e. u. they used to be 70 now she's completed 68. we're almost back to where we were before. she just completed one with norway and licks in science. so the answer to your question is absolutely, bryan is temporary and remember, these numbers are good and that isn't. that's including coded the adjustment off the brakes. it all of the customs and all the red tape,
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the people who are whining about so it's actually a really incredible number. while they're not wasting anytime in this post world. now, at the same time, the head of britain's biggest port dover said the nation could face trade disruption as tours traffic picks up post pandemic. so what's the situation there? i mean, can they avoid the prerequisite term while we saw with 20 mile long lines moving forward yesterday? so actually you are referring to cause some don't panic. he's a c, e o that down and over. and he actually requested a 33000000 pounds from the british government to re structure and rebuild the whole facilities that to be able to adjust to all the red tape and all the things that are needed. that actually was turned down by the british government and he's appealing it, but he's recognized there is a need for that because you're absolutely right. when all these tourists aren't hitting and of course where the english people want to go, they want to go abroad because they've been at home like everybody and every other nation. so i think you're going to see that in 2019 before breaks it, there were,
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or before all the things have happened. now it was covered as well after the breakfast vote. but before we actually had gone through things, there were 74000 coaches every day, 2400000 laurie's trucks in america, and over 2000000 cause that's going to come back. and that's why he made that appeal on the other side of the english channel. though in calais as your mom to so excuse the plantation is not correct, but he's ahead of calais and he spent, he is wanting to ensure that they want those sort of lines that one the delays. and he said once one, lori has gone through without the proper documentation, they will know what to do the 2nd time. so i think going back to brent's question about, is this permanent, on temporary, very temporary, but yes, probably some of the lines if you're planning to go in and out to the u. k, from the you. and that's going to call everywhere across the world, though with all of the vaccination checks including heathrow airport. and absolutely, when you talk about the 20 mile long, that's an extreme situation. we hope that we don't see that again. now as trade is
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normalizing, there's still a little bit of post breakfast, turmoil, and this time over the divorce bill. yeah. now we know a divorce is never cheap, but what exactly is going on here, which the both of us bought it to, you know, a couple of things here on the e. u is claiming that great person owes 47500000000 euros. whereas in the u. k, government officials are saying it's more like 35 to 39000000000 euros. gosh, how surprising that both sides and once i was less than once, i once more now what those numbers are, the u. k. government is saying is, those were internal numbers for the e. u, and they didn't take into account all that the u. k has already paid back into the you and the previous agreement. interestingly, theresa may 4th johnson's previous i saw had made many agreements. she agreed to the dollar, the euro numbers that will be paid to the you. ballast johnson came into office. he
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did not question those euro amounts. he did not question any of those financials. and in june the u. k. did pay 6800000000 euros already to the you and hillary. i mean, we have to look at this. there was big news over the weekend, the english football team. okay. well, one thing i couldn't quite close the deal, but quickly are we going to be able to, of this issue about 30 seconds? i really think all i have to say to you rent is guitar. it's coming out and trust me, it's coming on. but no, this is going to be an ongoing saga. it's not going away just like any divorce. they're always scamp that are going to be picked and things are going to. there's always going to be issues, i think. but if you look at the fundamentals, you look at the trade deals that have been completed. i think the u. k. it's not just my opinion. the data shows that the u. k is coming out of this really well and breaks it with a deal. well don, hillary ford, which i'm sorry to train you just a little bit there, but thank you so much for your excellent value. i will touch it with you right to 5
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. and finally, richard branson became the 1st billionaire to travel the outer space on sunday and a highly anticipated trip with the crew from his company, virgin galactic unity, 20 to reach an altitude of more than 50 miles above the earth surface, where the crew experienced 4 minutes of weightlessness before they made their return. beautiful. stay for everybody. creating such a suitable, beautiful lots all together. now it is no secret, but brands and b jeff bay those 2 space, but it appears that bases and his blue origin team were calling branson out on twitter by saying that outer space and doesn't really begin until at least 62 miles
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above the earth's surface. leaping rather, my number, what i want to say that this launch was fascinating. it was so amazing to watch it . it's different than what you see from space x and blue origin. so you don't see the normal rocket, which is awesome when they come down as well. but for it to relief from the plane take off, it's like something you see in a movie, but come on, come on blue origin. now i do want to point out that base those and you must both did tweet there. couldn't graduation to richard branford, but come on blue origin? you're splitting hairs over. i think it was about 20 kilometer. i think anybody who's getting up that far we could say that they, they've been pretty much been to space at this point. well, if anything, we knew that jeff phases is going and then all of a sudden richard brands and announced that he was going to meet him there by just a few days. so i guess as his way of getting back to them from what we understand basis is still waiting on f. a approval, which according to reports, could come as soon as this week. and you know, we will be on top of that as an app. and that's it for this time you can catch boom
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bus on demand on the portable tv app available on smartphones, 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 tv will see next time me ah ah, you know, you don't do 15 oil, uncle nice number didn't put one will. you know? you didn't. you don't, i don't gonna don't good down. the limit
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of i'll use enough 40 i get it looks like are you on the day that i think we're pretty on the find the most of it off the front of it and then we can jump to the middle initial with the new put that along to plenty personal initials for this particular use back guys or financial survival guys? housing bubble. oh, you mean the downside?
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artificial mortgage room carried away was trying to report she was full simply real thing a little slow, letting them go by susan. well, the longer i was going to go see me when you have a week when you have a meeting in the room initial authentic steamy guy failed on the one. let me know which finance was going to fail and look at me and then we make it up and it's going to you soon. this new when you mentioned kim illusion, this little thing going on normally financial young hoody an illusion but you
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least could. you could shoot that to the lower the with the we will not allow the opponents of the revolution. mercenaries were sold out to the u. s. government to provoke disable is ation q back q has washington of inciting mass demonstrations across the country. 1000 have taken to the streets in protest at an economic crisis, and what they are calling governance for handling of the kobe pandemic. reviving the spirit of a neo nazi segregation in europe. russia take a shot at france over coven vaccines. that as a senior official tells europe to reject the jobs being offered by moscow, and beijing and starvation will eclipse the devastation of the pandemic. that is, according to an anti poverty organization, oxfam which says, every single minute, 11 people die from hunger around the world. we get inside from them the.

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